XBRL Financials

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 29, 2018	Apr. 19, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 29, 2018
Document Fiscal Year Focus	2018
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	--06-28
Entity Filer Category	Accelerated Filer
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,747,575
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,597,426

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2018	Mar. 30, 2017	Mar. 29, 2018	Mar. 30, 2017
Statement of Comprehensive Income [Abstract]
Net sales	$ 203,181	$ 173,376	$ 677,090	$ 645,044
Cost of sales	169,995	144,950	571,184	536,754
Gross profit	33,186	28,426	105,906	108,290
Operating expenses:
Selling expenses	11,626	10,299	38,415	36,940
Administrative expenses	7,457	7,163	21,803	23,022
Total operating expenses	19,083	17,462	60,218	59,962
Income from operations	14,103	10,964	45,688	48,328
Other expense:
Interest expense including $340, $198, $779 and $589 to related parties	1,004	864	2,590	2,094
Rental and miscellaneous expense, net	329	367	1,192	1,076
Other expense	492	534	1,477	1,600
Total other expense, net	1,825	1,765	5,259	4,770
Income before income taxes	12,278	9,199	40,429	43,558
Income tax expense	3,647	2,863	13,610	14,157
Net income	8,631	6,336	26,819	29,401
Other comprehensive income:
Amortization of prior service cost and actuarial loss included in net periodic pension cost	279	331	839	992
Income tax expense related to pension adjustments	(69)	(126)	(288)	(377)
Other comprehensive income, net of tax	210	205	551	615
Comprehensive income	$ 8,841	$ 6,541	$ 27,370	$ 30,016
Net income per common share-basic	$ 0.76	$ 0.56	$ 2.36	$ 2.60
Net income per common share-diluted	$ 0.75	$ 0.55	2.34	2.58
Cash dividends declared per share			$ 2.50	$ 5.00

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2018	Mar. 30, 2017	Mar. 29, 2018	Mar. 30, 2017
Statement of Comprehensive Income [Abstract]
Interest expense to related parties	$ 340	$ 198	$ 779	$ 589

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 29, 2018	Jun. 29, 2017	Mar. 30, 2017
CURRENT ASSETS:
Cash	$ 1,013	$ 1,955	$ 1,848
Accounts receivable, less allowance for doubtful accounts of $286, $263 and $232	65,129	64,830	59,402
Inventories	184,882	182,420	201,398
Prepaid expenses and other current assets	7,395	4,172	4,625
TOTAL CURRENT ASSETS	258,419	253,377	267,273
PROPERTY, PLANT AND EQUIPMENT:
Land	9,285	9,285	9,285
Buildings	108,148	107,015	106,566
Machinery and equipment	198,990	194,099	195,293
Furniture and leasehold improvements	4,970	4,842	4,807
Vehicles	535	498	453
Construction in progress	1,757	1,075	1,241
Property, plant and equipment gross	323,685	316,814	317,645
Less: Accumulated depreciation	217,135	210,606	209,864
Property, plant and equipment net	106,550	106,208	107,781
Rental investment property, less accumulated depreciation of $10,233, $9,639 and $9,441	18,660	19,254	19,453
TOTAL PROPERTY, PLANT AND EQUIPMENT	125,210	125,462	127,234
Cash surrender value of officers' life insurance and other assets	8,846	10,125	9,683
Deferred income taxes	5,579	9,095	7,894
Goodwill	9,650
Intangible assets, net	18,499		233
TOTAL ASSETS	426,203	398,059	412,317
CURRENT LIABILITIES:
Revolving credit facility borrowings	56,579	29,456	61,337
Current maturities of long-term debt, including related party debt of $4,332, $474 and $465 and net of unamortized debt issuance costs of $47, $55 and $58	7,128	3,418	3,408
Accounts payable, including related party payables of $0, $178 and $186	48,075	50,047	40,173
Bank overdraft	3,520	932	2,979
Accrued payroll and related benefits	7,530	15,958	13,387
Other accrued expenses	9,552	10,062	8,910
TOTAL CURRENT LIABILITIES	132,384	109,873	130,194
LONG-TERM LIABILITIES:
Long-term debt, less current maturities, including related party debt of $16,596, $10,584 and $10,706 and net of unamortized debt issuance costs of $89, $124 and $136	29,164	25,211	26,069
Retirement plan	21,597	20,994	22,729
Other	7,025	6,513	6,527
TOTAL LONG-TERM LIABILITIES	57,786	52,718	55,325
TOTAL LIABILITIES	190,170	162,591	185,519
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Capital in excess of par value	119,336	117,772	117,232
Retained earnings	121,639	123,190	116,466
Accumulated other comprehensive loss	(3,853)	(4,404)	(5,810)
Treasury stock, at cost; 117,900 shares of Common Stock	(1,204)	(1,204)	(1,204)
TOTAL STOCKHOLDERS' EQUITY	236,033	235,468	226,798
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	426,203	398,059	412,317
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	$ 89	$ 88	$ 88

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2018	Jun. 29, 2017	Mar. 30, 2017
Allowance for doubtful accounts for accounts receivable, current	$ 286	$ 263	$ 232
Accumulated depreciation of rental investment property	10,233	9,639	9,441
Current maturities of long-term debt, related party debt	4,332	474	465
Unamortized debt issuance costs, current	47	55	58
Accounts payable, related party payables	0	178	186
Related party debt, Non-current	16,596	10,584	10,706
Unamortized debt issuance costs, noncurrent	$ 89	$ 124	$ 136
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	8,865,475	8,801,641	8,801,641

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 29, 2018	Mar. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 26,819	$ 29,401
Depreciation and amortization	11,231	11,909
Loss on disposition of assets, net	414	57
Deferred income tax expense	3,516	696
Stock-based compensation expense	2,180	1,964
Change in assets and liabilities, net of business acquired:
Accounts receivable, net	2,048	18,671
Inventories	(505)	(44,825)
Prepaid expenses and other current assets	(2,353)	(252)
Accounts payable	(2,619)	(3,580)
Accrued expenses	(7,860)	(1,581)
Income taxes payable	(2,130)	1,559
Other long-term assets and liabilities	999	89
Other, net	1,325	1,247
Net cash provided by operating activities	33,065	15,355
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(9,060)	(8,228)
Acquisition of Squirrel Brand L.P.	(21,727)
Other	(66)	100
Net cash used in investing activities	(30,853)	(8,128)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	351,163	278,310
Repayments of revolving credit borrowings	(324,040)	(229,057)
Principal payments on long-term debt	(3,880)	(2,619)
Increase in bank overdraft	2,588	2,168
Dividends paid	(28,370)	(56,464)
Issuance of Common Stock under equity award plans	16	63
Taxes paid related to net share settlement of equity awards	(631)
Net cash used in financing activities	(3,154)	(7,599)
NET DECREASE IN CASH	(942)	(372)
Cash, beginning of period	1,955	2,220
Cash, end of period	1,013	$ 1,848
Supplemental disclosure of non-cash investing activities:
Acquisition of Squirrel Brand L.P. through note payable	$ 11,500

Basis of Presentation and Description of Business

9 Months Ended

Mar. 29, 2018

Accounting Policies [Abstract]

Basis of Presentation and Description of Business

Note 1 – Basis of Presentation and Description of Business

As used herein, unless the context otherwise indicates, the terms “we”, “us”, “our” or “Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Additional information on the comparability of the periods presented is as follows:

•

References herein to fiscal 2018 and fiscal 2017 are to the fiscal year ending June 28, 2018 and the fiscal year ended June 29, 2017, respectively.

•

References herein to the third quarter of fiscal 2018 and fiscal 2017 are to the quarters ended March 29, 2018 and March 30, 2017, respectively.

•

References herein to the first three quarters or first thirty-nine weeks of fiscal 2018 and fiscal 2017 are to the thirty-nine weeks ended March 29, 2018 and March 30, 2017, respectively.

We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds, and other nuts in the United States. These nuts are sold under a variety of private brands and under the Fisher, Orchard Valley Harvest, Squirrel Brand, Southern Style Nuts, 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 29, 2017 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2017 Annual Report on Form 10-K for the fiscal year ended June 29, 2017.

Inventories

9 Months Ended

Mar. 29, 2018

Inventory Disclosure [Abstract]

Inventories

Note 2 – Inventories

Inventories consist of the following:


	March 29, 2018		June 29, 2017		March 30, 2017
Raw material and supplies	$	103,332	$	79,609	$	112,978
Work-in-process and finished goods		81,550		102,811		88,420

Total	$	184,882	$	182,420	$	201,398

Acquisition of Squirrel Brand L.P.

9 Months Ended

Mar. 29, 2018

Business Combinations [Abstract]

Acquisition of Squirrel Brand L.P.

Note 3 – Acquisition of Squirrel Brand L.P.

On November 30, 2017, we acquired certain assets and assumed certain liabilities (the “Acquisition”) of Squirrel Brand L.P. (“Squirrel Brand”) for a purchase price of $31,500, subject to a working capital adjustment. After giving effect to the initial and final working capital adjustments, the purchase price was $33,227, of which a net cash payment of $21,727 was made and $11,500 was financed by the seller through a three-year unsecured promissory note (the “Promissory Note”). The cash portion of the acquisition price was funded from our Credit Facility. The Promissory Note bears interest at 5.5% per annum and is payable in equal monthly principal payments of $319, plus interest, which began in January 2018. The Promissory Note can be prepaid without penalty.

The Squirrel Brand business is one of the nation’s leading suppliers of indulgent and premium roasted nuts and snack mixes under its Squirrel Brand and Southern Style Nuts brands. Prior to the Acquisition, Squirrel Brand was a customer in our Contract Packaging sales channel for fourteen years. The Acquisition has been accounted for as a business combination in accordance with ASC Topic 805, “Business Combinations”. As a result of the Acquisition, we expanded our customer base and branded product portfolio, as well as increased our customer reach, especially into alternative distribution channels.

The total purchase price of $33,227 has been allocated on a preliminary basis to the fair values of the assets acquired and liabilities assumed as follows:


Accounts receivable	$	2,362
Inventories		1,957
Other assets		63
Identifiable intangible assets:
Customer relationships		10,500
Brand names		8,900
Non-compete agreement		270
Goodwill		9,650
Accounts payable and accrued expenses		(475	)

Total Purchase Price	$	33,227

The customer relationship assets represent the value of the long-term strategic relationship the Squirrel Brand business has with its significant customers, which we are amortizing over a weighted-average life of 7.5 years. The assets were valued using an income approach, specifically the “multi-period excess earnings” method, which identifies an estimated stream of revenues and expenses for a particular group of assets from which deductions of portions of the projected economic benefits, attributable to assets other than the subject asset (contributory assets), are deducted in order to isolate the prospective earnings of the subject asset. This value is considered a level 3 measurement under the GAAP fair value hierarchy.

The brand name assets represent the value of the established Squirrel Brand and Southern Style Nuts names. We applied the income approach through a relief from royalty method analysis to determine the preliminary fair value of the brand name assets. We are amortizing the brand name assets over a weighted-average life of 13.8 years.

Goodwill, which is expected to be deductible for income tax purposes, arises from intangible assets that do not qualify for separate recognition and expected synergies from combining the operations of Squirrel Brand with the Company. There were no material contingencies recognized or unrecognized associated with the acquired business.

The purchase price allocation, especially amounts allocated to goodwill and identifiable intangible assets are based on preliminary valuations and are subject to final adjustments.

The following reflects the unaudited pro forma results of operations of the Company as if the Acquisition had taken place at the beginning of fiscal 2017. This pro forma information does not purport to represent what the Company’s actual results would have been if the Acquisition had occurred as of the date indicated or what such results would be for any future periods.


	Year-Ended June 29, 2017		Thirty-Nine weeks ended March 29, 2018
Pro forma net sales	$	863,267	$	682,235
Pro forma net income		36,723		27,393
Pro forma diluted earnings per share	$	3.22	$	2.39

These unaudited pro forma results have been calculated after applying our accounting policies and adjusting the results of the Squirrel Brand business to reflect elimination of transaction costs and to record additional amortization and interest expense that would have been charged, assuming the fair value adjustment to intangible assets since July 1, 2016, net of related income taxes in respect of pro forma net income and diluted earnings per share performance. Transaction costs of $500, already recorded in Administrative expenses, are excluded from the pro forma net income for the thirty-nine weeks ended March 29, 2018 stated above.

Net sales of approximately $15,065 since the Acquisition closed on November 30, 2017 are included in our consolidated financial results as of March 29, 2018.

Since the Acquisition, we continue to operate in a single reportable operating segment that consists of selling various nut and nut-related products through three sales distribution channels.

Goodwill and Intangible Assets

9 Months Ended

Mar. 29, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 4 – Goodwill and Intangible Assets

Identifiable intangible assets that are subject to amortization, which resulted entirely from the Acquisition, are based on our preliminary purchase price allocation and consist of the following at March 29, 2018:


	March 29, 2018			Weighted-average amortization period (years)
Customer relationships	$	10,500			7.5
Brand names		8,900			13.8
Non-compete agreement		270			5.0

		19,670			11.3
Less accumulated amortization:
Customer relationships		(923	)
Brand names		(230	)
Non-compete agreement		(18	)

		(1,171	)

Net intangible assets	$	18,499

Gross intangible assets of $18,690 from previous acquisitions were fully amortized as of June 29, 2017.

Customer relationships are being amortized on an accelerated basis. The brand names consist of the Squirrel Brand and Southern Style Nuts brand names.

Total amortization expense related to intangible assets, which is a component of Administrative expense, was $842 and $1,171 for the quarter and thirty-nine weeks ended March 29, 2018, respectively. Amortization expense for the remainder of fiscal 2018, based on our preliminary purchase price allocation, is expected to be approximately $843 and expected amortization expense the next five fiscal years is as follows:


Fiscal year ending
June 27, 2019	$	3,028
June 25, 2020		2,500
June 24, 2021		2,162
June 30, 2022		1,894
June 29, 2023		1,659

Our net goodwill of $9,650 relates entirely to the Acquisition. The changes in the carrying amount of goodwill during the thirty-nine weeks ended March 29, 2018 are as follows:


Net balance at June 29, 2017	$	—
Goodwill acquired during fiscal 2018		9,650

Net balance at March 29, 2018	$	9,650

The Company will perform a goodwill impairment test annually during the fourth quarter of its fiscal year and more frequently if events or circumstances indicate that impairment may have occurred. Such events or circumstances may, among others, include significant adverse changes in the general business climate.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Credit Facility	9 Months Ended
Credit Facility	Mar. 29, 2018
Debt Disclosure [Abstract]
Credit Facility	Note 5 – Credit Facility On July 7, 2017, we entered into the Eighth Amendment to our Credit Facility which eliminated the quarterly restriction on cash dividends and distributions and allows the Company to, without obtaining lender consent, make up to four cash dividends or distributions on our stock per fiscal year, or purchase, acquire, redeem or retire stock in any fiscal year, in an amount not to exceed $60,000 in the aggregate per fiscal year, as long as no default or event of default exists and the excess availability under the Credit Facility remains over $30,000 immediately before and after giving effect to any such dividend, distribution, purchase or redemption. On November 29, 2017, we entered into the Consent and Ninth Amendment to our Credit Agreement (the “Ninth Amendment”). The Ninth Amendment provides lender consent for us to incur unsecured debt (in particular, the Promissory Note) in connection with our acquisition of the Squirrel Brand business, and for: (i) the incurrence of unsecured debt in connection with the Acquisition and (ii) the Acquisition to constitute a “Permitted Acquisition” under the terms of the Credit Agreement. The Ninth Amendment also modified our collateral reporting requirements. At March 29, 2018, we had $57,671 of available credit under the Credit Facility which reflects borrowings of $56,579 and reduced availability as a result of $3,250 in outstanding letters of credit. As of March 29, 2018, we were in compliance with all financial covenants under the Credit Facility and Mortgage Facility.

Earnings Per Common Share

9 Months Ended

Mar. 29, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share

Note 6 – 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 29, 2018		March 30, 2017		March 29, 2018		March 30, 2017
Weighted average number of shares outstanding – basic		11,399,492		11,347,920		11,375,437		11,306,251
Effect of dilutive securities:
Stock options and restricted stock units		54,056		76,878		65,234		86,652

Weighted average number of shares outstanding – diluted		11,453,548		11,424,798		11,440,671		11,392,903

There were no anti-dilutive awards excluded from the computation of diluted earnings per share for the current quarter and thirty-nine week periods presented.

Stock-Based Compensation Plans

9 Months Ended

Mar. 29, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans

Note 7 – Stock-Based Compensation Plans

The following is a summary of restricted stock unit (“RSU”) activity for the first thirty-nine weeks of fiscal 2018:


Restricted Stock Units	Shares			Weighted Average Grant Date Fair Value
Outstanding at June 29, 2017		201,858		$	40.36
Activity:
Granted		60,582			54.41
Vested ^(a)		(73,372	)		36.52
Forfeited		—			—

Outstanding at March 29, 2018		189,068		$	46.35

^(a)	The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements.

At March 29, 2018, there are 61,008 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 29, 2018		March 30, 2017		March 29, 2018		March 30, 2017
Stock-based compensation expense	$	751	$	536	$	2,180	$	1,964

As of March 29, 2018, there was $4,124 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 1.7 years.

Stock option activity was insignificant during the first thirty-nine weeks of fiscal 2018.

Dividends	9 Months Ended
Dividends	Mar. 29, 2018
Text Block [Abstract]
Dividends	Note 8 – Dividends On July 11, 2017, our Board of Directors, after considering the financial position of our Company and other factors, declared a special cash dividend of $2.00 per share and a regular annual cash dividend of $0.50 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “July 2017 Dividends”). The July 2017 Dividends of approximately $28,370 were paid on August 15, 2017 to stockholders of record as of the close of business on August 2, 2017.

Retirement Plan

9 Months Ended

Mar. 29, 2018

Retirement Benefits [Abstract]

Retirement Plan

Note 9 – Retirement Plan

The Supplemental Employee Retirement Plan is an unfunded, non-qualified benefit 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. The components of net periodic benefit cost are as follows:


	For the Quarter Ended				For the Thirty-Nine Weeks Ended
	March 29, 2018		March 30, 2017		March 29, 2018		March 30, 2017
Service cost	$	152	$	157	$	456	$	473
Interest cost		213		203		638		608
Amortization of prior service cost		239		239		718		718
Amortization of loss		40		92		121		274

Net periodic benefit cost	$	644	$	691	$	1,933	$	2,073

The components of net periodic benefit cost other than the service cost component are included in the line item “Other expense” in the Consolidated Statements of Comprehensive Income.

Accumulated Other Comprehensive Loss

9 Months Ended

Mar. 29, 2018

Equity [Abstract]

Accumulated Other Comprehensive Loss

Note 10 – Accumulated Other Comprehensive Loss

The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the thirty-nine weeks ended March 29, 2018 and March 30, 2017. These changes are all related to our defined benefit pension plan.


Changes to AOCL ^(a)	For the Thirty-Nine Weeks Ended
Changes to AOCL ^(a)	March 29, 2018			March 30, 2017
Balance at beginning of period	$	(4,404	)	$	(6,425	)
Other comprehensive income before reclassifications		—			—
Amounts reclassified from accumulated other comprehensive loss		839			992
Tax effect		(288	)		(377	)

Net current-period other comprehensive income		551			615

Balance at end of period	$	(3,853	)	$	(5,810	)

^(a)	Amounts in parenthesis indicate debits/expense.

The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 29, 2018 and March 30, 2017 were as follows:


													Affected line item in the Consolidated Statements of Comprehensive Income
Reclassifications from AOCL to earnings ^(b)	For the Quarter Ended						For the Thirty-Nine Weeks Ended
Reclassifications from AOCL to earnings ^(b)	March 29, 2018			March 30, 2017			March 29, 2018			March 30, 2017
Amortization of defined benefit pension items:
Unrecognized prior service cost	$	(239	)	$	(239	)	$	(718	)	$	(718	)	Other expense
Unrecognized net loss		(40	)		(92	)		(121	)		(274	)	Other expense

Total before tax		(279	)		(331	)		(839	)		(992	)
Tax effect		69			126			288			377		Income tax expense

Amortization of defined pension items, net of tax	$	(210	)	$	(205	)	$	(551	)	$	(615	)

^(b)	Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.

Income Taxes	9 Months Ended
Income Taxes	Mar. 29, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 11 – Income Taxes Income tax expense as a percent of pre-tax income (the “Effective Tax Rate”) for the quarter ended March 29, 2018 was 29.7% compared to an Effective Tax Rate of 31.1% for the quarter ended March 30, 2017. The Effective Tax Rate for the thirty-nine weeks ended March 29, 2018 was 33.7% compared to an Effective Tax Rate of 32.5% for the thirty-nine weeks ended March 30, 2017. The increase in the Effective Tax Rate for the thirty-nine weeks ended March 29, 2018 was primarily related to the re-measurement of our net deferred tax assets incorporating the new federal income tax rate. H.R.1, originally known as the Tax Cuts and Jobs Act of 2017, was enacted on December 22, 2017, and includes, among other items, a reduction in the federal corporate income tax rate from 35% to 21%, which will have a material favorable impact on our effective income tax rate and cash income taxes paid going forward. Because we have a June fiscal year-end, the lower corporate income tax rate will be phased in during the 2018 calendar year, resulting in a U.S. statutory federal rate of approximately 28% for our fiscal year ending June 28, 2018, and 21% for subsequent fiscal years. Our net deferred tax asset balances are recorded at the tax rate expected to be in effect during the period in which the related temporary differences reverse. Therefore, this reduction in the corporate federal income tax rate required a non-cash reduction of our net deferred tax asset balances and a corresponding increase in income tax expense of $2,480 during the thirty-nine weeks ended March 29, 2018. We scheduled out the expected reversal of temporary differences, including anticipated changes in our pension accrual and fixed asset acquisitions for the next three months, which required the use of reasonable estimates. Actual results could differ from those estimates, and thus further adjustment of our deferred tax asset balances are possible. Windfall tax benefits related to the excess tax deduction of share-based compensation of $512 for the thirty-nine weeks ended March 29, 2018 partially offset the impact of the reduction of the corporate tax rate.

Commitments and Contingent Liabilities	9 Months Ended
Commitments and Contingent Liabilities	Mar. 29, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Note 12 – Commitments and Contingent Liabilities We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows. We are subject to a class-action complaint for an employment related matter. Mediation for this matter occurred in fiscal 2017. In August 2017, we agreed in principle to a $1,200 settlement for which we were fully reserved at June 29, 2017. The non-monetary components of the settlement are still being finalized.

Fair Value of Financial Instruments

9 Months Ended

Mar. 29, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 13 – 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 29, 2018		June 29, 2017		March 30, 2017
Carrying value of long-term debt:	$	36,428	$	28,808	$	29,671
Fair value of long-term debt:		35,409		29,316		30,186

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transaction	9 Months Ended
Related Party Transaction	Mar. 29, 2018
Related Party Transactions [Abstract]
Related Party Transaction	Note 14 – Related Party Transaction In connection with the Acquisition on November 30, 2017, we incurred $11,500 of unsecured debt to the principal owner and seller of the Squirrel Brand business, who was subsequently appointed as an executive officer of the Company. The interest rate on the Promissory Note is 5.5% per annum and the outstanding balance at March 29, 2018 was $10,222. Interest paid on the Promissory Note for the quarter and thirty-nine weeks ended March 29, 2018 was $149 and $202 respectively.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Mar. 29, 2018
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 15 – Recent Accounting Pronouncements The following recent accounting pronouncements have been adopted in the current fiscal year: In 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 (interest cost, amortization of prior service cost and amortization of unrecognized loss) must be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable (for example, as a cost of internally manufactured inventory or a self-constructed asset). 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 adopted ASU 2017-07 in the first quarter of fiscal 2018. Service cost continues to be presented as a component of Administrative expense while the remaining components of net periodic benefit cost (interest cost, amortization of prior service cost and amortization of unrecognized loss) are now presented below the caption Other expense on the Consolidated Statements of Comprehensive Income. Adoption of this update required a reclassification of $534 and $1,600 in the prior year third quarter and thirty-nine week period, respectively, from Administrative expense to Other expense. 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 amends 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 is effective for the Company in fiscal 2018 and requires retrospective application. The adoption of ASU 2016-17 did not have any impact to our Consolidated Financial Statements. In July 2015, the FASB issued ASU No. 2015-11 “Inventory (Topic 330): Simplifying the Measurement of Inventory”. This update applies to inventory measured using first-in, first-out or average cost and requires inventory be measured at the lower of cost and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss in earnings in the period in which it occurs. That loss may be required, for example, due to damage, physical deterioration, obsolescence, changes in price levels, or other causes. This update became effective for the Company beginning in fiscal year 2018 with prospective application required. The adoption of ASU 2015-11 did not have any impact to our Consolidated Financial Statements. The following recent accounting pronouncements have not yet been adopted: In February 2018, the FASB issued ASU No. 2018-02 “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The amendments in this Update allow a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this Update also require certain disclosures about stranded tax effects. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. This update is effective beginning in fiscal 2020 and we do not expect this update to have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued ASC Update No. 2017-04 “Intangibles – Goodwill and Other Topics (Topic 350): Simplifying the Test for Goodwill Impairment”. The purpose of this update is to reduce the cost and complexity of evaluating goodwill for impairment. It eliminates the need for entities to calculate the impaired fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination, commonly referred to as “Step 2”. Under this amendment, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value. This update is effective beginning in fiscal 2021. We do not expect this update to have a material impact on our Consolidated Financial Statements. 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 No. 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. This guidance must be adopted using a modified retrospective approach and early adoption is permitted. 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 have completed our initial analysis of this accounting standard update which included a review of all material customer contracts and currently do not anticipate any material changes to our revenue recognition compared to current GAAP. We are currently evaluating the method of adoption.

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 29, 2018
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	The following recent accounting pronouncements have been adopted in the current fiscal year: In March 2017, the FASB issued ASU No. 2017-07 “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. 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 (interest cost, amortization of prior service cost and amortization of unrecognized loss) must be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable (for example, as a cost of internally manufactured inventory or a self-constructed asset). 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 adopted ASU 2017-07 in the first quarter of fiscal 2018. Service cost continues to be presented as a component of Administrative expense while the remaining components of net periodic benefit cost (interest cost, amortization of prior service cost and amortization of unrecognized loss) are now presented below the caption Other expense on the Consolidated Statements of Comprehensive Income. Adoption of this update required a reclassification of $534 and $1,600 in the prior year third quarter and thirty-nine week period, respectively, from Administrative expense to Other expense. 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 amends 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 is effective for the Company in fiscal 2018 and requires retrospective application. The adoption of ASU 2016-17 did not have any impact to our Consolidated Financial Statements. In July 2015, the FASB issued ASU No. 2015-11 “Inventory (Topic 330): Simplifying the Measurement of Inventory”. This update applies to inventory measured using first-in, first-out or average cost and requires inventory be measured at the lower of cost and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss in earnings in the period in which it occurs. That loss may be required, for example, due to damage, physical deterioration, obsolescence, changes in price levels, or other causes. This update became effective for the Company beginning in fiscal year 2018 with prospective application required. The adoption of ASU 2015-11 did not have any impact to our Consolidated Financial Statements. The following recent accounting pronouncements have not yet been adopted: In February 2018, the FASB issued ASU No. 2018-02 “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The amendments in this Update allow a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this Update also require certain disclosures about stranded tax effects. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. This update is effective beginning in fiscal 2020 and we do not expect this update to have a material impact on our Consolidated Financial Statements. In January 2017, the FASB issued ASC Update No. 2017-04 “Intangibles – Goodwill and Other Topics (Topic 350): Simplifying the Test for Goodwill Impairment”. The purpose of this update is to reduce the cost and complexity of evaluating goodwill for impairment. It eliminates the need for entities to calculate the impaired fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination, commonly referred to as “Step 2”. Under this amendment, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value. This update is effective beginning in fiscal 2021. We do not expect this update to have a material impact on our Consolidated Financial Statements. 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 No. 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. This guidance must be adopted using a modified retrospective approach and early adoption is permitted. 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 have completed our initial analysis of this accounting standard update which included a review of all material customer contracts and currently do not anticipate any material changes to our revenue recognition compared to current GAAP. We are currently evaluating the method of adoption.

Inventories (Tables)

9 Months Ended

Mar. 29, 2018

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consist of the following:


	March 29, 2018		June 29, 2017		March 30, 2017
Raw material and supplies	$	103,332	$	79,609	$	112,978
Work-in-process and finished goods		81,550		102,811		88,420

Total	$	184,882	$	182,420	$	201,398

Acquisition of Squirrel Brand L.P. (Tables)

9 Months Ended

Mar. 29, 2018

Business Combinations [Abstract]

Summary of Purchase Price Allocated on Preliminary Basis

The total purchase price of $33,227 has been allocated on a preliminary basis to the fair values of the assets acquired and liabilities assumed as follows:


Accounts receivable	$	2,362
Inventories		1,957
Other assets		63
Identifiable intangible assets:
Customer relationships		10,500
Brand names		8,900
Non-compete agreement		270
Goodwill		9,650
Accounts payable and accrued expenses		(475	)

Total Purchase Price	$	33,227

Summary of Unaudited Pro Forma Results of Operations of Company's Acquisition at Beginning

The following reflects the unaudited pro forma results of operations of the Company as if the Acquisition had taken place at the beginning of fiscal 2017. This pro forma information does not purport to represent what the Company’s actual results would have been if the Acquisition had occurred as of the date indicated or what such results would be for any future periods.


	Year-Ended June 29, 2017		Thirty-Nine weeks ended March 29, 2018
Pro forma net sales	$	863,267	$	682,235
Pro forma net income		36,723		27,393
Pro forma diluted earnings per share	$	3.22	$	2.39

Goodwill and Intangible Assets (Tables)

9 Months Ended

Mar. 29, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Identifiable Intangible Assets

Identifiable intangible assets that are subject to amortization, which resulted entirely from the Acquisition, are based on our preliminary purchase price allocation and consist of the following at March 29, 2018:


	March 29, 2018			Weighted-average amortization period (years)
Customer relationships	$	10,500			7.5
Brand names		8,900			13.8
Non-compete agreement		270			5.0

		19,670			11.3
Less accumulated amortization:
Customer relationships		(923	)
Brand names		(230	)
Non-compete agreement		(18	)

		(1,171	)

Net intangible assets	$	18,499

Summary of Expected Amortization Expense

Amortization expense for the remainder of fiscal 2018, based on our preliminary purchase price allocation, is expected to be approximately $843 and expected amortization expense the next five fiscal years is as follows:


Fiscal year ending
June 27, 2019	$	3,028
June 25, 2020		2,500
June 24, 2021		2,162
June 30, 2022		1,894
June 29, 2023		1,659

Summary of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill during the thirty-nine weeks ended March 29, 2018 are as follows:


Net balance at June 29, 2017	$	—
Goodwill acquired during fiscal 2018		9,650

Net balance at March 29, 2018	$	9,650

Earnings Per Common Share (Tables)

9 Months Ended

Mar. 29, 2018

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 29, 2018		March 30, 2017		March 29, 2018		March 30, 2017
Weighted average number of shares outstanding – basic		11,399,492		11,347,920		11,375,437		11,306,251
Effect of dilutive securities:
Stock options and restricted stock units		54,056		76,878		65,234		86,652

Weighted average number of shares outstanding – diluted		11,453,548		11,424,798		11,440,671		11,392,903

Stock-Based Compensation Plans (Tables)

9 Months Ended

Mar. 29, 2018

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 2018:


Restricted Stock Units	Shares			Weighted Average Grant Date Fair Value
Outstanding at June 29, 2017		201,858		$	40.36
Activity:
Granted		60,582			54.41
Vested ^(a)		(73,372	)		36.52
Forfeited		—			—

Outstanding at March 29, 2018		189,068		$	46.35

^(a)	The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements.

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 29, 2018		March 30, 2017		March 29, 2018		March 30, 2017
Stock-based compensation expense	$	751	$	536	$	2,180	$	1,964

Retirement Plan (Tables)

9 Months Ended

Mar. 29, 2018

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

The components of net periodic benefit cost are as follows:


	For the Quarter Ended				For the Thirty-Nine Weeks Ended
	March 29, 2018		March 30, 2017		March 29, 2018		March 30, 2017
Service cost	$	152	$	157	$	456	$	473
Interest cost		213		203		638		608
Amortization of prior service cost		239		239		718		718
Amortization of loss		40		92		121		274

Net periodic benefit cost	$	644	$	691	$	1,933	$	2,073

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Mar. 29, 2018

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 29, 2018 and March 30, 2017. These changes are all related to our defined benefit pension plan.


Changes to AOCL ^(a)	For the Thirty-Nine Weeks Ended
Changes to AOCL ^(a)	March 29, 2018			March 30, 2017
Balance at beginning of period	$	(4,404	)	$	(6,425	)
Other comprehensive income before reclassifications		—			—
Amounts reclassified from accumulated other comprehensive loss		839			992
Tax effect		(288	)		(377	)

Net current-period other comprehensive income		551			615

Balance at end of period	$	(3,853	)	$	(5,810	)

^(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 29, 2018 and March 30, 2017 were as follows:


													Affected line item in the Consolidated Statements of Comprehensive Income
Reclassifications from AOCL to earnings ^(b)	For the Quarter Ended						For the Thirty-Nine Weeks Ended
Reclassifications from AOCL to earnings ^(b)	March 29, 2018			March 30, 2017			March 29, 2018			March 30, 2017
Amortization of defined benefit pension items:
Unrecognized prior service cost	$	(239	)	$	(239	)	$	(718	)	$	(718	)	Other expense
Unrecognized net loss		(40	)		(92	)		(121	)		(274	)	Other expense

Total before tax		(279	)		(331	)		(839	)		(992	)
Tax effect		69			126			288			377		Income tax expense

Amortization of defined pension items, net of tax	$	(210	)	$	(205	)	$	(551	)	$	(615	)

^(b)	Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 29, 2018

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 29, 2018		June 29, 2017		March 30, 2017
Carrying value of long-term debt:	$	36,428	$	28,808	$	29,671
Fair value of long-term debt:		35,409		29,316		30,186

Basis of Presentation and Description of Business - Additional Information (Detail)	9 Months Ended
	Mar. 29, 2018 Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of distribution channels	3

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Mar. 29, 2018	Jun. 29, 2017	Mar. 30, 2017
Inventory Disclosure [Abstract]
Raw material and supplies	$ 103,332	$ 79,609	$ 112,978
Work-in-process and finished goods	81,550	102,811	88,420
Total	$ 184,882	$ 182,420	$ 201,398

Acquisition of Squirrel Brand L.P. - Additional Information (Detail) - USD ($) $ in Thousands		9 Months Ended
	Nov. 30, 2017	Mar. 29, 2018
Acquisition Date [Line Items]
Weighted-average life		11 years 3 months 19 days
Business acquisition, transaction costs		$ 500
Squirrel Brand [Member]
Acquisition Date [Line Items]
Business acquisition, purchase price before working capital adjustment	$ 31,500
Date of acquisition	Nov. 30, 2017
Business acquisition, purchase price	$ 33,227
Purchase price paid in cash	21,727
Net sales resulting from the acquisition		$ 15,065
Squirrel Brand [Member] \| Customer Relationships [Member]
Acquisition Date [Line Items]
Weighted-average life		7 years 6 months
Squirrel Brand [Member] \| Brand Names [Member]
Acquisition Date [Line Items]
Weighted-average life		13 years 9 months 18 days
Squirrel Brand [Member] \| Unsecured Promissory Note [Member]
Acquisition Date [Line Items]
Purchase price financed by seller through unsecured promissory note	$ 11,500
Purchase price financed by seller through unsecured promissory note,term	3 years
Purchase price financed by seller through unsecured promissory note,interest rate	5.50%
Unsecured promissory note, periodic payment, principal	$ 319
Unsecured promissory note, periodic payment,commencement date	2018-01

Acquisition of Squirrel Brand L.P. - Summary of Purchase Price Allocated on Preliminary Basis (Detail) - Squirrel Brand [Member] $ in Thousands	Nov. 30, 2017 USD ($)
Business Acquisition [Line Items]
Accounts receivable	$ 2,362
Inventories	1,957
Other assets	63
Goodwill	9,650
Accounts payable and accrued expenses	(475)
Total Purchase Price	33,227
Customer Relationships [Member]
Business Acquisition [Line Items]
Identifiable intangible assets	10,500
Brand Names [Member]
Business Acquisition [Line Items]
Identifiable intangible assets	8,900
Non-compete Agreement [Member]
Business Acquisition [Line Items]
Identifiable intangible assets	$ 270

Acquisition of Squirrel Brand L.P. - Summary of Unaudited Pro Forma Results of Operations of Company's Acquisition at Beginning (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 29, 2018	Jun. 29, 2017
Business Acquisition, Pro Forma Information [Abstract]
Pro forma net sales	$ 682,235	$ 863,267
Pro forma net income	$ 27,393	$ 36,723
Pro forma diluted earnings per share	$ 2.39	$ 3.22

Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 29, 2018	Jun. 29, 2017	Mar. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 19,670	$ 18,690
Less accumulated amortization:
Total accumulated amortization	(1,171)
Net intangible assets	$ 18,499		$ 233
Weighted-average amortization period	11 years 3 months 19 days
Customer Relationships [Member] \| Squirrel Brand [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 10,500
Less accumulated amortization:
Total accumulated amortization	$ (923)
Weighted-average amortization period	7 years 6 months
Brand Names [Member] \| Squirrel Brand [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 8,900
Less accumulated amortization:
Total accumulated amortization	$ (230)
Weighted-average amortization period	13 years 9 months 18 days
Non-compete Agreement [Member] \| Squirrel Brand [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross	$ 270
Less accumulated amortization:
Total accumulated amortization	$ (18)
Weighted-average amortization period	5 years

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 29, 2018	Mar. 29, 2018	Jun. 29, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 19,670	$ 19,670	$ 18,690
Expected amortization expense for remainder of fiscal 2018	843	843
Amortization expense related to intangible assets	842	1,171
Goodwill related to acquisition of Squirrel Brand	9,650	9,650
Squirrel Brand [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill related to acquisition of Squirrel Brand	$ 9,650	$ 9,650

Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail) $ in Thousands	Mar. 29, 2018 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
June 27, 2019	$ 3,028
June 25, 2020	2,500
June 24, 2021	2,162
June 30, 2022	1,894
June 29, 2023	$ 1,659

Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	9 Months Ended
	Mar. 29, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired during fiscal 2018	$ 9,650
Ending balance	$ 9,650

Credit Facility - Additional Information (Detail)	Jul. 07, 2017 USD ($) Dividends	Mar. 29, 2018 USD ($)
Eighth Amendment To Credit Agreement [Member]
Debt Instrument [Line Items]
Excess availability required under the credit facility	$ 30,000,000
Eighth Amendment To Credit Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Aggregate amount of dividends that can be declared without bank consent	$ 60,000,000
Number of cash or stock dividends that may be declared in each quarter without obtaining bank consent \| Dividends	4
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available credit under the Credit Facility		$ 57,671,000
Revolving credit facility borrowings		56,579,000
Outstanding letters of credit		$ 3,250,000

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. 29, 2018	Mar. 30, 2017	Mar. 29, 2018	Mar. 30, 2017
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number of shares outstanding - basic	11,399,492	11,347,920	11,375,437	11,306,251
Effect of dilutive securities:
Stock options and restricted stock units	54,056	76,878	65,234	86,652
Weighted average number of shares outstanding - diluted	11,453,548	11,424,798	11,440,671	11,392,903

Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended	9 Months Ended
	Mar. 29, 2018	Mar. 29, 2018
Anti Dilutive Shares [Abstract]
Anti-dilutive awards excluded from computation of diluted earnings per share	0	0

Stock-Based Compensation Plans - Summary of Restricted Stock Unit RSU Activity (Detail)	9 Months Ended
	Mar. 29, 2018 $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding beginning balance, Shares \| shares	201,858
Granted, Shares \| shares	60,582
Vested, Shares \| shares	(73,372)
Forfeited, Shares \| shares	0
Outstanding ending balance, Shares \| shares	189,068
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 40.36
Granted, Weighted-Average Grant-Date Fair Value \| $ / shares	54.41
Vested, Weighted-Average Grant-Date Fair Value \| $ / shares	36.52
Forfeited, Weighted-Average Grant-Date Fair Value \| $ / shares	0
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 46.35

Stock-Based Compensation Plans - Additional Information (Detail) $ in Thousands	9 Months Ended
	Mar. 29, 2018 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested share-based compensation \| $	$ 4,124
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation	1 year 8 months 12 days
Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested \| shares	61,008

Stock-Based Compensation Plans - Summary of Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2018	Mar. 30, 2017	Mar. 29, 2018	Mar. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	$ 751	$ 536	$ 2,180	$ 1,964

Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Aug. 15, 2017	Jul. 11, 2017	Mar. 29, 2018	Mar. 30, 2017
Equity [Abstract]
Dividend payable date, declared day		Jul. 11, 2017
Special cash dividend		$ 2.00
Annual common stock dividend declared		$ 0.50	$ 2.50	$ 5.00
Dividend paid	$ 28,370		$ 28,370	$ 56,464
Dividend paid date		Aug. 15, 2017
Stockholders of record date		Aug. 02, 2017

Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2018	Mar. 30, 2017	Mar. 29, 2018	Mar. 30, 2017
Retirement Benefits [Abstract]
Service cost	$ 152	$ 157	$ 456	$ 473
Interest cost	213	203	638	608
Amortization of prior service cost	239	239	718	718
Amortization of loss	40	92	121	274
Net periodic benefit cost	$ 644	$ 691	$ 1,933	$ 2,073

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2018	Mar. 30, 2017	Mar. 29, 2018	Mar. 30, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			$ (4,404)	$ (6,425)
Other comprehensive income before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive loss	$ 279	$ 331	839	992
Tax effect			(288)	(377)
Other comprehensive income, net of tax	210	205	551	615
Balance at end of period	$ (3,853)	$ (5,810)	$ (3,853)	$ (5,810)

Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2018	Mar. 30, 2017	Mar. 29, 2018	Mar. 30, 2017
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrecognized prior service cost	$ (239)	$ (239)	$ (718)	$ (718)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrecognized net loss	(40)	(92)	(121)	(274)
Amortization of Defined Benefit Pension Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amortization of pension items before tax	(279)	(331)	(839)	(992)
Income tax expense	69	126	288	377
Amortization of defined pension items, net of tax	$ (210)	$ (205)	$ (551)	$ (615)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 29, 2018	Dec. 22, 2017	Dec. 21, 2017	Mar. 29, 2018	Mar. 30, 2017	Mar. 29, 2018	Mar. 30, 2017	Jun. 28, 2018
Income Tax Disclosure [Line Items]
Effective tax rate				29.70%	31.10%	33.70%	32.50%
Federal corporate income tax rate		21.00%	35.00%
Increase in income tax expense						$ 2,480
Excess tax benefits						$ 512
Scenario Forecast [Member]
Income Tax Disclosure [Line Items]
Federal corporate income tax rate	21.00%							28.00%

Commitments and Contingent Liabilities - Additional Information (Detail) $ in Thousands	Aug. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation settlement amount	$ 1,200

Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long Term Debt (Detail) - USD ($) $ in Thousands	Mar. 29, 2018	Jun. 29, 2017	Mar. 30, 2017
Fair Value Disclosures [Abstract]
Carrying value of long-term debt:	$ 36,428	$ 28,808	$ 29,671
Fair value of long-term debt:	$ 35,409	$ 29,316	$ 30,186

Related Party Transaction - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Nov. 30, 2017	Mar. 29, 2018	Mar. 29, 2018
Related Party Transaction [Line Items]
Purchase price financed by seller through unsecured promissory note	$ 11,500
Interest rate on promissory note		5.50%	5.50%
Outstanding balance of promissory note		$ 10,222	$ 10,222
Promissory Note [Member]
Related Party Transaction [Line Items]
Interest paid on promissory note		$ 149	$ 202

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 29, 2017	Mar. 29, 2017
Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of administrative expense to other expense	$ 534	$ 1,600