SANFILIPPO JOHN B
Document and Entity Information
9 Months Ended
Mar. 30, 2017
Apr. 27, 2017
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
Apr. 27, 2017
Class A Common Stock [Member]
Document Information [Line Items]
 
 
 
Document Type
10-Q 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Mar. 30, 2017 
 
 
Document Fiscal Year Focus
2017 
 
 
Document Fiscal Period Focus
Q3 
 
 
Trading Symbol
JBSS 
 
 
Entity Registrant Name
SANFILIPPO JOHN B & SON INC 
 
 
Entity Central Index Key
0000880117 
 
 
Current Fiscal Year End Date
--06-29 
 
 
Entity Filer Category
Accelerated Filer 
 
 
Entity Common Stock, Shares Outstanding
 
8,683,741 
2,597,426 
Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 30, 2017
Mar. 24, 2016
Mar. 30, 2017
Mar. 24, 2016
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net sales
$ 173,376 
$ 215,742 
$ 645,044 
$ 720,521 
Cost of sales
144,950 
190,154 
536,754 
616,717 
Gross profit
28,426 
25,588 
108,290 
103,804 
Operating expenses:
 
 
 
 
Selling expenses
10,299 
11,358 
36,940 
39,114 
Administrative expenses
7,697 
8,761 
24,622 
25,784 
Total operating expenses
17,996 
20,119 
61,562 
64,898 
Income from operations
10,430 
5,469 
46,728 
38,906 
Other expense:
 
 
 
 
Interest expense including $198, $269, $589 and $814 to related parties
864 
897 
2,094 
2,616 
Rental and miscellaneous expense, net
367 
313 
1,076 
1,181 
Total other expense, net
1,231 
1,210 
3,170 
3,797 
Income before income taxes
9,199 
4,259 
43,558 
35,109 
Income tax expense
2,863 
1,181 
14,157 
11,991 
Net income
6,336 
3,078 
29,401 
23,118 
Other comprehensive income:
 
 
 
 
Amortization of prior service cost and actuarial loss included in net periodic pension cost
331 
251 
992 
755 
Income tax expense related to pension adjustments
(126)
(98)
(377)
(295)
Other comprehensive income, net of tax
205 
153 
615 
460 
Comprehensive income
$ 6,541 
$ 3,231 
$ 30,016 
$ 23,578 
Net income per common share-basic
$ 0.56 
$ 0.27 
$ 2.60 
$ 2.06 
Net income per common share-diluted
$ 0.55 
$ 0.27 
$ 2.58 
$ 2.04 
Cash dividends declared per share
 
 
$ 5.00 
$ 2.00 
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 30, 2017
Mar. 24, 2016
Mar. 30, 2017
Mar. 24, 2016
Statement of Comprehensive Income [Abstract]
 
 
 
 
Interest expense to related parties
$ 198 
$ 269 
$ 589 
$ 814 
Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2017
Jun. 30, 2016
Mar. 24, 2016
CURRENT ASSETS:
 
 
 
Cash
$ 1,848 
$ 2,220 
$ 2,923 
Accounts receivable, less allowances of $6,035, $4,290 and $5,699
59,402 
78,088 
71,500 
Inventories
201,398 
156,573 
207,319 
Prepaid expenses and other current assets
4,625 
5,292 
11,310 
TOTAL CURRENT ASSETS
267,273 
242,173 
293,052 
PROPERTY, PLANT AND EQUIPMENT:
 
 
 
Land
9,285 
9,285 
9,285 
Buildings
106,566 
106,505 
106,488 
Machinery and equipment
195,293 
188,748 
187,482 
Furniture and leasehold improvements
4,807 
4,349 
4,355 
Vehicles
453 
453 
431 
Construction in progress
1,241 
832 
2,221 
Property, plant and equipment gross
317,645 
310,172 
310,262 
Less: Accumulated depreciation
209,864 
200,416 
198,747 
Property, plant and equipment net
107,781 
109,756 
111,515 
Rental investment property, less accumulated depreciation of $9,441, $8,847 and $8,649
19,453 
20,047 
20,245 
TOTAL PROPERTY, PLANT AND EQUIPMENT
127,234 
129,803 
131,760 
Cash surrender value of officers' life insurance and other assets
9,683 
9,227 
9,448 
Deferred income taxes
7,894 
8,590 
6,161 
Intangible assets, net of accumulated amortization of $23,857, $22,721 and $22,292
233 
1,369 
1,798 
TOTAL ASSETS
412,317 
391,162 
442,219 
CURRENT LIABILITIES:
 
 
 
Revolving credit facility borrowings
61,337 
12,084 
55,133 
Current maturities of long-term debt, including related party debt of $465, $407 and $399 and net of unamortized debt issuance costs of $58, $65 and $68
3,408 
3,342 
3,331 
Accounts payable, including related party payables of $186, $113 and $194
40,173 
43,719 
59,299 
Bank overdraft
2,979 
811 
3,561 
Accrued payroll and related benefits
13,387 
16,045 
13,423 
Other accrued expenses
8,270 
7,193 
8,301 
Income taxes payable
640 
TOTAL CURRENT LIABILITIES
130,194 
83,194 
143,048 
LONG-TERM LIABILITIES:
 
 
 
Long-term debt, less current maturities, including related party debt of $10,706, $11,133 and $11,238 and net of unamortized debt issuance costs of $136, $179 and $194
26,069 
28,704 
29,544 
Retirement plan
22,729 
22,137 
18,395 
Other
6,527 
5,934 
6,013 
TOTAL LONG-TERM LIABILITIES
55,325 
56,775 
53,952 
TOTAL LIABILITIES
185,519 
139,969 
197,000 
COMMITMENTS AND CONTINGENCIES
   
   
   
STOCKHOLDERS' EQUITY:
 
 
 
Capital in excess of par value
117,232 
115,136 
114,388 
Retained earnings
116,466 
143,573 
136,296 
Accumulated other comprehensive loss
(5,810)
(6,425)
(4,374)
Treasury stock, at cost; 117,900 shares of Common Stock
(1,204)
(1,204)
(1,204)
TOTAL STOCKHOLDERS' EQUITY
226,798 
251,193 
245,219 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
412,317 
391,162 
442,219 
Class A Common Stock [Member]
 
 
 
STOCKHOLDERS' EQUITY:
 
 
 
Common Stock
26 
26 
26 
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
 
 
 
STOCKHOLDERS' EQUITY:
 
 
 
Common Stock
$ 88 
$ 87 
$ 87 
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 30, 2017
Jun. 30, 2016
Mar. 24, 2016
Allowances for accounts receivable, current
$ 6,035 
$ 4,290 
$ 5,699 
Accumulated depreciation of rental investment property
9,441 
8,847 
8,649 
Intangible assets, net of accumulated amortization
23,857 
22,721 
22,292 
Current maturities of long-term debt, related party debt
465 
407 
399 
Unamortized debt issuance costs, current
58 
65 
68 
Accounts payable, related party payables
186 
113 
194 
Related party debt, Non-current
10,706 
11,133 
11,238 
Unamortized debt issuance costs, noncurrent
$ 136 
$ 179 
$ 194 
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
8,801,641 
8,725,715 
8,725,715 
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Mar. 30, 2017
Mar. 24, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net income
$ 29,401 
$ 23,118 
Depreciation and amortization
11,909 
12,362 
Loss on disposition of assets, net
57 
362 
Deferred income tax expense
696 
1,284 
Stock-based compensation expense
1,964 
1,810 
Change in assets and liabilities:
 
 
Accounts receivable, net
18,671 
4,152 
Inventories
(44,825)
(9,322)
Prepaid expenses and other current assets
(252)
(1,045)
Accounts payable
(3,580)
13,968 
Accrued expenses
(1,581)
(1,093)
Income taxes payable
1,559 
(5,797)
Other long-term assets and liabilities
89 
216 
Other, net
1,247 
988 
Net cash provided by operating activities
15,355 
41,003 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
Purchases of property, plant and equipment
(8,228)
(12,595)
Proceeds from dispositions of assets
Other
99 
41 
Net cash used in investing activities
(8,128)
(12,554)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Borrowings under revolving credit facility
278,310 
262,171 
Repayments of revolving credit borrowings
(229,057)
(268,191)
Principal payments on long-term debt
(2,619)
(2,529)
Increase in bank overdraft
2,168 
2,524 
Dividends paid
(56,464)
(22,486)
Issuance of Common Stock under equity award plans
63 
156 
Tax benefit of equity award exercises
883 
Net cash used in financing activities
(7,599)
(27,472)
NET (DECREASE) INCREASE IN CASH
(372)
977 
Cash, beginning of period
2,220 
1,946 
Cash, end of period
$ 1,848 
$ 2,923 
Basis of Presentation and Description of Business
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 subsidiaries, JBSS Ventures, LLC and Sanfilippo (Shanghai) Trading Co. Ltd. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Fiscal 2016 consisted of fifty-three weeks, with our fourth quarter containing fourteen weeks. Additional information on the comparability of the periods presented is as follows:

 

    References herein to fiscal 2017 and fiscal 2016 are to the fiscal year ending June 29, 2017 and the fiscal year ended June 30, 2016, respectively.

 

    References herein to the third quarter of fiscal 2017 and fiscal 2016 are to the quarters ended March 30, 2017 and March 24, 2016, respectively.

 

    References herein to the first three quarters or first thirty-nine weeks of fiscal 2017 and fiscal 2016 are to the thirty-nine weeks ended March 30, 2017 and March 24, 2016, respectively.

We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds, and other nuts in the United States. These nuts are sold under a variety of private brands and under the Fisher, Orchard Valley Harvest, and Sunshine Country brand names. We also market and distribute, and in most cases manufacture or process, a diverse product line of food and snack products, including peanut butter, almond butter, cashew butter, candy and confections, snacks and trail mixes, snack bites, sunflower kernels, dried fruit, corn snacks, sesame sticks and other sesame snack products under private brands and brand names. Our products are sold through three primary distribution channels to significant buyers of nuts, including food retailers in the consumer channel, commercial ingredient users and contract packaging customers.

The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.

The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 30, 2016 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 2016 Annual Report on Form 10-K for the fiscal year ended June 30, 2016.

Inventories
Inventories

Note 2 – Inventories

Inventories consist of the following:

 

     March 30,
2017
     June 30,
2016
     March 24,
2016
 

Raw material and supplies

   $ 112,978      $ 56,005      $ 109,973  

Work-in-process and finished goods

     88,420        100,568        97,346  
  

 

 

    

 

 

    

 

 

 

Total

   $ 201,398      $ 156,573      $ 207,319  
  

 

 

    

 

 

    

 

 

 
Credit Facility
Credit Facility

Note 3 – Credit Facility

On July 7, 2016, we entered into the Seventh Amendment to Credit Agreement (the “Seventh Amendment”) which extended the maturity date of the Credit Agreement from July 15, 2019 to July 7, 2021, and reduced by twenty-five basis points the interest rates charged for loan advances and letter of credit borrowings. The unused line fee was reduced to 0.25% per annum. The aggregate revolving loan commitment remained unchanged. In addition, the Seventh Amendment allows the Company to, without obtaining Bank Lender consent, (i) make up to one cash dividend or distribution on our stock per quarter, or (ii) purchase, acquire, redeem or retire stock in any fiscal quarter, in any case, in an amount not to exceed $60,000 in the aggregate per fiscal year, as long as no default or event of default exists and the excess availability under the Credit Agreement remains over $30,000 immediately before and after giving effect to any such dividend, distribution, purchase or redemption. The Seventh Amendment also permits an additional 5% of outstanding accounts receivable from a major customer to be included as eligible in the borrowing base calculation and reduced the amount available for letter of credit usage to $10,000.

At March 30, 2017, we had $52,488 of available credit under the Credit Facility which reflects borrowings of $61,337 and reduced availability as a result of $3,675 in outstanding letters of credit. As of March 30, 2017, we were in compliance with all covenants under the Credit Facility and Mortgage Facility (as defined below).

Income Taxes
Income Taxes

Note 4 – Income Taxes

Upon adoption of ASU 2016-09“Compensation-Stock Compensation (Topic 718)”, as described in Note 12 – “Recent Accounting Pronouncements”, we now recognize excess tax benefits that arise when the tax deduction exceeds the amount of expense recorded for financial reporting purposes as a component of income tax expense. During the thirty-nine weeks ended March 30, 2017, excess tax benefits of $950 were recorded as a component of income tax expense and favorably impacted the effective tax rate by approximately 2.2%.

Earnings Per Common Share
Earnings Per Common Share

Note 5 – 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 30,
2017
     March 24,
2016
     March 30,
2017
     March 24,
2016
 

Weighted average number of shares outstanding – basic

     11,347,920        11,255,894        11,306,251        11,223,268  

Effect of dilutive securities:

     

Stock options and restricted stock units

     76,878        88,731        86,652        99,195  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average number of shares outstanding – diluted

     11,424,798        11,344,625        11,392,903        11,322,463  
  

 

 

    

 

 

    

 

 

    

 

 

 

Anti-dilutive awards excluded from the computation of diluted earnings per share were insignificant for all periods presented.

Stock-Based Compensation Plans
Stock-Based Compensation Plans

Note 6 – Stock-Based Compensation Plans

The following is a summary of restricted stock unit (“RSU”) activity for the first thirty-nine weeks of fiscal 2017:

 

Restricted Stock Units

   Shares      Weighted
Average Grant
Date Fair Value
 

Outstanding at June 30, 2016

     228,270      $ 32.33  

Activity:

     

Granted

     45,213        61.33  

Vested

     (68,426      27.91  

Forfeited

     (3,199      30.23  
  

 

 

    

 

 

 

Outstanding at March 30, 2017

     201,858      $ 40.36  
  

 

 

    

 

 

 

At March 30, 2017, there are 68,673 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
Ended
 
     March 30,
2017
     March 24,
2016
     March 30,
2017
     March 24,
2016
 

Stock-based compensation expense

   $ 536      $ 518      $ 1,964      $ 1,810  

As of March 30, 2017, there was $3,548 of total unrecognized compensation expense related to non-vested RSUs granted under our stock-based compensation plans. We expect to recognize that cost over a weighted average period of 1.5 years.

During the thirty-nine weeks ended March 30, 2017, 7,500 stock options were exercised at a weighted-average exercise price of $8.40 and an intrinsic value of $374. There are 2,000 stock options exercisable at March 30, 2017 with a weighted-average exercise price of $10.24, and an aggregate intrinsic value of $125.

Special Cash Dividends
Special Cash Dividends

Note 7 – Special Cash Dividends

On November 1, 2016, our Board of Directors, after considering the financial position of our Company and other factors, declared a special cash dividend of $2.50 per share on all issued and outstanding shares of Common Stock and Class A Common Stock of the Company (the “ November 2016 Special Dividend”). The November 2016 Special Dividend of approximately $28,314 was paid on December 13, 2016 to stockholders of record as of the close of business on November 30, 2016.

On July 7, 2016, our Board of Directors, after considering the financial position of our Company and other factors, declared a special cash dividend of $2.50 per share on all issued and outstanding shares of Common Stock and Class A Common Stock of the Company (the “July 2016 Special Dividend”). The July 2016 Special Dividend of approximately $28,150 was paid on August 4, 2016 to stockholders of record as of the close of business on July 21, 2016.

Retirement Plan
Retirement Plan

Note 8 – Retirement Plan

The Supplemental Employee Retirement Plan is an unfunded, non-qualified deferred compensation plan that will provide eligible participants with monthly benefits upon retirement, disability or death, subject to certain conditions. The monthly benefit is based upon each participant’s earnings and his or her number of years of service. Administrative expenses include the following net periodic benefit costs:

 

     For the Quarter Ended      For the Thirty-Nine Weeks
Ended
 
     March 30,
2017
     March 24,
2016
     March 30,
2017
     March 24,
2016
 

Service cost

   $ 157      $ 123      $ 473      $ 368  

Interest cost

     203        211        608        633  

Amortization of prior service cost

     239        239        718        718  

Amortization of loss

     92        12        274        37  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit cost

   $ 691      $ 585      $ 2,073      $ 1,756  
  

 

 

    

 

 

    

 

 

    

 

 

 

As described in Note 12 – “Recent Accounting Pronouncements”, upon our adoption of ASU 2017-07 in fiscal 2018, service cost will be presented together with other employee compensation costs and the remainder of net periodic benefit cost will be presented separately, below Income from Operations on the Consolidated Statement of Comprehensive Income.

Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss

Note 9 – Accumulated Other Comprehensive Loss

The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 30, 2017 and March 24, 2016. These changes are all related to our defined benefit pension plan.

 

     For the Thirty-Nine Weeks Ended  
Changes to AOCL (a)    March 30,
2017
     March 24,
2016
 

Balance at beginning of period

   $ (6,425    $ (4,834

Other comprehensive income before reclassifications

     —          —    

Amounts reclassified from accumulated other comprehensive loss

     992        755  

Tax effect

     (377      (295
  

 

 

    

 

 

 

Net current-period other comprehensive income

     615        460  
  

 

 

    

 

 

 
     

 

 

 

Balance at end of period

   $ (5,810    $ (4,374
  

 

 

    

 

 

 

 

(a)  Amounts in parenthesis indicate debits/expense.

 

The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 30, 2017 and March 24, 2016 were as follows:

 

                             Affected line
item in
the Consolidated
Statements of
Comprehensive
Income
 
     For the Quarter Ended     For the Thirty-Nine Weeks
Ended
   
Reclassifications from AOCL to earnings (b)    March 30,
2017
    March 24,
2016
    March 30,
2017
    March 24,
2016
   

Amortization of defined benefit pension items:

          

Unrecognized prior service cost

   $ (239   $ (239   $ (718   $ (718    
Administrative
expenses
 
 

Unrecognized net loss

     (92     (12     (274     (37    
Administrative
expenses
 
 
  

 

 

   

 

 

   

 

 

   

 

 

   

Total before tax

     (331     (251     (992     (755  

Tax effect

     126       98       377       295      
Income tax
expense
 
 
  

 

 

   

 

 

   

 

 

   

 

 

   

Amortization of defined pension items, net of tax

   $ (205   $ (153   $ (615   $ (460  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

(b)  Amounts in parenthesis indicate debits to expense. See Note 8 – “Retirement Plan” above for additional details.
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities

Note 10 – Commitments and Contingent Liabilities

We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows.

Fair Value of Financial Instruments
Fair Value of Financial Instruments

Note 11 – 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 30,
2017
     June 30,
2016
     March 24,
2016
 

Carrying value of long-term debt:

   $ 29,671      $ 32,290      $ 33,137  

Fair value of long-term debt:

     30,186        35,479        35,948  

The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt.

Recent Accounting Pronouncements
Recent Accounting Pronouncements

Note 12 – Recent Accounting Pronouncements

The following recent accounting pronouncements have been adopted in the current fiscal year:

In March 2016, the FASB issued ASU No. 2016-09 “Compensation-Stock Compensation (Topic 718)”. This ASU is part of the FASB’s simplification initiative. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, statutory withholding requirements, and classification on the statement of cash flows. The Company early adopted this guidance during the first quarter of fiscal 2017. We now recognize forfeitures as they occur and excess tax benefits or deficiencies as a component of income tax expense. The cumulative adjustment for the impact of this change in accounting principle was immaterial. Cash flows related to excess tax benefits will prospectively be classified as operating activities in the Consolidated Statements of Cash Flows. Prior periods have not been adjusted. The Company anticipates increased volatility in income tax expense, mainly in the second quarter of each fiscal year, since historically most equity compensation granted in prior periods vests during that quarter.

In April 2015, the FASB issued ASU No. 2015-05 “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. This update provides guidance to customers about whether a cloud computing arrangement includes a software license or service contract. This update became effective for the Company beginning the first quarter of fiscal 2017. The adoption of ASU 2015-05 did not have a material impact to the Consolidated Financial Statements.

In April 2015, the FASB issued ASU No. 2015-03 “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 was effective for the Company beginning with the first quarter of fiscal 2017. The adoption of this standard required restatement of our Consolidated Balance Sheets. As a result, Other assets decreased approximately $244 and $262 as of June 30, 2016 and March 24, 2016, respectively, and these amounts were allocated within Current maturities of long term debt and Long term debt. Adoption of ASU 2015-03 did not have an effect on the Company’s stockholders’ equity, results of operations or cash flows.

In February 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This update focuses on a reporting company’s consolidation evaluation to determine whether it should consolidate certain legal entities. The guidance ASU 2015-02 became effective for the Company beginning with the first quarter of fiscal 2017. The adoption of ASU 2015-02 did not have any impact to the Consolidated Financial Statements.

 

In August 2014, the FASB issued ASU No. 2014-15 “Presentation of Financial Statements—Going Concern (Topic 205-40)”. The guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 was effective for the Company beginning with the first quarter of fiscal 2017. The adoption of this guidance had no impact on our Consolidated Financial Statements.

The following recent accounting pronouncements have not yet been adopted:

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”. The amendments in this update require the service cost component of pension expense to be disaggregated from the other components of net periodic benefit cost and be presented in the same line items as other employee compensation costs. All other components of net periodic benefit cost must be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This update is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as long as it is early adopted in the first interim period of an annual year and financial statements have not been issued or made available for issuance prior to adoption. The amendments in this update should be applied using a retrospective transition method, however, a practical expedient is offered with regard to the prior comparative periods. The Company plans to early adopt this update beginning in fiscal 2018 and does not expect the impact of this new guidance to have a significant impact on its financial position, results of operations and disclosures.

In October 2016, the FASB issued ASU No. 2016-17 “Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control”. This update is amending ASU 2015-02 and affects reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control. ASU 2016-17 will be effective for the Company in fiscal 2018 and will require retrospective application. The Company does not expect ASU 2016-17 to have any impact to the Consolidated Financial Statements.

In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. This update addresses eight specific cash flow issues with the objective of reducing the perceived diversity in practice. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this update should be applied using a retrospective transition method to each period presented. The Company does not expect a material impact to our statement of cash flows once ASU 2016-15 is adopted in fiscal 2019.

In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)”. The primary goal of this update is to require the lessee to recognize all lease commitments, both operating and finance, by initially recording a lease asset and liability on the balance sheet at the lease commencement date. Additionally, enhanced qualitative and quantitative disclosures will be required. ASU 2016-02 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. This new guidance will be effective for the Company beginning in fiscal year 2020 and we do not expect to early adopt. This guidance must be adopted using a modified retrospective approach. The Company expects this new guidance to have a significant impact on its total assets and total liabilities, and lead to increased financial statement disclosures.

In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” and created a new ASC Topic 606, Revenue from Contracts with Customers, and added ASC Subtopic 340-40, Other Assets and Deferred Costs — Contracts with Customers. The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Several other amendments have been subsequently released, each of which provide additional narrow scope clarifications or improvements. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers, Deferral of the Effective Date” which deferred the effective date of ASU 2014-09 for one year. Consequently, this new revenue recognition guidance will be effective for the Company beginning in fiscal year 2019, which is our anticipated adoption date. We are currently evaluating the method of adoption. We have completed our initial analysis of this accounting standard update which included a review of all material customer contracts and we currently do not believe this standard will have a material impact to our recognition of revenue.

Recent Accounting Pronouncements (Policies)
Recent Accounting Pronouncements

The following recent accounting pronouncements have been adopted in the current fiscal year:

In March 2016, the FASB issued ASU No. 2016-09 “Compensation-Stock Compensation (Topic 718)”. This ASU is part of the FASB’s simplification initiative. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, statutory withholding requirements, and classification on the statement of cash flows. The Company early adopted this guidance during the first quarter of fiscal 2017. We now recognize forfeitures as they occur and excess tax benefits or deficiencies as a component of income tax expense. The cumulative adjustment for the impact of this change in accounting principle was immaterial. Cash flows related to excess tax benefits will prospectively be classified as operating activities in the Consolidated Statements of Cash Flows. Prior periods have not been adjusted. The Company anticipates increased volatility in income tax expense, mainly in the second quarter of each fiscal year, since historically most equity compensation granted in prior periods vests during that quarter.

In April 2015, the FASB issued ASU No. 2015-05 “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. This update provides guidance to customers about whether a cloud computing arrangement includes a software license or service contract. This update became effective for the Company beginning the first quarter of fiscal 2017. The adoption of ASU 2015-05 did not have a material impact to the Consolidated Financial Statements.

In April 2015, the FASB issued ASU No. 2015-03 “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 was effective for the Company beginning with the first quarter of fiscal 2017. The adoption of this standard required restatement of our Consolidated Balance Sheets. As a result, Other assets decreased approximately $244 and $262 as of June 30, 2016 and March 24, 2016, respectively, and these amounts were allocated within Current maturities of long term debt and Long term debt. Adoption of ASU 2015-03 did not have an effect on the Company’s stockholders’ equity, results of operations or cash flows.

In February 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This update focuses on a reporting company’s consolidation evaluation to determine whether it should consolidate certain legal entities. The guidance ASU 2015-02 became effective for the Company beginning with the first quarter of fiscal 2017. The adoption of ASU 2015-02 did not have any impact to the Consolidated Financial Statements.

 

In August 2014, the FASB issued ASU No. 2014-15Presentation of Financial Statements—Going Concern (Topic 205-40)”. The guidance requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 was effective for the Company beginning with the first quarter of fiscal 2017. The adoption of this guidance had no impact on our Consolidated Financial Statements.

The following recent accounting pronouncements have not yet been adopted:

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”. The amendments in this update require the service cost component of pension expense to be disaggregated from the other components of net periodic benefit cost and be presented in the same line items as other employee compensation costs. All other components of net periodic benefit cost must be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This update is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as long as it is early adopted in the first interim period of an annual year and financial statements have not been issued or made available for issuance prior to adoption. The amendments in this update should be applied using a retrospective transition method, however, a practical expedient is offered with regard to the prior comparative periods. The Company plans to early adopt this update beginning in fiscal 2018 and does not expect the impact of this new guidance to have a significant impact on its financial position, results of operations and disclosures.

In October 2016, the FASB issued ASU No. 2016-17 “Consolidation (Topic 810): Interests Held Through Related Parties That Are Under Common Control”. This update is amending ASU 2015-02 and affects reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control. ASU 2016-17 will be effective for the Company in fiscal 2018 and will require retrospective application. The Company does not expect ASU 2016-17 to have any impact to the Consolidated Financial Statements.

In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update addresses eight specific cash flow issues with the objective of reducing the perceived diversity in practice. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this update should be applied using a retrospective transition method to each period presented. The Company does not expect a material impact to our statement of cash flows once ASU 2016-15 is adopted in fiscal 2019.

In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)”. The primary goal of this update is to require the lessee to recognize all lease commitments, both operating and finance, by initially recording a lease asset and liability on the balance sheet at the lease commencement date. Additionally, enhanced qualitative and quantitative disclosures will be required. ASU 2016-02 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. This new guidance will be effective for the Company beginning in fiscal year 2020 and we do not expect to early adopt. This guidance must be adopted using a modified retrospective approach. The Company expects this new guidance to have a significant impact on its total assets and total liabilities, and lead to increased financial statement disclosures.

In May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” and created a new ASC Topic 606, Revenue from Contracts with Customers, and added ASC Subtopic 340-40, Other Assets and Deferred Costs — Contracts with Customers. The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Several other amendments have been subsequently released, each of which provide additional narrow scope clarifications or improvements. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers, Deferral of the Effective Date” which deferred the effective date of ASU 2014-09 for one year. Consequently, this new revenue recognition guidance will be effective for the Company beginning in fiscal year 2019, which is our anticipated adoption date. We are currently evaluating the method of adoption. We have completed our initial analysis of this accounting standard update which included a review of all material customer contracts and we currently do not believe this standard will have a material impact to our recognition of revenue.

Inventories (Tables)
Components of Inventories

Inventories consist of the following:

 

     March 30,
2017
     June 30,
2016
     March 24,
2016
 

Raw material and supplies

   $ 112,978      $ 56,005      $ 109,973  

Work-in-process and finished goods

     88,420        100,568        97,346  
  

 

 

    

 

 

    

 

 

 

Total

   $ 201,398      $ 156,573      $ 207,319  
  

 

 

    

 

 

    

 

 

 
Earnings Per Common Share (Tables)
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 30,
2017
     March 24,
2016
     March 30,
2017
     March 24,
2016
 

Weighted average number of shares outstanding – basic

     11,347,920        11,255,894        11,306,251        11,223,268  

Effect of dilutive securities:

     

Stock options and restricted stock units

     76,878        88,731        86,652        99,195  
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average number of shares outstanding – diluted

     11,424,798        11,344,625        11,392,903        11,322,463  
  

 

 

    

 

 

    

 

 

    

 

 

 
Stock-Based Compensation Plans (Tables)

The following is a summary of restricted stock unit (“RSU”) activity for the first thirty-nine weeks of fiscal 2017:

 

Restricted Stock Units

   Shares      Weighted
Average Grant
Date Fair Value
 

Outstanding at June 30, 2016

     228,270      $ 32.33  

Activity:

     

Granted

     45,213        61.33  

Vested

     (68,426      27.91  

Forfeited

     (3,199      30.23  
  

 

 

    

 

 

 

Outstanding at March 30, 2017

     201,858      $ 40.36  
  

 

 

    

 

 

 

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
Ended
 
     March 30,
2017
     March 24,
2016
     March 30,
2017
     March 24,
2016
 

Stock-based compensation expense

   $ 536      $ 518      $ 1,964      $ 1,810  
Retirement Plan (Tables)
Schedule of Net Periodic Benefit Costs

Administrative expenses include the following net periodic benefit costs:

 

     For the Quarter Ended      For the Thirty-Nine Weeks
Ended
 
     March 30,
2017
     March 24,
2016
     March 30,
2017
     March 24,
2016
 

Service cost

   $ 157      $ 123      $ 473      $ 368  

Interest cost

     203        211        608        633  

Amortization of prior service cost

     239        239        718        718  

Amortization of loss

     92        12        274        37  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit cost

   $ 691      $ 585      $ 2,073      $ 1,756  
  

 

 

    

 

 

    

 

 

    

 

 

 
Accumulated Other Comprehensive Loss (Tables)

The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 30, 2017 and March 24, 2016. These changes are all related to our defined benefit pension plan.

 

     For the Thirty-Nine Weeks Ended  
Changes to AOCL (a)    March 30,
2017
     March 24,
2016
 

Balance at beginning of period

   $ (6,425    $ (4,834

Other comprehensive income before reclassifications

     —          —    

Amounts reclassified from accumulated other comprehensive loss

     992        755  

Tax effect

     (377      (295
  

 

 

    

 

 

 

Net current-period other comprehensive income

     615        460  
  

 

 

    

 

 

 
     

 

 

 

Balance at end of period

   $ (5,810    $ (4,374
  

 

 

    

 

 

 

 

(a)  Amounts in parenthesis indicate debits/expense.

The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 30, 2017 and March 24, 2016 were as follows:

 

                             Affected line
item in
the Consolidated
Statements of
Comprehensive
Income
 
     For the Quarter Ended     For the Thirty-Nine Weeks
Ended
   
Reclassifications from AOCL to earnings (b)    March 30,
2017
    March 24,
2016
    March 30,
2017
    March 24,
2016
   

Amortization of defined benefit pension items:

          

Unrecognized prior service cost

   $ (239   $ (239   $ (718   $ (718    
Administrative
expenses
 
 

Unrecognized net loss

     (92     (12     (274     (37    
Administrative
expenses
 
 
  

 

 

   

 

 

   

 

 

   

 

 

   

Total before tax

     (331     (251     (992     (755  

Tax effect

     126       98       377       295      
Income tax
expense
 
 
  

 

 

   

 

 

   

 

 

   

 

 

   

Amortization of defined pension items, net of tax

   $ (205   $ (153   $ (615   $ (460  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

(b)  Amounts in parenthesis indicate debits to expense. See Note 8 – “Retirement Plan” above for additional details.
Fair Value of Financial Instruments (Tables)
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 30,
2017
     June 30,
2016
     March 24,
2016
 

Carrying value of long-term debt:

   $ 29,671      $ 32,290      $ 33,137  

Fair value of long-term debt:

     30,186        35,479        35,948  
Basis of Presentation and Description of Business - Additional Information (Detail)
9 Months Ended
Mar. 30, 2017
Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]
 
Number of distribution channel
Inventories - Components of Inventories (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2017
Jun. 30, 2016
Mar. 24, 2016
Inventory Disclosure [Abstract]
 
 
 
Raw material and supplies
$ 112,978 
$ 56,005 
$ 109,973 
Work-in-process and finished goods
88,420 
100,568 
97,346 
Total
$ 201,398 
$ 156,573 
$ 207,319 
Credit Facility - Additional Information (Detail) (USD $)
0 Months Ended 0 Months Ended
Mar. 30, 2017
Jun. 30, 2016
Mar. 24, 2016
Jul. 7, 2016
Seventh Amendment To Credit Agreement [Member]
Jul. 7, 2016
Seventh Amendment To Credit Agreement [Member]
Jul. 7, 2016
Seventh Amendment To Credit Agreement [Member]
Maximum [Member]
Dividends
Jul. 7, 2016
Seventh Amendment To Credit Agreement [Member]
Maximum [Member]
Mar. 30, 2017
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
Extended maturity date on credit agreement
 
 
 
Jul. 07, 2021 
 
 
 
 
Reduction in basis points of interest rates charged for loan advances and letter of credit borrowings
 
 
 
0.25% 
 
 
 
 
Unused line fee rate charged per annum
 
 
 
0.25% 
 
 
 
 
Stock authorized to be purchased, acquired, redeemed, or retired in any fiscal quarter without bank consent
 
 
 
 
 
$ 60,000 
 
 
Excess availability required under the credit facility
 
 
 
 
30,000 
 
 
 
Additional percentage of outstanding accounts receivable to be included in the borrowing base calculation
 
 
 
 
5.00% 
 
 
 
Amount available for letter of credit usage
 
 
 
 
 
 
10,000 
 
Number of cash or stock dividends that may be declared in each quarter without obtaining bank consent
 
 
 
 
 
 
 
Available credit under the Credit Facility
 
 
 
 
 
 
 
52,488,000 
Revolving credit facility borrowings
61,337,000 
12,084,000 
55,133,000 
 
 
 
 
61,337,000 
Outstanding letters of credit
 
 
 
 
 
 
 
$ 3,675,000 
Income Taxes - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Mar. 30, 2017
Income Tax Disclosure [Abstract]
 
Excess tax benefits
$ 950 
Effective tax rate
2.20% 
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail)
3 Months Ended 9 Months Ended
Mar. 30, 2017
Mar. 24, 2016
Mar. 30, 2017
Mar. 24, 2016
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
 
 
 
 
Weighted average number of shares outstanding - basic
11,347,920 
11,255,894 
11,306,251 
11,223,268 
Effect of dilutive securities:
 
 
 
 
Stock options and restricted stock units
76,878 
88,731 
86,652 
99,195 
Weighted average number of shares outstanding - diluted
11,424,798 
11,344,625 
11,392,903 
11,322,463 
Stock-Based Compensation Plans - Summary of Restricted Stock Unit ("RSU") Activity (Detail) (USD $)
9 Months Ended
Mar. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
Outstanding beginning balance, Shares
228,270 
Granted, Shares
45,213 
Vested, Shares
(68,426)
Forfeited, Shares
(3,199)
Outstanding ending balance, Shares
201,858 
Weighted-Average Grant-Date Fair Value, Beginning Balance
$ 32.33 
Granted, Weighted-Average Grant-Date Fair Value
$ 61.33 
Vested, Weighted-Average Grant-Date Fair Value
$ 27.91 
Forfeited, Weighted-Average Grant-Date Fair Value
$ 30.23 
Weighted-Average Grant-Date Fair Value, Ending Balance
$ 40.36 
Stock-Based Compensation Plans - Additional Information (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
9 Months Ended
Mar. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Unrecognized compensation expense related to non-vested share-based compensation
$ 3,548 
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation
1 year 6 months 
Number of stock options exercised
7,500 
Stock options exercised, weighted-average exercise price
$ 8.40 
Stock options exercised, intrinsic value
374 
Number of stock options exercisable
2,000 
Stock options exercisable, weighted-average exercise price
$ 10.24 
Stock options exercisable, aggregate intrinsic value
$ 125 
Restricted Stock Unit [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Restricted stock units vested
68,673 
Stock-Based Compensation Plans - Summary of Compensation Expense (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 30, 2017
Mar. 24, 2016
Mar. 30, 2017
Mar. 24, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
 
 
 
Stock-based compensation expense
$ 536 
$ 518 
$ 1,964 
$ 1,810 
Special Cash Dividends - Additional Information (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
0 Months Ended 9 Months Ended
Dec. 13, 2016
Nov. 1, 2016
Aug. 4, 2016
Jul. 7, 2016
Mar. 30, 2017
Mar. 24, 2016
Nov. 1, 2016
Jul. 7, 2016
Equity [Abstract]
 
 
 
 
 
 
 
 
Special dividend paid
$ 28,314 
 
$ 28,150 
 
$ 56,464 
$ 22,486 
 
 
Special cash dividend
 
 
 
 
 
 
$ 2.50 
$ 2.50 
Dividend payable date, declared day
 
Nov. 01, 2016 
 
Jul. 07, 2016 
 
 
 
 
Dividend payable date
 
Dec. 13, 2016 
 
Aug. 04, 2016 
 
 
 
 
Stockholders of record date
 
Nov. 30, 2016 
 
Jul. 21, 2016 
 
 
 
 
Retirement Plan - Schedule of Net Periodic Benefit Costs (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 30, 2017
Mar. 24, 2016
Mar. 30, 2017
Mar. 24, 2016
Compensation and Retirement Disclosure [Abstract]
 
 
 
 
Service cost
$ 157 
$ 123 
$ 473 
$ 368 
Interest cost
203 
211 
608 
633 
Amortization of prior service cost
239 
239 
718 
718 
Amortization of loss
92 
12 
274 
37 
Net periodic benefit cost
$ 691 
$ 585 
$ 2,073 
$ 1,756 
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 30, 2017
Mar. 24, 2016
Mar. 30, 2017
Mar. 24, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
 
 
 
 
Balance at beginning of period
 
 
$ (6,425)
$ (4,834)
Other comprehensive income before reclassifications
 
 
Amounts reclassified from accumulated other comprehensive loss
331 
251 
992 
755 
Tax effect
 
 
(377)
(295)
Net current-period other comprehensive income
 
 
615 
460 
Balance at end of period
$ (5,810)
$ (4,374)
$ (5,810)
$ (4,374)
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Mar. 30, 2017
Mar. 24, 2016
Mar. 30, 2017
Mar. 24, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Amortization of defined pension items, net of tax
$ (205)
$ (153)
$ (615)
$ (460)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Administrative expenses
(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]
 
 
 
 
Administrative expenses
(92)
(12)
(274)
(37)
Amortization of Defined Benefit Pension Items [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Administrative expenses
(331)
(251)
(992)
(755)
Income tax expense
126 
98 
377 
295 
Amortization of defined pension items, net of tax
$ (205)
$ (153)
$ (615)
$ (460)
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long Term Debt (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 30, 2017
Jun. 30, 2016
Mar. 24, 2016
Fair Value Disclosures [Abstract]
 
 
 
Carrying value of long-term debt:
$ 29,671 
$ 32,290 
$ 33,137 
Fair value of long-term debt:
$ 30,186 
$ 35,479 
$ 35,948 
Recent Accounting Pronouncements - Additional Information (Detail) (ASU No. 2015-03 [Member], USD $)
In Thousands, unless otherwise specified
Jun. 30, 2016
Mar. 24, 2016
ASU No. 2015-03 [Member]
 
 
Debt Disclosure [Line Items]
 
 
Decrease in other assets
$ (244)
$ (262)

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