Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 28, 2018 | Aug. 15, 2018 | Dec. 28, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 28, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 | --06-28 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 541,234,022 | ||
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,747,575 | ||
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. 28, 2018 | Jun. 29, 2017 |
CURRENT ASSETS: | ||
Cash | $ 1,449 | $ 1,955 |
Accounts receivable, less allowance for doubtful accounts of $270 and $263, respectively | 65,426 | 64,830 |
Inventories | 174,618 | 182,420 |
Prepaid expenses and other current assets | 6,309 | 4,172 |
TOTAL CURRENT ASSETS | 247,802 | 253,377 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 9,285 | 9,285 |
Buildings | 108,540 | 107,015 |
Machinery and equipment | 198,321 | 194,099 |
Furniture and leasehold improvements | 5,015 | 4,842 |
Vehicles | 526 | 498 |
Construction in progress | 2,618 | 1,075 |
Property, plant and equipment gross | 324,305 | 316,814 |
Less: Accumulated depreciation | 217,689 | 210,606 |
Property, plant and equipment net | 106,616 | 106,208 |
Rental investment property, less accumulated depreciation of $10,431 and $9,639, respectively | 18,462 | 19,254 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 125,078 | 125,462 |
OTHER LONG TERM ASSETS: | ||
Cash surrender value of officers' life insurance and other assets | 10,565 | 10,125 |
Deferred income taxes | 5,024 | 9,095 |
Goodwill | 9,650 | |
Intangible assets, net | 17,654 | |
TOTAL ASSETS | 415,773 | 398,059 |
CURRENT LIABILITIES: | ||
Revolving credit facility borrowings | 31,278 | 29,456 |
Current maturities of long-term debt, including related party debt of $4,341 and $474, respectively and net of unamortized debt issuance costs of $45 and $55, respectively | 7,169 | 3,418 |
Accounts payable, including related party payables of $0 and $178, respectively | 60,340 | 50,047 |
Bank overdraft | 2,062 | 932 |
Accrued payroll and related benefits | 6,415 | 15,958 |
Other accrued expenses | 9,929 | 10,062 |
TOTAL CURRENT LIABILITIES | 117,193 | 109,873 |
LONG-TERM LIABILITIES: | ||
Long-term debt, less current maturities, including related party debt of $15,507 and $10,584, respectively and net of unamortized debt issuance costs of $79 and $124, respectively | 27,356 | 25,211 |
Retirement plan | 21,288 | 20,994 |
Other | 7,014 | 6,513 |
TOTAL LONG-TERM LIABILITIES | 55,658 | 52,718 |
TOTAL LIABILITIES | 172,851 | 162,591 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Capital in excess of par value | 119,952 | 117,772 |
Retained earnings | 127,240 | 123,190 |
Accumulated other comprehensive loss | (3,181) | (4,404) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 242,922 | 235,468 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 415,773 | 398,059 |
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 | 89 | 88 |
TOTAL STOCKHOLDERS' EQUITY | $ 89 | $ 88 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Allowance for doubtful accounts for accounts receivable, current | $ 270 | $ 263 |
Accumulated depreciation of rental investment property | 10,431 | 9,639 |
Current maturities of long-term debt, related party debt | 4,341 | 474 |
Unamortized debt issuance costs, current | 45 | 55 |
Accounts payable, related party payables | 0 | 178 |
Related party debt, Non-current | 15,507 | 10,584 |
Unamortized debt issuance costs, noncurrent | $ 79 | $ 124 |
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 | 8,865,475 | 8,801,641 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net sales | $ 888,595 | $ 846,635 | $ 952,059 |
Cost of sales | 749,776 | 704,712 | 814,591 |
Gross profit | 138,819 | 141,923 | 137,468 |
Operating expenses: | |||
Selling expenses | 52,922 | 49,392 | 51,114 |
Administrative expenses | 29,788 | 32,054 | 33,192 |
Total operating expenses | 82,710 | 81,446 | 84,306 |
Income from operations | 56,109 | 60,477 | 53,162 |
Other expense: | |||
Interest expense including $1,103, $785 and $1,081 to related parties, respectively | 3,463 | 2,910 | 3,492 |
Rental and miscellaneous expense, net | 1,406 | 1,296 | 1,358 |
Other expense | 1,970 | 2,133 | 1,850 |
Total other expense, net | 6,839 | 6,339 | 6,700 |
Income before income taxes | 49,270 | 54,138 | 46,462 |
Income tax expense | 16,850 | 18,013 | 16,067 |
Net income | 32,420 | 36,125 | 30,395 |
Other comprehensive income (loss), net of tax: | |||
Amortization of prior service cost and actuarial gain included in net periodic pension cost | 839 | 820 | 624 |
Net actuarial gain (loss) arising during the period | 384 | 1,201 | (2,215) |
Other comprehensive income (loss), net of tax | 1,223 | 2,021 | (1,591) |
Comprehensive income | $ 33,643 | $ 38,146 | $ 28,804 |
Net income per common share - basic | $ 2.85 | $ 3.19 | $ 2.71 |
Net income per common share - diluted | 2.83 | 3.17 | 2.68 |
Cash dividends declared per share | $ 2.50 | $ 5 | $ 2 |
Weighted average shares outstanding - basic | 11,383,080 | 11,317,149 | 11,233,975 |
Weighted average shares outstanding - diluted | 11,449,386 | 11,403,605 | 11,332,924 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Interest expense to related parties | $ 1,103 | $ 785 | $ 1,081 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Class A Common Stock [Member] | Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] |
Balance at Jun. 25, 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, net of shares withheld for employee taxes | 1,108 | 1,107 | $ 1 | ||||
Equity award exercises, net of shares withheld for employee taxes, 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, net of shares withheld for employee taxes | 63 | 62 | $ 1 | ||||
Equity award exercises, net of shares withheld for employee taxes, 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 | |||||
Net income | 32,420 | 32,420 | |||||
Cash dividends | (28,370) | (28,370) | |||||
Pension liability amortization, net of income tax (expense) | 839 | 839 | |||||
Pension liability adjustment, net of income tax benefit | 384 | 384 | |||||
Equity award exercises, net of shares withheld for employee taxes | (615) | (616) | $ 1 | ||||
Equity award exercises, net of shares withheld for employee taxes, shares | 63,834 | ||||||
Stock-based compensation expense | 2,796 | 2,796 | |||||
Balance at Jun. 28, 2018 | $ 242,922 | $ 119,952 | $ 127,240 | $ (3,181) | $ (1,204) | $ 26 | $ 89 |
Balance, Shares at Jun. 28, 2018 | 2,597,426 | 8,865,475 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 2.50 | $ 5 | $ 2 |
Pension liability amortization income tax expense | $ (280) | $ (502) | $ (383) |
Pension liability adjustment income tax (benefit) expense | $ 127 | $ 737 | $ (1,358) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 32,420 | $ 36,125 | $ 30,395 |
Depreciation and amortization | 15,430 | 15,559 | 16,585 |
Loss on disposition of properties, net | 480 | 71 | 392 |
Deferred income tax expense (benefit) | 3,664 | (1,744) | (170) |
Stock-based compensation expense | 2,796 | 2,504 | 2,489 |
Change in assets and liabilities, net of Acquisition: | |||
Accounts receivable, net | 1,751 | 13,243 | (2,436) |
Inventories | 9,759 | (25,847) | 41,424 |
Prepaid expenses and other current assets | (738) | 201 | (19) |
Accounts payable | 8,876 | 6,384 | (1,126) |
Accrued expenses | (8,598) | 1,484 | 421 |
Income taxes receivable/payable | (2,659) | 2,217 | (805) |
Other long-term liabilities | 501 | 579 | (443) |
Other long-term assets | 375 | (266) | 767 |
Other, net | 2,097 | 2,158 | 1,774 |
Net cash provided by operating activities | 66,154 | 52,668 | 89,248 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (13,229) | (10,885) | (15,018) |
Acquisition of Squirrel Brand L.P. | (21,727) | ||
Other, net | (12) | 342 | 93 |
Net cash used in investing activities | (34,968) | (10,543) | (14,925) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net short-term borrowings (repayments) | 1,822 | 17,372 | (49,069) |
Principal payments on long-term debt | (5,659) | (3,482) | (3,376) |
Increase (decrease) in bank overdraft | 1,130 | 121 | (226) |
Dividends paid | (28,370) | (56,464) | (22,486) |
Proceeds from the exercise of stock options | 16 | 63 | 155 |
Tax benefit of equity award exercises | 953 | ||
Taxes paid related to net share settlement of equity awards | (631) | ||
Net cash used in financing activities | (31,692) | (42,390) | (74,049) |
NET (DECREASE) INCREASE IN CASH | (506) | (265) | 274 |
Cash, beginning of period | 1,955 | 2,220 | 1,946 |
Cash, end of period | 1,449 | 1,955 | 2,220 |
Interest paid | 3,357 | 2,763 | 3,326 |
Income taxes paid, excluding refunds of $40, $232, and $168, respectively | 15,846 | $ 17,635 | $ 16,526 |
Supplemental disclosure of non-cash investing activities: | |||
Acquisition of Squirrel Brand L.P. through note payable, see Note 6 | $ 11,500 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Statement of Cash Flows [Abstract] | |||
Income taxes paid, refunds | $ 40 | $ 232 | $ 168 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 28, 2018 | |
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, Squirrel Brand, Southern Style Nuts, 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 $ 13,414 $ 14,190 $ 14,875 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. Business Combinations We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Segment Reporting We operate in a single reporting unit and operating segment that consists of selling various nut and nut related products through multiple distribution channels. Impairment of Long-Lived Assets We review held and used long-lived assets, including our rental investment property and amortizable identifiable intangible assets (e.g., customer relationships and brand names), to assess recoverability from projected undiscounted cash flows whenever events or changes in facts and circumstances indicate that the carrying value of the assets may not be recoverable. When such events occur, we compare the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of the long-lived asset or asset group. The cash flows are based on our best estimate of future cash flows derived from the most recent business projections. If this comparison indicates there is an impairment, the carrying value of the asset is reduced to its estimated fair value. We did not record any impairment of long-lived assets for the last three fiscal years. Goodwill Goodwill currently represents the excess of the purchase price over the fair value of the net assets from our acquisition of Squirrel Brand, L.P. which closed in November 2017. Goodwill is not amortized, but is tested annually as of the last day of each fiscal year for impairment, or whenever events or changes in circumstances indicate it is more likely than not that the carrying amount of the reporting unit is greater than its fair value. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which we operate, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of our single reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of our single reporting unit are identified (similar to impairment indicators above). During fiscal 2018 we elected to perform qualitative impairment test which indicated no indicators of goodwill impairment. Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of our single reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. The inputs used to calculate the fair value include several subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value, and time horizon of cash flow forecasts. If the carrying value of our single reporting unit exceeds its fair value, we recognize an impairment loss equal to the difference between the carrying value and estimated fair value. 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 63% of the rentable area in the office building is currently vacant, of which approximately 29% has not 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 $ 1,988 $ 2,003 $ 1,898 Rental (expense), net (1) (1,420 ) (1,311 ) (1,371 ) (1) Includes annual depreciation expense of approximately $800. Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: June 27, 2019 $ 1,940 June 25, 2020 1,875 June 24, 2021 1,647 June 30, 2022 1,431 June 29, 2023 1,450 Thereafter 1,950 $ 10,293 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 28, 2018 and June 29, 2017 because of the short-term maturities and nature of these balances. The carrying value of our Credit Facility (as defined in Note 5 – “Revolving Credit Facility” in the Notes to Consolidated Financial Statements “Revolving Credit Facility” below) borrowings approximates fair value at June 28, 2018 and June 29, 2017 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 28, 2018 June 29, 2017 Carrying value of long-term debt: $ 34,649 $ 28,808 Fair value of long-term debt: 33,482 29,316 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 has 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. 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 exceeded 10% of net sales during each of fiscal 2018, fiscal 2017 and fiscal 2016. Sales to these customers represented approximately 54%, 53% and 50% of our net sales in fiscal 2018, fiscal 2017 and fiscal 2016, respectively. Net accounts receivable from these customers were 62% and 56% of net accounts receivable at June 28, 2018 and June 29, 2017, 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 $ 11,290 $ 10,064 $ 11,569 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 $ 20,418 $ 17,682 $ 16,686 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 $ 701 $ 658 $ 653 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 28, 2018, we believe that our deferred tax assets are fully realizable, except for $112 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 11,383,080 11,317,149 11,233,975 Effect of dilutive securities: Stock options and restricted stock units 66,306 86,456 98,949 Weighted average number of shares outstanding — diluted 11,449,386 11,403,605 11,332,924 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 2018, the FASB issued ASU No. 2018-05 “Income Taxes (Topic 741) Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” Tax Cuts and Jobs Act Tax Cuts and Jobs Act 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 June 2018 the FASB issued ASU 2018-07 Compensation- Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting In February 2018, the FASB issued ASU No. 2018-02 Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” In May 2017, the FASB issued ASU No. 2017-09 Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09 2017-09 In January 2017, the FASB issued ASC Update No. 2017-04 Intangibles—Goodwill and Other Topics (Topic 350): Simplifying the Test for Goodwill Impairment” In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15 In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2013-13 In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) 2016-02 No. 2016-02 No. 2018-11 Leases (Topic 842): Targeted Improvements non-lease No. 2018-10 Codification Improvements to Topic 842, Leases 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. No. 2015-14 Revenue from Contracts with Customers, Deferral of the Effective Date 2014-09 2014-09 |
Inventories
Inventories | 12 Months Ended |
Jun. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 2 — INVENTORIES Inventories consist of the following: June 28, 2018 June 29, 2017 Raw material and supplies $ 73,209 $ 79,609 Work-in-process 101,409 102,811 $ 174,618 $ 182,420 |
Acquisition of Squirrel Brand L
Acquisition of Squirrel Brand L.P. | 12 Months Ended |
Jun. 28, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Squirrel Brand L.P. | NOTE 3 – ACQUISITION OF SQUIRREL BRAND L.P. On November 30, 2017, we acquired certain assets and assumed certain liabilities (the “Acquisition”) of Squirrel Brand L.P. (“Squirrel Brand”) for a purchase price of $31,500. After giving effect to the working capital adjustments, the purchase price was $33,227, of which a net cash payment of $21,727 was made and $11,500 was financed by the seller through a three-year unsecured promissory note (the “Promissory Note”). The cash portion of the acquisition price was funded from our Credit Facility, as defined below. The Squirrel Brand business is one of the nation’s leading suppliers of indulgent and premium roasted nuts and snack mixes under its Squirrel Brand Southern Style Nuts The total purchase price has been allocated to the fair values of the assets acquired and liabilities assumed as follows: Accounts receivable $ 2,362 Inventories 1,957 Other assets 63 Identifiable intangible assets: Customer relationships 10,500 Brand names 8,900 Non-compete 270 Goodwill 9,650 Accounts payable and accrued expenses (475 ) Total Purchase Price $ 33,227 The customer relationship assets represent the value of the long-term strategic relationship the Squirrel Brand business has with its significant customers, which we are amortizing over a weighted-average life of 7.5 years. The assets were valued using an income approach, specifically the “multi-period excess earnings” method, which identifies an estimated stream of revenues and expenses for a particular group of assets from which deductions of portions of the projected economic benefits, attributable to assets other than the subject asset (contributory assets), are deducted in order to isolate the prospective earnings of the subject asset. This value is considered a level 3 measurement under the GAAP fair value hierarchy. The brand name assets represent the value of the established Squirrel Brand Southern Style Nuts The non-compete Goodwill, which is expected to be deductible for income tax purposes, arises from intangible assets that do not qualify for separate recognition and expected synergies from combining the operations of Squirrel Brand with the Company. There were no material contingencies recognized or unrecognized associated with the acquired business. The following reflects the unaudited pro forma results of operations of the Company as if the Acquisition had taken place at the beginning of fiscal 2017. This pro forma information does not purport to represent what the Company’s actual results would have been if the Acquisition had occurred as of the date indicated or what such results would be for any future periods. Year-Ended June 28, 2018 Year-Ended June 29, 2017 Pro forma net sales $ 893,740 $ 863,267 Pro forma net income 32,995 36,723 Pro forma diluted earnings per share $ 2.88 $ 3.22 These unaudited pro forma results have been calculated after applying our accounting policies and adjusting the results of the Squirrel Brand business to reflect elimination of transaction costs and to record additional amortization and interest expense that would have been charged, assuming the fair value adjustment to intangible assets since July 1, 2016, net of related income taxes in respect of pro forma net income and diluted earnings per share performance. Transaction costs of $500, already recorded in Administrative expenses, are excluded from the pro forma net income for the year ended June 28, 2018 stated above. Net sales of approximately $25,422 since the Acquisition closed on November 30, 2017 are included in our consolidated financial results as of June 28, 2018. Since the Acquisition, we continue to operate in a single operating segment that consists of selling various nut and nut-related |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 4 — GOODWILL AND INTANGIBLE ASSETS Intangible assets subject to amortization consist of the following: June 28, 2018 June 29, 2017 Customer relationships $ 21,100 $ 10,600 Non-compete 270 — Brand names 16,990 8,090 Total intangible assets, gross 38,360 18,690 Less accumulated amortization: Customer relationships (12,182 ) (10,600 ) Non-compete (32 ) — Brand names (8,492 ) (8,090 ) Total accumulated amortization (20,706 ) (18,690 ) Net intangible assets $ 17,654 $ — Customer relationships relate to the Squirrel Brand acquisition completed in fiscal 2018 and the Orchard Valley Harvest (“OVH”) acquisition completed in fiscal 2010. The customer relationships resulting from the OVH acquisition were fully amortized in fiscal 2017. The brand names consist primarily of the Squirrel Brand Southern Style Nuts 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 $ 2,016 $ 1,369 $ 1,710 Expected amortization expense the next five fiscal years is as follows: Fiscal year ending June 27, 2019 $ 3,028 June 25, 2020 2,501 June 24, 2021 2,165 June 30, 2022 1,896 June 29, 2023 1,657 Our net goodwill of $9,650 relates entirely to the Squirrel Brand acquisition completed in fiscal 2018. The changes in the carrying amount of goodwill during the two fiscal years ended June 28, 2018 are as follows: Gross goodwill balance at July 1, 2016 $ 8,766 Accumulated amortization and impairments (8,766 ) Net balance at July 1, 2016 — Goodwill acquired during fiscal 2018 9,650 Net balance at June 28, 2018 $ 9,650 |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Jun. 28, 2018 | |
Text Block [Abstract] | |
Revolving Credit Facility | NOTE 5 — 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 28, 2018 and June 29, 2017, the weighted average interest rate for the Credit Facility was 3.90% and 3.11%, 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 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. On November 29, 2017, we entered into the Consent and Ninth Amendment to our Credit Agreement (the “Ninth Amendment”). The Ninth Amendment provides lender consent for us to incur unsecured debt (in particular, the Promissory Note) in connection with our acquisition of the Squirrel Brand business, and for: (i) the incurrence of unsecured debt in connection with the Acquisition and (ii) the Acquisition to constitute a “Permitted Acquisition” under the terms of the Credit Agreement. The Ninth Amendment also modified our collateral reporting requirements. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jun. 28, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 6 — LONG-TERM DEBT Long-term debt consists of the following: June 28, June 29, Mortgage Facility (“Tranche A”), collateralized by real property, due in monthly installments of $230 including interest at 4.25% per annum with a final payment due March 1, 2023 $ 11,841 $ 14,200 Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly installments of $57 including interest at 4.25% per annum with a final payment due March 1, 2023 2,960 3,550 Squirrel Brand Seller-Financed Note to a related party, unsecured, due in monthly principal installments of $319 plus interest at 5.5% per annum beginning in January 2018 through November 30, 2020 9,264 — Selma, Texas facility financing obligation to related parties, due in monthly installments of $103 through September 1, 2031 10,584 11,058 Unamortized debt issuance costs (124 ) (179 ) 34,525 28,629 Less: Current maturities, net of unamortized debt issuance costs (7,169 ) (3,418 ) Total long-term debt, net of unamortized debt issuance costs $ 27,356 $ 25,211 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”). On March 1, 2018 the interest rate on the Mortgage Facility was fixed at 4.25% per annum. Prior to March 1, 2018, Tranche A accrued interest at a fixed interest rate of 7.63% per annum, payable monthly and Tranche B accrued interest, as reset on March 1, 2016, at a floating rate of the greater of (i) one-month 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 had an initial ten-year In November 2017, we completed the Squirrel Brand acquisition which was financed by a combination of cash (drawn under the Credit Facility) and a three-year seller-financed note for $11,500 (“Promissory Note”). The principal owner and seller of the Squirrel Brand business was subsequently appointed as an executive officer of the Company and is considered a related party. The Promissory Note is unsecured, bears interest at 5.5% per annum and is payable in equal monthly principal payments of $319, plus interest which began in January 2018. Upon an event of default, as defined in the Promissory Note, the interest rate increases to 7.5% until such event of default is cured. We can pre-pay Aggregate maturities of long-term debt are as follows for the fiscal years ending: June 27, 2019 $ 7,214 June 25, 2020 7,376 June 24, 2021 5,309 June 30, 2022 3,890 June 29, 2023 3,213 Thereafter 7,647 $ 34,649 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 — INCOME TAXES H.R.1, originally known as the Tax Cuts and Jobs Act of 2017 (“Tax Reform”), was enacted on December 22, 2017. The changes to U.S. Tax law include, among other items, (i) a reduction in the federal corporate income tax rate from a maximum of 35% to a flat 21%, (ii) repealing the exception for deductibility of performance-based compensation to covered employees, along with expanding the number of covered employees, and (iii) allowing immediate expensing of machinery and equipment contracted for purchase after September 27, 2017. Tax Reform also establishes new tax provisions that will affect our fiscal year 2019, including, but not limited to eliminating the deduction for domestic manufacturing activities. Since we have a June fiscal year-end, non-cash non-cash 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 28, June 29, June 30, Current: Federal $ 10,722 $ 17,013 $ 14,015 State 2,464 2,744 2,222 Total current expense 13,186 19,757 16,237 Deferred: Deferred federal 3,902 (1,698 ) (210 ) Deferred state (238 ) (46 ) 40 Total deferred expense (benefit) 3,664 (1,744 ) (170 ) Total income tax expense $ 16,850 $ 18,013 $ 16,067 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 28, June 29, June 30, Federal statutory income tax rate 28.1 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.1 3.3 3.2 Impact of Tax Reform 6.3 — — Research and development tax credit (0.2 ) (0.1 ) (0.1 ) Domestic manufacturing deduction (2.2 ) (3.1 ) (3.2 ) Windfall tax benefits (1.0 ) (1.8 ) — Uncertain tax positions 0.1 0.1 (0.6 ) Other — (0.1 ) 0.3 Effective tax rate 34.2 % 33.3 % 34.6 % 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 28, June 29, Deferred tax assets (liabilities): Accounts receivable $ 305 $ 423 Employee compensation 810 1,726 Inventory 273 345 Depreciation and amortization (9,504 ) (12,826 ) Capitalized leases 1,020 1,508 Goodwill and intangible assets 3,160 4,939 Retirement plan 5,484 8,224 Workers’ compensation 1,692 2,365 Share based compensation 1,281 1,908 Capital loss carryforward 112 171 Other 503 483 Less valuation allowance (112 ) (171 ) Net deferred tax asset — long term 5,024 9,095 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 28, 2018 and June 29, 2017, unrecognized tax benefits and accrued interest and penalties were $214 and $173. 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 $207 and $174 at June 28, 2018 and June 29, 2017, respectively. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: June 28, June 29, June 30, Beginning balance $ 174 $ 24 $ 248 Gross increases — tax positions in prior year 6 7 70 Gross decreases — tax positions in prior year — — (8 ) Settlements — — (137 ) Gross increases — tax positions in current year 27 23 17 Lapse of statute of limitations — 120 (166 ) Ending balance $ 207 $ 174 $ 24 Unrecognized tax benefits, that if recognized, would affect the annual effective tax rate on income from continuing operations, are as follows: June 28, June 29, June 30, Unrecognized tax benefits that would affect annual effective tax rate $ 177 $ 136 $ 27 During fiscal 2018, 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 through 2017. Our California tax returns for fiscal 2015 through 2017 are open for audit. No other tax jurisdictions are material to us. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 — COMMITMENTS AND CONTINGENCIES Operating Leases We primarily lease 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 $ 1,988 $ 1,880 $ 1,775 Aggregate non-cancelable Fiscal year ending June 27, 2019 $ 1,405 June 25, 2020 1,199 June 24, 2021 904 June 30, 2022 762 June 29, 2023 494 Thereafter 14 $ 4,778 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. In August 2017, we agreed in principle to a $1.2 million settlement for which we are fully reserved at June 28, 2018. The non-monetary mid-August |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 28, 2018 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | NOTE 9 — 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. 28, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | NOTE 10 — 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 2018, fiscal 2017 or fiscal 2016. The following is a summary of stock option activity for the year ended June 28, 2018: Shares Weighted- Weighted- Aggregate Outstanding at June 29, 2017 2,000 $ 10.24 Granted — — Exercised 1,500 10.74 Forfeited — — Outstanding at June 28, 2018 500 $ 8.71 3.6 $ 33 Exercisable at June 28, 2018 500 $ 8.71 3.6 $ 33 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 $ 79 $ 374 $ 792 Total cash received from exercise of options $ 16 $ 63 $ 155 All options were fully vested as of June 30, 2016. Exercise price for options outstanding as of June 28, 2018 was $8.71. 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 28, 2018, June 29, 2017 and June 30, 2016 was $3,296, $2,773 and $3,212, respectively. The following is a summary of RSU activity for the year ended June 28, 2018: Restricted Stock Units Shares Weighted- Grant-Date Outstanding at June 29, 2017 201,858 $ 40.36 Granted 60,582 54.41 Vested (a) (73,372 ) 36.52 Forfeited — — Outstanding at June 28, 2018 189,068 $ 46.35 (a) The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements. At June 28, 2018 there were 61,008 RSUs outstanding that were vested but deferred. At June 29, 2017 there were 68,673 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 $ 2,796 $ 2,504 $ 2,489 Income tax benefit recognized 895 951 962 At June 28, 2018, there was $3,507 of total unrecognized compensation cost related to non-vested |
Cash Dividends
Cash Dividends | 12 Months Ended |
Jun. 28, 2018 | |
Text Block [Abstract] | |
Cash Dividends | NOTE 11 — CASH DIVIDENDS Our Board of Directors declared the following cash dividends payable in fiscal 2018 and fiscal 2017: Declaration Date Record Date Dividend Per Total Payment Date July 11, 2017 August 2, 2017 $ 2.50 $ 28,370 August 15, 2017 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 On July 10, 2018, our Board of Directors declared a special cash dividend of $2.00 per share and a regular annual cash dividend of $0.55 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company. Refer to Note 19 – “Subsequent Events” below. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 28, 2018 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | NOTE 12 — EMPLOYEE BENEFIT PLANS We maintain a contributory plan established pursuant to the provisions of section 401(k) of the Internal Revenue Code. The plan provides retirement benefits for all nonunion employees meeting minimum age and service requirements. We currently match 100% of the first three percent contributed by each employee and 50% of the next two percent contributed, up to certain maximums specified in the plan. Expense for the 401(k) plan was as follows for the last three fiscal years: Year ended Year ended Year ended 401(k) plan expense $ 1,741 $ 1,664 $ 1,604 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 28, June 29, Route pension liability $ 323 $ 397 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, if any, are paid to participants in the first quarter of the following fiscal year. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Jun. 28, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plan | NOTE 13 — 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 28, June 29, Change in projected benefit obligation Projected benefit obligation at beginning of year $ 21,641 $ 22,791 Service cost 607 631 Interest cost 851 811 Actuarial gain (511 ) (1,938 ) Benefits paid (654 ) (654 ) Projected benefit obligation at end of year $ 21,934 $ 21,641 The accumulated benefit obligation, which represents benefits earned up to the measurement date, was $18,582 and $17,774 at June 28, 2018 and June 29, 2017, respectively. Components of the actuarial (gain) loss portion of the change in projected benefit obligation are presented below for the fiscal years ended: June 28, June 29, June 30, Actuarial (Gain) Loss Change in assumed pay increases $ (56 ) $ 124 $ 68 Change in discount rate (523 ) (1,402 ) 3,509 Change in mortality assumptions (117 ) (193 ) (132 ) Other 185 (467 ) 128 Actuarial (gain) loss $ (511 ) $ (1,938 ) $ 3,573 The components of the net periodic pension cost are as follows for the fiscal years ended: June 28, June 29, June 30, Service cost $ 607 $ 631 $ 491 Interest cost 851 811 843 Recognized loss amortization 162 365 50 Prior service cost amortization 957 957 957 Net periodic pension cost $ 2,577 $ 2,764 $ 2,341 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-2017 We used the following assumptions to calculate the benefit obligation of our SERP as of the following dates: June 28, June 29, Discount rate 4.14 % 3.99 % Average rate of compensation increases 3.38 % 4.50 % Bonus payment 60% - 60% - We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended: June 28, June 29, June 30, Discount rate 3.99 % 3.61 % 4.63 % Rate of compensation increases 4.50 % 4.50 % 4.50 % Mortality RP-2014 white RP-2014 white RP-2014 white 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 2019 $ 646 2020 628 2021 744 2022 716 2023 684 2024 — 2028 5,694 At June 28, 2018 and June 29, 2017, the current portion of the SERP liability was $646 and $647, 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 28, June 29, Unrecognized net loss $ (2,951 ) $ (3,624 ) Unrecognized prior service cost (2,392 ) (3,349 ) Tax effect 2,162 2,569 Net amount unrecognized $ (3,181 ) $ (4,404 ) We expect to recognize $957 of the prior service cost and $95 of net loss into net periodic pension expense during the fiscal year ending June 27, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 28, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 14 — 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 $ (4,404 ) $ (6,425 ) Other comprehensive income before reclassifications 511 1,938 Amounts reclassified from accumulated other comprehensive loss 1,119 1,322 Tax effect (407 ) (1,239 ) Net current-period other comprehensive income 1,223 2,021 Balance at end of period $ (3,181 ) $ (4,404 ) (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 ) Other expense Unrecognized net loss (162 ) (365 ) Other expense Total before tax (1,119 ) (1,322 ) Tax effect 280 502 Income tax expense Amortization of defined pension items, net of tax $ (839 ) $ (820 ) (b) Amounts in parenthesis indicate debits to expense. See Note 13 — “Retirement Plan” above for additional details. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Jun. 28, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | NOTE 15 — TRANSACTIONS WITH RELATED PARTIES In addition to the related party transactions described in Note 6, we also purchased materials from a company that until July 2017 was owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them. Purchases from this related party aggregated to the following for the years ending: Year ended Year ended Year ended Purchases from related party $ 360 $ 8,043 $ 7,138 Accounts payable to this related entity was $178 at June 29, 2017. |
Product Type Sales Mix
Product Type Sales Mix | 12 Months Ended |
Jun. 28, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Product Type Sales Mix | NOTE 16 — 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 28, June 29, June 30, Peanuts 15.7 % 15.7 % 13.9 % Pecans 14.0 16.2 13.1 Cashews & Mixed Nuts 24.6 24.3 23.3 Walnuts 9.0 8.4 9.4 Almonds 15.5 16.3 23.0 Trail & Snack Mixes 15.5 13.9 12.4 Other 5.7 5.2 4.9 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jun. 28, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | NOTE 17 — 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 28, 2018 Allowance for doubtful accounts $ 263 $ 52 $ (45 ) $ 270 Reserve for cash discounts 850 13,889 (13,789 ) 950 Reserve for customer deductions 2,979 22,420 (20,361 ) 5,038 Deferred tax asset valuation allowance 171 — (59 ) 112 Total $ 4,263 $ 36,361 $ (34,254 ) $ 6,370 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 |
Supplementary Quarterly Data (U
Supplementary Quarterly Data (Unaudited) | 12 Months Ended |
Jun. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Quarterly Data (Unaudited) | NOTE 18 — SUPPLEMENTARY QUARTERLY DATA (Unaudited) The following unaudited quarterly consolidated financial data are presented for fiscal 2018 and fiscal 2017. 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 28, 2018: Net sales $ 214,791 $ 259,118 $ 203,181 $ 211,505 Gross profit 34,840 37,880 33,186 32,913 Income from operations 17,336 14,249 14,103 10,421 Net income 10,432 7,756 8,631 5,601 Basic earnings per common share $ 0.92 $ 0.68 $ 0.76 $ 0.49 Diluted earnings per common share $ 0.91 $ 0.68 $ 0.75 $ 0.49 Cash dividends declared per common share $ 2.50 $ — $ — $ — 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 17,089 20,275 10,964 12,149 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 $ — $ — |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jun. 28, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 19 — SUBSEQUENT EVENT On July 10, 2018, our Board of Directors declared a special cash dividend of $2.00 per share and a regular annual cash dividend of $0.55 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “August 2018 Dividends”). The August 2018 Dividends will be paid on August 17, 2018 to stockholders of record as of the close of business on August 3, 2018. |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 28, 2018 | |
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, Squirrel Brand, Southern Style Nuts, 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 $ 13,414 $ 14,190 $ 14,875 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. |
Business Combinations | Business Combinations We use the acquisition method in accounting for acquired businesses. Under the acquisition method, our financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of the acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. |
Segment Reporting | Segment Reporting We operate in a single reporting unit and operating segment that consists of selling various nut and nut related products through multiple distribution channels. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review held and used long-lived assets, including our rental investment property and amortizable identifiable intangible assets (e.g., customer relationships and brand names), to assess recoverability from projected undiscounted cash flows whenever events or changes in facts and circumstances indicate that the carrying value of the assets may not be recoverable. When such events occur, we compare the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of the long-lived asset or asset group. The cash flows are based on our best estimate of future cash flows derived from the most recent business projections. If this comparison indicates there is an impairment, the carrying value of the asset is reduced to its estimated fair value. We did not record any impairment of long-lived assets for the last three fiscal years. |
Goodwill | Goodwill Goodwill currently represents the excess of the purchase price over the fair value of the net assets from our acquisition of Squirrel Brand, L.P. which closed in November 2017. Goodwill is not amortized, but is tested annually as of the last day of each fiscal year for impairment, or whenever events or changes in circumstances indicate it is more likely than not that the carrying amount of the reporting unit is greater than its fair value. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, adverse changes in the markets in which we operate, increases in input costs that have negative effects on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. In testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of our single reporting unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is more likely than not, we are then required to perform a quantitative impairment test, otherwise no further analysis is required. We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of our single reporting unit are identified (similar to impairment indicators above). During fiscal 2018 we elected to perform qualitative impairment test which indicated no indicators of goodwill impairment. Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of our single reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 inputs as defined by the fair value hierarchy. The inputs used to calculate the fair value include several subjective factors, such as estimates of future cash flows, estimates of our future cost structure, discount rates for our estimated cash flows, required level of working capital, assumed terminal value, and time horizon of cash flow forecasts. If the carrying value of our single reporting unit exceeds its fair value, we recognize an impairment loss equal to the difference between the carrying value and estimated fair value. |
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 63% of the rentable area in the office building is currently vacant, of which approximately 29% has not 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 $ 1,988 $ 2,003 $ 1,898 Rental (expense), net (1) (1,420 ) (1,311 ) (1,371 ) (1) Includes annual depreciation expense of approximately $800. Expected future gross rental income under operating leases within the office building is as follows for the fiscal years ending: June 27, 2019 $ 1,940 June 25, 2020 1,875 June 24, 2021 1,647 June 30, 2022 1,431 June 29, 2023 1,450 Thereafter 1,950 $ 10,293 |
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 28, 2018 and June 29, 2017 because of the short-term maturities and nature of these balances. The carrying value of our Credit Facility (as defined in Note 5 – “Revolving Credit Facility” in the Notes to Consolidated Financial Statements “Revolving Credit Facility” below) borrowings approximates fair value at June 28, 2018 and June 29, 2017 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 28, 2018 June 29, 2017 Carrying value of long-term debt: $ 34,649 $ 28,808 Fair value of long-term debt: 33,482 29,316 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 has 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. |
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 exceeded 10% of net sales during each of fiscal 2018, fiscal 2017 and fiscal 2016. Sales to these customers represented approximately 54%, 53% and 50% of our net sales in fiscal 2018, fiscal 2017 and fiscal 2016, respectively. Net accounts receivable from these customers were 62% and 56% of net accounts receivable at June 28, 2018 and June 29, 2017, 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 $ 11,290 $ 10,064 $ 11,569 |
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 $ 20,418 $ 17,682 $ 16,686 |
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 $ 701 $ 658 $ 653 |
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 28, 2018, we believe that our deferred tax assets are fully realizable, except for $112 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 11,383,080 11,317,149 11,233,975 Effect of dilutive securities: Stock options and restricted stock units 66,306 86,456 98,949 Weighted average number of shares outstanding — diluted 11,449,386 11,403,605 11,332,924 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 2018, the FASB issued ASU No. 2018-05 “Income Taxes (Topic 741) Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” Tax Cuts and Jobs Act Tax Cuts and Jobs Act 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 June 2018 the FASB issued ASU 2018-07 Compensation- Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting In February 2018, the FASB issued ASU No. 2018-02 Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” In May 2017, the FASB issued ASU No. 2017-09 Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09 2017-09 In January 2017, the FASB issued ASC Update No. 2017-04 Intangibles—Goodwill and Other Topics (Topic 350): Simplifying the Test for Goodwill Impairment” In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15 In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2013-13 In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) 2016-02 No. 2016-02 No. 2018-11 Leases (Topic 842): Targeted Improvements non-lease No. 2018-10 Codification Improvements to Topic 842, Leases 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. No. 2015-14 Revenue from Contracts with Customers, Deferral of the Effective Date 2014-09 2014-09 |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
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 $ 13,414 $ 14,190 $ 14,875 |
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 $ 1,988 $ 2,003 $ 1,898 Rental (expense), net (1) (1,420 ) (1,311 ) (1,371 ) (1) Includes annual depreciation expense of approximately $800. |
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 27, 2019 $ 1,940 June 25, 2020 1,875 June 24, 2021 1,647 June 30, 2022 1,431 June 29, 2023 1,450 Thereafter 1,950 $ 10,293 |
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 28, 2018 June 29, 2017 Carrying value of long-term debt: $ 34,649 $ 28,808 Fair value of long-term debt: 33,482 29,316 |
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 $ 11,290 $ 10,064 $ 11,569 |
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 $ 20,418 $ 17,682 $ 16,686 |
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 $ 701 $ 658 $ 653 |
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 11,383,080 11,317,149 11,233,975 Effect of dilutive securities: Stock options and restricted stock units 66,306 86,456 98,949 Weighted average number of shares outstanding — diluted 11,449,386 11,403,605 11,332,924 |
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. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: June 28, 2018 June 29, 2017 Raw material and supplies $ 73,209 $ 79,609 Work-in-process 101,409 102,811 $ 174,618 $ 182,420 |
Acquisition of Squirrel Brand32
Acquisition of Squirrel Brand L.P. (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocated on Preliminary Basis | The total purchase price has been allocated to the fair values of the assets acquired and liabilities assumed as follows: Accounts receivable $ 2,362 Inventories 1,957 Other assets 63 Identifiable intangible assets: Customer relationships 10,500 Brand names 8,900 Non-compete 270 Goodwill 9,650 Accounts payable and accrued expenses (475 ) Total Purchase Price $ 33,227 |
Summary of Unaudited Pro Forma Results of Operations of Company's Acquisition at Beginning | The following reflects the unaudited pro forma results of operations of the Company as if the Acquisition had taken place at the beginning of fiscal 2017. This pro forma information does not purport to represent what the Company’s actual results would have been if the Acquisition had occurred as of the date indicated or what such results would be for any future periods. Year-Ended June 28, 2018 Year-Ended June 29, 2017 Pro forma net sales $ 893,740 $ 863,267 Pro forma net income 32,995 36,723 Pro forma diluted earnings per share $ 2.88 $ 3.22 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Identifiable Intangible Assets | Intangible assets subject to amortization consist of the following: June 28, 2018 June 29, 2017 Customer relationships $ 21,100 $ 10,600 Non-compete 270 — Brand names 16,990 8,090 Total intangible assets, gross 38,360 18,690 Less accumulated amortization: Customer relationships (12,182 ) (10,600 ) Non-compete (32 ) — Brand names (8,492 ) (8,090 ) Total accumulated amortization (20,706 ) (18,690 ) Net intangible assets $ 17,654 $ — |
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 $ 2,016 $ 1,369 $ 1,710 |
Summary of Expected Amortization Expense | Expected amortization expense the next five fiscal years is as follows: Fiscal year ending June 27, 2019 $ 3,028 June 25, 2020 2,501 June 24, 2021 2,165 June 30, 2022 1,896 June 29, 2023 1,657 |
Summary of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill during the two fiscal years ended June 28, 2018 are as follows: Gross goodwill balance at July 1, 2016 $ 8,766 Accumulated amortization and impairments (8,766 ) Net balance at July 1, 2016 — Goodwill acquired during fiscal 2018 9,650 Net balance at June 28, 2018 $ 9,650 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt consists of the following: June 28, June 29, Mortgage Facility (“Tranche A”), collateralized by real property, due in monthly installments of $230 including interest at 4.25% per annum with a final payment due March 1, 2023 $ 11,841 $ 14,200 Mortgage Facility (“Tranche B”), collateralized by real property, due in monthly installments of $57 including interest at 4.25% per annum with a final payment due March 1, 2023 2,960 3,550 Squirrel Brand Seller-Financed Note to a related party, unsecured, due in monthly principal installments of $319 plus interest at 5.5% per annum beginning in January 2018 through November 30, 2020 9,264 — Selma, Texas facility financing obligation to related parties, due in monthly installments of $103 through September 1, 2031 10,584 11,058 Unamortized debt issuance costs (124 ) (179 ) 34,525 28,629 Less: Current maturities, net of unamortized debt issuance costs (7,169 ) (3,418 ) Total long-term debt, net of unamortized debt issuance costs $ 27,356 $ 25,211 |
Aggregate Maturities of Long-term Debt | Aggregate maturities of long-term debt are as follows for the fiscal years ending: June 27, 2019 $ 7,214 June 25, 2020 7,376 June 24, 2021 5,309 June 30, 2022 3,890 June 29, 2023 3,213 Thereafter 7,647 $ 34,649 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
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 28, June 29, June 30, Current: Federal $ 10,722 $ 17,013 $ 14,015 State 2,464 2,744 2,222 Total current expense 13,186 19,757 16,237 Deferred: Deferred federal 3,902 (1,698 ) (210 ) Deferred state (238 ) (46 ) 40 Total deferred expense (benefit) 3,664 (1,744 ) (170 ) Total income tax expense $ 16,850 $ 18,013 $ 16,067 |
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 28, June 29, June 30, Federal statutory income tax rate 28.1 % 35.0 % 35.0 % State income taxes, net of federal benefit 3.1 3.3 3.2 Impact of Tax Reform 6.3 — — Research and development tax credit (0.2 ) (0.1 ) (0.1 ) Domestic manufacturing deduction (2.2 ) (3.1 ) (3.2 ) Windfall tax benefits (1.0 ) (1.8 ) — Uncertain tax positions 0.1 0.1 (0.6 ) Other — (0.1 ) 0.3 Effective tax rate 34.2 % 33.3 % 34.6 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are comprised of the following: June 28, June 29, Deferred tax assets (liabilities): Accounts receivable $ 305 $ 423 Employee compensation 810 1,726 Inventory 273 345 Depreciation and amortization (9,504 ) (12,826 ) Capitalized leases 1,020 1,508 Goodwill and intangible assets 3,160 4,939 Retirement plan 5,484 8,224 Workers’ compensation 1,692 2,365 Share based compensation 1,281 1,908 Capital loss carryforward 112 171 Other 503 483 Less valuation allowance (112 ) (171 ) Net deferred tax asset — long term 5,024 9,095 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: June 28, June 29, June 30, Beginning balance $ 174 $ 24 $ 248 Gross increases — tax positions in prior year 6 7 70 Gross decreases — tax positions in prior year — — (8 ) Settlements — — (137 ) Gross increases — tax positions in current year 27 23 17 Lapse of statute of limitations — 120 (166 ) Ending balance $ 207 $ 174 $ 24 |
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 28, June 29, June 30, Unrecognized tax benefits that would affect annual effective tax rate $ 177 $ 136 $ 27 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
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 $ 1,988 $ 1,880 $ 1,775 |
Aggregate Non-Cancelable Lease Commitments Under Operating Leases | Aggregate non-cancelable Fiscal year ending June 27, 2019 $ 1,405 June 25, 2020 1,199 June 24, 2021 904 June 30, 2022 762 June 29, 2023 494 Thereafter 14 $ 4,778 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
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 28, 2018: Shares Weighted- Weighted- Aggregate Outstanding at June 29, 2017 2,000 $ 10.24 Granted — — Exercised 1,500 10.74 Forfeited — — Outstanding at June 28, 2018 500 $ 8.71 3.6 $ 33 Exercisable at June 28, 2018 500 $ 8.71 3.6 $ 33 |
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 $ 79 $ 374 $ 792 Total cash received from exercise of options $ 16 $ 63 $ 155 |
Summary of RSU Activity | The following is a summary of RSU activity for the year ended June 28, 2018: Restricted Stock Units Shares Weighted- Grant-Date Outstanding at June 29, 2017 201,858 $ 40.36 Granted 60,582 54.41 Vested (a) (73,372 ) 36.52 Forfeited — — Outstanding at June 28, 2018 189,068 $ 46.35 (a) The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements. |
Summary of Compensation Cost and Income Tax Benefit | The following table summarizes compensation cost charged to earnings for all equity compensation plans and the total income tax benefit recognized for the last three fiscal years: Year ended Year ended Year ended Compensation cost charged to earnings $ 2,796 $ 2,504 $ 2,489 Income tax benefit recognized 895 951 962 |
Cash Dividends (Tables)
Cash Dividends (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
Text Block [Abstract] | |
Summary of Cash Dividends | Our Board of Directors declared the following cash dividends payable in fiscal 2018 and fiscal 2017: Declaration Date Record Date Dividend Per Total Payment Date July 11, 2017 August 2, 2017 $ 2.50 $ 28,370 August 15, 2017 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 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
Postemployment Benefits [Abstract] | |
Expense for 401(k) Plan | Expense for the 401(k) plan was as follows for the last three fiscal years: Year ended Year ended Year ended 401(k) plan expense $ 1,741 $ 1,664 $ 1,604 |
Total Route Pension Liability | The total Route pension liability was as follows for the last two fiscal years: June 28, June 29, Route pension liability $ 323 $ 397 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
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 28, June 29, Change in projected benefit obligation Projected benefit obligation at beginning of year $ 21,641 $ 22,791 Service cost 607 631 Interest cost 851 811 Actuarial gain (511 ) (1,938 ) Benefits paid (654 ) (654 ) Projected benefit obligation at end of year $ 21,934 $ 21,641 |
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 28, June 29, June 30, Actuarial (Gain) Loss Change in assumed pay increases $ (56 ) $ 124 $ 68 Change in discount rate (523 ) (1,402 ) 3,509 Change in mortality assumptions (117 ) (193 ) (132 ) Other 185 (467 ) 128 Actuarial (gain) loss $ (511 ) $ (1,938 ) $ 3,573 |
Schedule of Net Periodic Pension Cost | The components of the net periodic pension cost are as follows for the fiscal years ended: June 28, June 29, June 30, Service cost $ 607 $ 631 $ 491 Interest cost 851 811 843 Recognized loss amortization 162 365 50 Prior service cost amortization 957 957 957 Net periodic pension cost $ 2,577 $ 2,764 $ 2,341 |
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 28, June 29, Discount rate 4.14 % 3.99 % Average rate of compensation increases 3.38 % 4.50 % Bonus payment 60% - 60% - We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended: June 28, June 29, June 30, Discount rate 3.99 % 3.61 % 4.63 % Rate of compensation increases 4.50 % 4.50 % 4.50 % Mortality RP-2014 white RP-2014 white RP-2014 white 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 2019 $ 646 2020 628 2021 744 2022 716 2023 684 2024 — 2028 5,694 |
Components of AOCL | The following table presents the components of AOCL that have not yet been recognized in net pension expense: June 28, June 29, Unrecognized net loss $ (2,951 ) $ (3,624 ) Unrecognized prior service cost (2,392 ) (3,349 ) Tax effect 2,162 2,569 Net amount unrecognized $ (3,181 ) $ (4,404 ) |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
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 $ (4,404 ) $ (6,425 ) Other comprehensive income before reclassifications 511 1,938 Amounts reclassified from accumulated other comprehensive loss 1,119 1,322 Tax effect (407 ) (1,239 ) Net current-period other comprehensive income 1,223 2,021 Balance at end of period $ (3,181 ) $ (4,404 ) (a) Amounts in parenthesis indicate debits/expense. |
Reclassifications Out of AOCL | The reclassifications out of accumulated other comprehensive loss for the last two fiscal years were as follows: Reclassifications from AOCL to earnings (b) Year Year Affected line item in the Amortization of defined benefit pension items: Unrecognized prior service cost $ (957 ) $ (957 ) Other expense Unrecognized net loss (162 ) (365 ) Other expense Total before tax (1,119 ) (1,322 ) Tax effect 280 502 Income tax expense Amortization of defined pension items, net of tax $ (839 ) $ (820 ) (b) Amounts in parenthesis indicate debits to expense. See Note 13 — “Retirement Plan” above for additional details. |
Transactions with Related Par42
Transactions with Related Parties (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
Related Party Transactions [Abstract] | |
Summary of Transactions with Related Party | we also purchased materials from a company that until July 2017 was owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them. Purchases from this related party aggregated to the following for the years ending: Year ended Year ended Year ended Purchases from related party $ 360 $ 8,043 $ 7,138 |
Product Type Sales Mix (Tables)
Product Type Sales Mix (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
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 28, June 29, June 30, Peanuts 15.7 % 15.7 % 13.9 % Pecans 14.0 16.2 13.1 Cashews & Mixed Nuts 24.6 24.3 23.3 Walnuts 9.0 8.4 9.4 Almonds 15.5 16.3 23.0 Trail & Snack Mixes 15.5 13.9 12.4 Other 5.7 5.2 4.9 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Acco44
Valuation and Qualifying Accounts and Reserves (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Activity in Various Allowance and Reserve Accounts | The following table details the activity in various allowance and reserve accounts. Description Balance at Additions Deductions Balance at June 28, 2018 Allowance for doubtful accounts $ 263 $ 52 $ (45 ) $ 270 Reserve for cash discounts 850 13,889 (13,789 ) 950 Reserve for customer deductions 2,979 22,420 (20,361 ) 5,038 Deferred tax asset valuation allowance 171 — (59 ) 112 Total $ 4,263 $ 36,361 $ (34,254 ) $ 6,370 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 |
Supplementary Quarterly Data 45
Supplementary Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Consolidated Financial Data | The following unaudited quarterly consolidated financial data are presented for fiscal 2018 and fiscal 2017. 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 28, 2018: Net sales $ 214,791 $ 259,118 $ 203,181 $ 211,505 Gross profit 34,840 37,880 33,186 32,913 Income from operations 17,336 14,249 14,103 10,421 Net income 10,432 7,756 8,631 5,601 Basic earnings per common share $ 0.92 $ 0.68 $ 0.76 $ 0.49 Diluted earnings per common share $ 0.91 $ 0.68 $ 0.75 $ 0.49 Cash dividends declared per common share $ 2.50 $ — $ — $ — 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 17,089 20,275 10,964 12,149 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 $ — $ — |
Significant Accounting Polici46
Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2005Buildings | Jun. 28, 2018USD ($)CustomerSegment | Jun. 29, 2017USD ($)Customer | Jun. 30, 2016USD ($)Customer | |
Accounting Policies [Line Items] | ||||
Period to shell bulk stored nut inventories | Ten to fifteen-month | |||
Interest costs capitalized | $ 0 | $ 0 | $ 0 | |
Number of reportable operating segment | Segment | 1 | |||
Recorded impairments of long - lived assets | $ 0 | 0 | 0 | |
Goodwill impairment | $ 0 | |||
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 | |||
SEC Schedule, 12-09, Deferred Tax Asset Valuation Allowance [Member] | ||||
Accounting Policies [Line Items] | ||||
Deferred tax asset valuation allowance | $ 112,000 | |||
Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Assessment to determine fair value | 50.00% | |||
ASU No. 2017-07 [Member] | ||||
Accounting Policies [Line Items] | ||||
Reclassification of administrative expense to other expense | $ 2,133,000 | $ 1,850,000 | ||
Accounts Receivable [Member] | ||||
Accounting Policies [Line Items] | ||||
Number of customers exceeding ten percent of sales | Customer | 3 | 3 | 3 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of concentration risk | 62.00% | 56.00% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of concentration risk | 54.00% | 53.00% | 50.00% | |
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 rentable area currently vacant | 63.00% | |||
Number of buildings located on site | Buildings | 2 | |||
Percentage of building currently not been built-out | 29.00% |
Significant Accounting Polici47
Significant Accounting Policies - Depreciation Expense for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Depreciation [Abstract] | |||
Depreciation expense | $ 13,414 | $ 14,190 | $ 14,875 |
Significant Accounting Polici48
Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Jun. 28, 2018 | |
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 Polici49
Significant Accounting Policies - Schedule of Gross Rental Income and Rental (Expense) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Gross Rental Income and (Expense) [Abstract] | |||
Gross rental income | $ 1,988 | $ 2,003 | $ 1,898 |
Rental (expense), net | $ (1,420) | $ (1,311) | $ (1,371) |
Significant Accounting Polici50
Significant Accounting Policies - Schedule of Gross Rental Income and Rental (Expense) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Gross Rental Income and (Expense) [Abstract] | |||
Annual depreciation expense | $ 800 | $ 800 | $ 800 |
Significant Accounting Polici51
Significant Accounting Policies - Expected Future Gross Rental Income under Operating Leases within Office Building (Detail) $ in Thousands | Jun. 28, 2018USD ($) |
Expected Future Gross Rental Income Under Operating Leases [Abstract] | |
June 27, 2019 | $ 1,940 |
June 25, 2020 | 1,875 |
June 24, 2021 | 1,647 |
June 30, 2022 | 1,431 |
June 29, 2023 | 1,450 |
Thereafter | 1,950 |
Total | $ 10,293 |
Significant Accounting Polici52
Significant Accounting Policies - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Fair Value Disclosures [Abstract] | ||
Carrying value of long-term debt: | $ 34,649 | $ 28,808 |
Fair value of long-term debt: | $ 33,482 | $ 29,316 |
Significant Accounting Polici53
Significant Accounting Policies - Marketing and Advertising Expenses Recorded in Selling Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Marketing and Advertising Expense [Abstract] | |||
Marketing and advertising expense | $ 11,290 | $ 10,064 | $ 11,569 |
Significant Accounting Polici54
Significant Accounting Policies - Shipping and Handling Cost for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Shipping And Handling Costs [Abstract] | |||
Shipping and handling costs | $ 20,418 | $ 17,682 | $ 16,686 |
Significant Accounting Polici55
Significant Accounting Policies - Research and Development Expenses for Last Three Fiscal Years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Research and Development [Abstract] | |||
Research and development expense | $ 701 | $ 658 | $ 653 |
Significant Accounting Polici56
Significant Accounting Policies - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted average number of shares outstanding - basic | 11,383,080 | 11,317,149 | 11,233,975 |
Effect of dilutive securities: | |||
Stock options and restricted stock units | 66,306 | 86,456 | 98,949 |
Weighted average number of shares outstanding - diluted | 11,449,386 | 11,403,605 | 11,332,924 |
Significant Accounting Polici57
Significant Accounting Policies - Summary of Anti-dilutive Awards Excluded from Computation of Diluted Earnings Per Share (Detail) | 12 Months Ended |
Jun. 29, 2017$ / sharesshares | |
Anti Dilutive Shares [Abstract] | |
Weighted average number of anti-dilutive shares: | shares | 1,068 |
Weighted average exercise price per share: | $ / shares | $ 65.35 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Inventory Disclosure [Abstract] | ||
Raw material and supplies | $ 73,209 | $ 79,609 |
Work-in-process and finished goods | 101,409 | 102,811 |
Total | $ 174,618 | $ 182,420 |
Acquisition of Squirrel Brand59
Acquisition of Squirrel Brand L.P. - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 30, 2017 | Nov. 30, 2017 | Jun. 28, 2018 |
Acquisition Date [Line Items] | |||
Date of acquisition | Nov. 30, 2017 | ||
Purchase price financed by seller through unsecured promissory note,term | 3 years | ||
Weighted-average life | 11 years 3 months 19 days | ||
Business acquisition, transaction costs | $ 500 | ||
Unsecured Promissory Note [Member] | |||
Acquisition Date [Line Items] | |||
Purchase price financed by seller through unsecured promissory note | $ 11,500 | ||
Purchase price financed by seller through unsecured promissory note,term | 3 years | ||
Squirrel Brand [Member] | |||
Acquisition Date [Line Items] | |||
Business acquisition, purchase price before working capital adjustment | $ 31,500 | ||
Date of acquisition | Nov. 30, 2017 | ||
Business acquisition, purchase price | $ 33,227 | ||
Purchase price paid in cash | 21,727 | ||
Net sales resulting from the acquisition | $ 25,422 | ||
Squirrel Brand [Member] | Customer Relationships [Member] | |||
Acquisition Date [Line Items] | |||
Weighted-average life | 7 years 6 months | ||
Squirrel Brand [Member] | Brand Names [Member] | |||
Acquisition Date [Line Items] | |||
Weighted-average life | 13 years 9 months 18 days | ||
Squirrel Brand [Member] | Non-compete Agreement [Member] | |||
Acquisition Date [Line Items] | |||
Finite-lived intangible asset, Useful life | 5 years | ||
Squirrel Brand [Member] | Unsecured Promissory Note [Member] | |||
Acquisition Date [Line Items] | |||
Purchase price financed by seller through unsecured promissory note | $ 11,500 | ||
Purchase price financed by seller through unsecured promissory note,term | 3 years |
Acquisition of Squirrel Brand60
Acquisition of Squirrel Brand L.P. - Summary of Purchase Price Allocated on Preliminary Basis (Detail) - Squirrel Brand [Member] $ in Thousands | Nov. 30, 2017USD ($) |
Business Acquisition [Line Items] | |
Accounts receivable | $ 2,362 |
Inventories | 1,957 |
Other assets | 63 |
Goodwill | 9,650 |
Accounts payable and accrued expenses | (475) |
Total Purchase Price | 33,227 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | 10,500 |
Brand Names [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | 8,900 |
Non-compete Agreement [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 270 |
Acquisition of Squirrel Brand61
Acquisition of Squirrel Brand L.P. - Summary of Unaudited Pro Forma Results of Operations of Company's Acquisition at Beginning (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 28, 2018 | Jun. 29, 2017 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Pro forma net sales | $ 893,740 | $ 863,267 |
Pro forma net income | $ 32,995 | $ 36,723 |
Pro forma diluted earnings per share | $ 2.88 | $ 3.22 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | $ 38,360 | $ 18,690 |
Less accumulated amortization: | ||
Total accumulated amortization | (20,706) | (18,690) |
Net intangible assets | 17,654 | |
Customer Relationships [Member] | Squirrel Brand [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 21,100 | 10,600 |
Less accumulated amortization: | ||
Total accumulated amortization | (12,182) | (10,600) |
Non-compete Agreement [Member] | Squirrel Brand [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 270 | |
Less accumulated amortization: | ||
Total accumulated amortization | (32) | |
Brand Names [Member] | Squirrel Brand [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross | 16,990 | 8,090 |
Less accumulated amortization: | ||
Total accumulated amortization | $ (8,492) | $ (8,090) |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Jun. 28, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-average amortization period | 11 years 3 months 19 days |
Goodwill related to acquisition of Squirrel Brand | $ 9,650 |
Squirrel Brand [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill related to acquisition of Squirrel Brand | $ 9,650 |
Goodwill and Intangible Asset64
Goodwill and Intangible Assets - Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Administrative Expenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 2,016 | $ 1,369 | $ 1,710 |
Goodwill and Intangible Asset65
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail) $ in Thousands | Jun. 28, 2018USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
June 27, 2019 | $ 3,028 |
June 25, 2020 | 2,501 |
June 24, 2021 | 2,165 |
June 30, 2022 | 1,896 |
June 29, 2023 | $ 1,657 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 12 Months Ended |
Jun. 28, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross goodwill balance at July 1, 2016 | $ 8,766 |
Accumulated amortization and impairments | (8,766) |
Goodwill acquired during fiscal 2018 | 9,650 |
Ending balance | $ 9,650 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) | Jul. 07, 2017USD ($)Dividends | Jun. 28, 2018USD ($) | Jun. 29, 2017USD ($) | Feb. 07, 2008USD ($) |
Debt Instrument [Line Items] | ||||
Revolving credit facility borrowings | $ 31,278,000 | $ 29,456,000 | ||
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] | ||||
Revolving loan commitment and letter of credit sub facility | $ 117,500,000 | |||
Weighted average interest rate for the Credit Facility | 3.90% | 3.11% | ||
Minimum loan availability required before fixed charge coverage ratio covenant is applicable | $ 25,000,000 | |||
Available credit under the Credit Facility | 82,972,000 | |||
Revolving credit facility borrowings | 31,278,000 | |||
Outstanding letters of credit | $ 3,250,000 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (124) | $ (179) |
Total Debt | 34,525 | 28,629 |
Total Debt | 34,525 | 28,629 |
Less: Current maturities, net of unamortized debt issuance costs | (7,169) | (3,418) |
Total long-term debt, net of unamortized debt issuance costs | 27,356 | 25,211 |
Mortgage Facility Tranche A [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | 11,841 | 14,200 |
Mortgage Facility Tranche B [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | 2,960 | 3,550 |
Selma, Texas Properties [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | 10,584 | $ 11,058 |
Squirrel Brand [Member] | Unsecured Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
Amounts of term loans | $ 9,264 |
Long-term Debt - Long-term De69
Long-term Debt - Long-term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2017 | Jun. 28, 2018 | Feb. 28, 2018 | |
Mortgage Facility Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.25% | ||
Monthly installment | $ 230 | ||
Long-term debt, maturity date | Mar. 1, 2023 | ||
Mortgage Facility Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Monthly installment | $ 57 | ||
Minimum interest rate | 4.25% | 4.25% | |
Long-term debt, maturity date | Mar. 1, 2023 | ||
Unsecured Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured promissory note, periodic payment,commencement date | 2018-01 | ||
Unsecured promissory note, periodic payment, principal | $ 319 | ||
Selma Texas Facility Financing Obligation Due in Installments through September 1, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Monthly installment | $ 103 | ||
Long-term debt, maturity date | Sep. 1, 2031 | ||
Squirrel Brand [Member] | Unsecured Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured promissory note, periodic payment,commencement date | 2018-01 | ||
Unsecured promissory note, periodic payment, principal | $ 319 | ||
Interest rate | 5.50% | ||
Long-term debt, maturity date | Nov. 30, 2020 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 | Sep. 30, 2006 | Jun. 28, 2018 | Jun. 29, 2017 | Feb. 07, 2008 |
Debt Disclosure [Line Items] | ||||||
Date of acquisition | Nov. 30, 2017 | |||||
Purchase price financed by seller through unsecured promissory note,term | 3 years | |||||
Percentage of increase in interest | 7.50% | |||||
Outstanding balance of promissory note | $ 9,264,000 | |||||
Promissory Note [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Interest paid on promissory note | $ 338,000 | |||||
Mortgage Facility Tranche A [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Amounts of term loans | $ 36,000,000 | |||||
Interest rate | 7.63% | |||||
Mortgage Facility Tranche B [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Amounts of term loans | 9,000,000 | |||||
Debt interest fixed rate | 4.25% | 4.25% | ||||
Mortgage faiclity interest | One-month LIBOR plus 3.50% per annum or (ii) 4.25% | |||||
Interest rate added to LIBOR | 3.50% | |||||
Debt obligation outstanding | $ 2,960,000 | $ 3,550,000 | ||||
Mortgage Facility [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Amounts of term loans | $ 45,000,000 | |||||
Debt interest fixed rate | 4.25% | |||||
Mortgage Facility contain covenants to maintain specified net worth | 110,000,000 | |||||
Carrying amount of assets pledged as collateral | $ 71,427,000 | |||||
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 | $ 10,584,000 | $ 11,058,000 | ||||
Minimum amount accepted for repurchase | $ 14,300,000 | |||||
Unsecured Promissory Note [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Purchase price financed by seller through unsecured promissory note | $ 11,500,000 | |||||
Purchase price financed by seller through unsecured promissory note,term | 3 years | |||||
Unsecured promissory note, periodic payment, principal | 5.50% | |||||
Unsecured promissory note, periodic payment, principal | $ 319,000 | |||||
Unsecured promissory note, periodic payment,commencement date | 2018-01 |
Long-term Debt - Aggregate Matu
Long-term Debt - Aggregate Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Debt Disclosure [Abstract] | ||
June 27, 2019 | $ 7,214 | |
June 25, 2020 | 7,376 | |
June 24, 2021 | 5,309 | |
June 30, 2022 | 3,890 | |
June 29, 2023 | 3,213 | |
Thereafter | 7,647 | |
Total long-term debt maturities | $ 34,649 | $ 28,808 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 29, 2018 | Dec. 22, 2017 | Dec. 21, 2017 | Jun. 28, 2018 | Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | Jun. 25, 2015 |
Income Tax Disclosure [Line Items] | ||||||||
Federal corporate income tax rate | 21.00% | 35.00% | 28.10% | 35.00% | 35.00% | |||
Increase in income tax expense | $ 711 | $ 3,119 | ||||||
Impact of Tax Reform | 6.30% | |||||||
Total gross amounts of unrecognized tax benefits | 207 | $ 207 | $ 174 | $ 24 | $ 248 | |||
Unrecognized tax benefits and accrued interest and penalties long-term | $ 214 | $ 214 | $ 173 | |||||
Scenario Forecast [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Federal corporate income tax rate | 21.00% | |||||||
United States [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Year of tax returns audit | 2015 2016 2017 | |||||||
Illinois [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Year of tax returns audit | 2015 2016 2017 | |||||||
California [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Year of tax returns audit | 2015 2016 2017 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Current: | |||
Federal | $ 10,722 | $ 17,013 | $ 14,015 |
State | 2,464 | 2,744 | 2,222 |
Total current expense | 13,186 | 19,757 | 16,237 |
Deferred: | |||
Deferred federal | 3,902 | (1,698) | (210) |
Deferred state | (238) | (46) | 40 |
Total deferred expense (benefit) | 3,664 | (1,744) | (170) |
Total income tax expense | $ 16,850 | $ 18,013 | $ 16,067 |
Income Taxes - Reconciliations
Income Taxes - Reconciliations of Income Taxes at Statutory Federal Income Tax Rate (Detail) | Dec. 22, 2017 | Dec. 21, 2017 | Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 |
Income Tax Disclosure [Abstract] | |||||
Federal statutory income tax rate | 21.00% | 35.00% | 28.10% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 3.10% | 3.30% | 3.20% | ||
Impact of Tax Reform | 6.30% | ||||
Research and development tax credit | (0.20%) | (0.10%) | (0.10%) | ||
Domestic manufacturing deduction | (2.20%) | (3.10%) | (3.20%) | ||
Windfall tax benefits | (1.00%) | (1.80%) | |||
Uncertain tax positions | 0.10% | 0.10% | (0.60%) | ||
Other | (0.10%) | 0.30% | |||
Effective tax rate | 34.20% | 33.30% | 34.60% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Deferred tax assets (liabilities): | ||
Accounts receivable | $ 305 | $ 423 |
Employee compensation | 810 | 1,726 |
Inventory | 273 | 345 |
Depreciation and amortization | (9,504) | (12,826) |
Capitalized leases | 1,020 | 1,508 |
Goodwill and intangible assets | 3,160 | 4,939 |
Retirement plan | 5,484 | 8,224 |
Workers' compensation | 1,692 | 2,365 |
Share based compensation | 1,281 | 1,908 |
Capital loss carryforward | 112 | 171 |
Other | 503 | 483 |
Less valuation allowance | (112) | (171) |
Net deferred tax asset - long term | $ 5,024 | $ 9,095 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 174 | $ 24 | $ 248 |
Gross increases - tax positions in prior year | 6 | 7 | 70 |
Gross decreases - tax positions in prior year | (8) | ||
Settlements | (137) | ||
Gross increases - tax positions in current year | 27 | 23 | 17 |
Lapse of statute of limitations | 120 | (166) | |
Ending balance | $ 207 | $ 174 | $ 24 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits that would affect annual effective tax rate | $ 177 | $ 136 | $ 27 |
Commitments and Contingencies -
Commitments and Contingencies - Rent Expense Related to Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense related to operating leases | $ 1,988 | $ 1,880 | $ 1,775 |
Commitments and Contingencies79
Commitments and Contingencies - Aggregate Non-Cancelable Lease Commitments under Operating Leases (Detail) $ in Thousands | Jun. 28, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
June 27, 2019 | $ 1,405 |
June 25, 2020 | 1,199 |
June 24, 2021 | 904 |
June 30, 2022 | 762 |
June 29, 2023 | 494 |
Thereafter | 14 |
Total | $ 4,778 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities - Additional Information (Detail) $ in Millions | Aug. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation settlement amount | $ 1.2 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 12 Months Ended | |
Jun. 28, 2018Vote$ / sharesshares | Jun. 29, 2017Vote$ / sharesshares | |
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock, par value | $ / shares | $ 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 | $ / shares | $ 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 Plan82
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) | Oct. 29, 2014 | Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted | 0 | 0 | 0 | |
Option price per share | $ 8.71 | |||
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 1 year 6 months | |||
Unrecognized compensation expense related to non-vested share-based compensation | $ 3,507,000 | |||
Awards to All Participants [Member] | Equity Grant Cap [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares that may be awarded to participant 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 that may be awarded to participant in one calendar year | 20,000 | |||
Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of RSUs granted | $ 3,296,000 | $ 2,773,000 | $ 3,212,000 | |
Restricted stock units vested | 61,008 | 68,673 | ||
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation | 1 year 6 months | |||
Fair value of RSUs vested | $ 2,680,000 | $ 1,910,000 | $ 928,000 | |
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 | 770,995 | |||
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 that may be awarded to participant 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 that may be awarded to participant 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 that may be awarded to participant 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 that may be awarded to participant in one calendar year | 250,000 |
Stock-Based Compensation Plan83
Stock-Based Compensation Plans - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 28, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning balance, Shares | shares | 2,000 |
Granted, Shares | shares | 0 |
Exercised, Shares | shares | 1,500 |
Forfeited, Shares | shares | 0 |
Outstanding ending balance, Shares | shares | 500 |
Exercisable, Shares | shares | 500 |
Outstanding beginning Balance, Weighted-Average Exercise Price | $ / shares | $ 10.24 |
Granted, Weighted-Average Exercise Price | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price | $ / shares | 10.74 |
Forfeited, Weighted-Average Exercise Price | $ / shares | 0 |
Outstanding Ending Balance, Weighted-Average Exercise Price | $ / shares | 8.71 |
Exercisable Balance, Weighted-Average Exercise Price | $ / shares | $ 8.71 |
Outstanding, Weighted-Average Remaining Contractual Term in Years | 3 years 7 months 6 days |
Exercisable, Weighted-Average Remaining Contractual Term in Years | 3 years 7 months 6 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 33 |
Exercisable, Aggregate Intrinsic Value | $ | $ 33 |
Stock-Based Compensation Plan84
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. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total intrinsic value of options exercised | $ 79 | $ 374 | $ 792 |
Total cash received from exercise of options | $ 16 | $ 63 | $ 155 |
Stock-Based Compensation Plan85
Stock-Based Compensation Plans - Summary of RSU Activity (Detail) | 12 Months Ended |
Jun. 28, 2018$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding beginning balance, Shares | shares | 201,858 |
Granted, Shares | shares | 60,582 |
Vested, Shares | shares | (73,372) |
Forfeited, Shares | shares | 0 |
Outstanding ending balance, Shares | shares | 189,068 |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 40.36 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 54.41 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 36.52 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 46.35 |
Stock-Based Compensation Plan86
Stock-Based Compensation Plans - Summary of Compensation Cost and Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Compensation cost charged to earnings | $ 2,796 | $ 2,504 | $ 2,489 |
Income tax benefit recognized | $ 895 | $ 951 | $ 962 |
Cash Dividends - Summary of Cas
Cash Dividends - Summary of Cash Dividends (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 11, 2017 | Nov. 01, 2016 | Jul. 07, 2016 | Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 |
Schedule Of Dividends Payable [Abstract] | ||||||
Declaration Date | Jul. 11, 2017 | Nov. 1, 2016 | Jul. 7, 2016 | |||
Record Date | Aug. 2, 2017 | Nov. 30, 2016 | Jul. 21, 2016 | |||
Dividend Per Share | $ 2.50 | $ 2.50 | $ 2.50 | |||
Total Amount | $ 28,370 | $ 28,314 | $ 28,150 | $ 28,370 | $ 56,464 | $ 22,486 |
Payment Date | Aug. 15, 2017 | Dec. 13, 2016 | Aug. 4, 2016 |
Cash Dividends - Additional Inf
Cash Dividends - Additional Information (Detail) - $ / shares | Jul. 10, 2018 | Jul. 11, 2017 | Nov. 01, 2016 | Jul. 07, 2016 |
Class of Stock [Line Items] | ||||
Dividend payable date, declared day | Jul. 11, 2017 | Nov. 1, 2016 | Jul. 7, 2016 | |
Annual cash dividend | $ 2.50 | $ 2.50 | $ 2.50 | |
Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Dividend payable date, declared day | Jul. 10, 2018 | |||
Special cash dividend | $ 2 | |||
Annual cash dividend | $ 0.55 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Sep. 25, 2008 | |
Defined Benefit Plan And Defined Contribution Plan Disclosure [Line Items] | |||
Long-term liability recorded for withdrawal from multi-employer plan | $ 323 | $ 397 | $ 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. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
401(k) [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) plan expense | $ 1,741 | $ 1,664 | $ 1,604 |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Route Pension Liability (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 | Sep. 25, 2008 |
Route Pension Liability [Abstract] | |||
Route pension liability | $ 323 | $ 397 | $ 868 |
Retirement Plan - Changes in Pr
Retirement Plan - Changes in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 21,641 | $ 22,791 | |
Service cost | 607 | 631 | $ 491 |
Interest cost | 851 | 811 | 843 |
Actuarial gain | (511) | (1,938) | 3,573 |
Benefits paid | (654) | (654) | |
Projected benefit obligation at end of year | $ 21,934 | $ 21,641 | $ 22,791 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - SERP [Member] - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accumulated benefit obligation | $ 18,582 | $ 17,774 |
Current portion of the SERP liability | 646 | $ 647 |
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 | $ 95 |
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. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Schedule Of Actuarial Gain Loss In Projected Benefit Obligation [Abstract] | |||
Change in assumed pay increases | $ (56) | $ 124 | $ 68 |
Change in discount rate | (523) | (1,402) | 3,509 |
Change in mortality assumptions | (117) | (193) | (132) |
Other | 185 | (467) | 128 |
Actuarial (gain) loss | $ (511) | $ (1,938) | $ 3,573 |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 607 | $ 631 | $ 491 |
Interest cost | 851 | 811 | 843 |
Recognized loss amortization | 162 | 365 | 50 |
Prior service cost amortization | 957 | 957 | 957 |
Net periodic pension cost | $ 2,577 | $ 2,764 | $ 2,341 |
Retirement Plan - Assumptions t
Retirement Plan - Assumptions to Calculate Benefit Obligation and Net Periodic Costs of SERP (Detail) - SERP [Member] | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.14% | 3.99% | |
Average rate of compensation increases | 3.38% | 4.50% | |
Bonus payment | 60% - 85% of base, paid 4 of 5 years | 60% - 85% of base, paid 4 of 5 years | |
Discount rate | 3.99% | 3.61% | 4.63% |
Rate of compensation increases | 4.50% | 4.50% | 4.50% |
Mortality | RP-2014 white collar with MP- 2016 scale | RP-2014 white collar with MP- 2015 scale | RP-2014 white collar with MP- 2014 scale |
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 4 of 5 years |
Retirement Plan - Benefits Expe
Retirement Plan - Benefits Expected to be Paid in Next Ten Fiscal Years (Detail) $ in Thousands | Jun. 28, 2018USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,019 | $ 646 |
2,020 | 628 |
2,021 | 744 |
2,022 | 716 |
2,023 | 684 |
2024 - 2028 | $ 5,694 |
Retirement Plan - Components 98
Retirement Plan - Components of AOCL (Detail) - USD ($) $ in Thousands | Jun. 28, 2018 | Jun. 29, 2017 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Unrecognized net loss | $ (2,951) | $ (3,624) |
Unrecognized prior service cost | (2,392) | (3,349) |
Tax effect | 2,162 | 2,569 |
Net amount unrecognized | $ (3,181) | $ (4,404) |
Accumulated Other Comprehensi99
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 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 | 511 | 1,938 | |
Amounts reclassified from accumulated other comprehensive loss | 839 | 820 | $ 624 |
Tax effect | (407) | (1,239) | |
Other comprehensive income (loss), net of tax | 1,223 | 2,021 | (1,591) |
Balance at end of period | $ (3,181) | $ (4,404) | $ (6,425) |
Accumulated Other Comprehens100
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 28, 2018 | Jun. 29, 2017 | |
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 | $ (957) | $ (957) |
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 | (162) | (365) |
Amortization of Defined Benefit Pension Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total amortization of pension items before tax | (1,119) | (1,322) |
Income tax expense | 280 | 502 |
Amortization of defined pension items, net of tax | $ (839) | $ (820) |
Transactions with Related Pa101
Transactions with Related Parties - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 28, 2018 | 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 until July 2017 was owned by three members of our Board of Directors, two of whom are also executive officers, and individuals directly related to them. | |
Accounts payable, related party payables | $ 0 | $ 178 |
Transactions with Related Pa102
Transactions with Related Parties - Summary of Transactions with Related Party (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |||
Purchases from related party | $ 360 | $ 8,043 | $ 7,138 |
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. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Product Type Reporting Information [Line Items] | |||
Total | 100.00% | 100.00% | 100.00% |
Peanuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 15.70% | 15.70% | 13.90% |
Pecans [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 14.00% | 16.20% | 13.10% |
Cashews & Mixed Nuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 24.60% | 24.30% | 23.30% |
Walnuts [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 9.00% | 8.40% | 9.40% |
Almonds [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 15.50% | 16.30% | 23.00% |
Trail & Snack Mixes [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 15.50% | 13.90% | 12.40% |
Other [Member] | |||
Product Type Reporting Information [Line Items] | |||
Total | 5.70% | 5.20% | 4.90% |
Valuation and Qualifying Acc104
Valuation and Qualifying Accounts and Reserves - Activity in Various Allowance and Reserve Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 4,263 | $ 4,461 | $ 3,141 |
Additions | 36,361 | 28,448 | 28,478 |
Deductions | (34,254) | (28,646) | (27,158) |
Balance at End of Period | 6,370 | 4,263 | 4,461 |
SEC Schedule, 12-09, Allowance for Doubtful Accounts [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 263 | 397 | 235 |
Additions | 52 | 58 | 199 |
Deductions | (45) | (192) | (37) |
Balance at End of Period | 270 | 263 | 397 |
SEC Schedule, 12-09, Reserve for Cash Discounts [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 850 | 975 | 800 |
Additions | 13,889 | 12,274 | 12,928 |
Deductions | (13,789) | (12,399) | (12,753) |
Balance at End of Period | 950 | 850 | 975 |
SEC Schedule, 12-09, Reserve for Customer Deductions [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 2,979 | 2,918 | 1,931 |
Additions | 22,420 | 16,116 | 15,351 |
Deductions | (20,361) | (16,055) | (14,364) |
Balance at End of Period | 5,038 | 2,979 | 2,918 |
SEC Schedule, 12-09, Deferred Tax Asset Valuation Allowance [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 171 | 171 | 175 |
Deductions | (59) | (4) | |
Balance at End of Period | $ 112 | $ 171 | $ 171 |
Supplementary Quarterly Data105
Supplementary Quarterly Data (Unaudited) - Unaudited Quarterly Consolidated Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 28, 2018 | Mar. 29, 2018 | Dec. 28, 2017 | Sep. 28, 2017 | Jun. 29, 2017 | Mar. 30, 2017 | Dec. 29, 2016 | Sep. 29, 2016 | Jun. 28, 2018 | Jun. 29, 2017 | Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 211,505 | $ 203,181 | $ 259,118 | $ 214,791 | $ 201,591 | $ 173,376 | $ 249,375 | $ 222,293 | $ 888,595 | $ 846,635 | $ 952,059 |
Gross profit | 32,913 | 33,186 | 37,880 | 34,840 | 33,633 | 28,426 | 43,389 | 36,475 | 138,819 | 141,923 | 137,468 |
Income from operations | 10,421 | 14,103 | 14,249 | 17,336 | 12,149 | 10,964 | 20,275 | 17,089 | 56,109 | 60,477 | 53,162 |
Net income | $ 5,601 | $ 8,631 | $ 7,756 | $ 10,432 | $ 6,724 | $ 6,336 | $ 12,885 | $ 10,180 | $ 32,420 | $ 36,125 | $ 30,395 |
Basic earnings per common share | $ 0.49 | $ 0.76 | $ 0.68 | $ 0.92 | $ 0.59 | $ 0.56 | $ 1.14 | $ 0.90 | $ 2.85 | $ 3.19 | $ 2.71 |
Diluted earnings per common share | $ 0.49 | $ 0.75 | $ 0.68 | 0.91 | $ 0.59 | $ 0.55 | 1.13 | 0.89 | 2.83 | 3.17 | 2.68 |
Cash dividends declared per common share | $ 2.50 | $ 2.50 | $ 2.50 | $ 2.50 | $ 5 | $ 2 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | Jul. 10, 2018 | Jul. 11, 2017 | Nov. 01, 2016 | Jul. 07, 2016 |
Subsequent Event [Line Items] | ||||
Annual common stock dividend declared | $ 2.50 | $ 2.50 | $ 2.50 | |
Dividend payable date, declared day | Jul. 11, 2017 | Nov. 1, 2016 | Jul. 7, 2016 | |
Dividend payable date | Aug. 15, 2017 | Dec. 13, 2016 | Aug. 4, 2016 | |
Stockholders of record date | Aug. 2, 2017 | Nov. 30, 2016 | Jul. 21, 2016 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Special cash dividend | $ 2 | |||
Annual common stock dividend declared | $ 0.55 | |||
Dividend payable date, declared day | Jul. 10, 2018 | |||
Dividend payable date | Aug. 17, 2018 | |||
Stockholders of record date | Aug. 3, 2018 |