Cover Page
Cover Page - shares | 6 Months Ended | |
Dec. 28, 2023 | Jan. 25, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 28, 2023 | |
Document Fiscal Year Focus | 2024 | |
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 | |
Securities Act 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 | 9,002,660 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,597,426 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 291,222 | $ 274,328 | $ 525,327 | $ 526,929 |
Cost of sales | 233,283 | 217,826 | 410,366 | 419,784 |
Gross profit | 57,939 | 56,502 | 114,961 | 107,145 |
Operating expenses: | ||||
Selling expenses | 21,001 | 21,830 | 42,993 | 39,812 |
Administrative expenses | 11,563 | 10,208 | 22,016 | 20,455 |
Bargain purchase gain, net | (2,226) | 0 | (2,226) | 0 |
Total operating expenses | 30,338 | 32,038 | 62,783 | 60,267 |
Income from operations | 27,601 | 24,464 | 52,178 | 46,878 |
Other expense: | ||||
Interest expense including $175, $189, $353 and $382 to related parties | 1,055 | 615 | 1,282 | 1,276 |
Rental and miscellaneous expense, net | 260 | 311 | 616 | 713 |
Pension expense (excluding service costs) | 350 | 348 | 700 | 697 |
Total other expense, net | 1,665 | 1,274 | 2,598 | 2,686 |
Income before income taxes | 25,936 | 23,190 | 49,580 | 44,192 |
Income tax expense | 6,765 | 6,283 | 12,821 | 11,740 |
Net income | 19,171 | 16,907 | 36,759 | 32,452 |
Other comprehensive income: | ||||
Amortization of actuarial loss included in net periodic pension cost | 0 | 7 | 0 | 14 |
Income tax expense related to pension adjustments | 0 | (2) | 0 | (3) |
Other comprehensive income , net of tax | 0 | 5 | 0 | 11 |
Comprehensive income | $ 19,171 | $ 16,912 | $ 36,759 | $ 32,463 |
Net income per common share — basic | $ 1.65 | $ 1.46 | $ 3.17 | $ 2.81 |
Net income per common share — diluted | $ 1.64 | $ 1.45 | $ 3.15 | $ 2.79 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Interest Expense | $ 1,055,000 | $ 615,000 | $ 1,282,000 | $ 1,276,000 |
Related Party [Member] | ||||
Interest Expense | $ 175 | $ 189 | $ 353 | $ 382 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
CURRENT ASSETS: | |||
Cash | $ 1,975 | $ 1,948 | $ 620 |
Accounts receivable, less allowance for doubtful accounts of $370, $283 and $318 | 77,416 | 72,734 | 72,433 |
Inventories | 197,335 | 172,936 | 173,075 |
Prepaid expenses and other current assets | 13,040 | 6,812 | 11,693 |
TOTAL CURRENT ASSETS | 289,766 | 254,430 | 257,821 |
PROPERTY, PLANT AND EQUIPMENT: | |||
Land | 13,365 | 9,150 | 9,150 |
Buildings | 114,708 | 104,150 | 102,840 |
Machinery and equipment | 286,317 | 261,706 | 254,013 |
Furniture and leasehold improvements | 5,310 | 5,275 | 5,312 |
Vehicles | 790 | 729 | 614 |
Construction in progress | 3,960 | 7,123 | 9,877 |
Property, plant and equipment gross | 424,450 | 388,133 | 381,806 |
Less: Accumulated depreciation | 276,987 | 267,336 | 259,597 |
Property, plant and equipment net | 147,463 | 120,797 | 122,209 |
Rental investment property, less accumulated depreciation of $14,843, $14,439 and $14,036 | 14,280 | 14,684 | 15,087 |
TOTAL PROPERTY, PLANT AND EQUIPMENT | 161,743 | 135,481 | 137,296 |
OTHER LONG TERM ASSETS: | |||
Intangible assets, net | 6,584 | 6,658 | 7,561 |
Deferred income taxes | 562 | 3,592 | 2,608 |
Goodwill | 11,750 | 11,750 | 12,030 |
Operating Lease, Right-of-Use Asset | 6,867 | 6,427 | 2,593 |
Other assets | 7,187 | 6,949 | 6,021 |
TOTAL ASSETS | 484,459 | 425,287 | 425,930 |
CURRENT LIABILITIES: | |||
Revolving credit facility borrowings | 32,052 | 0 | 22,805 |
Current maturities of long-term debt, net, including related party debt of $704, $672 and $642 | 704 | 672 | 1,497 |
Accounts payable | 62,955 | 42,680 | 49,342 |
Bank overdraft | 1,500 | 285 | 1,970 |
Accrued payroll and related benefits | 17,479 | 27,572 | 14,953 |
Other accrued expenses | 13,601 | 14,479 | 13,495 |
TOTAL CURRENT LIABILITIES | 128,291 | 85,688 | 104,062 |
LONG-TERM LIABILITIES: | |||
Long-term debt, less current maturities, net, including related party debt of $6,742, $7,102 and $7,446 | 6,742 | 7,102 | 7,446 |
Retirement plan | 27,338 | 26,653 | 29,132 |
Long-term operating lease liabilities, net of current portion | 5,141 | 4,771 | 1,472 |
Long-term workers' compensation liabilities | 7,291 | 7,321 | 7,459 |
Other | 2,419 | 1,545 | 696 |
TOTAL LONG-TERM LIABILITIES | 48,931 | 47,392 | 46,205 |
TOTAL LIABILITIES | 177,222 | 133,080 | 150,267 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY: | |||
Capital in excess of par value | 133,432 | 131,986 | 130,731 |
Retained earnings | 175,096 | 161,512 | 148,488 |
Accumulated other comprehensive loss | (204) | (204) | (2,469) |
Treasury stock, at cost; 117,900 shares of Common Stock | (1,204) | (1,204) | (1,204) |
TOTAL STOCKHOLDERS' EQUITY | 307,237 | 292,207 | 275,663 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 484,459 | 425,287 | 425,930 |
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 | $ 91 | $ 91 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
Allowance for doubtful accounts for accounts receivable, current | $ 370 | $ 283 | $ 318 |
Accumulated depreciation of rental investment property | 14,843 | 14,439 | 14,036 |
Due to related party, current | 704 | 672 | 642 |
Due to Related Party, Noncurrent | $ 6,742 | $ 7,102 | $ 7,446 |
Common shares, Treasury stock | 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 | 9,120,560 | 9,076,326 | 9,072,068 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] Common Stock [Member] |
Balance at Jun. 30, 2022 | $ 278,821 | $ 90 | $ 128,800 | $ 153,589 | $ (2,480) | $ (1,204) | $ 26 | |
Balance, Shares at Jun. 30, 2022 | 9,047,359 | 2,597,426 | ||||||
Net Income (Loss) | 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 | $ 90 | 129,572 | 143,153 | (2,474) | (1,204) | $ 26 | |
Balance, Shares at Sep. 29, 2022 | 9,047,359 | 2,597,426 | ||||||
Balance at Jun. 30, 2022 | 278,821 | $ 90 | 128,800 | 153,589 | (2,480) | (1,204) | $ 26 | |
Balance, Shares at Jun. 30, 2022 | 9,047,359 | 2,597,426 | ||||||
Net Income (Loss) | 32,452 | |||||||
Balance at Dec. 29, 2022 | 275,663 | $ 91 | 130,731 | 148,488 | (2,469) | (1,204) | $ 26 | |
Balance, Shares at Dec. 29, 2022 | 9,072,068 | 2,597,426 | ||||||
Balance at Sep. 29, 2022 | 269,163 | $ 90 | 129,572 | 143,153 | (2,474) | (1,204) | $ 26 | |
Balance, Shares at Sep. 29, 2022 | 9,047,359 | 2,597,426 | ||||||
Net Income (Loss) | 16,907 | 16,907 | ||||||
Cash dividends | (11,572) | (11,572) | ||||||
Pension liability amortization, net of income tax expense | 5 | 5 | ||||||
Equity award exercises | 24,709 | |||||||
Equity award exercises, net of shares withheld for employee taxes | (355) | $ 1 | (356) | |||||
Stock-based compensation expense | 1,515 | 1,515 | ||||||
Balance at Dec. 29, 2022 | 275,663 | $ 91 | 130,731 | 148,488 | (2,469) | (1,204) | $ 26 | |
Balance, Shares at Dec. 29, 2022 | 9,072,068 | 2,597,426 | ||||||
Balance at Jun. 29, 2023 | 292,207 | $ 91 | 131,986 | 161,512 | (204) | (1,204) | $ 26 | |
Balance, Shares at Jun. 29, 2023 | 9,076,326 | 2,597,426 | ||||||
Net Income (Loss) | 17,588 | 17,588 | ||||||
Cash dividends | (23,175) | (23,175) | ||||||
Equity award exercises | 14,605 | |||||||
Equity award exercises, net of shares withheld for employee taxes | 0 | $ 0 | 0 | |||||
Stock-based compensation expense | 747 | 747 | ||||||
Balance at Sep. 28, 2023 | 287,367 | $ 91 | 132,733 | 155,925 | (204) | (1,204) | $ 26 | |
Balance, Shares at Sep. 28, 2023 | 9,090,931 | 2,597,426 | ||||||
Balance at Jun. 29, 2023 | 292,207 | $ 91 | 131,986 | 161,512 | (204) | (1,204) | $ 26 | |
Balance, Shares at Jun. 29, 2023 | 9,076,326 | 2,597,426 | ||||||
Net Income (Loss) | 36,759 | |||||||
Balance at Dec. 28, 2023 | 307,237 | $ 91 | 133,432 | 175,096 | (204) | (1,204) | $ 26 | |
Balance, Shares at Dec. 28, 2023 | 9,120,560 | 2,597,426 | ||||||
Balance at Sep. 28, 2023 | 287,367 | $ 91 | 132,733 | 155,925 | (204) | (1,204) | $ 26 | |
Balance, Shares at Sep. 28, 2023 | 9,090,931 | 2,597,426 | ||||||
Net Income (Loss) | 19,171 | 19,171 | ||||||
Equity award exercises | 29,629 | |||||||
Equity award exercises, net of shares withheld for employee taxes | (684) | $ 0 | (684) | |||||
Stock-based compensation expense | 1,383 | 1,383 | ||||||
Balance at Dec. 28, 2023 | $ 307,237 | $ 91 | $ 133,432 | $ 175,096 | $ (204) | $ (1,204) | $ 26 | |
Balance, Shares at Dec. 28, 2023 | 9,120,560 | 2,597,426 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2023 | Dec. 29, 2022 | Sep. 29, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 2 | $ 1 | $ 2.25 |
Pension liability amortization income tax expense | $ 2 | $ 1 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Pro forma net income | $ 36,759 | $ 32,452 |
Depreciation and amortization | 11,715 | 10,099 |
Loss on disposition of assets, net | 140 | 19 |
Deferred income tax expense | 2,280 | 628 |
Stock-based compensation expense | 2,130 | 2,287 |
Bargain purchase gain, net | (2,226) | 0 |
Change in assets and liabilities: | ||
Accounts receivable, net | (4,542) | (2,822) |
Inventories | 11,101 | 32,020 |
Prepaid expenses and other current assets | (2,942) | (1,885) |
Accounts payable | 20,557 | 1,492 |
Accrued expenses | (10,077) | (1,794) |
Income taxes receivable | (4,180) | (2,523) |
Other long-term assets and liabilities | 132 | 721 |
Other, net | 325 | 258 |
Net cash provided by operating activities | 61,172 | 70,952 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (10,882) | (11,420) |
Business acquisitions, net | (58,974) | (3,500) |
Other, net | (53) | (56) |
Net cash used in investing activities | (69,909) | (14,976) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net short-term borrowings (repayments) | 32,052 | (17,634) |
Debt issue costs | (316) | 0 |
Principal payments on long-term debt | (328) | (1,984) |
Increase in bank overdraft | 1,215 | 1,756 |
Dividends paid | (23,175) | (37,553) |
Taxes paid related to net share settlement of equity awards | (684) | (356) |
Net cash provided by (used in) financing activities | 8,764 | (55,771) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 27 | 205 |
Cash, beginning of period | 1,948 | 415 |
Cash, end of period | $ 1,975 | $ 620 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Dec. 28, 2023 | Sep. 28, 2023 | Dec. 29, 2022 | Sep. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 19,171 | $ 17,588 | $ 16,907 | $ 15,545 | $ 36,759 | $ 32,452 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 28, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Arrangement During the quarter ended December 28, 2023 , none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K). |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 6 Months Ended |
Dec. 28, 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 2024 and fiscal 2023 are to the fiscal year ending June 27, 2024 and the fiscal year ended June 29, 2023, respectively. • References herein to the second quarter of fiscal 2024 and fiscal 2023 are to the quarters ended December 28, 2023 and December 29, 2022, respectively. • References herein to the first half or first twenty-six weeks of fiscal 2024 and fiscal 2023 are to the twenty-six weeks ended December 28, 2023 and December 29, 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 bars, snack bites, sunflower kernels, dried fruit, corn snacks, chickpea snacks, sesame sticks, other sesame snack products and baked cheese snack products under our brand names, including Just the Cheese , and under private brands. Finally, with our recent acquisition of assets relating to the snack bars business from TreeHouse Foods. Inc., which was completed in the current second quarter of fiscal 2024, we are able to offer our private brand customers a complete portfolio of snack bars. 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 29, 2023 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 2023 Annual Report on Form 10-K for the fiscal year ended June 29, 2023 . |
Lakeville Acquisition
Lakeville Acquisition | 6 Months Ended |
Dec. 28, 2023 | |
Business Combinations [Abstract] | |
Lakeville Acquisition | Note 2 – Lakeville Acquisition On September 29, 2023 , we completed the acquisition of certain assets from TreeHouse Foods, Inc. (the “Seller”) relating to its snack bars business. The acquired assets include inventory, a manufacturing facility and related equipment located in Lakeville, Minnesota, and product formulas (the “Lakeville Acquisition”). The initial purchase price was approximately $ 61,546 in cash, subject to certain post-closing adjustments. Following the closing, we received payment from the Seller of $ 2,572 for purchase price adjustments related to the actual inventory and fixed assets acquired, for a revised purchase price of $ 58,974 , net. The purchase price for the Lakeville Acquisition was primarily funded from borrowings under the Credit Facility as amended by the Second Amendment (defined below). The Lakeville Acquisition accelerates our strategy within the growing snack bar category and diversifies our product offerings. It also allows us to offer private brand customers a complete portfolio of snack bars, including fruit and grain, crunchy, protein, sweet and salty and chewy bars that complement internally developed nutrition bars. The Lakeville Acquisition has been accounted for as a business combination in accordance with ASC Topic 805, “Business Combinations”. The following table summarizes the preliminary amounts allocated to the fair values of certain assets acquired at the acquisition date: Inventories $ 35,500 Property, plant and equipment 25,600 Identifiable intangible assets: Product formulas 850 Total assets acquired $ 61,950 Property, plant and equipment represent a manufacturing facility and related equipment located in Lakeville, Minnesota. The fair value for the property was primarily determined using a market approach. The fair values for the machinery and equipment were determined using a combination of the direct and indirect cost approaches, along with the market approach. All assets will be depreciated on a straight-line basis over their estimated remaining useful lives as determined in accordance with our accounting policies. The product formulas asset represents the value of these formulas designed to replicate the taste, texture and appearance of branded snack bars. The fair value of the product formulas was determined using the income approach through a relief from royalty method analysis. We are amortizing formulas over a weighted average life of 5.4 years. There were no recognized or unrecognized material contingencies associated with the acquired business . The $ 61,950 fair value of the identifiable assets acquired exceeded the total purchase price of $ 58,974 . Accordingly, this acquisition resulted in a bargain purchase and we recognized a gain o f $ 2,226 , net of taxes, which is reported in the caption “Bargain purchase gain, net” in our consolidated financial results for the quarter and twenty-six weeks ended December 28, 2023. We believe the Lakeville Acquisition resulted in a bargain purchase gain because the Seller was motivated to divest such snack bars business, as its performance no longer supported the Seller's long-term growth targets. Net sales of $ 28,692 and a loss before income taxes of $ 3,957 from the closing of the Lakeville Acquisition on September 29, 2023 are included in our consolidated financial results as of December 28, 2023. The Company also incurred acquisition-related costs of $ 161 and $ 665 for the quarter and twenty-six weeks ended December 28, 2023, respectively. These costs are included in Administrative expenses. The following refle cts the unaudited pro forma results of operations of the Company as if the Lakeville Acquisition had taken place at the beginning of fiscal 2023. This pro forma information does not purport to represent what the Company’s actual results would have been if the Lakeville Acquisition had occurred as of the date indicated or what such results would be for any future periods. For the Quarter Ended For the Twenty-Six Weeks Ended December 28, December 29, December 28, December 29, Pro forma net sales $ 291,222 $ 313,870 $ 565,640 $ 608,754 Pro forma net income 18,883 16,697 33,335 29,797 Pro forma diluted earnings per share $ 1.62 $ 1.44 $ 2.86 $ 2.56 These unaudited pro forma results have been calculated after applying our accounting policies and adjusting the results of the Lakeville Acquisition to reflect elimination of transaction costs and the bargain purchase gain and to record additional interest expense and cost of sales that would have been incurred, assuming the fair value adjustment to inventory had been applied from July 1, 2022, net of related income taxes in respect of pro forma net income and diluted earnings per share performance. The impact to the above pro forma information of incremental depreciation and amortization expense is insignificant and therefore excluded from the calculation of pro forma results. Since the Lakeville Acquisition, we continue to operate in a single reportable operating segment that consists of selling various nut and nut-related products and snacks through three sales distribution channels. Revenues from the Lakeville Acquisition are primarily in our consumer distribution channel. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Dec. 28, 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. It is also 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 Co mpany 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 28, December 29, December 28, December 29, Consumer $ 241,362 $ 224,513 $ 425,696 $ 421,060 Commercial Ingredients 27,712 28,419 55,847 59,926 Contract Packaging 22,148 21,396 43,784 45,943 Total $ 291,222 $ 274,328 $ 525,327 $ 526,929 |
Leases
Leases | 6 Months Ended |
Dec. 28, 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 not to 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 28, June 29, December 29, Affected Line Item in Consolidated Balance Sheets Assets Operating lease right-of-use assets $ 6,867 $ 6,427 $ 2,593 Operating lease right-of-use assets Total lease right-of-use assets $ 6,867 $ 6,427 $ 2,593 Liabilities Current: Operating leases $ 1,751 $ 1,729 $ 1,166 Other accrued expenses Noncurrent: Operating leases 5,141 4,771 1,472 Long-term operating lease liabilities Total lease liabilities $ 6,892 $ 6,500 $ 2,638 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 28, December 29, December 28, December 29, Operating lease costs (a) $ 719 $ 541 $ 1,389 $ 1,015 Variable lease costs (b) 33 58 ( 141 ) 115 Total lease cost $ 752 $ 599 $ 1,248 $ 1,130 (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 28, December 29, Operating cash flows information: Cash paid for amounts included in measurements for lease liabilities $ 1,210 $ 807 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease obligations $ 1,320 $ 1,049 December 28, June 29, December 29, Weighted average remaining lease term (in years) 4.2 4.4 3.0 Weighted average discount rate 6.9 % 6.7 % 5.2 % Maturities of operating lease liabilities as of December 28, 2023 are as follows: Fiscal Year Ending June 27, 2024 (excluding the twenty-six weeks ended December 28, 2023) $ 1,159 June 26, 2025 1,954 June 25, 2026 1,742 June 24, 2027 1,455 June 29, 2028 1,285 June 28, 2029 346 Thereafter — Total lease payment 7,941 Less imputed interest ( 1,049 ) Present value of operating lease liabilities $ 6,892 At December 28, 2023, the Company has additional operating leases of approximately $ 425 that have not yet commenced and therefore are not reflected in the Consolidated Balance Sheet and tables above. The leases are scheduled to commence in the third quarter of fiscal 2024 with initial lease terms ranging from 3 to 6 years. Lessor Accounting We lease office space in our four-story office building located in Elgin, Illinois. As a lessor, we retain substantially all of the risks and benefits of ownership of the investment property and under Topic 842: Leases we continue to account for all of our leases as operating leases. Lease agreements may include options to renew. We accrue fixed lease income on a straight‑line basis over the terms of the leases. There is generally no variable lease consideration and an immaterial amount of non-lease components such as recurring utility and storage fees. Leases between related parties are immaterial. Leasing revenue is as follows: For the Quarter Ended For the Twenty-Six Weeks Ended December 28, December 29, December 28, December 29, Lease income related to lease payments $ 533 $ 403 $ 977 $ 805 The future minimum, undiscounted fixed cash flows under non-cancelable tenant operating leases for each of the next five years and thereafter are as follows: Fiscal Year Ending June 27, 2024 (excluding the twenty-six weeks ended December 28, 2023) $ 1,029 June 26, 2025 1,477 June 25, 2026 972 June 24, 2027 930 June 29, 2028 328 June 28, 2029 336 Thereafter 1,478 $ 6,550 |
Inventories
Inventories | 6 Months Ended |
Dec. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5 – Inventories Inventories consist of the following: December 28, June 29, December 29, Raw material and supplies $ 81,564 $ 65,430 $ 75,002 Work-in-process and finished goods 115,771 107,506 98,073 Total $ 197,335 $ 172,936 $ 173,075 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Dec. 28, 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: December 28, June 29, December 29, Customer relationships $ 21,350 $ 21,350 $ 21,370 Brand names 17,070 17,070 17,070 Product formulas 850 - - Non-compete agreement 300 300 300 39,570 38,720 38,740 Less accumulated amortization: Customer relationships ( 20,356 ) ( 19,834 ) ( 19,311 ) Brand names ( 12,314 ) ( 11,955 ) ( 11,598 ) Product formulas ( 40 ) - - Non-compete agreement ( 276 ) ( 273 ) ( 270 ) ( 32,986 ) ( 32,062 ) ( 31,179 ) Net intangible assets $ 6,584 $ 6,658 $ 7,561 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 $ 482 and $ 924 for the quarter and twenty-six weeks ended December 28, 2023, respectively. Amortization expense for the remainder of fiscal 2024 is expected to be approximately $ 762 and expected amortization expense the next five fiscal years is as follows: Fiscal Year Ending June 26, 2025 $ 1,374 June 25, 2026 1,038 June 24, 2027 863 June 29, 2028 685 June 28, 2029 496 Our net goodwill at December 28, 2023 was comprised of $ 9,650 from the Squirrel Brand acquisition completed in fiscal 2018 and $ 2,100 from the Just the Cheese brand acquisition completed in fiscal 2023. The changes in the carrying amount of goodwill since June 30, 2022 are as follows: Gross goodwill balance at June 30, 2022 $ 18,416 Accumulated impairment losses ( 8,766 ) Net goodwill balance at June 30, 2022 9,650 Goodwill acquired during fiscal 2023 2,100 Net balance at June 29, 2023 11,750 Goodwill acquired during fiscal 2024 - Net balance at December 28, 2023 $ 11,750 |
Credit Facility
Credit Facility | 6 Months Ended |
Dec. 28, 2023 | |
Debt Disclosure [Abstract] | |
Credit Facility | Note 7 – Credit Facility Our Second Amendment to the Amended and Restated Credit Agreement (the “Second Amendment”) dated September 29, 2023 provides for a $ 150,000 senior secured revolving credit facility (the “Credit Facility”), which was increased from $ 117,500, to provide extra available capacity for our short-term working capital requirements due to the Lakeville Acquisition. The Second Amendment also extends the maturity of the Credit Facility to September 29, 2028 and allows t he Company to pay up to $ 100,000 in dividends per year, subject to meeting availability tests . The Credit Facility is secured by substantially all our assets other than machinery and equipment, real property and fixtures. At December 28, 2023, we had $ 114,155 of available credit under the Credit Facility which reflects borrowings of $ 32,052 and reduced availability as a result of $ 3,793 in outstanding letters of credit. As of December 28, 2023 , we were in compliance with all financial covenants under the Credit Facility. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Dec. 28, 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 Twenty-Six Weeks Ended December 28, December 29, December 28, December 29, Weighted average number of shares outstanding – basic 11,611,409 11,567,068 11,603,185 11,560,250 Effect of dilutive securities: Restricted stock units 56,146 57,594 67,964 60,637 Weighted average number of shares outstanding – diluted 11,667,555 11,624,662 11,671,149 11,620,887 There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Dec. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Note 9 – Stock-Based Compensation Plans At our annual meeting of stockholders on November 2, 2023, our stockholders approved a new equity incentive plan (the “2023 Omnibus Plan”) under which awards of options and stock-based awards may be made to employees, officers or non-employee directors of our Company. A total of 747,065 shares of Common Stock are authorized for grants of awards thereunder, which may be in the form of options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights (SARs”), performance shares, performance units, Common Stock or dividends and dividend equivalents. The total number of shares of Common Stock with respect to which options or SARs may be granted in any calendar year to any participant may not exceed 500,000 shares (this limit applies separately with respect to each type of award). Additionally, for awards of restricted stock, RSUs, performance shares or other stock-based awards that are intended to qualify as performance-based compensation: (i) the total number of shares of Common Stock that may be granted in any calendar year to any participant may not exceed 250,000 shares (this limit applies separately to each type of award) and (ii) the maximum amount that may be paid to any participant for awards that are payable in cash or property other than Common Stock in any calendar year is $ 5,000 . During the second quarter of fiscal 2024 , there were 56,168 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 twenty-six weeks of fiscal 2024: Restricted Stock Units Shares Weighted Average Grant Date Fair Value Outstanding at June 29, 2023 155,012 $ 67.87 Granted (a) 56,168 $ 85.55 Vested (b) ( 51,707 ) $ 72.10 Forfeited ( 621 ) $ 72.58 Outstanding at December 28, 2023 158,852 $ 72.73 (a) The number of RSUs granted includ es 8,031 RSUs with per formance conditions for which the performance criteria had yet to be achieved. The final number of shares that will eventually be earned and vest has not yet been determined. (b) The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements. At December 28, 2023, there were 26,653 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 28, December 29, December 28, December 29, Stock-based compensation expense $ 1,383 $ 1,515 $ 2,130 $ 2,287 As of December 28, 2023, there was $ 6,763 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. |
Retirement Plan
Retirement Plan | 6 Months Ended |
Dec. 28, 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 Twenty-Six Weeks Ended December 28, December 29, December 28, December 29, Service cost $ 63 $ 201 $ 126 $ 401 Interest cost 350 341 700 683 Amortization of loss — 7 — 14 Net periodic benefit cost $ 413 $ 549 $ 826 $ 1,098 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Dec. 28, 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 twenty-six weeks ended December 28, 2023 and December 29, 2022. These changes are all related to our defined benefit pension plan. For the Twenty-Six Weeks Ended Changes to AOCL (a) December 28, December 29, Balance at beginning of period $ ( 204 ) $ ( 2,480 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss — 14 Tax effect — ( 3 ) Net current-period other comprehensive income — 11 Balance at end of period $ ( 204 ) $ ( 2,469 ) (a) Amounts in parenthesis indicate debits/expense . The reclassifications out of AOCL for the quarter and twenty-six weeks ended December 28, 2023 and December 29, 2022 were as follows: For the Quarter Ended For the Twenty-Six Weeks Ended Affected Line Item Reclassifications from AOCL to Earnings (b) December 28, December 29, December 28, December 29, Consolidated Statements of Amortization of defined benefit pension items: Unrecognized net loss $ — $ ( 7 ) $ — $ ( 14 ) Pension expense (excluding service costs) Tax effect — 2 — 3 Income tax expense Amortization of defined pension items, net of tax $ — $ ( 5 ) $ — $ ( 11 ) (b) Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Dec. 28, 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Dec. 28, 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: December 28, June 29, December 29, Carrying value of current and long-term debt: $ 7,446 $ 7,774 $ 8,944 Fair value of current and long-term debt: 6,654 7,421 8,118 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Dec. 28, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 14 – 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. |
Lakeville Acquisition (Tables)
Lakeville Acquisition (Tables) | 6 Months Ended |
Dec. 28, 2023 | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired | The following table summarizes the preliminary amounts allocated to the fair values of certain assets acquired at the acquisition date: Inventories $ 35,500 Property, plant and equipment 25,600 Identifiable intangible assets: Product formulas 850 Total assets acquired $ 61,950 |
Business Acquisition, Pro Forma Information [Table Text Block] | This pro forma information does not purport to represent what the Company’s actual results would have been if the Lakeville Acquisition had occurred as of the date indicated or what such results would be for any future periods. For the Quarter Ended For the Twenty-Six Weeks Ended December 28, December 29, December 28, December 29, Pro forma net sales $ 291,222 $ 313,870 $ 565,640 $ 608,754 Pro forma net income 18,883 16,697 33,335 29,797 Pro forma diluted earnings per share $ 1.62 $ 1.44 $ 2.86 $ 2.56 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Dec. 28, 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 Twenty-Six Weeks Ended Distribution Channel December 28, December 29, December 28, December 29, Consumer $ 241,362 $ 224,513 $ 425,696 $ 421,060 Commercial Ingredients 27,712 28,419 55,847 59,926 Contract Packaging 22,148 21,396 43,784 45,943 Total $ 291,222 $ 274,328 $ 525,327 $ 526,929 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Dec. 28, 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: December 28, June 29, December 29, Affected Line Item in Consolidated Balance Sheets Assets Operating lease right-of-use assets $ 6,867 $ 6,427 $ 2,593 Operating lease right-of-use assets Total lease right-of-use assets $ 6,867 $ 6,427 $ 2,593 Liabilities Current: Operating leases $ 1,751 $ 1,729 $ 1,166 Other accrued expenses Noncurrent: Operating leases 5,141 4,771 1,472 Long-term operating lease liabilities Total lease liabilities $ 6,892 $ 6,500 $ 2,638 |
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 28, December 29, December 28, December 29, Operating lease costs (a) $ 719 $ 541 $ 1,389 $ 1,015 Variable lease costs (b) 33 58 ( 141 ) 115 Total lease cost $ 752 $ 599 $ 1,248 $ 1,130 (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 28, December 29, Operating cash flows information: Cash paid for amounts included in measurements for lease liabilities $ 1,210 $ 807 Non-cash activity: Right-of-use assets obtained in exchange for new operating lease obligations $ 1,320 $ 1,049 |
Summary of other information | December 28, June 29, December 29, Weighted average remaining lease term (in years) 4.2 4.4 3.0 Weighted average discount rate 6.9 % 6.7 % 5.2 % |
Summary of maturities of operating lease liabilities | Maturities of operating lease liabilities as of December 28, 2023 are as follows: Fiscal Year Ending June 27, 2024 (excluding the twenty-six weeks ended December 28, 2023) $ 1,159 June 26, 2025 1,954 June 25, 2026 1,742 June 24, 2027 1,455 June 29, 2028 1,285 June 28, 2029 346 Thereafter — Total lease payment 7,941 Less imputed interest ( 1,049 ) Present value of operating lease liabilities $ 6,892 |
Summary of operating lease revenue | Leasing revenue is as follows: For the Quarter Ended For the Twenty-Six Weeks Ended December 28, December 29, December 28, December 29, Lease income related to lease payments $ 533 $ 403 $ 977 $ 805 |
Undiscounted fixed lease consideration under non-cancelable tenant operating leases | The future minimum, undiscounted fixed cash flows under non-cancelable tenant operating leases for each of the next five years and thereafter are as follows: Fiscal Year Ending June 27, 2024 (excluding the twenty-six weeks ended December 28, 2023) $ 1,029 June 26, 2025 1,477 June 25, 2026 972 June 24, 2027 930 June 29, 2028 328 June 28, 2029 336 Thereafter 1,478 $ 6,550 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: December 28, June 29, December 29, Raw material and supplies $ 81,564 $ 65,430 $ 75,002 Work-in-process and finished goods 115,771 107,506 98,073 Total $ 197,335 $ 172,936 $ 173,075 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Dec. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Identifiable Intangible Assets | Identifiable intangible assets that are subject to amortization consist of the following: December 28, June 29, December 29, Customer relationships $ 21,350 $ 21,350 $ 21,370 Brand names 17,070 17,070 17,070 Product formulas 850 - - Non-compete agreement 300 300 300 39,570 38,720 38,740 Less accumulated amortization: Customer relationships ( 20,356 ) ( 19,834 ) ( 19,311 ) Brand names ( 12,314 ) ( 11,955 ) ( 11,598 ) Product formulas ( 40 ) - - Non-compete agreement ( 276 ) ( 273 ) ( 270 ) ( 32,986 ) ( 32,062 ) ( 31,179 ) Net intangible assets $ 6,584 $ 6,658 $ 7,561 |
Summary of Expected Amortization Expense | expected amortization expense the next five fiscal years is as follows: Fiscal Year Ending June 26, 2025 $ 1,374 June 25, 2026 1,038 June 24, 2027 863 June 29, 2028 685 June 28, 2029 496 |
Summary of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill since June 30, 2022 are as follows: Gross goodwill balance at June 30, 2022 $ 18,416 Accumulated impairment losses ( 8,766 ) Net goodwill balance at June 30, 2022 9,650 Goodwill acquired during fiscal 2023 2,100 Net balance at June 29, 2023 11,750 Goodwill acquired during fiscal 2024 - Net balance at December 28, 2023 $ 11,750 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Dec. 28, 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 Twenty-Six Weeks Ended December 28, December 29, December 28, December 29, Weighted average number of shares outstanding – basic 11,611,409 11,567,068 11,603,185 11,560,250 Effect of dilutive securities: Restricted stock units 56,146 57,594 67,964 60,637 Weighted average number of shares outstanding – diluted 11,667,555 11,624,662 11,671,149 11,620,887 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Dec. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSU Activity | The following is a summary of RSU activity for the first twenty-six weeks of fiscal 2024: Restricted Stock Units Shares Weighted Average Grant Date Fair Value Outstanding at June 29, 2023 155,012 $ 67.87 Granted (a) 56,168 $ 85.55 Vested (b) ( 51,707 ) $ 72.10 Forfeited ( 621 ) $ 72.58 Outstanding at December 28, 2023 158,852 $ 72.73 |
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 28, December 29, December 28, December 29, Stock-based compensation expense $ 1,383 $ 1,515 $ 2,130 $ 2,287 |
Retirement Plan (Tables)
Retirement Plan (Tables) | 6 Months Ended |
Dec. 28, 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 Twenty-Six Weeks Ended December 28, December 29, December 28, December 29, Service cost $ 63 $ 201 $ 126 $ 401 Interest cost 350 341 700 683 Amortization of loss — 7 — 14 Net periodic benefit cost $ 413 $ 549 $ 826 $ 1,098 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 28, 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 twenty-six weeks ended December 28, 2023 and December 29, 2022. These changes are all related to our defined benefit pension plan. For the Twenty-Six Weeks Ended Changes to AOCL (a) December 28, December 29, Balance at beginning of period $ ( 204 ) $ ( 2,480 ) Other comprehensive income before reclassifications — — Amounts reclassified from accumulated other comprehensive loss — 14 Tax effect — ( 3 ) Net current-period other comprehensive income — 11 Balance at end of period $ ( 204 ) $ ( 2,469 ) (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 28, 2023 and December 29, 2022 were as follows: For the Quarter Ended For the Twenty-Six Weeks Ended Affected Line Item Reclassifications from AOCL to Earnings (b) December 28, December 29, December 28, December 29, Consolidated Statements of Amortization of defined benefit pension items: Unrecognized net loss $ — $ ( 7 ) $ — $ ( 14 ) Pension expense (excluding service costs) Tax effect — 2 — 3 Income tax expense Amortization of defined pension items, net of tax $ — $ ( 5 ) $ — $ ( 11 ) (b) Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Dec. 28, 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: December 28, June 29, December 29, Carrying value of current and long-term debt: $ 7,446 $ 7,774 $ 8,944 Fair value of current and long-term debt: 6,654 7,421 8,118 |
Basis of Presentation and Des_2
Basis of Presentation and Description of Business - Additional Information (Detail) | 6 Months Ended |
Dec. 28, 2023 Channel | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of distribution channels | 3 |
Lakeville Acquisition - Summary
Lakeville Acquisition - Summary of Fair Value of Assets Acquired (Detail) - Just The Cheese Brand [Member] $ in Thousands | Sep. 29, 2023 USD ($) |
Business Acquisition [Line Items] | |
Inventories | $ 35,500 |
Property, plant and equipment | 25,600 |
Identifiable intangible assets: | |
Product formulas | 850 |
Total purchase price | $ 61,950 |
Lakeville Acquisition - Summa_2
Lakeville Acquisition - Summary of Unaudited Pro Forma Results Of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Business Acquisition, Pro Forma Information [Abstract] | ||||
Pro forma net sales | $ 291,222 | $ 313,870 | $ 565,640 | $ 608,754 |
Pro forma net income | $ 18,883 | $ 16,697 | $ 33,335 | $ 29,797 |
Pro forma diluted earnings per share | $ 1.62 | $ 1.44 | $ 2.86 | $ 2.56 |
Lakeville Acquisition - Additio
Lakeville Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 29, 2023 | Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Business Acquisition [Line Items] | |||||
Payments to acquire businesses | $ 58,974 | $ 58,974 | $ 3,500 | ||
Business combination amount to be received from seller | 2,572 | ||||
Business combination, recognized identifiable assets acquired and liabilities assumed, net | $ 61,950 | ||||
Business combination, bargain purchase, gain recognized, amount | $ 2,226 | $ 0 | 2,226 | $ 0 | |
Net sales | 28,692 | ||||
Loss before income taxes | 3,957 | ||||
Business combination, acquisition related costs | $ 161 | $ 665 | |||
TreeHouse Foods, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Sep. 29, 2023 | ||||
Lakeville [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses | $ 58,974 | ||||
Business combination, initial purchase price | $ 61,546 | ||||
Business combination, assets and liabilities arising from contingencies, description | There were no recognized or unrecognized material contingencies associated with the acquired business | ||||
Business Acquisition, Description of Acquired Entity | The Lakeville Acquisition accelerates our strategy within the growing snack bar category and diversifies our product offerings. It also allows us to offer private brand customers a complete portfolio of snack bars, including fruit and grain, crunchy, protein, sweet and salty and chewy bars that complement internally developed nutrition bars. | ||||
Acquired finite-lived intangible assets, weighted average useful life | 5 years 4 months 24 days | ||||
Business Combination, Bargain Purchase, Gain Recognized, Description | We believe the Lakeville Acquisition resulted in a bargain purchase gain because the Seller was motivated to divest such snack bars business, as its performance no longer supported the Seller's long-term growth targets. |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 291,222 | $ 274,328 | $ 525,327 | $ 526,929 |
Consumer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 241,362 | 224,513 | 425,696 | 421,060 |
Commercial Ingredients [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 27,712 | 28,419 | 55,847 | 59,926 |
Contract Packaging [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 22,148 | $ 21,396 | $ 43,784 | $ 45,943 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Dec. 28, 2023 USD ($) |
Operating Leased Assets [Line Items] | |
Operating leases not yet commenced | $ 425 |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Remaining lease term | 5 years 6 months |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 6 years |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 3 years |
Leases - Operating Lease Assets
Leases - Operating Lease Assets And Liabilities (Detail) - USD ($) $ in Thousands | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
Assets | |||
Operating lease right-of-use assets | $ 6,867 | $ 6,427 | $ 2,593 |
Current | |||
Operating Lease, Liability, Current | 1,751 | 1,729 | 1,166 |
Noncurrent | |||
Operating Lease, Liability, Noncurrent | 5,141 | 4,771 | 1,472 |
Total lease liabilities | $ 6,892 | $ 6,500 | $ 2,638 |
Leases - Lease Cost (Detail)
Leases - Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | ||
Leases [Abstract] | |||||
Operating lease costs | [1] | $ 719 | $ 541 | $ 1,389 | $ 1,015 |
Variable lease costs | [2] | 33 | 58 | 141 | 115 |
Total lease cost | $ 752 | $ 599 | $ 1,248 | $ 1,130 | |
[1] Includes short-term leases which are immaterial. Variable lease costs consist of sales tax and lease overtime charges. |
Leases - Operating Leases Cash
Leases - Operating Leases Cash Flow Related Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 28, 2023 | Dec. 29, 2022 | |
Operating cash flows information: | ||
Cash paid for amounts included in measurements for lease liabilities | $ 1,210 | $ 807 |
Non-cash activity: | ||
Right-of-use assets obtained in exchange for new operating lease obligations | $ 1,320 | $ 1,049 |
Leases - Other Information Rela
Leases - Other Information Related to Operating Lease (Detail) | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
Leases [Abstract] | |||
Weighted average remaining lease term (in years) | 4 years 2 months 12 days | 4 years 4 months 24 days | 3 years |
Weighted average discount rate | 6.90% | 6.70% | 5.20% |
Leases - Lessee Operating Lease
Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($) $ in Thousands | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
Leases [Abstract] | |||
June 27, 2024 (excluding the twenty-six weeks ended December 28, 2023) | $ 1,159 | ||
June 26, 2025 | 1,954 | ||
June 25, 2026 | 1,742 | ||
June 24, 2027 | 1,455 | ||
June 29, 2028 | 1,285 | ||
June 28, 2029 | 346 | ||
Thereafter | 0 | ||
Total lease payment | 7,941 | ||
Less imputed interest | (1,049) | ||
Present value of operating lease liabilities | $ 6,892 | $ 6,500 | $ 2,638 |
Leases - Operating Lease Revenu
Leases - Operating Lease Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Leases [Abstract] | ||||
Lease income related to lease payments | $ 533 | $ 403 | $ 977 | $ 805 |
Leases - Lessor Operating Lease
Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail) $ in Thousands | Dec. 28, 2023 USD ($) |
Leases [Abstract] | |
June 27, 2024 (excluding the quarter ended September 28, 2023) | $ 1,029 |
June 26, 2025 | 1,477 |
June 25, 2026 | 972 |
June 24, 2027 | 930 |
June 29, 2028 | 328 |
June 28, 2029 | 336 |
Thereafter | 1,478 |
Total | $ 6,550 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
Inventory Disclosure [Abstract] | |||
Raw material and supplies | $ 81,564 | $ 65,430 | $ 75,002 |
Work-in-process and finished goods | 115,771 | 107,506 | 98,073 |
Total | $ 197,335 | $ 172,936 | $ 173,075 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 28, 2023 | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 | Jun. 30, 2022 | |
Goodwill and Intangible Assets [Line Items] | |||||
Amortization expense for remainder of fiscal 2023 | $ 762 | $ 762 | |||
Goodwill related to acquisition | 11,750 | 11,750 | $ 11,750 | $ 12,030 | $ 9,650 |
Administrative Expenses [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 482 | 924 | |||
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 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | $ 39,570 | $ 38,720 | $ 38,740 |
Less accumulated amortization: | |||
Total accumulated amortization | (32,986) | (32,062) | (31,179) |
Net intangible assets | 6,584 | 6,658 | 7,561 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 21,350 | 21,350 | 21,370 |
Less accumulated amortization: | |||
Total accumulated amortization | (20,356) | (19,834) | (19,311) |
Brand Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 17,070 | 17,070 | 17,070 |
Less accumulated amortization: | |||
Total accumulated amortization | (12,314) | (11,955) | (11,598) |
Product Formulas [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 850 | 0 | 0 |
Less accumulated amortization: | |||
Total accumulated amortization | 40 | 0 | 0 |
Non-compete Agreement [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 300 | 300 | 300 |
Less accumulated amortization: | |||
Total accumulated amortization | $ (276) | $ (273) | $ (270) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail) $ in Thousands | Dec. 28, 2023 USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
June 26, 2025 | $ 1,374 |
June 25, 2026 | 1,038 |
June 24, 2027 | 863 |
June 29, 2028 | 685 |
June 28, 2029 | $ 496 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 28, 2023 | Jun. 29, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross goodwill balance at June 30, 2022 | $ 18,416 | ||
Accumulated impairment losses | $ (8,766) | ||
Beginning, Net balance | $ 11,750 | 9,650 | |
Goodwill acquired during the period | 0 | 2,100 | |
Ending, Net balance | $ 11,750 | $ 11,750 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 28, 2023 | Sep. 29, 2023 | Sep. 28, 2023 |
Second Amendment [Member] | |||
Debt Instrument [Line Items] | |||
Dividends allowed before lender approval needed | $ 100,000 | ||
Senior Secured Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving loan commitment and letter of credit sub facility | $ 150,000 | ||
Line of credit facility, provide extra available capacity | $ 117,500 | ||
Available credit under the Credit Facility | $ 114,155 | ||
Outstanding letters of credit | 3,793 | ||
Revolving credit facility borrowings | $ 32,052 |
Earnings Per Common Share - Wei
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. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 11,611,409 | 11,567,068 | 11,603,185 | 11,560,250 |
Effect of dilutive securities: | ||||
Restricted stock units | 56,146 | 57,594 | 67,964 | 60,637 |
Weighted average number of shares outstanding – diluted | 11,667,555 | 11,624,662 | 11,671,149 | 11,620,887 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 02, 2023 | Dec. 28, 2023 | Dec. 28, 2023 | ||
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 | |||
Amount that may be paid to any participant for awards payable in cash or property other than Common Stock | $ 5,000 | |||
Maximum number of shares that may be awarded to participant in one calendar year | 250,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | [1] | 56,168 | ||
Unrecognized compensation expense related to non-vested share-based compensation | $ 6,763,000 | $ 6,763,000 | ||
2023 Omnibus Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock authorized for grants of awards under equity incentive plan | 747,065 | |||
Maximum number of stock options or stock appreciation rights awarded to an individual | 500,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted stock units vested | 26,653 | |||
Restricted Stock Units (RSUs) [Member] | Employees and Non Employee [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 56,168 | |||
[1] The number of RSUs granted includ es 8,031 RSUs with per formance conditions for which the performance criteria had yet to be achieved. The final number of shares that will eventually be earned and vest has not yet been determined. |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Summary of RSU Activity (Detail) | 6 Months Ended | |
Dec. 28, 2023 $ / shares shares | ||
Share-Based Payment Arrangement [Abstract] | ||
Outstanding beginning balance, Shares | shares | 155,012 | |
Granted, Shares | shares | 56,168 | [1] |
Vested, Shares | shares | (51,707) | [2] |
Forfeited, Shares | shares | (621) | |
Outstanding ending balance, Shares | shares | 158,852 | |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 67.87 | |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 85.55 | [1] |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 72.1 | [2] |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 72.58 | |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 72.73 | |
[1] The number of RSUs granted includ es 8,031 RSUs with per formance conditions for which the performance criteria had yet to be achieved. The final number of shares that will eventually be earned and vest has not yet been determined. The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements. |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summary of Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense | $ 1,383 | $ 1,515 | $ 2,130 | $ 2,287 |
Retirement Plan - Schedule of N
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 63 | $ 201 | $ 126 | $ 401 |
Interest cost | 350 | 341 | 700 | 683 |
Amortization of loss | 0 | 7 | 0 | 14 |
Net periodic benefit cost | $ 413 | $ 549 | $ 826 | $ 1,098 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | $ (204) | ||||
Net current-period other comprehensive income | $ 0 | $ 5 | 0 | $ 11 | |
Balance at end of period | (204) | (2,469) | (204) | (2,469) | |
Accumulated Other Comprehensive Loss [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | [1] | (204) | (2,480) | ||
Other comprehensive income before reclassifications | [1] | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | [1] | 0 | 14 | ||
Tax effect | [1] | 0 | (3) | ||
Net current-period other comprehensive income | [1] | 0 | 11 | ||
Balance at end of period | [1] | $ (204) | $ (2,469) | $ (204) | $ (2,469) |
[1] Amounts in parenthesis indicate debits/expense |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 28, 2023 | Dec. 29, 2022 | Dec. 28, 2023 | Dec. 29, 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] | $ 0 | $ (7) | $ 0 | $ (14) |
Amortization of Defined Benefit Pension Items [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Tax effect | [1] | 0 | 2 | 0 | 3 |
Amortization of defined pension items, net of tax | [1] | $ 0 | $ (5) | $ 0 | $ (11) |
[1] Amounts in parenthesis indicate debits to expense. See Note 10 – “Retirement Plan” above for additional details. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 28, 2023 | Jun. 29, 2023 | Dec. 29, 2022 |
Fair Value Disclosures [Abstract] | |||
Debt, Long-Term and Short-Term, Combined Amount, Total | $ 7,446 | $ 7,774 | $ 8,944 |
Long-Term Debt, Fair Value | $ 6,654 | $ 7,421 | $ 8,118 |
Subsequent Event (Additional In
Subsequent Event (Additional Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 29, 2023 | Dec. 28, 2023 | Dec. 29, 2022 | |
Subsequent Event [Line Items] | |||
Payments to acquire businesses | $ 58,974 | $ 58,974 | $ 3,500 |
Revolving Credit Facility [Member] | |||
Subsequent Event [Line Items] | |||
Credit facility maximum borrowing capacity | $ 150,000 | ||
TreeHouse Foods, Inc. [Member] | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Sep. 29, 2023 |