SANFILIPPO JOHN B & SON INC, 10-Q filed on 01 Feb 23
 | XBRL Documents
v3.22.4
Cover Page - shares
 6 Months Ended
Dec. 29, 2022
Jan. 27, 2023
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 29, 2022  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
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 --06-29  
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   8,958,426
Class A Common Stock [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,597,426
v3.22.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Statement of Comprehensive Income [Abstract]        
Net sales $ 274,328 $ 253,207 $ 526,929 $ 479,536
Cost of sales 217,826 200,977 419,784 375,503
Gross profit 56,502 52,230 107,145 104,033
Operating expenses:        
Selling expenses 21,830 23,567 39,812 41,312
Administrative expenses 10,208 10,401 20,455 19,470
Gain on sale of facility, net 0 0 0 (2,349)
Total operating expenses 32,038 33,968 60,267 58,433
Income from operations 24,464 18,262 46,878 45,600
Other expense:        
Interest expense including $189, $203, $382 and $392 to related parties 615 420 1,276 791
Rental and miscellaneous expense, net 311 323 713 671
Pension expense (excluding service costs) 348 619 697 1,237
Total other expense, net 1,274 1,362 2,686 2,699
Income before income taxes 23,190 16,900 44,192 42,901
Income tax expense 6,283 3,653 11,740 10,405
Net income 16,907 13,247 32,452 32,496
Other comprehensive income:        
Amortization of actuarial loss included in net periodic pension cost 7 364 14 728
Income tax expense related to pension adjustments (2) (95) (3) (190)
Other comprehensive income , net of tax 5 269 11 538
Comprehensive income $ 16,912 $ 13,516 $ 32,463 $ 33,034
Net income per common share — basic $ 1.46 $ 1.15 $ 2.81 $ 2.82
Net income per common share — diluted $ 1.45 $ 1.14 $ 2.79 $ 2.81
v3.22.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Statement of Comprehensive Income [Abstract]        
Interest expense to related parties $ 189 $ 203 $ 382 $ 392
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
CURRENT ASSETS:      
Cash $ 620 $ 415 $ 1,027
Accounts receivable, less allowance for doubtful accounts of $318, $267 and $358 72,433 69,611 65,032
Inventories 173,075 204,855 178,741
Prepaid expenses and other current assets 11,693 8,283 12,764
TOTAL CURRENT ASSETS 257,821 283,164 257,564
PROPERTY, PLANT AND EQUIPMENT:      
Land 9,150 9,150 9,150
Buildings 102,840 102,810 102,801
Machinery and equipment 254,013 245,111 228,418
Furniture and leasehold improvements 5,312 5,296 5,296
Vehicles 614 614 614
Construction in progress 9,877 6,471 17,254
Property, plant and equipment gross 381,806 369,452 363,533
Less: Accumulated depreciation 259,597 252,371 245,607
Property, plant and equipment net 122,209 117,081 117,926
Rental investment property, less accumulated depreciation of $14,036 $13,632 and $13,229 15,087 15,491 15,894
TOTAL PROPERTY, PLANT AND EQUIPMENT 137,296 132,572 133,820
OTHER LONG TERM ASSETS:      
Intangible assets, net 7,561 8,065 8,953
Life insurance and other assets 6,021 8,272 9,579
Deferred income taxes 2,608 3,236 4,304
Goodwill 12,030 9,650 9,650
Operating lease right-of-use assets 2,593 2,303 2,852
TOTAL ASSETS 425,930 447,262 426,722
CURRENT LIABILITIES:      
Revolving credit facility borrowings 22,805 40,439 35,885
Current maturities of long-term debt, net, including related party debt of $642, $614 and $586 1,497 3,149 3,909
Accounts payable 49,342 47,720 63,452
Bank overdraft 1,970 214 1,668
Accrued payroll and related benefits 14,953 18,888 12,832
Other accrued expenses 13,495 12,352 13,080
TOTAL CURRENT LIABILITIES 104,062 122,762 130,826
LONG-TERM LIABILITIES:      
Long-term debt, less current maturities, net, including related party debt of $7,446, $7,774 and $8,088 7,446 7,774 8,943
Retirement plan 29,132 28,886 35,596
Long-term operating lease liabilities, net of current portion 1,472 1,076 1,504
Other 8,155 7,943 8,050
TOTAL LONG-TERM LIABILITIES 46,205 45,679 54,093
TOTAL LIABILITIES 150,267 168,441 184,919
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:      
Capital in excess of par value 130,731 128,800 127,080
Retained earnings 148,488 153,589 124,298
Accumulated other comprehensive loss (2,469) (2,480) (8,487)
Treasury stock, at cost; 117,900 shares of Common Stock (1,204) (1,204) (1,204)
TOTAL STOCKHOLDERS' EQUITY 275,663 278,821 241,803
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 425,930 447,262 426,722
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 $ 91 $ 90 $ 90
v3.22.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Allowance for doubtful accounts for accounts receivable, current $ 318 $ 267 $ 358
Accumulated depreciation of rental investment property 14,036 13,632 13,229
Current maturities of long-term debt, related party debt 642 614 586
Related party debt, Non-current $ 7,446 $ 7,774 $ 8,088
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 9,072,068 9,047,359 9,044,960
v3.22.4
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. 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 32,496            
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
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
Balance at Jun. 30, 2022 278,821 128,800 153,589 (2,480) (1,204) $ 26 $ 90
Balance, Shares at Jun. 30, 2022           2,597,426 9,047,359
Net income 15,545   15,545        
Cash dividends (25,981)   (25,981)        
Pension liability amortization, net of income tax expense 6     6      
Stock-based compensation expense 772 772          
Balance at Sep. 29, 2022 269,163 129,572 143,153 (2,474) (1,204) $ 26 $ 90
Balance, Shares at Sep. 29, 2022           2,597,426 9,047,359
Balance at Jun. 30, 2022 278,821 128,800 153,589 (2,480) (1,204) $ 26 $ 90
Balance, Shares at Jun. 30, 2022           2,597,426 9,047,359
Net income 32,452            
Balance at Dec. 29, 2022 275,663 130,731 148,488 (2,469) (1,204) $ 26 $ 91
Balance, Shares at Dec. 29, 2022           2,597,426 9,072,068
Balance at Sep. 29, 2022 269,163 129,572 143,153 (2,474) (1,204) $ 26 $ 90
Balance, Shares at Sep. 29, 2022           2,597,426 9,047,359
Net income 16,907   16,907        
Cash dividends (11,572)   (11,572)        
Pension liability amortization, net of income tax expense 5     5      
Equity award exercises , net of shares withheld for employee taxes (355) (356)         $ 1
Equity award exercises , net of shares withheld for employee taxes, shares             24,709
Stock-based compensation expense 1,515 1,515          
Balance at Dec. 29, 2022 $ 275,663 $ 130,731 $ 148,488 $ (2,469) $ (1,204) $ 26 $ 91
Balance, Shares at Dec. 29, 2022           2,597,426 9,072,068
v3.22.4
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 29, 2022
Sep. 29, 2022
Dec. 23, 2021
Sep. 23, 2021
Statement of Stockholders' Equity [Abstract]        
Cash dividends per common share $ 1 $ 2.25 $ 3
Pension liability amortization income tax expense $ 2 $ 1 $ 95 $ 95
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 32,452 $ 32,496
Depreciation and amortization 10,099 9,143
Loss (gain) on disposition of assets, net 19 (1,765)
Deferred income tax expense 628 1,783
Stock-based compensation expense 2,287 1,771
Change in assets and liabilities:    
Accounts receivable, net (2,822) 1,302
Inventories 32,020 (30,743)
Prepaid expenses and other current assets (1,885) (3,429)
Accounts payable 1,492 16,244
Accrued expenses (1,794) (8,971)
Income taxes payable (2,523) (3,606)
Other long-term assets and liabilities 721 379
Other, net 258 1,216
Net cash provided by operating activities 70,952 15,820
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (11,420) (9,485)
Acquisition of Just the Cheese brand (3,500) 0
Proceeds from dispositions of assets, net 0 3,950
Other, net (56) (354)
Net cash used in investing activities (14,976) (5,889)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net short-term (repayments) borrowings (17,634) 27,232
Principal payments on long-term debt (1,984) (1,887)
Increase in bank overdraft 1,756 575
Dividends paid (37,553) (34,534)
Taxes paid related to net share settlement of equity awards (356) (962)
Net cash used in financing activities (55,771) (9,576)
NET INCREASE IN CASH 205 355
Cash, beginning of period 415 672
Cash, end of period $ 620 $ 1,027
v3.22.4
Basis of Presentation and Description of Business
 6 Months Ended
Dec. 29, 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 2023 and fiscal 2022 are to the 52 week fiscal year ending June 29, 2023 and the 53 week fiscal year ended June 30, 2022, respectively.
 
  •  
References herein to the second quarter of fiscal 2023 and fiscal 2022 are to the quarters ended December 29, 2022 and December 23, 2021, respectively.
 
  •  
References herein to the first half or first
twenty-six
weeks of fiscal 2023 and fiscal 2022 are to the
twenty-six
weeks ended December 29, 2022 and December 23, 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
and
Southern Style Nuts
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. In addition, with our acquisition of the
Just the Cheese
brand, we will now be able to expand our product offerings to include baked cheese snack products on a branded and private label basis.
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 30, 2022 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 2022 Annual Report on Form
10-K
for the fiscal year ended June 30, 2022.
v3.22.4
Acquisition of Just the Cheese Brand
 6 Months Ended
Dec. 29, 2022
Business Acquisition [Line Items]  
Acquisition of Just the Cheese Brand
Note 2 – Acquisition of
Just the Cheese
Brand
On December 16, 2022, we completed the acquisition of certain assets (the “Acquisition”) of Specialty Cheese Company, Inc. The acquired assets are primarily related to the manufacturing and sale of baked cheese snack products, including those products sold under the
Just the Cheese
brand, all finished goods inventory, and intangible assets. At the time of closing, the full purchase price of
$3,500
was paid in cash and funded from our Credit Facility (as defined below)
.
Just the Cheese
is one of the nation’s leading baked cheese snacking brands and offers 100% real cheese snack bars and cheese crisps.
The Acquisition will provide us with a product that expands our portfolio into new snacking categories and is anticipated to accelerate growth with our private brand and food service customers. The Acquisition has been accounted for as a business combination in accordance with ASC Topic 805, “Business Combinations”.
The total purchase price of $3,500 has been allocated on a preliminary basis to the fair values of the assets acquired as follows:
 
Inventories
    $ 240  
Fixed assets
      500  
Identifiable intangible assets:
         
Customer relationships
      270  
Brand names
      80  
Non-compete
agreement
      30  
Goodwill
      2,380  
    
 
 
  
Total purchase price
    $ 3,500  
    
 
 
  
The customer relationship assets represent the value of the long-term strategic relationship with significant customers who purchase
Just the Cheese
brand products. The brand name asset represents the value of the established
Just the Cheese
brand name.
Goodwill, which is expected to be deductible for
tax purposes
, arises from intangible assets that do not qualify for separate recognition and expected synergies from combining the operations related to the
Just the Cheese
brand with those of the Company. There were no material contingencies recognized or unrecognized associated with the acquired business.
The purchase price allocation, specifically amounts allocated to goodwill and fixed assets, are based on preliminary valuations and are subject to adjustments to reflect the final valuations.
Due to the immaterial financial nature of the Acquisition, unaudited pro forma results of operations of the Company (as if the Acquisition had taken place at the beginning of fiscal 2023) will not be presented.
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.
v3.22.4
Revenue Recognition
 6 Months Ended
Dec. 29, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 3 – 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. There was no contract asset balance for any 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 Twenty-Six Weeks Ended
  
Distribution Channel
   
December 29,

2022
     
December 23,

2021
     
December 29,

2022
     
December 23,

2021
  
Consumer
    $ 224,513      $ 203,479      $ 421,060      $ 383,240  
Commercial Ingredients
      28,419        27,756        59,926        55,912  
Contract Packaging
      21,396        21,972        45,943        40,384  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 274,328      $ 253,207      $ 526,929      $ 479,536  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.22.4
Leases
 6 Months Ended
Dec. 29, 2022
Leases [Abstract]  
Leases
Note 4 – 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 5.2 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 Sheets. 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:
 
 
  
December 29,
2022
 
  
June 30,
2022
 
  
December 23,
2021
 
  
Affected Line Item in
Consolidated Balance Sheet
 
Assets
  
  
  
  
Operating lease
right-of-use
assets
    $ 2,593      $ 2,303      $ 2,852     
 
Operating lease
right-of-use
assets
 
    
 
 
     
 
 
     
 
 
     
 
  
 
Total lease
right-of-use
assets
    $ 2,593      $ 2,303      $ 2,852     
 
  
 
    
 
 
     
 
 
     
 
 
     
 
  
 
Liabilities
                              
 
  
 
Current:
                              
 
  
 
Operating leases
    $ 1,166      $ 1,258      $ 1,392     
 
Other accrued expenses
 
Noncurrent:
                              
 
  
 
Operating leases
      1,472        1,076        1,504     
 
Long-term operating lease liabilities
 
    
 
 
     
 
 
     
 
 
     
 
  
 
Total lease liabilities
    $ 2,638      $ 2,334      $ 2,896     
 
  
 
    
 
 
     
 
 
     
 
 
     
 
  
 
The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions:
 

 
  
For the Quarter Ended
 
  
For the Twenty-Six Weeks Ended
 
 
  
December 29,

2022
 
  
December 23,

2021
 
  
December 29,
2022
 
  
December 23,

2021
 
Operating lease costs
(a)
    $ 541      $ 470      $ 1,015      $ 914  
Variable lease costs
(b)
      58        19        115        36  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total lease cost
    $ 599      $ 489      $ 1,130      $ 950  
    
 
 
     
 
 
     
 
 
     
 
 
  
(a)
Includes short-term leases which are immaterial.
(b)
Variable lease costs consist of sales tax and lease overtime charges.
Supplemental cash flow and other information related to leases was as follows:
 

 
  
For the Twenty-Six Weeks Ended
 
 
  
December 29,
2022
 
  
December 23,
2021
 
Operating cash flows information:
  
  
Cash paid for amounts included in measurements for lease liabilities
    $ 807      $ 794  
Non-cash
activity:
                  
Right-of-use
assets obtained in exchange for new operating lease obligations
    $ 1,049      $ 89  
 
    
December 29,
2022
    
June 30,

2022
    
December 23,
2021
  
Weighted average remaining lease term (in years)
      3.0       2.3       2.5  
Weighted average discount rate
      5.2 %      4.3 %      4.2 % 
Maturities of operating lease liabilities as of December 29, 2022 are as follows:
 

Fiscal Year Ending
  
 
 
June 29, 2023 (excluding the
twenty-six
weeks ended December 29, 2022)
    $
 
738  
June 27, 2024
      936  
June 26, 2025
      560  
June 25, 2026
      372  
June 24, 2027
      192  
June 29, 2028
      65  
Thereafter
      —  
    
 
 
  
Total lease payment
      2,863  
Less imputed interest
      (225 ) 
    
 
 
  
Present value of operating lease liabilities
    $
 
 2,638  
    
 
 
  
At December 29, 2022, the Company had no material operating leases that had not yet commenced.
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 Twenty-Six Weeks Ended
  
  
December 29,
2022
     
December 23,
2021
     
December 29,
2022
     
December 23,
2021
  
Lease income related to lease payments
    $ 403      $ 408      $ 805      $ 818  
The future minimum, undiscounted fixed cash flows under
non-cancelable
tenant operating leases for each of the next five years are as follows:
 
Fiscal Year Ending
  
 
 
June 29, 2023 (excluding the
twenty-six
weeks ended December 29, 2022)
    $
 
 927  
June 27, 2024
      1,869  
June 26, 2025
      1,282  
June 25, 2026
      697  
June 24, 2027
      614  
June 29, 2028
      —  
    
 
 
  
     $
 
 5,389  
 
 
 
 
 
 
v3.22.4
Inventories
 6 Months Ended
Dec. 29, 2022
Inventory Disclosure [Abstract]  
Inventories
Note 5 – Inventories
Inventories consist of the following:
 
    
December 29,

2022
     
June 30,

2022
  
 
 
December 23,

2021
Raw material and supplies
    $ 75,002      $
 
 77,558  
 
$
 71,960
Work-in-process
and finished goods
      98,073       
 
 127,297  
 
 
 106,781
    
 
 
     
 
 
 
  
 
 
 
Total
    $ 173,075      $
 
 204,855  
 
$
 178,741
    
 
 
     
 
 
 
  
 
 
 
v3.22.4
Goodwill and Intangible Assets
 6 Months Ended
Dec. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 6 – Goodwill and Intangible Assets
Identifiable intangible assets that are subject to amortization consist of the following:
 
    
December 29,
2022
     
June 30,
2022
     
December 23,
2021
  
Customer relationships
    $ 21,370      $ 21,100      $ 21,100  
Brand names
      17,070        16,990        16,990  
Non-compete
agreement
      300        270        270  
    
 
 
     
 
 
     
 
 
  
       38,740        38,360        38,360  
Less accumulated amortization:
                           
Customer relationships
      (19,311 )       (18,795 )       (18,279 ) 
Brand names
      (11,598 )       (11,252 )       (10,908 ) 
Non-compete
agreement
      (270 )       (248 )       (220 ) 
    
 
 
     
 
 
     
 
 
  
       (31,179 )       (30,295 )       (29,407 ) 
    
 
 
     
 
 
     
 
 
  
Net intangible assets
    $ 7,561      $ 8,065      $ 8,953  
    
 
 
     
 
 
     
 
 
  
Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the
Squirrel Brand, Southern Style Nuts
and
Just the Cheese
brand names.
Total amortization expense related to intangible assets, which is classified in administrative expense in the Consolidated Statement of Comprehensive Income, was $440 and $884 for the quarter and
twenty-six
weeks ended December 29, 2022, respectively. Amortization expense for the remainder of fiscal 2023 is expected to be approximately $913 and expected amortization expense the next five fiscal years is as follows:
 
Fiscal Year Ending
  
 
 
June 27, 2024
    $
 
 1,561  
June 26, 2025
      1,222  
June 25, 2026
      874  
June 24, 2027
      705  
June 29, 2028
      521  
The intangibles related to the
Just the Cheese
brand acquisition, which are reflected in the above table, and the expected amortization expense are based on the preliminary valuation report with respect to such intangible assets. Any necessary adjustments will be made in the third quarter of fiscal 2023 based on the final valuation report.
Our net goodwill at December 29, 2022 was comprised of $9,650 that relates to the Squirrel Brand acquisition completed in the second quarter of fiscal 2018 and $2,380 that relates to the
Just the Cheese
brand acquisition completed in the second quarter of fiscal 2023. The changes in the carrying amount
of
 
goodwill since June 25, 2021 are as follows:
 
Gross goodwill balance at June 25, 2021
    $ 18,416  
Accumulated impairment losses
      (8,766 ) 
    
 
 
  
Net balance at June 25, 2021
      9,650  
Goodwill acquired during the period
      2,380  
    
 
 
  
Net balance at December 29, 2022
    $
 
 12,030  
    
 
 
  
v3.22.4
Credit Facility
 6 Months Ended
Dec. 29, 2022
Debt Disclosure [Abstract]  
Credit Facility
Note 7 – 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 December 29, 2022, we had $90,505 of available credit under the Credit Facility which reflects borrowings of $22,805 and reduced availability as a result of $4,190 in outstanding letters of credit. As of December 29, 2022, we were in compliance with all financial covenants under the Credit Facility and Mortgage Facility.
v3.22.4
Earnings Per Common Share
 6 Months Ended
Dec. 29, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share
Note 8 – 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 Twenty-Six Weeks

Ended
 
 
  
December 29,

2022
 
  
December 23,

2021
 
  
December 29,

2022
 
  
December 23,

2021
 
Weighted average number of shares outstanding – basic
      11,567,068        11,531,844        11,560,250        11,525,730  
Effect of dilutive securities:
                                    
Restricted stock units
      57,594        44,812        60,637        56,912  
    
 
 
     
 
 
     
 
 
     
 
 
  
Weighted average number of shares outstanding – diluted
      11,624,662        11,576,656        11,620,887        11,582,642  
    
 
 
     
 
 
     
 
 
     
 
 
  
There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented.
v3.22.4
Stock-Based Compensation Plans
 6 Months Ended
Dec. 29, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans
Note 9 – Stock-Based Compensation Plans
During the second quarter of fiscal 2023, there were 64,116 restricted stock units (“RSUs”) awarded to employees and
non-employee
members of the Board of Directors. The vesting period is generally three years for awards to employees and one year for awards to
non-employee
directors.
The following is a summary of RSU activity for the first half of fiscal 2023:
 
Restricted Stock Units
   
Shares
     
Weighted
Average Grant
Date Fair Value
  
Outstanding at June 30, 2022
      142,239      $ 70.42  
Granted
      64,116        74.09  
Vested
(a)
      (29,349 )       89.36  
Forfeited
      (2,020 )       72.82  
    
 
 
     
 
 
  
Outstanding at December 29, 2022
      174,986      $ 68.56  
    
 
 
     
 
 
  
 
(a)
 
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.
At December 29, 2022, there were 27,727 RSUs outstanding that were 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 Twenty-Six Weeks Ended
 
 
  
December 29,

2022
 
  
December 23,

2021
 
  
December 29,
2022
 
  
December 23,

2021
 
Stock-based compensation expense
    $ 1,515      $ 1,068      $ 2,287      $ 1,771  
As of December 29, 2022, there was $6,532 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.
v3.22.4
Retirement Plan
 6 Months Ended
Dec. 29, 2022
Retirement Benefits [Abstract]  
Retirement Plan
Note 10 – Retirement Plan
The Supplemental Employee Retirement Plan
 (“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 Twenty-Six Weeks Ended
 
 
  
December 29,

2022
 
  
December 23,

2021
 
  
December 29,
2022
 
  
December 23,

2021
 
Service cost
    $ 201      $ 247      $ 401      $ 495  
Interest cost
      341        255        683        509  
Amortization of loss
      7        364        14        728  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit cost
    $ 549      $ 866      $ 1,098      $ 1,732  
    
 
 
     
 
 
     
 
 
     
 
 
  
The components of net periodic benefit cost other than the service cost component are included in the line item “Pension expense (excluding service costs)” in the Consolidated Statements of Comprehensive Income.
v3.22.4
Accumulated Other Comprehensive Loss
 6 Months Ended
Dec. 29, 2022
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss
Note 11 – Accumulated Other Comprehensive Loss
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the
twenty-six
weeks ended December 29, 2022 and December 23, 2021.
These changes are all related to our defined benefit pension plan.
 

Changes to AOCL
(a)
  
For the Twenty-Six Weeks Ended
 
  
December 29,
2022
 
  
December 23,
2021
 
Balance at beginning of period
  
$
(2,480
)
  
$
(9,025
) 
Other comprehensive income before reclassifications
  
 
—  
    
 
—  
 
Amounts reclassified from accumulated other comprehensive loss
  
 
14
  
  
 
728
 
Tax effect
  
 
(3
)
  
 
(190
) 
 
  
 
 
 
  
 
 
 
Net current-period other comprehensive income
  
 
11
  
  
 
538
 
 
  
 
 
 
  
 
 
 
Balance at end of period
  
$
(2,469
)
  
$
(8,487
) 
 
  
 
 
 
  
 
 
 
(a)
Amounts in parenthesis indicate debits/expense.
The reclassifications out of AOCL for the quarter and
twenty-six
weeks ended December 29, 2022
an
d December 23, 2021
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
Twenty-Six
Weeks
Ended
 
  
December 29,
2022
 
 
December 23,
2021
 
 
December 29,
2022
 
  
December 23,
2021
 
Amortization of defined benefit pension items:
                                              
Unrecognized net loss
      (7 )      (364 )      (14 )               (728 )    Pension expense (excluding service costs)
Tax effect
      2       95       3                190     Income tax expense
    
 
 
    
 
 
    
 
 
             
 
 
      
Amortization of defined pension items, net of tax
    $ (5 )    $ (269 )    $ (11 )             $ (538 )     
    
 
 
    
 
 
    
 
 
             
 
 
      
(b)
Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above f
or a
dditional details.
v3.22.4
Commitments and Contingent Liabilities
 6 Months Ended
Dec. 29, 2022
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 pres
entl
y 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.
v3.22.4
Fair Value of Financial Instruments
 6 Months Ended
Dec. 29, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 13 – Fair Value of Financial Instruments
The Financial Accounting Standards Board 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:
 
 
  
December 29,
2022
 
  
June 30,

2022
 
  
December 23,
2021
 
Carrying value of current and long-term debt:
    $ 8,944      $ 10,927      $ 12,862  
Fair value of current and long-term debt:
      8,118        11,179        14,282  
The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt.
v3.22.4
Garysburg, North Carolina Facility
 6 Months Ended
Dec. 29, 2022
Sale of Facility [Abstract]  
Garysburg, North Carolina Facility
Note 14 – Garysburg, North Carolina 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.
v3.22.4
Recent Accounting Pronouncements
 6 Months Ended
Dec. 29, 2022
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
Note 15 – Recent Accounting Pronouncements
There were no recent accounting pronouncements adopted in the current fiscal year.
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.
 
v3.22.4
Acquisition of Just the Cheese Brand (Tables)
 6 Months Ended
Dec. 29, 2022
Just the Cheese Brand [Member]  
Business Acquisition [Line Items]  
Summary of Fair Value of Assets Acquired
The total purchase price of $3,500 has been allocated on a preliminary basis to the fair values of the assets acquired as follows:
 
Inventories
    $ 240  
Fixed assets
      500  
Identifiable intangible assets:
         
Customer relationships
      270  
Brand names
      80  
Non-compete
agreement
      30  
Goodwill
      2,380  
    
 
 
  
Total purchase price
    $ 3,500  
    
 
 
  
v3.22.4
Revenue Recognition (Tables)
 6 Months Ended
Dec. 29, 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 Twenty-Six Weeks Ended
  
Distribution Channel
   
December 29,

2022
     
December 23,

2021
     
December 29,

2022
     
December 23,

2021
  
Consumer
    $ 224,513      $ 203,479      $ 421,060      $ 383,240  
Commercial Ingredients
      28,419        27,756        59,926        55,912  
Contract Packaging
      21,396        21,972        45,943        40,384  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 274,328      $ 253,207      $ 526,929      $ 479,536  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.22.4
Leases (Tables)
 6 Months Ended
Dec. 29, 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:
 
 
  
December 29,
2022
 
  
June 30,
2022
 
  
December 23,
2021
 
  
Affected Line Item in
Consolidated Balance Sheet
 
Assets
  
  
  
  
Operating lease
right-of-use
assets
    $ 2,593      $ 2,303      $ 2,852     
 
Operating lease
right-of-use
assets
 
    
 
 
     
 
 
     
 
 
     
 
  
 
Total lease
right-of-use
assets
    $ 2,593      $ 2,303      $ 2,852     
 
  
 
    
 
 
     
 
 
     
 
 
     
 
  
 
Liabilities
                              
 
  
 
Current:
                              
 
  
 
Operating leases
    $ 1,166      $ 1,258      $ 1,392     
 
Other accrued expenses
 
Noncurrent:
                              
 
  
 
Operating leases
      1,472        1,076        1,504     
 
Long-term operating lease liabilities
 
    
 
 
     
 
 
     
 
 
     
 
  
 
Total lease liabilities
    $ 2,638      $ 2,334      $ 2,896     
 
  
 
    
 
 
     
 
 
     
 
 
     
 
  
 
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 Twenty-Six Weeks Ended
 
 
  
December 29,

2022
 
  
December 23,

2021
 
  
December 29,
2022
 
  
December 23,

2021
 
Operating lease costs
(a)
    $ 541      $ 470      $ 1,015      $ 914  
Variable lease costs
(b)
      58        19        115        36  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total lease cost
    $ 599      $ 489      $ 1,130      $ 950  
    
 
 
     
 
 
     
 
 
     
 
 
  
(a)
Includes short-term leases which are immaterial.
(b)
Variable lease costs consist of sales tax and lease overtime charges.
Summary of Supplemental cash flow and other information related to leases
Supplemental cash flow and other information related to leases was as follows:
 

 
  
For the Twenty-Six Weeks Ended
 
 
  
December 29,
2022
 
  
December 23,
2021
 
Operating cash flows information:
  
  
Cash paid for amounts included in measurements for lease liabilities
    $ 807      $ 794  
Non-cash
activity:
                  
Right-of-use
assets obtained in exchange for new operating lease obligations
    $ 1,049      $ 89  
 
Summary of other information
    
December 29,
2022
    
June 30,

2022
    
December 23,
2021
  
Weighted average remaining lease term (in years)
      3.0       2.3       2.5  
Weighted average discount rate
      5.2 %      4.3 %      4.2 % 
Summary of maturities of operating lease liabilities
Maturities of operating lease liabilities as of December 29, 2022 are as follows:
 

Fiscal Year Ending
  
 
 
June 29, 2023 (excluding the
twenty-six
weeks ended December 29, 2022)
    $
 
738  
June 27, 2024
      936  
June 26, 2025
      560  
June 25, 2026
      372  
June 24, 2027
      192  
June 29, 2028
      65  
Thereafter
      —  
    
 
 
  
Total lease payment
      2,863  
Less imputed interest
      (225 ) 
    
 
 
  
Present value of operating lease liabilities
    $
 
 2,638  
    
 
 
  
Summary of operating lease revenue
Leasing revenue is as follows:
 
    
For the Quarter Ended
     
For the Twenty-Six Weeks Ended
  
  
December 29,
2022
     
December 23,
2021
     
December 29,
2022
     
December 23,
2021
  
Lease income related to lease payments
    $ 403      $ 408      $ 805      $ 818  
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 are as follows:
 
Fiscal Year Ending
  
 
 
June 29, 2023 (excluding the
twenty-six
weeks ended December 29, 2022)
    $
 
 927  
June 27, 2024
      1,869  
June 26, 2025
      1,282  
June 25, 2026
      697  
June 24, 2027
      614  
June 29, 2028
      —  
    
 
 
  
     $
 
 5,389  
 
 
 
 
 
v3.22.4
Inventories (Tables)
 6 Months Ended
Dec. 29, 2022
Inventory Disclosure [Abstract]  
Components of Inventories
Inventories consist of the following:
 
    
December 29,

2022
     
June 30,

2022
  
 
 
December 23,

2021
Raw material and supplies
    $ 75,002      $
 
 77,558  
 
$
 71,960
Work-in-process
and finished goods
      98,073       
 
 127,297  
 
 
 106,781
    
 
 
     
 
 
 
  
 
 
 
Total
    $ 173,075      $
 
 204,855  
 
$
 178,741
    
 
 
     
 
 
 
  
 
 
 
v3.22.4
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Dec. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Identifiable Intangible Assets
Identifiable intangible assets that are subject to amortization consist of the following:
 
    
December 29,
2022
     
June 30,
2022
     
December 23,
2021
  
Customer relationships
    $ 21,370      $ 21,100      $ 21,100  
Brand names
      17,070        16,990        16,990  
Non-compete
agreement
      300        270        270  
    
 
 
     
 
 
     
 
 
  
       38,740        38,360        38,360  
Less accumulated amortization:
                           
Customer relationships
      (19,311 )       (18,795 )       (18,279 ) 
Brand names
      (11,598 )       (11,252 )       (10,908 ) 
Non-compete
agreement
      (270 )       (248 )       (220 ) 
    
 
 
     
 
 
     
 
 
  
       (31,179 )       (30,295 )       (29,407 ) 
    
 
 
     
 
 
     
 
 
  
Net intangible assets
    $ 7,561      $ 8,065      $ 8,953  
    
 
 
     
 
 
     
 
 
  
Summary of Expected Amortization Expense expected amortization expense the next five fiscal years is as follows:
Fiscal Year Ending
  
 
 
June 27, 2024
    $
 
 1,561  
June 26, 2025
      1,222  
June 25, 2026
      874  
June 24, 2027
      705  
June 29, 2028
      521  
Summary of Changes in Carrying Amount of Goodwill The changes in the carrying amount
of
 
goodwill since June 25, 2021 are as follows:
 
Gross goodwill balance at June 25, 2021
    $ 18,416  
Accumulated impairment losses
      (8,766 ) 
    
 
 
  
Net balance at June 25, 2021
      9,650  
Goodwill acquired during the period
      2,380  
    
 
 
  
Net balance at December 29, 2022
    $
 
 12,030  
    
 
 
  
v3.22.4
Earnings Per Common Share (Tables)
 6 Months Ended
Dec. 29, 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 Twenty-Six Weeks

Ended
 
 
  
December 29,

2022
 
  
December 23,

2021
 
  
December 29,

2022
 
  
December 23,

2021
 
Weighted average number of shares outstanding – basic
      11,567,068        11,531,844        11,560,250        11,525,730  
Effect of dilutive securities:
                                    
Restricted stock units
      57,594        44,812        60,637        56,912  
    
 
 
     
 
 
     
 
 
     
 
 
  
Weighted average number of shares outstanding – diluted
      11,624,662        11,576,656        11,620,887        11,582,642  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.22.4
Stock-Based Compensation Plans (Tables)
 6 Months Ended
Dec. 29, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of RSU Activity
The following is a summary of RSU activity for the first half of fiscal 2023:
 
Restricted Stock Units
   
Shares
     
Weighted
Average Grant
Date Fair Value
  
Outstanding at June 30, 2022
      142,239      $ 70.42  
Granted
      64,116        74.09  
Vested
(a)
      (29,349 )       89.36  
Forfeited
      (2,020 )       72.82  
    
 
 
     
 
 
  
Outstanding at December 29, 2022
      174,986      $ 68.56  
    
 
 
     
 
 
  
 
(a)
 
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.
Summary of Compensation Cost and Income Tax Benefit
The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented:
 

 
  
For the Quarter Ended
 
  
For the Twenty-Six Weeks Ended
 
 
  
December 29,

2022
 
  
December 23,

2021
 
  
December 29,
2022
 
  
December 23,

2021
 
Stock-based compensation expense
    $ 1,515      $ 1,068      $ 2,287      $ 1,771  
v3.22.4
Retirement Plan (Tables)
 6 Months Ended
Dec. 29, 2022
Retirement Benefits [Abstract]  
Schedule of Net Periodic Pension Cost The components of net periodic benefit cost are as follows:
 

 
  
For the Quarter Ended
 
  
For the Twenty-Six Weeks Ended
 
 
  
December 29,

2022
 
  
December 23,

2021
 
  
December 29,
2022
 
  
December 23,

2021
 
Service cost
    $ 201      $ 247      $ 401      $ 495  
Interest cost
      341        255        683        509  
Amortization of loss
      7        364        14        728  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit cost
    $ 549      $ 866      $ 1,098      $ 1,732  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.22.4
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Dec. 29, 2022
Equity [Abstract]  
Summary of Changes in Accumulated Other Comprehensive Loss
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the
twenty-six
weeks ended December 29, 2022 and December 23, 2021.
These changes are all related to our defined benefit pension plan.
 

Changes to AOCL
(a)
  
For the Twenty-Six Weeks Ended
 
  
December 29,
2022
 
  
December 23,
2021
 
Balance at beginning of period
  
$
(2,480
)
  
$
(9,025
) 
Other comprehensive income before reclassifications
  
 
—  
    
 
—  
 
Amounts reclassified from accumulated other comprehensive loss
  
 
14
  
  
 
728
 
Tax effect
  
 
(3
)
  
 
(190
) 
 
  
 
 
 
  
 
 
 
Net current-period other comprehensive income
  
 
11
  
  
 
538
 
 
  
 
 
 
  
 
 
 
Balance at end of period
  
$
(2,469
)
  
$
(8,487
) 
 
  
 
 
 
  
 
 
 
(a)
Amounts in parenthesis indicate debits/expense.
Summary of Reclassifications Out of AOCL
The reclassifications out of AOCL for the quarter and
twenty-six
weeks ended December 29, 2022
an
d December 23, 2021
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
Twenty-Six
Weeks
Ended
 
  
December 29,
2022
 
 
December 23,
2021
 
 
December 29,
2022
 
  
December 23,
2021
 
Amortization of defined benefit pension items:
                                              
Unrecognized net loss
      (7 )      (364 )      (14 )               (728 )    Pension expense (excluding service costs)
Tax effect
      2       95       3                190     Income tax expense
    
 
 
    
 
 
    
 
 
             
 
 
      
Amortization of defined pension items, net of tax
    $ (5 )    $ (269 )    $ (11 )             $ (538 )     
    
 
 
    
 
 
    
 
 
             
 
 
      
(b)
Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above f
or a
dditional details.
v3.22.4
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Dec. 29, 2022
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:
 
 
  
December 29,
2022
 
  
June 30,

2022
 
  
December 23,
2021
 
Carrying value of current and long-term debt:
    $ 8,944      $ 10,927      $ 12,862  
Fair value of current and long-term debt:
      8,118        11,179        14,282  
v3.22.4
Basis of Presentation and Description of Business - Additional Information (Detail)
 6 Months Ended
Dec. 29, 2022
Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of distribution channels 3
v3.22.4
Acquisition of Just the Cheese Brand - Summary of Fair Value of Assets Acquired (Detail) - Just The Cheese Brand [Member]
$ in Thousands
Dec. 16, 2022
USD ($)
Business Acquisition [Line Items]  
Inventories $ 240
Fixed assets 500
Identifiable intangible assets:  
Goodwill 2,380
Total purchase price 3,500
Customer relationships [Member]  
Identifiable intangible assets:  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles 270
Brand names [Member]  
Identifiable intangible assets:  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles 80
Non-compete agreement [Member]  
Identifiable intangible assets:  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles $ 30
v3.22.4
Acquisition of Just the Cheese Brand - Additional Information (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 16, 2022
Dec. 29, 2022
Dec. 23, 2021
Business Acquisition [Line Items]      
Payments to Acquire Businesses, Gross   $ 3,500 $ 0
Just the Cheese Brand [Member]      
Business Acquisition [Line Items]      
Payments to Acquire Businesses, Gross $ 3,500    
Amount Of Purchase Price Allocated To Fair Value Of Assets Acquired $ 3,500    
Business Combination, Assets and Liabilities Arising from Contingencies, Description There were no material contingencies recognized or unrecognized associated with the acquired business.    
Business Acquisition, Description of Acquired Entity Just the Cheese is one of the nation’s leading baked cheese snacking brands and offers 100% real cheese snack bars and cheese crisps.    
Date of acquisition Dec. 16, 2022    
v3.22.4
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Thousands
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Disaggregation of Revenue [Line Items]      
Contract assets $ 0 $ 0 $ 0
v3.22.4
Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Disaggregation of Revenue [Line Items]        
Total $ 274,328 $ 253,207 $ 526,929 $ 479,536
Consumer [Member]        
Disaggregation of Revenue [Line Items]        
Total 224,513 203,479 421,060 383,240
Commercial Ingredients [Member]        
Disaggregation of Revenue [Line Items]        
Total 28,419 27,756 59,926 55,912
Contract Packaging [Member]        
Disaggregation of Revenue [Line Items]        
Total $ 21,396 $ 21,972 $ 45,943 $ 40,384
v3.22.4
Leases - Additional Information (Detail)
Dec. 29, 2022
Maximum [Member]  
Operating Leased Assets [Line Items]  
Remaining lease term 5 years 2 months 12 days
v3.22.4
Leases - Operating Lease Assets And Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Assets      
Operating lease right-of-use assets $ 2,593 $ 2,303 $ 2,852
Current      
Operating Lease, Liability, Current 1,166 1,258 1,392
Noncurrent      
Operating Lease, Liability, Noncurrent 1,472 1,076 1,504
Total lease liabilities $ 2,638 $ 2,334 $ 2,896
v3.22.4
Leases - Lease Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Leases [Abstract]        
Operating lease costs  $ 541 $ 470 $ 1,015 $ 914
Variable lease costs  58 19 115 36
Total lease cost $ 599 $ 489 $ 1,130 $ 950
v3.22.4
Leases - Operating Leases Cash Flow Related Information (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Operating cash flows information:    
Cash paid for amounts included in measurements for lease liabilities $ 807 $ 794
Non-cash activity:    
Right-of-use assets obtained in exchange for new operating lease obligations $ 1,049 $ 89
v3.22.4
Leases - Other Information Related to Operating Lease (Detail)
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Leases [Abstract]      
Weighted average remaining lease term (in years) 3 years 2 years 3 months 18 days 2 years 6 months
Weighted average discount rate 5.20% 4.30% 4.20%
v3.22.4
Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($)
$ in Thousands
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Leases [Abstract]      
June 29, 2023 (excluding the twenty-six weeks ended December 29, 2022) $ 738    
June 27, 2024 936    
June 26, 2025 560    
June 25, 2026 372    
June 24, 2027 192    
June 29, 2028 65    
Thereafter 0    
Total lease payment 2,863    
Less imputed interest (225)    
Present value of operating lease liabilities $ 2,638 $ 2,334 $ 2,896
v3.22.4
Leases - Operating Lease Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Leases [Abstract]        
Lease income related to lease payments $ 403 $ 408 $ 805 $ 818
v3.22.4
Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail)
$ in Thousands
Dec. 29, 2022
USD ($)
Leases [Abstract]  
June 29, 2023 (excluding the twenty-six weeks ended December 29, 2022) $ 927
June 27, 2024 1,869
June 26, 2025 1,282
June 25, 2026 697
June 24, 2027 614
June 29, 2028 0
Total $ 5,389
v3.22.4
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Inventory Disclosure [Abstract]      
Raw material and supplies $ 75,002 $ 77,558 $ 71,960
Work-in-process and finished goods 98,073 127,297 106,781
Total $ 173,075 $ 204,855 $ 178,741
v3.22.4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Jun. 24, 2021
Goodwill and Intangible Assets [Line Items]          
Amortization expense for remainder of fiscal 2023 $ 913 $ 913      
Goodwill related to acquisition 12,030 12,030 $ 9,650 $ 9,650 $ 9,650
Administrative Expenses [Member]          
Goodwill and Intangible Assets [Line Items]          
Amortization of intangible assets 440 884      
Squirrel Brand [Member]          
Goodwill and Intangible Assets [Line Items]          
Goodwill related to acquisition 9,650 9,650      
Just The Cheese Brand Acquisition [Member]          
Goodwill and Intangible Assets [Line Items]          
Goodwill related to acquisition $ 2,380 $ 2,380      
v3.22.4
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross $ 38,740 $ 38,360 $ 38,360
Less accumulated amortization:      
Total accumulated amortization (31,179) (30,295) (29,407)
Net intangible assets 7,561 8,065 8,953
Customer Relationships [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 21,370 21,100 21,100
Less accumulated amortization:      
Total accumulated amortization (19,311) (18,795) (18,279)
Brand Names [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 17,070 16,990 16,990
Less accumulated amortization:      
Total accumulated amortization (11,598) (11,252) (10,908)
Non-compete Agreement [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 300 270 270
Less accumulated amortization:      
Total accumulated amortization $ (270) $ (248) $ (220)
v3.22.4
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail)
$ in Thousands
Dec. 29, 2022
USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]  
June 27, 2024 $ 1,561
June 26, 2025 1,222
June 25, 2026 874
June 24, 2027 705
June 29, 2028 $ 521
v3.22.4
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Thousands
 18 Months Ended
Dec. 29, 2022
Jun. 25, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Gross goodwill balance at June 25, 2021   $ 18,416
Accumulated impairment losses   $ (8,766)
Beginning, Net balance $ 9,650  
Goodwill acquired during the period 2,380  
Ending, Net balance $ 12,030  
v3.22.4
Credit Facility - Additional Information (Detail) - Senior Secured Revolving Credit Facility [Member] - USD ($)
$ in Thousands
Dec. 29, 2022
Mar. 05, 2020
Debt Instrument [Line Items]    
Revolving loan commitment and letter of credit sub facility   $ 117,500
Available credit under the Credit Facility $ 90,505  
Outstanding letters of credit 4,190  
Revolving credit facility borrowings $ 22,805  
v3.22.4
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Weighted average number of shares outstanding – basic 11,567,068 11,531,844 11,560,250 11,525,730
Effect of dilutive securities:        
Restricted stock units 57,594 44,812 60,637 56,912
Weighted average number of shares outstanding – diluted 11,624,662 11,576,656 11,620,887 11,582,642
v3.22.4
Earnings Per Common Share - Additional Information (Detail) - shares
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share amount 0 0 0 0
v3.22.4
Stock-Based Compensation Plans - Additional Information (Detail)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
USD ($)
shares
Dec. 29, 2022
USD ($)
shares
Dec. 29, 2022
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation 1 year 8 months 12 days    
Unrecognized compensation expense related to non-vested share-based compensation | $ $ 6,532 $ 6,532 $ 6,532
Restricted stock units in granted     64,116
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock units vested 27,727    
Restricted Stock Units (RSUs) [Member] | Employees [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of restricted stock units   3 years  
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of restricted stock units   1 year  
Restricted Stock Units (RSUs) [Member] | Employees and Non Employee [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock units in granted   64,116  
v3.22.4
Stock-Based Compensation Plans - Summary of RSU Activity (Detail)
 6 Months Ended
Dec. 29, 2022
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Outstanding beginning balance, Shares | shares 142,239
Granted, Shares | shares 64,116
Vested, Shares | shares (29,349) [1]
Forfeited, Shares | shares (2,020)
Outstanding ending balance, Shares | shares 174,986
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares $ 70.42
Granted, Weighted-Average Grant-Date Fair Value | $ / shares 74.09
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 89.36 [1]
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares 72.82
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares $ 68.56
[1] The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.
v3.22.4
Stock-Based Compensation Plans - Summary of Compensation Expenses (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]        
Stock-based compensation expense $ 1,515 $ 1,068 $ 2,287 $ 1,771
v3.22.4
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Retirement Benefits [Abstract]        
Service cost $ 201 $ 247 $ 401 $ 495
Interest cost 341 255 683 509
Amortization of loss 7 364 14 728
Net periodic benefit cost $ 549 $ 866 $ 1,098 $ 1,732
v3.22.4
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period     $ (2,480)  
Net current-period other comprehensive income $ 5 $ 269 11 $ 538
Balance at end of period (2,469) (8,487) (2,469) (8,487)
Accumulated Other Comprehensive Loss [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period [1]     (2,480) (9,025)
Other comprehensive income before reclassifications [1]     0 0
Amounts reclassified from accumulated other comprehensive loss [1]     14 728
Tax effect [1]     (3) (190)
Net current-period other comprehensive income [1]     11 538
Balance at end of period [1] $ (2,469) $ (8,487) $ (2,469) $ (8,487)
[1] Amounts in parenthesis indicate debits/expense.
v3.22.4
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
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 [1] $ (7) $ (364) $ (14) $ (728)
Amortization of Defined Benefit Pension Items [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Tax effect [1] 2 95 3 190
Amortization of defined pension items, net of tax [1] $ (5) $ (269) $ (11) $ (538)
[1] Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details.
v3.22.4
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($)
$ in Thousands
Dec. 29, 2022
Jun. 30, 2022
Dec. 23, 2021
Fair Value Disclosures [Abstract]      
Carrying value of current and long-term debt: $ 8,944 $ 10,927 $ 12,862
Fair value of current and long-term debt: $ 8,118 $ 11,179 $ 14,282
v3.22.4
Garysburg, North Carolina Facility - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 29, 2022
Dec. 23, 2021
Dec. 29, 2022
Dec. 23, 2021
Fire Note [Line Items]        
Gain (Loss) on Disposition of Property Plant Equipment $ 0 $ 0 $ 0 $ 2,349
Property, Plant and Equipment [Member]        
Fire Note [Line Items]        
Proceeds from Sale of Property, Plant, and Equipment       4,000
Gain (Loss) on Disposition of Property Plant Equipment       $ 2,349