Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 28, 2017 | Oct. 20, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 28, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | JBSS | |
Entity Registrant Name | SANFILIPPO JOHN B & SON INC | |
Entity Central Index Key | 880,117 | |
Current Fiscal Year End Date | --06-28 | |
Entity Filer Category | Accelerated Filer | |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,699,983 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,597,426 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net sales | $ 214,791 | $ 222,293 |
Cost of sales | 179,951 | 185,818 |
Gross profit | 34,840 | 36,475 |
Operating expenses: | ||
Selling expenses | 10,945 | 11,271 |
Administrative expenses | 6,559 | 8,115 |
Total operating expenses | 17,504 | 19,386 |
Income from operations | 17,336 | 17,089 |
Other expense: | ||
Interest expense including $194 and $190 to related parties | 781 | 622 |
Rental and miscellaneous expense, net | 622 | 410 |
Other expense | 492 | 533 |
Total other expense, net | 1,895 | 1,565 |
Income before income taxes | 15,441 | 15,524 |
Income tax expense | 5,009 | 5,344 |
Net income | 10,432 | 10,180 |
Other comprehensive income: | ||
Amortization of prior service cost and actuarial loss included in Other expense | 279 | 330 |
Income tax expense related to pension adjustments | (108) | (125) |
Other comprehensive income, net of tax: | 171 | 205 |
Comprehensive income | $ 10,603 | $ 10,385 |
Net income per common share-basic | $ 0.92 | $ 0.90 |
Net income per common share-diluted | 0.91 | 0.89 |
Cash dividends declared per share | $ 2.50 | $ 2.50 |
Consolidated Statements of Com3
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Interest expense to related parties | $ 194 | $ 190 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 28, 2017 | Jun. 29, 2017 | Sep. 29, 2016 |
CURRENT ASSETS: | |||
Cash | $ 869 | $ 1,955 | $ 1,362 |
Accounts receivable, less allowance for doubtful accounts of $273, $263 and $418 | 71,576 | 64,830 | 75,741 |
Inventories | 165,898 | 182,420 | 147,196 |
Prepaid expenses and other current assets | 4,543 | 4,172 | 3,819 |
TOTAL CURRENT ASSETS | 242,886 | 253,377 | 228,118 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 9,285 | 9,285 | 9,285 |
Buildings | 107,278 | 107,015 | 106,566 |
Machinery and equipment | 194,449 | 194,099 | 190,383 |
Furniture and leasehold improvements | 4,928 | 4,842 | 4,733 |
Vehicles | 535 | 498 | 453 |
Construction in progress | 5,287 | 1,075 | 3,245 |
Property, plant and equipment gross | 321,762 | 316,814 | 314,665 |
Less: Accumulated depreciation | 213,252 | 210,606 | 203,782 |
Property, plant and equipment net | 108,510 | 106,208 | 110,883 |
Rental investment property, less accumulated depreciation of $9,837, $9,639 and $9,045 | 19,056 | 19,254 | 19,848 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 127,566 | 125,462 | 130,731 |
Cash surrender value of officers' life insurance and other assets | 9,541 | 10,125 | 10,001 |
Deferred income taxes | 9,668 | 9,095 | 9,055 |
Intangible assets, net of accumulated amortization of $18,690, $18,690 and $17,700 | 990 | ||
TOTAL ASSETS | 389,661 | 398,059 | 378,895 |
CURRENT LIABILITIES: | |||
Revolving credit facility borrowings | 36,454 | 29,456 | 1,255 |
Current maturities of long-term debt, including related party debt of $482, $474 and $449 and net of unamortized debt issuance costs of $53, $55 and $63 | 3,429 | 3,418 | 3,387 |
Accounts payable, including related party payables of $0, $178 and $233 | 54,544 | 50,047 | 60,432 |
Bank overdraft | 1,484 | 932 | 1,896 |
Accrued payroll and related benefits | 8,065 | 15,958 | 9,287 |
Other accrued expenses | 15,009 | 10,062 | 12,097 |
TOTAL CURRENT LIABILITIES | 118,985 | 109,873 | 88,354 |
LONG-TERM LIABILITIES: | |||
Long-term debt, less current maturities, including related party debt of $10,461, $10,584 and $10,943 and net of unamortized debt issuance costs of $111, $124 and $164 | 24,350 | 25,211 | 27,779 |
Retirement plan | 21,195 | 20,994 | 22,334 |
Other | 6,876 | 6,513 | 6,393 |
TOTAL LONG-TERM LIABILITIES | 52,421 | 52,718 | 56,506 |
TOTAL LIABILITIES | 171,406 | 162,591 | 144,860 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Capital in excess of par value | 118,326 | 117,772 | 115,787 |
Retained earnings | 105,252 | 123,190 | 125,559 |
Accumulated other comprehensive loss | (4,233) | (4,404) | (6,220) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 218,255 | 235,468 | 234,035 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 389,661 | 398,059 | 378,895 |
Class A Common Stock [Member] | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock | 26 | 26 | 26 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
STOCKHOLDERS' EQUITY: | |||
Common Stock | $ 88 | $ 88 | $ 87 |
Consolidated Balance Sheets (U5
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 28, 2017 | Jun. 29, 2017 | Sep. 29, 2016 |
Allowance for doubtful accounts for accounts receivable, current | $ 273 | $ 263 | $ 418 |
Accumulated depreciation of rental investment property | 9,837 | 9,639 | 9,045 |
Intangible assets, net of accumulated amortization | 18,690 | 18,690 | 17,700 |
Current maturities of long-term debt, related party debt | 482 | 474 | 449 |
Unamortized debt issuance costs, current | 53 | 55 | 63 |
Accounts payable, related party payables | 0 | 178 | 233 |
Related party debt, Non-current | 10,461 | 10,584 | 10,943 |
Unamortized debt issuance costs, noncurrent | $ 111 | $ 124 | $ 164 |
Treasury stock, shares | 117,900 | 117,900 | 117,900 |
Class A Common Stock [Member] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,597,426 | 2,597,426 | 2,597,426 |
Common stock, shares outstanding | 2,597,426 | 2,597,426 | 2,597,426 |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 17,000,000 | 17,000,000 | 17,000,000 |
Common stock, shares issued | 8,817,883 | 8,801,641 | 8,732,593 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 10,432 | $ 10,180 |
Depreciation and amortization | 3,325 | 4,025 |
Loss on disposition of assets, net | 165 | 36 |
Deferred income tax benefit | (573) | (465) |
Stock-based compensation expense | 538 | 550 |
Change in assets and liabilities: | ||
Accounts receivable, net | (6,746) | 2,346 |
Inventories | 16,522 | 9,377 |
Prepaid expenses and other current assets | (371) | 554 |
Accounts payable | 2,682 | 15,808 |
Accrued expenses | (7,254) | (6,732) |
Income taxes payable | 4,308 | 5,797 |
Other long-term assets and liabilities | 37 | (297) |
Other, net | 372 | 428 |
Net cash provided by operating activities | 23,437 | 41,607 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (2,876) | (3,705) |
Other, net | 22 | 1 |
Net cash used in investing activities | (2,854) | (3,704) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving credit facility | 113,298 | 75,282 |
Repayments of revolving credit borrowings | (106,300) | (86,111) |
Principal payments on long-term debt | (865) | (898) |
Increase in bank overdraft | 552 | 1,085 |
Dividends paid | (28,370) | (28,150) |
Issuance of Common Stock under equity award plans | 16 | 31 |
Net cash used in financing activities | (21,669) | (38,761) |
NET DECREASE IN CASH | (1,086) | (858) |
Cash, beginning of period | 1,955 | 2,220 |
Cash, end of period | $ 869 | $ 1,362 |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 3 Months Ended |
Sep. 28, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Description of Business | Note 1 – Basis of Presentation and Description of Business As used herein, unless the context otherwise indicates, the terms “we”, “us”, “our” or “Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two • References herein to fiscal 2018 and fiscal 2017 are to the fiscal year ending June 28, 2018 and the fiscal year ended June 29, 2017, respectively. • References herein to the first quarter of fiscal 2018 and fiscal 2017 are to the quarters ended September 28, 2017 and September 29, 2016, respectively. We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds, and other nuts in the United States. These nuts are sold under a variety of private brands and under the Fisher, Orchard Valley Harvest, Sunshine Country The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 29, 2017 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2017 Annual Report on Form 10-K |
Inventories
Inventories | 3 Months Ended |
Sep. 28, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2 – Inventories Inventories consist of the following: September 28, 2017 June 29, 2017 September 29, 2016 Raw material and supplies $ 50,086 $ 79,609 $ 51,563 Work-in-process 115,812 102,811 95,633 Total $ 165,898 $ 182,420 $ 147,196 |
Credit Facility
Credit Facility | 3 Months Ended |
Sep. 28, 2017 | |
Debt Disclosure [Abstract] | |
Credit Facility | Note 3 – Credit Facility On July 7, 2017, we entered into the Eighth Amendment to our Credit Facility 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 our stock per fiscal year, or purchase, acquire, redeem or retire 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 Facility remains over $30,000 immediately before and after giving effect to any such dividend, distribution, purchase or redemption. At September 28, 2017, we had $77,371 of available credit under the Credit Facility which reflects borrowings of $36,454 and reduced availability as a result of $3,675 in outstanding letters of credit. As of September 28, 2017, we were in compliance with all financial covenants under the Credit Facility and Mortgage Facility. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Sep. 28, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 4 – Earnings Per Common Share The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: For the Quarter Ended September 28, 2017 September 29, 2016 Weighted average number of shares outstanding – basic 11,351,307 11,266,217 Effect of dilutive securities: Stock options and restricted stock units 90,861 113,878 Weighted average number of shares outstanding – diluted 11,442,168 11,380,095 There were no anti-dilutive awards excluded from the computation of diluted earnings per share for either period presented. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Sep. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Note 5 – Stock-Based Compensation Plans During the quarter ended September 28, 2017 there was no significant stock option or restricted stock unit activity. Compensation expense attributable to stock-based compensation during the first quarter of fiscal 2018 and fiscal 2017 was $538 and $550, respectively. As of September 28, 2017, there was $2,469 of total unrecognized compensation cost related to non-vested, |
Dividends
Dividends | 3 Months Ended |
Sep. 28, 2017 | |
Text Block [Abstract] | |
Dividends | Note 6 – Dividends On July 11, 2017, our Board of Directors, after considering the financial position of our Company and other factors, 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. |
Retirement Plan
Retirement Plan | 3 Months Ended |
Sep. 28, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Plan | Note 7 – Retirement Plan The Supplemental Employee Retirement Plan is an unfunded, non-qualified For the Quarter Ended September 28, 2017 September 29, 2016 Service cost $ 152 $ 158 Interest cost 213 203 Amortization of prior service cost 239 239 Amortization of loss 40 91 Net periodic benefit cost $ 644 $ 691 The components of net periodic benefit cost other than the service cost component are included in the line item “Other expense” in the Consolidated Statements of Comprehensive Income. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 28, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 8 – Accumulated Other Comprehensive Loss The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the quarter ended September 28, 2017 and September 29, 2016. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) For the Quarter Ended September 28, September 29, Balance at beginning of period $ (4,404 ) $ (6,425 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 279 330 Tax effect (108 ) (125 ) Net current-period other comprehensive income 171 205 Balance at end of period $ (4,233 ) $ (6,220 ) (a) Amounts in parenthesis indicate debits/expense. The reclassifications out of AOCL for the quarter ended September 28, 2017 and September 29, 2016 were as follows: For the Quarter Ended Affected line item in the Reclassifications from AOCL to earnings (b) September 28, September 29, Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) Other expense Unrecognized net loss (40 ) (91 ) Other expense Total before tax (279 ) (330 ) Tax effect 108 125 Income tax expense Amortization of defined pension items, net of tax $ (171 ) $ (205 ) (b) Amounts in parenthesis indicate debits to expense. See Note 7 – “Retirement Plan” above for additional details. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Sep. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 9 – Commitments and Contingent Liabilities We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows. We are subject to a class-action complaint for an employment related matter. Mediation for this matter occurred in fiscal 2017. In August 2017, we agreed in principle to a $1,200 settlement for which we were fully reserved at June 29, 2017. The non-monetary |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Sep. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 10 – Fair Value of Financial Instruments Authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) defines fair value as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels: Level 1 – Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 – Unobservable inputs for which there is little or no market data available. The carrying values of cash, trade accounts receivable and accounts payable approximate their fair values at each balance sheet date because of the short-term maturities and nature of these balances. The carrying value of our revolving credit facility borrowings approximates fair value at each balance sheet date because interest rates on this instrument approximate current market rates (Level 2 criteria), the short-term maturity and nature of this balance. In addition, there has been no significant change in our inherent credit risk. The following table summarizes the carrying value and fair value estimate of our current and long-term debt, excluding unamortized debt issuance costs: September 28, June 29, 2017 September 29, 2016 Carrying value of long-term debt: $ 27,943 $ 28,808 $ 31,393 Fair value of long-term debt: 28,355 29,316 32,657 The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 28, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 11 – Recent Accounting Pronouncements The following recent accounting pronouncements have been adopted in the current fiscal year: In March 2017, the FASB issued ASU No. 2017-07 Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017-07 In October 2016, the FASB issued ASU No. 2016-17 Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control 2015-02 2016-17 2016-17 In July 2015, the FASB issued ASU No. 2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory first-in, first-out 2015-11 The following recent accounting pronouncements have not yet been adopted: In February 2016, the FASB issued ASU No. 2016-02 “ Leases (Topic 842) ” . No. 2016-02 In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” Revenue from Contracts with Customers 340-40, Other Assets and Deferred Costs — Contracts with Customers Revenue Recognition No. 2015-14 “Revenue from Contracts with Customers, Deferral of the Effective Date” 2014-09 |
Recent Accounting Pronounceme18
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 28, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | The following recent accounting pronouncements have been adopted in the current fiscal year: In March 2017, the FASB issued ASU No. 2017-07 Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017-07 In October 2016, the FASB issued ASU No. 2016-17 Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control 2015-02 2016-17 2016-17 In July 2015, the FASB issued ASU No. 2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory first-in, first-out 2015-11 The following recent accounting pronouncements have not yet been adopted: In February 2016, the FASB issued ASU No. 2016-02 “ Leases (Topic 842) ” . No. 2016-02 In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” Revenue from Contracts with Customers 340-40, Other Assets and Deferred Costs — Contracts with Customers Revenue Recognition No. 2015-14 “Revenue from Contracts with Customers, Deferral of the Effective Date” 2014-09 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 28, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: September 28, 2017 June 29, 2017 September 29, 2016 Raw material and supplies $ 50,086 $ 79,609 $ 51,563 Work-in-process 115,812 102,811 95,633 Total $ 165,898 $ 182,420 $ 147,196 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Sep. 28, 2017 | |
Earnings Per Share [Abstract] | |
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share | The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: For the Quarter Ended September 28, 2017 September 29, 2016 Weighted average number of shares outstanding – basic 11,351,307 11,266,217 Effect of dilutive securities: Stock options and restricted stock units 90,861 113,878 Weighted average number of shares outstanding – diluted 11,442,168 11,380,095 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 3 Months Ended |
Sep. 28, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows: For the Quarter Ended September 28, 2017 September 29, 2016 Service cost $ 152 $ 158 Interest cost 213 203 Amortization of prior service cost 239 239 Amortization of loss 40 91 Net periodic benefit cost $ 644 $ 691 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 28, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the quarter ended September 28, 2017 and September 29, 2016. These changes are all related to our defined benefit pension plan. Changes to AOCL (a) For the Quarter Ended September 28, September 29, Balance at beginning of period $ (4,404 ) $ (6,425 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 279 330 Tax effect (108 ) (125 ) Net current-period other comprehensive income 171 205 Balance at end of period $ (4,233 ) $ (6,220 ) (a) Amounts in parenthesis indicate debits/expense. |
Reclassifications Out of AOCL | The reclassifications out of AOCL for the quarter ended September 28, 2017 and September 29, 2016 were as follows: For the Quarter Ended Affected line item in the Reclassifications from AOCL to earnings (b) September 28, September 29, Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) Other expense Unrecognized net loss (40 ) (91 ) Other expense Total before tax (279 ) (330 ) Tax effect 108 125 Income tax expense Amortization of defined pension items, net of tax $ (171 ) $ (205 ) (b) Amounts in parenthesis indicate debits to expense. See Note 7 – “Retirement Plan” above for additional details. |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value Estimate of Current and Long Term Debt | The following table summarizes the carrying value and fair value estimate of our current and long-term debt, excluding unamortized debt issuance costs: September 28, June 29, 2017 September 29, 2016 Carrying value of long-term debt: $ 27,943 $ 28,808 $ 31,393 Fair value of long-term debt: 28,355 29,316 32,657 |
Basis of Presentation and Des24
Basis of Presentation and Description of Business - Additional Information (Detail) | 3 Months Ended |
Sep. 28, 2017Channel | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of distribution channels | 3 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Sep. 28, 2017 | Jun. 29, 2017 | Sep. 29, 2016 |
Inventory Disclosure [Abstract] | |||
Raw material and supplies | $ 50,086 | $ 79,609 | $ 51,563 |
Work-in-process and finished goods | 115,812 | 102,811 | 95,633 |
Total | $ 165,898 | $ 182,420 | $ 147,196 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) | Jul. 07, 2017USD ($)Dividends | Sep. 28, 2017USD ($) | Jun. 29, 2017USD ($) | Sep. 29, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Revolving credit facility borrowings | $ 36,454,000 | $ 29,456,000 | $ 1,255,000 | |
Eighth Amendment To Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Excess availability required under the credit facility | $ 30,000,000 | |||
Eighth Amendment To Credit Agreement [Member] | Maximum [Member] | ||||
Debt Instrument [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 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Available credit under the Credit Facility | 77,371,000 | |||
Revolving credit facility borrowings | 36,454,000 | |||
Outstanding letters of credit | $ 3,675,000 |
Earnings Per Common Share - Wei
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted average number of shares outstanding - basic | 11,351,307 | 11,266,217 |
Effect of dilutive securities: | ||
Stock options and restricted stock units | 90,861 | 113,878 |
Weighted average number of shares outstanding - diluted | 11,442,168 | 11,380,095 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
Anti Dilutive Shares [Abstract] | ||
Anti-dilutive awards excluded from computation of diluted earnings per share | 0 | 0 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based compensation expense | $ 538 | $ 550 |
Unrecognized compensation cost related to non-vested share-based compensation | $ 2,469 | |
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 1 year |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 11, 2017 | Sep. 28, 2017 | Sep. 29, 2016 |
Equity [Abstract] | |||
Dividend payable date, declared day | Jul. 11, 2017 | ||
Special cash dividend | $ 2 | ||
Annual common stock dividend declared | $ 0.50 | ||
Dividend paid | $ 28,370 | $ 28,370 | $ 28,150 |
Dividend payable date | Aug. 15, 2017 | ||
Stockholders of record date | Aug. 2, 2017 |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 152 | $ 158 |
Interest cost | 213 | 203 |
Amortization of prior service cost | 239 | 239 |
Amortization of loss | 40 | 91 |
Net periodic benefit cost | $ 644 | $ 691 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ (4,404) | $ (6,425) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 279 | 330 |
Tax effect | (108) | (125) |
Other comprehensive income, net of tax: | 171 | 205 |
Balance at end of period | $ (4,233) | $ (6,220) |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 28, 2017 | Sep. 29, 2016 | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Unrecognized prior service cost | $ (239) | $ (239) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Unrecognized net loss | (40) | (91) |
Amortization of Defined Benefit Pension Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total amortization of pension items before tax | (279) | (330) |
Income tax expense | 108 | 125 |
Amortization of defined pension items, net of tax | $ (171) | $ (205) |
Commitments and Contingent Li34
Commitments and Contingent Liabilities - Additional Information (Detail) $ in Thousands | Aug. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation settlement amount | $ 1,200 |
Fair Value of Financial Instr35
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long Term Debt (Detail) - USD ($) $ in Thousands | Sep. 28, 2017 | Jun. 29, 2017 | Sep. 29, 2016 |
Fair Value Disclosures [Abstract] | |||
Carrying value of long-term debt: | $ 27,943 | $ 28,808 | $ 31,393 |
Fair value of long-term debt: | $ 28,355 | $ 29,316 | $ 32,657 |