Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 29, 2017 | Aug. 11, 2017 | Dec. 29, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 29, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | JBSS | ||
Entity Registrant Name | SANFILIPPO JOHN B & SON INC | ||
Entity Central Index Key | 880,117 | ||
Current Fiscal Year End Date | --06-29 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 593,573,553 | ||
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,699,983 | ||
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, 2017 | Jun. 30, 2016 |
CURRENT ASSETS: | ||
Cash | $ 1,955 | $ 2,220 |
Accounts receivable, less allowance for doubtful accounts of $263 and $397, respectively | 64,830 | 78,088 |
Inventories | 182,420 | 156,573 |
Prepaid expenses and other current assets | 4,172 | 5,292 |
TOTAL CURRENT ASSETS | 253,377 | 242,173 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 9,285 | 9,285 |
Buildings | 107,015 | 106,505 |
Machinery and equipment | 194,099 | 188,748 |
Furniture and leasehold improvements | 4,842 | 4,349 |
Vehicles | 498 | 453 |
Construction in progress | 1,075 | 832 |
Property, plant and equipment gross | 316,814 | 310,172 |
Less: Accumulated depreciation | 210,606 | 200,416 |
Property, plant and equipment net | 106,208 | 109,756 |
Rental investment property, less accumulated depreciation of $9,639 and $8,847, respectively | 19,254 | 20,047 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 125,462 | 129,803 |
OTHER LONG TERM ASSETS: | ||
Cash surrender value of officers' life insurance and other assets | 10,125 | 9,227 |
Deferred income taxes | 9,095 | 8,590 |
Intangible assets, net | 0 | 1,369 |
TOTAL ASSETS | 398,059 | 391,162 |
CURRENT LIABILITIES: | ||
Revolving credit facility borrowings | 29,456 | 12,084 |
Current maturities of long-term debt, including related party debt of $474 and $407, respectively and net of unamortized debt issuance costs of $55 and $65, respectively | 3,418 | 3,342 |
Accounts payable, including related party payables of $178 and $113, respectively | 50,047 | 43,719 |
Bank overdraft | 932 | 811 |
Accrued payroll and related benefits | 15,958 | 16,045 |
Other accrued expenses | 10,062 | 7,193 |
TOTAL CURRENT LIABILITIES | 109,873 | 83,194 |
LONG-TERM LIABILITIES: | ||
Long-term debt, less current maturities, including related party debt of $10,584 and $11,133, respectively and net of unamortized debt issuance costs of $124 and $179, respectively | 25,211 | 28,704 |
Retirement plan | 20,994 | 22,137 |
Other | 6,513 | 5,934 |
TOTAL LONG-TERM LIABILITIES | 52,718 | 56,775 |
TOTAL LIABILITIES | 162,591 | 139,969 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Capital in excess of par value | 117,772 | 115,136 |
Retained earnings | 123,190 | 143,573 |
Accumulated other comprehensive loss | (4,404) | (6,425) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 235,468 | 251,193 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 398,059 | 391,162 |
Class A Common Stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common Stock | 26 | 26 |
TOTAL STOCKHOLDERS' EQUITY | 26 | 26 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common Stock | 88 | 87 |
TOTAL STOCKHOLDERS' EQUITY | $ 88 | $ 87 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Allowance for doubtful accounts for accounts receivable, current | $ 263 | $ 397 |
Accumulated depreciation of rental investment property | 9,639 | 8,847 |
Current maturities of long-term debt, related party debt | 474 | 407 |
Unamortized debt issuance costs, current | 55 | 65 |
Accounts payable, related party payables | 178 | 113 |
Related party debt, Non-current | 10,584 | 11,133 |
Unamortized debt issuance costs, noncurrent | $ 124 | $ 179 |
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 | 8,801,641 | 8,725,715 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net sales | $ 846,635 | $ 952,059 | $ 887,245 |
Cost of sales | 704,712 | 814,591 | 755,189 |
Gross profit | 141,923 | 137,468 | 132,056 |
Operating expenses: | |||
Selling expenses | 49,392 | 51,114 | 49,646 |
Administrative expenses | 34,187 | 35,042 | 30,531 |
Total operating expenses | 83,579 | 86,156 | 80,177 |
Income from operations | 58,344 | 51,312 | 51,879 |
Other expense: | |||
Interest expense including $785, $1,081 and $1,110 to related parties, respectively | 2,910 | 3,492 | 3,966 |
Rental and miscellaneous expense, net | 1,296 | 1,358 | 3,049 |
Total other expense, net | 4,206 | 4,850 | 7,015 |
Income before income taxes | 54,138 | 46,462 | 44,864 |
Income tax expense | 18,013 | 16,067 | 15,559 |
Net income | 36,125 | 30,395 | 29,305 |
Other comprehensive income (loss), net of tax: | |||
Amortization of prior service cost and actuarial gain included in net periodic pension cost | 820 | 624 | 584 |
Net actuarial gain (loss) arising during the period | 1,201 | (2,215) | (1,915) |
Other comprehensive income (loss), net of tax | 2,021 | (1,591) | (1,331) |
Comprehensive income | $ 38,146 | $ 28,804 | $ 27,974 |
Net income per common share - basic | $ 3.19 | $ 2.71 | $ 2.63 |
Net income per common share - diluted | 3.17 | 2.68 | 2.61 |
Cash dividends declared per share | $ 5 | $ 2 | $ 1.50 |
Weighted average shares outstanding - basic | 11,317,149 | 11,233,975 | 11,150,658 |
Weighted average shares outstanding - diluted | 11,403,605 | 11,332,924 | 11,248,259 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Interest expense to related parties | $ 785 | $ 1,081 | $ 1,110 |
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. 26, 2014 | $ 226,827 | $ 108,305 | $ 123,118 | $ (3,503) | $ (1,204) | $ 26 | $ 85 |
Balance, Shares at Jun. 26, 2014 | 2,597,426 | 8,569,105 | |||||
Net income | 29,305 | 29,305 | |||||
Cash dividends | (16,759) | (16,759) | |||||
Pension liability amortization, net of income tax (expense) | 584 | 584 | |||||
Pension liability adjustment, net of income tax benefit | (1,915) | (1,915) | |||||
Equity award exercises | 1,284 | 1,283 | $ 1 | ||||
Equity award exercises, shares | 94,375 | ||||||
Stock-based compensation expense | 1,952 | 1,952 | |||||
Balance at Jun. 25, 2015 | 241,278 | 111,540 | 135,664 | (4,834) | (1,204) | $ 26 | $ 86 |
Balance, Shares at Jun. 25, 2015 | 2,597,426 | 8,663,480 | |||||
Net income | 30,395 | 30,395 | |||||
Cash dividends | (22,486) | (22,486) | |||||
Pension liability amortization, net of income tax (expense) | 624 | 624 | |||||
Pension liability adjustment, net of income tax benefit | (2,215) | (2,215) | |||||
Equity award exercises | 1,108 | 1,107 | $ 1 | ||||
Equity award exercises, shares | 62,235 | ||||||
Stock-based compensation expense | 2,489 | 2,489 | |||||
Balance at Jun. 30, 2016 | 251,193 | 115,136 | 143,573 | (6,425) | (1,204) | $ 26 | $ 87 |
Balance, Shares at Jun. 30, 2016 | 2,597,426 | 8,725,715 | |||||
Net income | 36,125 | 36,125 | |||||
Cash dividends | (56,464) | (56,464) | |||||
Pension liability amortization, net of income tax (expense) | 820 | 820 | |||||
Pension liability adjustment, net of income tax benefit | 1,201 | 1,201 | |||||
Equity award exercises | 63 | 62 | $ 1 | ||||
Equity award exercises, shares | 75,926 | ||||||
Stock-based compensation expense | 2,504 | 2,504 | |||||
Effect of adopting ASU 2016-09 | 26 | 70 | (44) | ||||
Balance at Jun. 29, 2017 | $ 235,468 | $ 117,772 | $ 123,190 | $ (4,404) | $ (1,204) | $ 26 | $ 88 |
Balance, Shares at Jun. 29, 2017 | 2,597,426 | 8,801,641 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 5 | $ 2 | $ 1.50 |
Pension liability amortization income tax expense | $ 502 | $ 383 | $ 373 |
Pension liability adjustment income tax benefit | $ 737 | $ 1,358 | $ 1,224 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 36,125 | $ 30,395 | $ 29,305 |
Depreciation and amortization | 15,559 | 16,585 | 16,284 |
Loss on disposition of properties, net | 71 | 392 | 100 |
Deferred income tax benefit | (1,744) | (170) | (2,384) |
Stock-based compensation expense | 2,504 | 2,489 | 1,952 |
Change in assets and liabilities: | |||
Accounts receivable, net | 13,243 | (2,436) | (19,862) |
Inventories | (25,847) | 41,424 | (15,167) |
Prepaid expenses and other current assets | 201 | (19) | (1,587) |
Accounts payable | 6,384 | (1,126) | 307 |
Accrued expenses | 1,484 | 421 | 1,798 |
Income taxes receivable/payable | 2,217 | (805) | 2,495 |
Other long-term liabilities | 579 | (443) | 862 |
Other long-term assets | (266) | 767 | (1,541) |
Other, net | 2,158 | 1,774 | 1,371 |
Net cash provided by operating activities | 52,668 | 89,248 | 13,933 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (10,885) | (15,018) | (14,392) |
Proceeds from disposition of assets | 1 | 1 | 90 |
Other, net | 341 | 92 | 21 |
Net cash used in investing activities | (10,543) | (14,925) | (14,281) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under revolving credit facilities | 340,229 | 316,945 | 339,684 |
Repayments of revolving credit borrowings | (322,857) | (366,014) | (319,073) |
Principal payments on long-term debt | (3,482) | (3,376) | (3,349) |
Increase (decrease) in bank overdraft | 121 | (226) | (1,377) |
Dividends paid | (56,464) | (22,486) | (16,759) |
Proceeds from the exercise of stock options | 63 | 155 | 643 |
Tax benefit of equity award exercises | 0 | 953 | 641 |
Net cash (used in) provided by financing activities | (42,390) | (74,049) | 410 |
NET (DECREASE) INCREASE IN CASH | (265) | 274 | 62 |
Cash, beginning of period | 2,220 | 1,946 | 1,884 |
Cash, end of period | 1,955 | 2,220 | 1,946 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 2,763 | 3,326 | 3,760 |
Income taxes paid, excluding refunds of $232, $168, and $548, respectively | $ 17,635 | $ 16,526 | $ 15,288 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Statement of Cash Flows [Abstract] | |||
Income taxes paid, refunds | $ 232 | $ 168 | $ 548 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 29, 2017 | |
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 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 a variety of private brands and under the Fisher, Orchard Valley Harvest Sunshine Country 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, the assumptions used in estimating the retirement plan liability and pension expense, and the realizability of deferred tax assets. Actual results could differ from those estimates. 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 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) (first-in, first-out) 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 $ 14,190 $ 14,875 $ 14,117 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 5 years No interest costs were capitalized for the last three fiscal years due to the lack of any significant project requiring such capitalization. Impairment of Long-Lived Assets We review held and used long-lived assets, including our rental investment property and amortizable identifiable intangible assets, 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 not record any impairment of long-lived assets for the last three fiscal years. Facility Consolidation Project/Real Estate Transactions 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 75% of the office building has been built-out The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. Gross rental income and rental (expense), net for the last three fiscal years are as follows: Year ended Year ended Year ended Gross rental income $ 2,003 $ 1,898 $ 1,792 Rental (expense), net (1,311 ) (1,371 ) (3,062 ) Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: June 28, 2018 $ 1,961 June 27, 2019 1,859 June 25, 2020 1,765 June 24, 2021 1,534 June 30, 2022 1,314 Thereafter 3,096 $ 11,529 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 June 29, 2017 and June 30, 2016 because of the short-term maturities and nature of these balances. The carrying value of our Credit Facility (as defined in Note 4 – “Revolving Credit Facility” in the Notes to Consolidated Financial Statements “Revolving Credit Facility” below) borrowings approximates fair value at June 29, 2017 and June 30, 2016 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 long-term debt: $ 28,808 $ 32,290 Fair value of long-term debt: 29,316 35,479 The estimated fair value of 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 We recognize revenue when persuasive evidence of an arrangement exists, title has transferred (based upon terms of shipment), price is fixed, delivery occurred and collection is reasonably assured. We sell our products under some arrangements which include customer contracts which fix the sales price for periods, which typically can be up to one year, for some commercial ingredient customers and through specific programs consisting of promotion allowances, volume and customer rebates and marketing allowances, among others, to consumer customers and commercial ingredient users. Reserves for these programs are established based upon the terms of specific arrangements. Revenues are recorded net of rebates and promotion and marketing allowances. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. While customers do have the right to return products, past experience has demonstrated that product returns have generally been insignificant. Provisions for returns are reflected as a reduction in net sales and are estimated based upon customer specific circumstances. Billings for shipping and handling costs are included in revenues. Segment Reporting We operate in a single reportable and operating segment that consists of selling various nut and nut related products through multiple distribution channels. 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 three customers each exceeded 10% of net sales during fiscal 2017 and fiscal 2016. In fiscal 2015 two customers each exceeded 10% of net sales. Sales to these customers represented approximately 53%, 50% and 39% of our net sales in fiscal 2017, fiscal 2016 and fiscal 2015, respectively. Net accounts receivable from these customers were 56% and 51% of net accounts receivable at June 29, 2017 and June 30, 2016, respectively. Promotion, Marketing and Advertising Costs Promotions, allowances and customer rebates are recorded at the time revenue is recognized and are reflected as reductions in sales. Annual volume rebates are estimated based upon projected volumes for the year, while promotions and allowances are recorded based upon terms of the actual arrangements. Coupon incentive costs are accrued based on an estimate of redemptions to occur. Marketing and advertising costs are incurred to promote and support branded products 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 $ 10,064 $ 11,569 $ 11,069 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 $ 17,682 $ 16,686 $ 17,699 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 $ 658 $ 653 $ 979 Stock-Based Compensation We account for stock-based employee compensation arrangements in accordance with the provisions of ASC 718, as amended by Accounting Standard Update (“ASU”) 2016-09, 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 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, 2017, we believe that our deferred tax assets are fully realizable, except for $171 of net basis differences for which we have provided a valuation allowance. 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 11,317,149 11,233,975 11,150,658 Effect of dilutive securities: Stock options and restricted stock units 86,456 98,949 97,601 Weighted average number of shares outstanding — diluted 11,403,605 11,332,924 11,248,259 The following table presents a summary of anti-dilutive awards excluded from the computation of diluted earnings per share: Year ended Year ended Year ended Weighted average number of anti-dilutive shares: 1,068 — — Weighted average exercise price per share: $ 65.35 $ — $ — Comprehensive Income We account for comprehensive income in accordance with ASC Topic 220, Comprehensive Income non-owner Recent Accounting Pronouncements The following recent accounting pronouncements were adopted in the current fiscal year: In March 2016, the FASB issued ASU No. 2016-09 In April 2015, the FASB issued ASU No. 2015-05 Internal-Use 350-40): 2015-05 In April 2015, the FASB issued ASU No. 2015-03 835-30) 2015-03 2015-03 In February 2015, the FASB issued ASU No. 2015-02 2015-02 2015-02 In August 2014, the FASB issued ASU No. 2014-15 205-40)”. 2014-15 The following recent accounting pronouncements have not yet been adopted: In May 2017, the FASB issued ASU No. 2017-09 2017-09 2017-09 In March 2017, the FASB issued ASU No. 2017-07 In October 2016, the FASB issued ASU No. 2016-17 2015-02 2016-17 2016-17 In August 2016, the FASB issued ASU No. 2016-15 2016-15 In June 2016, the FASB issued ASU No. 2016-13 2013-13 In February 2016, the FASB issued ASU No. 2016-02 2016-02 In July 2015, the FASB issued ASU No. 2015-11 Inventory (Topic 330) Simplifying the Measurement of Inventory first-in, first-out In May 2014, the FASB issued ASU No. 2014-09 340-40, No. 2015-14 2014-09 |
Inventories
Inventories | 12 Months Ended |
Jun. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 2 — INVENTORIES Inventories consist of the following: June 29, June 30, Raw material and supplies $ 79,609 $ 56,005 Work-in-process 102,811 100,568 $ 182,420 $ 156,573 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 3 — INTANGIBLE ASSETS Intangible assets subject to amortization consist of the following: June 29, June 30, Customer relationships $ 10,600 $ 10,600 Brand names 8,090 8,090 Less accumulated amortization: Customer relationships (10,600 ) (9,231 ) Brand names (8,090 ) (8,090 ) Net intangible assets $ — $ 1,369 Customer relationships relate wholly to the Orchard Valley Harvest (“OVH”) acquisition completed in fiscal 2010 which became fully amortized in fiscal 2017. The brand name consists primarily of the Fisher Fisher 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 $ 1,369 $ 1,710 $ 2,167 |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Jun. 29, 2017 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | NOTE 4 — REVOLVING CREDIT FACILITY 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 (the “Credit Facility”). The Credit Facility is secured by substantially all our assets other than real property and fixtures. At June 29, 2017 and June 30, 2016, the weighted average interest rate for the Credit Facility was 3.11% and 3.75%, respectively. 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 On July 7, 2017, we entered into the Eighth Amendment to Credit Facility (the “Eighth Amendment”). See Note 18 – “Subsequent Events”. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jun. 29, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 5 — LONG-TERM DEBT Long-term debt consists of the following: June 29, June 30, Mortgage Facility (“Tranche A”), collateralized by real property, due in monthly principal installments of $200 plus interest at 7.63% per annum through February 2023 with a final principal payment of $600 on March 1, 2023 $ 14,200 $ 16,600 Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly principal installments of $50 plus interest at the greater of one month LIBOR plus 3.50% per annum or 4.25% through February 2023 with a final principal payment of $150 on March 1, 2023 3,550 4,150 Selma, Texas facility financing obligation to related parties, due in monthly installments of $103 through September 1, 2031 11,058 11,540 Unamortized debt issuance costs (179 ) (244 ) 28,629 32,046 Less: Current maturities, net of unamortized debt issuance costs (3,418 ) (3,342 ) Total long-term debt, net of unamortized debt issuance costs $ 25,211 $ 28,704 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 is secured by mortgages on essentially all of our owned real property located in Elgin, Illinois, Gustine, California and Garysburg, North Carolina (the “Encumbered Properties”). Tranche A under the Mortgage Facility accrues interest at a fixed interest rate of 7.63% per annum, payable monthly. As mentioned above, such interest rate may be reset by the Mortgage Lender on the Tranche A Reset Date. Tranche B under the Mortgage Facility accrues interest, as reset on March 1, 2016, at a floating rate of the greater of (i) one month LIBOR plus 3.50% per annum or (ii) 4.25%, payable monthly (the “Floating Rate”). The margin on such floating rate may be reset by the Mortgage Lender on each Tranche B Reset Date; provided, however, that the Mortgage Lender may also change the underlying index on each Tranche B Reset Date occurring on or after March 1, 2018. We do not currently anticipate that any change in the floating rate or the underlying index will have a material adverse effect upon our business, financial condition or results of operations. The terms of the Mortgage Facility contain covenants that require us to maintain a specified net worth of $110,000 and maintain the Encumbered Properties. The Mortgage Lender is entitled to require immediate repayment of our obligations under the Mortgage Facility in the event we default in the payments required under the Mortgage Facility, non-compliance 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 has a ten-year 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 (unless we purchase it before such date). One five-year renewal option remains. Beginning in the second quarter of fiscal 2017, the base monthly lease amount decreased to $103. Aggregate maturities of long-term debt are as follows for the fiscal years ending: June 28, 2018 $ 3,473 June 27, 2019 3,508 June 25, 2020 3,545 June 24, 2021 3,585 June 30, 2022 3,627 Thereafter 11,070 $ 28,808 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6 — 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 25, Current: Federal $ 17,013 $ 14,015 $ 15,916 State 2,744 2,222 2,027 Total current expense 19,757 16,237 17,943 Deferred: Deferred federal (1,698 ) (210 ) (2,589 ) Deferred state (46 ) 40 205 Total deferred benefit (1,744 ) (170 ) (2,384 ) Total income tax expense $ 18,013 $ 16,067 $ 15,559 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 25, Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.3 3.2 3.4 Research and development tax credit (0.1 ) (0.1 ) (0.1 ) Domestic manufacturing deduction (3.1 ) (3.2 ) (3.4 ) Windfall tax benefits (1.8 ) — — Uncertain tax positions 0.1 (0.6 ) 0.3 Other (0.1 ) 0.3 (0.5 ) Effective tax rate 33.3 % 34.6 % 34.7 % After the adoption of ASU 2016-09 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 $ 423 $ 521 Employee compensation 1,726 1,922 Inventory 345 353 Depreciation and amortization (12,826 ) (13,315 ) Capitalized leases 1,508 1,440 Goodwill and intangible assets 4,939 5,046 Retirement plan 8,224 8,661 Workers’ compensation 2,365 2,251 Share based compensation 1,908 1,669 Capital loss carryforward 171 171 Other 483 42 Less valuation allowance (171 ) (171 ) Net deferred tax asset — long term $ 9,095 $ 8,590 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 For the years ending June 29, 2017 and June 30, 2016, unrecognized tax benefits and accrued interest and penalties were $173 and $62. 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 $174 and $24 at June 29, 2017 and June 30, 2016, respectively. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: June 29, June 30, June 25, Beginning balance $ 24 $ 248 $ 247 Gross increases — tax positions in prior year 7 70 27 Gross decreases — tax positions in prior year — (8 ) (91 ) Settlements — (137 ) (18 ) Gross increases — tax positions in current year 23 17 21 Lapse of statute of limitations 120 (166 ) 62 Ending balance $ 174 $ 24 $ 248 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 25, Unrecognized tax benefits that would affect annual effective tax rate $ 136 $ 27 $ 261 During fiscal 2017, 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. There were certain changes in state tax laws during the period the impact of which was insignificant. We file income tax returns with federal and state tax authorities within the United States of America. Our federal and Illinois tax returns are open for audit for fiscal 2015 and 2016. Our California tax returns for fiscal 2013 and 2014 are under audit and fiscal 2015 and 2016 are open for audit. No other tax jurisdictions are material to us. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7 — COMMITMENTS AND CONTINGENCIES Operating Leases We primarily lease certain office and material handling equipment pursuant to agreements accounted for as operating leases. Rent expense aggregated under these operating leases was as follows for the last three fiscal years: Year ended Year ended Year ended Rent expense related to operating leases $ 1,880 $ 1,775 $ 1,545 Aggregate non-cancelable Fiscal year ending June 28, 2018 $ 969 June 27, 2019 558 June 25, 2020 392 June 24, 2021 142 June 30, 2022 71 Thereafter 6 $2,138 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. We are subject to a class-action complaint for an employment related matter. Mediation for this matter occurred in June 2017, which for the first time we were provided with an initial monetary demand. In August 2017, we agreed in principle to a $1,200 settlement for which we are fully reserved at June 29, 2017. The non-monetary |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 29, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 8 — 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 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Jun. 29, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | NOTE 9 — 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 non-employee We determine the fair value of stock option awards using the Black-Scholes option-pricing model; however, there were no options granted in fiscal 2017, fiscal 2016 or fiscal 2015. The following is a summary of stock option activity for the year ended June 29, 2017: Shares Weighted- Weighted- Aggregate Outstanding at June 30, 2016 9,500 $ 8.78 Granted — — Exercised (7,500 ) 8.40 Forfeited — — Outstanding at June 29, 2017 2,000 $ 10.24 2.06 $ 105 Exercisable at June 29, 2017 2,000 $ 10.24 2.06 $ 105 The following table summarizes the total intrinsic value of all options exercised and the total cash received from the exercise of options for the last three fiscal years: Year ended Year ended Year ended Total intrinsic value of options exercised $ 374 $ 792 $ 781 Total cash received from exercise of options $ 63 $ 155 $ 643 All options were fully vested as of June 30, 2016. Exercise prices for options outstanding as of June 29, 2017 ranged from $8.71 to $14.73. 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, 2017, June 30, 2016 and June 25, 2015 was $2,773, $3,212 and $2,835, respectively. The following is a summary of RSU activity for the year ended June 29, 2017: Restricted Stock Units Shares Weighted- Outstanding at June 30, 2016 228,270 $ 32.33 Granted 45,213 61.33 Vested (68,426 ) 27.91 Forfeited (3,199 ) 30.23 Outstanding at June 29, 2017 201,858 $ 40.36 At June 29, 2017 there were 68,673 RSUs outstanding that were vested but deferred. At June 30, 2016 there were 58,561 RSUs outstanding that were vested but deferred. The non-vested 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 $ 2,504 $ 2,489 $ 1,952 Income tax benefit recognized 951 962 814 At June 29, 2017, there was $3,008 of total unrecognized compensation cost related to non-vested |
Special Cash Dividends
Special Cash Dividends | 12 Months Ended |
Jun. 29, 2017 | |
Text Block [Abstract] | |
Special Cash Dividends | NOTE 10 — SPECIAL CASH DIVIDENDS Our Board of Directors declared the following special cash dividends payable in fiscal 2017 and fiscal 2016: Declaration Date Record Date Dividend Per Total Amount Payment Date November 1, 2016 November 30, 2016 $ 2.50 $ 28,314 December 13, 2016 July 7, 2016 July 21, 2016 $ 2.50 $ 28,150 August 4, 2016 October 27, 2015 December 2, 2015 $ 2.00 $ 22,486 December 11, 2015 On July 11, 2017, our Board of Directors declared a special cash dividend of $2.00 per share and a regular annual cash dividend of $0.50 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company. Refer to Note 18 – “Subsequent Events” below. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 29, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | NOTE 11 — 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. Our 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 $ 1,664 $ 1,604 $ 1,550 During the first quarter of fiscal 2009, we recorded a long-term liability of $868 for the withdrawal from the multiemployer plan (“Route pension”) for the step-van The total Route pension liability was as follows for the last two fiscal years: June 29, June 30, Route pension liability $ 397 $ 466 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 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 are paid to participants in the first quarter of the following fiscal year. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Jun. 29, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Plan | NOTE 12 — RETIREMENT PLAN The Supplemental Employee Retirement Plan (“SERP”) is an unfunded, non-qualified year-end Compensation — Retirement Benefits 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 $ 22,791 $ 18,538 Service cost 631 491 Interest cost 811 843 Actuarial (gain) loss (1,938 ) 3,573 Benefits paid (654 ) (654 ) Projected benefit obligation at end of year $ 21,641 $ 22,791 The accumulated benefit obligation, which represents benefits earned up to the measurement date, was $17,774 and $18,247 at June 29, 2017 and June 30, 2016, respectively. Components of the actuarial (gain) loss portion of the change in projected benefit obligation are presented below for the fiscal years ended: June 29, June 30, June 25, Actuarial Loss Change in assumed pay increases $ 124 $ 68 $ 342 Change in discount rate (1,402 ) 3,509 (801 ) Change in mortality assumptions (193 ) (132 ) 2,150 Change in bonus assumption — — 1,191 Other (467 ) 128 257 Actuarial (gain) loss $ (1,938 ) $ 3,573 $ 3,139 The components of the net periodic pension cost are as follows for the fiscal years ended: June 29, June 30, June 25, Service cost $ 631 $ 491 $ 386 Interest cost 811 843 642 Recognized loss amortization 365 50 — Prior service cost amortization 957 957 957 Net periodic pension cost $ 2,764 $ 2,341 $ 1,985 Significant assumptions related to our SERP include the discount rate used to calculate the actuarial present value of benefit obligations to be paid in the future, the average rate of compensation expense increase by SERP participants, and anticipated mortality rates. The RP-2014 MP-2016 We used the following assumptions to calculate the benefit obligation of our SERP as of the following dates: June 29, June 30, Discount rate 3.99% 3.61% Rate of compensation increases 4.50% 4.50% Bonus payment 60% - 85% of base, 60% - 85% of base, 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 25, Discount rate 3.61% 4.63% 4.37% Rate of compensation increases 4.50% 4.50% 4.50% Mortality RP-2014 RP-2014 IRS 2014 Bonus payment 60% -85% of 60% -85% of 60% - 85% of 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 plan 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 2018 $ 647 2019 631 2020 612 2021 727 2022 699 2023 — 2027 4,635 At June 29, 2017 and June 30, 2016 the current portion of the SERP liability was $647 and $653, respectively, and recorded in 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 $ (3,624 ) $ (5,926 ) Unrecognized prior service cost (3,349 ) (4,306 ) Tax effect 2,569 3,807 Net amount unrecognized $ (4,404 ) $ (6,425 ) We expect to recognize $957 of the prior service cost and $162 of net loss into net periodic pension expense during the fiscal year ending June 28, 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 29, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 13 — 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 $ (6,425 ) $ (4,834 ) Other comprehensive income (loss) before reclassifications 1,938 (3,573 ) Amounts reclassified from accumulated other comprehensive loss 1,322 1,007 Tax effect (1,239 ) 975 Net current-period other comprehensive income (loss) 2,021 (1,591 ) Balance at end of period $ (4,404 ) $ (6,425 ) (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 Amortization of defined benefit pension items: Unrecognized prior service cost $ (957 ) $ (957 ) Administrative expenses Unrecognized net loss (365 ) (50 ) Administrative expenses Total before tax (1,322 ) (1,007 ) Tax effect 502 383 Income tax expense Amortization of defined pension items, net of tax $ (820 ) $ (624 ) (b) Amounts in parenthesis indicate debits to expense. See Note 12 — “Retirement Plan” above for additional details. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Jun. 29, 2017 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | NOTE 14 — TRANSACTIONS WITH RELATED PARTIES In addition to the related party transactions described in Note 5, we also purchased materials from a company that was formerly owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them during the fiscal years listed below. Purchases from this related party aggregated to the following for the years ending: Year Year Year Purchases from related party $ 8,043 $ 7,138 $ 10,969 Accounts payable to this related entity aggregated to the following for the fiscal years ending: June 29, 2017 $ 178 June 30, 2016 113 |
Product Type Sales Mix
Product Type Sales Mix | 12 Months Ended |
Jun. 29, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Product Type Sales Mix | NOTE 15 — PRODUCT TYPE SALES MIX The following 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 25, Peanuts 15.7 % 13.9 % 13.7 % Pecans 16.2 13.1 12.7 Cashews & Mixed Nuts 24.3 23.3 22.0 Walnuts 8.4 9.4 11.0 Almonds 16.3 23.0 23.4 Trail & Snack Mixes 13.9 12.4 12.0 Other 5.2 4.9 5.2 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jun. 29, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | NOTE 16 — 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, 2017 Allowance for doubtful accounts $ 397 $ 58 $ (192 ) $ 263 Reserve for cash discounts 975 12,274 (12,399 ) 850 Reserve for customer deductions 2,918 16,116 (16,055 ) 2,979 Deferred tax asset valuation allowance 171 — — 171 Total $ 4,461 $ 28,448 $ (28,646 ) $ 4,263 June 30, 2016 Allowance for doubtful accounts $ 235 $ 199 $ (37 ) $ 397 Reserve for cash discounts 800 12,928 (12,753 ) 975 Reserve for customer deductions 1,931 15,351 (14,364 ) 2,918 Deferred tax asset valuation allowance 175 — (4 ) 171 Total $ 3,141 $ 28,478 $ (27,158 ) $ 4,461 June 25, 2015 Allowance for doubtful accounts $ 209 $ 36 $ (10 ) $ 235 Reserve for cash discounts 650 12,341 (12,191 ) 800 Reserve for customer deductions 2,351 9,541 (9,961 ) 1,931 Deferred tax asset valuation allowance 175 — — 175 Total $ 3,385 $ 21,918 $ (22,162 ) $ 3,141 |
Supplementary Quarterly Data (U
Supplementary Quarterly Data (Unaudited) | 12 Months Ended |
Jun. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Quarterly Data (Unaudited) | NOTE 17 — SUPPLEMENTARY QUARTERLY DATA (Unaudited) The following unaudited quarterly consolidated financial data are presented for fiscal 2017 and fiscal 2016. Quarterly financial results necessarily rely on estimates and caution is required in drawing specific conclusions from quarterly consolidated results. First Second Third Fourth Year Ended June 29, 2017: Net sales $ 222,293 $ 249,375 $ 173,376 $ 201,591 Gross profit 36,475 43,389 28,426 33,633 Income from operations 16,556 19,742 10,430 11,616 Net income 10,180 12,885 6,336 6,724 Basic earnings per common share $ 0.90 $ 1.14 $ 0.56 $ 0.59 Diluted earnings per common share $ 0.89 $ 1.13 $ 0.55 $ 0.59 Cash dividends declared per common share $ 2.50 $ 2.50 $ — $ — First Second Third Fourth Year Ended June 30, 2016: Net sales $ 225,777 $ 279,002 $ 215,742 $ 231,538 Gross profit 33,205 45,011 25,588 33,664 Income from operations 13,745 19,692 5,469 12,406 Net income 7,990 12,050 3,078 7,277 Basic earnings per common share $ 0.71 $ 1.07 $ 0.27 $ 0.65 Diluted earnings per common share $ 0.71 $ 1.07 $ 0.27 $ 0.64 Cash dividends declared per common share $ — $ 2.00 $ — $ — * The fourth quarter of fiscal 2016 contained one additional week compared to fiscal 2017. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 29, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 18 — SUBSEQUENT EVENTS On July 7, 2017, we entered into the Eighth Amendment to Credit Agreement (the “Eighth Amendment”) which eliminated the quarterly restriction on cash dividends and distributions and allows the Company to, without obtaining lender consent, make up to four cash dividends or distributions on its stock per fiscal year, or purchase, acquire, redeem or retire its stock in any fiscal year, in an amount not to exceed $60,000 in the aggregate per fiscal year, as long as no default or event of default exists and the excess availability under the Credit Agreement remains over $30,000 immediately before and after giving effect to any such dividend, distribution, purchase or redemption. On July 11, 2017, our Board of Directors declared a special cash dividend of $2.00 per share and a regular annual cash dividend of $0.50 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “July 2017 Dividends”). The July 2017 Dividends of approximately $28,370 were paid on August 15, 2017 to stockholders of record as of the close of business on August 2, 2017. |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 29, 2017 | |
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 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 a variety of private brands and under the Fisher, Orchard Valley Harvest Sunshine Country |
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, the assumptions used in estimating the retirement plan liability and pension expense, and the realizability of deferred tax assets. Actual results could differ from those estimates. |
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 |
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) (first-in, first-out) |
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 $ 14,190 $ 14,875 $ 14,117 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 5 years No interest costs were capitalized for the last three fiscal years due to the lack of any significant project requiring such capitalization. |
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, 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 not record any impairment of long-lived assets for the last three fiscal years. |
Facility Consolidation Project/Real Estate Transactions | Facility Consolidation Project/Real Estate Transactions 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 75% of the office building has been built-out The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. Gross rental income and rental (expense), net for the last three fiscal years are as follows: Year ended Year ended Year ended Gross rental income $ 2,003 $ 1,898 $ 1,792 Rental (expense), net (1,311 ) (1,371 ) (3,062 ) Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: June 28, 2018 $ 1,961 June 27, 2019 1,859 June 25, 2020 1,765 June 24, 2021 1,534 June 30, 2022 1,314 Thereafter 3,096 $ 11,529 |
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, trade accounts receivable and accounts payable approximate their fair values at June 29, 2017 and June 30, 2016 because of the short-term maturities and nature of these balances. The carrying value of our Credit Facility (as defined in Note 4 – “Revolving Credit Facility” in the Notes to Consolidated Financial Statements “Revolving Credit Facility” below) borrowings approximates fair value at June 29, 2017 and June 30, 2016 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 long-term debt: $ 28,808 $ 32,290 Fair value of long-term debt: 29,316 35,479 The estimated fair value of 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 We recognize revenue when persuasive evidence of an arrangement exists, title has transferred (based upon terms of shipment), price is fixed, delivery occurred and collection is reasonably assured. We sell our products under some arrangements which include customer contracts which fix the sales price for periods, which typically can be up to one year, for some commercial ingredient customers and through specific programs consisting of promotion allowances, volume and customer rebates and marketing allowances, among others, to consumer customers and commercial ingredient users. Reserves for these programs are established based upon the terms of specific arrangements. Revenues are recorded net of rebates and promotion and marketing allowances. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. While customers do have the right to return products, past experience has demonstrated that product returns have generally been insignificant. Provisions for returns are reflected as a reduction in net sales and are estimated based upon customer specific circumstances. Billings for shipping and handling costs are included in revenues. |
Segment Reporting | Segment Reporting We operate in a single reportable and operating segment that consists of selling various nut and nut related products through multiple distribution channels. |
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 three customers each exceeded 10% of net sales during fiscal 2017 and fiscal 2016. In fiscal 2015 two customers each exceeded 10% of net sales. Sales to these customers represented approximately 53%, 50% and 39% of our net sales in fiscal 2017, fiscal 2016 and fiscal 2015, respectively. Net accounts receivable from these customers were 56% and 51% of net accounts receivable at June 29, 2017 and June 30, 2016, respectively. |
Promotion, Marketing and Advertising Costs | Promotion, Marketing and Advertising Costs Promotions, allowances and customer rebates are recorded at the time revenue is recognized and are reflected as reductions in sales. Annual volume rebates are estimated based upon projected volumes for the year, while promotions and allowances are recorded based upon terms of the actual arrangements. Coupon incentive costs are accrued based on an estimate of redemptions to occur. Marketing and advertising costs are incurred to promote and support branded products 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 $ 10,064 $ 11,569 $ 11,069 |
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 $ 17,682 $ 16,686 $ 17,699 |
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 $ 658 $ 653 $ 979 |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based employee compensation arrangements in accordance with the provisions of ASC 718, as amended by Accounting Standard Update (“ASU”) 2016-09, |
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 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, 2017, we believe that our deferred tax assets are fully realizable, except for $171 of net basis differences for which we have provided a valuation allowance. |
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 11,317,149 11,233,975 11,150,658 Effect of dilutive securities: Stock options and restricted stock units 86,456 98,949 97,601 Weighted average number of shares outstanding — diluted 11,403,605 11,332,924 11,248,259 The following table presents a summary of anti-dilutive awards excluded from the computation of diluted earnings per share: Year ended Year ended Year ended Weighted average number of anti-dilutive shares: 1,068 — — Weighted average exercise price per share: $ 65.35 $ — $ — |
Comprehensive Income | Comprehensive Income We account for comprehensive income in accordance with ASC Topic 220, Comprehensive Income non-owner |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following recent accounting pronouncements were adopted in the current fiscal year: In March 2016, the FASB issued ASU No. 2016-09 In April 2015, the FASB issued ASU No. 2015-05 Internal-Use 350-40): 2015-05 In April 2015, the FASB issued ASU No. 2015-03 835-30) 2015-03 2015-03 In February 2015, the FASB issued ASU No. 2015-02 2015-02 2015-02 In August 2014, the FASB issued ASU No. 2014-15 205-40)”. 2014-15 The following recent accounting pronouncements have not yet been adopted: In May 2017, the FASB issued ASU No. 2017-09 2017-09 2017-09 In March 2017, the FASB issued ASU No. 2017-07 In October 2016, the FASB issued ASU No. 2016-17 2015-02 2016-17 2016-17 In August 2016, the FASB issued ASU No. 2016-15 2016-15 In June 2016, the FASB issued ASU No. 2016-13 2013-13 In February 2016, the FASB issued ASU No. 2016-02 2016-02 In July 2015, the FASB issued ASU No. 2015-11 Inventory (Topic 330) Simplifying the Measurement of Inventory first-in, first-out In May 2014, the FASB issued ASU No. 2014-09 340-40, No. 2015-14 2014-09 |
Significant Accounting Polici29
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
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 $ 14,190 $ 14,875 $ 14,117 |
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 5 years |
Schedule of Gross Rental Income and Rental (Expense) | The net rental expense from the office building is included in the caption “Rental and miscellaneous expense, net”. Gross rental income and rental (expense), net for the last three fiscal years are as follows: Year ended Year ended Year ended Gross rental income $ 2,003 $ 1,898 $ 1,792 Rental (expense), net (1,311 ) (1,371 ) (3,062 ) |
Expected Future Gross Rental Income Under Operating Leases within Office Building | Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: June 28, 2018 $ 1,961 June 27, 2019 1,859 June 25, 2020 1,765 June 24, 2021 1,534 June 30, 2022 1,314 Thereafter 3,096 $ 11,529 |
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 long-term debt: $ 28,808 $ 32,290 Fair value of long-term debt: 29,316 35,479 |
Marketing and Advertising Expenses, Recorded in Selling Expenses | Marketing and advertising costs are incurred to promote and support branded products 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 $ 10,064 $ 11,569 $ 11,069 |
Shipping and Handling Cost for Last Three Fiscal Years | 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 $ 17,682 $ 16,686 $ 17,699 |
Research and Development Expenses for Last Three Fiscal Years | 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 $ 658 $ 653 $ 979 |
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 11,317,149 11,233,975 11,150,658 Effect of dilutive securities: Stock options and restricted stock units 86,456 98,949 97,601 Weighted average number of shares outstanding — diluted 11,403,605 11,332,924 11,248,259 |
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: Year ended Year ended Year ended Weighted average number of anti-dilutive shares: 1,068 — — Weighted average exercise price per share: $ 65.35 $ — $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: June 29, June 30, Raw material and supplies $ 79,609 $ 56,005 Work-in-process 102,811 100,568 $ 182,420 $ 156,573 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | Intangible assets subject to amortization consist of the following: June 29, June 30, Customer relationships $ 10,600 $ 10,600 Brand names 8,090 8,090 Less accumulated amortization: Customer relationships (10,600 ) (9,231 ) Brand names (8,090 ) (8,090 ) Net intangible assets $ — $ 1,369 |
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 $ 1,369 $ 1,710 $ 2,167 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
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, due in monthly principal installments of $200 plus interest at 7.63% per annum through February 2023 with a final principal payment of $600 on March 1, 2023 $ 14,200 $ 16,600 Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly principal installments of $50 plus interest at the greater of one month LIBOR plus 3.50% per annum or 4.25% through February 2023 with a final principal payment of $150 on March 1, 2023 3,550 4,150 Selma, Texas facility financing obligation to related parties, due in monthly installments of $103 through September 1, 2031 11,058 11,540 Unamortized debt issuance costs (179 ) (244 ) 28,629 32,046 Less: Current maturities, net of unamortized debt issuance costs (3,418 ) (3,342 ) Total long-term debt, net of unamortized debt issuance costs $ 25,211 $ 28,704 |
Aggregate Maturities of Long-term Debt | Aggregate maturities of long-term debt are as follows for the fiscal years ending: June 28, 2018 $ 3,473 June 27, 2019 3,508 June 25, 2020 3,545 June 24, 2021 3,585 June 30, 2022 3,627 Thereafter 11,070 $ 28,808 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
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 25, Current: Federal $ 17,013 $ 14,015 $ 15,916 State 2,744 2,222 2,027 Total current expense 19,757 16,237 17,943 Deferred: Deferred federal (1,698 ) (210 ) (2,589 ) Deferred state (46 ) 40 205 Total deferred benefit (1,744 ) (170 ) (2,384 ) Total income tax expense $ 18,013 $ 16,067 $ 15,559 |
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 25, Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.3 3.2 3.4 Research and development tax credit (0.1 ) (0.1 ) (0.1 ) Domestic manufacturing deduction (3.1 ) (3.2 ) (3.4 ) Windfall tax benefits (1.8 ) — — Uncertain tax positions 0.1 (0.6 ) 0.3 Other (0.1 ) 0.3 (0.5 ) Effective tax rate 33.3 % 34.6 % 34.7 % |
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 $ 423 $ 521 Employee compensation 1,726 1,922 Inventory 345 353 Depreciation and amortization (12,826 ) (13,315 ) Capitalized leases 1,508 1,440 Goodwill and intangible assets 4,939 5,046 Retirement plan 8,224 8,661 Workers’ compensation 2,365 2,251 Share based compensation 1,908 1,669 Capital loss carryforward 171 171 Other 483 42 Less valuation allowance (171 ) (171 ) Net deferred tax asset — long term $ 9,095 $ 8,590 |
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 25, Beginning balance $ 24 $ 248 $ 247 Gross increases — tax positions in prior year 7 70 27 Gross decreases — tax positions in prior year — (8 ) (91 ) Settlements — (137 ) (18 ) Gross increases — tax positions in current year 23 17 21 Lapse of statute of limitations 120 (166 ) 62 Ending balance $ 174 $ 24 $ 248 |
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 25, Unrecognized tax benefits that would affect annual effective tax rate $ 136 $ 27 $ 261 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Rent Expense Related to Operating Leases | Rent expense aggregated under these operating leases was as follows for the last three fiscal years: Year ended Year ended Year ended Rent expense related to operating leases $ 1,880 $ 1,775 $ 1,545 |
Aggregate Non-Cancelable Lease Commitments Under Operating Leases | Aggregate non-cancelable Fiscal year ending June 28, 2018 $ 969 June 27, 2019 558 June 25, 2020 392 June 24, 2021 142 June 30, 2022 71 Thereafter 6 $2,138 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
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 year ended June 29, 2017: Shares Weighted- Weighted- Aggregate Outstanding at June 30, 2016 9,500 $ 8.78 Granted — — Exercised (7,500 ) 8.40 Forfeited — — Outstanding at June 29, 2017 2,000 $ 10.24 2.06 $ 105 Exercisable at June 29, 2017 2,000 $ 10.24 2.06 $ 105 |
Summary of Total Intrinsic Value of All Options Exercised and Total Cash Received from Exercise of Options | The following table summarizes the total intrinsic value of all options exercised and the total cash received from the exercise of options for the last three fiscal years: Year ended Year ended Year ended Total intrinsic value of options exercised $ 374 $ 792 $ 781 Total cash received from exercise of options $ 63 $ 155 $ 643 |
Summary of RSU Activity | The following is a summary of RSU activity for the year ended June 29, 2017: Restricted Stock Units Shares Weighted- Outstanding at June 30, 2016 228,270 $ 32.33 Granted 45,213 61.33 Vested (68,426 ) 27.91 Forfeited (3,199 ) 30.23 Outstanding at June 29, 2017 201,858 $ 40.36 |
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 $ 2,504 $ 2,489 $ 1,952 Income tax benefit recognized 951 962 814 |
Special Cash Dividends (Tables)
Special Cash Dividends (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Text Block [Abstract] | |
Summary of Special Cash Dividends | Our Board of Directors declared the following special cash dividends payable in fiscal 2017 and fiscal 2016: Declaration Date Record Date Dividend Per Total Amount Payment Date November 1, 2016 November 30, 2016 $ 2.50 $ 28,314 December 13, 2016 July 7, 2016 July 21, 2016 $ 2.50 $ 28,150 August 4, 2016 October 27, 2015 December 2, 2015 $ 2.00 $ 22,486 December 11, 2015 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Postemployment Benefits [Abstract] | |
Expense for 401(k) Plan | Our 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 $ 1,664 $ 1,604 $ 1,550 |
Total Route Pension Liability | The total Route pension liability was as follows for the last two fiscal years: June 29, June 30, Route pension liability $ 397 $ 466 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
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 $ 22,791 $ 18,538 Service cost 631 491 Interest cost 811 843 Actuarial (gain) loss (1,938 ) 3,573 Benefits paid (654 ) (654 ) Projected benefit obligation at end of year $ 21,641 $ 22,791 |
Components of Actuarial (Gain) Loss Portion of Change in Projected Benefit Obligation | Components of the actuarial (gain) loss portion of the change in projected benefit obligation are presented below for the fiscal years ended: June 29, June 30, June 25, Actuarial Loss Change in assumed pay increases $ 124 $ 68 $ 342 Change in discount rate (1,402 ) 3,509 (801 ) Change in mortality assumptions (193 ) (132 ) 2,150 Change in bonus assumption — — 1,191 Other (467 ) 128 257 Actuarial (gain) loss $ (1,938 ) $ 3,573 $ 3,139 |
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 25, Service cost $ 631 $ 491 $ 386 Interest cost 811 843 642 Recognized loss amortization 365 50 — Prior service cost amortization 957 957 957 Net periodic pension cost $ 2,764 $ 2,341 $ 1,985 |
Assumptions to Calculate Benefit Obligation and Net Periodic Costs of SERP | We used the following assumptions to calculate the benefit obligation of our SERP as of the following dates: June 29, June 30, Discount rate 3.99% 3.61% Rate of compensation increases 4.50% 4.50% Bonus payment 60% - 85% of base, 60% - 85% of base, 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 25, Discount rate 3.61% 4.63% 4.37% Rate of compensation increases 4.50% 4.50% 4.50% Mortality RP-2014 RP-2014 IRS 2014 Bonus payment 60% -85% of 60% -85% of 60% - 85% of |
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 2018 $ 647 2019 631 2020 612 2021 727 2022 699 2023 — 2027 4,635 |
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 $ (3,624 ) $ (5,926 ) Unrecognized prior service cost (3,349 ) (4,306 ) Tax effect 2,569 3,807 Net amount unrecognized $ (4,404 ) $ (6,425 ) |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Equity [Abstract] | |
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 $ (6,425 ) $ (4,834 ) Other comprehensive income (loss) before reclassifications 1,938 (3,573 ) Amounts reclassified from accumulated other comprehensive loss 1,322 1,007 Tax effect (1,239 ) 975 Net current-period other comprehensive income (loss) 2,021 (1,591 ) Balance at end of period $ (4,404 ) $ (6,425 ) (a) Amounts in parenthesis indicate debits/expense. |
Reclassifications Out of Accumulated Other Comprehensive Loss | 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 Amortization of defined benefit pension items: Unrecognized prior service cost $ (957 ) $ (957 ) Administrative expenses Unrecognized net loss (365 ) (50 ) Administrative expenses Total before tax (1,322 ) (1,007 ) Tax effect 502 383 Income tax expense Amortization of defined pension items, net of tax $ (820 ) $ (624 ) (b) Amounts in parenthesis indicate debits to expense. See Note 12 — “Retirement Plan” above for additional details. |
Transactions with Related Par40
Transactions with Related Parties (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Related Party Transactions [Abstract] | |
Summary of Transactions with Related Party | we also purchased materials from a company that was formerly owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them during the fiscal years listed below. Purchases from this related party aggregated to the following for the years ending: Year Year Year Purchases from related party $ 8,043 $ 7,138 $ 10,969 |
Summary of Accounts Payable to Related Parties | Accounts payable to this related entity aggregated to the following for the fiscal years ending: June 29, 2017 $ 178 June 30, 2016 113 |
Product Type Sales Mix (Tables)
Product Type Sales Mix (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Sales by Product Type as Percentage of Gross Sales | The following 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 25, Peanuts 15.7 % 13.9 % 13.7 % Pecans 16.2 13.1 12.7 Cashews & Mixed Nuts 24.3 23.3 22.0 Walnuts 8.4 9.4 11.0 Almonds 16.3 23.0 23.4 Trail & Snack Mixes 13.9 12.4 12.0 Other 5.2 4.9 5.2 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Acco42
Valuation and Qualifying Accounts and Reserves (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
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, 2017 Allowance for doubtful accounts $ 397 $ 58 $ (192 ) $ 263 Reserve for cash discounts 975 12,274 (12,399 ) 850 Reserve for customer deductions 2,918 16,116 (16,055 ) 2,979 Deferred tax asset valuation allowance 171 — — 171 Total $ 4,461 $ 28,448 $ (28,646 ) $ 4,263 June 30, 2016 Allowance for doubtful accounts $ 235 $ 199 $ (37 ) $ 397 Reserve for cash discounts 800 12,928 (12,753 ) 975 Reserve for customer deductions 1,931 15,351 (14,364 ) 2,918 Deferred tax asset valuation allowance 175 — (4 ) 171 Total $ 3,141 $ 28,478 $ (27,158 ) $ 4,461 June 25, 2015 Allowance for doubtful accounts $ 209 $ 36 $ (10 ) $ 235 Reserve for cash discounts 650 12,341 (12,191 ) 800 Reserve for customer deductions 2,351 9,541 (9,961 ) 1,931 Deferred tax asset valuation allowance 175 — — 175 Total $ 3,385 $ 21,918 $ (22,162 ) $ 3,141 |
Supplementary Quarterly Data 43
Supplementary Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Consolidated Financial Data | The following unaudited quarterly consolidated financial data are presented for fiscal 2017 and fiscal 2016. Quarterly financial results necessarily rely on estimates and caution is required in drawing specific conclusions from quarterly consolidated results. First Second Third Fourth Year Ended June 29, 2017: Net sales $ 222,293 $ 249,375 $ 173,376 $ 201,591 Gross profit 36,475 43,389 28,426 33,633 Income from operations 16,556 19,742 10,430 11,616 Net income 10,180 12,885 6,336 6,724 Basic earnings per common share $ 0.90 $ 1.14 $ 0.56 $ 0.59 Diluted earnings per common share $ 0.89 $ 1.13 $ 0.55 $ 0.59 Cash dividends declared per common share $ 2.50 $ 2.50 $ — $ — First Second Third Fourth Year Ended June 30, 2016: Net sales $ 225,777 $ 279,002 $ 215,742 $ 231,538 Gross profit 33,205 45,011 25,588 33,664 Income from operations 13,745 19,692 5,469 12,406 Net income 7,990 12,050 3,078 7,277 Basic earnings per common share $ 0.71 $ 1.07 $ 0.27 $ 0.65 Diluted earnings per common share $ 0.71 $ 1.07 $ 0.27 $ 0.64 Cash dividends declared per common share $ — $ 2.00 $ — $ — * The fourth quarter of fiscal 2016 contained one additional week compared to fiscal 2017. |
Significant Accounting Polici44
Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2005Buildings | Jun. 29, 2017USD ($)CustomerSegment | Jun. 30, 2016USD ($)Customer | Jun. 25, 2015USD ($)Customer | |
Accounting Policies [Line Items] | ||||
Period to shell bulk stored nut inventories | Ten to fifteen months | |||
Interest costs capitalized | $ 0 | $ 0 | $ 0 | |
Recorded impairments of long - lived assets | $ 0 | 0 | $ 0 | |
Number of reportable operating segment | Segment | 1 | |||
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% | |||
Deferred Tax Asset Valuation Allowance [Member] | ||||
Accounting Policies [Line Items] | ||||
Deferred tax asset valuation allowance | $ 171,000 | |||
ASU No. 2015-03 [Member] | ||||
Accounting Policies [Line Items] | ||||
Decrease in other assets | $ 244,000 | |||
Accounts Receivable [Member] | ||||
Accounting Policies [Line Items] | ||||
Number of customers exceeding ten percent of sales | Customer | 3 | 3 | 2 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of concentration risk | 56.00% | 51.00% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of concentration risk | 53.00% | 50.00% | 39.00% | |
Sales Revenue, Net [Member] | Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration Risk Benchmark Percentage | 10.00% | 10.00% | 10.00% | |
Elgin Site [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of building currently vacant | 70.00% | |||
Number of buildings located on site | Buildings | 2 | |||
Percentage of building currently built-out | 75.00% |
Significant Accounting Polici45
Significant Accounting Policies - Depreciation Expense for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Depreciation [Abstract] | |||
Depreciation expense | $ 14,190 | $ 14,875 | $ 14,117 |
Significant Accounting Polici46
Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Jun. 29, 2017 | |
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 | 5 years |
Significant Accounting Polici47
Significant Accounting Policies - Schedule of Gross Rental Income and Rental (Expense) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Gross Rental Income and (Expense) [Abstract] | |||
Gross rental income | $ 2,003 | $ 1,898 | $ 1,792 |
Rental (expense), net | $ (1,311) | $ (1,371) | $ (3,062) |
Significant Accounting Polici48
Significant Accounting Policies - Expected Future Gross Rental Income under Operating Leases within Office Building (Detail) $ in Thousands | Jun. 29, 2017USD ($) |
Expected Future Gross Rental Income Under Operating Leases [Abstract] | |
June 28, 2018 | $ 1,961 |
June 27, 2019 | 1,859 |
June 25, 2020 | 1,765 |
June 24, 2021 | 1,534 |
June 30, 2022 | 1,314 |
Thereafter | 3,096 |
Total | $ 11,529 |
Significant Accounting Polici49
Significant Accounting Policies - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Fair Value Disclosures [Abstract] | ||
Carrying value of long-term debt: | $ 28,808 | $ 32,290 |
Fair value of long-term debt: | $ 29,316 | $ 35,479 |
Significant Accounting Polici50
Significant Accounting Policies - Marketing and Advertising Expenses Recorded in Selling Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Marketing and Advertising Expense [Abstract] | |||
Marketing and advertising expense | $ 10,064 | $ 11,569 | $ 11,069 |
Significant Accounting Polici51
Significant Accounting Policies - Shipping and Handling Cost for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Shipping And Handling Costs [Abstract] | |||
Shipping and handling costs | $ 17,682 | $ 16,686 | $ 17,699 |
Significant Accounting Polici52
Significant Accounting Policies - Research and Development Expenses for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Research and Development [Abstract] | |||
Research and development expense | $ 658 | $ 653 | $ 979 |
Significant Accounting Polici53
Significant Accounting Policies - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted average number of shares outstanding - basic | 11,317,149 | 11,233,975 | 11,150,658 |
Effect of dilutive securities: | |||
Stock options and restricted stock units | 86,456 | 98,949 | 97,601 |
Weighted average number of shares outstanding - diluted | 11,403,605 | 11,332,924 | 11,248,259 |
Significant Accounting Polici54
Significant Accounting Policies - Summary of Anti-dilutive Awards Excluded from Computation of Diluted Earnings Per Share (Detail) - $ / shares | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Anti Dilutive Shares [Abstract] | |||
Weighted average number of anti-dilutive shares: | 1,068 | 0 | 0 |
Weighted average exercise price per share: | $ 65.35 | $ 0 | $ 0 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Inventory Disclosure [Abstract] | ||
Raw material and supplies | $ 79,609 | $ 56,005 |
Work-in-process and finished goods | 102,811 | 100,568 |
Total | $ 182,420 | $ 156,573 |
Intangible Assets - Components
Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Less accumulated amortization: | ||
Net intangible assets | $ 0 | $ 1,369 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 10,600 | 10,600 |
Less accumulated amortization: | ||
Total accumulated amortization | (10,600) | (9,231) |
Brand Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 8,090 | 8,090 |
Less accumulated amortization: | ||
Total accumulated amortization | $ (8,090) | $ (8,090) |
Intangible Assets - Amortizatio
Intangible Assets - Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Administrative Expenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 1,369 | $ 1,710 | $ 2,167 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - USD ($) | Jun. 29, 2017 | Jun. 30, 2016 | Feb. 07, 2008 |
Debt Instrument [Line Items] | |||
Revolving credit facility borrowings | $ 29,456,000 | $ 12,084,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving loan commitment and letter of credit sub facility | $ 117,500,000 | ||
Weighted average interest rate for the Credit Facility | 3.11% | 3.75% | |
Minimum loan availability required before fixed charge coverage ratio covenant is applicable | $ 25,000,000 | ||
Available credit under the Credit Facility | 84,369,000 | ||
Revolving credit facility borrowings | 29,456,000 | ||
Outstanding letters of credit | $ 3,675,000 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (179) | $ (244) |
Total Debt | 28,629 | 32,046 |
Total Debt | 28,629 | 32,046 |
Less: Current maturities, net of unamortized debt issuance costs | (3,418) | (3,342) |
Total long-term debt, net of unamortized debt issuance costs | 25,211 | 28,704 |
Mortgage Facility Tranche A [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | 14,200 | 16,600 |
Mortgage Facility Tranche B [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | 3,550 | 4,150 |
Selma, Texas Properties [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | $ 11,058 | $ 11,540 |
Long-term Debt - Long-term De60
Long-term Debt - Long-term Debt (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Jun. 29, 2017USD ($) | |
Mortgage Facility Tranche A [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 7.63% |
Monthly principal installment | $ 200 |
Final principal payment | $ 600 |
Mortgage Facility maturity date | Mar. 1, 2023 |
Mortgage Facility Tranche B [Member] | |
Debt Instrument [Line Items] | |
Monthly principal installment | $ 50 |
Mortgage facility interest | One month LIBOR plus 3.50% per annum or 4.25% |
Interest rate added to LIBOR | 3.50% |
Minimum interest rate | 4.25% |
Final principal payment | $ 150 |
Mortgage Facility maturity date | Mar. 1, 2023 |
Selma Texas Facility Financing Obligation Due in Installments through September 1, 2031 [Member] | |
Debt Instrument [Line Items] | |
Monthly principal installment | $ 103 |
Mortgage Facility maturity date | Sep. 1, 2031 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Oct. 01, 2017 | Sep. 30, 2006 | Jun. 29, 2017 | Jun. 30, 2016 | Feb. 07, 2008 |
Mortgage Facility Tranche A [Member] | |||||
Debt Disclosure [Line Items] | |||||
Amounts of term loans | $ 36,000,000 | ||||
Mortgage Facility maturity date | Mar. 1, 2023 | ||||
Interest rate | 7.63% | ||||
Debt obligation outstanding | $ 14,200,000 | $ 16,600,000 | |||
Mortgage Facility Tranche B [Member] | |||||
Debt Disclosure [Line Items] | |||||
Amounts of term loans | 9,000,000 | ||||
Mortgage Facility maturity date | Mar. 1, 2023 | ||||
Mortgage facility interest | One month LIBOR plus 3.50% per annum or 4.25% | ||||
Mortgage Facility interest rate LIBOR | 3.50% | ||||
Debt instrument fixed rate | 4.25% | ||||
Debt obligation outstanding | $ 3,550,000 | 4,150,000 | |||
Mortgage Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Amounts of term loans | $ 45,000,000 | ||||
Mortgage Facility maturity date | Mar. 1, 2023 | ||||
Mortgage Facility contain covenants to maintain specified net worth | $ 110,000,000 | ||||
Carrying amount of assets pledged as collateral | $ 73,427,000 | ||||
Selma, Texas Properties [Member] | |||||
Debt Disclosure [Line Items] | |||||
Capital lease recorded as debt obligation | $ 14,300,000 | ||||
Selling price of Texas properties sold to related party partnerships | $ 14,300,000 | ||||
Renewal options of Texas properties | Three five-year term | ||||
Lease term of Texas properties | 10 years | ||||
Option percentage of fair value to purchase the properties | 95.00% | ||||
Option percentage of fair value to purchase the properties in certain circumstances | 100.00% | ||||
Debt obligation outstanding | $ 11,058,000 | $ 11,540,000 | |||
Minimum amount accepted for repurchase | $ 14,300,000 | ||||
Lease period for renewal option exercised | Two five-year term | ||||
Lease period for renewal option remaining | One five-year | ||||
Selma, Texas Properties [Member] | Scenario Forecast [Member] | |||||
Debt Disclosure [Line Items] | |||||
Renewed lease monthly installments | $ 103,000 |
Long-term Debt - Aggregate Matu
Long-term Debt - Aggregate Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Debt Disclosure [Abstract] | ||
June 28, 2018 | $ 3,473 | |
June 27, 2019 | 3,508 | |
June 25, 2020 | 3,545 | |
June 24, 2021 | 3,585 | |
June 30, 2022 | 3,627 | |
Thereafter | 11,070 | |
Total long-term debt maturities | $ 28,808 | $ 32,290 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Current: | |||
Federal | $ 17,013 | $ 14,015 | $ 15,916 |
State | 2,744 | 2,222 | 2,027 |
Total current expense | 19,757 | 16,237 | 17,943 |
Deferred: | |||
Deferred federal | (1,698) | (210) | (2,589) |
Deferred state | (46) | 40 | 205 |
Total deferred benefit | (1,744) | (170) | (2,384) |
Total income tax expense | $ 18,013 | $ 16,067 | $ 15,559 |
Income Taxes - Reconciliations
Income Taxes - Reconciliations of Income Taxes at Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 3.30% | 3.20% | 3.40% |
Research and development tax credit | (0.10%) | (0.10%) | (0.10%) |
Domestic manufacturing deduction | (3.10%) | (3.20%) | (3.40%) |
Windfall tax benefits | (1.80%) | ||
Uncertain tax positions | 0.10% | (0.60%) | 0.30% |
Other | (0.10%) | 0.30% | (0.50%) |
Effective tax rate | 33.30% | 34.60% | 34.70% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Deferred tax assets (liabilities): | ||
Accounts receivable | $ 423 | $ 521 |
Employee compensation | 1,726 | 1,922 |
Inventory | 345 | 353 |
Depreciation and amortization | (12,826) | (13,315) |
Capitalized leases | 1,508 | 1,440 |
Goodwill and intangible assets | 4,939 | 5,046 |
Retirement plan | 8,224 | 8,661 |
Workers' compensation | 2,365 | 2,251 |
Share based compensation | 1,908 | 1,669 |
Capital loss carryforward | 171 | 171 |
Other | 483 | 42 |
Less valuation allowance | (171) | (171) |
Net deferred tax asset - long term | $ 9,095 | $ 8,590 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | Jun. 26, 2014 | |
Income Tax Disclosure [Line Items] | ||||
Net change in the total valuation allowance | $ 0 | $ (4) | ||
Total gross amounts of unrecognized tax benefits | 174 | 24 | $ 248 | $ 247 |
Unrecognized tax benefits and accrued interest and penalties long-term | $ 173 | $ 62 | ||
United States [Member] | Tax Year 2015 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year of tax returns audit | 2,015 | |||
United States [Member] | Tax Year 2016 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year of tax returns audit | 2,016 | |||
Illinois [Member] | Tax Year 2015 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year of tax returns audit | 2,015 | |||
Illinois [Member] | Tax Year 2016 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year of tax returns audit | 2,016 | |||
California [Member] | Earliest Tax Year [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year of tax return currently under audit | 2,013 | |||
California [Member] | Latest Tax Year [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year of tax return currently under audit | 2,014 | |||
California [Member] | Tax Year 2015 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year of tax returns audit | 2,015 | |||
California [Member] | Tax Year 2016 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year of tax returns audit | 2,016 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 24 | $ 248 | $ 247 |
Gross increases - tax positions in prior year | 7 | 70 | 27 |
Gross decreases - tax positions in prior year | 0 | (8) | (91) |
Settlements | 0 | (137) | (18) |
Gross increases - tax positions in current year | 23 | 17 | 21 |
Lapse of statute of limitations | 120 | (166) | 62 |
Ending balance | $ 174 | $ 24 | $ 248 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits that would affect annual effective tax rate | $ 136 | $ 27 | $ 261 |
Commitments and Contingencies -
Commitments and Contingencies - Rent Expense Related to Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense related to operating leases | $ 1,880 | $ 1,775 | $ 1,545 |
Commitments and Contingencies70
Commitments and Contingencies - Aggregate Non-Cancelable Lease Commitments under Operating Leases (Detail) $ in Thousands | Jun. 29, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
June 28, 2018 | $ 969 |
June 27, 2019 | 558 |
June 25, 2020 | 392 |
June 24, 2021 | 142 |
June 30, 2022 | 71 |
Thereafter | 6 |
Total | $ 2,138 |
Commitments and Contingencies71
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended |
Aug. 31, 2017USD ($) | |
Scenario Forecast [Member] | |
Contingencies And Commitments [Line Items] | |
Litigation settlement amount | $ 1,200 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 12 Months Ended | |
Jun. 29, 2017Vote$ / sharesshares | Jun. 30, 2016Vote$ / sharesshares | |
Stockholders Equity [Line Items] | ||
Annual cash dividend | $ 0.50 | |
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 | 25.00% | 25.00% |
Noncumulative voting rights per share | Vote | 1 | 1 |
Class A Common Stock [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Number of votes per share | Vote | 10 | 10 |
Number of shares of Common Stock converted from each share of Class A Stock | shares | 1 | 1 |
Stock-Based Compensation Plan73
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) | Oct. 29, 2014 | Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted | 0 | 0 | 0 | |
Unrecognized compensation cost related to non-vested share-based compensation | $ 3,008,000 | |||
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 1 year 2 months 12 days | |||
Awards to All Participants [Member] | Equity Grant Cap [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares awarded to an individual in one calendar year | 250,000 | |||
Awards to One Participant [Member] | Equity Grant Cap [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares awarded to an individual in one calendar year | 20,000 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option price per share, lower limit | $ 8.71 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option price per share, upper limit | $ 14.73 | |||
Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of restricted stock units granted | 1 year 2 months 12 days | |||
Fair value of RSUs granted | $ 2,773,000 | $ 3,212,000 | $ 2,835,000 | |
Restricted stock units vested | 68,673 | 58,561 | ||
Fair value of RSUs vested | $ 1,910,000 | $ 928,000 | $ 615,000 | |
Restricted Stock Unit [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of restricted stock units granted | 3 years | |||
Restricted Stock Unit [Member] | Non Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of restricted stock units granted | 1 year | |||
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 | 820,539 | |||
Maximum number of stock options or stock appreciation rights awarded to an individual | 500,000 | |||
Amount that may be paid to any participant for awards payable in cash or property other than Common Stock | $ 5,000,000 | |||
Percentage of options granted under Equity Incentive Plan exercisable annually | 25.00% | |||
Expiration time period | 10 years | |||
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 in one calendar year | 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 in one calendar year | 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 in one calendar year | 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 in one calendar year | 250,000 |
Stock-Based Compensation Plan74
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 29, 2017USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning balance, Shares | shares | 9,500 |
Granted, Shares | shares | 0 |
Exercised, Shares | shares | (7,500) |
Forfeited, Shares | shares | 0 |
Outstanding ending balance, Shares | shares | 2,000 |
Exercisable, Shares | shares | 2,000 |
Outstanding beginning Balance, Weighted-Average Exercise Price | $ / shares | $ 8.78 |
Granted, Weighted-Average Exercise Price | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price | $ / shares | 8.40 |
Forfeited, Weighted-Average Exercise Price | $ / shares | 0 |
Outstanding Ending Balance, Weighted-Average Exercise Price | $ / shares | 10.24 |
Exercisable Balance, Weighted-Average Exercise Price | $ / shares | $ 10.24 |
Outstanding, Weighted-Average Remaining Contractual Term in Years | 2 years 22 days |
Exercisable, Weighted-Average Remaining Contractual Term in Years | 2 years 22 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 105 |
Exercisable, Aggregate Intrinsic Value | $ | $ 105 |
Stock-Based Compensation Plan75
Stock-Based Compensation Plans - Summary of Total Intrinsic Value of All Options Exercised and Total Cash Received from Exercise of Options (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total intrinsic value of options exercised | $ 374 | $ 792 | $ 781 |
Total cash received from exercise of options | $ 63 | $ 155 | $ 643 |
Stock-Based Compensation Plan76
Stock-Based Compensation Plans - Summary of RSU Activity (Detail) | 12 Months Ended |
Jun. 29, 2017$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning balance, Shares | shares | 228,270 |
Granted, Shares | shares | 45,213 |
Vested, Shares | shares | (68,426) |
Forfeited, Shares | shares | (3,199) |
Outstanding ending balance, Shares | shares | 201,858 |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 32.33 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 61.33 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 27.91 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 30.23 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 40.36 |
Stock-Based Compensation Plan77
Stock-Based Compensation Plans - Summary of Compensation Cost and Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Compensation cost charged to earnings | $ 2,504 | $ 2,489 | $ 1,952 |
Income tax benefit recognized | $ 951 | $ 962 | $ 814 |
Special Cash Dividends - Summar
Special Cash Dividends - Summary of Special Cash Dividends (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 01, 2016 | Jul. 07, 2016 | Oct. 27, 2015 | Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 |
Schedule Of Dividends Payable [Abstract] | ||||||
Declaration Date | Nov. 1, 2016 | Jul. 7, 2016 | Oct. 27, 2015 | |||
Record Date | Nov. 30, 2016 | Jul. 21, 2016 | Dec. 2, 2015 | |||
Dividend Per Share | $ 2.50 | $ 2.50 | $ 2 | |||
Total Amount | $ 28,314 | $ 28,150 | $ 22,486 | $ 56,464 | $ 22,486 | $ 16,759 |
Payment Date | Dec. 13, 2016 | Aug. 4, 2016 | Dec. 11, 2015 |
Special Cash Dividends - Additi
Special Cash Dividends - Additional Information (Detail) - $ / shares | Jul. 11, 2017 | Nov. 01, 2016 | Jul. 07, 2016 | Oct. 27, 2015 | Jun. 29, 2017 |
Class of Stock [Line Items] | |||||
Dividend payable date, declared day | Nov. 1, 2016 | Jul. 7, 2016 | Oct. 27, 2015 | ||
Annual cash dividend | $ 0.50 | ||||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Dividend payable date, declared day | Jul. 11, 2017 | ||||
Special cash dividend | $ 2 | ||||
Annual cash dividend | $ 0.50 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Sep. 25, 2008 | |
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | |||
Long-term liability recorded for withdrawal from multi-employer plan | $ 397 | $ 466 | $ 868 |
Monthly payment including interest based on terms of settlement with labor union | $ 8 | ||
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 | 100.00% | ||
Percent of employee contribution under contributory plan | 3.00% | ||
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 | 50.00% | ||
Percent of employee contribution under contributory plan | 2.00% |
Employee Benefit Plans - Expens
Employee Benefit Plans - Expense for 401(k) Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
401(k) [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) plan expense | $ 1,664 | $ 1,604 | $ 1,550 |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Route Pension Liability (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 | Sep. 25, 2008 |
Route Pension Liability [Abstract] | |||
Route pension liability | $ 397 | $ 466 | $ 868 |
Retirement Plan - Changes in Pr
Retirement Plan - Changes in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 22,791 | $ 18,538 | |
Service cost | 631 | 491 | $ 386 |
Interest cost | 811 | 843 | 642 |
Actuarial (gain) loss | (1,938) | 3,573 | 3,139 |
Benefits paid | (654) | (654) | |
Projected benefit obligation at end of year | $ 21,641 | $ 22,791 | $ 18,538 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - SERP [Member] - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligation | $ 17,774 | $ 18,247 |
Current portion of the SERP liability | 647 | $ 653 |
Prior service cost to be recognized in the next fiscal year as net pension expense | 957 | |
Net loss to be recognized in the next fiscal year as net pension expense | $ 162 |
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, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Schedule Of Actuarial Gain Loss In Projected Benefit Obligation [Abstract] | |||
Change in assumed pay increases | $ 124 | $ 68 | $ 342 |
Change in discount rate | (1,402) | 3,509 | (801) |
Change in mortality assumptions | (193) | (132) | 2,150 |
Change in bonus assumption | 0 | 0 | 1,191 |
Other | (467) | 128 | 257 |
Actuarial (gain) loss | $ (1,938) | $ 3,573 | $ 3,139 |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 631 | $ 491 | $ 386 |
Interest cost | 811 | 843 | 642 |
Recognized loss amortization | 365 | 50 | |
Prior service cost amortization | 957 | 957 | 957 |
Net periodic pension cost | $ 2,764 | $ 2,341 | $ 1,985 |
Retirement Plan - Assumptions t
Retirement Plan - Assumptions to Calculate Benefit Obligation and Net Periodic Costs of SERP (Detail) - SERP [Member] | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.99% | 3.61% | |
Rate of compensation increases | 4.50% | 4.50% | |
Bonus payment | 60% - 85% of base, paid 4 of 5 years | 60% - 85% of base, paid 4 of 5 years | |
Discount rate | 3.61% | 4.63% | 4.37% |
Rate of compensation increases | 4.50% | 4.50% | 4.50% |
Mortality | RP-2014 white collar with MP- 2015 scale | RP-2014 white collar with MP- 2014 scale | IRS 2014 (Unisex) |
Bonus payment | 60% -85% of base, paid 4 of 5 years | 60% -85% of base, paid 4 of 5 years | 60% - 85% of base, paid 3 of 5 years |
Retirement Plan - Benefits Expe
Retirement Plan - Benefits Expected to be Paid in Next Ten Fiscal Years (Detail) $ in Thousands | Jun. 29, 2017USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,018 | $ 647 |
2,019 | 631 |
2,020 | 612 |
2,021 | 727 |
2,022 | 699 |
2023 - 2027 | $ 4,635 |
Retirement Plan - Components 89
Retirement Plan - Components of AOCL (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Unrecognized net loss | $ (3,624) | $ (5,926) |
Unrecognized prior service cost | (3,349) | (4,306) |
Tax effect | 2,569 | 3,807 |
Net amount unrecognized | $ (4,404) | $ (6,425) |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ (6,425) | $ (4,834) | |
Other comprehensive income (loss) before reclassifications | 1,938 | (3,573) | |
Amounts reclassified from accumulated other comprehensive loss | 1,322 | 1,007 | |
Tax effect | (1,239) | 975 | |
Other comprehensive income (loss), net of tax | 2,021 | (1,591) | $ (1,331) |
Balance at end of period | $ (4,404) | $ (6,425) | $ (4,834) |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 29, 2017 | Jun. 30, 2016 | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Administrative expenses | $ (957) | $ (957) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Administrative expenses | (365) | (50) |
Amortization of Defined Benefit Pension Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Administrative expenses | (1,322) | (1,007) |
Income tax expense | 502 | 383 |
Amortization of defined pension items, net of tax | $ (820) | $ (624) |
Transactions with Related Par92
Transactions with Related Parties - Additional Information (Detail) | 12 Months Ended |
Jun. 29, 2017 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Ownership in related party entity | We also purchased materials from a company that was formerly owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them. |
Transactions with Related Par93
Transactions with Related Parties - Summary of Transactions with Related Party (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Related Party Transactions [Abstract] | |||
Purchases from related party | $ 8,043 | $ 7,138 | $ 10,969 |
Transactions with Related Par94
Transactions with Related Parties - Summary of Accounts Payable to Related Parties (Detail) - USD ($) $ in Thousands | Jun. 29, 2017 | Jun. 30, 2016 |
Related Party Transactions [Abstract] | ||
Accounts payable, related party payables | $ 178 | $ 113 |
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, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Product Type Reporting Information [Line Items] | |||
Total | 100.00% | 100.00% | 100.00% |
Peanuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 15.70% | 13.90% | 13.70% |
Pecans [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 16.20% | 13.10% | 12.70% |
Cashews & Mixed Nuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 24.30% | 23.30% | 22.00% |
Walnuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 8.40% | 9.40% | 11.00% |
Almonds [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 16.30% | 23.00% | 23.40% |
Trail & Snack Mixes [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 13.90% | 12.40% | 12.00% |
Other [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 5.20% | 4.90% | 5.20% |
Valuation and Qualifying Acco96
Valuation and Qualifying Accounts and Reserves - Activity in Various Allowance and Reserve Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 4,461 | $ 3,141 | $ 3,385 |
Additions | 28,448 | 28,478 | 21,918 |
Deductions | (28,646) | (27,158) | (22,162) |
Balance at End of Period | 4,263 | 4,461 | 3,141 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 397 | 235 | 209 |
Additions | 58 | 199 | 36 |
Deductions | (192) | (37) | (10) |
Balance at End of Period | 263 | 397 | 235 |
Reserve for Cash Discounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 975 | 800 | 650 |
Additions | 12,274 | 12,928 | 12,341 |
Deductions | (12,399) | (12,753) | (12,191) |
Balance at End of Period | 850 | 975 | 800 |
Reserve for Customer Deductions [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 2,918 | 1,931 | 2,351 |
Additions | 16,116 | 15,351 | 9,541 |
Deductions | (16,055) | (14,364) | (9,961) |
Balance at End of Period | 2,979 | 2,918 | 1,931 |
Deferred Tax Asset Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 171 | 175 | 175 |
Additions | 0 | 0 | 0 |
Deductions | 0 | (4) | 0 |
Balance at End of Period | $ 171 | $ 171 | $ 175 |
Supplementary Quarterly Data 97
Supplementary Quarterly Data (Unaudited) - Unaudited Quarterly Consolidated Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 29, 2017 | Mar. 30, 2017 | Dec. 29, 2016 | Sep. 29, 2016 | Jun. 30, 2016 | Mar. 24, 2016 | Dec. 24, 2015 | Sep. 24, 2015 | Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 201,591 | $ 173,376 | $ 249,375 | $ 222,293 | $ 231,538 | $ 215,742 | $ 279,002 | $ 225,777 | $ 846,635 | $ 952,059 | $ 887,245 |
Gross profit | 33,633 | 28,426 | 43,389 | 36,475 | 33,664 | 25,588 | 45,011 | 33,205 | 141,923 | 137,468 | 132,056 |
Income from operations | 11,616 | 10,430 | 19,742 | 16,556 | 12,406 | 5,469 | 19,692 | 13,745 | 58,344 | 51,312 | 51,879 |
Net income | $ 6,724 | $ 6,336 | $ 12,885 | $ 10,180 | $ 7,277 | $ 3,078 | $ 12,050 | $ 7,990 | $ 36,125 | $ 30,395 | $ 29,305 |
Basic earnings per common share | $ 0.59 | $ 0.56 | $ 1.14 | $ 0.90 | $ 0.65 | $ 0.27 | $ 1.07 | $ 0.71 | $ 3.19 | $ 2.71 | $ 2.63 |
Diluted earnings per common share | 0.59 | 0.55 | 1.13 | 0.89 | 0.64 | 0.27 | 1.07 | 0.71 | 3.17 | 2.68 | 2.61 |
Cash dividends declared per common share | $ 0 | $ 0 | $ 2.50 | $ 2.50 | $ 0 | $ 0 | $ 2 | $ 0 | $ 5 | $ 2 | $ 1.50 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jul. 11, 2017USD ($)$ / shares | Jul. 07, 2017USD ($)Dividends | Nov. 01, 2016USD ($) | Jul. 07, 2016USD ($) | Oct. 27, 2015USD ($) | Jun. 29, 2017USD ($)$ / shares | Jun. 30, 2016USD ($) | Jun. 25, 2015USD ($) |
Subsequent Event [Line Items] | ||||||||
Dividend paid | $ 28,314,000 | $ 28,150,000 | $ 22,486,000 | $ 56,464,000 | $ 22,486,000 | $ 16,759,000 | ||
Annual common stock dividend declared | $ / shares | $ 0.50 | |||||||
Dividend payable date, declared day | Nov. 1, 2016 | Jul. 7, 2016 | Oct. 27, 2015 | |||||
Dividend payable date | Dec. 13, 2016 | Aug. 4, 2016 | Dec. 11, 2015 | |||||
Stockholders of record date | Nov. 30, 2016 | Jul. 21, 2016 | Dec. 2, 2015 | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividend paid | $ 28,370,000 | |||||||
Special cash dividend | $ / shares | $ 2 | |||||||
Annual common stock dividend declared | $ / shares | $ 0.50 | |||||||
Dividend payable date, declared day | Jul. 11, 2017 | |||||||
Dividend payable date | Aug. 15, 2017 | |||||||
Stockholders of record date | Aug. 2, 2017 | |||||||
Subsequent Event [Member] | Eighth Amendment To Credit Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Excess availability required under the credit facility | $ 30,000,000 | |||||||
Subsequent Event [Member] | Eighth Amendment To Credit Agreement [Member] | Maximum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Aggregate amount of dividends that can be declared without bank consent | $ 60,000,000 | |||||||
Number of cash or stock dividends that may be declared in each quarter without obtaining bank consent | Dividends | 4 |