SANFILIPPO JOHN B & SON INC, 10-Q filed on 02 May 23
 | XBRL Documents
v3.23.1
Cover Page - shares
 9 Months Ended
Mar. 30, 2023
Apr. 28, 2023
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 30, 2023  
Document Fiscal Year Focus 2023  
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 --06-29  
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
v3.23.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Statement of Comprehensive Income [Abstract]        
Net sales $ 238,535 $ 218,584 $ 765,464 $ 698,120
Cost of sales 188,767 179,175 608,551 554,678
Gross profit 49,768 39,409 156,913 143,442
Operating expenses:        
Selling expenses 18,109 15,584 57,921 56,896
Administrative expenses 9,841 6,401 30,296 25,871
Gain on sale of facility, net 0 0 0 (2,349)
Total operating expenses 27,950 21,985 88,217 80,418
Income from operations 21,818 17,424 68,696 63,024
Other expense:        
Interest expense including $186, $199, $568 and $591 to related parties 552 531 1,828 1,322
Rental and miscellaneous expense, net 371 403 1,084 1,074
Pension expense (excluding service costs) 349 618 1,046 1,855
Total other expense, net 1,272 1,552 3,958 4,251
Income before income taxes 20,546 15,872 64,738 58,773
Income tax expense 4,814 3,995 16,554 14,400
Net income 15,732 11,877 48,184 44,373
Other comprehensive income:        
Amortization of actuarial loss included in net periodic pension cost 7 363 21 1,091
Income tax expense related to pension adjustments (2) (94) (5) (284)
Other comprehensive income , net of tax 5 269 16 807
Comprehensive income $ 15,737 $ 12,146 $ 48,200 $ 45,180
Net income per common share — basic $ 1.36 $ 1.03 $ 4.16 $ 3.85
Net income per common share — diluted $ 1.35 $ 1.02 $ 4.14 $ 3.83
v3.23.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Statement of Comprehensive Income [Abstract]        
Interest expense to related parties $ 186 $ 199 $ 568 $ 591
v3.23.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
CURRENT ASSETS:      
Cash $ 365 $ 415 $ 667
Accounts receivable, less allowance for doubtful accounts of $305, $267 and $280 74,534 69,611 68,704
Inventories 190,351 204,855 211,127
Prepaid expenses and other current assets 9,325 8,283 7,653
TOTAL CURRENT ASSETS 274,575 283,164 288,151
PROPERTY, PLANT AND EQUIPMENT:      
Land 9,150 9,150 9,150
Buildings 102,840 102,810 102,810
Machinery and equipment 259,289 245,111 230,842
Furniture and leasehold improvements 5,275 5,296 5,296
Vehicles 719 614 614
Construction in progress 8,210 6,471 18,077
Property, plant and equipment gross 385,483 369,452 366,789
Less: Accumulated depreciation 263,718 252,371 249,358
Property, plant and equipment net 121,765 117,081 117,431
Rental investment property, less accumulated depreciation of $14,238, $13,632 and $13,431 14,885 15,491 15,692
TOTAL PROPERTY, PLANT AND EQUIPMENT 136,650 132,572 133,123
OTHER LONG TERM ASSETS:      
Intangible assets, net 7,100 8,065 8,509
Life insurance and other assets 6,029 8,272 6,472
Deferred income taxes 2,374 3,236 5,104
Goodwill 11,750 9,650 9,650
Operating Lease, Right-of-Use Asset 6,582 2,303 2,570
TOTAL ASSETS 445,060 447,262 453,579
CURRENT LIABILITIES:      
Revolving credit facility borrowings 27,825 40,439 65,863
Current maturities of long-term debt, net, including related party debt of $657, $614 and $600 657 3,149 3,961
Accounts payable 42,264 47,720 48,918
Bank overdraft 458 214 1,314
Accrued payroll and related benefits 17,061 18,888 12,646
Other accrued expenses 14,493 12,352 13,113
TOTAL CURRENT LIABILITIES 102,758 122,762 145,815
LONG-TERM LIABILITIES:      
Long-term debt, less current maturities, net, including related party debt of $7,276, $7,774 and $7,933 7,276 7,774 7,933
Retirement plan 29,471 28,886 35,935
Long-term operating lease liabilities, net of current portion 4,905 1,076 1,241
Other 8,332 7,943 7,876
TOTAL LONG-TERM LIABILITIES 49,984 45,679 52,985
TOTAL LIABILITIES 152,742 168,441 198,800
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:      
Capital in excess of par value 131,649 128,800 127,910
Retained earnings 164,220 153,589 136,175
Accumulated other comprehensive loss (2,464) (2,480) (8,218)
Treasury stock, at cost; 117,900 shares of Common Stock (1,204) (1,204) (1,204)
TOTAL STOCKHOLDERS' EQUITY 292,318 278,821 254,779
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 445,060 447,262 453,579
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
v3.23.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Allowance for doubtful accounts for accounts receivable, current $ 305 $ 267 $ 280
Accumulated depreciation of rental investment property 14,238 13,632 13,431
Current maturities of long-term debt, related party debt 657 614 600
Related party debt, Non-current $ 7,276 $ 7,774 $ 7,933
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 9,076,326 9,047,359 9,046,420
v3.23.1
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. 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
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 48,184            
Balance at Mar. 30, 2023 292,318 131,649 164,220 (2,464) (1,204) $ 26 $ 91
Balance, Shares at Mar. 30, 2023           2,597,426 9,076,326
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
Net income 15,732   15,732        
Pension liability amortization, net of income tax expense 5     5      
Equity award exercises , net of shares withheld for employee taxes (23) (23)         $ 0
Equity award exercises , net of shares withheld for employee taxes, shares             4,258
Stock-based compensation expense 941 941          
Balance at Mar. 30, 2023 $ 292,318 $ 131,649 $ 164,220 $ (2,464) $ (1,204) $ 26 $ 91
Balance, Shares at Mar. 30, 2023           2,597,426 9,076,326
v3.23.1
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 29, 2022
Sep. 29, 2022
Sep. 23, 2021
Statement of Stockholders' Equity [Abstract]      
Cash dividends per common share $ 1.00 $ 2.25 $ 3.00
Pension liability amortization income tax expense $ 2 $ 1 $ 95
v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 48,184 $ 44,373
Depreciation and amortization 15,323 13,619
Loss (gain) on disposition of assets, net 47 (1,754)
Deferred income tax expense 862 983
Stock-based compensation expense 3,228 2,649
Change in assets and liabilities:    
Accounts receivable, net (4,923) (2,370)
Inventories 14,744 (63,129)
Prepaid expenses and other current assets 535 915
Accounts payable (5,285) 1,767
Accrued expenses 1,312 (10,046)
Income taxes payable (2,575) (1,917)
Other long-term assets and liabilities 335 532
Other, net 602 1,823
Net cash provided by operating activities 72,389 (12,555)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (15,586) (12,836)
Acquisition of Just the Cheese brand (3,500) 0
Proceeds from dispositions of assets, net 0 3,950
Proceeds from the sale of life insurance policies 0 3,225
Other, net (56) (827)
Net cash used in investing activities (19,142) (6,488)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net short-term (repayments) borrowings (12,614) 57,210
Principal payments on long-term debt (2,995) (2,849)
Increase in bank overdraft 244 221
Dividends paid (37,553) (34,534)
Taxes paid related to net share settlement of equity awards (379) (1,010)
Net cash used in financing activities (53,297) (19,038)
NET INCREASE IN CASH (50) (5)
Cash, beginning of period 415 672
Cash, end of period $ 365 $ 667
v3.23.1
Basis of Presentation and Description of Business
 9 Months Ended
Mar. 30, 2023
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 third quarter of fiscal 2023 and fiscal 2022 are to the quarters ended March 30, 2023 and March 24, 2022, respectively.
•
References herein to the first three quarters or first thirty-nine weeks of fiscal 2023 and fiscal 2022 are to the thirty-nine weeks ended March 30, 2023 and March 24, 2022, 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, nutrition bars, 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 have expanded 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.
v3.23.1
Acquisition of Just the Cheese Brand
 9 Months Ended
Mar. 30, 2023
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 the closing of the Acquisition, 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 final purchase price allocation was completed during the third quarter of fiscal 2023 which resulted in immaterial changes to fixed assets and customer relationships. The total purchase price of $3,500 has been allocated to the fair values of the assets acquired as follows:

 

Inventories

 

$

240

 

Fixed assets

 

 

800

 

Identifiable intangible assets:

 

 

 

Customer relationships

 

 

250

 

Brand names

 

 

80

 

Non-compete agreement

 

 

30

 

Goodwill

 

 

2,100

 

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 Acquisition.

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.
v3.23.1
Revenue Recognition
 9 Months Ended
Mar. 30, 2023
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. This allows the customer to 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 including, but not limited to, promotional allowances, volume and customer rebates, in-store display incentives and marketing allowances 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 Thirty-Nine Weeks Ended

 

Distribution Channel

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Consumer

 

$

185,128

 

 

$

173,648

 

 

$

606,188

 

 

$

556,888

 

Commercial Ingredients

 

 

30,901

 

 

 

25,514

 

 

 

90,827

 

 

 

81,426

 

Contract Packaging

 

 

22,506

 

 

 

19,422

 

 

 

68,449

 

 

 

59,806

 

Total

 

$

238,535

 

 

$

218,584

 

 

$

765,464

 

 

$

698,120

 
v3.23.1
Leases
 9 Months Ended
Mar. 30, 2023
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.

Through a review of our contracts, 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 5.5 years.

It is our accounting policy to not apply lease recognition requirements to short term leases, which are 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:

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

 

Affected Line Item in Consolidated Balance Sheet

Assets

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

$

6,582

 

 

$

2,303

 

 

$

2,570

 

 

Operating lease right-of-use assets

Total lease right-of-use assets

$

6,582

 

 

$

2,303

 

 

$

2,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Operating leases

$

1,752

 

 

$

1,258

 

 

$

1,355

 

 

Other accrued expenses

Noncurrent:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

4,905

 

 

 

1,076

 

 

 

1,241

 

 

Long-term operating lease liabilities

Total lease liabilities

$

6,657

 

 

$

2,334

 

 

$

2,596

 

 

 

 

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 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Operating lease costs (a)

 

$

529

 

 

$

470

 

 

$

1,544

 

 

$

1,384

 

Variable lease costs (b)

 

 

74

 

 

 

15

 

 

 

189

 

 

 

51

 

Total lease cost

 

$

603

 

 

$

485

 

 

$

1,733

 

 

$

1,435

 

 

(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 Thirty-Nine Weeks Ended

 

 

March 30,
2023

 

 

March 24,
2022

 

Operating cash flows information:

 

 

 

 

 

 

Cash paid for amounts included in measurements for lease liabilities

 

$

1,249

 

 

$

1,199

 

 

 

 

 

 

 

 

Non-cash activity:

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease obligations

 

$

5,458

 

 

$

167

 

 

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

Weighted average remaining lease term (in years)

 

 

4.6

 

 

 

2.3

 

 

 

2.4

 

Weighted average discount rate

 

 

6.6

%

 

 

4.3

%

 

 

4.2

%

 

 

Maturities of operating lease liabilities as of March 30, 2023 are as follows:

 

Fiscal year ending

 

 

 

June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023)

 

$

636

 

June 27, 2024

 

 

1,918

 

June 26, 2025

 

 

1,541

 

June 25, 2026

 

 

1,347

 

June 24, 2027

 

 

1,158

 

June 29, 2028

 

 

1,000

 

Thereafter

 

 

139

 

Total lease payment

 

 

7,739

 

Less imputed interest

 

 

(1,082

)

Present value of operating lease liabilities

 

$

6,657

 

 

At March 30, 2023, the Company had an immaterial amount of 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 Thirty-Nine Weeks Ended

 

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Lease income related to lease payments

 

$

419

 

 

$

402

 

 

$

1,224

 

 

$

1,220

 

 

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 thirty-nine weeks ended March 30, 2023)

 

$

465

 

June 27, 2024

 

 

1,869

 

June 26, 2025

 

 

1,282

 

June 25, 2026

 

 

697

 

June 24, 2027

 

 

614

 

June 29, 2028

 

 

—

 

 

$

4,927

 
v3.23.1
Inventories
 9 Months Ended
Mar. 30, 2023
Inventory Disclosure [Abstract]  
Inventories

Note 5 – Inventories

Inventories consist of the following:

 

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

Raw material and supplies

 

$

90,110

 

 

$

77,558

 

 

$

104,810

 

Work-in-process and finished goods

 

 

100,241

 

 

 

127,297

 

 

 

106,317

 

Total

 

$

190,351

 

 

$

204,855

 

 

$

211,127

 

 
v3.23.1
Goodwill and Intangible Assets
 9 Months Ended
Mar. 30, 2023
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:

 

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

Customer relationships

 

$

21,350

 

 

$

21,100

 

 

$

21,100

 

Brand names

 

 

17,070

 

 

 

16,990

 

 

 

16,990

 

Non-compete agreement

 

 

300

 

 

 

270

 

 

 

270

 

 

 

38,720

 

 

 

38,360

 

 

 

38,360

 

Less accumulated amortization:

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

(19,572

)

 

 

(18,795

)

 

 

(18,537

)

Brand names

 

 

(11,776

)

 

 

(11,252

)

 

 

(11,080

)

Non-compete agreement

 

 

(272

)

 

 

(248

)

 

 

(234

)

 

 

(31,620

)

 

 

(30,295

)

 

 

(29,851

)

Net intangible assets

 

$

7,100

 

 

$

8,065

 

 

$

8,509

 

 

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 $441 and $1,325 for the quarter and thirty-nine weeks ended March 30, 2023, respectively. Amortization expense for the remainder of fiscal 2023 is expected to be approximately $442 and expected amortization expense the next five fiscal years is as follows:

 

Fiscal Year Ending

 

 

 

June 27, 2024

 

$

1,565

 

June 26, 2025

 

 

1,213

 

June 25, 2026

 

 

880

 

June 24, 2027

 

 

706

 

June 29, 2028

 

 

528

 

 

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 final valuation report with respect to such intangible assets.

Our net goodwill at March 30, 2023 was comprised of $9,650 from the Squirrel Brand acquisition completed in the second quarter of fiscal 2018 and $2,100 from 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

 

 

2,100

 

Net balance at March 30, 2023

 

$

11,750

 
v3.23.1
Credit Facility
 9 Months Ended
Mar. 30, 2023
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 March 30, 2023, we had $85,485 of available credit under the Credit Facility which reflects borrowings of $27,825 and reduced availability as a result of $4,190 in outstanding letters of credit. As of March 30, 2023, we were in compliance with all financial covenants under the Credit Facility.

v3.23.1
Earnings Per Common Share
 9 Months Ended
Mar. 30, 2023
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 Thirty-Nine Weeks Ended

 

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Weighted average number of shares
   outstanding – basic

 

 

11,592,362

 

 

 

11,548,554

 

 

 

11,570,954

 

 

 

11,533,338

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

63,832

 

 

 

53,412

 

 

 

61,702

 

 

 

55,745

 

Weighted average number of shares
   outstanding – diluted

 

 

11,656,194

 

 

 

11,601,966

 

 

 

11,632,656

 

 

 

11,589,083

 

 

There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented.
v3.23.1
Stock-Based Compensation Plans
 9 Months Ended
Mar. 30, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans

Note 9 – Stock-Based Compensation Plans

The following is a summary of restricted stock unit ("RSU") activity for the first thirty-nine weeks of fiscal 2023:

 

Restricted Stock Units

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at June 30, 2022

 

 

142,239

 

 

$

70.42

 

Granted

 

 

64,351

 

 

$

74.11

 

Vested (a)

 

 

(33,607

)

 

$

88.62

 

Forfeited

 

 

(3,024

)

 

$

72.19

 

Outstanding at March 30, 2023

 

 

169,959

 

 

$

68.19

 

 

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

At March 30, 2023, there were 38,490 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 Thirty-Nine Weeks Ended

 

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Stock-based compensation expense

 

$

941

 

 

$

878

 

 

$

3,228

 

 

$

2,649

 

 

As of March 30, 2023, there was $5,539 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.
v3.23.1
Retirement Plan
 9 Months Ended
Mar. 30, 2023
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 Thirty-Nine Weeks Ended

 

 

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Service cost

 

$

200

 

 

$

248

 

 

$

601

 

 

$

743

 

Interest cost

 

 

342

 

 

 

255

 

 

 

1,025

 

 

 

764

 

Amortization of loss

 

 

7

 

 

 

363

 

 

 

21

 

 

 

1,091

 

Net periodic benefit cost

 

$

549

 

 

$

866

 

 

$

1,647

 

 

$

2,598

 

 

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.

v3.23.1
Accumulated Other Comprehensive Loss
 9 Months Ended
Mar. 30, 2023
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 thirty-nine weeks ended March 30, 2023 and March 24, 2022. These changes are all related to our defined benefit pension plan.

 

 

For the Thirty-Nine Weeks Ended

 

Changes to AOCL (a)

 

March 30,
2023

 

 

March 24,
2022

 

Balance at beginning of period

 

$

(2,480

)

 

$

(9,025

)

Other comprehensive income before reclassifications

 

 

—

 

 

 

—

 

Amounts reclassified from accumulated other comprehensive loss

 

 

21

 

 

 

1,091

 

Tax effect

 

 

(5

)

 

 

(284

)

Net current-period other comprehensive income

 

 

16

 

 

 

807

 

Balance at end of period

 

$

(2,464

)

 

$

(8,218

)

 

(a)
Amounts in parenthesis indicate debits/expense.

The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 30, 2023 and March 24, 2022 were as follows:

 

For the Quarter Ended

 

 

For the Thirty-Nine Weeks Ended

 

 

Affected Line Item
in the Consolidated

Reclassifications from AOCL to
   Earnings (b)

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

 

Statements of
Comprehensive Income

Amortization of defined benefit
   pension items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrecognized net loss

$

(7

)

 

$

(363

)

 

$

(21

)

 

$

(1,091

)

 

Pension expense (excluding service costs)

Tax effect

 

2

 

 

 

94

 

 

 

5

 

 

 

284

 

 

Income tax expense

Amortization of defined pension items,
   net of tax

$

(5

)

 

$

(269

)

 

$

(16

)

 

$

(807

)

 

 

 

(b)
Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details.
v3.23.1
Commitments and Contingent Liabilities
 9 Months Ended
Mar. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities

Note 12 – Commitments and Contingent Liabilities

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

v3.23.1
Fair Value of Financial Instruments
 9 Months Ended
Mar. 30, 2023
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:

 

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

Carrying value of current and long-term debt:

 

$

7,933

 

 

$

10,927

 

 

$

11,901

 

Fair value of current and long-term debt:

 

 

6,865

 

 

 

11,179

 

 

 

12,669

 

 

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.
v3.23.1
Subsequent Event
 9 Months Ended
Mar. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 16 – Subsequent Event

On May 2, 2023, our Board of Directors declared a special cash dividend of $1.50 per share on all issued and outstanding shares of Common Stock and Class A Stock of the Company (the “May 2023 Dividends”). The May 2023 Dividends will be paid on June 22, 2023 to stockholders of record as of the close of business on June 1, 2023
v3.23.1
Garysburg, North Carolina Facility
 9 Months Ended
Mar. 30, 2023
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.
v3.23.1
Recent Accounting Pronouncements
 9 Months Ended
Mar. 30, 2023
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.
v3.23.1
Acquisition of Just the Cheese Brand (Tables)
 9 Months Ended
Mar. 30, 2023
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 to the fair values of the assets acquired as follows:

 

Inventories

 

$

240

 

Fixed assets

 

 

800

 

Identifiable intangible assets:

 

 

 

Customer relationships

 

 

250

 

Brand names

 

 

80

 

Non-compete agreement

 

 

30

 

Goodwill

 

 

2,100

 

Total purchase price

 

$

3,500

 
v3.23.1
Revenue Recognition (Tables)
 9 Months Ended
Mar. 30, 2023
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 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Consumer

 

$

185,128

 

 

$

173,648

 

 

$

606,188

 

 

$

556,888

 

Commercial Ingredients

 

 

30,901

 

 

 

25,514

 

 

 

90,827

 

 

 

81,426

 

Contract Packaging

 

 

22,506

 

 

 

19,422

 

 

 

68,449

 

 

 

59,806

 

Total

 

$

238,535

 

 

$

218,584

 

 

$

765,464

 

 

$

698,120

 
v3.23.1
Leases (Tables)
 9 Months Ended
Mar. 30, 2023
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 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

 

Affected Line Item in Consolidated Balance Sheet

Assets

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

$

6,582

 

 

$

2,303

 

 

$

2,570

 

 

Operating lease right-of-use assets

Total lease right-of-use assets

$

6,582

 

 

$

2,303

 

 

$

2,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Operating leases

$

1,752

 

 

$

1,258

 

 

$

1,355

 

 

Other accrued expenses

Noncurrent:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

4,905

 

 

 

1,076

 

 

 

1,241

 

 

Long-term operating lease liabilities

Total lease liabilities

$

6,657

 

 

$

2,334

 

 

$

2,596

 

 

 
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 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Operating lease costs (a)

 

$

529

 

 

$

470

 

 

$

1,544

 

 

$

1,384

 

Variable lease costs (b)

 

 

74

 

 

 

15

 

 

 

189

 

 

 

51

 

Total lease cost

 

$

603

 

 

$

485

 

 

$

1,733

 

 

$

1,435

 

 

(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 Thirty-Nine Weeks Ended

 

 

March 30,
2023

 

 

March 24,
2022

 

Operating cash flows information:

 

 

 

 

 

 

Cash paid for amounts included in measurements for lease liabilities

 

$

1,249

 

 

$

1,199

 

 

 

 

 

 

 

 

Non-cash activity:

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease obligations

 

$

5,458

 

 

$

167

 
Summary of other information

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

Weighted average remaining lease term (in years)

 

 

4.6

 

 

 

2.3

 

 

 

2.4

 

Weighted average discount rate

 

 

6.6

%

 

 

4.3

%

 

 

4.2

%

 

 
Summary of maturities of operating lease liabilities

Maturities of operating lease liabilities as of March 30, 2023 are as follows:

 

Fiscal year ending

 

 

 

June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023)

 

$

636

 

June 27, 2024

 

 

1,918

 

June 26, 2025

 

 

1,541

 

June 25, 2026

 

 

1,347

 

June 24, 2027

 

 

1,158

 

June 29, 2028

 

 

1,000

 

Thereafter

 

 

139

 

Total lease payment

 

 

7,739

 

Less imputed interest

 

 

(1,082

)

Present value of operating lease liabilities

 

$

6,657

 
Summary of operating lease revenue

 

For the Quarter Ended

 

 

For the Thirty-Nine Weeks Ended

 

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Lease income related to lease payments

 

$

419

 

 

$

402

 

 

$

1,224

 

 

$

1,220

 
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 thirty-nine weeks ended March 30, 2023)

 

$

465

 

June 27, 2024

 

 

1,869

 

June 26, 2025

 

 

1,282

 

June 25, 2026

 

 

697

 

June 24, 2027

 

 

614

 

June 29, 2028

 

 

—

 

 

$

4,927

 
v3.23.1
Inventories (Tables)
 9 Months Ended
Mar. 30, 2023
Inventory Disclosure [Abstract]  
Components of Inventories

Inventories consist of the following:

 

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

Raw material and supplies

 

$

90,110

 

 

$

77,558

 

 

$

104,810

 

Work-in-process and finished goods

 

 

100,241

 

 

 

127,297

 

 

 

106,317

 

Total

 

$

190,351

 

 

$

204,855

 

 

$

211,127

 

 
v3.23.1
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Mar. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Identifiable Intangible Assets

Identifiable intangible assets that are subject to amortization consist of the following:

 

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

Customer relationships

 

$

21,350

 

 

$

21,100

 

 

$

21,100

 

Brand names

 

 

17,070

 

 

 

16,990

 

 

 

16,990

 

Non-compete agreement

 

 

300

 

 

 

270

 

 

 

270

 

 

 

38,720

 

 

 

38,360

 

 

 

38,360

 

Less accumulated amortization:

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

(19,572

)

 

 

(18,795

)

 

 

(18,537

)

Brand names

 

 

(11,776

)

 

 

(11,252

)

 

 

(11,080

)

Non-compete agreement

 

 

(272

)

 

 

(248

)

 

 

(234

)

 

 

(31,620

)

 

 

(30,295

)

 

 

(29,851

)

Net intangible assets

 

$

7,100

 

 

$

8,065

 

 

$

8,509

 
Summary of Expected Amortization Expense expected amortization expense the next five fiscal years is as follows:

 

Fiscal Year Ending

 

 

 

June 27, 2024

 

$

1,565

 

June 26, 2025

 

 

1,213

 

June 25, 2026

 

 

880

 

June 24, 2027

 

 

706

 

June 29, 2028

 

 

528

 
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

 

 

2,100

 

Net balance at March 30, 2023

 

$

11,750

 
v3.23.1
Earnings Per Common Share (Tables)
 9 Months Ended
Mar. 30, 2023
Earnings Per Share [Abstract]  
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share

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

 

 

For the Quarter Ended

 

 

For the Thirty-Nine Weeks Ended

 

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Weighted average number of shares
   outstanding – basic

 

 

11,592,362

 

 

 

11,548,554

 

 

 

11,570,954

 

 

 

11,533,338

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

63,832

 

 

 

53,412

 

 

 

61,702

 

 

 

55,745

 

Weighted average number of shares
   outstanding – diluted

 

 

11,656,194

 

 

 

11,601,966

 

 

 

11,632,656

 

 

 

11,589,083

 
v3.23.1
Stock-Based Compensation Plans (Tables)
 9 Months Ended
Mar. 30, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of RSU Activity

The following is a summary of restricted stock unit ("RSU") activity for the first thirty-nine weeks of fiscal 2023:

 

Restricted Stock Units

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at June 30, 2022

 

 

142,239

 

 

$

70.42

 

Granted

 

 

64,351

 

 

$

74.11

 

Vested (a)

 

 

(33,607

)

 

$

88.62

 

Forfeited

 

 

(3,024

)

 

$

72.19

 

Outstanding at March 30, 2023

 

 

169,959

 

 

$

68.19

 

 

(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 Thirty-Nine Weeks Ended

 

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Stock-based compensation expense

 

$

941

 

 

$

878

 

 

$

3,228

 

 

$

2,649

 
v3.23.1
Retirement Plan (Tables)
 9 Months Ended
Mar. 30, 2023
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 Thirty-Nine Weeks Ended

 

 

 

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

Service cost

 

$

200

 

 

$

248

 

 

$

601

 

 

$

743

 

Interest cost

 

 

342

 

 

 

255

 

 

 

1,025

 

 

 

764

 

Amortization of loss

 

 

7

 

 

 

363

 

 

 

21

 

 

 

1,091

 

Net periodic benefit cost

 

$

549

 

 

$

866

 

 

$

1,647

 

 

$

2,598

 
v3.23.1
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Mar. 30, 2023
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 thirty-nine weeks ended March 30, 2023 and March 24, 2022. These changes are all related to our defined benefit pension plan.

 

 

For the Thirty-Nine Weeks Ended

 

Changes to AOCL (a)

 

March 30,
2023

 

 

March 24,
2022

 

Balance at beginning of period

 

$

(2,480

)

 

$

(9,025

)

Other comprehensive income before reclassifications

 

 

—

 

 

 

—

 

Amounts reclassified from accumulated other comprehensive loss

 

 

21

 

 

 

1,091

 

Tax effect

 

 

(5

)

 

 

(284

)

Net current-period other comprehensive income

 

 

16

 

 

 

807

 

Balance at end of period

 

$

(2,464

)

 

$

(8,218

)

 

(a)
Amounts in parenthesis indicate debits/expense.
Summary of Reclassifications Out of AOCL

The reclassifications out of AOCL for the quarter and thirty-nine weeks ended March 30, 2023 and March 24, 2022 were as follows:

 

For the Quarter Ended

 

 

For the Thirty-Nine Weeks Ended

 

 

Affected Line Item
in the Consolidated

Reclassifications from AOCL to
   Earnings (b)

March 30,
2023

 

 

March 24,
2022

 

 

March 30,
2023

 

 

March 24,
2022

 

 

Statements of
Comprehensive Income

Amortization of defined benefit
   pension items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrecognized net loss

$

(7

)

 

$

(363

)

 

$

(21

)

 

$

(1,091

)

 

Pension expense (excluding service costs)

Tax effect

 

2

 

 

 

94

 

 

 

5

 

 

 

284

 

 

Income tax expense

Amortization of defined pension items,
   net of tax

$

(5

)

 

$

(269

)

 

$

(16

)

 

$

(807

)

 

 

 

(b)
Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details.
v3.23.1
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 30, 2023
Fair Value Disclosures [Abstract]  
Carrying Value and Fair Value Estimate of Current and Long Term Debt

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

 

 

March 30,
2023

 

 

June 30,
2022

 

 

March 24,
2022

 

Carrying value of current and long-term debt:

 

$

7,933

 

 

$

10,927

 

 

$

11,901

 

Fair value of current and long-term debt:

 

 

6,865

 

 

 

11,179

 

 

 

12,669

 

 
v3.23.1
Basis of Presentation and Description of Business - Additional Information (Detail)
 9 Months Ended
Mar. 30, 2023
Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of distribution channels 3
v3.23.1
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 800
Identifiable intangible assets:  
Goodwill 2,100
Total purchase price 3,500
Customer relationships [Member]  
Identifiable intangible assets:  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles 250
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
v3.23.1
Acquisition of Just the Cheese Brand - Additional Information (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 16, 2022
Mar. 30, 2023
Mar. 24, 2022
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 Acquisition.    
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    
v3.23.1
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Thousands
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Disaggregation of Revenue [Line Items]      
Contract assets $ 0 $ 0 $ 0
v3.23.1
Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Disaggregation of Revenue [Line Items]        
Total $ 238,535 $ 218,584 $ 765,464 $ 698,120
Consumer [Member]        
Disaggregation of Revenue [Line Items]        
Total 185,128 173,648 606,188 556,888
Commercial Ingredients [Member]        
Disaggregation of Revenue [Line Items]        
Total 30,901 25,514 90,827 81,426
Contract Packaging [Member]        
Disaggregation of Revenue [Line Items]        
Total $ 22,506 $ 19,422 $ 68,449 $ 59,806
v3.23.1
Leases - Additional Information (Detail)
Mar. 30, 2023
Maximum [Member]  
Operating Leased Assets [Line Items]  
Remaining lease term 5 years 6 months
v3.23.1
Leases - Operating Lease Assets And Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Assets      
Operating lease right-of-use assets $ 6,582 $ 2,303 $ 2,570
Current      
Operating Lease, Liability, Current 1,752 1,258 1,355
Noncurrent      
Operating Lease, Liability, Noncurrent 4,905 1,076 1,241
Total lease liabilities $ 6,657 $ 2,334 $ 2,596
v3.23.1
Leases - Lease Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Leases [Abstract]        
Operating lease costs  [1] $ 529 $ 470 $ 1,544 $ 1,384
Variable lease costs  [2] 74 15 189 51
Total lease cost $ 603 $ 485 $ 1,733 $ 1,435
[1] Includes short-term leases which are immaterial.
[2] Variable lease costs consist of sales tax and lease overtime charges.
v3.23.1
Leases - Operating Leases Cash Flow Related Information (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Operating cash flows information:    
Cash paid for amounts included in measurements for lease liabilities $ 1,249 $ 1,199
Non-cash activity:    
Right-of-use assets obtained in exchange for new operating lease obligations $ 5,458 $ 167
v3.23.1
Leases - Other Information Related to Operating Lease (Detail)
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Leases [Abstract]      
Weighted average remaining lease term (in years) 4 years 7 months 6 days 2 years 3 months 18 days 2 years 4 months 24 days
Weighted average discount rate 6.60% 4.30% 4.20%
v3.23.1
Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($)
$ in Thousands
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Leases [Abstract]      
June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023) $ 636    
June 27, 2024 1,918    
June 26, 2025 1,541    
June 25, 2026 1,347    
June 24, 2027 1,158    
June 29, 2028 1,000    
Thereafter 139    
Total lease payment 7,739    
Less imputed interest (1,082)    
Operating Lease, Liability $ 6,657 $ 2,334 $ 2,596
v3.23.1
Leases - Operating Lease Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Leases [Abstract]        
Lease income related to lease payments $ 419 $ 402 $ 1,224 $ 1,220
v3.23.1
Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail)
$ in Thousands
Mar. 30, 2023
USD ($)
Leases [Abstract]  
June 29, 2023 (excluding the thirty-nine weeks ended March 30, 2023) $ 465
June 27, 2024 1,869
June 26, 2025 1,282
June 25, 2026 697
June 24, 2027 614
June 29, 2028 0
Total $ 4,927
v3.23.1
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Inventory Disclosure [Abstract]      
Raw material and supplies $ 90,110 $ 77,558 $ 104,810
Work-in-process and finished goods 100,241 127,297 106,317
Total $ 190,351 $ 204,855 $ 211,127
v3.23.1
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Jun. 25, 2021
Goodwill and Intangible Assets [Line Items]          
Amortization expense for remainder of fiscal 2023 $ 442 $ 442      
Goodwill related to acquisition 11,750 11,750 $ 9,650 $ 9,650 $ 9,650
Administrative Expenses [Member]          
Goodwill and Intangible Assets [Line Items]          
Amortization of intangible assets 441 1,325      
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 $ 2,100 $ 2,100      
v3.23.1
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross $ 38,720 $ 38,360 $ 38,360
Less accumulated amortization:      
Total accumulated amortization (31,620) (30,295) (29,851)
Net intangible assets 7,100 8,065 8,509
Customer Relationships [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 21,350 21,100 21,100
Less accumulated amortization:      
Total accumulated amortization (19,572) (18,795) (18,537)
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 (11,776) (11,252) (11,080)
Non-compete Agreement [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 300 270 270
Less accumulated amortization:      
Total accumulated amortization $ (272) $ (248) $ (234)
v3.23.1
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail)
$ in Thousands
Mar. 30, 2023
USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]  
June 27, 2024 $ 1,565
June 26, 2025 1,213
June 25, 2026 880
June 24, 2027 706
June 29, 2028 $ 528
v3.23.1
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Thousands
 21 Months Ended
Mar. 30, 2023
Jun. 25, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Gross goodwill balance at June 25, 2021   $ 18,416
Accumulated impairment losses   $ (8,766)
Goodwill acquired during the period $ 2,100  
Ending, Net balance $ 11,750  
v3.23.1
Credit Facility - Additional Information (Detail) - Senior Secured Revolving Credit Facility [Member] - USD ($)
$ in Thousands
Mar. 30, 2023
Mar. 05, 2020
Debt Instrument [Line Items]    
Revolving loan commitment and letter of credit sub facility   $ 117,500
Available credit under the Credit Facility $ 85,485  
Outstanding letters of credit 4,190  
Revolving credit facility borrowings $ 27,825  
v3.23.1
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Weighted Average Number of Shares Outstanding, Basic 11,592,362 11,548,554 11,570,954 11,533,338
Effect of dilutive securities:        
Restricted stock units 63,832 53,412 61,702 55,745
Weighted average number of shares outstanding – diluted 11,656,194 11,601,966 11,632,656 11,589,083
v3.23.1
Earnings Per Common Share - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Earnings Per Share [Abstract]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 0 0 0
v3.23.1
Stock-Based Compensation Plans - Additional Information (Detail)
$ in Thousands
 9 Months Ended
Mar. 30, 2023
USD ($)
shares
Mar. 30, 2023
USD ($)
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 7 months 6 days  
Unrecognized compensation expense related to non-vested share-based compensation | $ $ 5,539 $ 5,539
Restricted stock units in granted   64,351
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units vested 38,490  
v3.23.1
Stock-Based Compensation Plans - Summary of RSU Activity (Detail)
 9 Months Ended
Mar. 30, 2023
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Outstanding beginning balance, Shares | shares 142,239
Granted, Shares | shares 64,351
Vested, Shares | shares (33,607) [1]
Forfeited, Shares | shares (3,024)
Outstanding ending balance, Shares | shares 169,959
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares $ 70.42
Granted, Weighted-Average Grant-Date Fair Value | $ / shares 74.11
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 88.62 [1]
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares 72.19
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares $ 68.19
[1] The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements
v3.23.1
Stock-Based Compensation Plans - Summary of Compensation Expenses (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]        
Stock-based compensation expense $ 941 $ 878 $ 3,228 $ 2,649
v3.23.1
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Retirement Benefits [Abstract]        
Service cost $ 200 $ 248 $ 601 $ 743
Interest cost 342 255 1,025 764
Amortization of loss 7 363 21 1,091
Net periodic benefit cost $ 549 $ 866 $ 1,647 $ 2,598
v3.23.1
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period     $ (2,480)  
Net current-period other comprehensive income $ 5 $ 269 16 $ 807
Balance at end of period (2,464) (8,218) (2,464) (8,218)
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]     21 1,091
Tax effect [1]     (5) (284)
Net current-period other comprehensive income [1]     16 807
Balance at end of period [1] $ (2,464) $ (8,218) $ (2,464) $ (8,218)
[1] Amounts in parenthesis indicate debits/expense
v3.23.1
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
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) $ (363) $ (21) $ (1,091)
Amortization of Defined Benefit Pension Items [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Tax effect [1] 2 94 5 284
Amortization of defined pension items, net of tax [1] $ (5) $ (269) $ (16) $ (807)
[1] Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details.
v3.23.1
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($)
$ in Thousands
Mar. 30, 2023
Jun. 30, 2022
Mar. 24, 2022
Fair Value Disclosures [Abstract]      
Carrying value of current and long-term debt: $ 7,933 $ 10,927 $ 11,901
Fair value of current and long-term debt: $ 6,865 $ 11,179 $ 12,669
v3.23.1
Garysburg, North Carolina Facility - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 30, 2023
Mar. 24, 2022
Mar. 30, 2023
Mar. 24, 2022
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
v3.23.1
Subsequent Event (Additional Information) (Details) - Subsequent Event [Member] - $ / shares
Jun. 22, 2023
Jun. 01, 2023
May 02, 2023
Subsequent Event [Line Items]      
Special Dividend Amount Per Share     $ 1.50
Dividends Payable, Date Declared     May 02, 2023
Dividends Payable, Date to be Paid Jun. 22, 2023    
Dividends Payable, Date of Record   Jun. 01, 2023