SANFILIPPO JOHN B
v3.7.0.1
Document and Entity Information - shares
9 Months Ended
Mar. 30, 2017
Apr. 27, 2017
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  
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   8,683,741
Class A Common Stock [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,597,426
v3.7.0.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
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
v3.7.0.1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
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
v3.7.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
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 0 0
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
v3.7.0.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
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
v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
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 1 0
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 0 883
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
v3.7.0.1
Basis of Presentation and Description of Business
9 Months Ended
Mar. 30, 2017
Accounting Policies [Abstract]  
Basis of Presentation and Description of Business

Note 1 – Basis of Presentation and Description of Business

As used herein, unless the context otherwise indicates, the terms “we”, “us”, “our” or “Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned 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.

v3.7.0.1
Inventories
9 Months Ended
Mar. 30, 2017
Inventory Disclosure [Abstract]  
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  
  

 

 

    

 

 

    

 

 

 
v3.7.0.1
Credit Facility
9 Months Ended
Mar. 30, 2017
Debt Disclosure [Abstract]  
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).

v3.7.0.1
Income Taxes
9 Months Ended
Mar. 30, 2017
Income Tax Disclosure [Abstract]  
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%.

v3.7.0.1
Earnings Per Common Share
9 Months Ended
Mar. 30, 2017
Earnings Per Share [Abstract]  
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.

v3.7.0.1
Stock-Based Compensation Plans
9 Months Ended
Mar. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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.

v3.7.0.1
Special Cash Dividends
9 Months Ended
Mar. 30, 2017
Text Block [Abstract]  
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.

v3.7.0.1
Retirement Plan
9 Months Ended
Mar. 30, 2017
Compensation and Retirement Disclosure [Abstract]  
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.

v3.7.0.1
Accumulated Other Comprehensive Loss
9 Months Ended
Mar. 30, 2017
Equity [Abstract]  
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.
v3.7.0.1
Commitments and Contingent Liabilities
9 Months Ended
Mar. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
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.

v3.7.0.1
Fair Value of Financial Instruments
9 Months Ended
Mar. 30, 2017
Fair Value Disclosures [Abstract]  
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.

v3.7.0.1
Recent Accounting Pronouncements
9 Months Ended
Mar. 30, 2017
Accounting Changes and Error Corrections [Abstract]  
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.

v3.7.0.1
Recent Accounting Pronouncements (Policies)
9 Months Ended
Mar. 30, 2017
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements

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

In March 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.

v3.7.0.1
Inventories (Tables)
9 Months Ended
Mar. 30, 2017
Inventory Disclosure [Abstract]  
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  
  

 

 

    

 

 

    

 

 

 
v3.7.0.1
Earnings Per Common Share (Tables)
9 Months Ended
Mar. 30, 2017
Earnings Per Share [Abstract]  
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share

The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share:

 

     For the Quarter Ended      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  
  

 

 

    

 

 

    

 

 

    

 

 

 
v3.7.0.1
Stock-Based Compensation Plans (Tables)
9 Months Ended
Mar. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Restricted Stock Unit ("RSU") Activity

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  
  

 

 

    

 

 

 
Summary of Compensation Expense

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  
v3.7.0.1
Retirement Plan (Tables)
9 Months Ended
Mar. 30, 2017
Compensation and Retirement Disclosure [Abstract]  
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  
  

 

 

    

 

 

    

 

 

    

 

 

 
v3.7.0.1
Accumulated Other Comprehensive Loss (Tables)
9 Months Ended
Mar. 30, 2017
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 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.
Reclassifications Out of AOCL

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.
v3.7.0.1
Fair Value of Financial Instruments (Tables)
9 Months Ended
Mar. 30, 2017
Fair Value Disclosures [Abstract]  
Carrying Value and Fair Value Estimate of Current and Long Term Debt

The following table summarizes the carrying value and fair value estimate of our current and long-term debt, excluding unamortized debt issuance costs:

 

     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  
v3.7.0.1
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 3
v3.7.0.1
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
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
v3.7.0.1
Credit Facility - Additional Information (Detail)
Jul. 07, 2016
USD ($)
Dividends
Mar. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Mar. 24, 2016
USD ($)
Debt Instrument [Line Items]        
Revolving credit facility borrowings   $ 61,337,000 $ 12,084,000 $ 55,133,000
Seventh Amendment To Credit Agreement [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%      
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%      
Seventh Amendment To Credit Agreement [Member] | Maximum [Member]        
Debt Instrument [Line Items]        
Stock authorized to be purchased, acquired, redeemed, or retired in any fiscal quarter without bank consent $ 60,000      
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 | Dividends 1      
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Available credit under the Credit Facility   52,488,000    
Revolving credit facility borrowings   61,337,000    
Outstanding letters of credit   $ 3,675,000    
v3.7.0.1
Income Taxes - Additional Information (Detail)
$ in Thousands
9 Months Ended
Mar. 30, 2017
USD ($)
Income Tax Disclosure [Abstract]  
Excess tax benefits $ 950
Effective tax rate 2.20%
v3.7.0.1
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. 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
v3.7.0.1
Stock-Based Compensation Plans - Summary of Restricted Stock Unit ("RSU") Activity (Detail)
9 Months Ended
Mar. 30, 2017
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Outstanding beginning balance, Shares | shares 228,270
Granted, Shares | shares 45,213
Vested, Shares | shares (68,426)
Forfeited, Shares | shares (3,199)
Outstanding ending balance, Shares | shares 201,858
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares $ 32.33
Granted, Weighted-Average Grant-Date Fair Value | $ / shares 61.33
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 27.91
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares 30.23
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares $ 40.36
v3.7.0.1
Stock-Based Compensation Plans - Additional Information (Detail)
$ / shares in Units, $ in Thousands
9 Months Ended
Mar. 30, 2017
USD ($)
$ / shares
shares
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 | shares 7,500
Stock options exercised, weighted-average exercise price | $ / shares $ 8.40
Stock options exercised, intrinsic value | $ $ 374
Number of stock options exercisable | shares 2,000
Stock options exercisable, weighted-average exercise price | $ / shares $ 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 | shares 68,673
v3.7.0.1
Stock-Based Compensation Plans - Summary of Compensation Expense (Detail) - USD ($)
$ in Thousands
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
v3.7.0.1
Special Cash Dividends - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
9 Months Ended
Dec. 13, 2016
Nov. 01, 2016
Aug. 04, 2016
Jul. 07, 2016
Mar. 30, 2017
Mar. 24, 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    
v3.7.0.1
Retirement Plan - Schedule of Net Periodic Benefit Costs (Detail) - USD ($)
$ in Thousands
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
v3.7.0.1
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
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     0 0
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)
v3.7.0.1
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($)
$ in Thousands
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)
v3.7.0.1
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long Term Debt (Detail) - USD ($)
$ in Thousands
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
v3.7.0.1
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($)
$ in Thousands
Jun. 30, 2016
Mar. 24, 2016
ASU No. 2015-03 [Member]    
Debt Disclosure [Line Items]    
Decrease in other assets $ (244) $ (262)