John B. Sanfilippo & Son (JBSS) 10-Q 30 Apr 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 26, 2020	Apr. 23, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 26, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	JBSS
Entity Registrant Name	SANFILIPPO JOHN B & SON INC
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Central Index Key	0000880117
Current Fiscal Year End Date	--06-25
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity Address, State or Province	IL
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,939,390
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,597,426

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019	Mar. 26, 2020	Mar. 28, 2019
Statement of Comprehensive Income [Abstract]
Net sales	$ 211,624	$ 201,834	$ 675,893	$ 659,439
Cost of sales	168,819	163,019	540,860	544,787
Gross profit	42,805	38,815	135,033	114,652
Operating expenses:
Selling expenses	13,880	13,810	44,095	46,070
Administrative expenses	9,528	9,597	28,013	26,482
Total operating expenses	23,408	23,407	72,108	72,552
Income from operations	19,397	15,408	62,925	42,100
Other expense:
Interest expense including $172, $278, $651 and $880 to related parties	579	788	1,535	2,465
Rental and miscellaneous expense, net	308	324	986	891
Other expense	566	487	1,699	1,460
Total other expense, net	1,453	1,599	4,220	4,816
Income before income taxes	17,944	13,809	58,705	37,284
Income tax expense	4,478	3,478	14,852	9,083
Net income	13,466	10,331	43,853	28,201
Other comprehensive income:
Amortization of prior service cost and actuarial loss included in net periodic pension cost	343	263	1,030	789
Income tax expense related to pension adjustments	(86)	(66)	(258)	(198)
Other comprehensive income, net of tax	257	197	772	591
Comprehensive income	$ 13,723	$ 10,528	$ 44,625	$ 28,792
Net income per common share-basic	$ 1.17	$ 0.90	$ 3.83	$ 2.47
Net income per common share-diluted	$ 1.17	$ 0.90	$ 3.80	$ 2.45

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019	Mar. 26, 2020	Mar. 28, 2019
Statement of Comprehensive Income [Abstract]
Interest expense to related parties	$ 172	$ 278	$ 651	$ 880

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 26, 2020	Jun. 27, 2019	Mar. 28, 2019
CURRENT ASSETS:
Cash	$ 993	$ 1,591	$ 1,090
Accounts receivable, less allowance for doubtful accounts of $387, $350 and $324	68,042	60,971	57,768
Inventories	188,514	157,024	178,909
Prepaid expenses and other current assets	5,249	5,754	6,168
TOTAL CURRENT ASSETS	262,798	225,340	243,935
PROPERTY, PLANT AND EQUIPMENT:
Land	9,285	9,285	9,285
Buildings	110,278	109,955	109,328
Machinery and equipment	215,310	210,962	207,769
Furniture and leasehold improvements	5,170	5,128	5,058
Vehicles	682	673	643
Construction in progress	4,104	1,127	3,488
Property, plant and equipment gross	344,829	337,130	335,571
Less: Accumulated depreciation	237,171	228,778	225,626
Property, plant and equipment net	107,658	108,352	109,945
Rental investment property, less accumulated depreciation of $11,816, $11,212 and $11,022	17,306	17,831	17,956
TOTAL PROPERTY, PLANT AND EQUIPMENT	124,964	126,183	127,901
Intangible assets, net	12,704	14,626	15,298
Cash surrender value of officers' life insurance and other assets	9,967	9,782	8,412
Deferred income taxes	5,973	5,723	4,553
Goodwill	9,650	9,650	9,650
Operating lease right-of-use assets	4,638	0	0
TOTAL ASSETS	430,694	391,304	409,749
CURRENT LIABILITIES:
Revolving credit facility borrowings	38,175	0	35,099
Current maturities of long-term debt, including related party debt of $574, $4,375 and $4,369 and net of unamortized debt issuance costs of $27, $35 and $37	6,197	7,338	7,297
Accounts payable	54,856	42,552	45,158
Bank overdraft	2,091	901	1,722
Accrued payroll and related benefits	21,116	22,101	14,744
Other accrued expenses	12,774	11,014	10,348
TOTAL CURRENT LIABILITIES	135,209	83,906	114,368
LONG-TERM LIABILITIES:
Long-term debt, less current maturities, including related party debt of $9,097, $11,495 and $12,227 and net of unamortized debt issuance costs of $24, $44 and $52	15,670	20,381	21,867
Retirement plan	25,449	24,737	21,926
Long-term operating lease liabilities, net of current portion	3,259	0	0
Other	7,839	7,725	7,170
TOTAL LONG-TERM LIABILITIES	52,217	52,843	50,963
TOTAL LIABILITIES	187,426	136,749	165,331
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Capital in excess of par value	123,613	122,257	121,650
Retained earnings	125,273	137,712	126,447
Accumulated other comprehensive loss	(4,529)	(4,325)	(2,590)
Treasury stock, at cost; 117,900 shares of Common Stock	(1,204)	(1,204)	(1,204)
TOTAL STOCKHOLDERS' EQUITY	243,268	254,555	244,418
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	430,694	391,304	409,749
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common Stock	26	26	26
TOTAL STOCKHOLDERS' EQUITY	26	26	26
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
STOCKHOLDERS' EQUITY:
Common Stock	89	89	89
TOTAL STOCKHOLDERS' EQUITY	$ 89	$ 89	$ 89

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2020	Jun. 27, 2019	Mar. 28, 2019
Allowance for doubtful accounts for accounts receivable, current	$ 387	$ 350	$ 324
Accumulated depreciation of rental investment property	11,816	11,212	11,022
Current maturities of long-term debt, related party debt	574	4,375	4,369
Unamortized debt issuance costs, current	27	35	37
Related party debt, Non-current	9,097	11,495	12,227
Unamortized debt issuance costs, noncurrent	$ 24	$ 44	$ 52
Treasury stock, shares	117,900	117,900	117,900
Class A Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000	10,000,000
Common stock, shares issued	2,597,426	2,597,426	2,597,426
Common stock, shares outstanding	2,597,426	2,597,426	2,597,426
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	17,000,000	17,000,000	17,000,000
Common stock, shares issued	8,939,390	8,909,406	8,909,406

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - 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. 28, 2018		$ 243,002	$ 119,952	$ 127,320	$ (3,181)	$ (1,204)	$ 26	$ 89
Balance, Shares at Jun. 28, 2018							2,597,426	8,865,475
Net income		6,606		6,606
Cash dividends		(29,074)		(29,074)
Pension liability amortization, net of income tax (expense)		197			197
Stock-based compensation expense		616	616
Balance at Sep. 27, 2018		221,347	120,568	104,852	(2,984)	(1,204)	$ 26	$ 89
Balance, Shares at Sep. 27, 2018							2,597,426	8,865,475
Balance at Jun. 28, 2018		243,002	119,952	127,320	(3,181)	(1,204)	$ 26	$ 89
Balance, Shares at Jun. 28, 2018							2,597,426	8,865,475
Net income		28,201
Balance at Mar. 28, 2019		244,418	121,650	126,447	(2,590)	(1,204)	$ 26	$ 89
Balance, Shares at Mar. 28, 2019							2,597,426	8,909,406
Balance at Sep. 27, 2018		221,347	120,568	104,852	(2,984)	(1,204)	$ 26	$ 89
Balance, Shares at Sep. 27, 2018							2,597,426	8,865,475
Net income		11,264		11,264
Pension liability amortization, net of income tax (expense)		197			197
Equity award exercises, net of shares withheld for employee taxes		(335)	(335)
Equity award exercises, net of shares withheld for employee taxes, shares								33,352
Stock-based compensation expense		900	900
Balance at Dec. 27, 2018		233,373	121,133	116,116	(2,787)	(1,204)	$ 26	$ 89
Balance, Shares at Dec. 27, 2018							2,597,426	8,898,827
Net income		10,331		10,331
Pension liability amortization, net of income tax (expense)		197			197
Equity award exercises, net of shares withheld for employee taxes		(4)	(4)
Equity award exercises, net of shares withheld for employee taxes, shares								10,579
Stock-based compensation expense		521	521
Balance at Mar. 28, 2019		244,418	121,650	126,447	(2,590)	(1,204)	$ 26	$ 89
Balance, Shares at Mar. 28, 2019							2,597,426	8,909,406
Balance at Jun. 27, 2019		254,555	122,257	137,712	(4,325)	(1,204)	$ 26	$ 89
Balance, Shares at Jun. 27, 2019							2,597,426	8,909,406
Net income		12,926		12,926
Cash dividends		(34,321)		(34,321)
Pension liability amortization, net of income tax (expense)		257			257
Impact of adopting ASU 2018-02	[1]			976	(976)
Stock-based compensation expense		633	633
Balance at Sep. 26, 2019		234,050	122,890	117,293	(5,044)	(1,204)	$ 26	$ 89
Balance, Shares at Sep. 26, 2019							2,597,426	8,909,406
Balance at Jun. 27, 2019		254,555	122,257	137,712	(4,325)	(1,204)	$ 26	$ 89
Balance, Shares at Jun. 27, 2019							2,597,426	8,909,406
Net income		43,853
Impact of adopting ASU 2018-02	[2]				(976)
Balance at Mar. 26, 2020		243,268	123,613	125,273	(4,529)	(1,204)	$ 26	$ 89
Balance, Shares at Mar. 26, 2020							2,597,426	8,939,390
Balance at Sep. 26, 2019		234,050	122,890	117,293	(5,044)	(1,204)	$ 26	$ 89
Balance, Shares at Sep. 26, 2019							2,597,426	8,909,406
Net income		17,461		17,461
Cash dividends		(22,947)		(22,947)
Pension liability amortization, net of income tax (expense)		258			258
Equity award exercises, net of shares withheld for employee taxes		(761)	(761)
Equity award exercises, net of shares withheld for employee taxes, shares								27,830
Stock-based compensation expense		855	855
Balance at Dec. 26, 2019		228,916	122,984	111,807	(4,786)	(1,204)	$ 26	$ 89
Balance, Shares at Dec. 26, 2019							2,597,426	8,937,236
Net income		13,466		13,466
Pension liability amortization, net of income tax (expense)		257			257
Equity award exercises, net of shares withheld for employee taxes		(73)	(73)
Equity award exercises, net of shares withheld for employee taxes, shares								2,154
Stock-based compensation expense		702	702
Balance at Mar. 26, 2020		$ 243,268	$ 123,613	$ 125,273	$ (4,529)	$ (1,204)	$ 26	$ 89
Balance, Shares at Mar. 26, 2020							2,597,426	8,939,390
[1]	See Note 15 – “Recent Accounting Pronouncements” for additional information.
[2]	See Note 15 – “Recent Accounting Pronouncements” for additional information.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2020	Dec. 26, 2019	Sep. 26, 2019	Mar. 28, 2019	Dec. 27, 2018	Sep. 27, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share		$ 2	$ 3			$ 2.55
Pension liability amortization income tax expense	$ (86)	$ (86)	$ (86)	$ (66)	$ (66)	$ (66)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 43,853	$ 28,201
Depreciation and amortization	13,521	12,747
Gain on disposition of assets, net	(899)	(130)
Deferred income tax (benefit) expense	(250)	471
Stock-based compensation expense	2,190	2,037
Change in assets and liabilities:
Accounts receivable, net	(6,196)	7,763
Inventories	(31,490)	(4,547)
Prepaid expenses and other current assets	398	(884)
Accounts payable	12,080	(15,080)
Accrued expenses	(1,576)	8,270
Income taxes payable	1,039	1,839
Other long-term assets and liabilities	806	835
Other, net	1,486	1,295
Net cash provided by operating activities	34,962	42,817
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(10,560)	(12,080)
Proceeds from insurance recoveries	232	371
Other	(205)	(139)
Net cash used in investing activities	(10,533)	(11,848)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net short-term borrowings	38,175	3,821
Debt issue costs	(410)	0
Principal payments on long-term debt	(5,880)	(5,396)
Increase (decrease) in bank overdraft	1,190	(340)
Dividends paid	(57,268)	(29,074)
Taxes paid related to net share settlement of equity awards	(834)	(339)
Net cash used in financing activities	(25,027)	(31,328)
NET DECREASE IN CASH	(598)	(359)
Cash, beginning of period	1,591	1,449
Cash, end of period	993	1,090
Supplemental disclosure of non-cash activities:
Right-of-use assets recognized at ASU No. 2016-02 transition, see Note 3	$ 5,361	$ 0

Basis of Presentation and Descr

Basis of Presentation and Description of Business	9 Months Ended
	Mar. 26, 2020
Accounting Policies [Abstract]
Basis of Presentation and Description of Business	Note 1 – Basis of Presentation and Description of Business As used herein, unless the context otherwise indicates, the terms “we”, “us”, “our” or “Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two • References herein to fiscal 2020 and fiscal 2019 are to the fiscal year ending June 25, 2020 and the fiscal year ended June 27, 2019, respectively. • References herein to the third quarter of fiscal 2020 and fiscal 2019 are to the quarters ended March 26, 2020 and March 28, 2019, respectively. • References herein to the first three quarters or first thirty-nine weeks of fiscal 2020 and fiscal 2019 are to the thirty-nine weeks ended March 26, 2020 and March 28, 2019, respectively. We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds, and other nuts in the United States. These nuts are sold under a variety of private brands and under the Fisher, Orchard Valley Harvest, Squirrel Brand, Southern Style Nuts, Sunshine Country The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of stockholders’ equity and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 27, 2019 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2019 Annual Report on Form 10-K

Revenue Recognition

Revenue Recognition	9 Months Ended
	Mar. 26, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 2 – Revenue Recognition We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For each customer contract, a five-step process is followed in which we identify the contract, identify performance obligations, determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when (or as) the performance obligation is transferred to the customer. When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are primarily for the delivery of raw and processed recipe and snack nuts, nut butters and trail mixes. Our customer contracts do not include more than one performance obligation. If a contract were to contain more than one performance obligation, we are required to allocate the contract’s transaction price to each performance obligation based on its relative standalone selling price. The standalone selling price for each distinct good is generally determined by directly observable data. Revenue recognition is generally completed at a point in time when product control is transferred to the customer. For approximately 99% of our revenues, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can then direct the use and obtain substantially all of the remaining benefits from the asset at that point in time. Therefore, for 99% of our revenues, the timing of revenue recognition requires little judgment. Variable Consideration Some of our products are sold through specific incentive programs consisting of promotional allowances, volume and customer rebates, in-store display incentives and marketing allowances, among others, to consumer and some commercial ingredient customers. The ultimate cost of these programs is dependent on certain factors such as actual purchase volumes or customer activities and is dependent on significant management estimate and judgment. The Company accounts for these programs as variable consideration and recognizes a reduction in revenue (and a corresponding reduction in the transaction price) in the same period as the underlying program based upon the terms of the specific arrangements. Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are also offered through various programs to customers and consumers. A provision for estimated trade promotions is recorded as a reduction of revenue (and a reduction in the transaction price) in the same period when the sale is recognized. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. Evaluating these estimates requires management judgment. We generally use the most likely amount method to determine the variable consideration. We believe there will not be significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. The Company reviews and updates its estimates and related accruals of variable consideration and trade promotions at least quarterly based on the terms of the agreements and historical experience. Any uncertainties in the ultimate resolution of variable consideration due to factors outside of the Company’s influence are typically resolved within a short timeframe, therefore, no additional constraint on the variable consideration is required. Contract Balances Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. There was no contract asset balance at March 26, 2020. Contract asset balances at June 27, 2019 and March 28, 2019 were $117 and $358, respectively, and are recorded in the caption “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. The Company generally does not have material deferred revenue or contract liability balances arising from transactions with customers. Disaggregation of Revenue Revenue disaggregated by sales channel is as follows: For the Quarter Ended For the Thirty-Nine Distribution Channel March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Consumer $ 158,616 $ 141,761 $ 503,848 $ 476,683 Commercial Ingredients 30,312 32,469 101,447 101,125 Contract Packaging 22,696 27,604 70,598 81,631 Total $ 211,624 $ 201,834 $ 675,893 $ 659,439

Leases

Leases	9 Months Ended
	Mar. 26, 2020
Leases [Abstract]
Leases	Note 3 – Leases On June 28, 2019 we adopted ASU No. 2016-02, Leases (“Topic 842”) No. 2018-11, Upon adoption of the new standard, we recognized operating lease right-of-use Description of Leases We lease equipment used in the transportation of goods in our warehouses, as well as a limited number of automobiles and a small warehouse near our Bainbridge, Georgia facility. Our leases generally do not contain non-lease We determine if an arrangement is a lease at inception and analyze the lease to determine if it is operating or finance. Operating lease right-of-use right-of-use Topic 842 allows for the election as an accounting policy to not apply lease recognition requirements to short term leases, defined as leases with an initial term of 12 months or less. We have elected to use this policy, and as such, leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet. We have also made the policy election to not separate lease and non-lease The following table provides supplemental information related to operating lease right-of-use March 26, 2020 Affected Line Item in Consolidated Balance Assets Operating lease right-of-use $ 4,638 Operating lease right-of-use Total lease right-of-use $ 4,638 Liabilities Current: Operating leases $ 1,374 Other accrued expenses Noncurrent: Operating leases 3,259 Long-term operating lease liabilities Total lease liabilities $ 4,633 The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions: For the For the Thirty-Nine Operating lease costs (a) $ 432 $ 1,266 Variable lease costs (b) 16 47 Total Lease Cost $ 448 $ 1,313 (a) Includes short-term leases which are immaterial. (b) Supplemental cash flow and other information related to leases was as follows: For the Thirty- 2020 Operating cash flows information: Cash paid for amounts included in measurements for lease liabilities $ 1,163 Non-cash Right-of-use $ 326 March 26, 2020 Weighted Average Remaining Lease Term (in years) 3.6 Weighted Average Discount Rate 4.4 % Maturities of operating lease liabilities as of March 26, 2020 are as follows: Fiscal year ending June 25, 2020 (excluding the thirty-nine weeks ended March 26, 2020) $ 419 June 24, 2021 1,482 June 30, 2022 1,359 June 29, 2023 1,105 June 27, 2024 493 Thereafter 139 Total lease payments 4,997 Less imputed interest (364 ) Present value of operating lease liabilities $ 4,633 Disclosures related to periods prior to adoption As the Company has not recast prior year information for its adoption of Topic 842, the following presents its future minimum lease payments for operating leases under Topic 840 on June 27, 2019: Fiscal year ending June 25, 2020 $ 1,715 June 24, 2021 1,540 June 30, 2022 1,392 June 29, 2023 1,109 June 27, 2024 464 Thereafter 133 $ 6,353 Lessor Accounting We lease office space in our four-story office building located in Elgin, Illinois. As a lessor, we retain substantially all of the risks and benefits of ownership of the investment property and under Topic 842 we continue to account for all of our leases as operating leases. Lease agreements may include options to renew. We accrue fixed lease income on a straight-line non-lease Leasing revenue is as follows: For the For the Thirty-Nine Lease income related to lease payments $ 510 $ 1,515 The future minimum, undiscounted cash flows under non-cancelable Fiscal year ending June 25, 2020 (excluding the thirty-nine weeks ended March 26, 2020) $ 461 June 24, 2021 1,948 June 30, 2022 1,707 June 29, 2023 1,737 June 27, 2024 1,766 Thereafter 2,512 $ 10,131

Inventories

Inventories	9 Months Ended
	Mar. 26, 2020
Inventory Disclosure [Abstract]
Inventories	Note 4 – Inventories Inventories consist of the following: March 26, 2020 June 27, 2019 March 28, 2019 Raw material and supplies $ 87,120 $ 58,927 $ 84,270 Work-in-process 101,394 98,097 94,639 Total $ 188,514 $ 157,024 $ 178,909

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Mar. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 5 – Goodwill and Intangible Assets Identifiable intangible assets that are subject to amortization consist of the following: March 26, 2020 June 27, 2019 March 28, 2019 Customer relationships $ 21,100 $ 21,100 $ 21,100 Brand names 16,990 16,990 16,990 Non-compete 270 270 270 38,360 38,360 38,360 Less accumulated amortization: Customer relationships (15,830 ) (14,466 ) (13,980 ) Brand names (9,700 ) (9,182 ) (9,010 ) Non-compete (126 ) (86 ) (72 ) (25,656 ) (23,734 ) (23,062 ) Net intangible assets $ 12,704 $ 14,626 $ 15,298 Customer relationships are being amortized on an accelerated basis. The brand names consist of the Squirrel Brand Southern Style Nuts Total amortization expense related to intangible assets, which is recorded within Administrative expense, was $578 and $1,922 for the quarter and thirty-nine weeks ended March 26, 2020, respectively. Amortization expense for the remainder of fiscal 2020 is expected to be approximately $579 and expected amortization expense the next five fiscal years is as follows: Fiscal year ending June 24, 2021 $ 2,165 June 30, 2022 1,896 June 29, 2023 1,657 June 27, 2024 1,414 June 26, 2025 1,156 Our goodwill of $9,650 relates entirely to the Squirrel Brand acquisition (the “Acquisition”) completed in the second quarter of fiscal 2018. There was no change in the carrying amount of goodwill during the thirty-nine weeks ended March 26, 2020.

Credit Facility

Credit Facility	9 Months Ended
	Mar. 26, 2020
Debt Disclosure [Abstract]
Credit Facility	Note 6 – Credit Facility On March 5, 2020, we entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) which amended and restated our Credit Agreement dated as of February 7, 2008 (the “Former Credit Agreement”). The Amended and Restated Credit Agreement provides for a $117,500 senior secured revolving credit facility (the “Credit Facility”) with the same borrowing capacity, interest rates and applicable margin as the Former Credit Agreement and extends the term of the Former Credit Agreement from July 7, 2021 to March 5, 2025. The Credit Facility is secured by substantially all our assets other than real property and fixtures. Enhanced features for the Amended and Restated Credit Agreement include, but are not limited to, the additions and amendments listed below: • The maximum incremental revolver was increased to $50,000. • The purchase-money and capital lease basket was increased to $10,000. • A new basket for unsecured subordinated indebtedness of $10,000 and a new basket for additional unsecured indebtedness of $20,000 were added. • For permitted acquisitions, a new two-tier • The aggregate amount of dividends and distribution permitted in any fiscal year was increased to $75,000, subject to the same existing conditions of no defaults and a minimum excess availability of $30,000. • The Company is allowed unlimited investments as long as (a) there are no existing defaults and (b) revolver availability plus unrestricted cash is not less than $20,000 after giving effect to the proposed investment. • The definition of fixed charges was amended to increase the threshold exclusion of dividends and distributions to $40,000. At March 26, 2020, we had $76,150 of available credit under the Credit Facility which reflects borrowings of $38,175 and reduced availability as a result of $3,175 in outstanding letters of credit. As of March 26, 2020, we were in compliance with all financial covenants under the Credit Facility and Mortgage Facility.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Mar. 26, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Note 7 – Earnings Per Common Share The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: For the Quarter Ended For the Thirty-Nine Weeks Ended March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Weighted average number of shares outstanding – basic 11,475,874 11,444,560 11,459,653 11,425,378 Effect of dilutive securities: Stock options and restricted stock units 63,767 64,333 75,015 68,040 Weighted average number of shares outstanding – diluted 11,539,641 11,508,893 11,534,668 11,493,418 The following table presents a summary of anti-dilutive awards excluded from the computation of diluted earnings per share: For the Quarter Ended For the Thirty-Nine Weeks March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Weighted average number of anti-dilutive awards: 28,040 — 9,347 — Weighted average exercise price per award: $ 90.26 $ — $ 90.26 $ —

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Mar. 26, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Note 8 – Stock-Based Compensation Plans The following is a summary of restricted stock unit (“RSU”) activity for the first thirty-nine weeks of fiscal 2020: Restricted Stock Units Shares Weighted Outstanding at June 27, 2019 188,992 $ 46.79 Activity: Granted 38,572 91.47 Vested (a) (38,333 ) 60.55 Forfeited (9,347 ) 63.52 Outstanding at March 26, 2020 179,884 $ 52.57 (a) The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy the statutory income tax withholding requirements. At March 26, 2020, there are 57,871 RSUs outstanding that are vested but deferred. The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented: For the Quarter Ended For the Thirty-Nine Weeks March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Stock-based compensation expense $ 702 $ 521 $ 2,190 $ 2,037 As of March 26, 2020, there was $4,433 of total unrecognized compensation expense related to non-vested Stock option activity was insignificant during the first thirty-nine weeks of fiscal 2020.

Retirement Plan

Retirement Plan	9 Months Ended
	Mar. 26, 2020
Retirement Benefits [Abstract]
Retirement Plan	Note 9 – Retirement Plan The Supplemental Employee Retirement Plan is an unfunded, non-qualified For the Quarter Ended For the Thirty-Nine March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Service cost $ 178 $ 152 $ 534 $ 457 Interest cost 223 224 669 671 Amortization of prior service cost 239 239 718 718 Amortization of loss 104 24 312 71 Net periodic benefit cost $ 744 $ 639 $ 2,233 $ 1,917 The components of net periodic benefit cost other than the service cost component are included in the line item “Other expense” in the Consolidated Statements of Comprehensive Income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Mar. 26, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 10 – Accumulated Other Comprehensive Loss The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 26, 2020 and March 28, 2019. For the Thirty-Nine Weeks Changes to AOCL (a) March 26, 2020 March 28, 2019 Balance at beginning of period $ (4,325 ) $ (3,181 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 1,030 789 Tax effect (258 ) (198 ) Net current-period other comprehensive income 772 591 Impact of adopting ASU 2018-02 (b) (976 ) — Balance at end of period $ (4,529 ) $ (2,590 ) (a) Amounts in parenthesis indicate debits/expense. (b) See Note 15 – “Recent Accounting Pronouncements” for additional information. The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 26, 2020 and March 28, 2019 were as follows: For the Quarter Ended For the Thirty-Nine Affected line item in the Consolidated Reclassifications from AOCL to earnings (c) March 26, 2020 March 28, March 26, 2020 March 28, Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) $ (718 ) $ (718 ) Other expense Unrecognized net loss (104 ) (24 ) (312 ) (71 ) Other expense Total before tax (343 ) (263 ) (1,030 ) (789 ) Tax effect 86 66 258 198 Income tax expense Amortization of defined pension items, net of tax $ (257 ) $ (197 ) $ (772 ) $ (591 ) (c) Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Mar. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Note 11 – Commitments and Contingent Liabilities We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any accruals that management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Mar. 26, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 12 – Fair Value of Financial Instruments Authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) defines fair value as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels: Level 1 – Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 – Unobservable inputs for which there is little or no market data available. The carrying values of cash, trade accounts receivable and accounts payable approximate their fair values at each balance sheet date because of the short-term maturities and nature of these balances. The carrying value of our revolving credit facility borrowings approximates fair value at each balance sheet date because interest rates on this instrument approximate current market rates (Level 2 criteria), the short-term maturity and nature of this balance. In addition, there has been no significant change in our inherent credit risk. The following table summarizes the carrying value and fair value estimate of our current and long-term debt, excluding unamortized debt issuance costs: March 26, June 27, 2019 March 28, 2019 Carrying value of long-term debt: $ 21,918 $ 27,798 $ 29,253 Fair value of long-term debt: 22,946 27,720 28,872 The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt.

Related Party Transaction

Related Party Transaction	9 Months Ended
	Mar. 26, 2020
Related Party Transactions [Abstract]
Related Party Transaction	Note 13 – Related Party Transaction In connection with the Acquisition in the second quarter of fiscal 2018, we incurred $11,500 of unsecured debt (the “Promissory Note”) to the principal owner and seller of the Squirrel Brand business, who was subsequently appointed as an executive officer of the Company and was considered a related party. Late in the second quarter of fiscal 2020, the employment of this executive officer with the Company ceased. He is no longer considered a related party, and therefore the outstanding balance on the Promissory Note is not reflected as related party debt on our Consolidated Balance Sheet as of March 26, 2020 and there was no related party interest paid to this former executive officer during the current third quarter. Interest paid on the Promissory Note for the thirty-nine weeks ended March 26, 2020 while the executive officer was a related party was $127 and is reflected as related party interest on our Consolidated Statements of Comprehensive Income.

Garysburg, North Carolina Facil

Garysburg, North Carolina Facility	9 Months Ended
	Mar. 26, 2020
Damage From Fire In Business Unit [Abstract]
Garysburg, North Carolina Facility	Note 14 – Garysburg, North Carolina Facility On October 7, 2019 we experienced a fire at our peanut processing facility located in Garysburg, North Carolina. No personnel were injured, and there was no damage to our peanut shelling and inventory storage areas. The fire occurred in our roasting room where all of the roasting equipment was destroyed. The fire also damaged some equipment in our packaging room and a portion of the roof. We have contracted with a third party to roast and salt our inshell peanuts to meet our current production requirements. We do not expect any negative impact on our customer service levels or a material adverse impact on our operating or financial results for the 2020 fiscal year. After evaluating our options with regard to our peanut production operations, the Company is considering strategic alternatives for this facility and currently plans to permanently cease all operations at the Garysburg facility once we have finished shelling the current crop of peanuts at this facility, which is estimated to take approximately seven to ten more months. We ceased roasting operations in the second quarter of this fiscal year, which resulted in a partial reduction in the workforce at this facility and we recognized an immaterial amount of separation costs in the second quarter of fiscal 2020. We have adequate property damage and business interruption insurance, subject to applicable deductibles. To date, approximately $2,000 in clean-up

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Mar. 26, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 15 – Recent Accounting Pronouncements The following recent accounting pronouncements have been adopted in the current fiscal year: In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) No. 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. No. 2018-20 Leases (Topic 842) – Narrow Scope Improvements for Lessors non-lease No. 2019-01 Leases (Topic 842) – Codification Improvements No. 2016-02. We have implemented processes and information technology tools to assist in our compliance with Topic 842. We have also updated our accounting policies and internal controls that are impacted by the new guidance. We adopted ASU No. 2016-02 use-of-hindsight right-of-use non-lease 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” No. 2018-02 2018-02 The following recent accounting pronouncements have not yet been adopted: In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740) In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848)

Subsequent Event

Subsequent Event	9 Months Ended
	Mar. 26, 2020
Subsequent Events [Abstract]
Subsequent Event	Note 16 – Subsequent Event On April 29, 2020, our Board of Directors declared a special cash dividend of $1.00 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “April 2020 Dividends”). The April 2020 Dividends will be paid on June 17, 2020 to stockholders of record as of the close of business on May 27, 2020.

Revenue Recognition (Policies)

Revenue Recognition (Policies)	9 Months Ended
	Mar. 26, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 2 – Revenue Recognition We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For each customer contract, a five-step process is followed in which we identify the contract, identify performance obligations, determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when (or as) the performance obligation is transferred to the customer. When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are primarily for the delivery of raw and processed recipe and snack nuts, nut butters and trail mixes. Our customer contracts do not include more than one performance obligation. If a contract were to contain more than one performance obligation, we are required to allocate the contract’s transaction price to each performance obligation based on its relative standalone selling price. The standalone selling price for each distinct good is generally determined by directly observable data. Revenue recognition is generally completed at a point in time when product control is transferred to the customer. For approximately 99% of our revenues, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can then direct the use and obtain substantially all of the remaining benefits from the asset at that point in time. Therefore, for 99% of our revenues, the timing of revenue recognition requires little judgment. Variable Consideration Some of our products are sold through specific incentive programs consisting of promotional allowances, volume and customer rebates, in-store display incentives and marketing allowances, among others, to consumer and some commercial ingredient customers. The ultimate cost of these programs is dependent on certain factors such as actual purchase volumes or customer activities and is dependent on significant management estimate and judgment. The Company accounts for these programs as variable consideration and recognizes a reduction in revenue (and a corresponding reduction in the transaction price) in the same period as the underlying program based upon the terms of the specific arrangements. Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are also offered through various programs to customers and consumers. A provision for estimated trade promotions is recorded as a reduction of revenue (and a reduction in the transaction price) in the same period when the sale is recognized. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. Evaluating these estimates requires management judgment. We generally use the most likely amount method to determine the variable consideration. We believe there will not be significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. The Company reviews and updates its estimates and related accruals of variable consideration and trade promotions at least quarterly based on the terms of the agreements and historical experience. Any uncertainties in the ultimate resolution of variable consideration due to factors outside of the Company’s influence are typically resolved within a short timeframe, therefore, no additional constraint on the variable consideration is required. Contract Balances Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. There was no contract asset balance at March 26, 2020. Contract asset balances at June 27, 2019 and March 28, 2019 were $117 and $358, respectively, and are recorded in the caption “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. The Company generally does not have material deferred revenue or contract liability balances arising from transactions with customers. Disaggregation of Revenue Revenue disaggregated by sales channel is as follows: For the Quarter Ended For the Thirty-Nine Distribution Channel March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Consumer $ 158,616 $ 141,761 $ 503,848 $ 476,683 Commercial Ingredients 30,312 32,469 101,447 101,125 Contract Packaging 22,696 27,604 70,598 81,631 Total $ 211,624 $ 201,834 $ 675,893 $ 659,439

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Mar. 26, 2020
Revenue from Contract with Customer [Abstract]
Summary of Revenue Disaggregated by Sales Channel	Revenue disaggregated by sales channel is as follows: For the Quarter Ended For the Thirty-Nine Distribution Channel March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Consumer $ 158,616 $ 141,761 $ 503,848 $ 476,683 Commercial Ingredients 30,312 32,469 101,447 101,125 Contract Packaging 22,696 27,604 70,598 81,631 Total $ 211,624 $ 201,834 $ 675,893 $ 659,439

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 26, 2020
Leases [Abstract]
Supplemental information related to operating lease right-of-use assets and liabilities	The following table provides supplemental information related to operating lease right-of-use March 26, 2020 Affected Line Item in Consolidated Balance Assets Operating lease right-of-use $ 4,638 Operating lease right-of-use Total lease right-of-use $ 4,638 Liabilities Current: Operating leases $ 1,374 Other accrued expenses Noncurrent: Operating leases 3,259 Long-term operating lease liabilities Total lease liabilities $ 4,633
Summary of company's total lease costs and other information arising from operating lease transactions	The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions: For the For the Thirty-Nine Operating lease costs (a) $ 432 $ 1,266 Variable lease costs (b) 16 47 Total Lease Cost $ 448 $ 1,313 (a) Includes short-term leases which are immaterial. (b)
Supplemental cash flow and other information related to leases	Supplemental cash flow and other information related to leases was as follows: For the Thirty- 2020 Operating cash flows information: Cash paid for amounts included in measurements for lease liabilities $ 1,163 Non-cash Right-of-use $ 326
Summary of other information	March 26, 2020 Weighted Average Remaining Lease Term (in years) 3.6 Weighted Average Discount Rate 4.4 %
Summary of maturities of operating lease liabilities	Maturities of operating lease liabilities as of March 26, 2020 are as follows: Fiscal year ending June 25, 2020 (excluding the thirty-nine weeks ended March 26, 2020) $ 419 June 24, 2021 1,482 June 30, 2022 1,359 June 29, 2023 1,105 June 27, 2024 493 Thereafter 139 Total lease payments 4,997 Less imputed interest (364 ) Present value of operating lease liabilities $ 4,633
Schedule of future minimum payments under non-cancelable operating leases	As the Company has not recast prior year information for its adoption of Topic 842, the following presents its future minimum lease payments for operating leases under Topic 840 on June 27, 2019: Fiscal year ending June 25, 2020 $ 1,715 June 24, 2021 1,540 June 30, 2022 1,392 June 29, 2023 1,109 June 27, 2024 464 Thereafter 133 $ 6,353
Summary of operating lease revenue	Leasing revenue is as follows: For the For the Thirty-Nine Lease income related to lease payments $ 510 $ 1,515
Undiscounted fixed lease consideration under non-cancelable tenant operating leases	The future minimum, undiscounted cash flows under non-cancelable Fiscal year ending June 25, 2020 (excluding the thirty-nine weeks ended March 26, 2020) $ 461 June 24, 2021 1,948 June 30, 2022 1,707 June 29, 2023 1,737 June 27, 2024 1,766 Thereafter 2,512 $ 10,131

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 26, 2020
Inventory Disclosure [Abstract]
Components of Inventories	Inventories consist of the following: March 26, 2020 June 27, 2019 March 28, 2019 Raw material and supplies $ 87,120 $ 58,927 $ 84,270 Work-in-process 101,394 98,097 94,639 Total $ 188,514 $ 157,024 $ 178,909

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Mar. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Components of Identifiable Intangible Assets	Identifiable intangible assets that are subject to amortization consist of the following: March 26, 2020 June 27, 2019 March 28, 2019 Customer relationships $ 21,100 $ 21,100 $ 21,100 Brand names 16,990 16,990 16,990 Non-compete 270 270 270 38,360 38,360 38,360 Less accumulated amortization: Customer relationships (15,830 ) (14,466 ) (13,980 ) Brand names (9,700 ) (9,182 ) (9,010 ) Non-compete (126 ) (86 ) (72 ) (25,656 ) (23,734 ) (23,062 ) Net intangible assets $ 12,704 $ 14,626 $ 15,298
Summary of Expected Amortization Expense	Total amortization expense related to intangible assets, which is recorded within Administrative expense, was $578 and $1,922 for the quarter and thirty-nine weeks ended March 26, 2020, respectively. Amortization expense for the remainder of fiscal 2020 is expected to be approximately $579 and expected amortization expense the next five fiscal years is as follows: Fiscal year ending June 24, 2021 $ 2,165 June 30, 2022 1,896 June 29, 2023 1,657 June 27, 2024 1,414 June 26, 2025 1,156

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Mar. 26, 2020
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share	The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share: For the Quarter Ended For the Thirty-Nine Weeks Ended March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Weighted average number of shares outstanding – basic 11,475,874 11,444,560 11,459,653 11,425,378 Effect of dilutive securities: Stock options and restricted stock units 63,767 64,333 75,015 68,040 Weighted average number of shares outstanding – diluted 11,539,641 11,508,893 11,534,668 11,493,418
Summary of Anti-dilutive Awards Excluded from Computation of Diluted Earnings Per Share	The following table presents a summary of anti-dilutive awards excluded from the computation of diluted earnings per share: For the Quarter Ended For the Thirty-Nine Weeks March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Weighted average number of anti-dilutive awards: 28,040 — 9,347 — Weighted average exercise price per award: $ 90.26 $ — $ 90.26 $ —

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Mar. 26, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of RSU Activity	The following is a summary of restricted stock unit (“RSU”) activity for the first thirty-nine weeks of fiscal 2020: Restricted Stock Units Shares Weighted Outstanding at June 27, 2019 188,992 $ 46.79 Activity: Granted 38,572 91.47 Vested (a) (38,333 ) 60.55 Forfeited (9,347 ) 63.52 Outstanding at March 26, 2020 179,884 $ 52.57
Summary of Compensation Cost and Income Tax Benefit	The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented: For the Quarter Ended For the Thirty-Nine Weeks March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Stock-based compensation expense $ 702 $ 521 $ 2,190 $ 2,037

Retirement Plan (Tables)

Retirement Plan (Tables)	9 Months Ended
	Mar. 26, 2020
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension Cost	The components of net periodic benefit cost are as follows: For the Quarter Ended For the Thirty-Nine March 26, 2020 March 28, 2019 March 26, 2020 March 28, 2019 Service cost $ 178 $ 152 $ 534 $ 457 Interest cost 223 224 669 671 Amortization of prior service cost 239 239 718 718 Amortization of loss 104 24 312 71 Net periodic benefit cost $ 744 $ 639 $ 2,233 $ 1,917

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Mar. 26, 2020
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 26, 2020 and March 28, 2019. For the Thirty-Nine Weeks Changes to AOCL (a) March 26, 2020 March 28, 2019 Balance at beginning of period $ (4,325 ) $ (3,181 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss 1,030 789 Tax effect (258 ) (198 ) Net current-period other comprehensive income 772 591 Impact of adopting ASU 2018-02 (b) (976 ) — Balance at end of period $ (4,529 ) $ (2,590 ) (a) Amounts in parenthesis indicate debits/expense. (b) See Note 15 – “Recent Accounting Pronouncements” for additional information.
Reclassifications Out of AOCL	The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 26, 2020 and March 28, 2019 were as follows: For the Quarter Ended For the Thirty-Nine Affected line item in the Consolidated Reclassifications from AOCL to earnings (c) March 26, 2020 March 28, March 26, 2020 March 28, Amortization of defined benefit pension items: Unrecognized prior service cost $ (239 ) $ (239 ) $ (718 ) $ (718 ) Other expense Unrecognized net loss (104 ) (24 ) (312 ) (71 ) Other expense Total before tax (343 ) (263 ) (1,030 ) (789 ) Tax effect 86 66 258 198 Income tax expense Amortization of defined pension items, net of tax $ (257 ) $ (197 ) $ (772 ) $ (591 ) (c) Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Mar. 26, 2020
Fair Value Disclosures [Abstract]
Carrying Value and Fair Value Estimate of Current and Long Term Debt	The following table summarizes the carrying value and fair value estimate of our current and long-term debt, excluding unamortized debt issuance costs: March 26, June 27, 2019 March 28, 2019 Carrying value of long-term debt: $ 21,918 $ 27,798 $ 29,253 Fair value of long-term debt: 22,946 27,720 28,872

Basis of Presentation and Des_2

Basis of Presentation and Description of Business - Additional Information (Detail)	9 Months Ended
	Mar. 26, 2020Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of distribution channels	3

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2020	Jun. 27, 2019	Mar. 28, 2019
Disaggregation of Revenue [Line Items]
Contract assets	$ 0	$ 117	$ 358
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Risk percentage	99.00%

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019	Mar. 26, 2020	Mar. 28, 2019
Disaggregation of Revenue [Line Items]
Total	$ 211,624	$ 201,834	$ 675,893	$ 659,439
Consumer [Member]
Disaggregation of Revenue [Line Items]
Total	158,616	141,761	503,848	476,683
Commercial Ingredients [Member]
Disaggregation of Revenue [Line Items]
Total	30,312	32,469	101,447	101,125
Contract Packaging [Member]
Disaggregation of Revenue [Line Items]
Total	$ 22,696	$ 27,604	$ 70,598	$ 81,631

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 26, 2020	Jun. 28, 2019	Jun. 27, 2019	Mar. 28, 2019
Operating Leased Assets [Line Items]
Operating lease right-of-use assets	$ 4,638		$ 0	$ 0
Operating lease, liability	$ 4,633
Minimum [Member]
Operating Leased Assets [Line Items]
Discount rate		4.20%
Maximum [Member]
Operating Leased Assets [Line Items]
Discount rate		5.80%
Remaining lease term	5 years 2 months 12 days
Accounting Standards Update 2016-02 [Member]
Operating Leased Assets [Line Items]
Operating lease right-of-use assets		$ 5,361
Operating lease, liability		$ 5,320

Leases - Operating Lease Assets

Leases - Operating Lease Assets And Liabilities (Detail) - USD ($) $ in Thousands	Mar. 26, 2020	Jun. 27, 2019	Mar. 28, 2019
Assets
Operating lease right-of-use assets	$ 4,638	$ 0	$ 0
Noncurrent
Operating Lease, Liability, Noncurrent	3,259	$ 0	$ 0
Total lease liabilities	4,633
Operating LeaseRight Of UseAssets [Member]
Assets
Operating lease right-of-use assets	4,638
Other Liabilities [Member]
Current
Operating Lease, Liability, Current	1,374
Non Current Operating Lease Liabilities [Member]
Noncurrent
Operating Lease, Liability, Noncurrent	$ 3,259

Leases - LeaseCost (Detail)

Leases - LeaseCost (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 26, 2020	Mar. 26, 2020
Leases [Abstract]
Operating lease costs	$ 432	$ 1,266
Variable lease costs	16	47
Total Lease Cost	$ 448	$ 1,313

Leases - Operating Leases Cash

Leases - Operating Leases Cash Flow Related Information (Detail) $ in Thousands	9 Months Ended
	Mar. 26, 2020USD ($)
Operating cash flows information:
Cash paid for amounts included in measurements for lease liabilities	$ 1,163
Non-cash activity:
Right of use assets obtained in exchange for new operating lease obligations	$ 326

Leases - Other Information Rela

Leases - Other Information Related to Operating Lease (Detail)	Mar. 26, 2020
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	3 years 7 months 6 days
Weighted Average Discount Rate	4.40%

Leases - Lessee Operating Lease

Leases - Lessee Operating Lease Liability Maturity (Detail) $ in Thousands	Mar. 26, 2020USD ($)
Leases [Abstract]
June 25, 2020 (excluding the thirty-nine weeks ended March 26, 2020)	$ 419
June 24, 2021	1,482
June 30, 2022	1,359
June 29, 2023	1,105
June 27, 2024	493
Thereafter	139
Total lease payments	4,997
Less imputed interest	(364)
Present value of operating lease liabilities	$ 4,633

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands	Mar. 26, 2020USD ($)
Leases [Abstract]
June 25, 2020	$ 1,715
June 24, 2021	1,540
June 30, 2022	1,392
June 29, 2023	1,109
June 27, 2024	464
Thereafter	133
Total	$ 6,353

Leases - Operating Lease Revenu

Leases - Operating Lease Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 26, 2020	Mar. 26, 2020
Leases [Abstract]
Lease income related to lease payments	$ 510	$ 1,515

Leases - Lessor Operating Lease

Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail) $ in Thousands	Mar. 26, 2020USD ($)
Leases [Abstract]
June 25, 2020 (excluding the thirty-nine weeks ended March 26, 2020)	$ 461
June 24, 2021	1,948
June 30, 2022	1,707
June 29, 2023	1,737
June 27, 2024	1,766
Thereafter	2,512
Total	$ 10,131

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Mar. 26, 2020	Jun. 27, 2019	Mar. 28, 2019
Inventory Disclosure [Abstract]
Raw material and supplies	$ 87,120	$ 58,927	$ 84,270
Work-in-process and finished goods	101,394	98,097	94,639
Total	$ 188,514	$ 157,024	$ 178,909

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 26, 2020	Mar. 26, 2020	Jun. 27, 2019	Mar. 28, 2019
Goodwill and Intangible Assets [Line Items]
Amortization expense for remainder of fiscal 2019	$ 579	$ 579
Goodwill related to acquisition of Squirrel Brand	9,650	9,650	$ 9,650	$ 9,650
Administrative Expenses [Member]
Goodwill and Intangible Assets [Line Items]
Amortization of intangible assets	578	1,922
Squirrel Brand [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill related to acquisition of Squirrel Brand	$ 9,650	$ 9,650

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 26, 2020	Jun. 27, 2019	Mar. 28, 2019
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 38,360	$ 38,360	$ 38,360
Less accumulated amortization:
Total accumulated amortization	(25,656)	(23,734)	(23,062)
Net intangible assets	12,704	14,626	15,298
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	21,100	21,100	21,100
Less accumulated amortization:
Total accumulated amortization	(15,830)	(14,466)	(13,980)
Brand Names [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	16,990	16,990	16,990
Less accumulated amortization:
Total accumulated amortization	(9,700)	(9,182)	(9,010)
Non-compete Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	270	270	270
Less accumulated amortization:
Total accumulated amortization	$ (126)	$ (86)	$ (72)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail) $ in Thousands	Mar. 26, 2020USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
June 24, 2021	$ 2,165
June 30, 2022	1,896
June 29, 2023	1,657
June 27, 2024	1,414
June 26, 2025	$ 1,156

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - Senior Secured Revolving Credit Facility [Member] - USD ($) $ in Thousands	Mar. 05, 2020	Mar. 26, 2020
Debt Instrument [Line Items]
Revolving loan commitment and letter of credit sub facility	$ 117,500	$ 117,500
Available credit under the Credit Facility		76,150
Revolver availability plus unrestricted cash	$ 15,000
Revolving credit facility covenants	revolver availability plus unrestricted cash must be equal to or greater than $15,000 and the pro forma fixed charge coverage ratio must be equal to or greater than 1.00:1.00
Revolver availability plus unrestricted cash after acquisition	$ 20,000
Outstanding letters of credit		3,175
Revolving credit facility borrowings		$ 38,175
Aggregate amount of dividends and distributions permitted	75,000
Excess availability required under the credit facility	30,000
Revolver availability plus unrestricted cash after proposed investments	20,000
Increased threshold exclusion of dividends and distributions	40,000
Incremental Revolver [Member]
Debt Instrument [Line Items]
Revolving loan commitment and letter of credit sub facility	50,000
Purchase Money and Capital Lease Basket [Member]
Debt Instrument [Line Items]
Revolving loan commitment and letter of credit sub facility	10,000
Unsecured Subordinated Indebtedness [Member]
Debt Instrument [Line Items]
Revolving loan commitment and letter of credit sub facility	10,000
Additional Unsecured Subordinated Indebtedness [Member]
Debt Instrument [Line Items]
Revolving loan commitment and letter of credit sub facility	$ 20,000

Earnings Per Common Share - Wei

Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019	Mar. 26, 2020	Mar. 28, 2019
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number of shares outstanding - basic	11,475,874	11,444,560	11,459,653	11,425,378
Effect of dilutive securities:
Stock options and restricted stock units	63,767	64,333	75,015	68,040
Weighted average number of shares outstanding - diluted	11,539,641	11,508,893	11,534,668	11,493,418

Earnings Per Common Share - Sum

Earnings Per Common Share - Summary of Anti-dilutive Awards Excluded from Computation of Diluted Earnings Per Share (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019	Mar. 26, 2020	Mar. 28, 2019
Earnings Per Share [Abstract]
Weighted average number of anti-dilutive awards:	28,040	0	9,347	0
Weighted average exercise price per award:	$ 90.26	$ 0	$ 90.26	$ 0

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Additional Information (Detail) $ in Thousands	9 Months Ended
	Mar. 26, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation	1 year 6 months
Restricted stock units vested | shares	57,871
Unrecognized compensation expense related to non-vested share-based compensation | $	$ 4,433

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Summary of RSU Activity (Detail)	9 Months Ended
	Mar. 26, 2020$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding beginning balance, Shares | shares	188,992
Granted, Shares | shares	38,572
Vested, Shares | shares	(38,333)	[1]
Forfeited, Shares | shares	(9,347)
Outstanding ending balance, Shares | shares	179,884
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 46.79
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	91.47
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	60.55	[1]
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	63.52
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 52.57
[1]	The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy the statutory income tax withholding requirements.

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Summary of Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019	Mar. 26, 2020	Mar. 28, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation cost charged to earnings	$ 702	$ 521	$ 2,190	$ 2,037

Retirement Plan - Schedule of N

Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019	Mar. 26, 2020	Mar. 28, 2019
Retirement Benefits [Abstract]
Service cost	$ 178	$ 152	$ 534	$ 457
Interest cost	223	224	669	671
Amortization of loss	104	24	312	71
Amortization of prior service cost	239	239	718	718
Net periodic benefit cost	$ 744	$ 639	$ 2,233	$ 1,917

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Mar. 26, 2020	Sep. 26, 2019		Mar. 28, 2019	Mar. 26, 2020		Mar. 28, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period		$ (4,325)			$ (4,325)
Other comprehensive income, net of tax	$ 257			$ 197	772		$ 591
Balance at end of period	(4,529)			(2,590)	(4,529)		(2,590)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period		(4,325)			(4,325)		(3,181)
Amounts reclassified from accumulated other comprehensive loss					1,030		789
Tax effect					(258)		(198)
Other comprehensive income, net of tax					772		591
Impact of adopting ASU 2018-02		$ (976)	[1]		(976)	[2]
Balance at end of period	$ (4,529)			$ (2,590)	$ (4,529)		$ (2,590)
[1]	See Note 15 – “Recent Accounting Pronouncements” for additional information.
[2]	See Note 15 – “Recent Accounting Pronouncements” for additional information.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 26, 2020	Mar. 28, 2019	Mar. 26, 2020	Mar. 28, 2019
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrecognized prior service cost	$ (239)	$ (239)	$ (718)	$ (718)
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	(104)	(24)	(312)	(71)
Amortization of Defined Benefit Pension Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(343)	(263)	(1,030)	(789)
Tax effect	86	66	258	198
Amortization of defined pension items, net of tax	$ (257)	$ (197)	$ (772)	$ (591)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 26, 2020	Jun. 27, 2019	Mar. 28, 2019
Fair Value Disclosures [Abstract]
Carrying value of long-term debt:	$ 21,918	$ 27,798	$ 29,253
Fair value of long-term debt:	$ 22,946	$ 27,720	$ 28,872

Related Party Transaction - Add

Related Party Transaction - Additional Information (Detail) - Promissory Note [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 28, 2017	Mar. 26, 2020
Purchase price financed by seller through unsecured debt	$ 11,500
Executive Officer [Member]
Interest paid to related parties		$ 127

Garysburg, North Carolina Fac_2

Garysburg, North Carolina Facility - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 26, 2020	Dec. 26, 2019	Mar. 26, 2020
Fire Note [Line Items]
Clean-up cost and damage to capital assets			$ 2,000
Damage from Fire, Explosion or Other Hazard [Member]
Fire Note [Line Items]
Advance payment of insurance	$ 1,434	$ 1,500

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
		Sep. 26, 2019	Mar. 26, 2020	Jun. 28, 2019	Jun. 27, 2019	Mar. 28, 2019
Change in Accounting Estimate [Line Items]
Right of use assets			$ 4,638		$ 0	$ 0
Lease liability			$ 4,633
Retained Earnings [Member]
Change in Accounting Estimate [Line Items]
Impact of adopting ASU 2018-02	[1]	$ 976
Accounting Standards Update 2016-02 [Member]
Change in Accounting Estimate [Line Items]
Right of use assets				$ 5,361
Lease liability				$ 5,320
[1]	See Note 15 – “Recent Accounting Pronouncements” for additional information.

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Subsequent Event [Member]	1 Months Ended
	Apr. 30, 2020$ / shares
Subsequent Event [Line Items]
Special cash dividend	$ 1
Dividend payable date	Jun. 17, 2020
Stockholders of record date	May 27, 2020