Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 27, 2020 | Jan. 28, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | UNIFI, INC. | |
Entity Central Index Key | 0000100726 | |
Entity File Number | 1-10542 | |
Entity Tax Identification Number | 11-2165495 | |
Trading Symbol | UFI | |
Entity Incorporation, State or Country Code | NY | |
Current Fiscal Year End Date | --12-27 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 18,480,750 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 27, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Security Exchange Name | NYSE | |
Entity Address, Address Line One | 7201 West Friendly Avenue | |
Entity Address, City or Town | Greensboro | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27410 | |
City Area Code | 336 | |
Local Phone Number | 294-4410 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 83,321 | $ 75,267 |
Receivables, net | 83,124 | 53,726 |
Inventories | 111,489 | 109,704 |
Income taxes receivable | 9,283 | 4,033 |
Other current assets | 10,282 | 11,763 |
Total current assets | 297,499 | 254,493 |
Property, plant and equipment, net | 199,884 | 204,246 |
Operating lease assets | 8,082 | 8,940 |
Deferred income taxes | 2,425 | 2,352 |
Other non-current assets | 5,108 | 4,131 |
Total assets | 512,998 | 474,162 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 38,786 | 25,610 |
Accrued expenses | 20,331 | 13,689 |
Income taxes payable | 6,467 | 349 |
Current operating lease liabilities | 1,685 | 1,783 |
Current portion of long-term debt | 13,683 | 13,563 |
Total current liabilities | 80,952 | 54,994 |
Long-term debt | 78,621 | 84,607 |
Non-current operating lease liabilities | 6,538 | 7,251 |
Other long-term liabilities | 11,010 | 8,606 |
Deferred income taxes | 1,004 | 2,549 |
Total liabilities | 178,125 | 158,007 |
Commitments and contingencies | ||
Common stock, $0.10 par value (500,000,000 shares authorized; 18,480,750 and 18,446,436 shares issued and outstanding as of December 27, 2020 and June 28, 2020, respectively) | 1,848 | 1,845 |
Capital in excess of par value | 63,972 | 62,392 |
Retained earnings | 326,620 | 315,724 |
Accumulated other comprehensive loss | (57,567) | (63,806) |
Total shareholders’ equity | 334,873 | 316,155 |
Total liabilities and shareholders’ equity | $ 512,998 | $ 474,162 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 27, 2020 | Jun. 28, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 18,480,750 | 18,446,436 |
Common stock, shares outstanding (in shares) | 18,480,750 | 18,446,436 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 162,776 | $ 169,511 | $ 304,281 | $ 349,460 |
Cost of sales | 136,842 | 153,846 | 263,786 | 316,352 |
Gross profit | 25,934 | 15,665 | 40,495 | 33,108 |
Selling, general and administrative expenses | 12,625 | 12,508 | 23,989 | 23,488 |
Benefit for bad debts | (259) | (258) | (1,146) | (249) |
Other operating expense, net | 476 | 854 | 1,654 | 962 |
Operating income | 13,092 | 2,561 | 15,998 | 8,907 |
Interest income | (187) | (212) | (312) | (422) |
Interest expense | 833 | 1,101 | 1,704 | 2,358 |
Equity in (earnings) loss of unconsolidated affiliates | (130) | 756 | (223) | 1,622 |
Income before income taxes | 12,576 | 916 | 14,829 | 5,349 |
Provision for income taxes | 5,112 | 507 | 3,933 | 1,228 |
Net income | $ 7,464 | $ 409 | $ 10,896 | $ 4,121 |
Net income per common share: | ||||
Basic | $ 0.40 | $ 0.02 | $ 0.59 | $ 0.22 |
Diluted | $ 0.40 | $ 0.02 | $ 0.58 | $ 0.22 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 7,464 | $ 409 | $ 10,896 | $ 4,121 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 5,912 | 3,248 | 5,730 | (3,080) |
Changes in interest rate swaps, net of tax of $78, $0, $156 and $0, respectively | 255 | 289 | 509 | (39) |
Other comprehensive income (loss), net | 6,167 | 3,537 | 6,239 | (3,119) |
Comprehensive income | $ 13,631 | $ 3,946 | $ 17,135 | $ 1,002 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Changes in interest rate swaps, tax | $ 78 | $ 0 | $ 156 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Jun. 30, 2019 | $ 392,845 | $ 1,846 | $ 59,560 | $ 374,668 | $ (43,229) |
Balance (in shares) at Jun. 30, 2019 | 18,462,000 | ||||
Options exercised | 29 | $ 1 | 28 | ||
Options exercised (in shares) | 10,000 | ||||
Conversion of restricted stock units | $ 4 | (4) | |||
Conversion of restricted stock units (in shares) | 34,000 | ||||
Stock-based compensation | 1,703 | $ 1 | 1,702 | ||
Stock-based compensation (in shares) | 4,000 | ||||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions | (100) | $ (1) | (99) | ||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions (in shares) | (5,000) | ||||
Other comprehensive income, net of tax | (3,119) | (3,119) | |||
Net income (loss) | 4,121 | 4,121 | |||
Balance at Dec. 29, 2019 | 395,479 | $ 1,851 | 61,187 | 378,789 | (46,348) |
Balance (in shares) at Dec. 29, 2019 | 18,505,000 | ||||
Balance at Sep. 29, 2019 | 390,007 | $ 1,849 | 59,663 | 378,380 | (49,885) |
Balance (in shares) at Sep. 29, 2019 | 18,490,000 | ||||
Conversion of restricted stock units | $ 2 | (2) | |||
Conversion of restricted stock units (in shares) | 16,000 | ||||
Stock-based compensation | 1,582 | $ 1 | 1,581 | ||
Stock-based compensation (in shares) | 4,000 | ||||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions | (56) | $ (1) | (55) | ||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions (in shares) | (5,000) | ||||
Other comprehensive income, net of tax | 3,537 | 3,537 | |||
Net income (loss) | 409 | 409 | |||
Balance at Dec. 29, 2019 | 395,479 | $ 1,851 | 61,187 | 378,789 | (46,348) |
Balance (in shares) at Dec. 29, 2019 | 18,505,000 | ||||
Balance at Jun. 28, 2020 | $ 316,155 | $ 1,845 | 62,392 | 315,724 | (63,806) |
Balance (in shares) at Jun. 28, 2020 | 18,446,436 | 18,446,000 | |||
Options exercised (in shares) | 1,000 | ||||
Conversion of restricted stock units | $ 4 | (4) | |||
Conversion of restricted stock units (in shares) | 38,000 | ||||
Stock-based compensation | $ 1,648 | 1,648 | |||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions | (65) | $ (1) | (64) | ||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions (in shares) | (4,000) | ||||
Other comprehensive income, net of tax | 6,239 | 6,239 | |||
Net income (loss) | 10,896 | 10,896 | |||
Balance at Dec. 27, 2020 | $ 334,873 | $ 1,848 | 63,972 | 326,620 | (57,567) |
Balance (in shares) at Dec. 27, 2020 | 18,480,750 | 18,481,000 | |||
Balance at Sep. 27, 2020 | $ 320,077 | $ 1,845 | 62,810 | 319,156 | (63,734) |
Balance (in shares) at Sep. 27, 2020 | 18,447,000 | ||||
Options exercised (in shares) | 1,000 | ||||
Conversion of restricted stock units | $ 4 | (4) | |||
Conversion of restricted stock units (in shares) | 36,000 | ||||
Stock-based compensation | 1,223 | 1,223 | |||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions | (58) | $ (1) | (57) | ||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions (in shares) | (3,000) | ||||
Other comprehensive income, net of tax | 6,167 | 6,167 | |||
Net income (loss) | 7,464 | 7,464 | |||
Balance at Dec. 27, 2020 | $ 334,873 | $ 1,848 | $ 63,972 | $ 326,620 | $ (57,567) |
Balance (in shares) at Dec. 27, 2020 | 18,480,750 | 18,481,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 27, 2020 | Dec. 29, 2019 | |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents at beginning of period | $ 75,267 | $ 22,228 |
Operating activities: | ||
Net income | 10,896 | 4,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in (earnings) loss of unconsolidated affiliates | (223) | 1,622 |
Distributions received from unconsolidated affiliates | 10,437 | |
Depreciation and amortization expense | 12,187 | 11,610 |
Non-cash compensation expense | 1,816 | 1,837 |
Deferred income taxes | (1,700) | (878) |
Other, net | (25) | (64) |
Changes in assets and liabilities: | ||
Receivables, net | (28,558) | 9,873 |
Inventories | 311 | (1,330) |
Other current assets | 1,862 | (2,159) |
Income taxes | 890 | (249) |
Accounts payable and accrued expenses | 18,830 | (6,298) |
Other, net | 3,440 | 113 |
Net cash provided by operating activities | 19,726 | 28,635 |
Investing activities: | ||
Capital expenditures | (6,035) | (8,335) |
Purchase of intangible asset | (1,088) | |
Other, net | 163 | 60 |
Net cash used by investing activities | (6,960) | (8,275) |
Financing activities: | ||
Proceeds from ABL Revolver | 41,100 | |
Payments on ABL Revolver | (38,000) | |
Payments on ABL Term Loan | (5,000) | (5,000) |
Payments on finance lease obligations | (1,725) | (3,085) |
Other, net | (64) | (70) |
Net cash used by financing activities | (6,789) | (5,055) |
Effect of exchange rate changes on cash and cash equivalents | 2,077 | (323) |
Net increase in cash and cash equivalents | 8,054 | 14,982 |
Cash and cash equivalents at end of period | $ 83,321 | $ 37,210 |
Background
Background | 6 Months Ended |
Dec. 27, 2020 | |
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 multinational company that manufactures and sells innovative recycled and synthetic products, made from polyester and nylon, primarily to other yarn manufacturers and knitters and weavers (UNIFI’s direct customers) that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial and other end-use markets (UNIFI’s indirect customers). We refer to these indirect customers as “brand partners.” Polyester products include partially oriented yarn (“POY”), textured, solution and package dyed, twisted, beamed and draw wound yarns, and each is available in virgin or recycled varieties. Recycled solutions, made from both pre-consumer and post-consumer waste, include plastic bottle flake (“Flake”), polyester polymer beads (“Chip”) and staple fiber. Nylon products include virgin or recycled textured, solution dyed and spandex covered yarns. UNIFI maintains one of the textile industry’s most comprehensive product offerings that include a range of specialized, value-added and commodity solutions, with principal geographic markets in the Americas, Asia and Europe. UNIFI has direct manufacturing operations in four countries and participates in joint ventures with operations in Israel and the United States (“U.S.”). |
Basis of Presentation; Condense
Basis of Presentation; Condensed Notes | 6 Months Ended |
Dec. 27, 2020 | |
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 U.S. (“GAAP”) for interim financial information. As contemplated by the instructions of 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 UNIFI’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 28, 2020 (the “2020 Form 10-K”). The financial information included in this report has been prepared by UNIFI, 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 amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted. The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on December 27, 2020. Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarter ended on December 31, 2020. There were no significant transactions or events that occurred between Unifi, Inc.’s fiscal quarter end and such wholly owned subsidiaries’ subsequent fiscal quarter end. The three-month periods ended December 27, 2020 and December 29, 2019 both consisted of 13 weeks. The six-month periods ended December 27, 2020 and December 29, 2019 both consisted of 26 weeks. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Dec. 27, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements Recently Adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses Based on UNIFI’s review of ASUs issued since the filing of the 2020 Form 10-K, there have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on UNIFI’s consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Dec. 27, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 4. Revenue Recognition The following tables present disaggregated revenues for UNIFI: For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Third-party manufacturer $ 160,146 $ 167,537 $ 298,987 $ 345,557 Service 2,630 1,974 5,294 3,903 Net sales $ 162,776 $ 169,511 $ 304,281 $ 349,460 For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 REPREVE ® $ 60,660 $ 56,893 $ 110,518 $ 113,378 Non-REPREVE ® 102,116 112,618 193,763 236,082 Total $ 162,776 $ 169,511 $ 304,281 $ 349,460 Third-Party Manufacturer Third-party manufacturer revenue is primarily generated through sales to direct customers. Such sales represent satisfaction of UNIFI’s performance obligations required by the associated revenue contracts. Each of UNIFI’s reportable segments derives revenue from sales to third-party manufacturers. Service Revenue Service revenue is primarily generated, as services are rendered, through fulfillment of toll manufacturing of textile products or transportation services governed by written agreements. Such toll manufacturing and transportation services represent satisfaction of UNIFI’s performance obligations required by the associated revenue contracts. The Polyester Segment derives service revenue for toll manufacturing and the All Other category derives service revenue for transportation services. REPREVE ® REPREVE ® Variable Consideration Volume-based incentives Volume-based incentives involve rebates or refunds of cash that are redeemable if the customer satisfies certain order volume thresholds during a defined time period. Under these incentive programs, UNIFI estimates the anticipated rebate to be paid and allocates a portion of the estimated cost of the rebate to each underlying sales transaction with the customer. Product claims UNIFI generally offers customers claims support or remuneration for defective products. UNIFI estimates the amount of its product sales that may be claimed as defective by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. For all variable consideration, where appropriate, UNIFI estimates the amount using the expected value method, which takes into consideration historical experience, current contractual requirements, specific known market events and forecasted customer buying and payment patterns. Overall, these reserves reflect UNIFI’s best estimates of the amount of consideration to which the customer is entitled based on the terms of the contracts. |
Receivables, Net
Receivables, Net | 6 Months Ended |
Dec. 27, 2020 | |
Receivables [Abstract] | |
Receivables, Net | 5. Receivables, Net Receivables, net consists of the following: December 27, 2020 June 28, 2020 Customer receivables $ 69,796 $ 53,307 Allowance for uncollectible accounts (2,675 ) (3,796 ) Reserves for quality claims (822 ) (928 ) Net customer receivables 66,299 48,583 Other receivables 16,825 5,143 Total receivables, net $ 83,124 $ 53,726 Other receivables includes $14,532 of banker’s acceptance notes (“BANs”) as of December 27, 2020 in connection with the settlement of customer receivables generated from trade activity in the Asia Segment. The BANs are redeemable upon maturity from the drawing financial institutions, or earlier at a discount. BANs of $1,596 previously reflected in customer receivables as of June 28, 2020 have been reclassified to other receivables to conform to the current presentation. |
Inventories
Inventories | 6 Months Ended |
Dec. 27, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories consists of the following: December 27, 2020 June 28, 2020 Raw materials $ 42,636 $ 42,758 Supplies 9,561 9,294 Work in process 6,432 6,267 Finished goods 57,061 55,609 Gross inventories 115,690 113,928 Net realizable value adjustment (4,201 ) (4,224 ) Total inventories $ 111,489 $ 109,704 |
Other Current Assets
Other Current Assets | 6 Months Ended |
Dec. 27, 2020 | |
Other Assets Current [Abstract] | |
Other Current Assets | 7. Other Current Assets Other current assets consists of the following: December 27, 2020 June 28, 2020 Vendor deposits $ 4,947 $ 2,349 Prepaid expenses 2,392 1,857 Value-added taxes receivable 2,044 2,604 Contract assets 899 4,953 Total other current assets $ 10,282 $ 11,763 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Dec. 27, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 8. Property, Plant and Equipment, Net Property, plant and equipment (“PP&E”), net consists of the following: December 27, 2020 June 28, 2020 Land $ 3,176 $ 3,154 Land improvements 16,371 16,344 Buildings and improvements 159,458 158,025 Assets under finance leases 22,000 29,857 Machinery and equipment 611,024 602,867 Computers, software and office equipment 23,216 22,677 Transportation equipment 10,447 7,806 Construction in progress 8,216 7,582 Gross PP&E 853,908 848,312 Less: accumulated depreciation (649,064 ) (636,221 ) Less: accumulated amortization – finance leases (4,960 ) (7,845 ) Total PP&E, net $ 199,884 $ 204,246 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Dec. 27, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 9. Accrued Expenses Accrued expenses consists of the following: December 27, 2020 June 28, 2020 Payroll and fringe benefits $ 6,157 $ 7,259 Incentive compensation 6,125 777 Deferred revenue 3,413 1,279 Severance 879 1,083 Other 3,757 3,291 Total accrued expenses $ 20,331 $ 13,689 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Dec. 27, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. Long-Term Debt Debt Obligations The following table presents the total balances outstanding for UNIFI’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 27, 2020 December 27, 2020 June 28, 2020 ABL Revolver December 2023 0.0% $ — $ — ABL Term Loan (1) December 2023 3.3% 82,500 87,500 Finance lease obligations (2) 3.6% 10,396 11,381 Total debt 92,896 98,881 Current ABL Term Loan (10,000 ) (10,000 ) Current portion of finance lease obligations (3,683 ) (3,563 ) Unamortized debt issuance costs (592 ) (711 ) Total long-term debt $ 78,621 $ 84,607 (1) Includes the effects of interest rate swaps. (2) Scheduled maturity dates for finance lease obligations range from May 2022 to November 2027. On December 18, 2018, Unifi, Inc. and certain of its subsidiaries entered into a Third Amendment to Amended and Restated Credit Agreement and Second Amendment to Amended and Restated Guaranty and Security Agreement (the “2018 Amendment”). The 2018 Amendment amended the Amended and Restated Credit Agreement, dated as of March 26, 2015, by and among Unifi, Inc. and a syndicate of lenders, as previously amended (together with all previous and subsequent amendments, the “Credit Agreement”) . The Credit Agreement provides for a $ 200,000 senior secured credit facility (the “ABL Facility”), including 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 December 18, 2023 . ABL Facility borrowings bear interest at LIBOR plus an applicable margin of 1.25% to 1.75%, or the Base Rate (as defined in the Credit Agreement) plus an applicable margin of 0.25% to 0.75%, with interest currently being paid on a monthly basis. As of December 27, 2020 and June 28, 2020, ABL Facility borrowings carried interest at LIBOR plus 1.50%. UNIFI currently maintains three interest rate swaps that fix LIBOR at approximately 1.9% on $75,000 of variable-rate debt. Such swaps are scheduled to terminate in May 2022. Scheduled Debt Maturities The following table presents the scheduled maturities of UNIFI’s outstanding debt obligations for the remainder of fiscal 2021, the following four fiscal years and thereafter: Fiscal 2021 Fiscal 2022 Fiscal 2023 Fiscal 2024 Fiscal 2025 Thereafter ABL Revolver $ — $ — $ — $ — $ — $ — ABL Term Loan 5,000 10,000 10,000 57,500 — — Finance lease obligations 1,921 3,545 1,257 1,301 1,195 1,177 Total $ 6,921 $ 13,545 $ 11,257 $ 58,801 $ 1,195 $ 1,177 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 6 Months Ended |
Dec. 27, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 11. Other Long-Term Liabilities Other long-term liabilities consists of the following: December 27, 2020 June 28, 2020 Supplemental post-employment plan $ 3,022 $ 3,019 Uncertain tax positions 2,778 1,112 Interest rate swaps 1,886 2,551 Other 3,324 1,924 Total other long-term liabilities $ 11,010 $ 8,606 |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 27, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The provision for income taxes and effective tax rate were as follows: For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Provision for income taxes $ 5,112 $ 507 $ 3,933 $ 1,228 Effective tax rate 40.6 % 55.3 % 26.5 % 23.0 % U.S. Tax Law Change On July 20, 2020, the U.S. Treasury issued and enacted final regulations related to global intangible low-tax income (“GILTI”) that allow certain U.S. taxpayers to elect to exclude foreign income that is subject to a high effective tax rate from their GILTI inclusions. The GILTI high-tax exclusion is an annual election and is retroactively available for tax years beginning after December 31, 2017. The three-month and six-month periods ended December 27, 2020 include discrete tax benefits of $359 and $5,148, respectively, related to the retroactive election. Valuation Allowance UNIFI regularly assesses whether it is more-likely-than-not that some portion or all of its deferred tax assets will not be realized. UNIFI considers the scheduled reversal of taxable temporary differences, taxable income in carryback years, projected future taxable income and tax planning strategies in making this assessment. Since UNIFI operates in multiple jurisdictions, the assessment is made on a jurisdiction-by-jurisdiction basis, taking into account the effects of local tax law. As a result of the newly enacted GILTI regulations, and their impact on prior tax periods, UNIFI does not expect to realize the full benefit of its U.S. federal net operating loss and research credit carryforwards. The three-month and six-month periods ended December 27, 2020 include discrete tax expense of $26 and $2,153, respectively, related to the change in valuation allowance. Income Tax Expense UNIFI’s provision for income taxes for the six months ended December 27, 2020 and December 29, 2019 was calculated by applying an estimate of the annual effective tax rate for the full fiscal year to year-to-date income from ordinary activity. Tax effects of significant and unusual, or infrequently occurring, items are excluded from the estimated annual effective tax rate calculation and recognized discretely in the interim period in which they occur. The effective tax rate for the three months ended December 27, 2020 was higher than the U.S. federal statutory rate primarily due to current U.S. tax on GILTI. The effective tax rate for the six months ended December 27, 2020 was higher than the U.S. federal statutory rate primarily due to current U.S. tax on GILTI, the change in valuation allowance for deferred tax assets, and earnings taxed at higher rates in foreign jurisdictions. These rate impacts were partially offset by the retroactive GILTI high-tax exclusion for prior periods. The effective tax rate for the three months ended December 29, 2019 was higher than the U.S. federal statutory rate primarily due to U.S. tax on GILTI, losses in tax jurisdictions for which no tax benefit could be recognized, foreign withholding taxes, and lower-than-expected income before income taxes. These rate impacts were partially offset by the use of foreign tax credits generated in both current and prior tax years. The effective tax rate for the six months ended December 29, 2019 was higher than the U.S. federal statutory rate primarily due to U.S. tax on GILTI, losses in tax jurisdictions for which no tax benefit could be recognized, and foreign withholding taxes. These rate impacts were partially offset by the use of foreign tax credits generated in both current and prior tax years. Unrecognized Tax Benefits The amount of unrecognized tax benefits for uncertain tax positions as of December 27, 2020 and June 28, 2020 was $2,855 and $1,218, respectively. Unrecognized benefits would generate a favorable impact of $1,893 on UNIFI’s effective tax rate when recognized. UNIFI does not expect material changes in unrecognized tax benefits within the next 12 months. UNIFI regularly assesses the outcomes of both completed and ongoing examinations to ensure that its 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. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Dec. 27, 2020 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | 13. Shareholders’ Equity On October 31, 2018, UNIFI announced that its Board of Directors (the “Board”) approved a new share repurchase program (the “2018 SRP”) under which UNIFI is authorized to acquire up to $50,000 of its common stock. Under the 2018 SRP, purchases may be made from time to time in the open market at prevailing market prices, through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. Repurchases, if any, are expected to be financed through cash generated from operations and borrowings under the ABL Revolver, and are subject to applicable limitations and restrictions as set forth in the ABL Facility. UNIFI may discontinue repurchases at any time that management determines additional purchases are not beneficial or advisable. The following table summarizes UNIFI’s repurchases and retirements of its common stock under the 2018 SRP for the fiscal periods noted: Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Approximate Dollar Value that May Yet Be Repurchased Under Publicly Announced Plans or Programs Fiscal 2019 — $ — Fiscal 2020 84 $ 23.72 Fiscal 2021 (through December 27, 2020) — $ — Total 84 $ 23.72 $ 48,008 Repurchased shares are retired and have the status of authorized and unissued shares. The cost of the repurchased shares is recorded as a reduction to common stock to the extent of the par value of the shares acquired and the remainder is allocated between capital in excess of par value and retained earnings, on a pro rata basis. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 27, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 14. Stock-Based Compensation On October 24, 2018, the Unifi, Inc. Amended and Restated 2013 Incentive Compensation Plan (the “2018 Plan”) became effective, upon approval by shareholders at UNIFI’s annual meeting of shareholders held on October 31, 2018. The 2018 Plan set the number of shares available for future issuance pursuant to awards granted under the 2018 Plan to 1,250 and updated certain provisions for changes to Section 162(m) of the Internal Revenue Code of 1986, as amended. On October 29, 2020, UNIFI’s shareholders approved the Unifi, Inc. Second Amended and Restated 2013 Incentive Compensation Plan (the “2020 Plan”). The 2020 Plan set the number of shares available for future issuance pursuant to awards granted under the 2020 Plan to 850. No additional awards can be granted under the 2018 Plan or other prior plans; however, awards outstanding under a respective prior plan remain subject to that plan’s provisions. The following table provides information as of December 27, 2020 with respect to the number of securities remaining available for future issuance under the 2020 Plan: Authorized under the 2020 Plan 850 Plus: Awards expired, forfeited or otherwise terminated unexercised — Less: Awards granted to employees (75 ) Less: Awards granted to non-employee directors — Available for issuance under the 2020 Plan 775 Stock-based compensation units granted or issued from the 2018 Plan and/or 2020 Plan were as follows: For the Six Months Ended December 27, 2020 December 29, 2019 Stock options 155 83 Restricted stock units 110 77 Vested share units — 24 Common stock — 4 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Non-Financial Assets and Liabilities | 6 Months Ended |
Dec. 27, 2020 | |
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 UNIFI uses 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. UNIFI currently maintains three interest rate swaps that fix LIBOR at approximately 1.9% on $75,000 of variable-rate debt. UNIFI does not enter into derivative contracts for speculative purposes. The following table presents details regarding UNIFI’s hedging activities: For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Interest expense $ 833 $ 1,101 $ 1,704 $ 2,358 (Increase) decrease in fair value of interest rate swaps (333 ) (289 ) (665 ) 39 Impact of interest rate swaps to increase (decrease) interest expense 335 15 664 (48 ) For the six months ended December 27, 2020 and December 29, 2019, there were no significant changes to UNIFI’s assets and liabilities measured at fair value, and there were no transfers into or out of the levels of the fair value hierarchy. UNIFI believes that there have been no significant changes to its credit risk profile or the interest rates available to UNIFI for debt issuances with similar terms and average maturities, and UNIFI estimates that the fair values of its debt obligations approximate the carrying amounts. Other financial instruments include cash and cash equivalents, receivables, accounts payable and accrued expenses. The financial statement carrying amounts of these items approximate the fair values due to their short-term nature. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Dec. 27, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 16. Accumulated Other Comprehensive Loss The components of and the changes in accumulated other comprehensive loss, net of tax, as applicable, consist of the following: Foreign Currency Translation Adjustments Changes in Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at June 28, 2020 $ (61,848 ) $ (1,958 ) $ (63,806 ) Other comprehensive income 5,730 509 6,239 Balance at December 27, 2020 $ (56,118 ) $ (1,449 ) $ (57,567 ) A summary of the after-tax effects of the components of other comprehensive income (loss), net for the three-month and six-month periods ended December 27, 2020 and December 29, 2019 is included in the accompanying condensed consolidated statements of comprehensive income. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 27, 2020 | |
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 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Net income $ 7,464 $ 409 $ 10,896 $ 4,121 Basic weighted average shares 18,465 18,499 18,456 18,490 Net potential common share equivalents 267 273 273 255 Diluted weighted average shares 18,732 18,772 18,729 18,745 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 706 362 747 373 Excluded from the calculation of diluted shares: Unvested stock options that vest upon achievement of certain market conditions 333 — 333 — The calculation of EPS is based on the weighted average number of Unifi, Inc.’s common shares outstanding for the applicable period. The calculation of diluted EPS 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. 27, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates and Variable Interest Entities | 18. Investments in Unconsolidated Affiliates and Variable Interest Entities As of December 27, 2020, UNIFI maintained investments in two entities classified as unconsolidated affiliates: U.N.F. Industries, Ltd. (“UNF”); and UNF America LLC (“UNFA”) (collectively known as “UNFs”). UNIFI’s combined investment in UNFs was $2,532, reflected within other non-current assets in the accompanying condensed consolidated balance sheets. Parkdale America, LLC Parkdale America, LLC (“PAL”) is a limited liability company treated as a partnership for income tax reporting purposes and in which UNIFI held a 34% ownership interest (the “PAL Investment”) until UNIFI sold the investment on April 29, 2020. UNIFI accounted for the PAL Investment using the equity method of accounting and, because PAL was deemed a significant subsidiary in certain prior fiscal years, comparative prior year data is presented separately below. U.N.F. Industries, Ltd. Raw material and production services for UNF are provided by Nilit Ltd. 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 Nilit America Inc. 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, UNIFI entered into a supply agreement with UNF and UNFA whereby UNIFI agreed to purchase all of its first quality nylon POY requirements for texturing (subject to certain exceptions) from either UNF or UNFA. The supply agreement has no stated minimum purchase quantities and pricing is negotiated every six months, based on market rates. As of December 27, 2020, UNIFI’s open purchase orders related to this supply agreement were $1,545. UNIFI’s raw material purchases under this supply agreement consisted of the following: For the Six Months Ended December 27, 2020 December 29, 2019 UNFA $ 8,005 $ 8,582 UNF 207 1,209 Total $ 8,212 $ 9,791 As of December 27, 2020 and June 28, 2020, UNIFI had combined accounts payable due to UNF and UNFA of $3,123 and $1,166, respectively. UNIFI has determined that UNF and UNFA are variable interest entities and that UNIFI is the primary beneficiary of these entities, based on the terms of the supply agreement discussed above. As a result, these entities should be consolidated with UNIFI’s financial results. As (i) UNIFI purchases substantially all of the output from the two entities, (ii) the two entities’ balance sheets constitute 3% or less of UNIFI’s current assets, total assets and total liabilities, and (iii) such balances are not expected to comprise a larger portion in the future, UNIFI has not included the accounts of UNF and UNFA in its consolidated financial statements. The financial results of UNF and UNFA are included in UNIFI’s consolidated financial statements with a one-month lag, using the equity method of accounting and with intercompany profits eliminated in accordance with UNIFI’s accounting policy. Other than the supply agreement discussed above, UNIFI does not provide any other commitments or guarantees related to either UNF or UNFA. Condensed balance sheet and income statement information for UNIFI’s unconsolidated affiliates (including reciprocal balances) are presented in the tables below. As of December 27, 2020 As of June 28, 2020 PAL UNFs Total PAL UNFs Total Current assets $ — $ 7,499 $ 7,499 $ — $ 5,190 $ 5,190 Non-current assets — 731 731 — 561 561 Current liabilities — 3,166 3,166 — 1,415 1,415 Non-current liabilities — — — — — — Shareholders’ equity and capital accounts — 5,064 5,064 — 4,336 4,336 UNIFI’s portion of undistributed earnings — 2,041 2,041 — 1,424 1,424 For the Three Months Ended December 27, 2020 For the Three Months Ended December 29, 2019 PAL UNFs Total PAL UNFs Total Net sales $ — $ 4,651 $ 4,651 $ 161,648 $ 5,475 $ 167,123 Gross profit (loss) — 1,092 1,092 (186 ) 812 626 Income (loss) from operations — 673 673 (5,026 ) 377 (4,649 ) Net income (loss) — 674 674 (2,463 ) 383 (2,080 ) Depreciation and amortization — 42 42 11,393 43 11,436 Cash received by PAL under cotton rebate program — — — 3,463 — 3,463 Earnings recognized by PAL for cotton rebate program — — — 2,766 — 2,766 Distributions received — — — — — — For the Six Months Ended December 27, 2020 For the Six Months Ended December 29, 2019 PAL UNFs Total PAL UNFs Total Net sales $ — $ 7,864 $ 7,864 $ 360,815 $ 10,136 $ 370,951 Gross profit — 1,533 1,533 885 1,353 2,238 Income (loss) from operations — 719 719 (8,301 ) 489 (7,812 ) Net income (loss) — 723 723 (5,918 ) 507 (5,411 ) Depreciation and amortization — 78 78 22,024 90 22,114 Cash received by PAL under cotton rebate program — — — 7,156 — 7,156 Earnings recognized by PAL for cotton rebate program — — — 6,354 — 6,354 Distributions received — — — 10,437 — 10,437 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 27, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies Collective Bargaining Agreements While employees of UNIFI’s Brazilian operations are unionized, none of the labor force employed by UNIFI’s domestic or other foreign subsidiaries is currently covered by a collective bargaining agreement. Environmental On September 30, 2004, Unifi Kinston, LLC (“UK”), a subsidiary of Unifi, Inc., 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 Environmental Quality (“DEQ”) pursuant to the Resource Conservation and Recovery Act Corrective Action program. The program requires DuPont to identify all potential areas of environmental concern (“AOCs”), assess the extent of containment at the identified AOCs and remediate the AOCs to comply with applicable regulatory standards. Effective March 20, 2008, UK 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 UK of any future responsibility for environmental remediation, other than participation with DuPont, if so called upon, with regard to UK’s period of operation of the Kinston site, which was from 2004 to 2008. At this time, UNIFI 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. UK continues to own property (the “Kentec site”) acquired in the 2004 transaction with INVISTA that has contamination from DuPont’s prior operations and is monitored by DEQ. The Kentec site has been remediated by DuPont, and DuPont has received authority from DEQ to discontinue further remediation, other than natural attenuation. Prior to transfer of responsibility to UK, DuPont and UK had a duty to monitor and report the environmental status of the Kentec site to DEQ. Effective April 10, 2019, UK assumed sole remediator responsibility of the Kentec site pursuant to its contractual obligations with INVISTA and received $180 of net monitoring and reporting costs due from DuPont. In connection with monitoring, UK expects to sample and report to DEQ annually. UNIFI expects minimal active site remediation may be required, but has no basis to determine any costs that may be associated with active remediation. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 27, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. Related Party Transactions There were no related party receivables as of December 27, 2020 or June 28, 2020. Related party payables for Salem Leasing Corporation consisted of the following: December 27, 2020 June 28, 2020 Accounts payable $ 672 $ 616 Operating lease obligations 1,337 1,481 Finance lease obligations 6,835 6,509 Total related party payables $ 8,844 $ 8,606 The following are the Company’s significant r elated party transactions: For the Three Months Ended For the Six Months Ended Affiliated Entity Transaction Type December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Salem Leasing Corporation Payments for transportation equipment costs and finance lease debt service $ 924 $ 1,108 $ 1,863 $ 2,116 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Dec. 27, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Information | 21. Business Segment Information UNIFI defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated on a regular basis by UNIFI’s principal executive officer, who is the chief operating decision maker (the “CODM”), in order to assess performance and allocate resources. Characteristics of UNIFI which were relied upon in making the determination of reportable segments include the nature of the products sold, the internal organizational structure, the trade policies in the geographic regions in which UNIFI operates and the information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources. UNIFI ’s operating segments are aggregated into four reportable segments (the Polyester Segment, the Asia Segment, the Brazil Segment and the Nylon Segment) based on similarities between the operating segments’ economic characteristics, nature of products sold, type of customer, methods of distribution and regulatory environment. • The operations within the Polyester Segment exhibit similar long-term economic characteristics and primarily sell into an economic trading zone covered by the United States-Mexico-Canada Agreement (“USMCA”), North American Free Trade Agreement (“NAFTA”) and Dominican Republic—Central America Free Trade Agreement (“CAFTA-DR”) (collectively, the regions comprising these economic trading zones are referred to as “NACA”) to similar customers utilizing similar methods of distribution. These operations derive revenues primarily from manufacturing polyester-based products with sales primarily to other yarn manufacturers and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, automotive, home furnishings, automotive, industrial and other end-use markets. The Polyester Segment consists of sales and manufacturing operations in the U.S. and El Salvador. • The operations within the Asia Segment exhibit similar long-term economic characteristics and sell to similar customers utilizing similar methods of distribution primarily in Asia and Europe, which are outside of the NACA region. The Asia Segment primarily sources polyester-based products from third-party suppliers and sells to knitters and weavers that produce fabric for the apparel, automotive, home furnishings, automotive, industrial and other end-use markets principally in Asia. The Asia Segment includes a sales office in China. • The Brazil Segment primarily manufactures and sells polyester-based products to knitters and weavers that produce fabric for the apparel, automotive, home furnishings, industrial and other end-use markets principally in South America. The Brazil Segment includes a manufacturing location and sales offices in Brazil. • The operations within the Nylon Segment exhibit similar long-term economic characteristics and primarily sell into the NACA region to similar customers utilizing similar methods of distribution. These operations derive revenues primarily from manufacturing nylon-based products with sales to knitters and weavers that produce fabric primarily for the apparel, hosiery and medical markets. The Nylon Segment includes an immaterial operating segment in Colombia that sells similar nylon-based textile products to similar customers in Colombia and Mexico utilizing similar methods of distribution. The Nylon Segment consists of sales and manufacturing operations in the U.S. and Colombia. In addition to UNIFI’s reportable segments, an All Other category is included in the tables below. All Other consists primarily of for-hire transportation services. For-hire transportation services revenue is derived from performing common carrier services utilizing UNIFI’s fleet of transportation equipment. The operations within All Other (i) are not subject to review by the CODM at a level consistent with UNIFI’s other operations, (ii) are not regularly evaluated using the same metrics applied to UNIFI’s other operations and (iii) do not qualify for aggregation with an existing reportable segment. Therefore, such operations are excluded from reportable segments. UNIFI evaluates the operating performance of its segments based upon Segment Profit, 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 CODM. The accounting policies for the segments are consistent with UNIFI’s accounting policies. Intersegment sales are omitted from segment disclosures, as they are (i) insignificant to UNIFI’s segments and eliminated from consolidated reporting and (ii) excluded from segment evaluations performed by the CODM. Selected financial information is presented below: For the Three Months Ended December 27, 2020 Polyester Asia Brazil Nylon All Other Total Net sales $ 76,696 $ 44,692 $ 24,253 $ 16,008 $ 1,127 $ 162,776 Cost of sales 65,801 38,164 16,276 15,613 988 136,842 Gross profit 10,895 6,528 7,977 395 139 25,934 Segment depreciation expense 4,470 — 321 438 164 5,393 Segment Profit $ 15,365 $ 6,528 $ 8,298 $ 833 $ 303 $ 31,327 For the Three Months Ended December 29, 2019 Polyester Asia Brazil Nylon All Other Total Net sales $ 82,750 $ 47,918 $ 20,862 $ 17,084 $ 897 $ 169,511 Cost of sales 76,090 42,401 17,432 17,038 885 153,846 Gross profit 6,660 5,517 3,430 46 12 15,665 Segment depreciation expense 4,183 — 357 503 124 5,167 Segment Profit $ 10,843 $ 5,517 $ 3,787 $ 549 $ 136 $ 20,832 For the Six Months Ended December 27, 2020 Polyester Asia Brazil Nylon All Other Total Net sales $ 145,772 $ 82,415 $ 46,859 $ 27,037 $ 2,198 $ 304,281 Cost of sales 130,245 71,309 34,269 25,977 1,986 263,786 Gross profit 15,527 11,106 12,590 1,060 212 40,495 Segment depreciation expense 8,873 — 751 880 328 10,832 Segment Profit $ 24,400 $ 11,106 $ 13,341 $ 1,940 $ 540 $ 51,327 For the Six Months Ended December 29, 2019 Polyester Asia Brazil Nylon All Other Total Net sales $ 171,445 $ 93,875 $ 45,034 $ 37,286 $ 1,820 $ 349,460 Cost of sales 156,990 84,076 37,445 36,062 1,779 316,352 Gross profit 14,455 9,799 7,589 1,224 41 33,108 Segment depreciation expense 8,224 — 732 994 163 10,113 Segment Profit $ 22,679 $ 9,799 $ 8,321 $ 2,218 $ 204 $ 43,221 The reconciliations of segment gross profit to consolidated income before income taxes are as follows: For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Polyester $ 10,895 $ 6,660 $ 15,527 $ 14,455 Asia 6,528 5,517 11,106 9,799 Brazil 7,977 3,430 12,590 7,589 Nylon 395 46 1,060 1,224 All Other 139 12 212 41 Segment gross profit 25,934 15,665 40,495 33,108 Selling, general and administrative expenses 12,625 12,508 23,989 23,488 Benefit for bad debts (259 ) (258 ) (1,146 ) (249 ) Other operating expense, net 476 854 1,654 962 Operating income 13,092 2,561 15,998 8,907 Interest income (187 ) (212 ) (312 ) (422 ) Interest expense 833 1,101 1,704 2,358 Equity in (earnings) loss of unconsolidated affiliates (130 ) 756 (223 ) 1,622 Income before income taxes $ 12,576 $ 916 $ 14,829 $ 5,349 The reconciliations of segment total assets to consolidated total assets are as follows: December 27, 2020 June 28, 2020 Polyester $ 261,769 $ 263,496 Asia 54,661 41,452 Brazil 60,006 49,967 Nylon 39,682 42,020 Segment total assets 416,118 396,935 Other current assets 68,900 48,600 Other PP&E 22,687 23,676 Other operating lease assets 1,308 1,503 Other non-current assets 3,985 3,448 Total assets $ 512,998 $ 474,162 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Dec. 27, 2020 | |
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 27, 2020 December 29, 2019 Interest, net of capitalized interest of $92 and $56, respectively $ 1,610 $ 2,357 Income tax payments, net 3,923 3,429 Cash payments for taxes shown above consist primarily of income and withholding tax payments made by UNIFI in both U.S. and foreign jurisdictions, net of refunds. Non-Cash Investing and Financing Activities As of December 27, 2020 and June 28, 2020, $697 and $630, respectively, were included in accounts payable for unpaid capital expenditures. As of December 29, 2019 and June 30, 2019, $1,127 and $1,329, respectively, were included in accounts payable for unpaid capital expenditures. During the six months ended December 27, 2020 and December 29, 2019, UNIFI recorded non-cash activity relating to finance leases of $740 and $6,301, respectively. |
Basis of Presentation; Conden_2
Basis of Presentation; Condensed Notes (Policies) | 6 Months Ended |
Dec. 27, 2020 | |
Accounting Policies [Abstract] | |
Fiscal Period | The fiscal quarter for each of Unifi, Inc., its primary domestic operating subsidiaries and its subsidiary in El Salvador ended on December 27, 2020. Unifi, Inc.’s remaining material operating subsidiaries’ fiscal quarter ended on December 31, 2020. There were no significant transactions or events that occurred between Unifi, Inc.’s fiscal quarter end and such wholly owned subsidiaries’ subsequent fiscal quarter end. The three-month periods ended December 27, 2020 and December 29, 2019 both consisted of 13 weeks. The six-month periods ended December 27, 2020 and December 29, 2019 both consisted of 26 weeks. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregated Revenues for UNIFI | The following tables present disaggregated revenues for UNIFI: For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Third-party manufacturer $ 160,146 $ 167,537 $ 298,987 $ 345,557 Service 2,630 1,974 5,294 3,903 Net sales $ 162,776 $ 169,511 $ 304,281 $ 349,460 For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 REPREVE ® $ 60,660 $ 56,893 $ 110,518 $ 113,378 Non-REPREVE ® 102,116 112,618 193,763 236,082 Total $ 162,776 $ 169,511 $ 304,281 $ 349,460 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables, net consists of the following: December 27, 2020 June 28, 2020 Customer receivables $ 69,796 $ 53,307 Allowance for uncollectible accounts (2,675 ) (3,796 ) Reserves for quality claims (822 ) (928 ) Net customer receivables 66,299 48,583 Other receivables 16,825 5,143 Total receivables, net $ 83,124 $ 53,726 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories Components | Inventories consists of the following: December 27, 2020 June 28, 2020 Raw materials $ 42,636 $ 42,758 Supplies 9,561 9,294 Work in process 6,432 6,267 Finished goods 57,061 55,609 Gross inventories 115,690 113,928 Net realizable value adjustment (4,201 ) (4,224 ) Total inventories $ 111,489 $ 109,704 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Other Assets Current [Abstract] | |
Schedule of Other Current Assets | Other current assets consists of the following: December 27, 2020 June 28, 2020 Vendor deposits $ 4,947 $ 2,349 Prepaid expenses 2,392 1,857 Value-added taxes receivable 2,044 2,604 Contract assets 899 4,953 Total other current assets $ 10,282 $ 11,763 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment Components | Property, plant and equipment (“PP&E”), net consists of the following: December 27, 2020 June 28, 2020 Land $ 3,176 $ 3,154 Land improvements 16,371 16,344 Buildings and improvements 159,458 158,025 Assets under finance leases 22,000 29,857 Machinery and equipment 611,024 602,867 Computers, software and office equipment 23,216 22,677 Transportation equipment 10,447 7,806 Construction in progress 8,216 7,582 Gross PP&E 853,908 848,312 Less: accumulated depreciation (649,064 ) (636,221 ) Less: accumulated amortization – finance leases (4,960 ) (7,845 ) Total PP&E, net $ 199,884 $ 204,246 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consists of the following: December 27, 2020 June 28, 2020 Payroll and fringe benefits $ 6,157 $ 7,259 Incentive compensation 6,125 777 Deferred revenue 3,413 1,279 Severance 879 1,083 Other 3,757 3,291 Total accrued expenses $ 20,331 $ 13,689 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Components | The following table presents the total balances outstanding for UNIFI’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 27, 2020 December 27, 2020 June 28, 2020 ABL Revolver December 2023 0.0% $ — $ — ABL Term Loan (1) December 2023 3.3% 82,500 87,500 Finance lease obligations (2) 3.6% 10,396 11,381 Total debt 92,896 98,881 Current ABL Term Loan (10,000 ) (10,000 ) Current portion of finance lease obligations (3,683 ) (3,563 ) Unamortized debt issuance costs (592 ) (711 ) Total long-term debt $ 78,621 $ 84,607 (1) Includes the effects of interest rate swaps. (2) Scheduled maturity dates for finance lease obligations range from May 2022 to November 2027. |
Scheduled Maturities of Outstanding Debt Obligations | The following table presents the scheduled maturities of UNIFI’s outstanding debt obligations for the remainder of fiscal 2021, the following four fiscal years and thereafter: Fiscal 2021 Fiscal 2022 Fiscal 2023 Fiscal 2024 Fiscal 2025 Thereafter ABL Revolver $ — $ — $ — $ — $ — $ — ABL Term Loan 5,000 10,000 10,000 57,500 — — Finance lease obligations 1,921 3,545 1,257 1,301 1,195 1,177 Total $ 6,921 $ 13,545 $ 11,257 $ 58,801 $ 1,195 $ 1,177 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities Components | Other long-term liabilities consists of the following: December 27, 2020 June 28, 2020 Supplemental post-employment plan $ 3,022 $ 3,019 Uncertain tax positions 2,778 1,112 Interest rate swaps 1,886 2,551 Other 3,324 1,924 Total other long-term liabilities $ 11,010 $ 8,606 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes and Effective Tax Rate | The provision for income taxes and effective tax rate were as follows: For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Provision for income taxes $ 5,112 $ 507 $ 3,933 $ 1,228 Effective tax rate 40.6 % 55.3 % 26.5 % 23.0 % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Stockholders Equity Note [Abstract] | |
Repurchases and Retirements of Common Stock | The following table summarizes UNIFI’s repurchases and retirements of its common stock under the 2018 SRP for the fiscal periods noted: Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Approximate Dollar Value that May Yet Be Repurchased Under Publicly Announced Plans or Programs Fiscal 2019 — $ — Fiscal 2020 84 $ 23.72 Fiscal 2021 (through December 27, 2020) — $ — Total 84 $ 23.72 $ 48,008 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
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 27, 2020 with respect to the number of securities remaining available for future issuance under the 2020 Plan: Authorized under the 2020 Plan 850 Plus: Awards expired, forfeited or otherwise terminated unexercised — Less: Awards granted to employees (75 ) Less: Awards granted to non-employee directors — Available for issuance under the 2020 Plan 775 |
Summary of Stock-based Compensation Granted or Issued | Stock-based compensation units granted or issued from the 2018 Plan and/or 2020 Plan were as follows: For the Six Months Ended December 27, 2020 December 29, 2019 Stock options 155 83 Restricted stock units 110 77 Vested share units — 24 Common stock — 4 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Non-Financial Assets and Liabilities (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Hedging Activities | The following table presents details regarding UNIFI’s hedging activities: For the Three Months Ended For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Interest expense $ 833 $ 1,101 $ 1,704 $ 2,358 (Increase) decrease in fair value of interest rate swaps (333 ) (289 ) (665 ) 39 Impact of interest rate swaps to increase (decrease) interest expense 335 15 664 (48 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss, Net of Tax | The components of and the changes in accumulated other comprehensive loss, net of tax, as applicable, consist of the following: Foreign Currency Translation Adjustments Changes in Interest Rate Swaps Accumulated Other Comprehensive Loss Balance at June 28, 2020 $ (61,848 ) $ (1,958 ) $ (63,806 ) Other comprehensive income 5,730 509 6,239 Balance at December 27, 2020 $ (56,118 ) $ (1,449 ) $ (57,567 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) 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 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Net income $ 7,464 $ 409 $ 10,896 $ 4,121 Basic weighted average shares 18,465 18,499 18,456 18,490 Net potential common share equivalents 267 273 273 255 Diluted weighted average shares 18,732 18,772 18,729 18,745 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 706 362 747 373 Excluded from the calculation of diluted shares: Unvested stock options that vest upon achievement of certain market conditions 333 — 333 — |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |
Schedule of Raw Material Purchases under Supply Agreement | UNIFI’s raw material purchases under this supply agreement consisted of the following: For the Six Months Ended December 27, 2020 December 29, 2019 UNFA $ 8,005 $ 8,582 UNF 207 1,209 Total $ 8,212 $ 9,791 |
Schedule of Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates | Condensed balance sheet and income statement information for UNIFI’s unconsolidated affiliates (including reciprocal balances) are presented in the tables below. As of December 27, 2020 As of June 28, 2020 PAL UNFs Total PAL UNFs Total Current assets $ — $ 7,499 $ 7,499 $ — $ 5,190 $ 5,190 Non-current assets — 731 731 — 561 561 Current liabilities — 3,166 3,166 — 1,415 1,415 Non-current liabilities — — — — — — Shareholders’ equity and capital accounts — 5,064 5,064 — 4,336 4,336 UNIFI’s portion of undistributed earnings — 2,041 2,041 — 1,424 1,424 |
Income Statement Information [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Schedule of Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates | For the Three Months Ended December 27, 2020 For the Three Months Ended December 29, 2019 PAL UNFs Total PAL UNFs Total Net sales $ — $ 4,651 $ 4,651 $ 161,648 $ 5,475 $ 167,123 Gross profit (loss) — 1,092 1,092 (186 ) 812 626 Income (loss) from operations — 673 673 (5,026 ) 377 (4,649 ) Net income (loss) — 674 674 (2,463 ) 383 (2,080 ) Depreciation and amortization — 42 42 11,393 43 11,436 Cash received by PAL under cotton rebate program — — — 3,463 — 3,463 Earnings recognized by PAL for cotton rebate program — — — 2,766 — 2,766 Distributions received — — — — — — For the Six Months Ended December 27, 2020 For the Six Months Ended December 29, 2019 PAL UNFs Total PAL UNFs Total Net sales $ — $ 7,864 $ 7,864 $ 360,815 $ 10,136 $ 370,951 Gross profit — 1,533 1,533 885 1,353 2,238 Income (loss) from operations — 719 719 (8,301 ) 489 (7,812 ) Net income (loss) — 723 723 (5,918 ) 507 (5,411 ) Depreciation and amortization — 78 78 22,024 90 22,114 Cash received by PAL under cotton rebate program — — — 7,156 — 7,156 Earnings recognized by PAL for cotton rebate program — — — 6,354 — 6,354 Distributions received — — — 10,437 — 10,437 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Payables | Related party payables for Salem Leasing Corporation consisted of the following: December 27, 2020 June 28, 2020 Accounts payable $ 672 $ 616 Operating lease obligations 1,337 1,481 Finance lease obligations 6,835 6,509 Total related party payables $ 8,844 $ 8,606 |
Schedule of Related Party Transactions | The following are the Company’s significant r elated party transactions: For the Three Months Ended For the Six Months Ended Affiliated Entity Transaction Type December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Salem Leasing Corporation Payments for transportation equipment costs and finance lease debt service $ 924 $ 1,108 $ 1,863 $ 2,116 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
Segment Reporting [Abstract] | |
Selected Financial Information for Polyester, Nylon, International and Other Segments | Selected financial information is presented below: For the Three Months Ended December 27, 2020 Polyester Asia Brazil Nylon All Other Total Net sales $ 76,696 $ 44,692 $ 24,253 $ 16,008 $ 1,127 $ 162,776 Cost of sales 65,801 38,164 16,276 15,613 988 136,842 Gross profit 10,895 6,528 7,977 395 139 25,934 Segment depreciation expense 4,470 — 321 438 164 5,393 Segment Profit $ 15,365 $ 6,528 $ 8,298 $ 833 $ 303 $ 31,327 For the Three Months Ended December 29, 2019 Polyester Asia Brazil Nylon All Other Total Net sales $ 82,750 $ 47,918 $ 20,862 $ 17,084 $ 897 $ 169,511 Cost of sales 76,090 42,401 17,432 17,038 885 153,846 Gross profit 6,660 5,517 3,430 46 12 15,665 Segment depreciation expense 4,183 — 357 503 124 5,167 Segment Profit $ 10,843 $ 5,517 $ 3,787 $ 549 $ 136 $ 20,832 For the Six Months Ended December 27, 2020 Polyester Asia Brazil Nylon All Other Total Net sales $ 145,772 $ 82,415 $ 46,859 $ 27,037 $ 2,198 $ 304,281 Cost of sales 130,245 71,309 34,269 25,977 1,986 263,786 Gross profit 15,527 11,106 12,590 1,060 212 40,495 Segment depreciation expense 8,873 — 751 880 328 10,832 Segment Profit $ 24,400 $ 11,106 $ 13,341 $ 1,940 $ 540 $ 51,327 For the Six Months Ended December 29, 2019 Polyester Asia Brazil Nylon All Other Total Net sales $ 171,445 $ 93,875 $ 45,034 $ 37,286 $ 1,820 $ 349,460 Cost of sales 156,990 84,076 37,445 36,062 1,779 316,352 Gross profit 14,455 9,799 7,589 1,224 41 33,108 Segment depreciation expense 8,224 — 732 994 163 10,113 Segment Profit $ 22,679 $ 9,799 $ 8,321 $ 2,218 $ 204 $ 43,221 |
Reconciliations of Segment Gross Profit 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 For the Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Polyester $ 10,895 $ 6,660 $ 15,527 $ 14,455 Asia 6,528 5,517 11,106 9,799 Brazil 7,977 3,430 12,590 7,589 Nylon 395 46 1,060 1,224 All Other 139 12 212 41 Segment gross profit 25,934 15,665 40,495 33,108 Selling, general and administrative expenses 12,625 12,508 23,989 23,488 Benefit for bad debts (259 ) (258 ) (1,146 ) (249 ) Other operating expense, net 476 854 1,654 962 Operating income 13,092 2,561 15,998 8,907 Interest income (187 ) (212 ) (312 ) (422 ) Interest expense 833 1,101 1,704 2,358 Equity in (earnings) loss of unconsolidated affiliates (130 ) 756 (223 ) 1,622 Income before income taxes $ 12,576 $ 916 $ 14,829 $ 5,349 |
Reconciliation of Segment Total Assets to Consolidated Total Assets | The reconciliations of segment total assets to consolidated total assets are as follows: December 27, 2020 June 28, 2020 Polyester $ 261,769 $ 263,496 Asia 54,661 41,452 Brazil 60,006 49,967 Nylon 39,682 42,020 Segment total assets 416,118 396,935 Other current assets 68,900 48,600 Other PP&E 22,687 23,676 Other operating lease assets 1,308 1,503 Other non-current assets 3,985 3,448 Total assets $ 512,998 $ 474,162 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Dec. 27, 2020 | |
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 27, 2020 December 29, 2019 Interest, net of capitalized interest of $92 and $56, respectively $ 1,610 $ 2,357 Income tax payments, net 3,923 3,429 |
Background - Additional Informa
Background - Additional Information (Details) | Dec. 27, 2020Entity |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of countries in which entity operates | 4 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenues for UNIFI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 162,776 | $ 169,511 | $ 304,281 | $ 349,460 |
Third-Party Manufacturer [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 160,146 | 167,537 | 298,987 | 345,557 |
Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2,630 | 1,974 | 5,294 | 3,903 |
REPREVE Fiber [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 60,660 | 56,893 | 110,518 | 113,378 |
Non-REPREVE Fiber [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 102,116 | $ 112,618 | $ 193,763 | $ 236,082 |
Receivables, Net - Schedule of
Receivables, Net - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Receivables [Abstract] | ||
Customer receivables | $ 69,796 | $ 53,307 |
Allowance for uncollectible accounts | (2,675) | (3,796) |
Reserves for quality claims | (822) | (928) |
Net customer receivables | 66,299 | 48,583 |
Other receivables | 16,825 | 5,143 |
Total receivables, net | $ 83,124 | $ 53,726 |
Receivables, Net - Additional I
Receivables, Net - Additional Information (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Other receivables | $ 16,825 | $ 5,143 |
Asia [Member] | Banker?s Acceptance Notes [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Other receivables | $ 14,532 | $ 1,596 |
Inventories - Inventories Compo
Inventories - Inventories Components (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 42,636 | $ 42,758 |
Supplies | 9,561 | 9,294 |
Work in process | 6,432 | 6,267 |
Finished goods | 57,061 | 55,609 |
Gross inventories | 115,690 | 113,928 |
Net realizable value adjustment | (4,201) | (4,224) |
Total inventories | $ 111,489 | $ 109,704 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Other Assets Current [Abstract] | ||
Vendor deposits | $ 4,947 | $ 2,349 |
Prepaid expenses | 2,392 | 1,857 |
Value-added taxes receivable | 2,044 | 2,604 |
Contract assets | 899 | 4,953 |
Total other current assets | $ 10,282 | $ 11,763 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Property Plant And Equipment [Line Items] | ||
Gross PP&E | $ 853,908 | $ 848,312 |
Less: accumulated depreciation | (649,064) | (636,221) |
Less: accumulated amortization – finance leases | (4,960) | (7,845) |
Total PP&E, net | 199,884 | 204,246 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross PP&E | 3,176 | 3,154 |
Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross PP&E | 16,371 | 16,344 |
Buildings and Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross PP&E | 159,458 | 158,025 |
Assets under Finance Leases [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross PP&E | 22,000 | 29,857 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross PP&E | 611,024 | 602,867 |
Computers, Software and Office Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross PP&E | 23,216 | 22,677 |
Transportation Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross PP&E | 10,447 | 7,806 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross PP&E | $ 8,216 | $ 7,582 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Payables And Accruals [Abstract] | ||
Payroll and fringe benefits | $ 6,157 | $ 7,259 |
Incentive compensation | 6,125 | 777 |
Deferred revenue | 3,413 | 1,279 |
Severance | 879 | 1,083 |
Other | 3,757 | 3,291 |
Total accrued expenses | $ 20,331 | $ 13,689 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt Components (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 27, 2020 | Jun. 28, 2020 | ||
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 10,396 | $ 11,381 | |
Total debt | 92,896 | 98,881 | |
Current portion of finance lease obligations | (3,683) | (3,563) | |
Unamortized debt issuance costs | (592) | (711) | |
Total long-term debt | $ 78,621 | 84,607 | |
Finance Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.60% | ||
ABL Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | 2023-12 | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | ||
ABL Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | [1] | 2023-12 | |
Weighted average interest rate | [1] | 3.30% | |
Outstanding balances of term loan | [1] | $ 82,500 | 87,500 |
Current ABL Term Loan | $ (10,000) | $ (10,000) | |
[1] | Includes the effects of interest rate swaps. |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt Components (Details) (Parenthetical) | 6 Months Ended |
Dec. 27, 2020 | |
Debt Disclosure [Abstract] | |
Finance lease obligations, scheduled maturity start date | 2022-05 |
Finance lease obligations, scheduled maturity end date | 2027-11 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Dec. 18, 2018USD ($) | Dec. 27, 2020USD ($)Swap | Jun. 28, 2020 |
Debt Instrument [Line Items] | |||
Number of interest rate swaps | Swap | 3 | ||
Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, notional amount | $ 75,000,000 | ||
Interest rate swaps termination period | 2022-05 | ||
LIBOR [Member] | Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, average fixed interest rate | 1.90% | ||
ABL Facility [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt agreement maximum borrowing capacity | $ 200,000,000 | ||
Principal amount of term loan | $ 100,000,000 | ||
Debt instrument maturity date | Dec. 18, 2023 | ||
ABL Facility [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | ||
ABL Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.50% | ||
ABL Revolver [Member] | Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
ABL Revolver [Member] | Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.75% | ||
ABL Revolver [Member] | Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.25% | ||
ABL Revolver [Member] | Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.25% |
Long-Term Debt - Scheduled Matu
Long-Term Debt - Scheduled Maturities of Outstanding Debt Obligations (Details) $ in Thousands | Dec. 27, 2020USD ($) |
Debt Instrument Redemption [Line Items] | |
Fiscal 2021 | $ 6,921 |
Fiscal 2022 | 13,545 |
Fiscal 2023 | 11,257 |
Fiscal 2024 | 58,801 |
Fiscal 2025 | 1,195 |
Thereafter | 1,177 |
Finance Lease Obligations [Member] | |
Debt Instrument Redemption [Line Items] | |
Fiscal 2021 | 1,921 |
Fiscal 2022 | 3,545 |
Fiscal 2023 | 1,257 |
Fiscal 2024 | 1,301 |
Fiscal 2025 | 1,195 |
Thereafter | 1,177 |
ABL Term Loan [Member] | |
Debt Instrument Redemption [Line Items] | |
Fiscal 2021 | 5,000 |
Fiscal 2022 | 10,000 |
Fiscal 2023 | 10,000 |
Fiscal 2024 | $ 57,500 |
Other Long-Term Liabilities - O
Other Long-Term Liabilities - Other Long-Term Liabilities Components (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Supplemental post-employment plan | $ 3,022 | $ 3,019 |
Uncertain tax positions | 2,778 | 1,112 |
Interest rate swaps | 1,886 | 2,551 |
Other | 3,324 | 1,924 |
Total other long-term liabilities | $ 11,010 | $ 8,606 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 5,112 | $ 507 | $ 3,933 | $ 1,228 |
Effective tax rate | 40.60% | 55.30% | 26.50% | 23.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 27, 2020 | Dec. 27, 2020 | Jun. 28, 2020 | |
Income Tax Disclosure [Abstract] | |||
Discrete tax benefit | $ 359 | $ 5,148 | |
Discrete tax expense | 26 | 2,153 | |
Unrecognized tax benefits for uncertain tax positions | 2,855 | 2,855 | $ 1,218 |
Unrecognized tax benefits that would impact effective tax rate | $ 1,893 | $ 1,893 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) | Oct. 31, 2018USD ($) |
2018 Share Repurchase Program [Member] | |
Equity Class Of Treasury Stock [Line Items] | |
Share Repurchase Program, Authorized Amount | $ 50,000,000 |
Shareholders' Equity - Repurcha
Shareholders' Equity - Repurchases and Retirements of Common Stock (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Dec. 27, 2020USD ($)$ / sharesshares | |
Stockholders Equity [Line Items] | |
Common stock repurchased and retired under publicly announced program (in shares) | shares | 84 |
Average Price Paid per Share | $ / shares | $ 23.72 |
Approximate Dollar Value that May Yet Be Repurchased Under Publicly Announced Plans or Programs | $ | $ 48,008 |
Fiscal 2020 [Member] | |
Stockholders Equity [Line Items] | |
Common stock repurchased and retired under publicly announced program (in shares) | shares | 84 |
Average Price Paid per Share | $ / shares | $ 23.72 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - shares shares in Thousands | 6 Months Ended | ||
Dec. 27, 2020 | Oct. 29, 2020 | Oct. 24, 2018 | |
The 2013 Incentive Compensation Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Effective date | Oct. 24, 2018 | ||
The Amended and Restated 2013 Incentive Compensation Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available for future issuance | 1,250 | ||
Two Thousand Twenty Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Effective date | Oct. 29, 2020 | ||
Number of shares available for future issuance | 775 | 850 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Number of Securities Remaining Available for Future Issuance (Details) - shares | 6 Months Ended | |||
Dec. 27, 2020 | Dec. 29, 2019 | Oct. 29, 2020 | Jun. 28, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Less: Awards granted to non-employee directors | (24,000) | |||
2020 Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Authorized under the 2020 Plan | 850,000 | |||
Available for issuance under the 2020 Plan | 775,000 | 850,000 | ||
2020 Plan [Member] | Awards Granted to Employees [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Less: Awards granted to employees | (75,000) |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-based Compensation Granted or Issued (Details) - shares shares in Thousands | 6 Months Ended | |
Dec. 27, 2020 | Dec. 29, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restricted/Vested stock units | 24 | |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restricted/Vested stock units | 110 | 77 |
Common Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock | 4 | |
Common Stock [Member] | Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options | 155 | 83 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Non-Financial Assets and Liabilities - Additional Information (Details) | 6 Months Ended | |
Dec. 27, 2020USD ($)Swap | Dec. 29, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Number of interest rate swaps | Swap | 3 | |
Fair value assets and liabilities amount transfers into or out of the levels | $ 0 | $ 0 |
Interest Rate Swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative, notional amount | $ 75,000,000 | |
Interest Rate Swap [Member] | LIBOR [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative, average fixed interest rate | 1.90% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Non-Financial Assets and Liabilities - Schedule of Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Fair Value Disclosures [Abstract] | ||||
Interest expense | $ 833 | $ 1,101 | $ 1,704 | $ 2,358 |
(Increase) decrease in fair value of interest rate swaps | (333) | (289) | (665) | 39 |
Impact of interest rate swaps to increase (decrease) interest expense | $ 335 | $ 15 | $ 664 | $ (48) |
Accumulated Other Comprehensi_3
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. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | $ (63,806) | |||
Other comprehensive income | $ 6,167 | $ 3,537 | 6,239 | $ (3,119) |
Ending balance | (57,567) | (57,567) | ||
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (61,848) | |||
Other comprehensive income | 5,730 | |||
Ending balance | (56,118) | (56,118) | ||
Changes in Interest Rate Swaps [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (1,958) | |||
Other comprehensive income | 509 | |||
Ending balance | $ (1,449) | $ (1,449) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 7,464 | $ 409 | $ 10,896 | $ 4,121 |
Basic weighted average shares | 18,465 | 18,499 | 18,456 | 18,490 |
Net potential common share equivalents | 267 | 273 | 273 | 255 |
Diluted weighted average shares | 18,732 | 18,772 | 18,729 | 18,745 |
Excluded from the calculation of common share equivalents: | ||||
Anti-dilutive common share equivalents (in shares) | 706 | 362 | 747 | 373 |
Unvested stock options that vest upon achievement of certain market conditions (in shares) | 333 | 333 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates and Variable Interest Entities - Additional Information (Details) $ in Thousands | 6 Months Ended | ||
Dec. 27, 2020USD ($)Entity | Jun. 28, 2020USD ($) | Apr. 29, 2020 | |
Schedule Of Equity Method Investments [Line Items] | |||
Unconsolidated Entities, Number | Entity | 2 | ||
UNF and UNF America [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investments | $ 2,532 | ||
Purchase commitment, remaining minimum amount committed | 1,545 | ||
Accounts payable, related parties | $ 3,123 | $ 1,166 | |
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 investment, ownership percentage | 34.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Raw Material Purchases under Supply Agreement (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 27, 2020 | Dec. 29, 2019 | |
UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | $ 8,005 | $ 8,582 |
UNF [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | 207 | 1,209 |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | $ 8,212 | $ 9,791 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 |
Schedule Of Equity Method Investments [Line Items] | ||||||
Current assets | $ 297,499 | $ 254,493 | ||||
Current liabilities | 80,952 | 54,994 | ||||
Shareholders’ equity and capital accounts | 334,873 | $ 320,077 | 316,155 | $ 395,479 | $ 390,007 | $ 392,845 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Current assets | 7,499 | 5,190 | ||||
Non-current assets | 731 | 561 | ||||
Current liabilities | 3,166 | 1,415 | ||||
Shareholders’ equity and capital accounts | 5,064 | 4,336 | ||||
UNIFI’s portion of undistributed earnings | 2,041 | 1,424 | ||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | UNF and UNF America [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Current assets | 7,499 | 5,190 | ||||
Non-current assets | 731 | 561 | ||||
Current liabilities | 3,166 | 1,415 | ||||
Shareholders’ equity and capital accounts | 5,064 | 4,336 | ||||
UNIFI’s portion of undistributed earnings | $ 2,041 | $ 1,424 |
Investments in Unconsolidated_6
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. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Gross profit (loss) | $ 25,934 | $ 15,665 | $ 40,495 | $ 33,108 |
Net income | 7,464 | 409 | 10,896 | 4,121 |
Distributions received | 10,437 | |||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Net sales | 4,651 | 167,123 | 7,864 | 370,951 |
Gross profit (loss) | 1,092 | 626 | 1,533 | 2,238 |
Income (loss) from operations | 673 | (4,649) | 719 | (7,812) |
Net income | 674 | (2,080) | 723 | (5,411) |
Depreciation and amortization | 42 | 11,436 | 78 | 22,114 |
Cash received by PAL under cotton rebate program | 3,463 | 7,156 | ||
Earnings recognized by PAL for cotton rebate program | 2,766 | 6,354 | ||
Distributions received | 10,437 | |||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Parkdale America LLC [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Net sales | 161,648 | 360,815 | ||
Gross profit (loss) | (186) | 885 | ||
Income (loss) from operations | (5,026) | (8,301) | ||
Net income | (2,463) | (5,918) | ||
Depreciation and amortization | 11,393 | 22,024 | ||
Cash received by PAL under cotton rebate program | 3,463 | 7,156 | ||
Earnings recognized by PAL for cotton rebate program | 2,766 | 6,354 | ||
Distributions received | 10,437 | |||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | UNF and UNF America [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Net sales | 4,651 | 5,475 | 7,864 | 10,136 |
Gross profit (loss) | 1,092 | 812 | 1,533 | 1,353 |
Income (loss) from operations | 673 | 377 | 719 | 489 |
Net income | 674 | 383 | 723 | 507 |
Depreciation and amortization | $ 42 | $ 43 | $ 78 | $ 90 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Apr. 10, 2019 | Sep. 30, 2004 |
Commitments And Contingencies Disclosure [Abstract] | ||
The term of a former ground lease | 99 years | |
Net monitoring and reporting costs received | $ 180 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Dec. 27, 2020 | Jun. 28, 2020 |
Related Party Transactions [Abstract] | ||
Related party receivables | $ 0 | $ 0 |
Related Party Transactions - Re
Related Party Transactions - Related Party Receivables and Payables (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Related Party Transaction [Line Items] | ||
Finance lease obligations | $ 10,396 | $ 11,381 |
Salem Leasing Corporation | ||
Related Party Transaction [Line Items] | ||
Accounts payable, related parties | 672 | 616 |
Operating lease obligations | 1,337 | 1,481 |
Finance lease obligations | 6,835 | 6,509 |
Total related party payables | $ 8,844 | $ 8,606 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Salem Leasing Corporation | ||||
Related Party Transaction [Line Items] | ||||
Expenses with related party | $ 924 | $ 1,108 | $ 1,863 | $ 2,116 |
Business Segment Information -
Business Segment Information - Additional Information (Details) | 6 Months Ended |
Dec. 27, 2020Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 4 |
Business Segment Information _2
Business Segment Information - Selected Financial Information for Polyester, Nylon, International and Other Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 162,776 | $ 169,511 | $ 304,281 | $ 349,460 |
Cost of sales | 136,842 | 153,846 | 263,786 | 316,352 |
Gross profit | 25,934 | 15,665 | 40,495 | 33,108 |
Segment depreciation expense | 5,393 | 5,167 | 10,832 | 10,113 |
Segment Profit | 31,327 | 20,832 | 51,327 | 43,221 |
Polyester [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 76,696 | 82,750 | 145,772 | 171,445 |
Cost of sales | 65,801 | 76,090 | 130,245 | 156,990 |
Gross profit | 10,895 | 6,660 | 15,527 | 14,455 |
Segment depreciation expense | 4,470 | 4,183 | 8,873 | 8,224 |
Segment Profit | 15,365 | 10,843 | 24,400 | 22,679 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 44,692 | 47,918 | 82,415 | 93,875 |
Cost of sales | 38,164 | 42,401 | 71,309 | 84,076 |
Gross profit | 6,528 | 5,517 | 11,106 | 9,799 |
Segment Profit | 6,528 | 5,517 | 11,106 | 9,799 |
Brazil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 24,253 | 20,862 | 46,859 | 45,034 |
Cost of sales | 16,276 | 17,432 | 34,269 | 37,445 |
Gross profit | 7,977 | 3,430 | 12,590 | 7,589 |
Segment depreciation expense | 321 | 357 | 751 | 732 |
Segment Profit | 8,298 | 3,787 | 13,341 | 8,321 |
Nylon [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 16,008 | 17,084 | 27,037 | 37,286 |
Cost of sales | 15,613 | 17,038 | 25,977 | 36,062 |
Gross profit | 395 | 46 | 1,060 | 1,224 |
Segment depreciation expense | 438 | 503 | 880 | 994 |
Segment Profit | 833 | 549 | 1,940 | 2,218 |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,127 | 897 | 2,198 | 1,820 |
Cost of sales | 988 | 885 | 1,986 | 1,779 |
Gross profit | 139 | 12 | 212 | 41 |
Segment depreciation expense | 164 | 124 | 328 | 163 |
Segment Profit | $ 303 | $ 136 | $ 540 | $ 204 |
Business Segment Information _3
Business Segment Information - Reconciliations of Segment Gross Profit to Consolidated Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Dec. 27, 2020 | Dec. 29, 2019 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit | $ 25,934 | $ 15,665 | $ 40,495 | $ 33,108 |
Selling, general and administrative expenses | 12,625 | 12,508 | 23,989 | 23,488 |
Benefit for bad debts | (259) | (258) | (1,146) | (249) |
Other operating expense, net | 476 | 854 | 1,654 | 962 |
Operating income | 13,092 | 2,561 | 15,998 | 8,907 |
Interest income | (187) | (212) | (312) | (422) |
Interest expense | 833 | 1,101 | 1,704 | 2,358 |
Equity in (earnings) loss of unconsolidated affiliates | (130) | 756 | (223) | 1,622 |
Income before income taxes | 12,576 | 916 | 14,829 | 5,349 |
Polyester [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit | 10,895 | 6,660 | 15,527 | 14,455 |
Nylon [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit | 395 | 46 | 1,060 | 1,224 |
Brazil [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit | 7,977 | 3,430 | 12,590 | 7,589 |
Asia [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit | 6,528 | 5,517 | 11,106 | 9,799 |
Other Segments [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit | $ 139 | $ 12 | $ 212 | $ 41 |
Business Segment Information _4
Business Segment Information - Reconciliation of Segment Total Assets to Consolidated Total Assets (Details) - USD ($) $ in Thousands | Dec. 27, 2020 | Jun. 28, 2020 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $ 512,998 | $ 474,162 |
Other current assets | 10,282 | 11,763 |
Other operating lease assets | 1,308 | 1,503 |
Other non-current assets | 5,108 | 4,131 |
Operating Segments [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 416,118 | 396,935 |
Operating Segments [Member] | Polyester [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 261,769 | 263,496 |
Operating Segments [Member] | Nylon [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 39,682 | 42,020 |
Operating Segments [Member] | Brazil [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 60,006 | 49,967 |
Operating Segments [Member] | Asia [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 54,661 | 41,452 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Other current assets | 68,900 | 48,600 |
Other PP&E | 22,687 | 23,676 |
Other non-current assets | $ 3,985 | $ 3,448 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Cash Payments for Interest and Taxes (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 27, 2020 | Dec. 29, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest, net of capitalized interest of $92 and $56, respectively | $ 1,610 | $ 2,357 |
Income tax payments, net | $ 3,923 | $ 3,429 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Cash Payments for Interest and Taxes (Details) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 27, 2020 | Dec. 29, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest capitalized | $ 92 | $ 56 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 27, 2020 | Dec. 29, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||||
Capital expenditures incurred but not yet paid | $ 697 | $ 1,127 | $ 630 | $ 1,329 |
Non cash activity relating to finance leases | $ 740 | $ 6,301 |