Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 26, 2015 | Apr. 20, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 26-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | JBSS | |
Entity Registrant Name | SANFILIPPO JOHN B & SON INC | |
Entity Central Index Key | 880117 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,539,580 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,597,426 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $209,396 | $174,291 | $665,806 | $576,102 |
Cost of sales | 179,612 | 151,492 | 568,095 | 486,986 |
Gross profit | 29,784 | 22,799 | 97,711 | 89,116 |
Operating expenses: | ||||
Selling expenses | 11,155 | 10,283 | 37,898 | 35,338 |
Administrative expenses | 7,132 | 6,378 | 21,625 | 20,559 |
Gain on sale of assets held for sale, net | 0 | 0 | 0 | -1,641 |
Total operating expenses | 18,287 | 16,661 | 59,523 | 54,256 |
Income from operations | 11,497 | 6,138 | 38,188 | 34,860 |
Other expense: | ||||
Interest expense including $277, $284, $835 and $855 to related parties | 1,028 | 1,077 | 2,895 | 3,225 |
Rental and miscellaneous expense, net | 372 | 453 | 2,830 | 1,777 |
Total other expense, net | 1,400 | 1,530 | 5,725 | 5,002 |
Income before income taxes | 10,097 | 4,608 | 32,463 | 29,858 |
Income tax expense | 3,579 | 927 | 11,627 | 10,178 |
Net income | 6,518 | 3,681 | 20,836 | 19,680 |
Other comprehensive income: | ||||
Amortization of prior service cost and actuarial gain included in net periodic pension cost | 239 | 222 | 718 | 667 |
Income tax expense related to pension adjustments | -95 | -89 | -287 | -267 |
Other comprehensive income, net of tax: | 144 | 133 | 431 | 400 |
Comprehensive income | $6,662 | $3,814 | $21,267 | $20,080 |
Net income per common share-basic | $0.58 | $0.33 | $1.87 | $1.79 |
Net income per common share-diluted | $0.58 | $0.33 | $1.86 | $1.77 |
Cash dividends declared per share | $0 | $0 | $1.50 | $1.50 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Interest expense to related parties | $277 | $284 | $835 | $855 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 26, 2015 | Jun. 26, 2014 | Mar. 27, 2014 |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | |||
Cash | $2,064 | $1,884 | $1,197 |
Accounts receivable, less allowances of $3,962, $3,210 and $3,684 | 66,654 | 55,800 | 52,446 |
Inventories | 228,377 | 182,830 | 198,067 |
Deferred income taxes | 3,489 | 3,484 | 3,496 |
Prepaid expenses and other current assets | 7,959 | 5,376 | 7,069 |
TOTAL CURRENT ASSETS | 308,543 | 249,374 | 262,275 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 9,285 | 9,285 | 9,285 |
Buildings | 103,036 | 102,796 | 102,796 |
Machinery and equipment | 180,059 | 170,694 | 171,271 |
Furniture and leasehold improvements | 4,363 | 4,363 | 4,363 |
Vehicles | 397 | 468 | 532 |
Construction in progress | 2,725 | 2,901 | 2,379 |
Property, plant and equipment gross | 299,865 | 290,507 | 290,626 |
Less: Accumulated depreciation | 189,109 | 181,684 | 179,947 |
Property, plant and equipment net | 110,756 | 108,823 | 110,679 |
Rental investment property, less accumulated depreciation of $7,857, $7,262 and $7,064 | 21,037 | 21,631 | 21,829 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 131,793 | 130,454 | 132,508 |
Cash surrender value of officers' life insurance and other assets | 10,226 | 8,811 | 8,580 |
Deferred income taxes | 932 | 726 | 804 |
Intangible assets, net | 3,618 | 5,246 | 5,903 |
TOTAL ASSETS | 455,112 | 394,611 | 410,070 |
CURRENT LIABILITIES: | |||
Revolving credit facility borrowings | 74,614 | 40,542 | 55,829 |
Current maturities of long-term debt, including related party debt of $369, $348 and $341 | 3,369 | 3,349 | 3,345 |
Accounts payable, including related party payables of $343, $232 and $66 | 64,562 | 44,907 | 54,746 |
Book overdraft | 6,112 | 2,414 | 6,886 |
Accrued payroll and related benefits | 9,311 | 13,099 | 6,910 |
Other accrued expenses | 8,918 | 7,920 | 7,251 |
TOTAL CURRENT LIABILITIES | 166,886 | 112,231 | 134,967 |
LONG-TERM LIABILITIES: | |||
Long-term debt, less current maturities, including related party debt of $11,637, $11,916 and $12,006 | 33,137 | 35,666 | 36,506 |
Retirement plan | 14,655 | 14,372 | 12,844 |
Other | 6,521 | 5,515 | 5,220 |
TOTAL LONG-TERM LIABILITIES | 54,313 | 55,553 | 54,570 |
TOTAL LIABILITIES | 221,199 | 167,784 | 189,537 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Capital in excess of par value | 110,881 | 108,305 | 107,880 |
Retained earnings | 127,195 | 123,118 | 116,510 |
Accumulated other comprehensive loss | -3,072 | -3,503 | -2,764 |
Treasury stock, at cost; 117,900 shares of Common Stock | -1,204 | -1,204 | -1,204 |
TOTAL STOCKHOLDERS' EQUITY | 233,913 | 226,827 | 220,533 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 455,112 | 394,611 | 410,070 |
Class A Common Stock [Member] | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock | 26 | 26 | 26 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock | $87 | $85 | $85 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 26, 2015 | Jun. 26, 2014 | Mar. 27, 2014 |
In Thousands, except Share data, unless otherwise specified | |||
Allowances for accounts receivable, current | $3,962 | $3,210 | $3,684 |
Accumulated depreciation of rental investment property | 7,857 | 7,262 | 7,064 |
Current maturities of long-term debt, related party debt | 369 | 348 | 341 |
Accounts payable, related party payables | 343 | 232 | 66 |
Related party debt, Non-current | $11,637 | $11,916 | $12,006 |
Treasury stock, shares | 117,900 | 117,900 | 117,900 |
Class A Common Stock [Member] | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,597,426 | 2,597,426 | 2,597,426 |
Common stock, shares outstanding | 2,597,426 | 2,597,426 | 2,597,426 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 17,000,000 | 17,000,000 | 17,000,000 |
Common stock, shares issued | 8,657,480 | 8,569,105 | 8,562,105 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $20,836 | $19,680 |
Depreciation and amortization | 12,078 | 12,136 |
Loss (gain) on disposition of properties, net | 46 | -1,520 |
Deferred income tax (benefit) expense | -211 | 250 |
Stock-based compensation expense | 1,405 | 833 |
Change in assets and liabilities: | ||
Accounts receivable, net | -10,855 | -2,937 |
Inventories | -45,547 | -39,361 |
Prepaid expenses and other current assets | -2,533 | -1,478 |
Accounts payable | 18,851 | 10,204 |
Accrued expenses | -2,790 | -9,292 |
Income taxes payable | -50 | -748 |
Other long-term liabilities | 1,006 | 858 |
Other long-term assets | -1,422 | -148 |
Other, net | 730 | 629 |
Net cash used in operating activities | -8,456 | -10,894 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | -11,136 | -8,152 |
Proceeds from dispositions of assets, net | 90 | 7,839 |
Other | 7 | -28 |
Net cash used in investing activities | -11,039 | -341 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facility | 267,006 | 238,252 |
Repayments of revolving credit borrowings | -232,934 | -214,290 |
Principal payments on long-term debt | -2,509 | -2,504 |
Increase in book overdraft | 3,698 | 5,834 |
Dividends paid | -16,759 | -16,599 |
Issuance of Common Stock under equity award plans | 567 | 523 |
Tax benefit of equity award exercises | 606 | 382 |
Net cash provided by financing activities | 19,675 | 11,598 |
NET INCREASE IN CASH | 180 | 363 |
Cash, beginning of period | 1,884 | 834 |
Cash, end of period | $2,064 | $1,197 |
Basis_of_Presentation_and_Desc
Basis of Presentation and Description of Business | 9 Months Ended | |||
Mar. 26, 2015 | ||||
Accounting Policies [Abstract] | ||||
Basis of Presentation and Description of Business | Note 1 – Basis of Presentation and Description of Business | |||
As used herein, unless the context otherwise indicates, the terms “Company”, “we”, “us”, “our” or “our Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiaries, JBSS Real Estate, LLC, JBSS Ventures, LLC and Sanfilippo (Shanghai) Trading Co. Ltd. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Additional information on the comparability of the periods presented is as follows: | ||||
• | References herein to fiscal 2015 and fiscal 2014 are to the fiscal year ending June 25, 2015 and the fiscal year ended June 26, 2014, respectively. | |||
• | References herein to the third quarters of fiscal 2015 and fiscal 2014 are to the quarters ended March 26, 2015 and March 27, 2014, respectively. | |||
• | References herein to the first three quarters or first thirty-nine weeks of fiscal 2015 and fiscal 2014 are to the thirty-nine weeks ended March 26, 2015 and March 27, 2014, respectively. | |||
We are one of the leading processors and distributors of peanuts and tree nuts in the United States. These nuts are sold under a variety of private brands and under the Fisher, Orchard Valley Harvest and Sunshine Country brand names. 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, candy and confections, snacks and trail mixes, snack bites, sunflower kernels, dried fruit, corn snacks, sesame sticks and other sesame snack products under private brands and brand names. Our products are sold through the major distribution channels to significant buyers of nuts, including food retailers, commercial ingredient users, contract packaging customers and international customers. | ||||
The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. | ||||
The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 26, 2014 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2014 Annual Report on Form 10-K for the fiscal year ended June 26, 2014. |
Inventories
Inventories | 9 Months Ended | ||||||||||||
Mar. 26, 2015 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Inventories | Note 2 – Inventories | ||||||||||||
Inventories are stated at the lower of cost (first in, first out) or market which approximates actual cost. Raw materials and supplies include costs of nut and nut related products. Work-in-process and finished goods include labor and manufacturing overhead costs. Inventories consist of the following: | |||||||||||||
March 26, | June 26, | March 27, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Raw material and supplies | $ | 106,864 | $ | 68,196 | $ | 110,160 | |||||||
Work-in-process and finished goods | 121,513 | 114,634 | 87,907 | ||||||||||
Total | $ | 228,377 | $ | 182,830 | $ | 198,067 | |||||||
The previously reported balances of raw material and supplies at June 26, 2014 and March 27, 2014 incorrectly included $21,221 and $12,995, respectively, of certain nut meats that should have been classified as work-in-process and finished goods. The current presentation reflects this correction and there is no impact on our consolidated financial statements. The impact to prior periods is not material and the Company will similarly correct this disclosure in future filings. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||
Mar. 26, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets | Note 3 – Intangible Assets | ||||||||||||
Intangible assets subject to amortization consist of the following: | |||||||||||||
March 26, | June 26, | March 27, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Customer relationships | $ | 10,600 | $ | 10,600 | $ | 10,600 | |||||||
Non-compete agreement | 5,400 | 5,400 | 5,400 | ||||||||||
Brand names | 8,090 | 8,090 | 8,090 | ||||||||||
Total intangible assets, gross | 24,090 | 24,090 | 24,090 | ||||||||||
Less accumulated amortization: | |||||||||||||
Customer relationships | (7,339 | ) | (6,203 | ) | (5,824 | ) | |||||||
Non-compete agreement | (5,048 | ) | (4,582 | ) | (4,312 | ) | |||||||
Brand names | (8,085 | ) | (8,059 | ) | (8,051 | ) | |||||||
Total accumulated amortization | (20,472 | ) | (18,844 | ) | (18,187 | ) | |||||||
Net intangible assets | $ | 3,618 | $ | 5,246 | $ | 5,903 | |||||||
Customer relationships and the non-compete agreement relate wholly to the Orchard Valley Harvest (“OVH”) acquisition completed in 2010. Customer relationships are being amortized on a straight line basis over seven years. The non-compete agreement is being amortized based upon the expected pattern of cash flow annual benefit over a five year period. The brand names consist primarily of the Fisher brand name, which we acquired in a 1995 acquisition. The Fisher brand name became fully amortized in fiscal 2011. The remaining brand name relates to the OVH acquisition and is being amortized on a straight line basis over five years. |
Primary_Financing_Facilities
Primary Financing Facilities | 9 Months Ended |
Mar. 26, 2015 | |
Debt Disclosure [Abstract] | |
Primary Financing Facilities | Note 4 – Primary Financing Facilities |
On February 7, 2008, we entered into a Credit Agreement with a bank group (the “Bank Lenders”) providing a $117,500 revolving loan commitment and letter of credit subfacility. On September 30, 2014, we entered into the Sixth Amendment to Credit Agreement (the “Sixth Amendment”) which extended the maturity date of the Credit Agreement from July 15, 2016 to July 15, 2019 and reduced the interest rates charged for ordinary course and letter of credit borrowings. The revolving loan commitment amount did not change. In addition, the Sixth Amendment allows the Company to, without obtaining Bank Lender consent, (i) make up to two cash dividends or distributions on our stock each fiscal year, or (ii) purchase, acquire, redeem or retire stock in any fiscal year, in any case, in an amount not to exceed $25,000, individually or in the aggregate, as long as the excess availability under the Credit Agreement remains over $30,000 after giving effect to any such dividend, distribution, purchase or redemption. The Sixth Amendment also increased the amount of permitted acquisitions to $100,000 from $50,000 and removed the annual limit on capital expenditures. At March 26, 2015, we had $39,036 of available credit under the Credit Facility which reflects borrowings of $74,614 and reduced availability as a result of $3,850 in outstanding letters of credit. As of March 26, 2015, we were in compliance with all covenants under the Credit Facility. We would still be in compliance with all restrictive covenants under the Credit Facility if the entire available amount were borrowed. | |
Also 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”). As of March 26, 2015, we were in compliance with all covenants under the Mortgage Facility. We have classified $17,200 under Tranche A and $4,300 under Tranche B as long-term debt at March 26, 2015, which represent scheduled principal payments due beyond twelve months. |
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 – Income Taxes |
Our effective tax rate for the third quarter of fiscal 2015 is 35.4% compared to an effective tax rate of 20.1% for the third quarter of fiscal 2014. During the third quarter of fiscal 2014 we recorded discrete tax items which resulted in approximately $677 of income tax benefit and reduced our effective tax rate. The discrete tax items recorded in the third quarter of fiscal 2014 primarily relate to the tax benefit of losses realized from the divestiture of an equity investment in ARMA Energy, Inc. (“ARMA”), and the cancellation of a secured promissory note receivable due from ARMA. | |
On December 19, 2014 the Tax Increase Prevention Act of 2014 was signed into law which extended several expired tax incentives; specifically the Research Tax Credit and bonus depreciation. The impact of this legislation was recorded in the second quarter fiscal 2015 and did not have a material impact on our consolidated financial statements. | |
At the beginning of fiscal 2015, we had gross state tax net operating losses of approximately $3,649 that will expire in 2024 if not utilized. | |
As of March 26, 2015, unrecognized tax benefits and accrued interest and penalties were approximately $323. During the first three quarters of fiscal 2015, unrecognized tax benefits increased $28 and accrued interest and penalties increased $32. 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 2011 and later. Our Illinois tax return is open for audit for fiscal 2013 and later. Our California tax returns are open for audit for fiscal 2009 and later. No other tax jurisdictions are material to us. |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | ||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Common Share | Note 6 – Earnings Per Common Share | ||||||||||||||||
Basic earnings per common share are calculated using the weighted average number of shares of Common Stock and Class A Common 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 (i) were exercised or converted into Common Stock or (ii) 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: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 26, | March 27, | March 26, | March 27, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Weighted average number of shares outstanding – basic | 11,183,505 | 11,073,669 | 11,137,260 | 11,016,926 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock units | 91,277 | 82,560 | 94,178 | 99,565 | |||||||||||||
Weighted average number of shares outstanding – diluted | 11,274,782 | 11,156,229 | 11,231,438 | 11,116,491 | |||||||||||||
The following table presents a summary of anti-dilutive awards excluded from the computation of diluted earnings per share: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 26, | March 27, | March 26, | March 27, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Weighted average number of anti-dilutive shares: | — | — | — | 20,203 | |||||||||||||
Weighted average exercise price: | $ | — | $ | — | $ | — | $ | 25.36 |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 9 Months Ended | ||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation Plans | Note 7 – 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 stock-based awards may be made to employees, officers, non-employee directors or third-party consultants to 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, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), performance shares, performance units or Common Stock. | |||||||||||||||||
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, 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. | |||||||||||||||||
The following is a summary of stock option activity for the first three quarters of fiscal 2015: | |||||||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise | Remaining | ||||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at June 26, 2014 | 63,500 | $ | 13.98 | ||||||||||||||
Activity: | |||||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (32,500 | ) | 17.44 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding at March 26, 2015 | 31,000 | $ | 10.36 | 2.4 | $ | 950 | |||||||||||
Exercisable at March 26, 2015 | 30,125 | $ | 10.21 | 2.25 | $ | 928 | |||||||||||
For the thirty-nine weeks ended March 26, 2015, the total intrinsic value of options exercised was $550 and the total cash received was $567. The change in non-vested stock option activity was insignificant during the first three quarters of fiscal 2015. | |||||||||||||||||
The following is a summary of restricted stock unit activity for the first three quarters of fiscal 2015: | |||||||||||||||||
Restricted Stock Units | Shares | Weighted | |||||||||||||||
Average Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Outstanding at June 26, 2014 | 201,308 | $ | 16.23 | ||||||||||||||
Activity: | |||||||||||||||||
Granted | 83,505 | 33.95 | |||||||||||||||
Vested | (55,875 | ) | 11 | ||||||||||||||
Forfeited | (270 | ) | 32.52 | ||||||||||||||
Outstanding at March 26, 2015 | 228,668 | $ | 23.96 | ||||||||||||||
Included in the table above at March 26, 2015 there are 51,439 RSUs outstanding that are vested but deferred. Non-vested RSUs will vest over a weighted average period of 1.5 years. | |||||||||||||||||
The following table summarizes compensation cost charged to earnings for all equity compensation plans for the periods presented: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 26, | March 27, | March 26, | March 27, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Stock-based compensation cost | $ | 526 | $ | 272 | $ | 1,405 | $ | 833 | |||||||||
As of March 26, 2015, there was $2,875 of total unrecognized compensation cost related to non-vested, share-based compensation arrangements granted under our stock-based compensation plans, including the 2014 Omnibus Plan. We expect to recognize that cost over a weighted average period of 1.5 years. |
Special_Cash_Dividend
Special Cash Dividend | 9 Months Ended |
Mar. 26, 2015 | |
Text Block [Abstract] | |
Special Cash Dividend | Note 8 – Special Cash Dividend |
On October 28, 2014 our Board of Directors, after considering the financial position of our Company, declared a special cash dividend of $1.50 per share on all issued and outstanding shares of Common Stock and Class A Common Stock of the Company (the “Special Dividend”). The Special Dividend was paid on December 12, 2014, to stockholders of record at the close of business on December 3, 2014. The total amount of cash paid to stockholders under the Special Dividend was $16,759. |
Retirement_Plan
Retirement Plan | 9 Months Ended | ||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Retirement Plan | Note 9 – Retirement Plan | ||||||||||||||||
On August 2, 2007, our Compensation, Nominating and Corporate Governance Committee approved a restated Supplemental Retirement Plan (the “SERP”) for certain of our executive officers and key employees, effective as of August 25, 2005. The purpose of the SERP is to provide an unfunded, non-qualified deferred compensation benefit upon retirement, disability or death to certain executive officers and key employees. The monthly benefit is based upon each individual’s earnings and his or her number of years of service. Administrative expenses include the following net periodic benefit costs: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 26, | March 27, | March 26, | March 27, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 96 | $ | 81 | $ | 289 | $ | 242 | |||||||||
Interest cost | 161 | 159 | 482 | 476 | |||||||||||||
Amortization of prior service cost | 239 | 239 | 718 | 718 | |||||||||||||
Amortization of gain | — | (17 | ) | — | (51 | ) | |||||||||||
Net periodic benefit cost | $ | 496 | $ | 462 | $ | 1,489 | $ | 1,385 | |||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Accumulated Other Comprehensive Loss | Note 10 – Accumulated Other Comprehensive Loss | ||||||||||||||||||
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 26, 2015 and March 27, 2014. These changes are all related to our defined benefit pension plan. | |||||||||||||||||||
Changes to AOCL (a) | For the Thirty-nine Weeks Ended | ||||||||||||||||||
March 26, 2015 | March 27, 2014 | ||||||||||||||||||
Balance at beginning of period | $ | (3,503 | ) | $ | (3,164 | ) | |||||||||||||
Other comprehensive income before reclassifications | — | — | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 718 | 667 | |||||||||||||||||
Tax effect | (287 | ) | (267 | ) | |||||||||||||||
Net current-period other comprehensive income | 431 | 400 | |||||||||||||||||
Balance at end of period | $ | (3,072 | ) | $ | (2,764 | ) | |||||||||||||
(a) | Amounts in parenthesis indicate debits/expense. | ||||||||||||||||||
The reclassifications out of accumulated other comprehensive loss for the quarter and thirty-nine weeks ended March 26, 2015 and March 27, 2014 were as follows: | |||||||||||||||||||
Reclassifications from AOCL to earnings (b) | For the Quarter Ended | For the Thirty-nine Weeks | Affected line | ||||||||||||||||
Ended | |||||||||||||||||||
item in | |||||||||||||||||||
the Consolidated | |||||||||||||||||||
Statements of | |||||||||||||||||||
Comprehensive | |||||||||||||||||||
March 26, | March 27, | March 26, | March 27, | Income | |||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||||
Unrecognized prior service cost | $ | (239 | ) | $ | (239 | ) | $ | (718 | ) | $ | (718 | ) | Administrative | ||||||
expenses | |||||||||||||||||||
Unrecognized net gain | — | 17 | — | 51 | Administrative | ||||||||||||||
expenses | |||||||||||||||||||
Total before tax | (239 | ) | (222 | ) | (718 | ) | (667 | ) | |||||||||||
Tax effect | 95 | 89 | 287 | 267 | Income tax expense | ||||||||||||||
Amortization of defined pension items, net of tax | $ | (144 | ) | $ | (133 | ) | $ | (431 | ) | $ | (400 | ) | |||||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details. |
Sale_of_Real_Property
Sale of Real Property | 9 Months Ended |
Mar. 26, 2015 | |
Text Block [Abstract] | |
Sale of Real Property | Note 11 – Sale of Real Property |
In December 2013, we completed the sale of land and a building that was originally purchased for our facility consolidation project (the “Old Elgin Site”). The sales price was $8,000 and resulted in a gain of $1,037, net of $604 income tax expense, for the thirty-nine weeks ended March 27, 2014. |
Distribution_Channel_and_Produ
Distribution Channel and Product Type Sales Mix | 9 Months Ended | ||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Distribution Channel and Product Type Sales Mix | Note 12 – Distribution Channel and Product Type Sales Mix | ||||||||||||||||
We operate in a single reportable segment through which we sell various nut and nut related products through multiple distribution channels. | |||||||||||||||||
The following table summarizes net sales by distribution channel: | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
Distribution Channel | March 26, | March 27, | March 26, | March 27, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Consumer (1) | $ | 123,155 | $ | 98,588 | $ | 409,110 | $ | 337,460 | |||||||||
Commercial Ingredients | 47,988 | 45,273 | 147,035 | 140,961 | |||||||||||||
Contract Packaging | 27,517 | 21,867 | 82,868 | 71,823 | |||||||||||||
Export (2) | 10,736 | 8,563 | 26,793 | 25,858 | |||||||||||||
Total | $ | 209,396 | $ | 174,291 | $ | 665,806 | $ | 576,102 | |||||||||
(1) | Sales of branded products, primarily all Fisher brand, were approximately 25% and 27% of total consumer sales during the third quarter of fiscal 2015 and fiscal 2014, respectively. Sales of branded products, primarily all Fisher brand, were approximately 32% and 33% of total consumer sales during the first thirty-nine weeks of fiscal 2015 and fiscal 2014, respectively. | ||||||||||||||||
(2) | Export sales consist primarily of bulk products and consumer branded and private brand products. Consumer branded and private brand products accounted for approximately 55% and 50% of total sales in the export channel during the third quarter of fiscal 2015 and fiscal 2014, respectively. Consumer branded and private brand products accounted for approximately 66% and 55% of total sales in the export channel during the first thirty-nine weeks of fiscal 2015 and 2014, respectively. | ||||||||||||||||
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 type. | |||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
Product Type | March 26, | March 27, | March 26, | March 27, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Peanuts | 13.7 | % | 15.8 | % | 13.5 | % | 14.7 | % | |||||||||
Pecans | 8.8 | 10.6 | 13.4 | 14.8 | |||||||||||||
Cashews & Mixed Nuts | 23.1 | 20.7 | 21.9 | 19.1 | |||||||||||||
Walnuts | 10.7 | 11.6 | 11.5 | 12.2 | |||||||||||||
Almonds | 25 | 24.2 | 22.6 | 21.7 | |||||||||||||
Trail & Snack Mixes | 13.5 | 10.9 | 11.8 | 11 | |||||||||||||
Other | 5.2 | 6.2 | 5.3 | 6.5 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Mar. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 13 – Commitments and Contingent Liabilities |
We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||
Mar. 26, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value of Financial Instruments | Note 14 – 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, trade accounts receivable and accounts payable approximate their fair values at each balance sheet date because of the short-term maturities and nature of these balances. | |||||||||||||
The carrying value of our revolving credit facility borrowings approximates fair value at each balance sheet date because interest rates on this instrument approximate current market rates (Level 2 criteria), 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 long term debt, including current maturities: | |||||||||||||
March 26, | June 26, | March 27, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Carrying value of long-term debt: | $ | 36,506 | $ | 39,015 | $ | 39,851 | |||||||
Fair value of long-term debt: | 40,520 | 43,091 | 43,724 | ||||||||||
The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 26, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 15 – Recent Accounting Pronouncements |
In April 2015, the FASB issued ASU No. 2015-05 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. Existing GAAP does not include explicit guidance about a customer’s accounting for fees paid in a cloud computing arrangement which has resulted in some diversity in practice. This update provides guidance to customers about whether a cloud computing arrangement includes a software license or service contract. This update will be effective for annual periods, including interim periods within those annual periods beginning after December 15, 2015. This update will be effective for the Company beginning in fiscal year 2017. Early adoption is permitted. The Company is currently evaluating this guidance, but does not anticipate it will have a material impact to its consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03“Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. This new guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. This update will be effective for the Company beginning in fiscal year 2017. Early adoption is permitted. The Company is currently evaluating this guidance, but does not anticipate it will have a material impact to its consolidated balance sheets. | |
In February 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This update focuses on a reporting company’s consolidation evaluation to determine whether it should consolidate certain legal entities. This guidance is effective for annual periods beginning after December 15, 2015. This update will be effective for the Company beginning in fiscal year 2017. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating this guidance, but does not anticipate it will have a material impact to its consolidated financial statements. | |
In January 2015, the FASB issued ASU No. 2015-01 “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items”. This update eliminates the concept of extraordinary items from GAAP. Currently, if an event or transaction is both unusual in nature and infrequent in occurrence an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after continuing operations. Applicable income taxes and earnings-per-share data is also required to be disclosed. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. This update will be effective for the Company beginning in fiscal year 2017. This update can be adopted either retrospectively to each prior reporting period presented, or prospectively. Early adoption is permitted. The Company does not expect the adoption of this update to have a material impact on our consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15 “Presentation of Financial Statements—Going Concern (Topic 205-40).” The guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The new guidance applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not expect the adoption of this guidance in fiscal 2017 to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” and created a new ASC Topic 606, Revenue from Contracts with Customers, and added ASC Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. Under the new guidance, 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 in exchange for those goods or services. This guidance will be effective for the Company beginning in fiscal year 2018. In April 2015 the FASB proposed a one-year delay of the effective date for this new standard which would shift the effective date to fiscal 2019. This guidance can be adopted either retrospectively to each prior reporting period presented, or retrospectively with a cumulative-effect adjustment recognized as of the date of adoption. The Company is currently assessing the impact of this new guidance on our financial position and results of operations. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Mar. 26, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In April 2015, the FASB issued ASU No. 2015-05 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. Existing GAAP does not include explicit guidance about a customer’s accounting for fees paid in a cloud computing arrangement which has resulted in some diversity in practice. This update provides guidance to customers about whether a cloud computing arrangement includes a software license or service contract. This update will be effective for annual periods, including interim periods within those annual periods beginning after December 15, 2015. This update will be effective for the Company beginning in fiscal year 2017. Early adoption is permitted. The Company is currently evaluating this guidance, but does not anticipate it will have a material impact to its consolidated financial statements. |
In April 2015, the FASB issued ASU No. 2015-03“Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. This new guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. This update will be effective for the Company beginning in fiscal year 2017. Early adoption is permitted. The Company is currently evaluating this guidance, but does not anticipate it will have a material impact to its consolidated balance sheets. | |
In February 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This update focuses on a reporting company’s consolidation evaluation to determine whether it should consolidate certain legal entities. This guidance is effective for annual periods beginning after December 15, 2015. This update will be effective for the Company beginning in fiscal year 2017. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating this guidance, but does not anticipate it will have a material impact to its consolidated financial statements. | |
In January 2015, the FASB issued ASU No. 2015-01 “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items”. This update eliminates the concept of extraordinary items from GAAP. Currently, if an event or transaction is both unusual in nature and infrequent in occurrence an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after continuing operations. Applicable income taxes and earnings-per-share data is also required to be disclosed. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. This update will be effective for the Company beginning in fiscal year 2017. This update can be adopted either retrospectively to each prior reporting period presented, or prospectively. Early adoption is permitted. The Company does not expect the adoption of this update to have a material impact on our consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15 “Presentation of Financial Statements—Going Concern (Topic 205-40).” The guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The new guidance applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not expect the adoption of this guidance in fiscal 2017 to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” and created a new ASC Topic 606, Revenue from Contracts with Customers, and added ASC Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. Under the new guidance, 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 in exchange for those goods or services. This guidance will be effective for the Company beginning in fiscal year 2018. In April 2015 the FASB proposed a one-year delay of the effective date for this new standard which would shift the effective date to fiscal 2019. This guidance can be adopted either retrospectively to each prior reporting period presented, or retrospectively with a cumulative-effect adjustment recognized as of the date of adoption. The Company is currently assessing the impact of this new guidance on our financial position and results of operations. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||||||
Mar. 26, 2015 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Components of Inventories | Inventories consist of the following: | ||||||||||||
March 26, | June 26, | March 27, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Raw material and supplies | $ | 106,864 | $ | 68,196 | $ | 110,160 | |||||||
Work-in-process and finished goods | 121,513 | 114,634 | 87,907 | ||||||||||
Total | $ | 228,377 | $ | 182,830 | $ | 198,067 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Mar. 26, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Components of Intangible Assets | Intangible assets subject to amortization consist of the following: | ||||||||||||
March 26, | June 26, | March 27, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Customer relationships | $ | 10,600 | $ | 10,600 | $ | 10,600 | |||||||
Non-compete agreement | 5,400 | 5,400 | 5,400 | ||||||||||
Brand names | 8,090 | 8,090 | 8,090 | ||||||||||
Total intangible assets, gross | 24,090 | 24,090 | 24,090 | ||||||||||
Less accumulated amortization: | |||||||||||||
Customer relationships | (7,339 | ) | (6,203 | ) | (5,824 | ) | |||||||
Non-compete agreement | (5,048 | ) | (4,582 | ) | (4,312 | ) | |||||||
Brand names | (8,085 | ) | (8,059 | ) | (8,051 | ) | |||||||
Total accumulated amortization | (20,472 | ) | (18,844 | ) | (18,187 | ) | |||||||
Net intangible assets | $ | 3,618 | $ | 5,246 | $ | 5,903 | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share | The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: | ||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 26, | March 27, | March 26, | March 27, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Weighted average number of shares outstanding – basic | 11,183,505 | 11,073,669 | 11,137,260 | 11,016,926 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock units | 91,277 | 82,560 | 94,178 | 99,565 | |||||||||||||
Weighted average number of shares outstanding – diluted | 11,274,782 | 11,156,229 | 11,231,438 | 11,116,491 | |||||||||||||
Summary of Anti-dilutive Awards Excluded from Computation of Diluted Earnings Per Share | The following table presents a summary of anti-dilutive awards excluded from the computation of diluted earnings per share: | ||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 26, | March 27, | March 26, | March 27, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Weighted average number of anti-dilutive shares: | — | — | — | 20,203 | |||||||||||||
Weighted average exercise price: | $ | — | $ | — | $ | — | $ | 25.36 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | The following is a summary of stock option activity for the first three quarters of fiscal 2015: | ||||||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise | Remaining | ||||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at June 26, 2014 | 63,500 | $ | 13.98 | ||||||||||||||
Activity: | |||||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (32,500 | ) | 17.44 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding at March 26, 2015 | 31,000 | $ | 10.36 | 2.4 | $ | 950 | |||||||||||
Exercisable at March 26, 2015 | 30,125 | $ | 10.21 | 2.25 | $ | 928 | |||||||||||
Summary of Restricted Stock Unit Activity | The following is a summary of restricted stock unit activity for the first three quarters of fiscal 2015: | ||||||||||||||||
Restricted Stock Units | Shares | Weighted | |||||||||||||||
Average Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Outstanding at June 26, 2014 | 201,308 | $ | 16.23 | ||||||||||||||
Activity: | |||||||||||||||||
Granted | 83,505 | 33.95 | |||||||||||||||
Vested | (55,875 | ) | 11 | ||||||||||||||
Forfeited | (270 | ) | 32.52 | ||||||||||||||
Outstanding at March 26, 2015 | 228,668 | $ | 23.96 | ||||||||||||||
Summary of Compensation Charged to Equity Compensation Plans | The following table summarizes compensation cost charged to earnings for all equity compensation plans for the periods presented: | ||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 26, | March 27, | March 26, | March 27, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Stock-based compensation cost | $ | 526 | $ | 272 | $ | 1,405 | $ | 833 |
Retirement_Plan_Tables
Retirement Plan (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Net Periodic Benefit Costs | Administrative expenses include the following net periodic benefit costs: | ||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
March 26, | March 27, | March 26, | March 27, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 96 | $ | 81 | $ | 289 | $ | 242 | |||||||||
Interest cost | 161 | 159 | 482 | 476 | |||||||||||||
Amortization of prior service cost | 239 | 239 | 718 | 718 | |||||||||||||
Amortization of gain | — | (17 | ) | — | (51 | ) | |||||||||||
Net periodic benefit cost | $ | 496 | $ | 462 | $ | 1,489 | $ | 1,385 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 26, 2015 and March 27, 2014. These changes are all related to our defined benefit pension plan. | ||||||||||||||||||
Changes to AOCL (a) | For the Thirty-nine Weeks Ended | ||||||||||||||||||
March 26, 2015 | March 27, 2014 | ||||||||||||||||||
Balance at beginning of period | $ | (3,503 | ) | $ | (3,164 | ) | |||||||||||||
Other comprehensive income before reclassifications | — | — | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 718 | 667 | |||||||||||||||||
Tax effect | (287 | ) | (267 | ) | |||||||||||||||
Net current-period other comprehensive income | 431 | 400 | |||||||||||||||||
Balance at end of period | $ | (3,072 | ) | $ | (2,764 | ) | |||||||||||||
(a) | Amounts in parenthesis indicate debits/expense. | ||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | The reclassifications out of accumulated other comprehensive loss for the quarter and thirty-nine weeks ended March 26, 2015 and March 27, 2014 were as follows: | ||||||||||||||||||
Reclassifications from AOCL to earnings (b) | For the Quarter Ended | For the Thirty-nine Weeks | Affected line | ||||||||||||||||
Ended | |||||||||||||||||||
item in | |||||||||||||||||||
the Consolidated | |||||||||||||||||||
Statements of | |||||||||||||||||||
Comprehensive | |||||||||||||||||||
March 26, | March 27, | March 26, | March 27, | Income | |||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||||
Unrecognized prior service cost | $ | (239 | ) | $ | (239 | ) | $ | (718 | ) | $ | (718 | ) | Administrative | ||||||
expenses | |||||||||||||||||||
Unrecognized net gain | — | 17 | — | 51 | Administrative | ||||||||||||||
expenses | |||||||||||||||||||
Total before tax | (239 | ) | (222 | ) | (718 | ) | (667 | ) | |||||||||||
Tax effect | 95 | 89 | 287 | 267 | Income tax expense | ||||||||||||||
Amortization of defined pension items, net of tax | $ | (144 | ) | $ | (133 | ) | $ | (431 | ) | $ | (400 | ) | |||||||
(b) | Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details. |
Distribution_Channel_and_Produ1
Distribution Channel and Product Type Sales Mix (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 26, 2015 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Schedule of Revenue by Distribution Channel | The following table summarizes net sales by distribution channel: | ||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
Distribution Channel | March 26, | March 27, | March 26, | March 27, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Consumer (1) | $ | 123,155 | $ | 98,588 | $ | 409,110 | $ | 337,460 | |||||||||
Commercial Ingredients | 47,988 | 45,273 | 147,035 | 140,961 | |||||||||||||
Contract Packaging | 27,517 | 21,867 | 82,868 | 71,823 | |||||||||||||
Export (2) | 10,736 | 8,563 | 26,793 | 25,858 | |||||||||||||
Total | $ | 209,396 | $ | 174,291 | $ | 665,806 | $ | 576,102 | |||||||||
(1) | Sales of branded products, primarily all Fisher brand, were approximately 25% and 27% of total consumer sales during the third quarter of fiscal 2015 and fiscal 2014, respectively. Sales of branded products, primarily all Fisher brand, were approximately 32% and 33% of total consumer sales during the first thirty-nine weeks of fiscal 2015 and fiscal 2014, respectively. | ||||||||||||||||
(2) | Export sales consist primarily of bulk products and consumer branded and private brand products. Consumer branded and private brand products accounted for approximately 55% and 50% of total sales in the export channel during the third quarter of fiscal 2015 and fiscal 2014, respectively. Consumer branded and private brand products accounted for approximately 66% and 55% of total sales in the export channel during the first thirty-nine weeks of fiscal 2015 and 2014, respectively. | ||||||||||||||||
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 type. | ||||||||||||||||
For the Quarter Ended | For the Thirty-nine Weeks | ||||||||||||||||
Ended | |||||||||||||||||
Product Type | March 26, | March 27, | March 26, | March 27, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Peanuts | 13.7 | % | 15.8 | % | 13.5 | % | 14.7 | % | |||||||||
Pecans | 8.8 | 10.6 | 13.4 | 14.8 | |||||||||||||
Cashews & Mixed Nuts | 23.1 | 20.7 | 21.9 | 19.1 | |||||||||||||
Walnuts | 10.7 | 11.6 | 11.5 | 12.2 | |||||||||||||
Almonds | 25 | 24.2 | 22.6 | 21.7 | |||||||||||||
Trail & Snack Mixes | 13.5 | 10.9 | 11.8 | 11 | |||||||||||||
Other | 5.2 | 6.2 | 5.3 | 6.5 | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Mar. 26, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Carrying Value and Fair Value Estimate of Long Term Debt | The following table summarizes the carrying value and fair value estimate of our long term debt, including current maturities: | ||||||||||||
March 26, | June 26, | March 27, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Carrying value of long-term debt: | $ | 36,506 | $ | 39,015 | $ | 39,851 | |||||||
Fair value of long-term debt: | 40,520 | 43,091 | 43,724 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Mar. 26, 2015 | Jun. 26, 2014 | Mar. 27, 2014 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw material and supplies | $106,864 | $68,196 | $110,160 |
Work-in-process and finished goods | 121,513 | 114,634 | 87,907 |
Total | $228,377 | $182,830 | $198,067 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (Restatement Adjustment [Member], USD $) | Jun. 26, 2014 | Mar. 27, 2014 |
In Thousands, unless otherwise specified | ||
Restatement Adjustment [Member] | ||
Inventory [Line Items] | ||
Raw material adjustment | $21,221 | $12,995 |
Intangible_Assets_Components_o
Intangible Assets - Components of Intangible Assets (Detail) (USD $) | Mar. 26, 2015 | Jun. 26, 2014 | Mar. 27, 2014 |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | $24,090 | $24,090 | $24,090 |
Less accumulated amortization: | |||
Total accumulated amortization | -20,472 | -18,844 | -18,187 |
Net intangible assets | 3,618 | 5,246 | 5,903 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 10,600 | 10,600 | 10,600 |
Less accumulated amortization: | |||
Total accumulated amortization | -7,339 | -6,203 | -5,824 |
Non-compete Agreement [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 5,400 | 5,400 | 5,400 |
Less accumulated amortization: | |||
Total accumulated amortization | -5,048 | -4,582 | -4,312 |
Brand Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 8,090 | 8,090 | 8,090 |
Less accumulated amortization: | |||
Total accumulated amortization | ($8,085) | ($8,059) | ($8,051) |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) | 9 Months Ended |
Mar. 26, 2015 | |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 7 years |
Non-compete Agreement [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 5 years |
Brand Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 5 years |
Primary_Financing_Facilities_A
Primary Financing Facilities - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Mar. 26, 2015 | Jun. 26, 2014 | Mar. 27, 2014 | Feb. 07, 2008 |
Credit Facilities [Line Items] | |||||
Available credit under the Credit Facility | $39,036 | ||||
Borrowings | 74,614 | 40,542 | 55,829 | ||
Outstanding letters of credit | 3,850 | ||||
Amounts of term loans | 36,506 | 39,015 | 39,851 | ||
Revolving Credit Facility [Member] | |||||
Credit Facilities [Line Items] | |||||
Revolving loan commitment and letter of credit sub facility | 117,500 | ||||
Prior to the Sixth Amendment [Member] | |||||
Credit Facilities [Line Items] | |||||
Credit facility maturity date | 15-Jul-16 | ||||
Permitted acquisitions amount | 50,000 | ||||
Sixth Amended to Credit Facility [Member] | |||||
Credit Facilities [Line Items] | |||||
Credit facility maturity date | 15-Jul-19 | ||||
Number of cash or stock dividends that may be declared in each fiscal year without obtaining bank consent | 2 | ||||
Aggregate amount of dividends that can be declared without bank consent | 25,000 | ||||
Excess availability required under the credit facility | 30,000 | ||||
Maximum [Member] | Sixth Amended to Credit Facility [Member] | |||||
Credit Facilities [Line Items] | |||||
Permitted acquisitions amount | 100,000 | ||||
Mortgage Facility Tranche A [Member] | |||||
Credit Facilities [Line Items] | |||||
Amounts of term loans | 36,000 | ||||
Scheduled principal payments due beyond twelve months | 17,200 | ||||
Mortgage Facility Tranche B [Member] | |||||
Credit Facilities [Line Items] | |||||
Amounts of term loans | 9,000 | ||||
Scheduled principal payments due beyond twelve months | 4,300 | ||||
Mortgage Facility [Member] | |||||
Credit Facilities [Line Items] | |||||
Amounts of term loans | $45,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 |
Income Tax Disclosure [Line Items] | |||
Effective tax rate | 35.40% | 20.10% | |
Discrete income tax benefit | ($677) | ||
Unrecognized tax benefits and accrued interest and penalties long-term | 323 | 323 | |
Increase in unrecognized tax benefits | 28 | ||
Increase in Accrued interest and penalties | 32 | ||
United States [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year of tax return audit | 2011 | ||
Illinois [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year of tax return audit | 2013 | ||
California [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year of tax return audit | 2009 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Disclosure [Line Items] | |||
Gross state tax credits | $3,649 | $3,649 | |
Gross state tax net operating losses expiration dates | 2024 |
Earnings_Per_Common_Share_Weig
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 | |
Weighted Average Shares Outstanding [Abstract] | ||||
Weighted average number of shares outstanding - basic | 11,183,505 | 11,073,669 | 11,137,260 | 11,016,926 |
Effect of dilutive securities: | ||||
Stock options and restricted stock units | 91,277 | 82,560 | 94,178 | 99,565 |
Weighted average number of shares outstanding - diluted | 11,274,782 | 11,156,229 | 11,231,438 | 11,116,491 |
Earnings_Per_Common_Share_Summ
Earnings Per Common Share - Summary of Anti-dilutive Awards Excluded from Computation of Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 | |
Anti Dilutive Shares [Abstract] | ||||
Weighted average number of anti-dilutive shares: | 0 | 0 | 0 | 20,203 |
Weighted average exercise price: | $0 | $0 | $0 | $25.36 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 26, 2015 | Oct. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of options exercised | $550 | |
Total cash received from exercise of options | 567 | |
Unrecognized compensation cost related to non-vested share-based compensation | 2,875 | |
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 1 year 6 months | |
Restricted Stock Unit [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of restricted stock units granted | 1 year 6 months | |
Restricted stock units vested | 51,439 | |
2014 Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock authorized for grants of awards under the 2014 Omnibus Plan | 1,000,000 | |
Amount that may be paid to any participant for awards payable in cash or property other than Common Stock | $5,000 | |
2014 Omnibus Plan [Member] | Stock Options And Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of options awarded to an individual | 500,000 | |
2014 Omnibus Plan [Member] | Restricted Stock Unit [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares awarded to an individual | 250,000 | |
2014 Omnibus Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares awarded to an individual | 250,000 | |
2014 Omnibus Plan [Member] | Other Stock-Based Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares awarded to an individual | 250,000 | |
2014 Omnibus Plan [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares awarded to an individual | 250,000 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 26, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning balance, Shares | 63,500 |
Granted, Shares | 0 |
Exercised, Shares | -32,500 |
Forfeited, Shares | 0 |
Outstanding ending balance, Shares | 31,000 |
Exercisable, Shares | 30,125 |
Outstanding beginning Balance, Weighted Average Exercise Price | $13.98 |
Granted, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $17.44 |
Forfeited, Weighted Average Exercise Price | $0 |
Outstanding Ending Balance, Weighted Average Exercise Price | $10.36 |
Exercisable Balance, Weighted Average Exercise Price | $10.21 |
Outstanding, Weighted Average Remaining Contractual Term | 2 years 4 months 24 days |
Exercisable, Weighted Average Remaining Contractual Term | 2 years 3 months |
Outstanding, Aggregate Intrinsic Value | $950 |
Exercisable, Aggregate Intrinsic Value | $928 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans - Summary of Restricted Stock Unit Activity (Detail) (USD $) | 9 Months Ended |
Mar. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning balance, Shares | 201,308 |
Granted, Shares | 83,505 |
Vested, Shares | -55,875 |
Forfeited, Shares | -270 |
Outstanding ending balance, Shares | 228,668 |
Weighted Average Grant Date Fair Value, Beginning Balance | $16.23 |
Granted, Weighted Average Grant Date Fair Value | $33.95 |
Vested, Weighted Average Grant Date Fair Value | $11 |
Forfeited, Weighted Average Grant Date Fair Value | $32.52 |
Weighted Average Grant Date Fair Value, Ending Balance | $23.96 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans - Summary of Equity Compensation Plans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation cost | $526 | $272 | $1,405 | $833 |
Special_Cash_Dividends_Additio
Special Cash Dividends - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 |
Equity [Abstract] | ||||
Special cash dividend | $0 | $0 | $1.50 | $1.50 |
Payment of special dividend | $16,759 | $16,599 | ||
Dividends payable date, declared day | 28-Oct-14 | |||
Dividend payable date | 12-Dec-14 | |||
Dividends payable, date of record | 3-Dec-14 |
Retirement_Plan_Schedule_of_Ne
Retirement Plan - Schedule of Net Periodic Benefit Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $96 | $81 | $289 | $242 |
Interest cost | 161 | 159 | 482 | 476 |
Amortization of prior service cost | 239 | 239 | 718 | 718 |
Amortization of gain | 0 | -17 | 0 | -51 |
Net periodic benefit cost | $496 | $462 | $1,489 | $1,385 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Balance at beginning of period | ($3,503) | ($3,164) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 718 | 667 |
Tax effect | -287 | -267 |
Net current-period other comprehensive income | 431 | 400 |
Balance at end of period | ($3,072) | ($2,764) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | ($239) | ($222) | ($718) | ($667) |
Tax effect | 95 | 89 | 287 | 267 |
Other comprehensive income, net of tax | -144 | -133 | -431 | -400 |
Amortization of Defined Benefit Pension Items [Member] | Amount Reclassified from AOCL [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | -239 | -222 | -718 | -667 |
Tax effect | 95 | 89 | 287 | 267 |
Other comprehensive income, net of tax | -144 | -133 | -431 | -400 |
Amortization of Defined Benefit Pension Items [Member] | Amount Reclassified from AOCL [Member] | Administrative Expenses [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrecognized prior service cost | -239 | -239 | -718 | -718 |
Unrecognized net gain | $0 | $17 | $0 | $51 |
Sale_of_Real_Property_Addition
Sale of Real Property - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 27, 2014 |
Gain (Loss) on Disposition of Property Plant Equipment [Abstract] | |
Proceeds from sale of land and building | $8,000 |
Gain on sale of land and building | 1,037 |
Income tax expense of sale of land and building | $604 |
Distribution_Channel_and_Produ2
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 |
Distribution Channel Reporting Information [Line Items] | ||||
Net sales | $209,396 | $174,291 | $665,806 | $576,102 |
Consumer [Member] | ||||
Distribution Channel Reporting Information [Line Items] | ||||
Net sales | 123,155 | 98,588 | 409,110 | 337,460 |
Commercial Ingredients [Member] | ||||
Distribution Channel Reporting Information [Line Items] | ||||
Net sales | 47,988 | 45,273 | 147,035 | 140,961 |
Contract Packaging [Member] | ||||
Distribution Channel Reporting Information [Line Items] | ||||
Net sales | 27,517 | 21,867 | 82,868 | 71,823 |
Export [Member] | ||||
Distribution Channel Reporting Information [Line Items] | ||||
Net sales | $10,736 | $8,563 | $26,793 | $25,858 |
Distribution_Channel_and_Produ3
Distribution Channel and Product Type Sales Mix - Schedule of Revenue by Distribution Channel (Parenthetical) (Detail) (Sales Revenue, Net [Member]) | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 | |
Consumer Branded Products [Member] | ||||
Distribution Channel Reporting Information [Line Items] | ||||
Percentage of total consumer channel sales comprised of sale of branded products | 25.00% | 27.00% | 32.00% | 33.00% |
Consumer Branded and Private Brand Products [Member] | Export [Member] | ||||
Distribution Channel Reporting Information [Line Items] | ||||
Percentage of total export channel sales comprised of sale of private brand and branded products | 55.00% | 50.00% | 66.00% | 55.00% |
Distribution_Channel_and_Produ4
Distribution Channel and Product Type Sales Mix - Schedule of Sales by Product Type as Percentage of Gross Sales (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 26, 2015 | Mar. 27, 2014 | Mar. 26, 2015 | Mar. 27, 2014 | |
Product Type Reporting Information [Line Items] | ||||
Total | 100.00% | 100.00% | 100.00% | 100.00% |
Peanuts [Member] | ||||
Product Type Reporting Information [Line Items] | ||||
Total | 13.70% | 15.80% | 13.50% | 14.70% |
Pecans [Member] | ||||
Product Type Reporting Information [Line Items] | ||||
Total | 8.80% | 10.60% | 13.40% | 14.80% |
Cashews & Mixed Nuts [Member] | ||||
Product Type Reporting Information [Line Items] | ||||
Total | 23.10% | 20.70% | 21.90% | 19.10% |
Walnuts [Member] | ||||
Product Type Reporting Information [Line Items] | ||||
Total | 10.70% | 11.60% | 11.50% | 12.20% |
Almonds [Member] | ||||
Product Type Reporting Information [Line Items] | ||||
Total | 25.00% | 24.20% | 22.60% | 21.70% |
Trail & Snack Mixes [Member] | ||||
Product Type Reporting Information [Line Items] | ||||
Total | 13.50% | 10.90% | 11.80% | 11.00% |
Other [Member] | ||||
Product Type Reporting Information [Line Items] | ||||
Total | 5.20% | 6.20% | 5.30% | 6.50% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Long-Term Debt (Detail) (USD $) | Mar. 26, 2015 | Jun. 26, 2014 | Mar. 27, 2014 |
In Thousands, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | |||
Carrying value of long-term debt: | $36,506 | $39,015 | $39,851 |
Fair value of long-term debt: | $40,520 | $43,091 | $43,724 |