SANFILIPPO JOHN B & SON INC, 10-Q filed on 27 Apr 22
v3.22.1
Cover Page - shares
9 Months Ended
Mar. 24, 2022
Apr. 22, 2022
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 24, 2022  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Trading Symbol JBSS  
Entity Registrant Name SANFILIPPO JOHN B & SON INC  
Security Exchange Name NASDAQ  
Entity Interactive Data Current Yes  
Entity Central Index Key 0000880117  
Current Fiscal Year End Date --06-30  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Title of 12(b) Security Common Stock  
Entity Address, State or Province IL  
Entity File Number 0-19681  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-2419677  
Entity Address, Address Line One 1703 North Randall Road  
Entity Address, City or Town Elgin  
Entity Address, Postal Zip Code 60123-7820  
City Area Code (847)  
Local Phone Number 289-1800  
Document Quarterly Report true  
Document Transition Report false  
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   8,928,520
Class A Common Stock [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,597,426
v3.22.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 24, 2022
Mar. 25, 2021
Mar. 24, 2022
Mar. 25, 2021
Statement of Comprehensive Income [Abstract]        
Net sales $ 218,584 $ 207,892 $ 698,120 $ 651,740
Cost of sales 179,175 161,846 554,678 513,567
Gross profit 39,409 46,046 143,442 138,173
Operating expenses:        
Selling expenses 15,584 15,090 56,896 44,868
Administrative expenses 6,401 9,859 25,871 25,539
Gain on sale of facility, net 0 0 (2,349) 0
Total operating expenses 21,985 24,949 80,418 70,407
Income from operations 17,424 21,097 63,024 67,766
Other expense:        
Interest expense including $199, $162, $591 and $494 to related parties 531 309 1,322 1,135
Rental and miscellaneous expense, net 403 379 1,074 1,176
Other expense 618 630 1,855 1,889
Total other expense, net 1,552 1,318 4,251 4,200
Income before income taxes 15,872 19,779 58,773 63,566
Income tax expense 3,995 5,078 14,400 16,168
Net income 11,877 14,701 44,373 47,398
Other comprehensive income:        
Amortization of prior service cost and actuarial loss included in net periodic pension cost 363 416 1,091 1,246
Income tax expense related to pension adjustments (94) (104) (284) (311)
Other comprehensive income, net of tax 269 312 807 935
Comprehensive income $ 12,146 $ 15,013 $ 45,180 $ 48,333
Net income per common share-basic $ 1.03 $ 1.28 $ 3.85 $ 4.12
Net income per common share-diluted $ 1.02 $ 1.27 $ 3.83 $ 4.10
v3.22.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 24, 2022
Mar. 25, 2021
Mar. 24, 2022
Mar. 25, 2021
Statement of Comprehensive Income [Abstract]        
Interest expense to related parties $ 199 $ 162 $ 591 $ 494
v3.22.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 24, 2022
Jun. 24, 2021
Mar. 25, 2021
CURRENT ASSETS:      
Cash $ 667 $ 672 $ 1,043
Accounts receivable, less allowance for doubtful accounts of $280, $291 and $291 68,704 66,334 64,502
Inventories 211,127 147,998 151,757
Prepaid expenses and other current assets 7,653 8,568 6,481
Assets held for sale 0 1,595 0
TOTAL CURRENT ASSETS 288,151 225,167 223,783
PROPERTY, PLANT AND EQUIPMENT:      
Land 9,150 9,150 9,277
Buildings 102,810 102,666 110,739
Machinery and equipment 230,842 225,529 225,583
Furniture and leasehold improvements 5,296 5,287 5,322
Vehicles 614 614 604
Construction in progress 18,077 12,301 9,662
Property, plant and equipment gross 366,789 355,547 361,187
Less: Accumulated depreciation 249,358 238,471 247,812
Property, plant and equipment net 117,431 117,076 113,375
Rental investment property, less accumulated depreciation of $13,431, $12,825 and $12,623 15,692 16,298 16,500
TOTAL PROPERTY, PLANT AND EQUIPMENT 133,123 133,374 129,875
Intangible assets, net 8,509 9,961 10,464
Cash surrender value of officers' life insurance and other assets 6,472 10,732 9,647
Deferred income taxes 5,104 6,087 5,051
Goodwill 9,650 9,650 9,650
Operating lease right-of-use assets 2,570 3,484 3,758
TOTAL ASSETS 453,579 398,455 392,228
CURRENT LIABILITIES:      
Revolving credit facility borrowings 65,863 8,653 26,005
Current maturities of long-term debt, including related party debt of $600, $627 and $616 and net of unamortized debt issuance costs of $7, $15 and $17 3,961 3,875 3,828
Accounts payable 48,918 48,861 43,684
Bank overdraft 1,314 1,093 1,509
Accrued payroll and related benefits 12,646 24,109 19,224
Other accrued expenses 13,113 13,613 12,422
TOTAL CURRENT LIABILITIES 145,815 100,204 106,672
LONG-TERM LIABILITIES:      
Long-term debt, less current maturities, including related party debt of $7,933, $8,320 and $8,481and net of unamortized debt issuance costs of $0, $4 and $7 7,933 10,855 11,842
Retirement plan 35,935 34,919 32,433
Long-term operating lease liabilities, net of current portion 1,241 2,103 2,359
Other 7,876 7,880 8,019
TOTAL LONG-TERM LIABILITIES 52,985 55,757 54,653
TOTAL LIABILITIES 198,800 155,961 161,325
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:      
Capital in excess of par value 127,910 126,271 125,693
Retained earnings 136,175 126,336 113,993
Accumulated other comprehensive loss (8,218) (9,025) (7,695)
Treasury stock, at cost; 117,900 shares of Common Stock (1,204) (1,204) (1,204)
TOTAL STOCKHOLDERS' EQUITY 254,779 242,494 230,903
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 453,579 398,455 392,228
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 $ 90 $ 90 $ 90
v3.22.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 24, 2022
Jun. 24, 2021
Mar. 25, 2021
Allowance for doubtful accounts for accounts receivable, current $ 280 $ 291 $ 291
Accumulated depreciation of rental investment property 13,431 12,825 12,623
Current maturities of long-term debt, related party debt 600 627 616
Unamortized debt issuance costs, current 7 15 17
Related party debt, Non-current 7,933 8,320 8,481
Unamortized debt issuance costs, noncurrent $ 0 $ 4 $ 7
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 9,046,420 8,988,812 8,988,812
v3.22.1
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Capital in Excess of Par Value [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Treasury Stock [Member]
Class A Common Stock [Member]
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
Balance at Jun. 25, 2020 $ 238,238 $ 123,899 $ 124,058 $ (8,630) $ (1,204) $ 26 $ 89
Balance, Shares at Jun. 25, 2020           2,597,426 8,939,890
Net income 12,812   12,812        
Cash dividends (28,685)   (28,685)        
Pension liability amortization, net of income tax expense 312     312      
Equity award exercises, net of shares withheld for employee taxes 0 0         $ 0
Equity award exercises, net of shares withheld for employee taxes, shares             221
Stock-based compensation expense 622 622          
Balance at Sep. 24, 2020 223,299 124,521 108,185 (8,318) (1,204) $ 26 $ 89
Balance, Shares at Sep. 24, 2020           2,597,426 8,940,111
Balance at Jun. 25, 2020 238,238 123,899 124,058 (8,630) (1,204) $ 26 $ 89
Balance, Shares at Jun. 25, 2020           2,597,426 8,939,890
Net income 47,398            
Balance at Mar. 25, 2021 230,903 125,693 113,993 (7,695) (1,204) $ 26 $ 90
Balance, Shares at Mar. 25, 2021           2,597,426 8,988,812
Balance at Sep. 24, 2020 223,299 124,521 108,185 (8,318) (1,204) $ 26 $ 89
Balance, Shares at Sep. 24, 2020           2,597,426 8,940,111
Net income 19,885   19,885        
Pension liability amortization, net of income tax expense 311     311      
Equity award exercises, net of shares withheld for employee taxes (486) (487)         $ 1
Equity award exercises, net of shares withheld for employee taxes, shares             43,477
Stock-based compensation expense 998 998          
Balance at Dec. 24, 2020 244,007 125,032 128,070 (8,007) (1,204) $ 26 $ 90
Balance, Shares at Dec. 24, 2020           2,597,426 8,983,588
Net income 14,701   14,701        
Cash dividends (28,778)   (28,778)        
Pension liability amortization, net of income tax expense 312     312      
Equity award exercises, net of shares withheld for employee taxes (49) (49)         $ 0
Equity award exercises, net of shares withheld for employee taxes, shares             5,224
Stock-based compensation expense 710 710          
Balance at Mar. 25, 2021 230,903 125,693 113,993 (7,695) (1,204) $ 26 $ 90
Balance, Shares at Mar. 25, 2021           2,597,426 8,988,812
Balance at Jun. 24, 2021 242,494 126,271 126,336 (9,025) (1,204) $ 26 $ 90
Balance, Shares at Jun. 24, 2021           2,597,426 8,988,812
Net income 19,249   19,249        
Cash dividends (34,534)   (34,534)        
Pension liability amortization, net of income tax expense 269     269      
Equity award exercises, net of shares withheld for employee taxes (16) (16)         $ 0
Equity award exercises, net of shares withheld for employee taxes, shares             1,168
Stock-based compensation expense 703 703          
Balance at Sep. 23, 2021 228,165 126,958 111,051 (8,756) (1,204) $ 26 $ 90
Balance, Shares at Sep. 23, 2021           2,597,426 8,989,980
Balance at Jun. 24, 2021 242,494 126,271 126,336 (9,025) (1,204) $ 26 $ 90
Balance, Shares at Jun. 24, 2021           2,597,426 8,988,812
Net income 44,373            
Balance at Mar. 24, 2022 254,779 127,910 136,175 (8,218) (1,204) $ 26 $ 90
Balance, Shares at Mar. 24, 2022           2,597,426 9,046,420
Balance at Sep. 23, 2021 228,165 126,958 111,051 (8,756) (1,204) $ 26 $ 90
Balance, Shares at Sep. 23, 2021           2,597,426 8,989,980
Net income 13,247   13,247        
Pension liability amortization, net of income tax expense 269     269      
Equity award exercises, net of shares withheld for employee taxes (946) (946)         $ 0
Equity award exercises, net of shares withheld for employee taxes, shares             54,980
Stock-based compensation expense 1,068 1,068          
Balance at Dec. 23, 2021 241,803 127,080 124,298 (8,487) (1,204) $ 26 $ 90
Balance, Shares at Dec. 23, 2021           2,597,426 9,044,960
Net income 11,877   11,877        
Pension liability amortization, net of income tax expense 269     269      
Equity award exercises, net of shares withheld for employee taxes (48) (48)         $ 0
Equity award exercises, net of shares withheld for employee taxes, shares             1,460
Stock-based compensation expense 878 878          
Balance at Mar. 24, 2022 $ 254,779 $ 127,910 $ 136,175 $ (8,218) $ (1,204) $ 26 $ 90
Balance, Shares at Mar. 24, 2022           2,597,426 9,046,420
v3.22.1
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended
Mar. 24, 2022
Dec. 23, 2021
Sep. 23, 2021
Mar. 25, 2021
Dec. 24, 2020
Sep. 24, 2020
Statement of Stockholders' Equity [Abstract]            
Cash dividends per common share $ 3.00 $ 2.50 $ 2.50
Pension liability amortization income tax expense $ 94 $ 95 $ 95 $ 104 $ 103 $ 104
v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 24, 2022
Mar. 25, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 44,373 $ 47,398
Depreciation and amortization 13,619 13,665
Gain on disposition of assets, net (1,754) (2,733)
Deferred income tax expense 983 1,737
Stock-based compensation expense 2,649 2,330
Change in assets and liabilities:    
Accounts receivable, net (2,370) (7,553)
Inventories (63,129) 20,311
Prepaid expenses and other current assets 915 1,834
Accounts payable 1,767 7,498
Accrued expenses (10,046) (6,138)
Income taxes payable (1,917) (3,727)
Other long-term assets and liabilities 532 605
Other, net 1,823 1,799
Net cash (used in) provided by operating activities (12,555) 77,026
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (12,836) (15,769)
Proceeds from insurance recoveries 0 2,506
Proceeds from dispositions of assets, net 3,950 299
Proceeds from the sale of life insurance policies 3,225 0
Other (827) (656)
Net cash used in investing activities (6,488) (13,620)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net short-term borrowings (repayments) 57,210 (1,003)
Principal payments on long-term debt (2,849) (4,365)
Increase (decrease) in bank overdraft 221 (532)
Dividends paid (34,534) (57,463)
Taxes paid related to net share settlement of equity awards (1,010) (535)
Net cash provided by (used in) financing activities 19,038 (63,898)
NET DECREASE IN CASH (5) (492)
Cash, beginning of period 672 1,535
Cash, end of period $ 667 $ 1,043
v3.22.1
Basis of Presentation and Description of Business
9 Months Ended
Mar. 24, 2022
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 2022 and fiscal 2021 are to the 53 week fiscal year ending June 30, 2022 and the 52 week fiscal year ended June 24, 2021, respectively.
 
   
References herein to the third quarter of fiscal 2022 and fiscal 2021 are to the quarters ended March 24, 2022 and March 25, 2021, respectively.
 
   
References herein to the first three quarters or first thirty-nine weeks of fiscal 2022 and fiscal 2021 are to the thirty-nine weeks ended March 24, 2022 and March 25, 2021, 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 our
Fisher, Orchard Valley Harvest,
Squirrel Brand, Southern Style Nuts
and
Sunshine Country
brand names and under a variety of private brands. 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, snack and trail mixes, snack bites, sunflower kernels, dried fruit, corn snacks, chickpea snacks, sesame sticks and other sesame snack products under our brand names and under private brands. Our products are sold through three primary distribution channels, 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, consolidated statements of stockholders’ equity and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.
The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 24, 2021 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 2021 Annual Report on Form
10-K
for the fiscal year ended June 24, 2021.
v3.22.1
Revenue Recognition
9 Months Ended
Mar. 24, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 2 – Revenue Recognition
We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For each customer contract, a five-step process is followed in which we identify the contract, identify performance obligations, determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when (or as) the performance obligation is transferred to the customer.
When Performance Obligations Are Satisfied
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are primarily for the delivery of raw and processed recipe and snack nuts, nut butters and trail mixes.
Our customer contracts do not include more than one performance obligation. If a contract were to contain more than one performance obligation, we are required to allocate the contract’s transaction price to each performance obligation based on its relative standalone selling price. The standalone selling price for each distinct good is generally determined by directly observable data.
Revenue recognition is generally completed at a point in time when product control is transferred to the customer. For virtually all of our revenues, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can then direct the use and obtain substantially all of the remaining benefits from the asset at that point in time. Therefore, the timing of our revenue recognition requires little judgment.
Variable Consideration
Some of our products are sold through specific incentive programs consisting of promotional allowances, volume and customer rebates,
in-store
display incentives and marketing allowances, among others, to consumer and some commercial ingredient customers. The ultimate cost of these programs is dependent on certain factors such as actual purchase volumes or customer activities and is dependent on significant management judgment when determining estimates. The Company accounts for these programs as variable consideration and recognizes a reduction in revenue (and a corresponding reduction in the transaction price) in the same period as the underlying program based upon the terms of the specific arrangements.
Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are also offered through various programs to customers and consumers. A provision for estimated trade promotions is recorded as a reduction of revenue (and a reduction in the transaction price) in the same period when the sale is recognized. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. Evaluating these estimates requires management judgment.
We generally use the most likely amount method to determine the variable consideration. We believe there will not be significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. The Company reviews and updates its estimates and related accruals of variable consideration and trade promotions at least quarterly based on the terms of the agreements and historical experience. Any uncertainties in the ultimate resolution of variable consideration due to factors outside of the Company’s influence are typically resolved within a short timeframe, therefore, no additional constraint on the variable consideration is required.
Contract Balances
Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. The contract asset balance at June 24, 2021 was $74 and was recorded in the caption “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. There was no contract asset balance for the other periods presented. The Company generally does not have material deferred revenue or contract liability balances arising from transactions with customers.
Disaggregation of Revenue
Revenue disaggregated by sales channel is as follows:
 
    
For the Quarter Ended
    
For the Thirty-Nine
Weeks Ended
 
Distribution Channel
  
March 24,

2022
    
March 25,

2021
    
March 24,

2022
    
March 25,

2021
 
Consumer
   $ 173,648      $ 169,415      $ 556,888      $ 528,201  
Commercial Ingredients
     25,514        21,052        81,426        64,399  
Contract Packaging
     19,422        17,425        59,806        59,140  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 218,584      $ 207,892      $ 698,120      $ 651,740  
    
 
 
    
 
 
    
 
 
    
 
 
 
v3.22.1
Leases
9 Months Ended
Mar. 24, 2022
Leases [Abstract]  
Leases
Note 3 – Leases
Description of Leases
We lease equipment used in the transportation of goods in our warehouses, as well as a limited number of automobiles and a small warehouse near our Bainbridge, Georgia facility. Our leases generally do not contain
non-lease
components and do not contain any explicit guarantees of residual value. Our leases for warehouse transportation equipment generally require the equipment to be returned to the lessor in good working order.
We determine if an arrangement is a lease at inception and analyze the lease to determine if it is operating or finance. Operating lease
right-of-use
assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease
right-of-use
assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental collateralized borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Implicit rates are used when readily determinable. None of our leases currently contain options to extend the term. In the event of an option to extend the term of a lease, the lease term used in measuring the liability would include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the respective lease term. Our leases have remaining terms of up to 4.9 years.
It is our accounting policy to not apply lease recognition requirements to short term leases, defined as leases with an initial term of 12 months or less. As such, leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet. We have also made the policy election to not separate lease and
non-lease
components for all leases.
The following table provides supplemental information related to operating lease
right-of-use
assets and liabilities:
 
 
  
March 24,

2022
 
  
June 24,

2021
 
  
March 25,

2021
 
  
Affected Line Item in
Consolidated Balance Sheet
Assets
  
     
  
     
  
     
  
 
Operating lease
right-of-use
assets
   $ 2,570      $ 3,484      $ 3,758     
Operating lease right-of-use assets
    
 
 
    
 
 
    
 
 
      
Total lease
right-of-use
assets
   $ 2,570      $ 3,484      $ 3,758       
    
 
 
    
 
 
    
 
 
      
Liabilities
                               
Current:
                               
Operating leases
   $ 1,355      $ 1,430      $ 1,449     
Other accrued expenses
Noncurrent:
                               
Operating leases
     1,241        2,103        2,359     
Long-term operating lease liabilities
    
 
 
    
 
 
    
 
 
      
Total lease liabilities
   $ 2,596      $ 3,533      $ 3,808       
    
 
 
    
 
 
    
 
 
      
The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions:
 
    
For the Quarter Ended
    
For the Thirty-Nine Weeks Ended
 
    
March 24,

2022
    
March 25,

2021
    
March 24,

2022
    
March 25,

2021
 
Operating lease costs
(a)
   $ 470      $ 437      $ 1,384      $ 1,387  
Variable lease costs
(b)
     15        17        51        54  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Lease Cost
   $ 485      $ 454      $ 1,435      $ 1,441  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(a)
 
Includes short-term leases which are immaterial.
(b)
 
Variable lease costs consist of sales tax.
 
Supplemental cash flow and other information related to leases is as follows:
 
    
For the Thirty-Nine Weeks Ended
 
    
March 24, 2022
    
March 25, 2021
 
Operating cash flows information:
                 
Cash paid for amounts included in measurements for lease liabilities
   $ 1,199      $ 1,171  
Non-cash
activity:
                 
Right-of-use assets obtained in exchange for new operating lease obligations
   $ 167      $ 490  
 
    
March 24,
2022
   
June 24,

2021
   
March 25,
2021
 
Weighted Average Remaining Lease Term (in years)
     2.4       2.8       3.0  
Weighted Average Discount Rate
     4.2     4.3     4.3
Maturities of operating lease liabilities as of March 24, 2022 are as follows:
 
Fiscal year ending
        
June 30, 2022 (excluding the thirty-nine weeks ended March 24, 2022)
   $ 373  
June 29, 2023
     1,297  
June 27, 2024
     654  
June 26, 2025
     278  
June 25, 2026
     103  
June 24, 2027
     18  
Thereafter
      
    
 
 
 
Total lease payments
     2,723  
Less imputed interest
     (127
    
 
 
 
Present value of operating lease liabilities
   $ 2,596  
    
 
 
 
At March 24, 2022, the Company has additional operating leases of approximately $670 that have not yet commenced and therefore are not reflected in the Consolidated Balance Sheet and tables above. The leases are scheduled to commence in the fourth quarter of fiscal 2022 or early fiscal 2023 with an initial lease term ranging from 3 to 5 years.
Lessor Accounting
We lease office space in our four-story office building located in Elgin, Illinois. As a lessor, we retain substantially all of the risks and benefits of ownership of the investment property and under Topic 842: Leases we continue to account for all of our leases as operating leases. Lease agreements may include options to renew. We accrue fixed lease income on a
straight-line
basis over the terms of the leases. There is generally no variable lease consideration and an immaterial amount of
non-lease
components such as recurring utility and storage fees. Leases between related parties are immaterial.
Leasing revenue is as follows:
 
    
For the Quarter Ended
    
For the Thirty-Nine
Weeks Ended
 
  
March 24,
2022
    
March 25,
2021
    
March 24,
2022
    
March 25,
2021
 
Lease income related to lease payments
   $ 402      $ 451      $ 1,220      $ 1,354  
 
The future minimum, undiscounted fixed cash flows under
non-cancelable
tenant operating leases for each of the next five years and thereafter is presented below.
 
Fiscal year ending
        
June 30, 2022 (excluding the thirty-nine weeks ended March 24, 2022)
   $ 443  
June 29, 2023
     1,794  
June 27, 2024
     1,818  
June 26, 2025
     1,228  
June 25, 2026
     670  
June 24, 2027
     614  
Thereafter
      
    
 
 
 
     $ 6,567  
    
 
 
 
v3.22.1
Inventories
9 Months Ended
Mar. 24, 2022
Inventory Disclosure [Abstract]  
Inventories
Note 4 – Inventories
Inventories consist of the following:
 
 
  
March 24, 2022
 
  
June 24, 2021
 
  
March 25, 2021
 
Raw material and supplies
   $ 104,810      $ 64,219      $ 73,068  
Work-in-process
and finished goods
     106,317        83,779        78,689  
    
 
 
    
 
 
    
 
 
 
Total
   $ 211,127      $ 147,998      $ 151,757  
    
 
 
    
 
 
    
 
 
 
v3.22.1
Goodwill and Intangible Assets
9 Months Ended
Mar. 24, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 5 – Goodwill and Intangible Assets
Identifiable intangible assets that are subject to amortization consist of the following:
 
 
  
March 24, 2022
 
  
June 24, 2021
 
  
March 25, 2021
 
Customer relationships
   $ 21,100      $ 21,100      $ 21,100  
Brand names
     16,990        16,990        16,990  
Non-compete
agreement
     270        270        270  
    
 
 
    
 
 
    
 
 
 
       38,360        38,360        38,360  
Less accumulated amortization:
                          
Customer relationships
     (18,537      (17,643      (17,326
Brand names
     (11,080      (10,562      (10,390
Non-compete
agreement
     (234      (194      (180
    
 
 
    
 
 
    
 
 
 
       (29,851      (28,399      (27,896
    
 
 
    
 
 
    
 
 
 
Net intangible assets
   $ 8,509      $ 9,961      $ 10,464  
    
 
 
    
 
 
    
 
 
 
Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the
Squirrel Brand
and
Southern Style Nuts
brand names.
Total amortization expense related to intangible assets, which is a component of “Administrative expenses” on the Consolidated Statements of Comprehensive Income, was $444 and $1,452 for the quarter and thirty-nine weeks ended March 24, 2022, respectively. Amortization expense for the remainder of fiscal 2022 is expected to be approximately $444 and expected amortization expense the next five fiscal years is as follows:
 
Fiscal year ending
        
June 29, 2023
   $ 1,657  
June 27, 2024
     1,414  
June 26, 2025
     1,156  
June 25, 2026
     861  
June 24, 2027
     690  
Our net goodwill of $9,650 relates entirely to the Squirrel Brand acquisition completed in fiscal 2018. There was no change in the carrying amount of goodwill during the thirty-nine weeks ended March 24, 2022.
v3.22.1
Credit Facility
9 Months Ended
Mar. 24, 2022
Debt Disclosure [Abstract]  
Credit Facility
Note 6 – Credit Facility
Our Amended and Restated Credit Agreement dated March 5, 2020 provides for a $117,500 senior secured revolving credit facility (the “Credit Facility”). The Credit Facility is secured by substantially all our assets other than machinery and equipment, real property and fixtures.
At March 24, 2022, we had $47,352 of available credit under the Credit Facility which reflects borrowings of $65,863 and reduced availability as a result of $4,285 in outstanding letters of credit. As of March 24, 2022, we were in compliance with all financial covenants under the Credit Facility and Mortgage Facility.
v3.22.1
Earnings Per Common Share
9 Months Ended
Mar. 24, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share
Note 7 – Earnings Per Common Share
The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share:
 
    
For the Quarter Ended
    
For the Thirty-Nine
Weeks Ended
 
    
March 24,

2022
    
March 25,

2021
    
March 24,

2022
    
March 25,

2021
 
Weighted average number of shares outstanding – basic
     11,548,554        11,515,465        11,533,338        11,495,504  
Effect of dilutive securities:
                                   
Restricted stock units
     53,412        58,552        55,745        57,206  
    
 
 
    
 
 
    
 
 
    
 
 
 
Weighted average number of shares outstanding – diluted
     11,601,966        11,574,017        11,589,083        11,552,710  
    
 
 
    
 
 
    
 
 
    
 
 
 
There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented.
v3.22.1
Stock-Based Compensation Plans
9 Months Ended
Mar. 24, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans
Note 8 – Stock-Based Compensation Plans
The following is a summary of restricted stock unit (“RSU”) activity for the first thirty-nine weeks of fiscal 2022:
 
Restricted Stock Units
  
Shares
    
Weighted
Average Grant
Date Fair Value
 
Outstanding at June 24, 2021
     159,846      $ 58.05  
Activity:
                 
Granted
     53,524        75.94  
Vested
(a)
     (69,130      46.05  
Forfeited
     (717      75.83  
    
 
 
    
 
 
 
Outstanding at March 24, 2022
     143,523      $ 70.42  
    
 
 
    
 
 
 
 
(a)
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy the statutory income tax withholding requirements.
At March 24, 2022, there are 23,246 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 24,

2022
    
March 25,

2021
    
March 24,

2022
    
March 25,

2021
 
Stock-based compensation expense
   $ 878      $ 710      $ 2,649      $ 2,330  
As of March 24, 2022, there was $5,132 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 1.6 years.
v3.22.1
Retirement Plan
9 Months Ended
Mar. 24, 2022
Retirement Benefits [Abstract]  
Retirement Plan
Note 9 – 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. The components of net periodic benefit cost are as follows:
 
    
For the Quarter Ended
    
For the Thirty-Nine
Weeks Ended
 
    
March 24,

2022
    
March 25,

2021
    
March 24,

2022
    
March 25,

2021
 
Service cost
   $ 248      $ 236      $ 743      $ 708  
Interest cost
     255        214        764        643  
Amortization of prior service cost
            120               359  
Amortization of loss
     363        296        1,091        887  
    
 
 
    
 
 
    
 
 
    
 
 
 
Net periodic benefit cost
   $ 866      $ 866      $ 2,598      $ 2,597  
    
 
 
    
 
 
    
 
 
    
 
 
 
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.
v3.22.1
Accumulated Other Comprehensive Loss
9 Months Ended
Mar. 24, 2022
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 24, 2022 and March 25, 2021.
These changes are all related to our defined benefit pension plan.
 
Changes to AOCL
(a)
  
For the Thirty-Nine Weeks Ended
 
  
March 24,

2022
 
  
March 25,

2021
 
Balance at beginning of period
   $ (9,025    $ (8,630
Other comprehensive income before reclassifications
             
Amounts reclassified from accumulated other comprehensive loss
     1,091        1,246  
Tax effect
     (284      (311
    
 
 
    
 
 
 
Net current-period other comprehensive income
     807        935  
    
 
 
    
 
 
 
Balance at end of period
   $ (8,218    $ (7,695
    
 
 
    
 
 
 
 
(a)
Amounts in parenthesis indicate debits/expense.
The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 24, 2022 and March 25, 2021 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 24,

2022
   
March 25,

2021
   
March 24,

2022
   
March 25,

2021
 
Amortization of defined benefit pension items:
                                        
Unrecognized prior service cost
   $     $ (120   $     $ (359     Other expense  
Unrecognized net loss
     (363     (296     (1,091     (887     Other expense  
    
 
 
   
 
 
   
 
 
   
 
 
         
Total before tax
     (363     (416     (1,091     (1,246        
Tax effect
     94       104       284       311       Income tax expense  
    
 
 
   
 
 
   
 
 
   
 
 
         
Amortization of defined pension items, net of tax
   $ (269   $ (312   $ (807   $ (935        
    
 
 
   
 
 
   
 
 
   
 
 
         
 
(b)
 
Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.
v3.22.1
Commitments and Contingent Liabilities
9 Months Ended
Mar. 24, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities
Note 11 – Commitments and Contingent Liabilities
We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any 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.
v3.22.1
Fair Value of Financial Instruments
9 Months Ended
Mar. 24, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 12 – Fair Value of Financial Instruments
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), and because of 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 24,
2022
    
June 24,

2021
    
March 25,
2021
 
Carrying value of current and long-term debt:
   $ 11,901      $ 14,749      $ 15,694  
Fair value of current and long-term debt:
     12,669        16,210        16,250  
The estimated fair value of our current and 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.
v3.22.1
Garysburg, North Carolina Facility
9 Months Ended
Mar. 24, 2022
Sale of Facility [Abstract]  
Garysburg, North Carolina Facility
Note 13 – Garysburg, North Carolina Facility
In October 2019 we experienced a fire at our peanut processing facility located in Garysburg, North Carolina. During fiscal 2020, the building and roof were repaired and brought back to their original condition.
We completed shelling of the 2019 peanut crop during the second quarter of fiscal 2021 and the facility was used to store and ship inshell peanuts through the remainder of fiscal 2021, at which time the Company decided to permanently cease all operations at the Garysburg facility.
During the first quarter of fiscal 2022 we sold the Garysburg property and remaining equipment located at the property to a third party for $4,000, subject to customary adjustments to reflect closing costs, which resulted in a $2,349 gain.
v3.22.1
Recent Accounting Pronouncements
9 Months Ended
Mar. 24, 2022
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
Note 14 – Recent Accounting Pronouncements
The following recent accounting pronouncements have been adopted in the current fiscal year:
In December 2019, the FASB issued ASU
No. 2019-12
“Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes”
. The amendments in this Update were issued as part of FASB’s initiative to reduce complexity in accounting standards. The amendments simplify the accounting for income taxes by removing certain exceptions in Topic 740 and improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU
No. 2019-12
was adopted using a prospective method in the first quarter of fiscal 2022 and did not have a material impact on our Consolidated Financial Statements.
In October 2020, the FASB issued ASU
No. 2020-10
“Codification Improvements”
. This ASU was issued to address a wide variety of topics in the Accounting Standard Codification with the intent to make the Codification easier to understand and apply by eliminating inconsistencies and providing clarifications. ASU
No. 2020-10
was adopted in the first quarter of fiscal 2022 and did not have a material impact on our Consolidated Financial Statements.
There are no recent accounting pronouncements that have been issued and not yet adopted that are expected to have a material impact on our Consolidated Financial Statements.
v3.22.1
Revenue Recognition (Tables)
9 Months Ended
Mar. 24, 2022
Revenue from Contract with Customer [Abstract]  
Summary of Revenue Disaggregated by Sales Channel
Revenue disaggregated by sales channel is as follows:
 
    
For the Quarter Ended
    
For the Thirty-Nine
Weeks Ended
 
Distribution Channel
  
March 24,

2022
    
March 25,

2021
    
March 24,

2022
    
March 25,

2021
 
Consumer
   $ 173,648      $ 169,415      $ 556,888      $ 528,201  
Commercial Ingredients
     25,514        21,052        81,426        64,399  
Contract Packaging
     19,422        17,425        59,806        59,140  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ 218,584      $ 207,892      $ 698,120      $ 651,740  
    
 
 
    
 
 
    
 
 
    
 
 
 
v3.22.1
Leases (Tables)
9 Months Ended
Mar. 24, 2022
Leases [Abstract]  
Supplemental information related to operating lease right-of-use assets and liabilities
The following table provides supplemental information related to operating lease
right-of-use
assets and liabilities:
 
 
  
March 24,

2022
 
  
June 24,

2021
 
  
March 25,

2021
 
  
Affected Line Item in
Consolidated Balance Sheet
Assets
  
     
  
     
  
     
  
 
Operating lease
right-of-use
assets
   $ 2,570      $ 3,484      $ 3,758     
Operating lease right-of-use assets
    
 
 
    
 
 
    
 
 
      
Total lease
right-of-use
assets
   $ 2,570      $ 3,484      $ 3,758       
    
 
 
    
 
 
    
 
 
      
Liabilities
                               
Current:
                               
Operating leases
   $ 1,355      $ 1,430      $ 1,449     
Other accrued expenses
Noncurrent:
                               
Operating leases
     1,241        2,103        2,359     
Long-term operating lease liabilities
    
 
 
    
 
 
    
 
 
      
Total lease liabilities
   $ 2,596      $ 3,533      $ 3,808       
    
 
 
    
 
 
    
 
 
      
Summary of company's total lease costs and other information arising from operating lease transactions
The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions:
 
    
For the Quarter Ended
    
For the Thirty-Nine Weeks Ended
 
    
March 24,

2022
    
March 25,

2021
    
March 24,

2022
    
March 25,

2021
 
Operating lease costs
(a)
   $ 470      $ 437      $ 1,384      $ 1,387  
Variable lease costs
(b)
     15        17        51        54  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total Lease Cost
   $ 485      $ 454      $ 1,435      $ 1,441  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(a)
 
Includes short-term leases which are immaterial.
(b)
 
Variable lease costs consist of sales tax.
Summary of Supplemental cash flow and other information related to leases
Supplemental cash flow and other information related to leases is as follows:
 
    
For the Thirty-Nine Weeks Ended
 
    
March 24, 2022
    
March 25, 2021
 
Operating cash flows information:
                 
Cash paid for amounts included in measurements for lease liabilities
   $ 1,199      $ 1,171  
Non-cash
activity:
                 
Right-of-use assets obtained in exchange for new operating lease obligations
   $ 167      $ 490  
Summary of other information
    
March 24,
2022
   
June 24,

2021
   
March 25,
2021
 
Weighted Average Remaining Lease Term (in years)
     2.4       2.8       3.0  
Weighted Average Discount Rate
     4.2     4.3     4.3
Summary of maturities of operating lease liabilities
Maturities of operating lease liabilities as of March 24, 2022 are as follows:
 
Fiscal year ending
        
June 30, 2022 (excluding the thirty-nine weeks ended March 24, 2022)
   $ 373  
June 29, 2023
     1,297  
June 27, 2024
     654  
June 26, 2025
     278  
June 25, 2026
     103  
June 24, 2027
     18  
Thereafter
      
    
 
 
 
Total lease payments
     2,723  
Less imputed interest
     (127
    
 
 
 
Present value of operating lease liabilities
   $ 2,596  
    
 
 
 
Summary of operating lease revenue
    
For the Quarter Ended
    
For the Thirty-Nine
Weeks Ended
 
  
March 24,
2022
    
March 25,
2021
    
March 24,
2022
    
March 25,
2021
 
Lease income related to lease payments
   $ 402      $ 451      $ 1,220      $ 1,354  
Undiscounted fixed lease consideration under non-cancelable tenant operating leases
The future minimum, undiscounted fixed cash flows under
non-cancelable
tenant operating leases for each of the next five years and thereafter is presented below.
 
Fiscal year ending
        
June 30, 2022 (excluding the thirty-nine weeks ended March 24, 2022)
   $ 443  
June 29, 2023
     1,794  
June 27, 2024
     1,818  
June 26, 2025
     1,228  
June 25, 2026
     670  
June 24, 2027
     614  
Thereafter
      
    
 
 
 
     $ 6,567  
    
 
 
 
v3.22.1
Inventories (Tables)
9 Months Ended
Mar. 24, 2022
Inventory Disclosure [Abstract]  
Components of Inventories
Inventories consist of the following:
 
 
  
March 24, 2022
 
  
June 24, 2021
 
  
March 25, 2021
 
Raw material and supplies
   $ 104,810      $ 64,219      $ 73,068  
Work-in-process
and finished goods
     106,317        83,779        78,689  
    
 
 
    
 
 
    
 
 
 
Total
   $ 211,127      $ 147,998      $ 151,757  
    
 
 
    
 
 
    
 
 
 
v3.22.1
Goodwill and Intangible Assets (Tables)
9 Months Ended
Mar. 24, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Identifiable Intangible Assets
Identifiable intangible assets that are subject to amortization consist of the following:
 
 
  
March 24, 2022
 
  
June 24, 2021
 
  
March 25, 2021
 
Customer relationships
   $ 21,100      $ 21,100      $ 21,100  
Brand names
     16,990        16,990        16,990  
Non-compete
agreement
     270        270        270  
    
 
 
    
 
 
    
 
 
 
       38,360        38,360        38,360  
Less accumulated amortization:
                          
Customer relationships
     (18,537      (17,643      (17,326
Brand names
     (11,080      (10,562      (10,390
Non-compete
agreement
     (234      (194      (180
    
 
 
    
 
 
    
 
 
 
       (29,851      (28,399      (27,896
    
 
 
    
 
 
    
 
 
 
Net intangible assets
   $ 8,509      $ 9,961      $ 10,464  
    
 
 
    
 
 
    
 
 
 
Summary of Expected Amortization Expense expected amortization expense the next five fiscal years is as follows:
Fiscal year ending
        
June 29, 2023
   $ 1,657  
June 27, 2024
     1,414  
June 26, 2025
     1,156  
June 25, 2026
     861  
June 24, 2027
     690  
v3.22.1
Earnings Per Common Share (Tables)
9 Months Ended
Mar. 24, 2022
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 24,

2022
    
March 25,

2021
    
March 24,

2022
    
March 25,

2021