Cover Page
Cover Page - shares | 9 Months Ended | |
Mar. 30, 2023 | Apr. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | JBSS | |
Entity Registrant Name | SANFILIPPO JOHN B & SON INC | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity Central Index Key | 0000880117 | |
Current Fiscal Year End Date | --06-29 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Entity Address, State or Province | IL | |
Entity File Number | 0-19681 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-2419677 | |
Entity Address, Address Line One | 1703 North Randall Road | |
Entity Address, City or Town | Elgin | |
Entity Address, Postal Zip Code | 60123-7820 | |
City Area Code | 847 | |
Local Phone Number | 289-1800 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,958,426 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,597,426 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 238,535 | $ 218,584 | $ 765,464 | $ 698,120 |
Cost of sales | 188,767 | 179,175 | 608,551 | 554,678 |
Gross profit | 49,768 | 39,409 | 156,913 | 143,442 |
Operating expenses: | ||||
Selling expenses | 18,109 | 15,584 | 57,921 | 56,896 |
Administrative expenses | 9,841 | 6,401 | 30,296 | 25,871 |
Gain on sale of facility, net | 0 | 0 | 0 | (2,349) |
Total operating expenses | 27,950 | 21,985 | 88,217 | 80,418 |
Income from operations | 21,818 | 17,424 | 68,696 | 63,024 |
Other expense: | ||||
Interest expense including $186, $199, $568 and $591 to related parties | 552 | 531 | 1,828 | 1,322 |
Rental and miscellaneous expense, net | 371 | 403 | 1,084 | 1,074 |
Pension expense (excluding service costs) | 349 | 618 | 1,046 | 1,855 |
Total other expense, net | 1,272 | 1,552 | 3,958 | 4,251 |
Income before income taxes | 20,546 | 15,872 | 64,738 | 58,773 |
Income tax expense | 4,814 | 3,995 | 16,554 | 14,400 |
Net income | 15,732 | 11,877 | 48,184 | 44,373 |
Other comprehensive income: | ||||
Amortization of actuarial loss included in net periodic pension cost | 7 | 363 | 21 | 1,091 |
Income tax expense related to pension adjustments | (2) | (94) | (5) | (284) |
Other comprehensive income , net of tax | 5 | 269 | 16 | 807 |
Comprehensive income | $ 15,737 | $ 12,146 | $ 48,200 | $ 45,180 |
Net income per common share — basic | $ 1.36 | $ 1.03 | $ 4.16 | $ 3.85 |
Net income per common share — diluted | $ 1.35 | $ 1.02 | $ 4.14 | $ 3.83 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Interest expense to related parties | $ 186 | $ 199 | $ 568 | $ 591 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
CURRENT ASSETS: | |||
Cash | $ 365 | $ 415 | $ 667 |
Accounts receivable, less allowance for doubtful accounts of $305, $267 and $280 | 74,534 | 69,611 | 68,704 |
Inventories | 190,351 | 204,855 | 211,127 |
Prepaid expenses and other current assets | 9,325 | 8,283 | 7,653 |
TOTAL CURRENT ASSETS | 274,575 | 283,164 | 288,151 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 9,150 | 9,150 | 9,150 |
Buildings | 102,840 | 102,810 | 102,810 |
Machinery and equipment | 259,289 | 245,111 | 230,842 |
Furniture and leasehold improvements | 5,275 | 5,296 | 5,296 |
Vehicles | 719 | 614 | 614 |
Construction in progress | 8,210 | 6,471 | 18,077 |
Property, plant and equipment gross | 385,483 | 369,452 | 366,789 |
Less: Accumulated depreciation | 263,718 | 252,371 | 249,358 |
Property, plant and equipment net | 121,765 | 117,081 | 117,431 |
Rental investment property, less accumulated depreciation of $14,238, $13,632 and $13,431 | 14,885 | 15,491 | 15,692 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 136,650 | 132,572 | 133,123 |
OTHER LONG TERM ASSETS: | |||
Intangible assets, net | 7,100 | 8,065 | 8,509 |
Life insurance and other assets | 6,029 | 8,272 | 6,472 |
Deferred income taxes | 2,374 | 3,236 | 5,104 |
Goodwill | 11,750 | 9,650 | 9,650 |
Operating Lease, Right-of-Use Asset | 6,582 | 2,303 | 2,570 |
TOTAL ASSETS | 445,060 | 447,262 | 453,579 |
CURRENT LIABILITIES: | |||
Revolving credit facility borrowings | 27,825 | 40,439 | 65,863 |
Current maturities of long-term debt, net, including related party debt of $657, $614 and $600 | 657 | 3,149 | 3,961 |
Accounts payable | 42,264 | 47,720 | 48,918 |
Bank overdraft | 458 | 214 | 1,314 |
Accrued payroll and related benefits | 17,061 | 18,888 | 12,646 |
Other accrued expenses | 14,493 | 12,352 | 13,113 |
TOTAL CURRENT LIABILITIES | 102,758 | 122,762 | 145,815 |
LONG-TERM LIABILITIES: | |||
Long-term debt, less current maturities, net, including related party debt of $7,276, $7,774 and $7,933 | 7,276 | 7,774 | 7,933 |
Retirement plan | 29,471 | 28,886 | 35,935 |
Long-term operating lease liabilities, net of current portion | 4,905 | 1,076 | 1,241 |
Other | 8,332 | 7,943 | 7,876 |
TOTAL LONG-TERM LIABILITIES | 49,984 | 45,679 | 52,985 |
TOTAL LIABILITIES | 152,742 | 168,441 | 198,800 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Capital in excess of par value | 131,649 | 128,800 | 127,910 |
Retained earnings | 164,220 | 153,589 | 136,175 |
Accumulated other comprehensive loss | (2,464) | (2,480) | (8,218) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 292,318 | 278,821 | 254,779 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 445,060 | 447,262 | 453,579 |
Class A Common Stock [Member] | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock | 26 | 26 | 26 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock | $ 91 | $ 90 | $ 90 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
Allowance for doubtful accounts for accounts receivable, current | $ 305 | $ 267 | $ 280 |
Accumulated depreciation of rental investment property | 14,238 | 13,632 | 13,431 |
Current maturities of long-term debt, related party debt | 657 | 614 | 600 |
Related party debt, Non-current | $ 7,276 | $ 7,774 | $ 7,933 |
Treasury stock, shares | 117,900 | 117,900 | 117,900 |
Class A Common Stock [Member] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,597,426 | 2,597,426 | 2,597,426 |
Common stock, shares outstanding | 2,597,426 | 2,597,426 | 2,597,426 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 17,000,000 | 17,000,000 | 17,000,000 |
Common stock, shares issued | 9,076,326 | 9,047,359 | 9,046,420 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Class A Common Stock [Member] | Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] |
Balance at Jun. 24, 2021 | $ 242,494 | $ 126,271 | $ 126,336 | $ (9,025) | $ (1,204) | $ 26 | $ 90 |
Balance, Shares at Jun. 24, 2021 | 2,597,426 | 8,988,812 | |||||
Net income | 19,249 | 19,249 | |||||
Cash dividends | (34,534) | (34,534) | |||||
Pension liability amortization, net of income tax expense | 269 | 269 | |||||
Equity award exercises , net of shares withheld for employee taxes | (16) | (16) | $ 0 | ||||
Equity award exercises , net of shares withheld for employee taxes, shares | 1,168 | ||||||
Stock-based compensation expense | 703 | 703 | |||||
Balance at Sep. 23, 2021 | 228,165 | 126,958 | 111,051 | (8,756) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Sep. 23, 2021 | 2,597,426 | 8,989,980 | |||||
Balance at Jun. 24, 2021 | 242,494 | 126,271 | 126,336 | (9,025) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Jun. 24, 2021 | 2,597,426 | 8,988,812 | |||||
Net income | 44,373 | ||||||
Balance at Mar. 24, 2022 | 254,779 | 127,910 | 136,175 | (8,218) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Mar. 24, 2022 | 2,597,426 | 9,046,420 | |||||
Balance at Sep. 23, 2021 | 228,165 | 126,958 | 111,051 | (8,756) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Sep. 23, 2021 | 2,597,426 | 8,989,980 | |||||
Net income | 13,247 | 13,247 | |||||
Pension liability amortization, net of income tax expense | 269 | 269 | |||||
Equity award exercises , net of shares withheld for employee taxes | (946) | (946) | $ 0 | ||||
Equity award exercises , net of shares withheld for employee taxes, shares | 54,980 | ||||||
Stock-based compensation expense | 1,068 | 1,068 | |||||
Balance at Dec. 23, 2021 | 241,803 | 127,080 | 124,298 | (8,487) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Dec. 23, 2021 | 2,597,426 | 9,044,960 | |||||
Net income | 11,877 | 11,877 | |||||
Pension liability amortization, net of income tax expense | 269 | 269 | |||||
Equity award exercises , net of shares withheld for employee taxes | (48) | (48) | $ 0 | ||||
Equity award exercises , net of shares withheld for employee taxes, shares | 1,460 | ||||||
Stock-based compensation expense | 878 | 878 | |||||
Balance at Mar. 24, 2022 | 254,779 | 127,910 | 136,175 | (8,218) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Mar. 24, 2022 | 2,597,426 | 9,046,420 | |||||
Balance at Jun. 30, 2022 | 278,821 | 128,800 | 153,589 | (2,480) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Jun. 30, 2022 | 2,597,426 | 9,047,359 | |||||
Net income | 15,545 | 15,545 | |||||
Cash dividends | (25,981) | (25,981) | |||||
Pension liability amortization, net of income tax expense | 6 | 6 | |||||
Stock-based compensation expense | 772 | 772 | |||||
Balance at Sep. 29, 2022 | 269,163 | 129,572 | 143,153 | (2,474) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Sep. 29, 2022 | 2,597,426 | 9,047,359 | |||||
Balance at Jun. 30, 2022 | 278,821 | 128,800 | 153,589 | (2,480) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Jun. 30, 2022 | 2,597,426 | 9,047,359 | |||||
Net income | 48,184 | ||||||
Balance at Mar. 30, 2023 | 292,318 | 131,649 | 164,220 | (2,464) | (1,204) | $ 26 | $ 91 |
Balance, Shares at Mar. 30, 2023 | 2,597,426 | 9,076,326 | |||||
Balance at Sep. 29, 2022 | 269,163 | 129,572 | 143,153 | (2,474) | (1,204) | $ 26 | $ 90 |
Balance, Shares at Sep. 29, 2022 | 2,597,426 | 9,047,359 | |||||
Net income | 16,907 | 16,907 | |||||
Cash dividends | (11,572) | (11,572) | |||||
Pension liability amortization, net of income tax expense | 5 | 5 | |||||
Equity award exercises , net of shares withheld for employee taxes | (355) | (356) | $ 1 | ||||
Equity award exercises , net of shares withheld for employee taxes, shares | 24,709 | ||||||
Stock-based compensation expense | 1,515 | 1,515 | |||||
Balance at Dec. 29, 2022 | 275,663 | 130,731 | 148,488 | (2,469) | (1,204) | $ 26 | $ 91 |
Balance, Shares at Dec. 29, 2022 | 2,597,426 | 9,072,068 | |||||
Net income | 15,732 | 15,732 | |||||
Pension liability amortization, net of income tax expense | 5 | 5 | |||||
Equity award exercises , net of shares withheld for employee taxes | (23) | (23) | $ 0 | ||||
Equity award exercises , net of shares withheld for employee taxes, shares | 4,258 | ||||||
Stock-based compensation expense | 941 | 941 | |||||
Balance at Mar. 30, 2023 | $ 292,318 | $ 131,649 | $ 164,220 | $ (2,464) | $ (1,204) | $ 26 | $ 91 |
Balance, Shares at Mar. 30, 2023 | 2,597,426 | 9,076,326 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 29, 2022 | Sep. 29, 2022 | Sep. 23, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 1 | $ 2.25 | $ 3 |
Pension liability amortization income tax expense | $ 2 | $ 1 | $ 95 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 30, 2023 | Mar. 24, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 48,184 | $ 44,373 |
Depreciation and amortization | 15,323 | 13,619 |
Loss (gain) on disposition of assets, net | 47 | (1,754) |
Deferred income tax expense | 862 | 983 |
Stock-based compensation expense | 3,228 | 2,649 |
Change in assets and liabilities: | ||
Accounts receivable, net | (4,923) | (2,370) |
Inventories | 14,744 | (63,129) |
Prepaid expenses and other current assets | 535 | 915 |
Accounts payable | (5,285) | 1,767 |
Accrued expenses | 1,312 | (10,046) |
Income taxes payable | (2,575) | (1,917) |
Other long-term assets and liabilities | 335 | 532 |
Other, net | 602 | 1,823 |
Net cash provided by operating activities | 72,389 | (12,555) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (15,586) | (12,836) |
Acquisition of Just the Cheese brand | (3,500) | 0 |
Proceeds from dispositions of assets, net | 0 | 3,950 |
Proceeds from the sale of life insurance policies | 0 | 3,225 |
Other, net | (56) | (827) |
Net cash used in investing activities | (19,142) | (6,488) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net short-term (repayments) borrowings | (12,614) | 57,210 |
Principal payments on long-term debt | (2,995) | (2,849) |
Increase in bank overdraft | 244 | 221 |
Dividends paid | (37,553) | (34,534) |
Taxes paid related to net share settlement of equity awards | (379) | (1,010) |
Net cash used in financing activities | (53,297) | (19,038) |
NET INCREASE IN CASH | (50) | (5) |
Cash, beginning of period | 415 | 672 |
Cash, end of period | $ 365 | $ 667 |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 9 Months Ended |
Mar. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Description of Business | Note 1 – Basis of Presentation and Description of Business As used herein, unless the context otherwise indicates, the terms “we”, “us”, “our” or “Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Additional information on the comparability of the periods presented is as follows: • References herein to fiscal 2023 and fiscal 2022 are to the 52 week fiscal year ending June 29, 2023 and the 53 week fiscal year ended June 30, 2022, respectively. • References herein to the third quarter of fiscal 2023 and fiscal 2022 are to the quarters ended March 30, 2023 and March 24, 2022, respectively. • References herein to the first three quarters or first thirty-nine weeks of fiscal 2023 and fiscal 2022 are to the thirty-nine weeks ended March 30, 2023 and March 24, 2022, respectively. We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds and other nuts in the United States. These nuts are sold under our Fisher , Orchard Valley Harvest , Squirrel Brand and Southern Style Nuts brand names and under a variety of private brands. We also market and distribute, and in most cases, manufacture or process, a diverse product line of food and snack products, including peanut butter, almond butter, cashew butter, candy and confections, snack and trail mixes, nutrition bars, snack bites, sunflower kernels, dried fruit, corn snacks, chickpea snacks, sesame sticks and other sesame snack products under our brand names and under private brands. In addition, with our acquisition of the Just the Cheese brand, we have expanded our product offerings to include baked cheese snack products on a branded and private label basis. Our products are sold through three primary distribution channels, including food retailers in the consumer channel, commercial ingredient users and contract packaging customers. The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of stockholders’ equity and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 30, 2022 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 10-K for the fiscal year ended June 30, 2022 . |
Acquisition of Just the Cheese
Acquisition of Just the Cheese Brand | 9 Months Ended |
Mar. 30, 2023 | |
Business Acquisition [Line Items] | |
Acquisition of Just the Cheese Brand | Note 2 – Acquisition of Just the Cheese Brand On December 16, 2022 , we completed the acquisition of certain assets (the “Acquisition”) of Specialty Cheese Company, Inc. The acquired assets are primarily related to the manufacturing and sale of baked cheese snack products, including those products sold under the Just the Cheese brand, all finished goods inventory and intangible assets. At the time of the closing of the Acquisition, the full purchase price of $ 3,500 was paid in cash and funded from our Credit Facility (as defined below). Just the Cheese is one of the nation’s leading baked cheese snacking brands and offers 100% real cheese snack bars and cheese crisps. The Acquisition will provide us with a product that expands our portfolio into new snacking categories and is anticipated to accelerate growth with our private brand and food service customers. The Acquisition has been accounted for as a business combination in accordance with ASC Topic 805, “Business Combinations”. The final purchase price allocation was completed during the third quarter of fiscal 2023 which resulted in immaterial changes to fixed assets and customer relationships. The total purchase price of $ 3,500 has been allocated to the fair values of the assets acquired as follows: Inventories $ 240 Fixed assets 800 Identifiable intangible assets: Customer relationships 250 Brand names 80 Non-compete agreement 30 Goodwill 2,100 Total purchase price $ 3,500 The customer relationship assets represent the value of the long-term strategic relationship with significant customers who purchase Just the Cheese brand products. The brand name asset represents the value of the established Just the Cheese brand name. Goodwill, which is expected to be deductible for tax purposes, arises from intangible assets that do not qualify for separate recognition and expected synergies from combining the operations related to the Just the Cheese brand with those of the Company. There were no material contingencies recognized or unrecognized associated with the Acquisition. Due to the immaterial financial nature of the Acquisition, unaudited pro forma results of operations of the Company (as if the Acquisition had taken place at the beginning of fiscal 2023) will not be presented. Since the Acquisition, we continue to operate in a single reportable operating segment that consists of selling various nut and nut-related products through three sales distribution channels. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Mar. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For each customer contract, a five-step process is followed in which we identify the contract, identify performance obligations, determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when (or as) the performance obligation is transferred to the customer. When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are primarily for the delivery of raw and processed recipe and snack nuts, nut butters and trail mixes. Our customer contracts do not include more than one performance obligation. If a contract were to contain more than one performance obligation, we are required to allocate the contract’s transaction price to each performance obligation based on its relative standalone selling price. The standalone selling price for each distinct good is generally determined by directly observable data. Revenue recognition is generally completed at a point in time when product control is transferred to the customer. For virtually all of our revenues, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms. This allows the customer to then direct the use and obtain substantially all of the remaining benefits from the asset at that point in time. Therefore, the timing of our revenue recognition requires little judgment. Variable Consideration Some of our products are sold through specific incentive programs including, but not limited to, promotional allowances, volume and customer rebates, in-store display incentives and marketing allowances to consumer and some commercial ingredient customers. The ultimate cost of these programs is dependent on certain factors such as actual purchase volumes or customer activities and is dependent on significant management judgment when determining estimates. The Company accounts for these programs as variable consideration and recognizes a reduction in revenue (and a corresponding reduction in the transaction price) in the same period as the underlying program based upon the terms of the specific arrangements. Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are also offered through various programs to customers and consumers. A provision for estimated trade promotions is recorded as a reduction of revenue (and a reduction in the transaction price) in the same period when the sale is recognized. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. Evaluating these estimates requires management judgment. We generally use the most likely amount method to determine the variable consideration. We believe there will not be significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. The Company reviews and updates its estimates and related accruals of variable consideration and trade promotions at least quarterly based on the terms of the agreements and historical experience. Any uncertainties in the ultimate resolution of variable consideration due to factors outside of the Company’s influence are typically resolved within a short timeframe. Therefore, no additional constraint on the variable consideration is required. Contract Balances Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. There was no contract asset balance for any periods presented. The Company generally does not have material deferred revenue or contract liability balances arising from transactions with customers. Disaggregation of Revenue Revenue disaggregated by sales channel is as follows: For the Quarter Ended For the Thirty-Nine Weeks Ended Distribution Channel March 30, March 24, March 30, March 24, Consumer $ 185,128 $ 173,648 $ 606,188 $ 556,888 Commercial Ingredients 30,901 25,514 90,827 81,426 Contract Packaging 22,506 19,422 68,449 59,806 Total $ 238,535 $ 218,584 $ 765,464 $ 698,120 |
Leases
Leases | 9 Months Ended |
Mar. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 4 – Leases Description of Leases We lease equipment used in the transportation of goods in our warehouses, as well as a limited number of automobiles and a small warehouse near our Bainbridge, Georgia facility. Our leases generally do not contain non-lease components and do not contain any explicit guarantees of residual value. Our leases for warehouse transportation equipment generally require the equipment to be returned to the lessor in good working order. Through a review of our contracts, we determine if an arrangement is a lease at inception and analyze the lease to determine if it is operating or finance. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental collateralized borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Implicit rates are used when readily determinable. None of our leases currently contain options to extend the term. In the event of an option to extend the term of a lease, the lease term used in measuring the liability would include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the respective lease term. Our leases have remaining terms of up to 5.5 years. It is our accounting policy to not apply lease recognition requirements to short term leases, which are defined as leases with an initial term of 12 months or less. As such, leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets. We have also made the policy election to not separate lease and non-lease components for all leases. The following table provides supplemental information related to operating lease right-of-use assets and liabilities: March 30, June 30, March 24, Affected Line Item in Consolidated Balance Sheet Assets Operating lease right-of-use assets $ 6,582 $ 2,303 $ 2,570 Operating lease right-of-use assets Total lease right-of-use assets $ 6,582 $ 2,303 $ 2,570 Liabilities Current: Operating leases $ 1,752 $ 1,258 $ 1,355 Other accrued expenses Noncurrent: Operating leases 4,905 1,076 1,241 Long-term operating lease liabilities Total lease liabilities $ 6,657 $ 2,334 $ 2,596 The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Operating lease costs (a) $ 529 $ 470 $ 1,544 $ 1,384 Variable lease costs (b) 74 15 189 51 Total lease cost $ 603 $ 485 $ 1,733 $ 1,435 (a) Includes short-term leases which are immaterial. (b) Variable lease costs consist of sales tax and lease overtime charges. Supplemental cash flow and other information related to leases was as follows: For the Thirty-Nine Weeks Ended March 30, March 24, Operating cash flows information: Cash paid for amounts included in measurements for lease liabilities $ 1,249 $ 1,199 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease obligations $ 5,458 $ 167 March 30, June 30, March 24, Weighted average remaining lease term (in years) 4.6 2.3 2.4 Weighted average discount rate 6.6 % 4.3 % 4.2 % Maturities of operating lease liabilities as of March 30, 2023 are as follows: Fiscal year ending June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023) $ 636 June 27, 2024 1,918 June 26, 2025 1,541 June 25, 2026 1,347 June 24, 2027 1,158 June 29, 2028 1,000 Thereafter 139 Total lease payment 7,739 Less imputed interest ( 1,082 ) Present value of operating lease liabilities $ 6,657 At March 30, 2023, the Company had an immaterial amount of leases that had not yet commenced. Lessor Accounting We lease office space in our four-story office building located in Elgin, Illinois. As a lessor, we retain substantially all of the risks and benefits of ownership of the investment property and under Topic 842: Leases we continue to account for all of our leases as operating leases. Lease agreements may include options to renew. We accrue fixed lease income on a straight‑line basis over the terms of the leases. There is generally no variable lease consideration and an immaterial amount of non-lease components such as recurring utility and storage fees. Leases between related parties are immaterial. Leasing revenue is as follows: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Lease income related to lease payments $ 419 $ 402 $ 1,224 $ 1,220 The future minimum, undiscounted fixed cash flows under non-cancelable tenant operating leases for each of the next five years are as follows: Fiscal Year Ending June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023) $ 465 June 27, 2024 1,869 June 26, 2025 1,282 June 25, 2026 697 June 24, 2027 614 June 29, 2028 — $ 4,927 |
Inventories
Inventories | 9 Months Ended |
Mar. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5 – Inventories Inventories consist of the following: March 30, June 30, March 24, Raw material and supplies $ 90,110 $ 77,558 $ 104,810 Work-in-process and finished goods 100,241 127,297 106,317 Total $ 190,351 $ 204,855 $ 211,127 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Mar. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 6 – Goodwill and Intangible Assets Identifiable intangible assets that are subject to amortization consist of the following: March 30, June 30, March 24, Customer relationships $ 21,350 $ 21,100 $ 21,100 Brand names 17,070 16,990 16,990 Non-compete agreement 300 270 270 38,720 38,360 38,360 Less accumulated amortization: Customer relationships ( 19,572 ) ( 18,795 ) ( 18,537 ) Brand names ( 11,776 ) ( 11,252 ) ( 11,080 ) Non-compete agreement ( 272 ) ( 248 ) ( 234 ) ( 31,620 ) ( 30,295 ) ( 29,851 ) Net intangible assets $ 7,100 $ 8,065 $ 8,509 Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the Squirrel Brand, Southern Style Nuts and Just the Cheese brand names. Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was $ 441 and $ 1,325 for the quarter and thirty-nine weeks ended March 30, 2023, respectively. Amortization expense for the remainder of fiscal 2023 is expected to be approximately $ 442 and expected amortization expense the next five fiscal years is as follows: Fiscal Year Ending June 27, 2024 $ 1,565 June 26, 2025 1,213 June 25, 2026 880 June 24, 2027 706 June 29, 2028 528 The intangibles related to the Just the Cheese brand acquisition, which are reflected in the above table, and the expected amortization expense are based on the final valuation report with respect to such intangible assets. Our net goodwill at March 30, 2023 was comprised of $ 9,650 from the Squirrel Brand acquisition completed in the second quarter of fiscal 2018 and $ 2,100 from the Just the Cheese brand acquisition completed in the second quarter of fiscal 2023. The changes in the carrying amount of goodwill since June 25, 2021 are as follows: Gross goodwill balance at June 25, 2021 $ 18,416 Accumulated impairment losses ( 8,766 ) Net balance at June 25, 2021 9,650 Goodwill acquired during the period 2,100 Net balance at March 30, 2023 $ 11,750 |
Credit Facility
Credit Facility | 9 Months Ended |
Mar. 30, 2023 | |
Debt Disclosure [Abstract] | |
Credit Facility | Note 7 – Credit Facility Our Amended and Restated Credit Agreement dated March 5, 2020 provides for a $ 117,500 senior secured revolving credit facility (the “Credit Facility”). The Credit Facility is secured by substantially all our assets other than machinery and equipment, real property and fixtures. At March 30, 2023 , we had $ 85,485 of available credit under the Credit Facility which reflects borrowings of $ 27,825 and reduced availability as a result of $ 4,190 in outstanding letters of credit. As of March 30, 2023 , we were in compliance with all financial covenants under the Credit Facility. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Mar. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 8 – Earnings Per Common Share The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Weighted average number of shares 11,592,362 11,548,554 11,570,954 11,533,338 Effect of dilutive securities: Restricted stock units 63,832 53,412 61,702 55,745 Weighted average number of shares 11,656,194 11,601,966 11,632,656 11,589,083 There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Mar. 30, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Note 9 – Stock-Based Compensation Plans The following is a summary of restricted stock unit ("RSU") activity for the first thirty-nine weeks of fiscal 2023: Restricted Stock Units Shares Weighted Average Grant Date Fair Value Outstanding at June 30, 2022 142,239 $ 70.42 Granted 64,351 $ 74.11 Vested (a) ( 33,607 ) $ 88.62 Forfeited ( 3,024 ) $ 72.19 Outstanding at March 30, 2023 169,959 $ 68.19 (a) The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements . At March 30, 2023, there were 38,490 RSUs outstanding that were vested but deferred. The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Stock-based compensation expense $ 941 $ 878 $ 3,228 $ 2,649 As of March 30, 2023 , there was $ 5,539 of total unrecognized compensation expense related to non-vested RSUs granted under our stock-based compensation plans. We expect to recognize that cost over a weighted average period of 1.6 years. |
Retirement Plan
Retirement Plan | 9 Months Ended |
Mar. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plan | Note 10 – Retirement Plan The Supplemental Employee Retirement Plan (“Retirement Plan”) is an unfunded, non-qualified deferred compensation plan that will provide eligible participants with monthly benefits upon retirement, disability or death, subject to certain conditions. The monthly benefit is based upon each participant’s earnings and his or her number of years of service. The components of net periodic benefit cost are as follows: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Service cost $ 200 $ 248 $ 601 $ 743 Interest cost 342 255 1,025 764 Amortization of loss 7 363 21 1,091 Net periodic benefit cost $ 549 $ 866 $ 1,647 $ 2,598 The components of net periodic benefit cost other than the service cost component are included in the line item “Pension expense (excluding service costs)” in the Consolidated Statements of Comprehensive Income. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Mar. 30, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 11 – Accumulated Other Comprehensive Loss The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 30, 2023 and March 24, 2022. These changes are all related to our defined benefit pension plan. For the Thirty-Nine Weeks Ended Changes to AOCL (a) March 30, March 24, Balance at beginning of period $ ( 2,480 ) $ ( 9,025 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 21 1,091 Tax effect ( 5 ) ( 284 ) Net current-period other comprehensive income 16 807 Balance at end of period $ ( 2,464 ) $ ( 8,218 ) (a) Amounts in parenthesis indicate debits/expense . The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 30, 2023 and March 24, 2022 were as follows: For the Quarter Ended For the Thirty-Nine Weeks Ended Affected Line Item Reclassifications from AOCL to (b) March 30, March 24, March 30, March 24, Statements of Amortization of defined benefit Unrecognized net loss $ ( 7 ) $ ( 363 ) $ ( 21 ) $ ( 1,091 ) Pension expense (excluding service costs) Tax effect 2 94 5 284 Income tax expense Amortization of defined pension items, $ ( 5 ) $ ( 269 ) $ ( 16 ) $ ( 807 ) (b) Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Mar. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 12 – Commitments and Contingent Liabilities We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals, which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Mar. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 13 – Fair Value of Financial Instruments The Financial Accounting Standards Board defines fair value as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels: Level 1 – Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 – Unobservable inputs for which there is little or no market data available. The carrying values of cash, trade accounts receivable and accounts payable approximate their fair values at each balance sheet date because of the short-term maturities and nature of these balances. The carrying value of our revolving credit facility borrowings approximates fair value at each balance sheet date because interest rates on this instrument approximate current market rates (Level 2 criteria) and because of the short-term maturity and nature of this balance. In addition, there has been no significant change in our inherent credit risk. The following table summarizes the carrying value and fair value estimate of our current and long-term debt, excluding unamortized debt issuance costs: March 30, June 30, March 24, Carrying value of current and long-term debt: $ 7,933 $ 10,927 $ 11,901 Fair value of current and long-term debt: 6,865 11,179 12,669 The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Mar. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 16 – Subsequent Event On May 2, 2023 , our Board of Directors declared a special cash dividend of $ 1.50 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “May 2023 Dividends”). The May 2023 Dividends will be paid on June 22, 2023 to stockholders of record as of the close of business on June 1, 2023 |
Garysburg, North Carolina Facil
Garysburg, North Carolina Facility | 9 Months Ended |
Mar. 30, 2023 | |
Sale of Facility [Abstract] | |
Garysburg, North Carolina Facility | Note 14 – Garysburg, North Carolina Facility During the first quarter of fiscal 2022 we sold the Garysburg property and remaining equipment located at the property to a third party for $ 4,000 , subject to customary adjustments to reflect closing costs, which resulted in a $ 2,349 gain. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 15 – Recent Accounting Pronouncements There were no recent accounting pronouncements adopted in the current fiscal year. There are no recent accounting pronouncements that have been issued and not yet adopted that are expected to have a material impact on our Consolidated Financial Statements. |
Acquisition of Just the Chees_2
Acquisition of Just the Cheese Brand (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Just the Cheese Brand [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired | The total purchase price of $ 3,500 has been allocated to the fair values of the assets acquired as follows: Inventories $ 240 Fixed assets 800 Identifiable intangible assets: Customer relationships 250 Brand names 80 Non-compete agreement 30 Goodwill 2,100 Total purchase price $ 3,500 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue Disaggregated by Sales Channel | Revenue disaggregated by sales channel is as follows: For the Quarter Ended For the Thirty-Nine Weeks Ended Distribution Channel March 30, March 24, March 30, March 24, Consumer $ 185,128 $ 173,648 $ 606,188 $ 556,888 Commercial Ingredients 30,901 25,514 90,827 81,426 Contract Packaging 22,506 19,422 68,449 59,806 Total $ 238,535 $ 218,584 $ 765,464 $ 698,120 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Leases [Abstract] | |
Supplemental information related to operating lease right-of-use assets and liabilities | The following table provides supplemental information related to operating lease right-of-use assets and liabilities: March 30, June 30, March 24, Affected Line Item in Consolidated Balance Sheet Assets Operating lease right-of-use assets $ 6,582 $ 2,303 $ 2,570 Operating lease right-of-use assets Total lease right-of-use assets $ 6,582 $ 2,303 $ 2,570 Liabilities Current: Operating leases $ 1,752 $ 1,258 $ 1,355 Other accrued expenses Noncurrent: Operating leases 4,905 1,076 1,241 Long-term operating lease liabilities Total lease liabilities $ 6,657 $ 2,334 $ 2,596 |
Summary of company's total lease costs and other information arising from operating lease transactions | The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Operating lease costs (a) $ 529 $ 470 $ 1,544 $ 1,384 Variable lease costs (b) 74 15 189 51 Total lease cost $ 603 $ 485 $ 1,733 $ 1,435 (a) Includes short-term leases which are immaterial. (b) Variable lease costs consist of sales tax and lease overtime charges. |
Summary of Supplemental cash flow and other information related to leases | Supplemental cash flow and other information related to leases was as follows: For the Thirty-Nine Weeks Ended March 30, March 24, Operating cash flows information: Cash paid for amounts included in measurements for lease liabilities $ 1,249 $ 1,199 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease obligations $ 5,458 $ 167 |
Summary of other information | March 30, June 30, March 24, Weighted average remaining lease term (in years) 4.6 2.3 2.4 Weighted average discount rate 6.6 % 4.3 % 4.2 % |
Summary of maturities of operating lease liabilities | Maturities of operating lease liabilities as of March 30, 2023 are as follows: Fiscal year ending June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023) $ 636 June 27, 2024 1,918 June 26, 2025 1,541 June 25, 2026 1,347 June 24, 2027 1,158 June 29, 2028 1,000 Thereafter 139 Total lease payment 7,739 Less imputed interest ( 1,082 ) Present value of operating lease liabilities $ 6,657 |
Summary of operating lease revenue | For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Lease income related to lease payments $ 419 $ 402 $ 1,224 $ 1,220 |
Undiscounted fixed lease consideration under non-cancelable tenant operating leases | The future minimum, undiscounted fixed cash flows under non-cancelable tenant operating leases for each of the next five years are as follows: Fiscal Year Ending June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023) $ 465 June 27, 2024 1,869 June 26, 2025 1,282 June 25, 2026 697 June 24, 2027 614 June 29, 2028 — $ 4,927 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: March 30, June 30, March 24, Raw material and supplies $ 90,110 $ 77,558 $ 104,810 Work-in-process and finished goods 100,241 127,297 106,317 Total $ 190,351 $ 204,855 $ 211,127 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Identifiable Intangible Assets | Identifiable intangible assets that are subject to amortization consist of the following: March 30, June 30, March 24, Customer relationships $ 21,350 $ 21,100 $ 21,100 Brand names 17,070 16,990 16,990 Non-compete agreement 300 270 270 38,720 38,360 38,360 Less accumulated amortization: Customer relationships ( 19,572 ) ( 18,795 ) ( 18,537 ) Brand names ( 11,776 ) ( 11,252 ) ( 11,080 ) Non-compete agreement ( 272 ) ( 248 ) ( 234 ) ( 31,620 ) ( 30,295 ) ( 29,851 ) Net intangible assets $ 7,100 $ 8,065 $ 8,509 |
Summary of Expected Amortization Expense | expected amortization expense the next five fiscal years is as follows: Fiscal Year Ending June 27, 2024 $ 1,565 June 26, 2025 1,213 June 25, 2026 880 June 24, 2027 706 June 29, 2028 528 |
Summary of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill since June 25, 2021 are as follows: Gross goodwill balance at June 25, 2021 $ 18,416 Accumulated impairment losses ( 8,766 ) Net balance at June 25, 2021 9,650 Goodwill acquired during the period 2,100 Net balance at March 30, 2023 $ 11,750 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Earnings Per Share [Abstract] | |
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share | The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Weighted average number of shares 11,592,362 11,548,554 11,570,954 11,533,338 Effect of dilutive securities: Restricted stock units 63,832 53,412 61,702 55,745 Weighted average number of shares 11,656,194 11,601,966 11,632,656 11,589,083 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of RSU Activity | The following is a summary of restricted stock unit ("RSU") activity for the first thirty-nine weeks of fiscal 2023: Restricted Stock Units Shares Weighted Average Grant Date Fair Value Outstanding at June 30, 2022 142,239 $ 70.42 Granted 64,351 $ 74.11 Vested (a) ( 33,607 ) $ 88.62 Forfeited ( 3,024 ) $ 72.19 Outstanding at March 30, 2023 169,959 $ 68.19 (a) The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements . |
Summary of Compensation Cost and Income Tax Benefit | The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Stock-based compensation expense $ 941 $ 878 $ 3,228 $ 2,649 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Pension Cost | The components of net periodic benefit cost are as follows: For the Quarter Ended For the Thirty-Nine Weeks Ended March 30, March 24, March 30, March 24, Service cost $ 200 $ 248 $ 601 $ 743 Interest cost 342 255 1,025 764 Amortization of loss 7 363 21 1,091 Net periodic benefit cost $ 549 $ 866 $ 1,647 $ 2,598 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Loss | The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 30, 2023 and March 24, 2022. These changes are all related to our defined benefit pension plan. For the Thirty-Nine Weeks Ended Changes to AOCL (a) March 30, March 24, Balance at beginning of period $ ( 2,480 ) $ ( 9,025 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 21 1,091 Tax effect ( 5 ) ( 284 ) Net current-period other comprehensive income 16 807 Balance at end of period $ ( 2,464 ) $ ( 8,218 ) (a) Amounts in parenthesis indicate debits/expense . |
Summary of Reclassifications Out of AOCL | The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 30, 2023 and March 24, 2022 were as follows: For the Quarter Ended For the Thirty-Nine Weeks Ended Affected Line Item Reclassifications from AOCL to (b) March 30, March 24, March 30, March 24, Statements of Amortization of defined benefit Unrecognized net loss $ ( 7 ) $ ( 363 ) $ ( 21 ) $ ( 1,091 ) Pension expense (excluding service costs) Tax effect 2 94 5 284 Income tax expense Amortization of defined pension items, $ ( 5 ) $ ( 269 ) $ ( 16 ) $ ( 807 ) (b) Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value Estimate of Current and Long Term Debt | The following table summarizes the carrying value and fair value estimate of our current and long-term debt, excluding unamortized debt issuance costs: March 30, June 30, March 24, Carrying value of current and long-term debt: $ 7,933 $ 10,927 $ 11,901 Fair value of current and long-term debt: 6,865 11,179 12,669 |
Basis of Presentation and Des_2
Basis of Presentation and Description of Business - Additional Information (Detail) | 9 Months Ended |
Mar. 30, 2023 Channel | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of distribution channels | 3 |
Acquisition of Just the Chees_3
Acquisition of Just the Cheese Brand - Summary of Fair Value of Assets Acquired (Detail) - Just The Cheese Brand [Member] $ in Thousands | Dec. 16, 2022 USD ($) |
Business Acquisition [Line Items] | |
Inventories | $ 240 |
Fixed assets | 800 |
Identifiable intangible assets: | |
Goodwill | 2,100 |
Total purchase price | 3,500 |
Customer relationships [Member] | |
Identifiable intangible assets: | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 250 |
Brand names [Member] | |
Identifiable intangible assets: | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 80 |
Non-compete agreement [Member] | |
Identifiable intangible assets: | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 30 |
Acquisition of Just the Chees_4
Acquisition of Just the Cheese Brand - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 16, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 3,500 | $ 0 | |
Just the Cheese Brand [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 3,500 | ||
Amount Of Purchase Price Allocated To Fair Value Of Assets Acquired | $ 3,500 | ||
Business Combination, Assets and Liabilities Arising from Contingencies, Description | There were no material contingencies recognized or unrecognized associated with the Acquisition. | ||
Business Acquisition, Description of Acquired Entity | Just the Cheese is one of the nation’s leading baked cheese snacking brands and offers 100% real cheese snack bars and cheese crisps. | ||
Date of acquisition | Dec. 16, 2022 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
Disaggregation of Revenue [Line Items] | |||
Contract assets | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 238,535 | $ 218,584 | $ 765,464 | $ 698,120 |
Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 185,128 | 173,648 | 606,188 | 556,888 |
Commercial Ingredients [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 30,901 | 25,514 | 90,827 | 81,426 |
Contract Packaging [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 22,506 | $ 19,422 | $ 68,449 | $ 59,806 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 30, 2023 |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Remaining lease term | 5 years 6 months |
Leases - Operating Lease Assets
Leases - Operating Lease Assets And Liabilities (Detail) - USD ($) $ in Thousands | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
Assets | |||
Operating lease right-of-use assets | $ 6,582 | $ 2,303 | $ 2,570 |
Current | |||
Operating Lease, Liability, Current | 1,752 | 1,258 | 1,355 |
Noncurrent | |||
Operating Lease, Liability, Noncurrent | 4,905 | 1,076 | 1,241 |
Total lease liabilities | $ 6,657 | $ 2,334 | $ 2,596 |
Leases - Lease Cost (Detail)
Leases - Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | ||
Leases [Abstract] | |||||
Operating lease costs | [1] | $ 529 | $ 470 | $ 1,544 | $ 1,384 |
Variable lease costs | [2] | 74 | 15 | 189 | 51 |
Total lease cost | $ 603 | $ 485 | $ 1,733 | $ 1,435 | |
[1] Includes short-term leases which are immaterial. Variable lease costs consist of sales tax and lease overtime charges. |
Leases - Operating Leases Cash
Leases - Operating Leases Cash Flow Related Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 30, 2023 | Mar. 24, 2022 | |
Operating cash flows information: | ||
Cash paid for amounts included in measurements for lease liabilities | $ 1,249 | $ 1,199 |
Non-cash activity: | ||
Right-of-use assets obtained in exchange for new operating lease obligations | $ 5,458 | $ 167 |
Leases - Other Information Rela
Leases - Other Information Related to Operating Lease (Detail) | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
Leases [Abstract] | |||
Weighted average remaining lease term (in years) | 4 years 7 months 6 days | 2 years 3 months 18 days | 2 years 4 months 24 days |
Weighted average discount rate | 6.60% | 4.30% | 4.20% |
Leases - Lessee Operating Lease
Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($) $ in Thousands | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
Leases [Abstract] | |||
June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023) | $ 636 | ||
June 27, 2024 | 1,918 | ||
June 26, 2025 | 1,541 | ||
June 25, 2026 | 1,347 | ||
June 24, 2027 | 1,158 | ||
June 29, 2028 | 1,000 | ||
Thereafter | 139 | ||
Total lease payment | 7,739 | ||
Less imputed interest | (1,082) | ||
Operating Lease, Liability | $ 6,657 | $ 2,334 | $ 2,596 |
Leases - Operating Lease Revenu
Leases - Operating Lease Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Leases [Abstract] | ||||
Lease income related to lease payments | $ 419 | $ 402 | $ 1,224 | $ 1,220 |
Leases - Lessor Operating Lease
Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail) $ in Thousands | Mar. 30, 2023 USD ($) |
Leases [Abstract] | |
June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023) | $ 465 |
June 27, 2024 | 1,869 |
June 26, 2025 | 1,282 |
June 25, 2026 | 697 |
June 24, 2027 | 614 |
June 29, 2028 | 0 |
Total | $ 4,927 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
Inventory Disclosure [Abstract] | |||
Raw material and supplies | $ 90,110 | $ 77,558 | $ 104,810 |
Work-in-process and finished goods | 100,241 | 127,297 | 106,317 |
Total | $ 190,351 | $ 204,855 | $ 211,127 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 30, 2023 | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 | Jun. 25, 2021 | |
Goodwill and Intangible Assets [Line Items] | |||||
Amortization expense for remainder of fiscal 2023 | $ 442 | $ 442 | |||
Goodwill related to acquisition | 11,750 | 11,750 | $ 9,650 | $ 9,650 | $ 9,650 |
Administrative Expenses [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 441 | 1,325 | |||
Squirrel Brand [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill related to acquisition | 9,650 | 9,650 | |||
Just The Cheese Brand Acquisition [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill related to acquisition | $ 2,100 | $ 2,100 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | $ 38,720 | $ 38,360 | $ 38,360 |
Less accumulated amortization: | |||
Total accumulated amortization | (31,620) | (30,295) | (29,851) |
Net intangible assets | 7,100 | 8,065 | 8,509 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 21,350 | 21,100 | 21,100 |
Less accumulated amortization: | |||
Total accumulated amortization | (19,572) | (18,795) | (18,537) |
Brand Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 17,070 | 16,990 | 16,990 |
Less accumulated amortization: | |||
Total accumulated amortization | (11,776) | (11,252) | (11,080) |
Non-compete Agreement [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 300 | 270 | 270 |
Less accumulated amortization: | |||
Total accumulated amortization | $ (272) | $ (248) | $ (234) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail) $ in Thousands | Mar. 30, 2023 USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
June 27, 2024 | $ 1,565 |
June 26, 2025 | 1,213 |
June 25, 2026 | 880 |
June 24, 2027 | 706 |
June 29, 2028 | $ 528 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 21 Months Ended | |
Mar. 30, 2023 | Jun. 25, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross goodwill balance at June 25, 2021 | $ 18,416 | |
Accumulated impairment losses | $ (8,766) | |
Goodwill acquired during the period | $ 2,100 | |
Ending, Net balance | $ 11,750 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - Senior Secured Revolving Credit Facility [Member] - USD ($) $ in Thousands | Mar. 30, 2023 | Mar. 05, 2020 |
Debt Instrument [Line Items] | ||
Revolving loan commitment and letter of credit sub facility | $ 117,500 | |
Available credit under the Credit Facility | $ 85,485 | |
Outstanding letters of credit | 4,190 | |
Revolving credit facility borrowings | $ 27,825 |
Earnings Per Common Share - Wei
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 11,592,362 | 11,548,554 | 11,570,954 | 11,533,338 |
Effect of dilutive securities: | ||||
Restricted stock units | 63,832 | 53,412 | 61,702 | 55,745 |
Weighted average number of shares outstanding – diluted | 11,656,194 | 11,601,966 | 11,632,656 | 11,589,083 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Mar. 30, 2023 USD ($) shares | Mar. 30, 2023 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 1 year 7 months 6 days | |
Unrecognized compensation expense related to non-vested share-based compensation | $ | $ 5,539 | $ 5,539 |
Restricted stock units in granted | 64,351 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units vested | 38,490 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Summary of RSU Activity (Detail) | 9 Months Ended | |
Mar. 30, 2023 $ / shares shares | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding beginning balance, Shares | shares | 142,239 | |
Granted, Shares | shares | 64,351 | |
Vested, Shares | shares | (33,607) | [1] |
Forfeited, Shares | shares | (3,024) | |
Outstanding ending balance, Shares | shares | 169,959 | |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 70.42 | |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 74.11 | |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 88.62 | [1] |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 72.19 | |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 68.19 | |
[1] The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summary of Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation expense | $ 941 | $ 878 | $ 3,228 | $ 2,649 |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 200 | $ 248 | $ 601 | $ 743 |
Interest cost | 342 | 255 | 1,025 | 764 |
Amortization of loss | 7 | 363 | 21 | 1,091 |
Net periodic benefit cost | $ 549 | $ 866 | $ 1,647 | $ 2,598 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | $ (2,480) | ||||
Net current-period other comprehensive income | $ 5 | $ 269 | 16 | $ 807 | |
Balance at end of period | (2,464) | (8,218) | (2,464) | (8,218) | |
Accumulated Other Comprehensive Loss [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | [1] | (2,480) | (9,025) | ||
Other comprehensive income before reclassifications | [1] | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | [1] | 21 | 1,091 | ||
Tax effect | [1] | (5) | (284) | ||
Net current-period other comprehensive income | [1] | 16 | 807 | ||
Balance at end of period | [1] | $ (2,464) | $ (8,218) | $ (2,464) | $ (8,218) |
[1] Amounts in parenthesis indicate debits/expense |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | ||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrecognized net loss | [1] | $ (7) | $ (363) | $ (21) | $ (1,091) |
Amortization of Defined Benefit Pension Items [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Tax effect | [1] | 2 | 94 | 5 | 284 |
Amortization of defined pension items, net of tax | [1] | $ (5) | $ (269) | $ (16) | $ (807) |
[1] Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 30, 2023 | Jun. 30, 2022 | Mar. 24, 2022 |
Fair Value Disclosures [Abstract] | |||
Carrying value of current and long-term debt: | $ 7,933 | $ 10,927 | $ 11,901 |
Fair value of current and long-term debt: | $ 6,865 | $ 11,179 | $ 12,669 |
Garysburg, North Carolina Fac_2
Garysburg, North Carolina Facility - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 30, 2023 | Mar. 24, 2022 | Mar. 30, 2023 | Mar. 24, 2022 | |
Fire Note [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 0 | $ 0 | $ 0 | $ 2,349 |
Property, Plant and Equipment [Member] | ||||
Fire Note [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 4,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 2,349 |
Subsequent Event (Additional In
Subsequent Event (Additional Information) (Details) - Subsequent Event [Member] - $ / shares | Jun. 22, 2023 | Jun. 01, 2023 | May 02, 2023 |
Subsequent Event [Line Items] | |||
Special Dividend Amount Per Share | $ 1.50 | ||
Dividends Payable, Date Declared | May 02, 2023 | ||
Dividends Payable, Date to be Paid | Jun. 22, 2023 | ||
Dividends Payable, Date of Record | Jun. 01, 2023 |