Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jun. 29, 2023 | Aug. 17, 2023 | Dec. 29, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 29, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 724,390,311 | ||
Securities Act 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 | ||
City Area Code | 847 | ||
Local Phone Number | 289-1800 | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Chicago, Illinois | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,973,031 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,597,426 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,948 | $ 415 |
Accounts receivable, less allowance for doubtful accounts of $267 and $267, respectively | 72,734 | 69,611 |
Inventories | 172,936 | 204,855 |
Prepaid expenses and other current assets | 6,812 | 8,283 |
TOTAL CURRENT ASSETS | 254,430 | 283,164 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 9,150 | 9,150 |
Buildings | 104,150 | 102,810 |
Machinery and equipment | 261,706 | 245,111 |
Furniture and leasehold improvements | 5,275 | 5,296 |
Vehicles | 729 | 614 |
Construction in progress | 7,123 | 6,471 |
Property, plant and equipment gross | 388,133 | 369,452 |
Less: Accumulated depreciation | 267,336 | 252,371 |
Property, plant and equipment net | 120,797 | 117,081 |
Rental investment property, less accumulated depreciation of $13,632 and $13,632, respectively | 14,684 | 15,491 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 135,481 | 132,572 |
OTHER LONG TERM ASSETS: | ||
Intangible assets, net | 6,658 | 8,065 |
Deferred income taxes | 3,592 | 3,236 |
Goodwill | 11,750 | 9,650 |
Operating Lease, Right-of-Use Asset | 6,427 | 2,303 |
Other Assets | 6,949 | 8,272 |
TOTAL ASSETS | 425,287 | 447,262 |
CURRENT LIABILITIES: | ||
Revolving credit facility borrowings | 0 | 40,439 |
Current maturities of long-term debt net including related party debt of $672 and $614 respectively | 672 | 3,149 |
Accounts payable | 42,680 | 47,720 |
Bank overdraft | 285 | 214 |
Accrued payroll and related benefits | 27,572 | 18,888 |
Other accrued expenses | 14,479 | 12,352 |
TOTAL CURRENT LIABILITIES | 85,688 | 122,762 |
LONG-TERM LIABILITIES: | ||
Long-term debt, less current maturities net including related party debt of $7,102and $7774 respectively | 7,102 | 7,774 |
Retirement plan | 26,653 | 28,886 |
Long-term operating lease liabilities, net of current portion | 4,771 | 1,076 |
Long-term workers' compensation liabilities | 7,321 | 7,562 |
Other | 1,545 | 381 |
TOTAL LONG-TERM LIABILITIES | 47,392 | 45,679 |
TOTAL LIABILITIES | 133,080 | 168,441 |
STOCKHOLDERS' EQUITY: | ||
Capital in excess of par value | 131,986 | 128,800 |
Retained earnings | 161,512 | 153,589 |
Accumulated other comprehensive loss | (204) | (2,480) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 292,207 | 278,821 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 425,287 | 447,262 |
Class A Common Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common Stock | 26 | 26 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common Stock | $ 91 | $ 90 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Allowance for doubtful accounts for accounts receivable, current | $ 283 | $ 267 |
Accumulated depreciation of rental investment property | 14,439 | 13,632 |
Current maturities of long-term debt, related party debt | 672 | 614 |
Related party debt, Non-current | $ 7,102 | $ 7,774 |
Common stock, par value | $ 0.01 | |
Treasury Stock, Shares | 117,900 | 117,900 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,597,426 | 2,597,426 |
Common stock, shares outstanding | 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 |
Common stock, shares authorized | 17,000,000 | 17,000,000 |
Common stock, shares issued | 9,076,326 | 9,047,359 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net sales | $ 999,686 | $ 955,868 | $ 858,482 |
Cost of sales | 788,055 | 756,241 | 673,495 |
Gross profit | 211,631 | 199,627 | 184,987 |
Operating expenses: | |||
Selling expenses | 76,803 | 76,882 | 63,020 |
Administrative expenses | 44,604 | 37,657 | 36,789 |
Gain on sale of facility, net | 0 | (2,349) | 0 |
Total operating expenses | 121,407 | 112,190 | 99,809 |
Income from operations | 90,224 | 87,437 | 85,178 |
Other expense: | |||
Interest expense including $788, $788 and $653 to related parties, respectively | 2,159 | 1,921 | 1,441 |
Rental and miscellaneous expense, net | 1,321 | 1,347 | 1,399 |
Pension expense (excluding service costs) | 1,394 | 2,473 | 2,519 |
Total other expense, net | 4,874 | 5,741 | 5,359 |
Income before income taxes | 85,350 | 81,696 | 79,819 |
Income tax expense | 22,493 | 19,909 | 20,078 |
Net income | 62,857 | 61,787 | 59,741 |
Other comprehensive income (loss), net of tax: | |||
Amortization of prior service cost and actuarial loss included in net periodic pension cost | 21 | 1,077 | 1,229 |
Net actuarial gain (loss) arising during the period | 2,255 | 5,468 | (1,624) |
Other comprehensive income (loss), net of tax | 2,276 | 6,545 | (395) |
Comprehensive income | $ 65,133 | $ 68,332 | $ 59,346 |
Net income per common share — basic | $ 5.43 | $ 5.36 | $ 5.19 |
Net income per common share — diluted | 5.4 | 5.33 | 5.17 |
Cash dividends declared per share | $ 4.75 | $ 3 | $ 5 |
Weighted average shares outstanding — basic | 11,576,852 | 11,537,699 | 11,500,494 |
Weighted average shares outstanding — diluted | 11,642,046 | 11,593,949 | 11,559,280 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Expense | $ 2,159 | $ 1,921 | $ 1,441 |
Related Party [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest Expense | $ 750 | $ 788 | $ 653 |
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. 25, 2020 | $ 238,238 | $ 123,899 | $ 124,058 | $ (8,630) | $ (1,204) | $ 26 | $ 89 |
Balance, Shares at Jun. 25, 2020 | 2,597,426 | 8,939,890 | |||||
Net Income (Loss) | 59,741 | 59,741 | |||||
Cash dividends | (57,463) | 57,463 | |||||
Pension liability amortization, net of income tax expense | 1,229 | 1,229 | |||||
Pension liability adjustment, net of income tax expense | (1,624) | (1,624) | |||||
Equity award exercises, net of shares withheld for employee taxes | (535) | (536) | $ 1 | ||||
Equity award exercises, net of shares withheld for employee taxes, shares | 48,922 | ||||||
Stock-based compensation expense | 2,908 | 2,908 | |||||
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 (Loss) | 61,787 | 61,787 | |||||
Cash dividends | (34,534) | 34,534 | |||||
Pension liability amortization, net of income tax expense | 1,077 | 1,077 | |||||
Pension liability adjustment, net of income tax expense | 5,468 | 5,468 | |||||
Equity award exercises, net of shares withheld for employee taxes | (1,036) | (1,036) | $ 0 | ||||
Equity award exercises, net of shares withheld for employee taxes, shares | 58,547 | ||||||
Stock-based compensation expense | 3,565 | 3,565 | |||||
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 (Loss) | 62,857 | 62,857 | |||||
Cash dividends | (54,934) | 54,934 | |||||
Pension liability amortization, net of income tax expense | 21 | 21 | |||||
Pension liability adjustment, net of income tax expense | 2,255 | 2,255 | |||||
Equity award exercises, net of shares withheld for employee taxes | (378) | (379) | $ 1 | ||||
Equity award exercises, net of shares withheld for employee taxes, shares | 28,967 | ||||||
Stock-based compensation expense | 3,565 | 3,565 | |||||
Balance at Jun. 29, 2023 | $ 292,207 | $ 131,986 | $ 161,512 | $ 204 | $ (1,204) | $ 26 | $ 91 |
Balance, Shares at Jun. 29, 2023 | 2,597,426 | 9,076,326 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 4.75 | $ 3 | $ 5 |
Pension liability amortization income tax expense | $ 7 | $ 378 | $ 432 |
Pension liability adjustment income tax (benefit) expense | $ 752 | $ 1,922 | $ 571 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 62,857 | $ 61,787 | $ 59,741 |
Depreciation and amortization | 20,513 | 18,286 | 18,308 |
Loss (gain) on disposition of properties, net | 281 | (1,753) | (2,717) |
Deferred income tax expense | (1,115) | 551 | 840 |
Stock-based compensation expense | 3,565 | 3,565 | 2,908 |
Loss on previously held equity interest | 1,000 | 0 | 0 |
Change in assets and liabilities: | |||
Accounts receivable, net | (3,123) | (3,277) | (9,391) |
Inventories | 32,159 | (56,857) | 24,070 |
Prepaid expenses and other current assets | 1,471 | 285 | (253) |
Accounts payable | (5,036) | (94) | 11,442 |
Accrued expenses | 10,915 | (4,641) | (1,487) |
Income taxes receivable/payable | (104) | (1,841) | (2,302) |
Other long-term liabilities | 4,618 | (964) | (765) |
Other long-term assets | (4,653) | 1,745 | 1,481 |
Other, net | 1,307 | 2,812 | 2,822 |
Net cash provided by operating activities | 124,655 | 19,604 | 104,697 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (20,732) | (17,754) | (25,176) |
Acquisition of Just the Cheese brand | (3,500) | 0 | 0 |
Proceeds from insurance recoveries | 0 | 0 | 2,506 |
Proceeds from dispositions of assets, net | 1 | 3,950 | 299 |
Proceeds from the sale of life insurance policies | 0 | 3,225 | 0 |
Other, net | (56) | (797) | (579) |
Net cash used in investing activities | (24,287) | (11,376) | (22,950) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net short-term (repayments) borrowings | (40,439) | 31,786 | (18,355) |
Principal payments on long-term debt | (3,154) | (3,822) | (5,309) |
Increase (decrease) in bank overdraft | 71 | (879) | (948) |
Dividends paid | (54,934) | (34,534) | (57,463) |
Taxes paid related to net share settlement of equity awards | (379) | (1,036) | (535) |
Net cash used in financing activities | (98,835) | (8,485) | (82,610) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,533 | (257) | (863) |
Cash and cash equivalents, beginning of period | 415 | 672 | 1,535 |
Cash and cash equivalents, end of period | 1,948 | 415 | 672 |
Interest paid | 2,116 | 1,742 | 1,319 |
Income taxes paid, excluding refunds of $139, $545, and $18, respectively | $ 23,427 | $ 21,278 | $ 21,967 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Statement of Cash Flows [Abstract] | |||
Income taxes paid, refunds | $ 120 | $ 139 | $ 545 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 62,857 | $ 61,787 | $ 59,741 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Jun. 29, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation and Description of Business Our consolidated financial statements include the accounts of John B. Sanfilippo & Son, Inc., and our wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the last Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). However, the fiscal year ended June 30, 2022 consisted of fifty-three weeks with our fourth quarter containing fourteen weeks. The accompanying consolidated financial statements and related footnotes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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, snack bites, nutrition bars, 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. Management Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include reserves for customer deductions, the quantity of bulk inventories, the evaluation of recoverability of long-lived assets and the assumption used in estimating the annual discount rate utilized in determining the retirement plan liability. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on-hand and may periodically include money market instruments that are highly liquid investments. Cash and cash equivalents are carried at cost, which approximates fair value. Accounts Receivable Accounts receivable are stated at the amounts charged to customers, less allowances for doubtful accounts and reserves for estimated cash discounts and customer deductions. The allowance for doubtful accounts is calculated by specifically identifying customers that are credit risks and estimating the extent that other non-specifically identified customers will become credit risks. Account balances are charged off against the allowance when we conclude that it is probable the receivable will not be recovered. The reserve for estimated cash discounts is based on historical experience. The reserve for customer deductions represents known customer short payments and an estimate of future credit memos that will be issued to customers related to rebates and allowances for marketing and promotions based on agreed upon programs and historical experience. Inventories Inventories, which consist principally of inshell bulk-stored nuts, shelled nuts, dried fruit and processed and packaged nut products, are stated at the lower of cost (first-in, first-out) and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventory costs are reviewed at least quarterly. Fluctuations in the market price of pecans, peanuts, walnuts, almonds, cashews and other nuts may affect the value of inventory, gross profit and gross profit margin. When net realizable values move below costs, we record adjustments to write down the carrying values of inventories to the lower of cost (first-in, first-out) and net realizable value. The results of our shelling process can also result in changes to inventory costs, such as adjustments made pursuant to actual versus expected crop yields. We maintain significant inventories of bulk-stored inshell pecans, peanuts and walnuts. Quantities of inshell bulk-stored nuts are determined based on our inventory systems and are subject to quarterly physical verification techniques including observation, weighing and other methods. The quantities of each crop year bulk-stored nut inventories are generally shelled out over a ten to fifteen-month period, at which time revisions to any estimates, which historically averaged less than 1.0 % of inventory purchases, are also recorded. We enter into walnut purchase agreements with growers typically in our first fiscal quarter, under which they deliver their walnut crop to us during the fall harvest season (which typically occurs in our first and second fiscal quarters). Pursuant to our walnut purchase agreements, we determine the final price for this inventory after receipt and typically by the end of our third fiscal quarter. Since the ultimate purchase price to be paid is determined subsequent to receiving the walnut crop, we typically estimate the final purchase price for our first and second quarter interim financial statements based on crop size, quality, current market prices and other factors. Any such changes in estimates, which could be significant, are accounted for in the period of change by adjusting inventory on hand or cost of goods sold if the inventory has been sold. Changes in estimates may affect the ending inventory balances, as well as gross profit. There were no significant adjustments recorded in any of the periods presented. Property, Plant and Equipment Property, plant and equipment are stated at cost. Major improvements that extend the useful life, add capacity or add functionality are capitalized and charged to expense through depreciation. Repairs and maintenance costs are charged to expense as incurred. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any gain or loss is recognized currently in operating income. Depreciation expense for the last three fiscal years is as follows: Year Ended Year Ended Year Ended Depreciation expense $ 18,746 $ 16,390 $ 16,144 Cost is depreciated using the straight-line method over the following estimated useful lives: Classification Estimated Useful Lives Buildings 10 to 40 years Machinery and equipment 5 to 10 years Furniture and leasehold improvements 5 to 10 years Vehicles 3 to 5 years Computers and software 3 to 10 years No interest costs were capitalized for the last three fiscal years due to the lack of any significant project requiring such capitalization. Business Combinations We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Segment Reporting We operate in a single reporting unit and operating segment that consists of selling various nut and nut related products through three distribution channels. Impairment of Long-Lived Assets We review held and used long-lived assets, including our rental investment property and amortizable identifiable intangible assets (e.g., customer relationships and brand names), to assess recoverability from projected undiscounted cash flows whenever events or changes in facts and circumstances indicate that the carrying value of the assets may not be recoverable. When such events occur, we compare the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of the long-lived asset or asset group. The cash flows are based on our best estimate of future cash flows derived from the most recent business projections. If this comparison indicates there is an impairment, the carrying value of the asset is reduced to its estimated fair value. We did no t record any impairment of long-lived assets for the last three fiscal years. Goodwill Goodwill currently represents the excess of the purchase price over the fair value of the net assets from our acquisition of Squirrel Brand, L.P. which closed in November 2017 and our acquisition of the Just the Cheese brand which closed in December 2022. Goodwill is no t amortized, but is tested annually as of the last day of each fiscal year for impairment, or whenever events or changes in circumstances indicate it is more likely than not that the carrying amount of the reporting unit is greater than its fair value. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which we operate, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of our single reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of our single reporting unit are identified (similar to impairment indicators above). During fiscal 2023, we elected to perform a qualitative impairment test which showed no indicators of goodwill impairment. Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of our single reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. The inputs used to estimate fair value include several subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value and time horizon of cash flow forecasts. Our market capitalization is also an estimate of fair value that is considered in our qualitative impairment analysis which is a level 1 input in the fair value hierarchy. If the carrying value of our single reporting unit exceeds its fair value, we recognize an impairment loss equal to the difference between the carrying value and estimated fair value. Elgin Rental Property In April 2005, we acquired property to be used for the Elgin Site. Two buildings are located on the Elgin Site, one of which is an office building. Approximately 69 % of the rentable area in the office building is currently vacant. Approximately 29 % of the rentable area has not been built-out. The other building, a warehouse, was expanded and modified for use as our principal processing facility and headquarters. The allocation of the purchase price to the two buildings was determined through a third-party appraisal. The value assigned to the office building is included in rental investment property on the balance sheet. The value assigned to the warehouse building is included in the caption “Property, plant and equipment”. The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. See Note 4 — “Leases” below for additional information. Fair Value of Financial Instruments Authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) 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, cash equivalents, trade accounts receivable and accounts payable approximate their fair values at June 29, 2023 and June 30, 2022 because of the short-term maturities and nature of these balances. The carrying value of our Credit Facility (as defined in Note 7 — “Revolving Credit Facility” below) borrowings approximates fair value at June 29, 2023 because interest rates on this instrument approximate current market rates (Level 2 criteria), 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: June 29, June 30, Carrying value of current and long-term debt: $ 7,774 $ 10,927 Fair value of current and long-term debt: 7,421 11,179 The estimated fair value of our current and 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. Revenue Recognition The Company records revenue based on a five-step model in accordance with ASC Topic 606, Revenue from Contracts with Customers . The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services. We sell our products under some arrangements which include customer contracts that fix the sales price for periods, which typically can be up to one year for some commercial ingredient customers. We also sell our products through specific programs consisting of promotion allowances, volume and customer rebates and marketing allowances, among others, to consumer and some commercial ingredient users. We recognize revenues as performance obligations are fulfilled, which occurs when control passes to our customers. We report all amounts billed to a customer in a sale transaction as revenue, including those amounts related to shipping and handling. We reduce revenue for estimated promotion allowances, volume and customer rebates and marketing allowances, among others. These reductions in revenue are considered variable consideration and are recorded in the same period the related sales are recorded. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. See Note 3 — “Revenue Recognition” below for additional information on revenue recognition. Significant Customers and Concentration of Credit Risk The highly competitive nature of our business provides an environment for the loss of customers and the opportunity to gain new customers. We are subject to concentrations of credit risk, primarily in trade accounts receivable, and we attempt to mitigate this risk through our credit evaluation process, collection terms and through geographical dispersion of sales. Sales to two customers exceeded 10 % of net sales during fiscal 2023, fiscal 2022 and fiscal 2021 . In total, sales to these customers represented approximately 51 %, 49 % and 48 % of our net sales in fiscal 2023, fiscal 2022 and fiscal 2021 , respectively. In total, net accounts receivable from these customers were 45 % and 43 % of net accounts receivable at June 29, 2023 and June 30, 2022 , respectively. Marketing and Advertising Costs Marketing and advertising costs, including consumer insight research and related consulting expenses, are incurred to promote and support branded products primarily in the consumer distribution channel. These costs are generally expensed as incurred, recorded in selling expenses and were as follows for the last three fiscal years: Year Ended Year Ended Year Ended Marketing and advertising expense $ 13,947 $ 13,964 $ 9,172 Shipping and Handling Costs Shipping and handling costs, which include freight and other expenses to prepare finished goods for shipment, are included in selling expenses. Shipping and handling costs for the last three fiscal years were as follows: Year Ended Year Ended Year Ended Shipping and handling costs $ 30,918 $ 33,851 $ 26,456 Research and Development Expenses Research and development expense represents the cost of our research and development personnel and their related expenses and is charged to selling expenses as incurred. Research and development expenses for the last three fiscal years were as follows: Year Ended Year Ended Year Ended Research and development expense $ 3,362 $ 2,833 $ 2,000 Stock-Based Compensation We account for stock-based employee compensation arrangements in accordance with the provisions of ASC Topic 718, Compensation — Stock Compensation , by calculating compensation cost based on the grant date fair value. We then amortize compensation expense over the vesting period. The grant date fair value of restricted stock units (“RSUs”) is generally determined based on the market price of our Common Stock on the date of grant. Forfeitures are recognized as they occur, and excess tax benefits or tax deficiencies are recognized as a component of income tax expense. Income Taxes We account for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been reported in our financial statements or tax returns. Such items give rise to differences in the financial reporting and tax basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized. In estimating future tax consequences, we consider all expected future events other than changes in tax law or rates. We record liabilities for uncertain income tax positions based on a two-step process. The first step is recognition, where we evaluate whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, no tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, we perform the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from our estimates. In future periods, changes in facts, circumstances, and new information may require us to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. We recognize interest and penalties accrued related to unrecognized tax benefits in the “Income tax expense” caption in the Consolidated Statement of Comprehensive Income. We evaluate the realization of deferred tax assets by considering our historical taxable income and future taxable income based upon the reversal of deferred tax liabilities. As of June 29, 2023 , we believe that our deferred tax assets are fully realizable. Earnings per Share Basic earnings per common share are calculated using the weighted average number of shares of Common Stock and Class A Stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock. The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: Year Ended Year Ended Year Ended Weighted average number of shares outstanding — basic 11,576,852 11,537,699 11,500,494 Effect of dilutive securities: Stock options and restricted stock units 65,194 56,250 58,786 Weighted average number of shares outstanding — diluted 11,642,046 11,593,949 11,559,280 There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented. Comprehensive Income We account for comprehensive income in accordance with ASC Topic 220, Comprehensive Income . This topic establishes standards for reporting and displaying comprehensive income and its components in a full set of general-purpose financial statements. The topic requires that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. This topic also requires all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This guidance also requires presentation by the respective line items of net income, either on the face of the statement where net income is presented or in the notes and information about significant amounts required under U.S. GAAP to be reclassified out of accumulated other comprehensive income in their entirety. For amounts not required to be reclassified in their entirety to net income, we provide a cross-reference to other disclosures that offer additional details about those amounts. Recent Accounting Pronouncements There were no recent accounting pronouncements adopted in the current fiscal year. There are no recent accounting pronouncements that have not yet been adopted. |
Acquisition of Just the Cheese
Acquisition of Just the Cheese Brand | 12 Months Ended |
Jun. 29, 2023 | |
Business Combinations [Abstract] | |
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 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 provides 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 produ cts which we are amortizing over a life of 2.3 years. 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 2022) 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 | 12 Months Ended |
Jun. 29, 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. Nature of Products We manufacture and sell the following: • branded products under our own proprietary brands to retailers on a national basis; • private label products to retailers, such as supermarkets, mass merchandisers, and specialty retailers, for resale under the retailers’ own or controlled labels; • private label and branded products to the foodservice industry, including foodservice distributors and national restaurant operators; • branded products under co-pack agreements to other major branded companies for their distribution; and • products to our industrial customer base for repackaging in portion control packages and for use as ingredients by other food manufacturers. 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, as the customer can 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. The performance obligations in our contracts are satisfied within one year, and typically much less. As such, we have not disclosed the transaction price allocated to remaining performance obligations for any periods presented. Significant Payment Terms Our customer contracts identify the product, quantity, price, payment and final delivery terms. Payment terms usually include early pay discounts. We grant payment terms consistent with industry standards. On a limited basis some payment terms may be extended; however, no payment terms beyond six months are granted at contract inception. The average customer payment is received within approximately 32 days of the invoice date. As a result, we do not adjust the promised amount of consideration for the effects of a significant financing component because the period between our transfer of a promised good or service to a customer and the customer’s payment for that good or service will be six months or less. Shipping All shipping and handling costs associated with outbound freight are accounted for as fulfillment costs and are included in selling expense. Variable Consideration Some of our products are sold through specific incentive programs consisting of promotional allowances, volume and customer rebates, in-store display incentives and marketing allowances, among others, 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. Product Returns While customers generally have the right to return defective or non-conforming products, past experience has demonstrated that product returns have generally been immaterial. Customer remedies may include either a cash refund or an exchange of the returned product. As a result, the right of return and related refund liability for non-conforming or defective goods is estimated and recorded as a reduction in revenue, if necessary. 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. C ontract Costs The Company does not incur significant fulfillment costs requiring capitalization. Disaggregation of Revenue Revenue disaggregated by distribution channel is as follows: For the Year Ended Distribution Channel June 29, June 30, June 24, Consumer $ 785,646 $ 749,895 $ 686,049 Commercial Ingredients 123,094 120,577 92,911 Contract Packaging 90,946 85,396 79,522 Total $ 999,686 $ 955,868 $ 858,482 |
Leases
Leases | 12 Months Ended |
Jun. 29, 2023 | |
Leases [Abstract] | |
Leases | NOTE 4 — 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 5.4 years. It is our accounting policy not to apply lease recognition requirements to short-term leases, 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 Sheet. 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: June 29, June 30, Affected Line Item in Consolidated Assets Operating lease right-of-use assets $ 6,427 $ 2,303 Operating lease right-of-use assets Total lease right-of-use assets $ 6,427 $ 2,303 Liabilities Current: Operating leases $ 1,729 $ 1,258 Other accrued expenses Noncurrent: Operating leases 4,771 1,076 Long-term operating lease liabilities Total lease liabilities $ 6,500 $ 2,334 The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions: Year Ended Year Ended Year Ended Operating lease costs (a) $ 2,215 $ 1,858 $ 1,841 Variable lease costs (b) 208 141 71 Total Lease Cost $ 2,423 $ 1,999 $ 1,912 (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: Year Ended Year Ended Year Ended Operating cash flows information: Cash paid for amounts included in measurements for lease $ 1,804 $ 1,565 $ 1,562 Non-cash activity: Right-of-use assets obtained in exchange for new operating $ 5,749 $ 244 $ 574 June 29, June 30, Weighted Average Remaining Lease Term (in years) 4.4 2.3 Weighted Average Discount Rate 6.7 % 4.3 % Maturities of operating lease liabilities as of June 29, 2023 are as follows: Fiscal Year Ending June 27, 2024 $ 2,103 June 26, 2025 1,631 June 25, 2026 1,426 June 24, 2027 1,190 June 29, 2028 1,026 Thereafter 140 Total lease payments 7,516 Less imputed interest ( 1,016 ) Present value of operating lease liabilities $ 6,500 At June 29, 2023 , the Company has additional operating leases of approximately $ 380 that have not yet commenced and therefore are not reflected in the Consolidated Balance Sheet and tables above. The leases are scheduled to commence in the first half of fiscal 2024 with an initial lease term ranging from 5 to 6 years. 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: Year Ended Year Ended Year Ended Lease income related to lease payments $ 1,651 $ 1,665 $ 1,827 The future minimum, undiscounted fixed cash flows under non-cancelable tenant operating leases for each of the next five years and thereafter is presented below. Fiscal Year Ending June 27, 2024 $ 2,023 June 26, 2025 1,473 June 25, 2026 972 June 24, 2027 930 June 29, 2028 328 Thereafter 1,814 $ 7,540 |
Inventories
Inventories | 12 Months Ended |
Jun. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 5 — INVENTORIES Inventories consist of the following: June 29, June 30, Raw material and supplies $ 65,430 $ 77,558 Work-in-process and finished goods 107,506 127,297 $ 172,936 $ 204,855 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 6 – GOODWILL AND INTANGIBLE ASSETS Intangible assets subject to amortization consist of the following: June 29, 2023 June 30, 2022 Customer relationships $ 21,350 $ 21,100 Non-compete agreements 300 270 Brand names 17,070 16,990 Total intangible assets, gross 38,720 38,360 Less accumulated amortization: Customer relationships ( 19,834 ) ( 18,795 ) Non-compete agreements ( 273 ) ( 248 ) Brand names ( 11,955 ) ( 11,252 ) Total accumulated amortization ( 32,062 ) ( 30,295 ) Net intangible assets $ 6,658 $ 8,065 Customer relationships relate to the Just the Cheese brand acquisition completed in fiscal 2023, the Squirrel Brand acquisition completed in fiscal 2018 and the Orchard Valley Harvest (“OVH”) acquisition completed in fiscal 2010. The customer relationships resulting from the OVH acquisition were fully amortized in fiscal 2017. The brand names consist primarily of the Squirrel Brand and Southern Style Nuts brand names acquired in fiscal 2018 and the Fisher brand name, which we acquired in a 1995 acquisition. The Fisher brand name was fully amortized in fiscal 2011. The remainder of the brand name relates to Just the Cheese brand acquisition completed in fiscal 2023 and the OVH acquisition, which was fully amortized in fiscal 2015. Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was as follows for the last three fiscal years: Year Ended Year Ended Year Ended Amortization of intangible assets $ 1,767 $ 1,896 $ 2,164 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 is based on the final valuation report with respect to such intangible assets. Our net goodwill at June 30, 2022 was comprised of $ 9,650 from the Squirrel Brand acquisition completed in fiscal 2018. Our net goodwill at June 29, 2023 includes an additional $ 2,100 from the Just the Cheese brand acquisition completed in fiscal 2023. The changes in the carrying amount of goodwill during the two fiscal years ended June 29, 2023 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 June 29, 2023 $ 11,750 |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Jun. 29, 2023 | |
Revolving Credit Facility [Abstract] | |
Revolving Credit Facility | NOTE 7 — REVOLVING CREDIT FACILITY On March 5, 2020, we entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”), which amended and restated our Credit Agreement dated as of February 7, 2008 (the “Former Credit Agreement”). The Amended and Restated Credit Agreement provides for a $ 117,500 senior secured revolving credit facility (the “Credit Facility”) with the same borrowing capacity, interest rates and applicable margin as the Former Credit Agreement and extends the term of the Former Credit Agreement from July 7, 2021 to March 5, 2025. The Credit Facility is secured by substantially all our assets other than machinery and equipment, real property and fixtures. On May 8, 2023, we entered into the First Amendment to our Credit Facility (the "First Amendment") which replaced the London interbank offered rate (LIBOR) interest rate option with the Secured Overnight Financing Rate ("SOFR"). The First Amendment updated the accrued interest rate to a rate based on SOFR plus an applicable margin based upon the borrowing base calculation, ranging from 1.35 % to 1.85 %. At June 29, 2023 there were no borrowings on the line of credit under the Credit Facility and thus no applicable interest rate on the borrowings. At June 29, 2023 and June 30, 2022 , our unused letters of credit were $ 5,810 and $ 4,814 , respectively. At June 30, 2022, the weighted average interest rate for the Credit Facility was 3.41 % . The terms of the Credit Facility contain covenants that require us to restrict investments, indebtedness, acquisitions and certain sales of assets, cash dividends, redemptions of capital stock and prepayment of indebtedness (if such prepayment, among other things, is of a subordinate debt). If loan availability under the Borrowing Base Calculation falls below $ 25,000 , we will be required to maintain a specified fixed charge coverage ratio, tested on a monthly basis. All cash received from customers is required to be applied against the Credit Facility. The Bank Lenders are entitled to require immediate repayment of our obligations under the Credit Facility in the event of default on the payments required under the Credit Facility, a change in control in the ownership of the Company, non-compliance with the financial covenant or upon the occurrence of certain other defaults by us under the Credit Facility (including a default under the Mortgage Facility). As of June 29, 2023, we were in compliance with the financial covenant under the Credit Facility and we currently expect to be in compliance with the financial covenant in the Credit Facility for the next twelve months. At June 29, 2023, we had $ 113,310 of available credit under the Credit Facility, which reflects no borrowings and reduced availability as a result of $ 4,190 in outstanding letters of credit. We would still be in compliance with all restrictive covenants under the Credit Facility if this entire amount were borrowed. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jun. 29, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 8 — LONG-TERM DEBT Long-term debt consists of the following: June 29, June 30, Mortgage Facility (“Tranche A”), collateralized by real property, 230 including interest at 4.25 % March 1, 2023 $ — $ 2,031 Mortgage Facility (“Tranche B”), collateralized by real property, 57 including interest at 4.25 % March 1, 2023 — 508 Selma, Texas facility financing obligation to related parties, 114 including interest at 9.25 % September 1, 2026 7,774 8,388 Unamortized debt issuance costs — ( 4 ) 7,774 10,923 Less: Current maturities, net of unamortized debt issuance costs ( 672 ) ( 3,149 ) Total long-term debt, net of unamortized debt issuance costs $ 7,102 $ 7,774 On February 7, 2008, we entered into a Loan Agreement with an insurance company (the “Mortgage Lender”) providing us with two term loans, one in the amount of $ 36,000 (“Tranche A”) and the other in the amount of $ 9,000 (“Tranche B”), for an aggregate amount of $ 45,000 (the “Mortgage Facility”). The Mortgage Facility was secured by mortgages on essentially all of our owned real property located in Elgin, Illinois and Gustine, California (the “Encumbered Properties”). The Mortgage Facility was repaid in full in the third quarter of fiscal 2023 and the related mortgages on our owned real property located in Elgin, Illinois and Gustine, California have been released. In September 2006, we sold our Selma, Texas properties to two related party partnerships for $ 14,300 and are leasing them back. The selling price was determined by an independent appraiser to be the fair market value which also approximated our carrying value. The lease for the Selma, Texas properties had an initial ten-year term at a fair market value rent with three five-year renewal options . In September 2015, we signed a lease renewal which exercised two five-year renewal options and extended the term of our Selma lease to September 18, 2026 . The lease extension also reduced the base monthly lease amount to $ 103 , beginning in September 2016. At the end of each five-year renewal option, the base monthly lease amounts are reassessed, and the monthly payments increased to $ 114 beginning in September 2021. One five-year renewal option remains. Also, we currently have the option to purchase the properties from the lessor at 95 % ( 100 % in certain circumstances) of the then fair market value, but not to be less than the $ 14,300 purchase price. The financing obligation is being accounted for similar to the accounting for a capital lease, whereby the purchase price was recorded as a debt obligation, as the provisions of the arrangement are not eligible for sale-leaseback accounting. The balance of the debt obligation outstanding at June 29, 2023 was $ 7,774 . Aggregate maturities of long-term debt are as follows: Fiscal Year Ending June 27, 2024 $ 672 June 26, 2025 737 June 25, 2026 809 June 24, 2027 887 June 29, 2028 972 Thereafter 3,697 $ 7,774 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 — INCOME TAXES The provision for income taxes is based entirely on income before income taxes earned in the United States, and is as follows for the last three fiscal years: For the Year Ended June 29, June 30, June 24, Current: Federal $ 18,393 $ 14,347 $ 15,228 State 5,215 5,011 4,010 Total current expense 23,608 19,358 19,238 Deferred: Deferred federal ( 1,164 ) 1,519 891 Deferred state 49 ( 968 ) ( 51 ) Total deferred (benefit) expense ( 1,115 ) 551 840 Total income tax expense $ 22,493 $ 19,909 $ 20,078 The reconciliations of income taxes at the statutory federal income tax rate to income tax expense reported in the Consolidated Statements of Comprehensive Income for the last three fiscal years are as follows: June 29, June 30, June 24, Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 4.9 3.7 3.9 Section 162(m) limitation 0.7 0.6 1.1 Research and development tax credit ( 0.3 ) ( 0.4 ) ( 0.5 ) Share-based compensation shortfall expense (windfall benefit) 0.1 ( 0.7 ) ( 0.4 ) Uncertain tax positions 0.1 0.1 0.1 Other ( 0.1 ) 0.1 — Effective tax rate 26.4 % 24.4 % 25.2 % Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement basis and the tax basis of assets and liabilities using enacted statutory tax rates applicable to future years. Deferred tax assets and liabilities are comprised of the following: June 29, June 30, Deferred tax assets (liabilities): Accounts receivable $ 346 $ 368 Employee compensation 1,866 1,499 Inventory 371 295 Depreciation ( 14,303 ) ( 13,732 ) Capitalized leases 1,140 1,196 Goodwill and intangible assets 1,474 2,046 Retirement plan 7,004 7,673 Workers’ compensation 1,950 2,048 Share based compensation 1,642 1,472 Research related expenditures 1,549 — Other 553 371 Net deferred tax asset $ 3,592 $ 3,236 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of the character necessary during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax-planning strategies in making this assessment. If or when recognized, the tax benefits relating to any reversal of the valuation allowance will be recognized as a reduction of income tax expense. For the years ending June 29, 2023 and June 30, 2022, unrecognized tax benefits and accrued interest and penalties were $ 448 and $ 381 . Accrued interest and penalties related to uncertain tax positions are not material for any periods presented. Interest and penalties within income tax expense were not material for any period presented. The total gross amounts of unrecognized tax benefits were $ 463 and $ 390 at June 29, 2023 and June 30, 2022, respectively. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: June 29, June 30, June 24, Beginning balance $ 390 $ 326 $ 203 Gross increases — tax positions in prior year 32 1 49 Gross decreases — tax positions in prior year — — — Settlements ( 36 ) — — Gross increases — tax positions in current year 127 110 110 Lapse of statute of limitations ( 50 ) ( 47 ) ( 36 ) Ending balance $ 463 $ 390 $ 326 Unrecognized tax benefits, that if recognized, would affect the annual effective tax rate on income from continuing operations, are as follows: June 29, June 30, June 24, Unrecognized tax benefits that would affect annual effective $ 439 $ 373 $ 311 During fiscal 2023, the change in unrecognized tax benefits due to statute expiration was not material. We do not anticipate that total unrecognized tax benefits will significantly change in the next twelve months. We file income tax returns with federal and state tax authorities within the United States of America. Our federal tax returns are open for audit for fiscal 2020 through 2022 . Our Illinois tax returns are under audit for fiscal 2021 . Our Illinois tax return for fiscal 2022 is open for audit. Our California tax returns for fiscal 2019 through 2022 are open for audit. No other tax jurisdictions are material to us. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 — COMMITMENTS AND CONTINGENCIES Litigation 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 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 money 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. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 29, 2023 | |
Equity, Attributable to Parent [Abstract] | |
Stockholders' Equity | NOTE 11 — STOCKHOLDERS’ EQUITY Our Class A Common Stock, $ .01 par value (the “Class A Stock”), has cumulative voting rights with respect to the election of those directors which the holders of Class A Stock are entitled to elect, and 10 votes per share on all other matters on which holders of our Class A Stock and Common Stock are entitled to vote, with the exception of election of the directors for which the holders of Common Stock are eligible to elect. In addition, each share of Class A Stock is convertible at the option of the holder at any time into one share of Common Stock and automatically converts into one share of Common Stock upon any sale or transfer other than to related individuals or certain other events as set forth in our Restated Certificate of Incorporation. Each share of our Common Stock, $ .01 par value (the “Common Stock”) has noncumulative voting rights of one vote per share. The Class A Stock and the Common Stock are entitled to share equally, on a share-for-share basis, in any cash dividends declared by the Board of Directors, and the holders of the Common Stock are entitled to elect 25 %, rounded up to the nearest whole number, of the members comprising the Board of Directors. During fiscal 2017, our Board of Directors adopted a dividend policy under which it intends to pay an annual cash dividend on our Common Stock and Class A Stock during the first quarter of each fiscal year. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Jun. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | NOTE 12 — STOCK-BASED COMPENSATION PLANS At our annual meeting of stockholders on October 29, 2014, our stockholders approved a new equity incentive plan (the “2014 Omnibus Plan”) under which awards of options and other stock-based awards may be made to employees, officers or non-employee directors of our Company. A total of 1,000,000 shares of Common Stock are authorized for grants of awards thereunder, which may be in the form of options, restricted stock, RSUs, stock appreciation rights (“SARs”), performance shares, performance units, Common Stock or dividends and dividend equivalents. As of June 29, 2023, there were 546,654 shares of Common Stock that remained authorized for future grants of awards, subject to the limitations set below. Under the terms of the Omnibus Plan, the total number of shares of Common Stock with respect to which options or SARs may be granted in any calendar year to any participant may not exceed 500,000 shares (this limit applies separately with respect to each type of award). Additionally, under the terms of the 2014 Omnibus Plan, for awards of restricted stock, RSUs, performance shares or other stock-based awards that are intended to qualify as performance-based compensation: (i) the total number of shares of Common Stock that may be granted in any calendar year to any participant may not exceed 250,000 shares (this limit applies separately to each type of award) and (ii) the maximum amount that may be paid to any participant for awards that are payable in cash or property other than Common Stock in any calendar year is $ 5,000 . During fiscal 2017, the Board of Directors adopted an equity grant cap which further restricted the number of awards that could be made to any one participant or in the aggregate. The equity grant cap limited the number of awards to 250,000 awards to all participants and 20,000 awards to any one participant in a fiscal year. Except as set forth in the 2014 Omnibus Plan, RSUs have vesting periods of three years for awards to employees and one year for awards to non-employee members of the Board of Directors. Recipients of RSUs have the option to defer receipt of vested shares until a specified later date, typically soon after separation from the Company. We issue new shares of Common Stock upon the vesting of RSUs. The fair value of RSUs is generally determined based on the market price of our Common Stock on the date of grant. The fair value of RSUs granted for the years ended June 29, 2023, June 30, 2022 and June 24, 2021 was $ 4,769 , $ 4,065 and $ 3,829 , respectively. The following is a summary of RSU activity for the year ended June 29, 2023: Restricted Stock Units Shares Weighted- Outstanding at June 30, 2022 142,239 $ 70.42 Granted 64,351 $ 74.11 Vested (a) ( 33,607 ) $ 88.62 Forfeited ( 17,971 ) $ 71.60 Outstanding at June 29, 2023 155,012 $ 67.87 (a) The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements. At June 29, 2023 there were 38,907 RSUs outstanding that were vested but deferred. At June 30, 2022 there were 23,705 RSUs outstanding that were vested but deferred. The non-vested RSUs at June 29, 2023 will vest over a weighted-average period of 1.4 years. The fair value of RSUs that vested for the years ended June 29, 2023, June 30, 2022 and June 24, 2021 was $ 2,978 , $ 3,274 and $ 2,706 , respectively. The following table summarizes compensation cost charged to earnings for all equity compensation plans and the total income tax benefit recognized for the last three fiscal years: Year Ended Year Ended Year Ended Compensation cost charged to earnings $ 3,565 $ 3,565 $ 2,908 Income tax benefit recognized 891 891 727 At June 29, 2023, there was $ 4,133 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under our stock-based compensation plans. We expect to recognize that cost over a weighted-average period of 1.4 years. |
Cash Dividends
Cash Dividends | 12 Months Ended |
Jun. 29, 2023 | |
Text Block [Abstract] | |
Cash Dividends | NOTE 13 — CASH DIVIDENDS Our Board of Directors declared and we paid the following cash dividends in fiscal 2023 and fiscal 2022: Declaration Date Record Date Dividend Per Total Payment Date May 2, 2023 June 1, 2023 $ 1.50 $ 17,381 June 22, 2023 November 3, 2022 December 2, 2022 $ 1.00 $ 11,572 December 21, 2022 July 7, 2022 August 12, 2022 $ 2.25 $ 25,981 August 31, 2022 July 8, 2021 August 10, 2021 $ 3.00 $ 34,534 August 25, 2021 (a) The dividends declared on July 8, 2021 and July 7, 2022 include both the annual and special dividend declared on such date. On July 18, 2023 , our Board of Directors declared a special cash dividend of $ 1.20 per share and a regular annual cash dividend of $ 0.80 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company. Refer to Note 20 — “Subsequent Event” below. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 29, 2023 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | NOTE 14 — EMPLOYEE BENEFIT PLANS We maintain a contributory plan established pursuant to the provisions of section 401(k) of the Internal Revenue Code. The plan provides retirement benefits for all nonunion employees meeting minimum age and service requirements. We currently match 100 % of the first three percent contributed by each employee and 50 % of the next two percent contributed, up to certain maximums specified in the plan. Expense for the 401(k) plan was as follows for the last three fiscal years: Year Ended Year Ended Year Ended 401(k) plan expense $ 2,746 $ 2,204 $ 2,119 Starting in fiscal 2023 we now offer a non-qualified deferred compensation plan to provide executives with the opportunity to accumulate assets for retirement on a tax-deferred basis (the “Plan”). Participants in the Plan can defer up to 80 % of their base salary and up to 100 % of performance-based compensation. The compensation deferred under this Plan is credited with earnings and losses as determined by the rate of return of reference investments selected by the participants. Participants are fully vested in their respective deferrals and earnings. We may also make discretionary contributions, which vest three years from the crediting date, at full vesting age, or other events as defined and described in the Plan. We invest in corporate owned life insurance contracts (“COLI”) on the lives of designated individuals that are held in a Rabbi Trust (“Trust”) to fund the Plan obligations. The Trust is the owner and beneficiary of such insurance contracts. Our promise to pay amounts deferred under this Plan is an unsecured obligation. Participant’s benefits can be paid out as a lump sum or in annual installments over a term of up to 10 years . The COLI investments are recorded at cash surrender value. The cash surrender value of the life insurance contracts was $ 282 at June 29, 2023, and is included in Other Long Term Assets in the accompanying Consolidated Balance Sheets. The balances due to participants in the Plan were $ 304 as of June 29, 2023 , and are included in and Other Long Term Liabilities in the accompanying Consolidated Balance Sheets. Matching contribution expense was immaterial for the periods presented. Virtually all of our salaried employees participate in our Sanfilippo Value Added Plan (as amended, the “SVA Plan”), which is a cash incentive plan (an economic value added-based program) administered by our Compensation and Human Resources Committee. We accrue expense related to the SVA Plan in the annual period that the economic performance underlying such performance occurs. This method of expense recognition properly matches the expense associated with improved economic performance with the period the improved performance occurs on a systematic and rational basis. The SVA Plan payments, if any, are paid to participants in the first quarter of the following fiscal year. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Jun. 29, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plan | NOTE 15 — RETIREMENT PLAN The Supplemental Employee Retirement Plan (“SERP”) is an unfunded, non-qualified benefit plan that will provide eligible participants with monthly benefits upon retirement, disability or death, subject to certain conditions. Benefits paid to retirees are based on age at retirement, years of credited service, and average compensation. We use our fiscal year end as the measurement date for the obligation calculation. Accounting guidance in ASC Topic 715, Compensation — Retirement Benefits , requires the recognition of the funded status of the SERP on the Consolidated Balance Sheet. Actuarial gains or losses, prior service costs or credits and transition obligations that have not yet been recognized are recorded as a component of “Accumulated Other Comprehensive Loss” (“AOCL”). The following table presents the changes in the projected benefit obligation for the fiscal years ended: June 29, June 30, Change in projected benefit obligation Projected benefit obligation at beginning of year $ 29,511 $ 35,547 Service cost 801 991 Interest cost 1,366 1,018 Actuarial gain ( 3,007 ) ( 7,390 ) Benefits paid ( 654 ) ( 655 ) Projected benefit obligation at end of year $ 28,017 $ 29,511 The accumulated benefit obligation, which represents benefits earned up to the measurement date, was $ 25,277 and $ 25,960 at June 29, 2023 and June 30, 2022, respectively. Components of the actuarial (gain) loss are presented below for the fiscal years ended: June 29, June 30, June 24, Actuarial (Gain) Loss Change in assumed pay increases $ ( 70 ) $ 1,698 $ 3,319 Change in discount rate ( 1,584 ) ( 8,184 ) ( 1,134 ) Change in mortality assumptions — 75 ( 329 ) Other ( 1,353 ) ( 979 ) 339 Actuarial (gain) loss $ ( 3,007 ) $ ( 7,390 ) $ 2,195 The components of the net periodic pension cost are as follows for the fiscal years ended: June 29, June 30, June 24, Service cost $ 801 $ 991 $ 944 Interest cost 1,366 1,018 858 Recognized loss amortization 28 1,455 1,183 Prior service cost amortization — — 478 Net periodic pension cost $ 2,195 $ 3,464 $ 3,463 The most significant assumption related to our SERP is the discount rate used to calculate the actuarial present value of benefit obligations to be paid in the future. We used the following assumptions to calculate the benefit obligation of our SERP as of the following dates: June 29, June 30, Discount rate 5.12 % 4.68 % Average rate of compensation increases 4.50 % 4.50 % Bonus payment 45% - 110% of base, paid 4 of 5 years 45% - 110% of base, paid 4 of 5 years We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended: June 29, June 30, June 24, Discount rate 4.68 % 2.89 % 2.69 % Rate of compensation increases 4.50 % 3.38 % 3.38 % Mortality Pri-2012 white collar with MP- 2021 scale Pri-2012 white collar with MP- 2020 scale Pri-2012 white collar with MP- 2019 scale Bonus payment 45% - 110% of base, paid 4 of 5 years 45% - 110% of base, paid 4 of 5 years 60% - 95% of base, paid 4 of 5 years The assumed discount rate is based, in part, upon a discount rate modeling process that considers both high quality long-term indices and the duration of the SERP relative to the durations implicit in the broader indices. The discount rate is utilized principally in calculating the actuarial present value of our obligation and periodic expense pursuant to the SERP. To the extent the discount rate increases or decreases, our SERP obligation is decreased or increased, respectively. The following table presents the benefits expected to be paid in the next ten fiscal years: Fiscal Year 2024 $ 1,364 2025 1,046 2026 1,282 2027 1,112 2028 1,900 2029 — 2033 8,595 At June 29, 2023 and June 30, 2022, the current portion of the SERP liability was $ 1,364 and $ 625 , respectively, and recorded in the caption “Accrued payroll and related benefits” on the Consolidated Balance Sheets. The following table presents the components of AOCL that have not yet been recognized in net pension expense: June 29, June 30, Unrecognized net loss $ ( 41 ) $ ( 3,076 ) Tax effect ( 163 ) 596 Net amount unrecognized $ ( 204 ) $ ( 2,480 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 29, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 16 — ACCUMULATED OTHER COMPREHENSIVE LOSS The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the last two fiscal years. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) Year Year Balance at beginning of period $ ( 2,480 ) $ ( 9,025 ) Other comprehensive income before reclassifications 3,007 7,390 Amounts reclassified from accumulated other comprehensive loss 28 1,455 Tax effect ( 759 ) ( 2,300 ) Net current-period other comprehensive income 2,276 6,545 Balance at end of period $ ( 204 ) $ ( 2,480 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of accumulated other comprehensive loss for the last two fiscal years were as follows: Reclassifications from AOCL to earnings (b) Year Year Affected line item in the Consolidated Amortization of defined benefit pension items: Unrecognized net loss ( 28 ) ( 1,455 ) Pension expense (excluding service costs) Tax effect 7 378 Income tax expense Amortization of defined pension items, net of tax $ ( 21 ) $ ( 1,077 ) (b) Amounts in parenthesis indicate debits to expense. See Note 15 — “Retirement Plan” abo ve for additional details. |
Product Type Sales Mix
Product Type Sales Mix | 12 Months Ended |
Jun. 29, 2023 | |
Product Type Sales Mix [Abstract] | |
Product Type Sales Mix | NOTE 17 — PRODUCT TYPE SALES MIX The following table summarizes sales by product type as a percentage of total gross sales. The information is based upon gross sales, rather than net sales, because certain adjustments, such as promotional discounts, are not allocable to product types, for the fiscal year ended: Product Type June 29, June 30, June 24, Peanuts & Peanut Butter 19.0 % 18.0 % 19.3 % Pecans 11.4 10.1 10.0 Cashews & Mixed Nuts 20.7 22.6 23.3 Walnuts 5.6 5.8 6.2 Almonds 8.8 10.2 10.8 Trail & Snack Mixes 27.2 26.9 24.7 Other 7.3 6.4 5.7 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jun. 29, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | NOTE 18 — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES The following table details the activity in various allowance and reserve accounts. Description Balance at Additions Deductions Balance at June 29, 2023 Allowance for doubtful accounts $ 267 $ 54 $ ( 38 ) $ 283 Reserve for cash discounts 1,150 18,353 ( 18,403 ) 1,100 Reserve for customer deductions 6,492 31,906 ( 30,789 ) 7,609 Total $ 7,909 $ 50,313 $ ( 49,230 ) $ 8,992 June 30, 2022 Allowance for doubtful accounts $ 291 $ 122 $ ( 146 ) $ 267 Reserve for cash discounts 1,050 17,625 ( 17,525 ) 1,150 Reserve for customer deductions 6,617 30,294 ( 30,419 ) 6,492 Total $ 7,958 $ 48,041 $ ( 48,090 ) $ 7,909 June 24, 2021 Allowance for doubtful accounts $ 391 $ 203 $ ( 303 ) $ 291 Reserve for cash discounts 975 15,548 ( 15,473 ) 1,050 Reserve for customer deductions 5,477 28,516 ( 27,376 ) 6,617 Total $ 6,843 $ 44,267 $ ( 43,152 ) $ 7,958 |
Garysburg, North Carolina Facil
Garysburg, North Carolina Facility | 12 Months Ended |
Jun. 29, 2023 | |
Sale of Facility [Abstract] | |
Garysburg, North Carolina Facility | NOTE 19 — GARYSBURG, NORTH CAROLINA FACILITY In October 2019, we experienced a fire at our peanut processing facility located in Garysburg, North Carolina. During fiscal 2020, the building and roof were repaired and brought back to their original condition. We completed shelling of the 2019 peanut crop during the second quarter of fiscal 2021 and the facility was used to store and ship inshell peanuts through the remainder of fiscal 2021, at which time the Company decided to permanently cease all operations at the Garysburg 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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jun. 29, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 20 — SUBSEQUENT EVENT On July 18, 2023 , our Board of Directors declared a special cash dividend of $ 1.20 per share and a regular annual cash dividend of $ 0.80 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “August 2023 Dividends”). The August 2023 Dividends will be paid on September 13, 2023 to stockholders of record as of the close of business on August 22, 2023 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 29, 2023 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Consolidation and Description of Business | Basis of Presentation and Consolidation and Description of Business Our consolidated financial statements include the accounts of John B. Sanfilippo & Son, Inc., and our wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the last Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). However, the fiscal year ended June 30, 2022 consisted of fifty-three weeks with our fourth quarter containing fourteen weeks. The accompanying consolidated financial statements and related footnotes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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, snack bites, nutrition bars, 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. | |
Management Estimates | Management Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include reserves for customer deductions, the quantity of bulk inventories, the evaluation of recoverability of long-lived assets and the assumption used in estimating the annual discount rate utilized in determining the retirement plan liability. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on-hand and may periodically include money market instruments that are highly liquid investments. Cash and cash equivalents are carried at cost, which approximates fair value. | |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the amounts charged to customers, less allowances for doubtful accounts and reserves for estimated cash discounts and customer deductions. The allowance for doubtful accounts is calculated by specifically identifying customers that are credit risks and estimating the extent that other non-specifically identified customers will become credit risks. Account balances are charged off against the allowance when we conclude that it is probable the receivable will not be recovered. The reserve for estimated cash discounts is based on historical experience. The reserve for customer deductions represents known customer short payments and an estimate of future credit memos that will be issued to customers related to rebates and allowances for marketing and promotions based on agreed upon programs and historical experience. | |
Inventories | Inventories Inventories, which consist principally of inshell bulk-stored nuts, shelled nuts, dried fruit and processed and packaged nut products, are stated at the lower of cost (first-in, first-out) and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventory costs are reviewed at least quarterly. Fluctuations in the market price of pecans, peanuts, walnuts, almonds, cashews and other nuts may affect the value of inventory, gross profit and gross profit margin. When net realizable values move below costs, we record adjustments to write down the carrying values of inventories to the lower of cost (first-in, first-out) and net realizable value. The results of our shelling process can also result in changes to inventory costs, such as adjustments made pursuant to actual versus expected crop yields. We maintain significant inventories of bulk-stored inshell pecans, peanuts and walnuts. Quantities of inshell bulk-stored nuts are determined based on our inventory systems and are subject to quarterly physical verification techniques including observation, weighing and other methods. The quantities of each crop year bulk-stored nut inventories are generally shelled out over a ten to fifteen-month period, at which time revisions to any estimates, which historically averaged less than 1.0 % of inventory purchases, are also recorded. We enter into walnut purchase agreements with growers typically in our first fiscal quarter, under which they deliver their walnut crop to us during the fall harvest season (which typically occurs in our first and second fiscal quarters). Pursuant to our walnut purchase agreements, we determine the final price for this inventory after receipt and typically by the end of our third fiscal quarter. Since the ultimate purchase price to be paid is determined subsequent to receiving the walnut crop, we typically estimate the final purchase price for our first and second quarter interim financial statements based on crop size, quality, current market prices and other factors. Any such changes in estimates, which could be significant, are accounted for in the period of change by adjusting inventory on hand or cost of goods sold if the inventory has been sold. Changes in estimates may affect the ending inventory balances, as well as gross profit. There were no significant adjustments recorded in any of the periods presented. | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Major improvements that extend the useful life, add capacity or add functionality are capitalized and charged to expense through depreciation. Repairs and maintenance costs are charged to expense as incurred. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any gain or loss is recognized currently in operating income. Depreciation expense for the last three fiscal years is as follows: Year Ended Year Ended Year Ended Depreciation expense $ 18,746 $ 16,390 $ 16,144 Cost is depreciated using the straight-line method over the following estimated useful lives: Classification Estimated Useful Lives Buildings 10 to 40 years Machinery and equipment 5 to 10 years Furniture and leasehold improvements 5 to 10 years Vehicles 3 to 5 years Computers and software 3 to 10 years No interest costs were capitalized for the last three fiscal years due to the lack of any significant project requiring such capitalization. | |
Business Combinations | Business Combinations We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. | |
Segment Reporting | Segment Reporting We operate in a single reporting unit and operating segment that consists of selling various nut and nut related products through three distribution channels. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review held and used long-lived assets, including our rental investment property and amortizable identifiable intangible assets (e.g., customer relationships and brand names), to assess recoverability from projected undiscounted cash flows whenever events or changes in facts and circumstances indicate that the carrying value of the assets may not be recoverable. When such events occur, we compare the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of the long-lived asset or asset group. The cash flows are based on our best estimate of future cash flows derived from the most recent business projections. If this comparison indicates there is an impairment, the carrying value of the asset is reduced to its estimated fair value. We did no t record any impairment of long-lived assets for the last three fiscal years. | |
Goodwill | Goodwill Goodwill currently represents the excess of the purchase price over the fair value of the net assets from our acquisition of Squirrel Brand, L.P. which closed in November 2017 and our acquisition of the Just the Cheese brand which closed in December 2022. Goodwill is no t amortized, but is tested annually as of the last day of each fiscal year for impairment, or whenever events or changes in circumstances indicate it is more likely than not that the carrying amount of the reporting unit is greater than its fair value. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which we operate, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of our single reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of our single reporting unit are identified (similar to impairment indicators above). During fiscal 2023, we elected to perform a qualitative impairment test which showed no indicators of goodwill impairment. Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of our single reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. The inputs used to estimate fair value include several subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value and time horizon of cash flow forecasts. Our market capitalization is also an estimate of fair value that is considered in our qualitative impairment analysis which is a level 1 input in the fair value hierarchy. If the carrying value of our single reporting unit exceeds its fair value, we recognize an impairment loss equal to the difference between the carrying value and estimated fair value. | |
Elgin Rental Property | Elgin Rental Property In April 2005, we acquired property to be used for the Elgin Site. Two buildings are located on the Elgin Site, one of which is an office building. Approximately 69 % of the rentable area in the office building is currently vacant. Approximately 29 % of the rentable area has not been built-out. The other building, a warehouse, was expanded and modified for use as our principal processing facility and headquarters. The allocation of the purchase price to the two buildings was determined through a third-party appraisal. The value assigned to the office building is included in rental investment property on the balance sheet. The value assigned to the warehouse building is included in the caption “Property, plant and equipment”. The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. See Note 4 — “Leases” below for additional information. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) 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, cash equivalents, trade accounts receivable and accounts payable approximate their fair values at June 29, 2023 and June 30, 2022 because of the short-term maturities and nature of these balances. The carrying value of our Credit Facility (as defined in Note 7 — “Revolving Credit Facility” below) borrowings approximates fair value at June 29, 2023 because interest rates on this instrument approximate current market rates (Level 2 criteria), 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: June 29, June 30, Carrying value of current and long-term debt: $ 7,774 $ 10,927 Fair value of current and long-term debt: 7,421 11,179 The estimated fair value of our current and 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. | |
Revenue Recognition | Revenue Recognition The Company records revenue based on a five-step model in accordance with ASC Topic 606, Revenue from Contracts with Customers . The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services. We sell our products under some arrangements which include customer contracts that fix the sales price for periods, which typically can be up to one year for some commercial ingredient customers. We also sell our products through specific programs consisting of promotion allowances, volume and customer rebates and marketing allowances, among others, to consumer and some commercial ingredient users. We recognize revenues as performance obligations are fulfilled, which occurs when control passes to our customers. We report all amounts billed to a customer in a sale transaction as revenue, including those amounts related to shipping and handling. We reduce revenue for estimated promotion allowances, volume and customer rebates and marketing allowances, among others. These reductions in revenue are considered variable consideration and are recorded in the same period the related sales are recorded. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. See Note 3 — “Revenue Recognition” below for additional information on revenue recognition. | |
Significant Customers and Concentration of Credit Risk | Significant Customers and Concentration of Credit Risk The highly competitive nature of our business provides an environment for the loss of customers and the opportunity to gain new customers. We are subject to concentrations of credit risk, primarily in trade accounts receivable, and we attempt to mitigate this risk through our credit evaluation process, collection terms and through geographical dispersion of sales. Sales to two customers exceeded 10 % of net sales during fiscal 2023, fiscal 2022 and fiscal 2021 . In total, sales to these customers represented approximately 51 %, 49 % and 48 % of our net sales in fiscal 2023, fiscal 2022 and fiscal 2021 , respectively. In total, net accounts receivable from these customers were 45 % and 43 % of net accounts receivable at June 29, 2023 and June 30, 2022 , respectively. | |
Marketing and Advertising Costs | Marketing and Advertising Costs Marketing and advertising costs, including consumer insight research and related consulting expenses, are incurred to promote and support branded products primarily in the consumer distribution channel. These costs are generally expensed as incurred, recorded in selling expenses and were as follows for the last three fiscal years: Year Ended Year Ended Year Ended Marketing and advertising expense $ 13,947 $ 13,964 $ 9,172 | |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs, which include freight and other expenses to prepare finished goods for shipment, are included in selling expenses. Shipping and handling costs for the last three fiscal years were as follows: Year Ended Year Ended Year Ended Shipping and handling costs $ 30,918 $ 33,851 $ 26,456 | |
Research and Development Expenses | Research and Development Expenses Research and development expense represents the cost of our research and development personnel and their related expenses and is charged to selling expenses as incurred. Research and development expenses for the last three fiscal years were as follows: Year Ended Year Ended Year Ended Research and development expense $ 3,362 $ 2,833 $ 2,000 | |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based employee compensation arrangements in accordance with the provisions of ASC Topic 718, Compensation — Stock Compensation , by calculating compensation cost based on the grant date fair value. We then amortize compensation expense over the vesting period. The grant date fair value of restricted stock units (“RSUs”) is generally determined based on the market price of our Common Stock on the date of grant. Forfeitures are recognized as they occur, and excess tax benefits or tax deficiencies are recognized as a component of income tax expense. | |
Income Taxes | Income Taxes We account for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been reported in our financial statements or tax returns. Such items give rise to differences in the financial reporting and tax basis of assets and liabilities. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized. In estimating future tax consequences, we consider all expected future events other than changes in tax law or rates. We record liabilities for uncertain income tax positions based on a two-step process. The first step is recognition, where we evaluate whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, no tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, we perform the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from our estimates. In future periods, changes in facts, circumstances, and new information may require us to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. We recognize interest and penalties accrued related to unrecognized tax benefits in the “Income tax expense” caption in the Consolidated Statement of Comprehensive Income. We evaluate the realization of deferred tax assets by considering our historical taxable income and future taxable income based upon the reversal of deferred tax liabilities. As of June 29, 2023 , we believe that our deferred tax assets are fully realizable. | |
Earnings per Share | Earnings per Share Basic earnings per common share are calculated using the weighted average number of shares of Common Stock and Class A Stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock. The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: Year Ended Year Ended Year Ended Weighted average number of shares outstanding — basic 11,576,852 11,537,699 11,500,494 Effect of dilutive securities: Stock options and restricted stock units 65,194 56,250 58,786 Weighted average number of shares outstanding — diluted 11,642,046 11,593,949 11,559,280 There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented. | |
Comprehensive Income | Comprehensive Income We account for comprehensive income in accordance with ASC Topic 220, Comprehensive Income . This topic establishes standards for reporting and displaying comprehensive income and its components in a full set of general-purpose financial statements. The topic requires that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. This topic also requires all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This guidance also requires presentation by the respective line items of net income, either on the face of the statement where net income is presented or in the notes and information about significant amounts required under U.S. GAAP to be reclassified out of accumulated other comprehensive income in their entirety. For amounts not required to be reclassified in their entirety to net income, we provide a cross-reference to other disclosures that offer additional details about those amounts. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There were no recent accounting pronouncements adopted in the current fiscal year. There are no recent accounting pronouncements that have not yet been adopted. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 29, 2023 | |
Accounting Policies [Abstract] | ||
Depreciation Expense for Last Three Fiscal Years | Depreciation expense for the last three fiscal years is as follows: Year Ended Year Ended Year Ended Depreciation expense $ 18,746 $ 16,390 $ 16,144 | |
Estimated Useful Lives of Property, Plant and Equipment | Cost is depreciated using the straight-line method over the following estimated useful lives: Classification Estimated Useful Lives Buildings 10 to 40 years Machinery and equipment 5 to 10 years Furniture and leasehold improvements 5 to 10 years Vehicles 3 to 5 years Computers and software 3 to 10 years | |
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: June 29, June 30, Carrying value of current and long-term debt: $ 7,774 $ 10,927 Fair value of current and long-term debt: 7,421 11,179 | |
Marketing and Advertising Expenses, Recorded in Selling Expenses | These costs are generally expensed as incurred, recorded in selling expenses and were as follows for the last three fiscal years: Year Ended Year Ended Year Ended Marketing and advertising expense $ 13,947 $ 13,964 $ 9,172 | |
Shipping and Handling Cost for Last Three Fiscal Years | Shipping and handling costs for the last three fiscal years were as follows: Year Ended Year Ended Year Ended Shipping and handling costs $ 30,918 $ 33,851 $ 26,456 | |
Research and Development Expenses for Last Three Fiscal Years | Research and development expenses for the last three fiscal years were as follows: Year Ended Year Ended Year Ended Research and development expense $ 3,362 $ 2,833 $ 2,000 | |
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: Year Ended Year Ended Year Ended Weighted average number of shares outstanding — basic 11,576,852 11,537,699 11,500,494 Effect of dilutive securities: Stock options and restricted stock units 65,194 56,250 58,786 Weighted average number of shares outstanding — diluted 11,642,046 11,593,949 11,559,280 |
Acquisition of Just the Chees_2
Acquisition of Just the Cheese Brand (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Business Combinations [Abstract] | |
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) | 12 Months Ended |
Jun. 29, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue Disaggregated by Distribution Channel | Revenue disaggregated by distribution channel is as follows: For the Year Ended Distribution Channel June 29, June 30, June 24, Consumer $ 785,646 $ 749,895 $ 686,049 Commercial Ingredients 123,094 120,577 92,911 Contract Packaging 90,946 85,396 79,522 Total $ 999,686 $ 955,868 $ 858,482 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 29, 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: June 29, June 30, Affected Line Item in Consolidated Assets Operating lease right-of-use assets $ 6,427 $ 2,303 Operating lease right-of-use assets Total lease right-of-use assets $ 6,427 $ 2,303 Liabilities Current: Operating leases $ 1,729 $ 1,258 Other accrued expenses Noncurrent: Operating leases 4,771 1,076 Long-term operating lease liabilities Total lease liabilities $ 6,500 $ 2,334 |
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: Year Ended Year Ended Year Ended Operating lease costs (a) $ 2,215 $ 1,858 $ 1,841 Variable lease costs (b) 208 141 71 Total Lease Cost $ 2,423 $ 1,999 $ 1,912 (a) Includes short-term leases which are immaterial. 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: Year Ended Year Ended Year Ended Operating cash flows information: Cash paid for amounts included in measurements for lease $ 1,804 $ 1,565 $ 1,562 Non-cash activity: Right-of-use assets obtained in exchange for new operating $ 5,749 $ 244 $ 574 |
Summary of other information | June 29, June 30, Weighted Average Remaining Lease Term (in years) 4.4 2.3 Weighted Average Discount Rate 6.7 % 4.3 % |
Summary of maturities of operating lease liabilities | Maturities of operating lease liabilities as of June 29, 2023 are as follows: Fiscal Year Ending June 27, 2024 $ 2,103 June 26, 2025 1,631 June 25, 2026 1,426 June 24, 2027 1,190 June 29, 2028 1,026 Thereafter 140 Total lease payments 7,516 Less imputed interest ( 1,016 ) Present value of operating lease liabilities $ 6,500 |
Summary of operating lease revenue | Leasing revenue is as follows: Year Ended Year Ended Year Ended Lease income related to lease payments $ 1,651 $ 1,665 $ 1,827 |
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 and thereafter is presented below. Fiscal Year Ending June 27, 2024 $ 2,023 June 26, 2025 1,473 June 25, 2026 972 June 24, 2027 930 June 29, 2028 328 Thereafter 1,814 $ 7,540 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | June 29, June 30, Raw material and supplies $ 65,430 $ 77,558 Work-in-process and finished goods 107,506 127,297 $ 172,936 $ 204,855 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Identifiable Intangible Assets | Intangible assets subject to amortization consist of the following: June 29, 2023 June 30, 2022 Customer relationships $ 21,350 $ 21,100 Non-compete agreements 300 270 Brand names 17,070 16,990 Total intangible assets, gross 38,720 38,360 Less accumulated amortization: Customer relationships ( 19,834 ) ( 18,795 ) Non-compete agreements ( 273 ) ( 248 ) Brand names ( 11,955 ) ( 11,252 ) Total accumulated amortization ( 32,062 ) ( 30,295 ) Net intangible assets $ 6,658 $ 8,065 |
Amortization of Intangible Assets | Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was as follows for the last three fiscal years: Year Ended Year Ended Year Ended Amortization of intangible assets $ 1,767 $ 1,896 $ 2,164 |
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 during the two fiscal years ended June 29, 2023 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 June 29, 2023 $ 11,750 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt consists of the following: June 29, June 30, Mortgage Facility (“Tranche A”), collateralized by real property, 230 including interest at 4.25 % March 1, 2023 $ — $ 2,031 Mortgage Facility (“Tranche B”), collateralized by real property, 57 including interest at 4.25 % March 1, 2023 — 508 Selma, Texas facility financing obligation to related parties, 114 including interest at 9.25 % September 1, 2026 7,774 8,388 Unamortized debt issuance costs — ( 4 ) 7,774 10,923 Less: Current maturities, net of unamortized debt issuance costs ( 672 ) ( 3,149 ) Total long-term debt, net of unamortized debt issuance costs $ 7,102 $ 7,774 |
Aggregate Maturities of Long-term Debt | Aggregate maturities of long-term debt are as follows: Fiscal Year Ending June 27, 2024 $ 672 June 26, 2025 737 June 25, 2026 809 June 24, 2027 887 June 29, 2028 972 Thereafter 3,697 $ 7,774 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes is based entirely on income before income taxes earned in the United States, and is as follows for the last three fiscal years: For the Year Ended June 29, June 30, June 24, Current: Federal $ 18,393 $ 14,347 $ 15,228 State 5,215 5,011 4,010 Total current expense 23,608 19,358 19,238 Deferred: Deferred federal ( 1,164 ) 1,519 891 Deferred state 49 ( 968 ) ( 51 ) Total deferred (benefit) expense ( 1,115 ) 551 840 Total income tax expense $ 22,493 $ 19,909 $ 20,078 |
Reconciliations of Income Taxes at Statutory Federal Income Tax Rate | The reconciliations of income taxes at the statutory federal income tax rate to income tax expense reported in the Consolidated Statements of Comprehensive Income for the last three fiscal years are as follows: June 29, June 30, June 24, Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 4.9 3.7 3.9 Section 162(m) limitation 0.7 0.6 1.1 Research and development tax credit ( 0.3 ) ( 0.4 ) ( 0.5 ) Share-based compensation shortfall expense (windfall benefit) 0.1 ( 0.7 ) ( 0.4 ) Uncertain tax positions 0.1 0.1 0.1 Other ( 0.1 ) 0.1 — Effective tax rate 26.4 % 24.4 % 25.2 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are comprised of the following: June 29, June 30, Deferred tax assets (liabilities): Accounts receivable $ 346 $ 368 Employee compensation 1,866 1,499 Inventory 371 295 Depreciation ( 14,303 ) ( 13,732 ) Capitalized leases 1,140 1,196 Goodwill and intangible assets 1,474 2,046 Retirement plan 7,004 7,673 Workers’ compensation 1,950 2,048 Share based compensation 1,642 1,472 Research related expenditures 1,549 — Other 553 371 Net deferred tax asset $ 3,592 $ 3,236 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: June 29, June 30, June 24, Beginning balance $ 390 $ 326 $ 203 Gross increases — tax positions in prior year 32 1 49 Gross decreases — tax positions in prior year — — — Settlements ( 36 ) — — Gross increases — tax positions in current year 127 110 110 Lapse of statute of limitations ( 50 ) ( 47 ) ( 36 ) Ending balance $ 463 $ 390 $ 326 |
Unrecognized Tax Benefits | Unrecognized tax benefits, that if recognized, would affect the annual effective tax rate on income from continuing operations, are as follows: June 29, June 30, June 24, Unrecognized tax benefits that would affect annual effective $ 439 $ 373 $ 311 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSU Activity | The following is a summary of RSU activity for the year ended June 29, 2023: Restricted Stock Units Shares Weighted- Outstanding at June 30, 2022 142,239 $ 70.42 Granted 64,351 $ 74.11 Vested (a) ( 33,607 ) $ 88.62 Forfeited ( 17,971 ) $ 71.60 Outstanding at June 29, 2023 155,012 $ 67.87 (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 cost charged to earnings for all equity compensation plans and the total income tax benefit recognized for the last three fiscal years: Year Ended Year Ended Year Ended Compensation cost charged to earnings $ 3,565 $ 3,565 $ 2,908 Income tax benefit recognized 891 891 727 |
Cash Dividends (Tables)
Cash Dividends (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Dividends [Abstract] | |
Summary of Cash Dividends | Our Board of Directors declared and we paid the following cash dividends in fiscal 2023 and fiscal 2022: Declaration Date Record Date Dividend Per Total Payment Date May 2, 2023 June 1, 2023 $ 1.50 $ 17,381 June 22, 2023 November 3, 2022 December 2, 2022 $ 1.00 $ 11,572 December 21, 2022 July 7, 2022 August 12, 2022 $ 2.25 $ 25,981 August 31, 2022 July 8, 2021 August 10, 2021 $ 3.00 $ 34,534 August 25, 2021 The dividends declared on July 8, 2021 and July 7, 2022 include both the annual and special dividend declared on such date. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Postemployment Benefits [Abstract] | |
Expense for 401(k) Plan | Expense for the 401(k) plan was as follows for the last three fiscal years: Year Ended Year Ended Year Ended 401(k) plan expense $ 2,746 $ 2,204 $ 2,119 Starting in fiscal 2023 we now offer a non-qualified deferred compensation plan to provide executives with the opportunity to accumulate assets for retirement on a tax-deferred basis (the “Plan”). Participants in the Plan can defer up to 80 % of their base salary and up to 100 % of performance-based compensation. The compensation deferred under this Plan is credited with earnings and losses as determined by the rate of return of reference investments selected by the participants. Participants are fully vested in their respective deferrals and earnings. We may also make discretionary contributions, which vest three years from the crediting date, at full vesting age, or other events as defined and described in the Plan. We invest in corporate owned life insurance contracts (“COLI”) on the lives of designated individuals that are held in a Rabbi Trust (“Trust”) to fund the Plan obligations. The Trust is the owner and beneficiary of such insurance contracts. Our promise to pay amounts deferred under this Plan is an unsecured obligation. Participant’s benefits can be paid out as a lump sum or in annual installments over a term of up to 10 years . The COLI investments are recorded at cash surrender value. The cash surrender value of the life insurance contracts was $ 282 at June 29, 2023, and is included in Other Long Term Assets in the accompanying Consolidated Balance Sheets. The balances due to participants in the Plan were $ 304 as of June 29, 2023 , and are included in and Other Long Term Liabilities in the accompanying Consolidated Balance Sheets. Matching contribution expense was immaterial for the periods presented. |
Retirement Plan (Tables)
Retirement Plan (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligation | The following table presents the changes in the projected benefit obligation for the fiscal years ended: June 29, June 30, Change in projected benefit obligation Projected benefit obligation at beginning of year $ 29,511 $ 35,547 Service cost 801 991 Interest cost 1,366 1,018 Actuarial gain ( 3,007 ) ( 7,390 ) Benefits paid ( 654 ) ( 655 ) Projected benefit obligation at end of year $ 28,017 $ 29,511 |
Components of Actuarial (Gain) Loss Portion of Change in Projected Benefit Obligation | Components of the actuarial (gain) loss are presented below for the fiscal years ended: June 29, June 30, June 24, Actuarial (Gain) Loss Change in assumed pay increases $ ( 70 ) $ 1,698 $ 3,319 Change in discount rate ( 1,584 ) ( 8,184 ) ( 1,134 ) Change in mortality assumptions — 75 ( 329 ) Other ( 1,353 ) ( 979 ) 339 Actuarial (gain) loss $ ( 3,007 ) $ ( 7,390 ) $ 2,195 |
Schedule of Net Periodic Pension Cost | The components of the net periodic pension cost are as follows for the fiscal years ended: June 29, June 30, June 24, Service cost $ 801 $ 991 $ 944 Interest cost 1,366 1,018 858 Recognized loss amortization 28 1,455 1,183 Prior service cost amortization — — 478 Net periodic pension cost $ 2,195 $ 3,464 $ 3,463 |
Assumptions to Calculate Benefit Obligation and Net Periodic Costs of SERP | The most significant assumption related to our SERP is the discount rate used to calculate the actuarial present value of benefit obligations to be paid in the future. We used the following assumptions to calculate the benefit obligation of our SERP as of the following dates: June 29, June 30, Discount rate 5.12 % 4.68 % Average rate of compensation increases 4.50 % 4.50 % Bonus payment 45% - 110% of base, paid 4 of 5 years 45% - 110% of base, paid 4 of 5 years We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended: June 29, June 30, June 24, Discount rate 4.68 % 2.89 % 2.69 % Rate of compensation increases 4.50 % 3.38 % 3.38 % Mortality Pri-2012 white collar with MP- 2021 scale Pri-2012 white collar with MP- 2020 scale Pri-2012 white collar with MP- 2019 scale Bonus payment 45% - 110% of base, paid 4 of 5 years 45% - 110% of base, paid 4 of 5 years 60% - 95% of base, paid 4 of 5 years |
Benefits Expected to be Paid in Next Ten Fiscal Years | The following table presents the benefits expected to be paid in the next ten fiscal years: Fiscal Year 2024 $ 1,364 2025 1,046 2026 1,282 2027 1,112 2028 1,900 2029 — 2033 8,595 |
Components of AOCL | The following table presents the components of AOCL that have not yet been recognized in net pension expense: June 29, June 30, Unrecognized net loss $ ( 41 ) $ ( 3,076 ) Tax effect ( 163 ) 596 Net amount unrecognized $ ( 204 ) $ ( 2,480 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 29, 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 last two fiscal years. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) Year Year Balance at beginning of period $ ( 2,480 ) $ ( 9,025 ) Other comprehensive income before reclassifications 3,007 7,390 Amounts reclassified from accumulated other comprehensive loss 28 1,455 Tax effect ( 759 ) ( 2,300 ) Net current-period other comprehensive income 2,276 6,545 Balance at end of period $ ( 204 ) $ ( 2,480 ) Amounts in parenthesis indicate debits/expense. |
Summary of Reclassifications Out of AOCL | The reclassifications out of accumulated other comprehensive loss for the last two fiscal years were as follows: Reclassifications from AOCL to earnings (b) Year Year Affected line item in the Consolidated Amortization of defined benefit pension items: Unrecognized net loss ( 28 ) ( 1,455 ) Pension expense (excluding service costs) Tax effect 7 378 Income tax expense Amortization of defined pension items, net of tax $ ( 21 ) $ ( 1,077 ) (b) Amounts in parenthesis indicate debits to expense. See Note 15 — “Retirement Plan” abo ve for additional details. |
Product Type Sales Mix (Tables)
Product Type Sales Mix (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
Product Type Sales Mix [Abstract] | |
Schedule of Sales by Product Type as Percentage of Gross Sales | The following table summarizes sales by product type as a percentage of total gross sales. The information is based upon gross sales, rather than net sales, because certain adjustments, such as promotional discounts, are not allocable to product types, for the fiscal year ended: Product Type June 29, June 30, June 24, Peanuts & Peanut Butter 19.0 % 18.0 % 19.3 % Pecans 11.4 10.1 10.0 Cashews & Mixed Nuts 20.7 22.6 23.3 Walnuts 5.6 5.8 6.2 Almonds 8.8 10.2 10.8 Trail & Snack Mixes 27.2 26.9 24.7 Other 7.3 6.4 5.7 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts and Reserves (Tables) | 12 Months Ended |
Jun. 29, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Activity in Various Allowance and Reserve Accounts | The following table details the activity in various allowance and reserve accounts. Description Balance at Additions Deductions Balance at June 29, 2023 Allowance for doubtful accounts $ 267 $ 54 $ ( 38 ) $ 283 Reserve for cash discounts 1,150 18,353 ( 18,403 ) 1,100 Reserve for customer deductions 6,492 31,906 ( 30,789 ) 7,609 Total $ 7,909 $ 50,313 $ ( 49,230 ) $ 8,992 June 30, 2022 Allowance for doubtful accounts $ 291 $ 122 $ ( 146 ) $ 267 Reserve for cash discounts 1,050 17,625 ( 17,525 ) 1,150 Reserve for customer deductions 6,617 30,294 ( 30,419 ) 6,492 Total $ 7,958 $ 48,041 $ ( 48,090 ) $ 7,909 June 24, 2021 Allowance for doubtful accounts $ 391 $ 203 $ ( 303 ) $ 291 Reserve for cash discounts 975 15,548 ( 15,473 ) 1,050 Reserve for customer deductions 5,477 28,516 ( 27,376 ) 6,617 Total $ 6,843 $ 44,267 $ ( 43,152 ) $ 7,958 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 USD ($) Buildings Customers shares | Jun. 30, 2022 shares | Jun. 24, 2021 shares | |
Accounting Policies [Line Items] | |||
Period to shell bulk stored nut inventories | ten to fifteen-month | ||
Interest costs capitalized | $ 0 | ||
Number of reportable operating segment | Buildings | 1 | ||
Recorded impairments of long - lived assets | $ 0 | ||
Goodwill impairment | $ 0 | ||
Number of buildings located on site | Buildings | 2 | ||
Percentage of likelihood to record liabilities for uncertain tax positions | greater than 50% | ||
Percentage of likelihood where no benefit for uncertain tax positions is recorded | less than 50% | ||
Weighted average number of anti-dilutive shares: | shares | 0 | 0 | 0 |
Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Annual inventory percentage revision estimate | 1% | ||
Accounts Receivable [Member] | |||
Accounting Policies [Line Items] | |||
Number of customers exceeding ten percent of sales | Customers | 2 | ||
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Two Customers [Member] | |||
Accounting Policies [Line Items] | |||
Percentage of concentration risk | 45% | 43% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||
Accounting Policies [Line Items] | |||
Percentage of concentration risk | 51% | 49% | 48% |
Sales Revenue, Net [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Concentration Risk Benchmark Percentage | 10% | 10% | 10% |
Elgin Site [Member] | |||
Accounting Policies [Line Items] | |||
Percentage of rentable area currently vacant | 69% | ||
Percentage of building currently not been built-out | 29% |
Significant Accounting Polici_5
Significant Accounting Policies - Depreciation Expense for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Depreciation [Abstract] | |||
Depreciation expense | $ 18,746 | $ 16,390 | $ 16,144 |
Significant Accounting Polici_6
Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail) | Jun. 29, 2023 |
Minimum [Member] | Buildings [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 10 years |
Minimum [Member] | Machinery and equipment [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 5 years |
Minimum [Member] | Furniture and leasehold improvements [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 5 years |
Minimum [Member] | Vehicles [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 3 years |
Minimum [Member] | Computers and software [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 3 years |
Maximum [Member] | Buildings [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 40 years |
Maximum [Member] | Machinery and equipment [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 10 years |
Maximum [Member] | Furniture and leasehold improvements [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 10 years |
Maximum [Member] | Vehicles [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 5 years |
Maximum [Member] | Computers and software [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property, plant and equipment estimated useful life | 10 years |
Significant Accounting Polici_7
Significant Accounting Policies - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Fair Value Disclosures [Abstract] | ||
Carrying value of current and long-term debt: | $ 7,774 | $ 10,927 |
Fair value of current and long-term debt: | $ 7,421 | $ 11,179 |
Significant Accounting Polici_8
Significant Accounting Policies - Marketing and Advertising Expenses Recorded in Selling Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Marketing and Advertising Expense [Abstract] | |||
Marketing and advertising expense | $ 13,947 | $ 13,964 | $ 9,172 |
Significant Accounting Polici_9
Significant Accounting Policies - Shipping and Handling Cost for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Shipping And Handling Costs [Abstract] | |||
Shipping and handling costs | $ 30,918 | $ 33,851 | $ 26,456 |
Significant Accounting Polic_10
Significant Accounting Policies - Research and Development Expenses for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Research and Development [Abstract] | |||
Research and development expense | $ 3,362 | $ 2,833 | $ 2,000 |
Significant Accounting Polic_11
Significant Accounting Policies - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted average number of shares outstanding - basic | 11,576,852 | 11,537,699 | 11,500,494 |
Effect of dilutive securities: | |||
Stock options and restricted stock units | 65,194 | 56,250 | 58,786 |
Weighted average number of shares outstanding - diluted | 11,642,046 | 11,593,949 | 11,559,280 |
Significant Accounting Polic_12
Significant Accounting Policies - Summary of Anti-dilutive Awards Excluded from Computation of Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Anti Dilutive Shares [Abstract] | |||
Weighted average number of anti-dilutive shares: | 0 | 0 | 0 |
Acquisition of Just the Chees_3
Acquisition of Just the Cheese Brand (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 29, 2023 | Dec. 16, 2022 | Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Business Acquisition [Line Items] | |||||
Acquisition of Just the Cheese brand | $ (3,500) | $ 0 | $ 0 | ||
Just The Cheese Brand [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Dec. 16, 2022 | ||||
Acquisition of Just the Cheese brand | $ (3,500) | ||||
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 | ||||
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, amortized over life | 2 years 3 months 18 days |
Acquisition of Just the Chees_4
Acquisition of Just the Cheese Brand - Summary of Fair Value of Assets Acquired (Details) - Just The Cheese Brand [Member] $ in Thousands | Dec. 16, 2022 USD ($) |
Business Acquisition [Line Items] | |
Inventories | $ 240 |
Fixed assets | 800 |
Goodwill | 2,100 |
Total purchase price | 3,500 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 250 |
Brand Names [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 80 |
Noncompete Agreements [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 30 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Jun. 29, 2023 USD ($) Days | Jun. 30, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Description of contract with customer payment terms | no payment terms beyond six months are granted at contract inception. The average customer payment is received within approximately 32 days of the invoice date. | |
Contract assets | $ | $ 0 | $ 0 |
Average Payment Duration | Days | 32 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total | $ 999,686 | $ 955,868 | $ 858,482 |
Consumer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total | 785,646 | 749,895 | 686,049 |
Commercial Ingredients [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total | 123,094 | 120,577 | 92,911 |
Contract Packaging [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total | $ 90,946 | $ 85,396 | $ 79,522 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Operating Leased Assets [Line Items] | ||
Operating lease right-of-use assets | $ 6,427 | $ 2,303 |
Operating lease, liability | 6,500 | $ 2,334 |
Operating leases not yet commenced | $ 380 | |
Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee operating lease lease not yet commenced term | 5 years | |
Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Remaining lease term | 5 years 4 months 24 days | |
Lessee operating lease lease not yet commenced term | 6 years |
Leases - Operating Lease Assets
Leases - Operating Lease Assets And Liabilities (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Assets | ||
Operating lease right-of-use assets | $ 6,427 | $ 2,303 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Operating lease right-of-use assets | Operating lease right-of-use assets |
Current | ||
Operating Lease, Liability, Current | $ 1,729 | $ 1,258 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current |
Noncurrent | ||
Operating Lease, Liability, Noncurrent | $ 4,771 | $ 1,076 |
Total lease liabilities | $ 6,500 | $ 2,334 |
Leases - LeaseCost (Detail)
Leases - LeaseCost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | ||
Leases [Abstract] | ||||
Operating lease costs | [1] | $ 2,215 | $ 1,858 | $ 1,841 |
Variable lease costs | [2] | 208 | 141 | 71 |
Total Lease Cost | $ 2,423 | $ 1,999 | $ 1,912 | |
[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 | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Operating cash flows information: | |||
Cash paid for amounts included in measurements for lease liabilities | $ 1,804 | $ 1,565 | $ 1,562 |
Non-cash activity: | |||
Right-of-use assets obtained in exchange for new operating lease obligations | $ 5,749 | $ 244 | $ 574 |
Leases - Other Information Rela
Leases - Other Information Related to Operating Lease (Detail) | Jun. 29, 2023 | Jun. 30, 2022 |
Leases [Abstract] | ||
Weighted Average Remaining Lease Term (in years) | 4 years 4 months 24 days | 2 years 3 months 18 days |
Weighted Average Discount Rate | 6.70% | 4.30% |
Leases - Lessee Operating Lease
Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Leases [Abstract] | ||
June 27, 2024 | $ 2,103 | |
June 26, 2025 | 1,631 | |
June 25, 2026 | 1,426 | |
June 24, 2027 | 1,190 | |
June 29, 2028 | 1,026 | |
Thereafter | 140 | |
Total lease payment | 7,516 | |
Less imputed interest | (1,016) | |
Operating Lease, Liability | $ 6,500 | $ 2,334 |
Leases - Operating Lease Revenu
Leases - Operating Lease Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Leases [Abstract] | |||
Lease income related to lease payments | $ 1,651 | $ 1,665 | $ 1,827 |
Leases - Lessor Operating Lease
Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail) $ in Thousands | Jun. 29, 2023 USD ($) |
Leases [Abstract] | |
June 27, 2024 | $ 2,023 |
June 26, 2025 | 1,473 |
June 25, 2026 | 972 |
June 24, 2027 | 930 |
June 29, 2028 | 328 |
Thereafter | 1,814 |
Total | $ 7,540 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Raw material and supplies | $ 65,430 | $ 77,558 |
Work-in-process and finished goods | 107,506 | 127,297 |
Total | $ 172,936 | $ 204,855 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 | Jun. 25, 2021 |
Goodwill and Intangible Assets [Line Items] | |||
Net balance at June 30, 2022 | $ 11,750 | $ 9,650 | $ 9,650 |
Squirrel Brand [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Net balance at June 30, 2022 | $ 9,650 | ||
Just The Cheese Brand Acquisition [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Net balance at June 30, 2022 | $ 2,100 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | $ 38,720 | $ 38,360 |
Less accumulated amortization: | ||
Total accumulated amortization | (32,062) | (30,295) |
Net intangible assets | 6,658 | 8,065 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 21,350 | 21,100 |
Less accumulated amortization: | ||
Total accumulated amortization | (19,834) | (18,795) |
Brand Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 17,070 | 16,990 |
Less accumulated amortization: | ||
Total accumulated amortization | (11,955) | (11,252) |
Non-compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 300 | 270 |
Less accumulated amortization: | ||
Total accumulated amortization | $ (273) | $ (248) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Administrative Expenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 1,767 | $ 1,896 | $ 2,164 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail) $ in Thousands | Jun. 29, 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_6
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 24 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 25, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross goodwill balance at June 26, 2020 | $ 18,416 | ||
Accumulated impairment losses | (8,766) | ||
Goodwill | $ 11,750 | $ 9,650 | 9,650 |
Goodwill acquired during the period | 2,100 | ||
Net balance at June 30, 2022 | $ 11,750 | $ 9,650 | $ 9,650 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | May 08, 2023 | Jun. 30, 2022 | Jun. 29, 2022 | Mar. 05, 2020 |
Debt Instrument [Line Items] | |||||
Revolving credit facility borrowings | $ 0 | ||||
Weighted average interest rate for the Credit Facility | 3.41% | ||||
Unused Letters of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused letters of credit | $ 5,810 | $ 4,814 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Accrued interest rate based on Secured Overnight Financing Rate | 1.35% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Accrued interest rate based on Secured Overnight Financing Rate | 1.85% | ||||
Senior Secured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving loan commitment and letter of credit sub facility | $ 117,500 | ||||
Available credit under the Credit Facility | 113,310 | ||||
Outstanding letters of credit | 4,190 | ||||
Minimum loan availability required before fixed charge coverage ratio covenant is applicable | $ 25,000 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 29, 2020 | Sep. 30, 2015 | Sep. 30, 2006 | Jun. 29, 2023 | Jun. 30, 2022 | Feb. 07, 2008 | |
Mortgage Facility Tranche A [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Amounts of term loans | $ 36,000 | |||||
Debt obligation outstanding | $ 0 | $ 2,031 | ||||
Mortgage Facility Tranche B [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Amounts of term loans | 9,000 | |||||
Debt obligation outstanding | $ 0 | 508 | ||||
Selma, Texas Properties [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Selling price of Texas properties sold to related party partnerships | $ 14,300 | |||||
Renewal options of Texas properties | The lease for the Selma, Texas properties had an initial ten-year term at a fair market value rent with three five-year renewal options | In September 2015, we signed a lease renewal which exercised two five-year renewal options and extended the term of our Selma lease to September 18, 2026 | ||||
Option percentage of fair value to purchase the properties | 95% | |||||
Option percentage of fair value to purchase the properties in certain circumstances | 100% | |||||
Debt obligation outstanding | $ 7,774 | $ 8,388 | ||||
Minimum amount accepted for repurchase | 14,300 | |||||
Former monthly lease amount | 103 | |||||
Current monthly lease amount | $ 114 | |||||
Mortgage Facility [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Amounts of term loans | $ 45,000 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 0 | $ (4) |
Total Debt | 7,774 | 10,923 |
Less: Current maturities, net of unamortized debt issuance costs | (672) | (3,149) |
Total long-term debt, net of unamortized debt issuance costs | 7,102 | 7,774 |
Mortgage Facility Tranche A [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | 0 | 2,031 |
Mortgage Facility Tranche B [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | 0 | 508 |
Selma, Texas Properties [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | $ 7,774 | $ 8,388 |
Long-term Debt - Long-term De_2
Long-term Debt - Long-term Debt (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Jun. 29, 2023 USD ($) | |
Mortgage Facility Tranche A [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4.25% |
Monthly installment | $ 230 |
Long-term debt, maturity date | Mar. 01, 2023 |
Mortgage Facility Tranche B [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4.25% |
Monthly installment | $ 57 |
Long-term debt, maturity date | Mar. 01, 2023 |
Selma Texas Facility Financing Obligation Due In Installments Through September 1, 2026 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 9.25% |
Monthly installment | $ 114 |
Long-term debt, maturity date | Sep. 01, 2026 |
Long-term Debt - Aggregate Matu
Long-term Debt - Aggregate Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Debt Disclosure [Abstract] | ||
June 27, 2024 | $ 672 | |
June 26, 2025 | 737 | |
June 25, 2026 | 809 | |
June 24, 2027 | 887 | |
June 29, 2028 | 972 | |
Thereafter | 3,697 | |
Total long-term debt maturities | $ 7,774 | $ 10,927 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | Jun. 25, 2020 | |
IncomeTaxDisclosure [Line Items] | ||||
Year of tax returns audit | 2020 2021 2022 | |||
Unrecognized tax benefits and accrued interest and penalties long-term | $ 448 | $ 381 | ||
Total gross amounts of unrecognized tax benefits | $ 463 | $ 390 | $ 326 | $ 203 |
California [Member] | ||||
IncomeTaxDisclosure [Line Items] | ||||
Year of tax returns audit | 2019 2020 2021 2022 | |||
Tax Year 2021 [Member] | Illinois [Member] | ||||
IncomeTaxDisclosure [Line Items] | ||||
Income Tax Examination, Year under Examination | 2021 | |||
Tax Year 2022 [Member] | Illinois [Member] | ||||
IncomeTaxDisclosure [Line Items] | ||||
Year of tax returns audit | 2022 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Current: | |||
Federal | $ 18,393 | $ 14,347 | $ 15,228 |
State | 5,215 | 5,011 | 4,010 |
Total current expense | 23,608 | 19,358 | 19,238 |
Deferred: | |||
Deferred federal | (1,164) | 1,519 | 891 |
Deferred state | 49 | (968) | (51) |
Total deferred expense | (1,115) | 551 | 840 |
Total income tax expense | $ 22,493 | $ 19,909 | $ 20,078 |
Income Taxes - Reconciliations
Income Taxes - Reconciliations of Income Taxes at Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 4.90% | 3.70% | 3.90% |
Section 162(m) Limitation | 0.70% | 0.60% | 1.10% |
Research and development tax credit | (0.30%) | (0.40%) | (0.50%) |
Share-based compensation shortfall expense (windfall benefit) | 0.10% | (0.70%) | (0.40%) |
Uncertain tax positions | 0.10% | 0.10% | 0.10% |
Other | (0.10%) | 0.10% | 0% |
Effective tax rate | 26.40% | 24.40% | 25.20% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Deferred tax assets (liabilities): | ||
Accounts receivable | $ 346 | $ 368 |
Employee compensation | 1,866 | 1,499 |
Inventory | 371 | 295 |
Depreciation and amortization | (14,303) | (13,732) |
Capitalized leases | 1,140 | 1,196 |
Goodwill and intangible assets | 1,474 | 2,046 |
Retirement plan | 7,004 | 7,673 |
Workers' compensation | 1,950 | 2,048 |
Share based compensation | 1,642 | 1,472 |
Specified research or experimental expenditures | 1,549 | 0 |
Other | 553 | 371 |
Net deferred tax asset | $ 3,592 | $ 3,236 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 390 | $ 326 | $ 203 |
Gross increases — tax positions in prior year | 32 | 1 | 49 |
Gross decreases — tax positions in prior year | 0 | 0 | 0 |
Settlements | (36) | 0 | 0 |
Gross increases — tax positions in current year | 127 | 110 | 110 |
Lapse of statute of limitations | (50) | (47) | (36) |
Ending balance | $ 463 | $ 390 | $ 326 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits that would affect annual effective tax rate | $ 439 | $ 373 | $ 311 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 12 Months Ended | |
Jun. 29, 2023 Channel $ / shares shares | Jun. 30, 2022 $ / shares | |
Stockholders Equity [Line Items] | ||
Common stock, par value | $ 0.01 | |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Percentage of members comprising the Board of Directors elected by the holders of Common Stock | 25% | |
Noncumulative voting rights per share | Channel | 1 | |
Class A Common Stock [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Number of shares of Common Stock converted from each share of Class A Stock | shares | 1 | |
Number of votes per share | Channel | 10 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 29, 2014 | Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
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 4 months 24 days | |||
Unrecognized compensation expense related to non-vested share-based compensation | $ 4,133 | |||
Fair value of RSUs granted | 4,769 | $ 4,065 | $ 3,829 | |
Fair value of RSUs vested | $ 2,978 | $ 3,274 | $ 2,706 | |
Common Stock authorized for future grants of award | 20,000 | |||
Amount that may be paid to any participant for awards payable in cash or property other than Common Stock | $ 5,000 | |||
Maximum number of shares that may be awarded to participant in one calendar year | 250,000 | |||
2014 Omnibus Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock authorized for grants of awards under equity incentive plan | 1,000,000 | |||
Common Stock authorized for future grants of award | 546,654 | |||
Maximum number of stock options or stock appreciation rights awarded to an individual | 500,000 | |||
Awards To All Participants [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common Stock authorized for future grants of award | 250,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
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 4 months 24 days | |||
Restricted stock units vested | 38,907 | 23,705 | ||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vesting period of restricted stock units | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vesting period of restricted stock units | 1 year |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Summary of RSU Activity (Detail) | 12 Months Ended | |
Jun. 29, 2023 $ / shares shares | ||
Share-Based Payment Arrangement [Abstract] | ||
Outstanding beginning balance, Shares | shares | 142,239 | |
Granted, Shares | shares | 64,351 | |
Vested, Shares | shares | (33,607) | [1] |
Forfeited, Shares | shares | (17,971) | |
Outstanding ending balance, Shares | shares | 155,012 | |
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 | 71.6 | |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 67.87 | |
[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 | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Compensation cost charged to earnings | $ 3,565 | $ 3,565 | $ 2,908 |
Income tax benefit recognized | $ 891 | $ 891 | $ 727 |
Cash Dividends - Summary of Cas
Cash Dividends - Summary of Cash Dividends (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Jul. 18, 2023 | May 02, 2023 | Nov. 03, 2022 | Jul. 07, 2022 | Jul. 08, 2021 | Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Declaration Date | Jul. 18, 2023 | May 02, 2023 | Nov. 03, 2022 | Jul. 07, 2022 | Jul. 08, 2021 | |||
Record Date | Jun. 01, 2023 | Dec. 02, 2022 | Aug. 12, 2022 | Aug. 10, 2021 | ||||
Dividends Payable, Amount Per Share | $ 0.8 | $ 1.5 | $ 1 | $ 2.25 | $ 3 | |||
Total Amount | $ 17,381 | $ 11,572 | $ 25,981 | $ 34,534 | $ 54,934 | $ 34,534 | $ 57,463 | |
Payment Date | Jun. 22, 2023 | Dec. 21, 2022 | Aug. 31, 2022 | Aug. 25, 2021 |
Cash Dividends - Additional Inf
Cash Dividends - Additional Information (Detail) - $ / shares | Jul. 18, 2023 | May 02, 2023 | Nov. 03, 2022 | Jul. 07, 2022 | Jul. 08, 2021 |
Class of Stock [Line Items] | |||||
Dividend payable date, declared day | Jul. 18, 2023 | May 02, 2023 | Nov. 03, 2022 | Jul. 07, 2022 | Jul. 08, 2021 |
Special cash dividend | $ 1.2 | ||||
Annual cash dividend | $ 0.8 | $ 1.5 | $ 1 | $ 2.25 | $ 3 |
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Dividend payable date, declared day | Jul. 18, 2023 | ||||
Special cash dividend | $ 1.2 | ||||
Annual cash dividend | $ 0.8 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Jun. 29, 2023 USD ($) | |
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | |
Life Insurance, Corporate or Bank Owned, Amount | $ 282 |
Deferred Compensation Liability, Classified, Noncurrent | $ 304 |
Employee Contribution First Three Percent [Member] | |
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | |
Matching percentage by employer for 401(k) plan contributions | 100% |
Percent of employee contribution under contributory plan | 3% |
Employee Contribution Next Two Percent [Member] | |
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | |
Matching percentage by employer for 401(k) plan contributions | 50% |
Percent of employee contribution under contributory plan | 2% |
Maximum [Member] | |
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | |
Deferral percentage of performance-based compensation | 100% |
Deferral percentage of base salary | 80% |
Maximum length in years that NQDCP benefits may be paid through | 10 years |
Employee Benefit Plans - Expens
Employee Benefit Plans - Expense for 401 (k) Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
401(k) [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) plan expense | $ 2,746 | $ 2,204 | $ 2,119 |
Retirement Plan - Changes in Pr
Retirement Plan - Changes in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 29,511 | $ 35,547 | |
Service cost | 801 | 991 | $ 944 |
Interest cost | 1,366 | 1,018 | 858 |
Actuarial (gain) loss | (3,007) | (7,390) | 2,195 |
Benefits paid | (654) | (655) | |
Projected benefit obligation at end of year | $ 28,017 | $ 29,511 | $ 35,547 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - SERP [Member] - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligation | $ 25,277 | $ 25,960 |
Current portion of the SERP liability | $ 1,364 | $ 625 |
Retirement Plan - Components of
Retirement Plan - Components of Actuarial Loss Portion of Change in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Schedule Of Actuarial Gain Loss In Projected Benefit Obligation [Abstract] | |||
Change in assumed pay increases | $ 70 | $ 1,698 | $ 3,319 |
Change in discount rate | (1,584) | (8,184) | (1,134) |
Change in mortality assumptions | 0 | 75 | (329) |
Other | (1,353) | (979) | 339 |
Actuarial (gain) loss | $ (3,007) | $ (7,390) | $ 2,195 |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 801 | $ 991 | $ 944 |
Interest cost | 1,366 | 1,018 | 858 |
Recognized loss amortization | 28 | 1,455 | 1,183 |
Prior service cost amortization | 0 | 0 | 478 |
Net periodic pension cost | $ 2,195 | $ 3,464 | $ 3,463 |
Retirement Plan - Assumptions t
Retirement Plan - Assumptions to Calculate Benefit Obligation and Net Periodic Costs of SERP (Detail) - SERP [Member] | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount rate | 5.12% | 4.68% | ||
Average rate of compensation increases | 4.50% | 4.50% | ||
Discount rate | 4.68% | 2.89% | 2.69% | |
Rate of compensation increases | 4.50% | 3.38% | 3.38% | |
Mortality | Pri-2012 white collar with MP- 2021 scale | Pri-2012 white collar with MP- 2020 scale | Pri-2012 white collar with MP- 2019 scale | |
Bonus payment | 45% - 110% of base, paid 4 of 5 years | 45% - 110% of base, paid 4 of 5 years | 60% - 95% of base, paid 4 of 5 years |
Retirement Plan - Benefits Expe
Retirement Plan - Benefits Expected to be Paid in Next Ten Fiscal Years (Detail) $ in Thousands | Jun. 29, 2023 USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2024 | $ 1,364 |
2025 | 1,046 |
2026 | 1,282 |
2027 | 1,112 |
2028 | 1,900 |
2029 2033 | $ 8,595 |
Retirement Plan - Components _2
Retirement Plan - Components of AOCL (Detail) - USD ($) $ in Thousands | Jun. 29, 2023 | Jun. 30, 2022 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Unrecognized net loss | $ (41) | $ (3,076) |
Tax effect | (163) | 596 |
Net amount unrecognized | $ (204) | $ (2,480) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (2,480) | |||
Net current-period other comprehensive income (loss) | 2,276 | $ 6,545 | $ (395) | |
Balance at end of period | (204) | (2,480) | ||
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 (loss) before reclassifications | [1] | 3,007 | 7,390 | |
Amounts reclassified from accumulated other comprehensive loss | [1] | 28 | 1,455 | |
Tax effect | [1] | (759) | (2,300) | |
Net current-period other comprehensive income (loss) | [1] | 2,276 | 6,545 | |
Balance at end of period | [1] | $ (204) | $ (2,480) | $ (9,025) |
[1] Amounts in parenthesis indicate debits/expense. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 29, 2023 | Jun. 30, 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 | $ (28) | $ (1,455) |
Amortization of Defined Benefit Pension Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax effect | 7 | 378 |
Amortization of defined pension items, net of tax | $ (21) | $ (1,077) |
Product Type Sales Mix - Schedu
Product Type Sales Mix - Schedule of Sales by Product Type as Percentage of Gross Sales (Detail) | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Product Type Reporting Information [Line Items] | |||
Total | 100% | 100% | 100% |
Peanuts & Peanut Butter [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 19% | 18% | 19.30% |
Pecans [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 11.40% | 10.10% | 10% |
Cashews & Mixed Nuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 20.70% | 22.60% | 23.30% |
Walnuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 5.60% | 5.80% | 6.20% |
Almonds [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 8.80% | 10.20% | 10.80% |
Trail & Snack Mixes [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 27.20% | 26.90% | 24.70% |
Other [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 7.30% | 6.40% | 5.70% |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts and Reserves - Activity in Various Allowance and Reserve Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 7,909 | $ 7,958 | $ 6,843 |
Additions | 50,313 | 48,041 | 44,267 |
Deductions | 49,230 | 48,090 | 43,152 |
Balance at End of Period | 8,992 | 7,909 | 7,958 |
SEC Schedule, 12-09, Allowance for Doubtful Accounts [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 267 | 291 | 391 |
Additions | 54 | 122 | 203 |
Deductions | 38 | 146 | 303 |
Balance at End of Period | 283 | 267 | 291 |
SEC Schedule, 12-09, Reserve for Cash Discounts [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 1,150 | 1,050 | 975 |
Additions | 18,353 | 17,625 | 15,548 |
Deductions | 18,403 | 17,525 | 15,473 |
Balance at End of Period | 1,100 | 1,150 | 1,050 |
SEC Schedule, 12-09, Reserve for Customer Deductions [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 6,492 | 6,617 | 5,477 |
Additions | 31,906 | 30,294 | 28,516 |
Deductions | 30,789 | 30,419 | 27,376 |
Balance at End of Period | $ 7,609 | $ 6,492 | $ 6,617 |
Garysburg, North Carolina Fac_2
Garysburg, North Carolina Facility - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2023 | Jun. 30, 2022 | Jun. 24, 2021 | |
Fire Note [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 0 | $ 2,349 | $ 0 |
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 I
Subsequent Event - Additional Information (Detail) - $ / shares | Sep. 13, 2023 | Aug. 22, 2023 | Jul. 18, 2023 | May 02, 2023 | Nov. 03, 2022 | Jul. 07, 2022 | Jul. 08, 2021 |
Subsequent Event [Line Items] | |||||||
Special cash dividend | $ 1.2 | ||||||
Annual common stock dividend declared | $ 0.8 | $ 1.5 | $ 1 | $ 2.25 | $ 3 | ||
Dividend payable date, declared day | Jul. 18, 2023 | May 02, 2023 | Nov. 03, 2022 | Jul. 07, 2022 | Jul. 08, 2021 | ||
Dividend payable date | Jun. 22, 2023 | Dec. 21, 2022 | Aug. 31, 2022 | Aug. 25, 2021 | |||
Stockholders of record date | Jun. 01, 2023 | Dec. 02, 2022 | Aug. 12, 2022 | Aug. 10, 2021 | |||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Special cash dividend | $ 1.2 | ||||||
Annual common stock dividend declared | $ 0.8 | ||||||
Dividend payable date, declared day | Jul. 18, 2023 | ||||||
Dividend payable date | Sep. 13, 2023 | ||||||
Stockholders of record date | Aug. 22, 2023 |