Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 25, 2016 | Jan. 26, 2017 | |
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) | 18,200,018 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 25, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 28,490 | $ 16,646 |
Receivables, net | 76,854 | 83,422 |
Inventories | 109,772 | 103,532 |
Income taxes receivable | 11,643 | 3,502 |
Other current assets | 4,931 | 4,790 |
Total current assets | 231,690 | 211,892 |
Property, plant and equipment, net | 197,528 | 185,101 |
Deferred income taxes | 2,387 | 2,387 |
Intangible assets, net | 2,793 | 3,741 |
Investments in unconsolidated affiliates | 115,841 | 117,412 |
Other non-current assets | 605 | 4,909 |
Total assets | 550,844 | 525,442 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 38,820 | 41,593 |
Accrued expenses | 11,876 | 18,474 |
Income taxes payable | 2,716 | 1,455 |
Current portion of long-term debt | 14,153 | 13,786 |
Total current liabilities | 67,565 | 75,308 |
Long-term debt | 119,843 | 107,805 |
Other long-term liabilities | 10,929 | 10,393 |
Deferred income taxes | 10,332 | 4,991 |
Total liabilities | 208,669 | 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) | 1,820 | 1,785 |
Capital in excess of par value | 50,891 | 45,932 |
Retained earnings | 321,059 | 307,065 |
Accumulated other comprehensive loss | (31,595) | (29,751) |
Total Unifi, Inc. shareholders’ equity | 342,175 | 325,031 |
Non-controlling interest | 1,914 | |
Total shareholders’ equity | 342,175 | 326,945 |
Total liabilities and shareholders’ equity | $ 550,844 | $ 525,442 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Dec. 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) | 18,200,018 | 17,847,416 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 155,155 | $ 156,336 | $ 315,124 | $ 318,501 |
Cost of sales | 133,025 | 134,523 | 269,447 | 275,704 |
Gross profit | 22,130 | 21,813 | 45,677 | 42,797 |
Selling, general and administrative expenses | 12,868 | 12,419 | 24,278 | 23,249 |
(Benefit) provision for bad debts | (95) | 559 | (462) | 1,172 |
Other operating expense, net | 319 | 206 | 249 | 60 |
Operating income | 9,038 | 8,629 | 21,612 | 18,316 |
Interest income | (183) | (166) | (329) | (329) |
Interest expense | 914 | 816 | 1,606 | 1,800 |
Loss on sale of business | 1,662 | 1,662 | ||
Equity in loss (earnings) of unconsolidated affiliates | 367 | (303) | (473) | (3,163) |
Income before income taxes | 6,278 | 8,282 | 19,146 | 20,008 |
Provision for income taxes | 1,924 | 2,088 | 5,650 | 6,028 |
Net income including non-controlling interest | 4,354 | 6,194 | 13,496 | 13,980 |
Less: net loss attributable to non-controlling interest | (237) | (270) | (498) | (509) |
Net income attributable to Unifi, Inc. | $ 4,591 | $ 6,464 | $ 13,994 | $ 14,489 |
Net income attributable to Unifi, Inc. per common share: | ||||
Basic (in dollars per share) | $ 0.25 | $ 0.36 | $ 0.78 | $ 0.81 |
Diluted (in dollars per share) | $ 0.25 | $ 0.35 | $ 0.76 | $ 0.78 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Net income including non-controlling interest | $ 4,354 | $ 6,194 | $ 13,496 | $ 13,980 |
Foreign currency translation adjustments, pre-tax | (780) | 515 | (1,359) | (10,523) |
Reclassification adjustments on interest rate swap | 19 | 19 | 38 | 38 |
Other comprehensive (loss) income, net | (1,041) | 437 | (1,844) | (10,981) |
Comprehensive income including non-controlling interest | 3,313 | 6,631 | 11,652 | 2,999 |
Less: comprehensive loss attributable to non-controlling interest | (237) | (270) | (498) | (509) |
Comprehensive income attributable to Unifi, Inc. | 3,550 | 6,901 | 12,150 | 3,508 |
Unconsolidated Affiliates [Member] | ||||
Foreign currency translation adjustments, pre-tax | $ (280) | $ (97) | $ (523) | $ (496) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Cash and cash equivalents at beginning of year | $ 16,646 | $ 10,013 |
Operating activities: | ||
Net income including non-controlling interest | 13,496 | 13,980 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | ||
Equity in earnings of unconsolidated affiliates | (473) | (3,163) |
Distributions received from unconsolidated affiliates | 1,500 | 2,947 |
Depreciation and amortization expense | 9,731 | 8,676 |
Loss on sale of business | 1,662 | |
Excess tax benefit on stock-based compensation plans | (1,111) | (80) |
Deferred income taxes | 5,335 | 5,266 |
Other, net | 1,896 | 1,267 |
Changes in assets and liabilities: | ||
Receivables, net | 6,043 | 2,673 |
Inventories | (6,751) | (2,302) |
Other current assets and income taxes receivable | (7,305) | (1,646) |
Accounts payable and accrued expenses | (8,160) | (12,420) |
Income taxes payable | 1,301 | (350) |
Other, net | 132 | 544 |
Net cash provided by operating activities | 17,296 | 15,392 |
Investing activities: | ||
Capital expenditures | (19,343) | (27,419) |
Proceeds from sale of assets | 45 | 2,103 |
Other, net | (225) | (707) |
Net cash used in investing activities | (19,523) | (26,023) |
Financing activities: | ||
Proceeds from ABL Revolver | 65,200 | 87,800 |
Payments on ABL Revolver | (61,600) | (76,600) |
Payments on ABL Term Loan | (4,750) | (4,500) |
Proceeds from construction financing | 790 | |
Payments on capital lease obligations | (2,154) | (1,971) |
Common stock repurchased and retired under publicly announced programs | (6,211) | |
Proceeds from stock option exercises | 2,481 | 60 |
Excess tax benefit on stock-based compensation plans | 1,111 | 80 |
Contributions from non-controlling interest | 880 | |
Other | (368) | (484) |
Net cash provided by financing activities | 14,420 | 21,219 |
Effect of exchange rate changes on cash and cash equivalents | (349) | (1,184) |
Net increase in cash and cash equivalents | 11,844 | 9,404 |
Cash and cash equivalents at end of period | 28,490 | 19,417 |
ABL Term Loan [Member] | ||
Financing activities: | ||
Proceeds from issuance of secured debt | $ 14,500 | 17,375 |
Term Loan Supplement [Member] | ||
Financing activities: | ||
Proceeds from issuance of secured debt | $ 4,000 |
Background
Background | 6 Months Ended |
Dec. 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, “Unifi,” the “Company,” “we,” “us” or “our”), 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 innovative synthetic and recycled 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 the Americas and Asia. In addition to the Company’s operations described above, the Company owns 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. |
Basis of Presentation; Condense
Basis of Presentation; Condensed Notes | 6 Months Ended |
Dec. 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 subsidiary in El Salvador ended on December 25, 2016, the last Sunday in December. The fiscal quarter for the Company’s Brazilian, Chinese, Sri Lankan and Colombian subsidiaries ended on December 31, 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-month and six-month periods ended December 25, 2016 and December 27, 2015 each consisted of thirteen and twenty-six fiscal weeks, respectively. 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 and six months ended December 27, 2015, the Company has reclassified net sales and cost of sales amounts for the respective segments, as reflected in Note 21, “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 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 | 6 Months Ended |
Dec. 25, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance for the recognition of revenue from contracts with customers. Subsequent ASUs have been issued to provide clarity and defer the effective date. The new revenue recognition standard eliminates the transaction- and industry-specific revenue recognition guidance under current GAAP and replaces it with a principles-based approach. While the Company has not yet determined the effect of the new guidance on its ongoing financial reporting, the Company notes the following considerations: (i) the Company is primarily engaged in the business of manufacturing and delivering tangible products utilizing relatively straightforward contract terms without multiple performance obligations and (ii) transaction prices for the Company’s primary and material revenue activities are determinable and lack significant timing considerations. The Company is currently performing the following activities regarding implementation: (a) reviewing material contracts and (b) assessing accounting policy elections under the new guidance with current practice. In addition, implementation matters remaining include (x) evaluating the systems and processes to support revenue recognition and (y) selecting the method of adoption. The new revenue recognition guidance is effective for the Company’s fiscal 2019. In February 2016, the FASB issued new accounting guidance for leases. The new guidance is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. While the Company has not yet determined the full effect of the new guidance on its ongoing financial reporting, as of December 25, 2016, the Company had approximately $9,000 of future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year). The ASU is effective for the Company’s fiscal 2020, and early adoption is permitted. In the first quarter of fiscal 2017, the Company adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, Based on the Company’s review of ASUs issued since the filing of the 2016 Form 10-K, 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 condition, results of operations and cash flows. |
Sale of Renewables
Sale of Renewables | 6 Months Ended |
Dec. 25, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Sale of Renewables | 4. Sale of Renewables On December 23, 2016, the Company, through a wholly owned foreign subsidiary, entered into a Membership Interest Purchase Agreement (the “RR Agreement”) to sell its 60% equity ownership interest in Repreve Renewables, LLC (“Renewables”) to the existing third-party joint venture partner for $500 in cash (the “RR Sale”). The Company has no continuing involvement in the operations of Renewables subsequent to December 23, 2016. In connection with the RR Sale, the Company recognized a loss on sale of business, reflecting the difference between the consideration received and the Company’s portion of Renewables’ net assets on the date of the RR Agreement. The operations of Renewables during the three-month and six-month periods ended December 25, 2016 are not reflected as discontinued operations as (i) the enterprise does not have a major effect on the Company’s consolidated operations and financial results, (ii) the disposal does not represent a strategic shift and (iii) the enterprise is not an individually significant component. The operations of Renewables up to the date of the RR Sale are reflected in continuing operations within the accompanying condensed consolidated statements of income, with presentation consistent with that provided in the 2016 Form 10-K. The loss on the sale of the business is not relevant to the Company’s core operations and is not reflective of the primary revenue or expense activity of the Company. Therefore, the Company has recorded the loss on the sale of Renewables below operating income within the accompanying condensed consolidated statements of income. Deconsolidation of Renewables resulted in the removal of all corresponding assets (the most significant of which was $4,472 of miscanthus grass, net of depreciation, historically reflected in other non-current assets) and liabilities and the elimination of the non-controlling interest in Renewables from the Company’s condensed consolidated balance sheet as of December 25, 2016, as summarized in the table below. Purchase price $ 500 Net assets and liabilities of Renewables (3,540 ) Derecognition of non-controlling interest 1,416 Transaction-related costs (38 ) Loss on sale of business $ (1,662 ) The condensed consolidated balance sheet as of June 26, 2016 includes the consolidated accounts and operations of Renewables, along with a non-controlling interest adjustment; while the condensed consolidated balance sheet as of December 25, 2016 does not reflect any assets, liabilities or non-controlling interest of Renewables. |
Receivables, Net
Receivables, Net | 6 Months Ended |
Dec. 25, 2016 | |
Receivables [Abstract] | |
Receivables, Net | 5. Receivables, Net Receivables, net consists of the following: December 25, 2016 June 26, 2016 Customer receivables $ 79,060 $ 86,361 Allowance for uncollectible accounts (1,984 ) (2,839 ) Reserves for yarn quality claims (1,199 ) (795 ) Net customer receivables 75,877 82,727 Related party receivables 8 7 Other receivables 969 688 Total receivables, net $ 76,854 $ 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 462 Translation activity 20 Deductions 373 Balance at December 25, 2016 $ (1,984 ) |
Inventories
Inventories | 6 Months Ended |
Dec. 25, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories consists of the following: December 25, 2016 June 26, 2016 Raw materials $ 36,798 $ 37,162 Supplies 6,112 5,387 Work in process 5,290 6,595 Finished goods 63,240 55,771 Gross inventories 111,440 104,915 Inventory reserves (1,668 ) (1,383 ) Total inventories $ 109,772 $ 103,532 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Dec. 25, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 7. Property, Plant and Equipment, Net Property, plant and equipment, net (“PP&E”) consists of the following: December 25, 2016 June 26, 2016 Land $ 2,940 $ 3,154 Land improvements 14,390 13,734 Buildings and improvements 147,420 145,633 Assets under capital leases 21,525 21,525 Machinery and equipment 569,402 544,369 Computers, software and office equipment 18,171 17,823 Transportation equipment 4,739 4,713 Construction in progress 29,213 39,695 Gross property, plant and equipment 807,800 790,646 Less: accumulated depreciation (606,650 ) (602,839 ) Less: accumulated amortization – capital leases (3,622 ) (2,706 ) Total PP&E $ 197,528 $ 185,101 Assets under capital leases consists of the following: December 25, 2016 June 26, 2016 Machinery and equipment $ 14,745 $ 14,745 Transportation equipment 5,927 5,927 Building improvements 853 853 Gross assets under capital leases $ 21,525 $ 21,525 Depreciation expense and repairs and maintenance expenses were as follows: For the Three Months Ended For the Six Months Ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Depreciation expense $ 4,486 $ 3,756 $ 8,700 $ 7,598 Repairs and maintenance expenses 4,514 4,005 8,754 8,501 |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Dec. 25, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 8. Intangible Assets, Net Intangible assets, net consists of the following: December 25, 2016 June 26, 2016 Customer lists $ 23,615 $ 23,615 Other 4,516 5,184 Total intangible assets, gross 28,131 28,799 Accumulated amortization – customer lists (21,175 ) (20,665 ) Accumulated amortization – other (4,163 ) (4,393 ) Total accumulated amortization (25,338 ) (25,058 ) Total intangible assets, net $ 2,793 $ 3,741 Total amortization expense for intangible assets was as follows: For the Three Months Ended For the Six Months Ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Total amortization expense $ 346 $ 429 $ 707 $ 861 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Dec. 25, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 9. Accrued Expenses Accrued expenses consists of the following: December 25, 2016 June 26, 2016 Payroll and fringe benefits $ 6,198 $ 10,370 Other 5,678 8,104 Total accrued expenses $ 11,876 $ 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 | 6 Months Ended |
Dec. 25, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. 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 December 25, 2016 December 25, 2016 June 26, 2016 ABL Revolver March 2020 2.9% $ 9,800 $ 6,200 ABL Term Loan March 2020 2.4% (1) 100,000 90,250 Capital lease obligations (2) (3) 13,643 15,798 Construction financing (4) (4) 11,768 6,629 Renewables’ term loan — — — 4,000 Renewables’ promissory note — — — 135 Total debt 135,211 123,012 Current portion of capital lease obligations (4,153 ) (4,261 ) Current portion of other long-term debt (10,000 ) (9,525 ) Unamortized debt issuance costs (1,215 ) (1,421 ) Total long-term debt $ 119,843 $ 107,805 (1) The weighted average interest rate as of December 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”). The ABL Facility has a maturity date of March 26, 2020. On November 18, 2016, pursuant to the principal reset conditions of the Amended Credit Agreement, the Company, at its discretion, reset the ABL Term Loan principal balance to $100,000. In connection with the principal reset, the ABL Term Loan is subject to quarterly amortizing payments of $2,500. 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%. Renewables As described in Note 4, “Sale of Renewables,” the Company’s sale of its 60% equity ownership interest in Renewables required deconsolidation of the corresponding assets and liabilities, and, accordingly, the respective debt principal balances are appropriately excluded from the Company’s total long-term debt as of December 25, 2016. The Company has no joint and several liability for such debt. 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 $ — $ — $ — $ 9,800 $ — $ — ABL Term Loan 5,000 10,000 10,000 75,000 — — Capital lease obligations 2,106 4,128 4,058 2,542 171 638 Total (1) $ 7,106 $ 14,128 $ 14,058 $ 87,342 $ 171 $ 638 (1) Total excludes $11,768 for the construction financing described above. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Dec. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 11. Other Long-Term Liabilities Other long-term liabilities consists of the following: December 25, 2016 June 26, 2016 Uncertain tax positions $ 4,692 $ 4,463 Other 6,237 5,930 Total other long-term liabilities $ 10,929 $ 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 | 6 Months Ended |
Dec. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The provision for income taxes was as follows: For the Three Months Ended For the Six Months Ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Provision for income taxes $ 1,924 $ 2,088 $ 5,650 $ 6,028 Effective tax rate 30.6 % 25.2 % 29.5 % 30.1 % The effective tax rates for the periods presented above are lower than the U.S. statutory tax rate 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: December 25, 2016 June 26, 2016 Investment in a former domestic unconsolidated affiliate $ (6,320 ) $ (6,418 ) Equity-method investment in PAL (1,592 ) (2,102 ) Other (1) (4,209 ) (5,030 ) Total deferred tax valuation allowance $ (12,121 ) $ (13,550 ) (1) Other primarily relates to certain net operating losses outside the U.S. consolidated tax filing group. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Dec. 25, 2016 | |
Stockholders Equity Note [Abstract] | |
Shareholders’ Equity | 13. Shareholders’ Equity Shares Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Total Unifi, Inc. Shareholders’ Equity Non-Controlling Interest Total Shareholders’ Equity Balance at June 26, 2016 17,847 $ 1,785 $ 45,932 $ 307,065 $ (29,751 ) $ 325,031 $ 1,914 $ 326,945 Options exercised 283 28 2,453 — — 2,481 — 2,481 Conversion of restricted stock units 70 7 (7 ) — — — — — Stock-based compensation — — 1,402 — — 1,402 — 1,402 Excess tax benefit on stock-based compensation plans — — 1,111 — — 1,111 — 1,111 Other comprehensive loss, net of tax — — — — (1,844 ) (1,844 ) — (1,844 ) Deconsolidation for sale of business — — — — — — (1,416 ) (1,416 ) Net income (loss) — — — 13,994 — 13,994 (498 ) 13,496 Balance at December 25, 2016 18,200 $ 1,820 $ 50,891 $ 321,059 $ (31,595 ) $ 342,175 $ — $ 342,175 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 December 25, 2016) — $ — Total 3,147 $ 27,603 No dividends were paid during the six months ended December 25, 2016 or in the two most recently completed fiscal years. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 25, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Stock-Based Compensation | 14. 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 December 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 (386 ) Less: Awards granted to non-employee directors (101 ) Available for issuance under the 2013 Plan 817 Stock options During the six months ended December 25, 2016 and December 27, 2015, the Company granted stock options to purchase 128 and 82 shares of common stock, respectively, 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. Restricted stock units During the six months ended December 25, 2016 and December 27, 2015, the Company granted 31 and 21 restricted stock units (“RSUs”) with no vesting requirement, respectively, to the Company’s non-employee directors, utilizing terms and valuation methods consistent with those described in Note 16, “Stock-Based Compensation,” to the consolidated financial statements in the 2016 Form 10-K. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Non-financial Assets and Liabilities | 6 Months Ended |
Dec. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Non-financial Assets and Liabilities | 15. 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 six months ended December 25, 2016 and December 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 | 6 Months Ended |
Dec. 25, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 16. 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 (1,882 ) 38 (1,844 ) Balance at December 25, 2016 $ (31,563 ) $ (32 ) $ (31,595 ) A summary of the after-tax effects of the components of other comprehensive loss for the three-month and six-month periods ended December 25, 2016 and December 27, 2015 is included in the accompanying condensed consolidated statements of comprehensive income. The summary excludes pre-tax and tax amounts, as there are no tax components for the relevant activity. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 25, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. Earnings Per Share The components of the calculation of earnings per share (“EPS”) are as follows: For the Three Months Ended For the Six Months Ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Net income attributable to Unifi, Inc. $ 4,591 $ 6,464 $ 13,994 $ 14,489 Basic weighted average shares 18,128 17,823 18,045 17,872 Net potential common share equivalents – stock options and RSUs 314 634 346 631 Diluted weighted average shares 18,442 18,457 18,391 18,503 Excluded from diluted weighted average shares: Anti-dilutive common share equivalents 185 143 271 143 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 | 6 Months Ended |
Dec. 25, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates and Variable Interest Entities | 18. 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 December 25, 2016, the Company’s investment in PAL was $112,514 and the Company’s combined investments in UNF and UNFA were $3,327, 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 December 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 December 25, 2016 $ 130,753 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 (148 ) Investment as of December 25, 2016 $ 112,514 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 December 25, 2016, the Company’s open purchase orders related to this agreement were $1,864. The Company’s raw material purchases under this supply agreement consist of the following: For the Six Months Ended December 25, 2016 December 27, 2015 UNF $ 1,250 $ 1,356 UNFA 9,579 13,441 Total $ 10,829 $ 14,797 As of December 25, 2016 and June 26, 2016, the Company had combined accounts payable due to UNF and UNFA of $1,806 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 December 25, 2016 PAL Other Total Current assets $ 239,989 $ 10,065 $ 250,054 Noncurrent assets 190,400 1,132 191,532 Current liabilities 43,213 3,284 46,497 Noncurrent liabilities 2,610 — 2,610 Shareholders’ equity and capital accounts 384,566 7,913 392,479 Unifi’s portion of undistributed earnings 43,950 1,060 45,010 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 December 25, 2016 PAL Other Total Net sales $ 153,074 $ 5,056 $ 158,130 Gross profit 1,765 983 2,748 (Loss) income from operations (2,849 ) 509 (2,340 ) Net (loss) income (2,238 ) 513 (1,725 ) Depreciation and amortization 10,828 45 10,873 Cash received by PAL under cotton rebate program 3,635 — 3,635 Earnings recognized by PAL for cotton rebate program 2,907 — 2,907 Distributions received — 750 750 For the Three Months Ended December 27, 2015 PAL Other Total Net sales $ 183,426 $ 7,264 $ 190,690 Gross profit 2,917 1,852 4,769 (Loss) income from operations (1,437 ) 1,389 (48 ) Net (loss) income (1,170 ) 1,420 250 Depreciation and amortization 11,169 37 11,206 Cash received by PAL under cotton rebate program 5,676 — 5,676 Earnings recognized by PAL for cotton rebate program 3,574 — 3,574 Distributions received — 1,000 1,000 For the Six Months Ended December 25, 2016 PAL Other Total Net sales $ 358,974 $ 11,058 $ 370,032 Gross profit 7,261 2,528 9,789 (Loss) income from operations (1,988 ) 1,594 (394 ) Net (loss) income (1,364 ) 1,610 246 Depreciation and amortization 21,270 84 21,354 Cash received by PAL under cotton rebate program 7,762 — 7,762 Earnings recognized by PAL for cotton rebate program 6,796 — 6,796 Distributions received — 1,500 1,500 For the Six Months Ended December 27, 2015 PAL Other Total Net sales $ 407,491 $ 16,613 $ 424,104 Gross profit 10,304 4,182 14,486 Income from operations 2,124 3,238 5,362 Net income 4,559 3,278 7,837 Depreciation and amortization 20,863 74 20,937 Cash received by PAL under cotton rebate program 8,860 — 8,860 Earnings recognized by PAL for cotton rebate program 7,928 — 7,928 Distributions received 947 2,000 2,947 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 25, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | 19. 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 (the “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 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 and Other Commitments 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. As of a result of the RR Sale, described in Note 4, “Sale of Renewables,” the Company is no longer an indirect party to approximately $7,300 of future operating lease payments included in Note 24, “Commitments and Contingencies,” to the consolidated financial statements in the 2016 Form 10-K. 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. During the second quarter of fiscal 2017, in the normal course of business, the Company’s Brazilian subsidiary entered into a contract extension with its electric utility supplier for services to be provided into fiscal 2020 which resulted in an increase of its future purchase obligations of approximately $11,700, as measured from the amount included in Note 24, “Commitments and Contingencies,” to the consolidated financial statements in the 2016 Form 10-K. In the course of facilitating the construction of assets (i) in connection with the construction financing arrangement described in Note 10, “Long-Term Debt” and (ii) related to the expansion of the REPREVE ® |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 25, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. 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: December 25, 2016 June 26, 2016 Salem Global Logistics, Inc. $ 8 $ 7 Total related party receivables (included within receivables, net) $ 8 $ 7 Related party payables consists of the following: December 25, 2016 June 26, 2016 Salem Leasing Corporation $ 545 $ 250 Total related party payables (included within accounts payable) $ 545 $ 250 The balance of a capital lease obligation with Salem Leasing Corporation as of December 25, 2016 and June 26, 2016 was $981 and $1,015, respectively. 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 December 25, 2016 December 27, 2015 Salem Leasing Corporation Transportation equipment costs $ 1,291 $ 931 Salem Global Logistics, Inc. Freight service income 31 81 For the Six Months Ended Affiliated Entity Transaction Type December 25, 2016 December 27, 2015 Salem Leasing Corporation Transportation equipment costs $ 2,269 $ 1,876 Salem Global Logistics, Inc. Freight service income 52 143 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Dec. 25, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 21. 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 in Brazil and sales offices in Brazil, China and Sri Lanka. 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 (up through the date of sale, December 23, 2016) and for-hire transportation services. 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 and six months ended December 27, 2015 have been revised to match the current presentation. For the Three Months Ended December 25, 2016 Polyester Nylon International All Other Total Net sales $ 86,671 $ 28,302 $ 38,868 $ 1,314 $ 155,155 Cost of sales 76,200 25,679 29,419 1,727 133,025 Gross profit (loss) 10,471 2,623 9,449 (413 ) 22,130 Segment depreciation expense 3,384 530 228 244 4,386 Segment Profit (Loss) $ 13,855 $ 3,153 $ 9,677 $ (169 ) $ 26,516 For the Three Months Ended December 27, 2015 Polyester Nylon International All Other Total Net sales $ 94,414 $ 35,767 $ 24,812 $ 1,343 $ 156,336 Cost of sales 82,102 30,552 20,431 1,438 134,523 Gross profit (loss) 12,312 5,215 4,381 (95 ) 21,813 Segment depreciation expense 2,781 470 192 162 3,605 Segment Profit $ 15,093 $ 5,685 $ 4,573 $ 67 $ 25,418 The reconciliations of segment gross profit to consolidated income before income taxes are as follows: For the Three Months Ended December 25, 2016 December 27, 2015 Polyester $ 10,471 $ 12,312 Nylon 2,623 5,215 International 9,449 4,381 All Other (413 ) (95 ) Segment gross profit 22,130 21,813 Selling, general and administrative expenses 12,868 12,419 (Benefit) provision for bad debts (95 ) 559 Other operating expense, net 319 206 Operating income 9,038 8,629 Interest income (183 ) (166 ) Interest expense 914 816 Loss on sale of business 1,662 — Equity in loss (earnings) of unconsolidated affiliates 367 (303 ) Income before income taxes $ 6,278 $ 8,282 For the Six Months Ended December 25, 2016 Polyester Nylon International All Other Total Net sales $ 171,356 $ 56,797 $ 84,212 $ 2,759 $ 315,124 Cost of sales 152,435 51,037 62,493 3,482 269,447 Gross profit (loss) 18,921 5,760 21,719 (723 ) 45,677 Segment depreciation expense 6,492 1,040 474 496 8,502 Segment Profit (Loss) $ 25,413 $ 6,800 $ 22,193 $ (227 ) $ 54,179 For the Six Months Ended December 27, 2015 Polyester Nylon International All Other Total Net sales $ 189,020 $ 72,405 $ 54,183 $ 2,893 $ 318,501 Cost of sales 167,110 61,317 44,211 3,066 275,704 Gross profit (loss) 21,910 11,088 9,972 (173 ) 42,797 Segment depreciation expense 5,632 948 413 314 7,307 Segment Profit $ 27,542 $ 12,036 $ 10,385 $ 141 $ 50,104 For the Six Months Ended December 25, 2016 December 27, 2015 Polyester $ 18,921 $ 21,910 Nylon 5,760 11,088 International 21,719 9,972 All Other (723 ) (173 ) Segment gross profit 45,677 42,797 Selling, general and administrative expenses 24,278 23,249 (Benefit) provision for bad debts (462 ) 1,172 Other operating expense, net 249 60 Operating income 21,612 18,316 Interest income (329 ) (329 ) Interest expense 1,606 1,800 Loss on sale of business 1,662 — Equity in earnings of unconsolidated affiliates (473 ) (3,163 ) Income before income taxes $ 19,146 $ 20,008 The reconciliations of segment total assets to consolidated total assets are as follows: December 25, 2016 June 26, 2016 Polyester $ 258,110 $ 243,105 Nylon 61,203 63,141 International 88,788 73,650 Segment total assets 408,101 379,896 Other current assets 13,181 6,674 Other PP&E 13,520 16,597 Other non-current assets 201 4,863 Investments in unconsolidated affiliates 115,841 117,412 Total assets $ 550,844 $ 525,442 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Dec. 25, 2016 | |
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 22. Supplemental Cash Flow Information Cash payments for interest and taxes consist of the following: For the Six Months Ended December 25, 2016 December 27, 2015 Interest, net of capitalized interest of $395 and $226, respectively $ 1,527 $ 1,594 Income taxes, net of refunds 5,695 3,574 Cash payments for taxes shown above consist primarily of income and withholding tax payments made by the Company in both U.S. and foreign jurisdictions. Non-Cash Investing and Financing Activities As of December 25, 2016 and June 26, 2016, $3,700 and $4,197, respectively, were included in accounts payable for unpaid capital expenditures. As of December 27, 2015 and June 28, 2015, $1,344 and $1,726, respectively, were included in accounts payable for unpaid capital expenditures. During the six months ended December 25, 2016, the Company recorded $5,139 to construction in progress and long-term debt, in connection with the construction financing arrangement described under the heading “Construction Financing” in Note 10, “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 six months ended December 27, 2015, the Company entered into capital leases with an aggregate present value of $4,154. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 25, 2016 | |
Accounting Policies [Abstract] | |
Fiscal Period | The fiscal quarter for the Company and its subsidiary in El Salvador ended on December 25, 2016, the last Sunday in December. The fiscal quarter for the Company’s Brazilian, Chinese, Sri Lankan and Colombian subsidiaries ended on December 31, 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-month and six-month periods ended December 25, 2016 and December 27, 2015 each consisted of thirteen and twenty-six fiscal weeks, respectively. |
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 and six months ended December 27, 2015, the Company has reclassified net sales and cost of sales amounts for the respective segments, as reflected in Note 21, “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 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; Conden30
Basis of Presentation; Condensed Notes (Tables) | 6 Months Ended |
Dec. 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 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 |
Sale of Renewables (Tables)
Sale of Renewables (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Deconsolidation of Renewables | Deconsolidation of Renewables resulted in the removal of all corresponding assets (the most significant of which was $4,472 of miscanthus grass, net of depreciation, historically reflected in other non-current assets) and liabilities and the elimination of the non-controlling interest in Renewables from the Company’s condensed consolidated balance sheet as of December 25, 2016, as summarized in the table below. Purchase price $ 500 Net assets and liabilities of Renewables (3,540 ) Derecognition of non-controlling interest 1,416 Transaction-related costs (38 ) Loss on sale of business $ (1,662 ) |
Receivables, Net (Tables)
Receivables, Net (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables, net consists of the following: December 25, 2016 June 26, 2016 Customer receivables $ 79,060 $ 86,361 Allowance for uncollectible accounts (1,984 ) (2,839 ) Reserves for yarn quality claims (1,199 ) (795 ) Net customer receivables 75,877 82,727 Related party receivables 8 7 Other receivables 969 688 Total receivables, net $ 76,854 $ 83,422 |
Allowance for Credit Losses on Financing Receivables | 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 462 Translation activity 20 Deductions 373 Balance at December 25, 2016 $ (1,984 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories Components | Inventories consists of the following: December 25, 2016 June 26, 2016 Raw materials $ 36,798 $ 37,162 Supplies 6,112 5,387 Work in process 5,290 6,595 Finished goods 63,240 55,771 Gross inventories 111,440 104,915 Inventory reserves (1,668 ) (1,383 ) Total inventories $ 109,772 $ 103,532 |
Property, Plant and Equipment34
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment Components | Property, plant and equipment, net (“PP&E”) consists of the following: December 25, 2016 June 26, 2016 Land $ 2,940 $ 3,154 Land improvements 14,390 13,734 Buildings and improvements 147,420 145,633 Assets under capital leases 21,525 21,525 Machinery and equipment 569,402 544,369 Computers, software and office equipment 18,171 17,823 Transportation equipment 4,739 4,713 Construction in progress 29,213 39,695 Gross property, plant and equipment 807,800 790,646 Less: accumulated depreciation (606,650 ) (602,839 ) Less: accumulated amortization – capital leases (3,622 ) (2,706 ) Total PP&E $ 197,528 $ 185,101 |
Schedule of Capital Leased Assets | Assets under capital leases consists of the following: December 25, 2016 June 26, 2016 Machinery and equipment $ 14,745 $ 14,745 Transportation equipment 5,927 5,927 Building improvements 853 853 Gross assets under capital leases $ 21,525 $ 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 For the Six Months Ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Depreciation expense $ 4,486 $ 3,756 $ 8,700 $ 7,598 Repairs and maintenance expenses 4,514 4,005 8,754 8,501 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets, Net | Intangible assets, net consists of the following: December 25, 2016 June 26, 2016 Customer lists $ 23,615 $ 23,615 Other 4,516 5,184 Total intangible assets, gross 28,131 28,799 Accumulated amortization – customer lists (21,175 ) (20,665 ) Accumulated amortization – other (4,163 ) (4,393 ) Total accumulated amortization (25,338 ) (25,058 ) Total intangible assets, net $ 2,793 $ 3,741 |
Amortization Expense for Intangible Assets | Total amortization expense for intangible assets was as follows: For the Three Months Ended For the Six Months Ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Total amortization expense $ 346 $ 429 $ 707 $ 861 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consists of the following: December 25, 2016 June 26, 2016 Payroll and fringe benefits $ 6,198 $ 10,370 Other 5,678 8,104 Total accrued expenses $ 11,876 $ 18,474 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Dec. 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 December 25, 2016 December 25, 2016 June 26, 2016 ABL Revolver March 2020 2.9% $ 9,800 $ 6,200 ABL Term Loan March 2020 2.4% (1) 100,000 90,250 Capital lease obligations (2) (3) 13,643 15,798 Construction financing (4) (4) 11,768 6,629 Renewables’ term loan — — — 4,000 Renewables’ promissory note — — — 135 Total debt 135,211 123,012 Current portion of capital lease obligations (4,153 ) (4,261 ) Current portion of other long-term debt (10,000 ) (9,525 ) Unamortized debt issuance costs (1,215 ) (1,421 ) Total long-term debt $ 119,843 $ 107,805 (1) The weighted average interest rate as of December 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 $ — $ — $ — $ 9,800 $ — $ — ABL Term Loan 5,000 10,000 10,000 75,000 — — Capital lease obligations 2,106 4,128 4,058 2,542 171 638 Total (1) $ 7,106 $ 14,128 $ 14,058 $ 87,342 $ 171 $ 638 (1) Total excludes $11,768 for the construction financing described above. |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities Components | Other long-term liabilities consists of the following: December 25, 2016 June 26, 2016 Uncertain tax positions $ 4,692 $ 4,463 Other 6,237 5,930 Total other long-term liabilities $ 10,929 $ 10,393 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Dec. 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 For the Six Months Ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Provision for income taxes $ 1,924 $ 2,088 $ 5,650 $ 6,028 Effective tax rate 30.6 % 25.2 % 29.5 % 30.1 % |
Schedule of Components of the Company's Deferred Tax Valuation Allowance | Components of the Company’s deferred tax valuation allowance are as follows: December 25, 2016 June 26, 2016 Investment in a former domestic unconsolidated affiliate $ (6,320 ) $ (6,418 ) Equity-method investment in PAL (1,592 ) (2,102 ) Other (1) (4,209 ) (5,030 ) Total deferred tax valuation allowance $ (12,121 ) $ (13,550 ) (1) Other primarily relates to certain net operating losses outside the U.S. consolidated tax filing group. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Stockholders Equity Note [Abstract] | |
Schedule of Stockholders Equity | Shares Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Total Unifi, Inc. Shareholders’ Equity Non-Controlling Interest Total Shareholders’ Equity Balance at June 26, 2016 17,847 $ 1,785 $ 45,932 $ 307,065 $ (29,751 ) $ 325,031 $ 1,914 $ 326,945 Options exercised 283 28 2,453 — — 2,481 — 2,481 Conversion of restricted stock units 70 7 (7 ) — — — — — Stock-based compensation — — 1,402 — — 1,402 — 1,402 Excess tax benefit on stock-based compensation plans — — 1,111 — — 1,111 — 1,111 Other comprehensive loss, net of tax — — — — (1,844 ) (1,844 ) — (1,844 ) Deconsolidation for sale of business — — — — — — (1,416 ) (1,416 ) Net income (loss) — — — 13,994 — 13,994 (498 ) 13,496 Balance at December 25, 2016 18,200 $ 1,820 $ 50,891 $ 321,059 $ (31,595 ) $ 342,175 $ — $ 342,175 |
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 December 25, 2016) — $ — Total 3,147 $ 27,603 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 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 December 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 (386 ) Less: Awards granted to non-employee directors (101 ) Available for issuance under the 2013 Plan 817 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 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 (1,882 ) 38 (1,844 ) Balance at December 25, 2016 $ (31,563 ) $ (32 ) $ (31,595 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 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 For the Six Months Ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Net income attributable to Unifi, Inc. $ 4,591 $ 6,464 $ 13,994 $ 14,489 Basic weighted average shares 18,128 17,823 18,045 17,872 Net potential common share equivalents – stock options and RSUs 314 634 346 631 Diluted weighted average shares 18,442 18,457 18,391 18,503 Excluded from diluted weighted average shares: Anti-dilutive common share equivalents 185 143 271 143 |
Investments in Unconsolidated44
Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
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 Six Months Ended December 25, 2016 December 27, 2015 UNF $ 1,250 $ 1,356 UNFA 9,579 13,441 Total $ 10,829 $ 14,797 |
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 December 25, 2016 PAL Other Total Current assets $ 239,989 $ 10,065 $ 250,054 Noncurrent assets 190,400 1,132 191,532 Current liabilities 43,213 3,284 46,497 Noncurrent liabilities 2,610 — 2,610 Shareholders’ equity and capital accounts 384,566 7,913 392,479 Unifi’s portion of undistributed earnings 43,950 1,060 45,010 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 December 25, 2016 PAL Other Total Net sales $ 153,074 $ 5,056 $ 158,130 Gross profit 1,765 983 2,748 (Loss) income from operations (2,849 ) 509 (2,340 ) Net (loss) income (2,238 ) 513 (1,725 ) Depreciation and amortization 10,828 45 10,873 Cash received by PAL under cotton rebate program 3,635 — 3,635 Earnings recognized by PAL for cotton rebate program 2,907 — 2,907 Distributions received — 750 750 For the Three Months Ended December 27, 2015 PAL Other Total Net sales $ 183,426 $ 7,264 $ 190,690 Gross profit 2,917 1,852 4,769 (Loss) income from operations (1,437 ) 1,389 (48 ) Net (loss) income (1,170 ) 1,420 250 Depreciation and amortization 11,169 37 11,206 Cash received by PAL under cotton rebate program 5,676 — 5,676 Earnings recognized by PAL for cotton rebate program 3,574 — 3,574 Distributions received — 1,000 1,000 For the Six Months Ended December 25, 2016 PAL Other Total Net sales $ 358,974 $ 11,058 $ 370,032 Gross profit 7,261 2,528 9,789 (Loss) income from operations (1,988 ) 1,594 (394 ) Net (loss) income (1,364 ) 1,610 246 Depreciation and amortization 21,270 84 21,354 Cash received by PAL under cotton rebate program 7,762 — 7,762 Earnings recognized by PAL for cotton rebate program 6,796 — 6,796 Distributions received — 1,500 1,500 For the Six Months Ended December 27, 2015 PAL Other Total Net sales $ 407,491 $ 16,613 $ 424,104 Gross profit 10,304 4,182 14,486 Income from operations 2,124 3,238 5,362 Net income 4,559 3,278 7,837 Depreciation and amortization 20,863 74 20,937 Cash received by PAL under cotton rebate program 8,860 — 8,860 Earnings recognized by PAL for cotton rebate program 7,928 — 7,928 Distributions received 947 2,000 2,947 |
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 December 25, 2016 $ 130,753 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 (148 ) Investment as of December 25, 2016 $ 112,514 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 25, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Receivables and Payables | Related party receivables consists of the following: December 25, 2016 June 26, 2016 Salem Global Logistics, Inc. $ 8 $ 7 Total related party receivables (included within receivables, net) $ 8 $ 7 Related party payables consists of the following: December 25, 2016 June 26, 2016 Salem Leasing Corporation $ 545 $ 250 Total related party payables (included within accounts payable) $ 545 $ 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 December 25, 2016 December 27, 2015 Salem Leasing Corporation Transportation equipment costs $ 1,291 $ 931 Salem Global Logistics, Inc. Freight service income 31 81 For the Six Months Ended Affiliated Entity Transaction Type December 25, 2016 December 27, 2015 Salem Leasing Corporation Transportation equipment costs $ 2,269 $ 1,876 Salem Global Logistics, Inc. Freight service income 52 143 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Dec. 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 and six months ended December 27, 2015 have been revised to match the current presentation. For the Three Months Ended December 25, 2016 Polyester Nylon International All Other Total Net sales $ 86,671 $ 28,302 $ 38,868 $ 1,314 $ 155,155 Cost of sales 76,200 25,679 29,419 1,727 133,025 Gross profit (loss) 10,471 2,623 9,449 (413 ) 22,130 Segment depreciation expense 3,384 530 228 244 4,386 Segment Profit (Loss) $ 13,855 $ 3,153 $ 9,677 $ (169 ) $ 26,516 For the Three Months Ended December 27, 2015 Polyester Nylon International All Other Total Net sales $ 94,414 $ 35,767 $ 24,812 $ 1,343 $ 156,336 Cost of sales 82,102 30,552 20,431 1,438 134,523 Gross profit (loss) 12,312 5,215 4,381 (95 ) 21,813 Segment depreciation expense 2,781 470 192 162 3,605 Segment Profit $ 15,093 $ 5,685 $ 4,573 $ 67 $ 25,418 For the Six Months Ended December 25, 2016 Polyester Nylon International All Other Total Net sales $ 171,356 $ 56,797 $ 84,212 $ 2,759 $ 315,124 Cost of sales 152,435 51,037 62,493 3,482 269,447 Gross profit (loss) 18,921 5,760 21,719 (723 ) 45,677 Segment depreciation expense 6,492 1,040 474 496 8,502 Segment Profit (Loss) $ 25,413 $ 6,800 $ 22,193 $ (227 ) $ 54,179 For the Six Months Ended December 27, 2015 Polyester Nylon International All Other Total Net sales $ 189,020 $ 72,405 $ 54,183 $ 2,893 $ 318,501 Cost of sales 167,110 61,317 44,211 3,066 275,704 Gross profit (loss) 21,910 11,088 9,972 (173 ) 42,797 Segment depreciation expense 5,632 948 413 314 7,307 Segment Profit $ 27,542 $ 12,036 $ 10,385 $ 141 $ 50,104 |
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 December 25, 2016 December 27, 2015 Polyester $ 10,471 $ 12,312 Nylon 2,623 5,215 International 9,449 4,381 All Other (413 ) (95 ) Segment gross profit 22,130 21,813 Selling, general and administrative expenses 12,868 12,419 (Benefit) provision for bad debts (95 ) 559 Other operating expense, net 319 206 Operating income 9,038 8,629 Interest income (183 ) (166 ) Interest expense 914 816 Loss on sale of business 1,662 — Equity in loss (earnings) of unconsolidated affiliates 367 (303 ) Income before income taxes $ 6,278 $ 8,282 For the Six Months Ended December 25, 2016 December 27, 2015 Polyester $ 18,921 $ 21,910 Nylon 5,760 11,088 International 21,719 9,972 All Other (723 ) (173 ) Segment gross profit 45,677 42,797 Selling, general and administrative expenses 24,278 23,249 (Benefit) provision for bad debts (462 ) 1,172 Other operating expense, net 249 60 Operating income 21,612 18,316 Interest income (329 ) (329 ) Interest expense 1,606 1,800 Loss on sale of business 1,662 — Equity in earnings of unconsolidated affiliates (473 ) (3,163 ) Income before income taxes $ 19,146 $ 20,008 |
Reconciliation of Segment Total Assets to Consolidated Total Assets | The reconciliations of segment total assets to consolidated total assets are as follows: December 25, 2016 June 26, 2016 Polyester $ 258,110 $ 243,105 Nylon 61,203 63,141 International 88,788 73,650 Segment total assets 408,101 379,896 Other current assets 13,181 6,674 Other PP&E 13,520 16,597 Other non-current assets 201 4,863 Investments in unconsolidated affiliates 115,841 117,412 Total assets $ 550,844 $ 525,442 |
Supplemental Cash Flow Inform47
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Dec. 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 Six Months Ended December 25, 2016 December 27, 2015 Interest, net of capitalized interest of $395 and $226, respectively $ 1,527 $ 1,594 Income taxes, net of refunds 5,695 3,574 |
Background - Additional Informa
Background - Additional Information (Details) | Dec. 25, 2016Entity |
Organization, Consolidation and Presentation of Financial Statements [Line Items} | |
Number of Countries in which Entity Operates | 4 |
Parkdale America LLC [Member] | |
Organization, Consolidation and Presentation of Financial Statements [Line Items} | |
Equity Method Investment, Ownership Percentage | 34.00% |
Basis of Presentation; Conden49
Basis of Presentation; Condensed Notes - Schedule of Unamortized Debt Issuance Costs with Outstanding Debt (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Debt issuance costs (within other non-current assets) | $ 1,215 | $ 1,421 | |
Total assets | 550,844 | 525,442 | |
Long-term debt | 119,843 | 107,805 | |
Total liabilities | $ 208,669 | 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 |
Recent Accounting Pronounceme50
Recent Accounting Pronouncements - Additional Information (Details) $ in Thousands | Dec. 25, 2016USD ($) |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Future minimum lease payments | $ 9,000 |
Sale of Renewables - Additional
Sale of Renewables - Additional Information (Details) - USD ($) $ in Thousands | Dec. 23, 2016 | Dec. 25, 2016 |
Miscanthus Grass [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Non-current assets held for disposition | $ 4,472 | |
Repreve Renewables LLC [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Majority Interest Ownership Percentage by Parent | 60.00% | |
Sale of equity ownership to third party | $ 500 | |
Repreve Renewables LLC [Member] | Third-Party Joint Venture Partner [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Sale of equity ownership to third party | $ 500 |
Sale of Renewables - Summary of
Sale of Renewables - Summary of Deconsolidation of Renewables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Dec. 25, 2016 | Dec. 25, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Derecognition of non-controlling interest | $ 1,416 | |
Loss on sale of business | $ (1,662) | (1,662) |
Repreve Renewables LLC [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Purchase price | 500 | |
Net assets and liabilities of Renewables | (3,540) | |
Derecognition of non-controlling interest | 1,416 | |
Transaction-related costs | (38) | |
Loss on sale of business | $ (1,662) |
Receivables, Net - Schedule of
Receivables, Net - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Receivables [Abstract] | ||
Customer receivables | $ 79,060 | $ 86,361 |
Allowance for uncollectible accounts | (1,984) | (2,839) |
Reserves for yarn quality claims | (1,199) | (795) |
Net customer receivables | 75,877 | 82,727 |
Related party receivables | 8 | 7 |
Other receivables | 969 | 688 |
Total receivables, net | $ 76,854 | $ 83,422 |
Receivables, Net - Allowance fo
Receivables, Net - Allowance for Credit Losses on Financing Receivables (Details) - Allowance for Doubtful Accounts [Member] $ in Thousands | 6 Months Ended |
Dec. 25, 2016USD ($) | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |
Balance at June 26, 2016 | $ (2,839) |
Benefit to costs and expenses | 462 |
Translation activity | 20 |
Deductions | 373 |
Balance at December 25, 2016 | $ (1,984) |
Inventories - Inventories Compo
Inventories - Inventories Components (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 36,798 | $ 37,162 |
Supplies | 6,112 | 5,387 |
Work in process | 5,290 | 6,595 |
Finished goods | 63,240 | 55,771 |
Gross inventories | 111,440 | 104,915 |
Inventory reserves | (1,668) | (1,383) |
Total inventories | $ 109,772 | $ 103,532 |
Property, Plant and Equipment56
Property, Plant and Equipment, Net - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | $ 807,800 | $ 790,646 |
Less: accumulated depreciation | (606,650) | (602,839) |
Less: accumulated amortization – capital leases | (3,622) | (2,706) |
Total PP&E | 197,528 | 185,101 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 2,940 | 3,154 |
Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 14,390 | 13,734 |
Building and Building Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 147,420 | 145,633 |
Assets Held under Capital Leases [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 21,525 | 21,525 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 569,402 | 544,369 |
Computers, Software and Office Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 18,171 | 17,823 |
Transportation Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 4,739 | 4,713 |
Asset under Construction [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | $ 29,213 | $ 39,695 |
Property, Plant and Equipment57
Property, Plant and Equipment, Net - Schedule of Capital Leased Assets (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Property Plant And Equipment [Line Items] | ||
Gross assets under capital leases | $ 21,525 | $ 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 | 5,927 | 5,927 |
Building Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross assets under capital leases | $ 853 | $ 853 |
Property, Plant and Equipment58
Property, Plant and Equipment, Net - Schedule of Depreciation Expense and Repairs and Maintenance Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 4,486 | $ 3,756 | $ 8,700 | $ 7,598 |
Repairs and maintenance expenses | $ 4,514 | $ 4,005 | $ 8,754 | $ 8,501 |
Intangible Assets, Net - Compon
Intangible Assets, Net - Components of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 28,131 | $ 28,799 |
Intangible assets, accumulated amortization | (25,338) | (25,058) |
Total intangible assets, net | 2,793 | 3,741 |
Customer Lists [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 23,615 | 23,615 |
Intangible assets, accumulated amortization | (21,175) | (20,665) |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 4,516 | 5,184 |
Intangible assets, accumulated amortization | $ (4,163) | $ (4,393) |
Intangible Assets, Net - Amorti
Intangible Assets, Net - Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 346 | $ 429 | $ 707 | $ 861 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Payables And Accruals [Abstract] | ||
Payroll and fringe benefits | $ 6,198 | $ 10,370 |
Other | 5,678 | 8,104 |
Total accrued expenses | $ 11,876 | $ 18,474 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt Components (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Dec. 25, 2016 | Nov. 18, 2016 | Jun. 26, 2016 | ||
Debt Instrument [Line Items] | ||||
Capital lease obligations | $ 13,643 | $ 15,798 | ||
Total debt | 135,211 | 123,012 | ||
Current portion of capital lease obligations | (4,153) | (4,261) | ||
Current portion of other long-term debt | (10,000) | (9,525) | ||
Unamortized debt issuance costs | (1,215) | (1,421) | ||
Long-term debt | $ 119,843 | 107,805 | ||
ABL Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | 2020-03 | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.90% | |||
Long-term Debt | $ 9,800 | 6,200 | ||
ABL Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | 2020-03 | |||
Long-term Debt | $ 100,000 | |||
Weighted average interest rate | [1] | 2.40% | ||
Outstanding balances of term loan | $ 100,000 | 90,250 | ||
Renewables Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 4,000 | |||
Renewables Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 135 | |||
Construction Financing [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 11,768 | $ 6,629 | ||
[1] | The weighted average interest rate as of December 25, 2016 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Long-Term Debt - Long-Term De63
Long-Term Debt - Long-Term Debt Components (Details) (Parenthetical) | 6 Months Ended |
Dec. 25, 2016USD ($) | |
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 | $ 50,000,000 |
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) | 6 Months Ended | |||
Dec. 25, 2016USD ($)Installment | Dec. 23, 2016 | Nov. 18, 2016USD ($) | Mar. 26, 2015USD ($) | |
Repreve Renewables LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Majority Interest Ownership Percentage by Parent | 60.00% | |||
Construction Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Monthly Payments, Number | Installment | 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 | $ 200,000,000 | |||
Term Loan Maximum Borrowing Capacity | 100,000,000 | |||
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 | $ 100,000,000 | |||
ABL Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 100,000,000 | |||
Quarterly Amortization Payments [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment, Principal | $ 2,500,000 |
Long-Term Debt - Scheduled Matu
Long-Term Debt - Scheduled Maturities of Outstanding Debt Obligations (Details) $ in Thousands | Dec. 25, 2016USD ($) | |
Debt Instrument Redemption [Line Items] | ||
2,017 | $ 7,106 | [1] |
2,018 | 14,128 | [1] |
2,019 | 14,058 | [1] |
2,020 | 87,342 | [1] |
2,021 | 171 | [1] |
Thereafter | 638 | [1] |
ABL Revolver [Member] | ||
Debt Instrument Redemption [Line Items] | ||
2,020 | 9,800 | |
ABL Term Loan [Member] | ||
Debt Instrument Redemption [Line Items] | ||
2,017 | 5,000 | |
2,018 | 10,000 | |
2,019 | 10,000 | |
2,020 | 75,000 | |
Capital Lease Obligations [Member] | ||
Debt Instrument Redemption [Line Items] | ||
2,017 | 2,106 | |
2,018 | 4,128 | |
2,019 | 4,058 | |
2,020 | 2,542 | |
2,021 | 171 | |
Thereafter | $ 638 | |
[1] | Total excludes $11,768 for the construction financing described above. |
Long-Term Debt - Scheduled Ma66
Long-Term Debt - Scheduled Maturities of Outstanding Debt Obligations (Details) (Parenthetical) $ in Thousands | Dec. 25, 2016USD ($) |
Debt Disclosure [Abstract] | |
Long-term Construction Loan | $ 11,768 |
Other Long-Term Liabilities - O
Other Long-Term Liabilities - Other Long-Term Liabilities Components (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Uncertain tax positions | $ 4,692 | $ 4,463 |
Other | 6,237 | 5,930 |
Total other long-term liabilities | $ 10,929 | $ 10,393 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 1,924 | $ 2,088 | $ 5,650 | $ 6,028 |
Effective tax rate | 30.60% | 25.20% | 29.50% | 30.10% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of the Company's Deferred Tax Valuation Allowance (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 | |
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | $ (12,121) | $ (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 | (1,592) | (2,102) | |
Other [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | [1] | $ (4,209) | $ (5,030) |
[1] | Other primarily relates to certain net operating losses outside the U.S. consolidated tax filing group. |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Stockholders Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Stockholders Equity [Line Items] | ||||
Balance (in shares) at June 26, 2016 | 17,847,416 | |||
Balance at June 26, 2016 | $ 326,945 | |||
Options exercised | 2,481 | |||
Stock-based compensation | 1,402 | |||
Excess tax benefit on stock-based compensation plans | 1,111 | |||
Other comprehensive loss, net of tax | $ (1,041) | $ 437 | (1,844) | $ (10,981) |
Deconsolidation for sale of business | (1,416) | |||
Net income (loss) attributable to Unifi, Inc. | 4,591 | 6,464 | 13,994 | 14,489 |
Net income (loss) attributable to non-controlling interest | (237) | (270) | (498) | (509) |
Net income (loss) including non-controlling interest | $ 4,354 | $ 6,194 | $ 13,496 | $ 13,980 |
Balance (in shares) at December 25, 2016 | 18,200,018 | 18,200,018 | ||
Balance at December 25, 2016 | $ 342,175 | $ 342,175 | ||
Common Stock [Member] | ||||
Stockholders Equity [Line Items] | ||||
Balance (in shares) at June 26, 2016 | 17,847 | |||
Balance at June 26, 2016 | $ 1,785 | |||
Options exercised, shares | 283 | |||
Options exercised | $ 28 | |||
Conversion of restricted stock units, shares | 70 | |||
Conversion of restricted stock units | $ 7 | |||
Balance (in shares) at December 25, 2016 | 18,200 | 18,200 | ||
Balance at December 25, 2016 | $ 1,820 | $ 1,820 | ||
Capital in Excess of Par Value [Member] | ||||
Stockholders Equity [Line Items] | ||||
Balance at June 26, 2016 | 45,932 | |||
Options exercised | 2,453 | |||
Conversion of restricted stock units | (7) | |||
Stock-based compensation | 1,402 | |||
Excess tax benefit on stock-based compensation plans | 1,111 | |||
Balance at December 25, 2016 | 50,891 | 50,891 | ||
Retained Earnings [Member] | ||||
Stockholders Equity [Line Items] | ||||
Balance at June 26, 2016 | 307,065 | |||
Net income (loss) attributable to Unifi, Inc. | 13,994 | |||
Balance at December 25, 2016 | 321,059 | 321,059 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Stockholders Equity [Line Items] | ||||
Balance at June 26, 2016 | (29,751) | |||
Other comprehensive loss, net of tax | (1,844) | |||
Balance at December 25, 2016 | (31,595) | (31,595) | ||
Total Unifi, Inc. Shareholders' Equity [Member] | ||||
Stockholders Equity [Line Items] | ||||
Balance at June 26, 2016 | 325,031 | |||
Options exercised | 2,481 | |||
Stock-based compensation | 1,402 | |||
Excess tax benefit on stock-based compensation plans | 1,111 | |||
Other comprehensive loss, net of tax | (1,844) | |||
Net income (loss) attributable to Unifi, Inc. | 13,994 | |||
Balance at December 25, 2016 | $ 342,175 | 342,175 | ||
Noncontrolling Interest [Member] | ||||
Stockholders Equity [Line Items] | ||||
Balance at June 26, 2016 | 1,914 | |||
Deconsolidation for sale of business | (1,416) | |||
Net income (loss) attributable to non-controlling interest | $ (498) |
Shareholders' Equity - Repurcha
Shareholders' Equity - Repurchases and Retirements of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | 54 Months Ended | |||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 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 ($) | 6 Months Ended | 12 Months Ended | |
Dec. 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 | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Oct. 23, 2013 | |
Employee Stock Option [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 | 128,000 | 82,000 | |
Restricted Stock Units (RSUs) [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 | 31,000 | 21,000 | |
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 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Number of Securities Remaining Available for Future Issuance (Details) - The 2013 Incentive Compensation Plan [Member] - shares | 38 Months Ended | |
Dec. 25, 2016 | Oct. 23, 2013 | |
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 | 817,000 | |
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 | |
Stock Options and RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Less: Awards granted to employees | (386,000) | |
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 | (101,000) |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at June 26, 2016 | $ (29,751) | |||
Other comprehensive loss, net of tax | $ (1,041) | $ 437 | (1,844) | $ (10,981) |
Balance at December 25, 2016 | (31,595) | (31,595) | ||
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at June 26, 2016 | (29,681) | |||
Other comprehensive loss, net of tax | (1,882) | |||
Balance at December 25, 2016 | (31,563) | (31,563) | ||
Reclassification Adjustments on Interest Rate Swap [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at June 26, 2016 | (70) | |||
Other comprehensive loss, net of tax | 38 | |||
Balance at December 25, 2016 | $ (32) | $ (32) |
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 | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Unifi, Inc. | $ 4,591 | $ 6,464 | $ 13,994 | $ 14,489 |
Basic weighted average shares (in shares) | 18,128 | 17,823 | 18,045 | 17,872 |
Net potential common share equivalents – stock options and RSUs (in shares) | 314 | 634 | 346 | 631 |
Diluted weighted average shares (in shares) | 18,442 | 18,457 | 18,391 | 18,503 |
Excluded from diluted weighted average shares: | ||||
Anti-dilutive common share equivalents (in shares) | 185 | 143 | 271 | 143 |
Investments in Unconsolidated77
Investments in Unconsolidated Affiliates and Variable Interest Entities - Additional Information (Details) $ in Thousands | 6 Months Ended | |
Dec. 25, 2016USD ($)EntityFuturesContract | Jun. 26, 2016USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Unconsolidated Entities, Number | Entity | 3 | |
Equity Method Investments | $ 115,841 | $ 117,412 |
Accounts Payable, Related Parties | 545 | 250 |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Accounts Payable, Related Parties | $ 1,806 | $ 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 | $ 112,514 | |
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 | $ 3,327 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 1,864 | |
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 Unconsolidated78
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Reconciliation Between Share of Underlying Equity (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 115,841 | $ 117,412 |
Parkdale America LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Underlying equity as of December 25, 2016 | 130,753 | |
Equity Method Investments | 112,514 | |
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 | $ (148) |
Investments in Unconsolidated79
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Raw Material Purchases under Supply Agreement (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
UNF [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | $ 1,250 | $ 1,356 |
UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | 9,579 | 13,441 |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | $ 10,829 | $ 14,797 |
Investments in Unconsolidated80
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | $ 250,054 | $ 256,978 |
Noncurrent assets | 191,532 | 204,320 |
Current liabilities | 46,497 | 60,969 |
Noncurrent liabilities | 2,610 | 3,057 |
Shareholders’ equity and capital accounts | 392,479 | 397,272 |
Unifi’s portion of undistributed earnings | 45,010 | |
Parkdale America LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | 239,989 | 244,197 |
Noncurrent assets | 190,400 | 203,251 |
Current liabilities | 43,213 | 56,921 |
Noncurrent liabilities | 2,610 | 3,057 |
Shareholders’ equity and capital accounts | 384,566 | 387,470 |
Unifi’s portion of undistributed earnings | 43,950 | |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | 10,065 | 12,781 |
Noncurrent assets | 1,132 | 1,069 |
Current liabilities | 3,284 | 4,048 |
Shareholders’ equity and capital accounts | 7,913 | $ 9,802 |
Unifi’s portion of undistributed earnings | $ 1,060 |
Investments in Unconsolidated81
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 | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Net sales | $ 158,130 | $ 190,690 | $ 370,032 | $ 424,104 |
Gross profit | 2,748 | 4,769 | 9,789 | 14,486 |
(Loss) income from operations | (2,340) | (48) | (394) | 5,362 |
Net (loss) income | (1,725) | 250 | 246 | 7,837 |
Depreciation and amortization | 10,873 | 11,206 | 21,354 | 20,937 |
Cash received by PAL under cotton rebate program | 3,635 | 5,676 | 7,762 | 8,860 |
Earnings recognized by PAL for cotton rebate program | 2,907 | 3,574 | 6,796 | 7,928 |
Distributions received | 750 | 1,000 | 1,500 | 2,947 |
Parkdale America LLC [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Net sales | 153,074 | 183,426 | 358,974 | 407,491 |
Gross profit | 1,765 | 2,917 | 7,261 | 10,304 |
(Loss) income from operations | (2,849) | (1,437) | (1,988) | 2,124 |
Net (loss) income | (2,238) | (1,170) | (1,364) | 4,559 |
Depreciation and amortization | 10,828 | 11,169 | 21,270 | 20,863 |
Cash received by PAL under cotton rebate program | 3,635 | 5,676 | 7,762 | 8,860 |
Earnings recognized by PAL for cotton rebate program | 2,907 | 3,574 | 6,796 | 7,928 |
Distributions received | 947 | |||
UNF and UNF America [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Net sales | 5,056 | 7,264 | 11,058 | 16,613 |
Gross profit | 983 | 1,852 | 2,528 | 4,182 |
(Loss) income from operations | 509 | 1,389 | 1,594 | 3,238 |
Net (loss) income | 513 | 1,420 | 1,610 | 3,278 |
Depreciation and amortization | 45 | 37 | 84 | 74 |
Distributions received | $ 750 | $ 1,000 | $ 1,500 | $ 2,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2004 | Dec. 25, 2016 | Dec. 25, 2016 |
Long Term Purchase Commitment [Line Items] | |||
The Term of a Former Ground Lease | 99 years | ||
Number of Years of Monitoring and Reporting Costs of an Individual Site | 7 years | ||
Brazilian [Member] | Subsidiary [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Increase in purchase obligations | $ 11,700 | ||
North Carolina [Member] | Asset Construction Obligations [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Purchase Obligation | 4,700 | $ 4,700 | |
Repreve Renewables LLC [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Reduction in future operating lease payments | $ 7,300 | $ 7,300 |
Related Party Transactions - Re
Related Party Transactions - Related Party Receivables and Payables (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Related Party Transaction [Line Items] | ||
Related party receivables | $ 8 | $ 7 |
Related party payables | 545 | 250 |
Salem Global Logistics Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 8 | 7 |
Salem Leasing Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Related party payables | $ 545 | $ 250 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 25, 2016 | Jun. 26, 2016 | |
Salem Leasing Corporation [Member] | ||
Capital Lease Obligations | $ 981 | $ 1,015 |
Director [Member] | ||
Related Party Transaction, Threshold for Individual Disclosure | $ 120 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Salem Leasing Corporation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses with related party | $ 1,291 | $ 931 | $ 2,269 | $ 1,876 |
Salem Global Logistics Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues from related parties | $ 31 | $ 81 | $ 52 | $ 143 |
Business Segment Information -
Business Segment Information - Additional Information (Details) | 6 Months Ended |
Dec. 25, 2016Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Business Segment Information 87
Business Segment Information - Selected Financial Information for Polyester, Nylon, International and Other Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 155,155 | $ 156,336 | $ 315,124 | $ 318,501 |
Cost of sales | 133,025 | 134,523 | 269,447 | 275,704 |
Gross profit | 22,130 | 21,813 | 45,677 | 42,797 |
Segment depreciation expense | 4,386 | 3,605 | 8,502 | 7,307 |
Segment Profit (Loss) | 26,516 | 25,418 | 54,179 | 50,104 |
Polyester [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 86,671 | 94,414 | 171,356 | 189,020 |
Cost of sales | 76,200 | 82,102 | 152,435 | 167,110 |
Gross profit | 10,471 | 12,312 | 18,921 | 21,910 |
Segment depreciation expense | 3,384 | 2,781 | 6,492 | 5,632 |
Segment Profit (Loss) | 13,855 | 15,093 | 25,413 | 27,542 |
Nylon [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 28,302 | 35,767 | 56,797 | 72,405 |
Cost of sales | 25,679 | 30,552 | 51,037 | 61,317 |
Gross profit | 2,623 | 5,215 | 5,760 | 11,088 |
Segment depreciation expense | 530 | 470 | 1,040 | 948 |
Segment Profit (Loss) | 3,153 | 5,685 | 6,800 | 12,036 |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 38,868 | 24,812 | 84,212 | 54,183 |
Cost of sales | 29,419 | 20,431 | 62,493 | 44,211 |
Gross profit | 9,449 | 4,381 | 21,719 | 9,972 |
Segment depreciation expense | 228 | 192 | 474 | 413 |
Segment Profit (Loss) | 9,677 | 4,573 | 22,193 | 10,385 |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,314 | 1,343 | 2,759 | 2,893 |
Cost of sales | 1,727 | 1,438 | 3,482 | 3,066 |
Gross profit | (413) | (95) | (723) | (173) |
Segment depreciation expense | 244 | 162 | 496 | 314 |
Segment Profit (Loss) | $ (169) | $ 67 | $ (227) | $ 141 |
Business Segment Information 88
Business Segment Information - Reconciliations of Segment Gross Profit (Loss) to Consolidated Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | $ 22,130 | $ 21,813 | $ 45,677 | $ 42,797 |
Selling, general and administrative expenses | 12,868 | 12,419 | 24,278 | 23,249 |
(Benefit) provision for bad debts | (95) | 559 | (462) | 1,172 |
Other operating expense, net | 319 | 206 | 249 | 60 |
Operating income | 9,038 | 8,629 | 21,612 | 18,316 |
Interest income | (183) | (166) | (329) | (329) |
Interest expense | 914 | 816 | 1,606 | 1,800 |
Loss on sale of business | 1,662 | 1,662 | ||
Equity in loss (earnings) of unconsolidated affiliates | 367 | (303) | (473) | (3,163) |
Income before income taxes | 6,278 | 8,282 | 19,146 | 20,008 |
Polyester [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | 10,471 | 12,312 | 18,921 | 21,910 |
Nylon [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | 2,623 | 5,215 | 5,760 | 11,088 |
International [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | 9,449 | 4,381 | 21,719 | 9,972 |
Other Segments [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | $ (413) | $ (95) | $ (723) | $ (173) |
Business Segment Information 89
Business Segment Information - Reconciliation of Segment Total Assets to Consolidated Total Assets (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Jun. 26, 2016 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $ 550,844 | $ 525,442 |
Other current assets | 4,931 | 4,790 |
Property, plant and equipment, net | 197,528 | 185,101 |
Other non-current assets | 605 | 4,909 |
Investments in unconsolidated affiliates | 115,841 | 117,412 |
Operating Segments [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 408,101 | 379,896 |
Operating Segments [Member] | Polyester [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 258,110 | 243,105 |
Operating Segments [Member] | Nylon [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 61,203 | 63,141 |
Operating Segments [Member] | International [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 88,788 | 73,650 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Other current assets | 13,181 | 6,674 |
Property, plant and equipment, net | 13,520 | 16,597 |
Other non-current assets | 201 | 4,863 |
Investments in unconsolidated affiliates | $ 115,841 | $ 117,412 |
Supplemental Cash Flow Inform90
Supplemental Cash Flow Information - Schedule of Cash Payments for Interest and Taxes (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest, net of capitalized interest of $395 and $226, respectively | $ 1,527 | $ 1,594 |
Income taxes, net of refunds | $ 5,695 | $ 3,574 |
Supplemental Cash Flow Inform91
Supplemental Cash Flow Information - Schedule of Cash Payments for Interest and Taxes (Details) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest capitalized | $ 395 | $ 226 |
Supplemental Cash Flow Inform92
Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 31, 2015 | Dec. 25, 2016 | Dec. 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 | $ 5,139 | ||||
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 | $ 3,700 | $ 1,344 | $ 4,197 | $ 1,726 |