SANFILIPPO JOHN B & SON INC, 10-Q filed on 27 Jan 22
 | XBRL Documents
v3.21.4
Cover Page - shares
 6 Months Ended
Dec. 23, 2021
Jan. 21, 2022
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 23, 2021  
Document Fiscal Year Focus 2022  
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 --06-30  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Title of 12(b) Security Common Stock  
Entity Address, State or Province IL  
Entity File Number 0-19681  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-2419677  
Entity Address, Address Line One 1703 North Randall Road  
Entity Address, City or Town Elgin  
Entity Address, Postal Zip Code 60123-7820  
City Area Code (847)  
Local Phone Number 289-1800  
Document Quarterly Report true  
Document Transition Report false  
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   8,928,322
Class A Common Stock [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,597,426
v3.21.4
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Statement of Comprehensive Income [Abstract]        
Net sales $ 253,207 $ 233,575 $ 479,536 $ 443,848
Cost of sales 200,977 180,780 375,503 351,721
Gross profit 52,230 52,795 104,033 92,127
Operating expenses:        
Selling expenses 23,567 17,694 41,312 29,778
Administrative expenses 10,401 7,305 19,470 15,680
Gain on sale of facility, net 0 0 (2,349) 0
Total operating expenses 33,968 24,999 58,433 45,458
Income from operations 18,262 27,796 45,600 46,669
Other expense:        
Interest expense including $203, $165, $392 and $332 to related parties 420 376 791 826
Rental and miscellaneous expense, net 323 365 671 797
Other expense 619 629 1,237 1,259
Total other expense, net 1,362 1,370 2,699 2,882
Income before income taxes 16,900 26,426 42,901 43,787
Income tax expense 3,653 6,541 10,405 11,090
Net income 13,247 19,885 32,496 32,697
Other comprehensive income:        
Amortization of prior service cost and actuarial loss included in net periodic pension cost 364 414 728 830
Income tax expense related to pension adjustments (95) (103) (190) (207)
Other comprehensive income, net of tax: 269 311 538 623
Comprehensive income $ 13,516 $ 20,196 $ 33,034 $ 33,320
Net income per common share-basic $ 1.15 $ 1.73 $ 2.82 $ 2.85
Net income per common share-diluted $ 1.14 $ 1.72 $ 2.81 $ 2.83
v3.21.4
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Statement of Comprehensive Income [Abstract]        
Interest expense to related parties $ 203 $ 165 $ 392 $ 332
v3.21.4
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
CURRENT ASSETS:      
Cash $ 1,027 $ 672 $ 1,763
Accounts receivable, less allowance for doubtful accounts of $358, $291 and $325 65,032 66,334 60,495
Inventories 178,741 147,998 155,371
Prepaid expenses and other current assets 12,764 8,568 9,872
Assets held for sale 0 1,595 0
TOTAL CURRENT ASSETS 257,564 225,167 227,501
PROPERTY, PLANT AND EQUIPMENT:      
Land 9,150 9,150 9,277
Buildings 102,801 102,666 110,611
Machinery and equipment 228,418 225,529 224,458
Furniture and leasehold improvements 5,296 5,287 5,199
Vehicles 614 614 642
Construction in progress 17,254 12,301 6,577
Property, plant and equipment gross 363,533 355,547 356,764
Less: Accumulated depreciation 245,607 238,471 244,447
Property, plant and equipment net 117,926 117,076 112,317
Rental investment property, less accumulated depreciation of $13,229, $12,825 and $12,422 15,894 16,298 16,701
TOTAL PROPERTY, PLANT AND EQUIPMENT 133,820 133,374 129,018
Intangible assets, net 8,953 9,961 10,968
Cash surrender value of officers' life insurance and other assets 9,579 10,732 9,017
Deferred income taxes 4,304 6,087 7,288
Goodwill 9,650 9,650 9,650
Operating lease right-of-use assets 2,852 3,484 4,119
TOTAL ASSETS 426,722 398,455 397,561
CURRENT LIABILITIES:      
Revolving credit facility borrowings 35,885 8,653 9,169
Current maturities of long-term debt, including related party debt of $586, $627 and $605 and net of unamortized debt issuance costs of $9, $15 and $20 3,909 3,875 3,780
Accounts payable 63,452 48,861 52,140
Bank overdraft 1,668 1,093 1,510
Accrued payroll and related benefits 12,832 24,109 13,470
Other accrued expenses 13,080 10,774 10,907
Income taxes payable 0 2,839 7,012
TOTAL CURRENT LIABILITIES 130,826 100,204 97,988
LONG-TERM LIABILITIES:      
Long-term debt, less current maturities, including related party debt of $8,088, $8,320 and $8,639 and net of unamortized debt issuance costs of $1, $4 and $10 8,943 10,855 12,817
Retirement plan 35,596 34,919 32,146
Long-term operating lease liabilities, net of current portion 1,504 2,103 2,704
Other 8,050 7,880 7,899
TOTAL LONG-TERM LIABILITIES 54,093 55,757 55,566
TOTAL LIABILITIES 184,919 155,961 153,554
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:      
Capital in excess of par value 127,080 126,271 125,032
Retained earnings 124,298 126,336 128,070
Accumulated other comprehensive loss (8,487) (9,025) (8,007)
Treasury stock, at cost; 117,900 shares of Common Stock (1,204) (1,204) (1,204)
TOTAL STOCKHOLDERS' EQUITY 241,803 242,494 244,007
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 426,722 398,455 397,561
Class A Common Stock [Member]      
STOCKHOLDERS' EQUITY:      
Common Stock 26 26 26
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]      
STOCKHOLDERS' EQUITY:      
Common Stock $ 90 $ 90 $ 90
v3.21.4
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Allowance for doubtful accounts for accounts receivable, current $ 358 $ 291 $ 325
Accumulated depreciation of rental investment property 13,229 12,825 12,422
Current maturities of long-term debt, related party debt 586 627 605
Unamortized debt issuance costs, current 9 15 20
Related party debt, Non-current 8,088 8,320 8,639
Unamortized debt issuance costs, noncurrent $ 1 $ 4 $ 10
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 9,044,960 8,988,812 8,983,588
v3.21.4
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Capital in Excess of Par Value [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Treasury Stock [Member]
Class A Common Stock [Member]
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]
Balance at Jun. 25, 2020 $ 238,238 $ 123,899 $ 124,058 $ (8,630) $ (1,204) $ 26 $ 89
Balance, Shares at Jun. 25, 2020           2,597,426 8,939,890
Net income 12,812   12,812        
Cash dividends (28,685)   (28,685)        
Pension liability amortization, net of income tax expense 312     312      
Equity award exercises, net of shares withheld for employee taxes 0 0         $ 0
Equity award exercises, net of shares withheld for employee taxes, shares             221
Stock-based compensation expense 622 622          
Balance at Sep. 24, 2020 223,299 124,521 108,185 (8,318) (1,204) $ 26 $ 89
Balance, Shares at Sep. 24, 2020           2,597,426 8,940,111
Balance at Jun. 25, 2020 238,238 123,899 124,058 (8,630) (1,204) $ 26 $ 89
Balance, Shares at Jun. 25, 2020           2,597,426 8,939,890
Net income 32,697            
Balance at Dec. 24, 2020 244,007 125,032 128,070 (8,007) (1,204) $ 26 $ 90
Balance, Shares at Dec. 24, 2020           2,597,426 8,983,588
Balance at Sep. 24, 2020 223,299 124,521 108,185 (8,318) (1,204) $ 26 $ 89
Balance, Shares at Sep. 24, 2020           2,597,426 8,940,111
Net income 19,885   19,885        
Pension liability amortization, net of income tax expense 311     311      
Equity award exercises, net of shares withheld for employee taxes (486) (487)         $ 1
Equity award exercises, net of shares withheld for employee taxes, shares             43,477
Stock-based compensation expense 998 998          
Balance at Dec. 24, 2020 244,007 125,032 128,070 (8,007) (1,204) $ 26 $ 90
Balance, Shares at Dec. 24, 2020           2,597,426 8,983,588
Balance at Jun. 24, 2021 242,494 126,271 126,336 (9,025) (1,204) $ 26 $ 90
Balance, Shares at Jun. 24, 2021           2,597,426 8,988,812
Net income 19,249   19,249        
Cash dividends (34,534)   (34,534)        
Pension liability amortization, net of income tax expense 269     269      
Equity award exercises, net of shares withheld for employee taxes (16) (16)         $ 0
Equity award exercises, net of shares withheld for employee taxes, shares             1,168
Stock-based compensation expense 703 703          
Balance at Sep. 23, 2021 228,165 126,958 111,051 (8,756) (1,204) $ 26 $ 90
Balance, Shares at Sep. 23, 2021           2,597,426 8,989,980
Balance at Jun. 24, 2021 242,494 126,271 126,336 (9,025) (1,204) $ 26 $ 90
Balance, Shares at Jun. 24, 2021           2,597,426 8,988,812
Net income 32,496            
Balance at Dec. 23, 2021 241,803 127,080 124,298 (8,487) (1,204) $ 26 $ 90
Balance, Shares at Dec. 23, 2021           2,597,426 9,044,960
Balance at Sep. 23, 2021 228,165 126,958 111,051 (8,756) (1,204) $ 26 $ 90
Balance, Shares at Sep. 23, 2021           2,597,426 8,989,980
Net income 13,247   13,247        
Pension liability amortization, net of income tax expense 269     269      
Equity award exercises, net of shares withheld for employee taxes (946) (946)         $ 0
Equity award exercises, net of shares withheld for employee taxes, shares             54,980
Stock-based compensation expense 1,068 1,068          
Balance at Dec. 23, 2021 $ 241,803 $ 127,080 $ 124,298 $ (8,487) $ (1,204) $ 26 $ 90
Balance, Shares at Dec. 23, 2021           2,597,426 9,044,960
v3.21.4
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 23, 2021
Sep. 23, 2021
Dec. 24, 2020
Sep. 24, 2020
Statement of Stockholders' Equity [Abstract]        
Cash dividends per common share   $ 3.00   $ 2.50
Pension liability amortization income tax expense $ 95 $ 95 $ 103 $ 104
Pension liability adjustment income tax (benefit) expense $ 95   $ 103  
v3.21.4
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 32,496 $ 32,697
Depreciation and amortization 9,143 9,089
Gain on disposition of assets, net (1,765) (2,530)
Deferred income tax expense (benefit) 1,783 (500)
Stock-based compensation expense 1,771 1,620
Change in assets and liabilities:    
Accounts receivable, net 1,302 (1,247)
Inventories (30,743) 16,697
Prepaid expenses and other current assets (3,429) (1,557)
Accounts payable 16,244 16,244
Accrued expenses (8,971) (11,993)
Income taxes payable (3,606) 1,871
Other long-term assets and liabilities 379 344
Other, net 1,216 1,200
Net cash provided by operating activities 15,820 61,935
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (9,485) (11,121)
Proceeds from dispositions of assets, net 3,950 294
Other (354) 93
Net cash used in investing activities (5,889) (10,734)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net short-term borrowings (repayments) 27,232 (17,839)
Principal payments on long-term debt (1,887) (3,432)
Increase (decrease) in bank overdraft 575 (531)
Dividends paid (34,534) (28,685)
Taxes paid related to net share settlement of equity awards (962) (486)
Net cash used in financing activities (9,576) (50,973)
NET INCREASE IN CASH 355 228
Cash, beginning of period 672 1,535
Cash, end of period $ 1,027 $ 1,763
v3.21.4
Basis of Presentation and Description of Business
 6 Months Ended
Dec. 23, 2021
Accounting Policies [Abstract]  
Basis of Presentation and Description of Business
Note 1 – Basis of Presentation and Description of Business
As used herein, unless the context otherwise indicates, the terms “we”, “us”, “our” or “Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of
fifty-two
weeks (four thirteen-week quarters). Additional information on the comparability of the periods presented is as follows:
 
  •  
References herein to fiscal 2022 and fiscal 2021 are to the 53 week fiscal year ending June 30, 2022 and the 52 week fiscal year ended June 24, 2021, respectively.
 
  •  
References herein to the second quarter of fiscal 2022 and fiscal 2021 are to the quarters ended December 23, 2021 and December 24, 2020, respectively.
 
  •  
References herein to the first half or first
twenty-six
weeks of fiscal 2022 and fiscal 2021 are to the
twenty-six
weeks ended December 23, 2021 and December 24, 2020, respectively.
We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds, and other nuts in the United States. These nuts are sold under our
Fisher, Orchard Valley Harvest,
Squirrel Brand, Southern Style Nuts
and
Sunshine Country
brand names and under a variety of private brands. We also market and distribute, and in most cases, manufacture or process, a diverse product line of food and snack products, including peanut butter, almond butter, cashew butter, candy and confections, snack and trail mixes, snack bites, sunflower kernels, dried fruit, corn snacks, chickpea snacks, sesame sticks and other sesame snack products under our brand names and under private brands. Our products are sold through three primary distribution channels, including food retailers in the consumer channel, commercial ingredient users and contract packaging customers.
The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of stockholders’ equity and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.
The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 24, 2021 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2021 Annual Report on Form
10-K
for the fiscal year ended June 24, 2021.
v3.21.4
Revenue Recognition
 6 Months Ended
Dec. 23, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
Note 2 – Revenue Recognition
We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For each customer contract, a five-step process is followed in which we identify the contract, identify performance obligations, determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when (or as) the performance obligation is transferred to the customer.
When Performance Obligations Are Satisfied
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are primarily for the delivery of raw and processed recipe and snack nuts, nut butters and trail mixes.
 
Our customer contracts do not include more than
one
performance obligation. If a contract were to contain more than
one
performance obligation, we are required to allocate the contract’s transaction price to each performance obligation based on its relative standalone selling price. The standalone selling price for each distinct good is generally determined by directly observable data.

Revenue recognition is generally completed at a point in time when product control is transferred to the customer. For virtually all of our revenues, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms, as the customer can then direct the use and obtain substantially all of the remaining benefits from the asset at that point in time. Therefore, the timing of our revenue recognition requires little judgment.
Variable Consideration
Some of our products are sold through specific incentive programs consisting of promotional allowances, volume and customer rebates,
in-store
display incentives and marketing allowances, among others, to consumer and some commercial ingredient customers. The ultimate cost of these programs is dependent on certain factors such as actual purchase volumes or customer activities and is dependent on significant management judgment when determining estimates. The Company accounts for these programs as variable consideration and recognizes a reduction in revenue (and a corresponding reduction in the transaction price) in the same period as the underlying program based upon the terms of the specific arrangements.
Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are also offered through various programs to customers and consumers. A provision for estimated trade promotions is recorded as a reduction of revenue (and a reduction in the transaction price) in the same period when the sale is recognized. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. Evaluating these estimates requires management judgment.
We generally use the most likely amount method to determine the variable consideration. We believe there will not be significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. The Company reviews and updates its estimates and related accruals of variable consideration and trade promotions at least quarterly based on the terms of the agreements and historical experience. Any uncertainties in the ultimate resolution of variable consideration due to factors outside of the Company’s influence are typically resolved within a short timeframe, therefore, no additional constraint on the variable consideration is required.
Contract Balances
Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. The contract asset balance at June 24, 2021 was $74 and was recorded in the caption “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. There was no contract asset balance for the other periods presented. The Company generally does not have material deferred revenue or contract liability balances arising from transactions with customers.
Disaggregation of Revenue
Revenue disaggregated by sales channel is as follows:
 
    
For the Quarter Ended
     
For the Twenty-six Weeks Ended
  
               
Distribution Channel
   
December 23,

2021
     
December 24,

2020
     
December 23,

2021
     
December 24,

2020
  
                             
Consumer
    $ 203,479      $ 192,029      $ 383,240      $ 358,786  
Commercial Ingredients
      27,756        20,536        55,912        43,347  
Contract Packaging
      21,972        21,010        40,384        41,715  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 253,207      $ 233,575      $ 479,536      $ 443,848  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.4
Leases
 6 Months Ended
Dec. 23, 2021
Leases [Abstract]  
Leases
Note 3 – Leases
Description of Leases
We lease equipment used in the transportation of goods in our warehouses, as well as a limited number of automobiles and a small warehouse near our Bainbridge, Georgia facility. Our leases generally do not contain
non-lease
components and do not contain any explicit guarantees of residual value. Our leases for warehouse transportation equipment generally require the equipment to be returned to the lessor in good working order.
We determine if an arrangement is a lease at inception and analyze the lease to determine if it is operating or finance. Operating lease
right-of-use
assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease
right-of-use
assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental collateralized borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Implicit rates are used when readily determinable. None of our leases currently contain options to extend the term. In the event of an option to extend the term of a lease, the lease term used in measuring the liability would include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the respective lease term. Our leases have remaining terms of up to 4.8 years.
It is our accounting policy to not apply lease recognition requirements to short term leases, defined as leases with an initial term of 12 months or less. As such, leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheet. We have also made the policy election to not separate lease and
non-lease
components for all leases.
The following table provides supplemental information related to operating lease
right-of-use
assets and liabilities:
 
    
December 23,

2021
     
June 24,

2021
     
December 24,

2020
     
Affected Line Item in
Consolidated Balance Sheet
Assets
                                
Operating lease
right-of-use
assets
    $ 2,852      $ 3,484      $ 4,119     
Operating lease right-of-use assets
    
 
 
     
 
 
     
 
 
       
Total lease
right-of-use
assets
    $ 2,852      $ 3,484      $ 4,119       
    
 
 
     
 
 
     
 
 
       
Liabilities
                                
Current:
                                
Operating leases
    $ 1,392      $ 1,430      $ 1,429     
Other accrued expenses
Noncurrent:
                                
Operating leases
      1,504        2,103        2,704     
Long-term operating lease liabilities
    
 
 
     
 
 
     
 
 
       
Total lease liabilities
    $ 2,896      $ 3,533      $ 4,133       
    
 
 
     
 
 
     
 
 
       
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 23,

2021
     
December 24,

2020
     
December 23,
2021
     
December 24,

2020
  
                             
Operating lease costs
(a)
    $ 470      $ 477      $ 914      $ 950  
Variable lease costs
(b)
      19        17        36        37  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Lease Cost
    $ 489      $ 494      $ 950      $ 987  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(a)
Includes short-term leases which are immaterial.
(b)
Variable lease costs consist of sales tax.
Supplemental cash flow and other information related to leases was as follows:


    
For the Twenty-six Weeks Ended

  
    
December 23,
2021
     
December 24,
2020
  
               
Operating cash flows information:
                  
Cash paid for amounts included in measurements for lease liabilities
    $ 794      $ 810  
Non-cash
activity:
                  
Right-of-use assets obtained in exchange for new operating lease obligations
    $ 89      $ 490  
 
    
December 23,
2021
    
June 24,

2021
    
December 24,
2020
  
                    
Weighted Average Remaining Lease Term (in years)
      2.5       2.8       3.1  
Weighted Average Discount Rate
      4.2 %      4.3 %      4.3 % 
Maturities of operating lease liabilities as of December 23, 2021 are as follows:
 
Fiscal year ending
         
June 30, 2022 (excluding the
twenty-six
weeks ended December 23, 2021)
    $ 772  
June 29, 2023
      1,280  
June 27, 2024
      637  
June 26, 2025
      260  
June 25, 2026
      86  
June 24, 2027
      7  
Thereafter
      —  
    
 
 
  
Total lease payment
      3,042  
Less imputed interest
      (146 ) 
    
 
 
  
Present value of operating lease liabilities
    $ 2,896  
    
 
 
  
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 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 23,
2021
     
December 24,
2020
     
December 23,
2021
     
December 24,
2020
  
                             
Lease income related to lease payments
    $ 408      $ 452      $ 818      $ 903  
The future minimum, undiscounted fixed cash flows under
non-cancelable
tenant operating leases for each of the next five years and thereafter is presented below.
 
Fiscal year ending
         
June 30, 2022 (excluding the
twenty-six
weeks ended December 23, 2021)
    $ 880  
June 29, 2023
      1,794  
June 27, 2024
      1,818  
June 26, 2025
      1,228  
June 25, 2026
      670  
June 24, 2027
      614  
Thereafter
      —  
    
 
 
  
     $ 7,004  
v3.21.4
Inventories
 6 Months Ended
Dec. 23, 2021
Inventory Disclosure [Abstract]  
Inventories
Note 4 – Inventories
Inventories consist of the following:
 
    
December 23,

2021
     
June 24,

2021
     
December 24,

2020
  
                      
Raw material and supplies
    $ 71,960      $ 64,219      $ 66,793  
Work-in-process
and finished goods
      106,781        83,779        88,578  
    
 
 
     
 
 
     
 
 
  
Total
    $ 178,741      $ 147,998      $ 155,371  
    
 
 
     
 
 
     
 
 
  
v3.21.4
Goodwill and Intangible Assets
 6 Months Ended
Dec. 23, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 5 – Goodwill and Intangible Assets
Identifiable intangible assets that are subject to amortization consist of the following:
 
    
December 23,
2021
     
June 24,

2021
     
December 24,
2020
  
                      
Customer relationships
    $ 21,100      $ 21,100      $ 21,100  
Brand names
      16,990        16,990        16,990  
Non-compete
agreement
      270        270        270  
    
 
 
     
 
 
     
 
 
  
       38,360        38,360        38,360  
Less accumulated amortization:
                           
Customer relationships
      (18,279 )       (17,643 )       (17,008 ) 
Brand names
      (10,908 )       (10,562 )       (10,217 ) 
Non-compete
agreement
      (220 )       (194 )       (167 ) 
    
 
 
     
 
 
     
 
 
  
       (29,407 )       (28,399 )       (27,392 ) 
    
 
 
     
 
 
     
 
 
  
Net intangible assets
    $ 8,953      $ 9,961      $ 10,968  
    
 
 
     
 
 
     
 
 
  
Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the
Squirrel Brand
and
Southern Style Nuts
brand names.
Total amortization expense related to intangible assets, which is a component of “Administrative expenses” on the Consolidated Statements of Comprehensive Income, was $504 and $1,008 for the quarter and
twenty-six
weeks ended December 23, 2021, respectively. Amortization expense for the remainder of fiscal 2022 is expected to be approximately $888 and expected amortization expense the next five fiscal years is as follows:
 
Fiscal year ending
       
June 29, 2023
    $ 1,657  
June 27, 2024
      1,414  
June 26, 2025
      1,156  
June 25, 2026
      861  
June 24, 2027
      690  
Our net goodwill of $9,650 relates entirely to the Squirrel Brand acquisition completed in the second quarter of fiscal 2018. There was no change in the carrying amount of goodwill during the
twenty-six
weeks ended December 23, 2021.
v3.21.4
Credit Facility
 6 Months Ended
Dec. 23, 2021
Debt Disclosure [Abstract]  
Credit Facility
Our Amended and Restated Credit Agreement dated March 5, 2020 provides for a $117,500 senior secured revolving credit facility (the “Credit Facility”). The Credit Facility is secured by substantially all our assets other than machinery and equipment, real property and fixtures.
At December 23, 2021, we had $77,330 of available credit under the Credit Facility which reflects borrowings of $35,885 and reduced availability as a result of $4,285 in outstanding letters of credit. As of December 23, 2021, we were in compliance with all financial covenants under the Credit Facility and Mortgage Facility.
v3.21.4
Earnings Per Common Share
 6 Months Ended
Dec. 23, 2021
Earnings Per Share [Abstract]  
Earnings Per Common Share
Note 7 – Earnings Per Common Share
The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share:
 
 
  
For the Quarter Ended
 
  
For the Twenty-six Weeks

Ended
 
 
  
December 23,

2021
 
  
December 24,

2020
 
  
December 23,

2021
 
  
December 24,

2020
 
Weighted average number of shares outstanding – basic
      11,531,844        11,493,759        11,525,730        11,485,523  
Effect of dilutive securities:
                                    
Restricted stock units
      44,812        39,767        56,912        56,534  
    
 
 
     
 
 
     
 
 
     
 
 
  
Weighted average number of shares outstanding – diluted
      11,576,656        11,533,526        11,582,642        11,542,057  
    
 
 
     
 
 
     
 
 
     
 
 
  
There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented.
v3.21.4
Stock-Based Compensation Plans
 6 Months Ended
Dec. 23, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Plans
Note 8 – Stock-Based Compensation Plans
During the second quarter of fiscal 2022, there were 53,524 restricted stock units (“RSUs”) awarded to employees and
non-employee
members of the Board of Directors. The vesting period is generally three years for awards to employees and one year for awards to
non-employee
directors.
The following is a summary of RSU activity for the first half of fiscal 2022:
 
Restricted Stock Units
   
Shares
     
Weighted
 
Average 

Grant
Date Fair Value

  
               
Outstanding at June 24, 2021
      159,846      $ 58.05  
Activity:
                  
Granted
      53,524        75.94  
Vested
(a)
      (67,598 )       45.91  
Forfeited
      —        —  
    
 
 
     
 
 
  
Outstanding at December 23, 2021
      145,772      $ 70.25  
    
 
 
     
 
 
  
 
(a)
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.
At December 23, 2021, there were 23,356 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 23,

2021
     
December 24,

2020
     
December 23,
2021
     
December 24,

2020
  
                             
Stock-based compensation expense
    $ 1,068      $ 998      $ 1,771      $ 1,620  
As of December 23, 2021, there was $6,064 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 1.9 years.
v3.21.4
Retirement Plan
 6 Months Ended
Dec. 23, 2021
Retirement Benefits [Abstract]  
Retirement Plan
Note 9 – Retirement Plan
The Supplemental Employee Retirement Plan is an unfunded,
non-qualified
deferred compensation plan that will provide eligible participants with monthly benefits upon retirement, disability or death, subject to certain conditions. The monthly benefit is based upon each participant’s earnings and his or her number of years of service. The components of net periodic benefit cost are as follows:
 
    
For the Quarter Ended
     
For the
Twenty-six
Weeks

Ended
  
    
December 23,

2021
     
December 24,

2020
     
December 23,
2021
     
December 24,
2020
  
                             
Service cost
    $ 247      $ 236      $ 495      $ 472  
Interest cost
      255        215        509        429  
Amortization of prior service cost
      —        119        —        239  
Amortization of loss
      364        295        728        591  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit cost
    $ 866      $ 865      $ 1,732      $ 1,731  
    
 
 
     
 
 
     
 
 
     
 
 
  
The components of net periodic benefit cost other than the service cost component are included in the line item “Other expense” in the Consolidated Statements of Comprehensive Income.
v3.21.4
Accumulated Other Comprehensive Loss
 6 Months Ended
Dec. 23, 2021
Equity [Abstract]  
Accumulated Other Comprehensive Loss
Note 10 – Accumulated Other Comprehensive Loss
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the
twenty-six
weeks ended December 23, 2021 and December 24, 2020.
These changes are all related to our defined benefit pension plan.
 
    
For the Twenty-Six Weeks Ended
  
Changes to AOCL
(a)
   
December 23,
2021
     
December 24,
2020
  
               
Balance at beginning of period
    $ (9,025 )     $ (8,630 ) 
Other comprehensive income before reclassifications
      —        —  
Amounts reclassified from accumulated other comprehensive loss

      728        830  
Tax effect
      (190 )       (207 ) 
    
 
 
     
 
 
  
Net current-period other comprehensive income
      538        623  
    
 
 
     
 
 
  
Balance at end of period
    $ (8,487 )     $ (8,007 ) 
    
 
 
     
 
 
  
 
(a)
Amounts in parenthesis indicate debits/expense.
The reclassifications out of AOCL for the quarter and
twenty-six
weeks ended December 23, 2021 and December 24, 2020 were as follows:
 
                            
Affected line
item in
the Consolidated
Statements of
Comprehensive
Income
Reclassifications from AOCL to earnings
(b)
   
For the Quarter Ended
    
For the
Twenty-six
Weeks
Ended
  
  
December 23,
2021
    
December 24,
2020
    
December 23,
2021
    
December 24,
2020
  
                        
Amortization of defined benefit pension items:
                                     
Unrecognized prior service cost
    $ —     $ (119 )    $ —     $ (239 )    Other expense
Unrecognized net loss
      (364 )      (295 )      (728 )      (591 )    Other expense
    
 
 
    
 
 
    
 
 
    
 
 
      
Total before tax
      (364 )      (414 )      (728 )      (830 )     
Tax effect
      95       103       190       207     Income tax expense
    
 
 
    
 
 
    
 
 
    
 
 
      
Amortization of defined pension items, net of tax
    $ (269 )    $ (311 )    $ (538 )    $ (623 )     
    
 
 
    
 
 
    
 
 
    
 
 
      
 
(b)
Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.
v3.21.4
Commitments and Contingent Liabilities
 6 Months Ended
Dec. 23, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities
Note 11 – Commitments and Contingent Liabilities
We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our Company’s financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals, which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows.
v3.21.4
Fair Value of Financial Instruments
 6 Months Ended
Dec. 23, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 12 – Fair Value of Financial Instruments
The Financial Accounting Standards Board (“FASB”) defines fair value as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels:
 
    Level 1
  
–  
  
Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities.
    Level 2
  
–  
  
Observable inputs other than quoted prices in active markets. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
    Level 3
  
–  
  
Unobservable inputs for which there is little or no market data available.
The carrying values of cash, trade accounts receivable and accounts payable approximate their fair values at each balance sheet date because of the short-term maturities and nature of these balances.
The carrying value of our revolving credit facility borrowings approximates fair value at each balance sheet date because interest rates on this instrument approximate current market rates (Level 2 criteria), and because of the short-term maturity and nature of this balance. In addition, there has been no significant change in our inherent credit risk.
The following table summarizes the carrying value and fair value estimate of our current and long-term debt, excluding unamortized debt issuance costs:

    
December 23,
2021
     
June 24,

2021
     
December 24,

2020
  
                      
Carrying value of long-term debt:
    $ 12,862      $ 14,749      $ 16,627  
Fair value of long-term debt:
      14,282        16,210        17,180  
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.
v3.21.4
Garysburg, North Carolina Facility
 6 Months Ended
Dec. 23, 2021
Sale of Facility [Abstract]  
Garysburg, North Carolina Facility
Note 13 – Garysburg, North Carolina Facility
In October 2019 we experienced a fire at our peanut processing facility located in Garysburg, North Carolina. During fiscal 2020, the building and roof were repaired and brought back to their original condition.
We completed shelling of the 2019 peanut crop during the second quarter of fiscal 2021 and the facility was used to store and ship inshell peanuts through the remainder of fiscal 2021, at which time the Company decided to permanently cease all operations at the Garysburg facility.
During the first quarter of fiscal 2022 we sold the Garysburg property and remaining equipment located at the property to a third party for $4,000, subject to customary adjustments to reflect closing costs, which resulted in a $2,349 gain.
v3.21.4
Recent Accounting Pronouncements
 6 Months Ended
Dec. 23, 2021
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
Note 14 – Recent Accounting Pronouncements

The following recent accounting pronouncements have been adopted in the current fiscal year:
In December 2019, the FASB issued ASU
No. 2019-12
“Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes”
. The amendments in this Update were issued as part of FASB’s initiative to reduce complexity in accounting standards. The amendments simplify the accounting for income taxes by removing certain exceptions in Topic 740 and improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU
No. 2019-12
was adopted using a prospective method in the first quarter of fiscal 2022 and did not have a material impact on our Consolidated Financial Statements.
In October 2020, the FASB issued ASU
No. 2020-10
“Codification Improvements”
. This ASU was issued to address a wide variety of topics in the Accounting Standard Codification with the intent to make the Codification easier to understand and apply by eliminating inconsistencies and providing clarifications. ASU
No. 2020-10
was adopted in the first quarter of fiscal 2022 and did not have a material impact on our Consolidated Financial Statements.
There are no recent accounting pronouncements that have been issued and not yet adopted that are expected to have a material impact on our Consolidated Financial Statements.
v3.21.4
Revenue Recognition (Tables)
 6 Months Ended
Dec. 23, 2021
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 23,

2021
     
December 24,

2020
     
December 23,

2021
     
December 24,

2020
  
                             
Consumer
    $ 203,479      $ 192,029      $ 383,240      $ 358,786  
Commercial Ingredients
      27,756        20,536        55,912        43,347  
Contract Packaging
      21,972        21,010        40,384        41,715  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 253,207      $ 233,575      $ 479,536      $ 443,848  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.4
Leases (Tables)
 6 Months Ended
Dec. 23, 2021
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 23,

2021
     
June 24,

2021
     
December 24,

2020
     
Affected Line Item in
Consolidated Balance Sheet
Assets
                                
Operating lease
right-of-use
assets
    $ 2,852      $ 3,484      $ 4,119     
Operating lease right-of-use assets
    
 
 
     
 
 
     
 
 
       
Total lease
right-of-use
assets
    $ 2,852      $ 3,484      $ 4,119       
    
 
 
     
 
 
     
 
 
       
Liabilities
                                
Current:
                                
Operating leases
    $ 1,392      $ 1,430      $ 1,429     
Other accrued expenses
Noncurrent:
                                
Operating leases
      1,504        2,103        2,704     
Long-term operating lease liabilities
    
 
 
     
 
 
     
 
 
       
Total lease liabilities
    $ 2,896      $ 3,533      $ 4,133       
    
 
 
     
 
 
     
 
 
       
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 23,

2021
     
December 24,

2020
     
December 23,
2021
     
December 24,

2020
  
                             
Operating lease costs
(a)
    $ 470      $ 477      $ 914      $ 950  
Variable lease costs
(b)
      19        17        36        37  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Lease Cost
    $ 489      $ 494      $ 950      $ 987  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(a)
Includes short-term leases which are immaterial.
(b)
Variable lease costs consist of sales tax.
Supplemental cash flow and other information related to leases
Supplemental cash flow and other information related to leases was as follows:


    
For the Twenty-six Weeks Ended

  
    
December 23,
2021
     
December 24,
2020
  
               
Operating cash flows information:
                  
Cash paid for amounts included in measurements for lease liabilities
    $ 794      $ 810  
Non-cash
activity:
                  
Right-of-use assets obtained in exchange for new operating lease obligations
    $ 89      $ 490  
Summary of other information
    
December 23,
2021
    
June 24,

2021
    
December 24,
2020
  
                    
Weighted Average Remaining Lease Term (in years)
      2.5       2.8       3.1  
Weighted Average Discount Rate
      4.2 %      4.3 %      4.3 % 
Summary of maturities of operating lease liabilities
Maturities of operating lease liabilities as of December 23, 2021 are as follows:
 
Fiscal year ending
         
June 30, 2022 (excluding the
twenty-six
weeks ended December 23, 2021)
    $ 772  
June 29, 2023
      1,280  
June 27, 2024
      637  
June 26, 2025
      260  
June 25, 2026
      86  
June 24, 2027
      7  
Thereafter
      —  
    
 
 
  
Total lease payment
      3,042  
Less imputed interest
      (146 ) 
    
 
 
  
Present value of operating lease liabilities
    $ 2,896  
    
 
 
  
Summary of operating lease revenue
Leasing revenue is as follows:
 
    
For the Quarter ended
     
For the Twenty-six weeks ended
  
    
December 23,
2021
     
December 24,
2020
     
December 23,
2021
     
December 24,
2020
  
                             
Lease income related to lease payments
    $ 408      $ 452      $ 818      $ 903  
Undiscounted fixed lease consideration under non-cancelable tenant operating leases
The future minimum, undiscounted fixed cash flows under
non-cancelable
tenant operating leases for each of the next five years and thereafter is presented below.
 
Fiscal year ending
         
June 30, 2022 (excluding the
twenty-six
weeks ended December 23, 2021)
    $ 880  
June 29, 2023
      1,794  
June 27, 2024
      1,818  
June 26, 2025
      1,228  
June 25, 2026
      670  
June 24, 2027
      614  
Thereafter
      —  
    
 
 
  
     $ 7,004  
v3.21.4
Inventories (Tables)
 6 Months Ended
Dec. 23, 2021
Inventory Disclosure [Abstract]  
Components of Inventories
Inventories consist of the following:
 
    
December 23,

2021
     
June 24,

2021
     
December 24,

2020
  
                      
Raw material and supplies
    $ 71,960      $ 64,219      $ 66,793  
Work-in-process
and finished goods
      106,781        83,779        88,578  
    
 
 
     
 
 
     
 
 
  
Total
    $ 178,741      $ 147,998      $ 155,371  
    
 
 
     
 
 
     
 
 
  
v3.21.4
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Dec. 23, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Identifiable Intangible Assets
Identifiable intangible assets that are subject to amortization consist of the following:
 
    
December 23,
2021
     
June 24,

2021
     
December 24,
2020
  
                      
Customer relationships
    $ 21,100      $ 21,100      $ 21,100  
Brand names
      16,990        16,990        16,990  
Non-compete
agreement
      270        270        270  
    
 
 
     
 
 
     
 
 
  
       38,360        38,360        38,360  
Less accumulated amortization:
                           
Customer relationships
      (18,279 )       (17,643 )       (17,008 ) 
Brand names
      (10,908 )       (10,562 )       (10,217 ) 
Non-compete
agreement
      (220 )       (194 )       (167 ) 
    
 
 
     
 
 
     
 
 
  
       (29,407 )       (28,399 )       (27,392 ) 
    
 
 
     
 
 
     
 
 
  
Net intangible assets
    $ 8,953      $ 9,961      $ 10,968  
    
 
 
     
 
 
     
 
 
  
Summary of Expected Amortization Expense expected amortization expense the next five fiscal years is as follows:
Fiscal year ending
       
June 29, 2023
    $ 1,657  
June 27, 2024
      1,414  
June 26, 2025
      1,156  
June 25, 2026
      861  
June 24, 2027
      690  
v3.21.4
Earnings Per Common Share (Tables)
 6 Months Ended
Dec. 23, 2021
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 23,

2021
 
  
December 24,

2020
 
  
December 23,

2021
 
  
December 24,

2020
 
Weighted average number of shares outstanding – basic
      11,531,844        11,493,759        11,525,730        11,485,523  
Effect of dilutive securities:
                                    
Restricted stock units
      44,812        39,767        56,912        56,534  
    
 
 
     
 
 
     
 
 
     
 
 
  
Weighted average number of shares outstanding – diluted
      11,576,656        11,533,526        11,582,642        11,542,057  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.4
Stock-Based Compensation Plans (Tables)
 6 Months Ended
Dec. 23, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of RSU Activity
The following is a summary of RSU activity for the first half of fiscal 2022:
 
Restricted Stock Units
   
Shares
     
Weighted
 
Average 

Grant
Date Fair Value

  
               
Outstanding at June 24, 2021
      159,846      $ 58.05  
Activity:
                  
Granted
      53,524        75.94  
Vested
(a)
      (67,598 )       45.91  
Forfeited
      —        —  
    
 
 
     
 
 
  
Outstanding at December 23, 2021
      145,772      $ 70.25  
    
 
 
     
 
 
  
 
(a)
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.
Summary of Compensation Cost and Income Tax Benefit
The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented:
 
    
For the Quarter Ended
     
For the Twenty-six Weeks

Ended
  
    
December 23,

2021
     
December 24,

2020
     
December 23,
2021
     
December 24,

2020
  
                             
Stock-based compensation expense
    $ 1,068      $ 998      $ 1,771      $ 1,620  
v3.21.4
Retirement Plan (Tables)
 6 Months Ended
Dec. 23, 2021
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 23,

2021
     
December 24,

2020
     
December 23,
2021
     
December 24,
2020
  
                             
Service cost
    $ 247      $ 236      $ 495      $ 472  
Interest cost
      255        215        509        429  
Amortization of prior service cost
      —        119        —        239  
Amortization of loss
      364        295        728        591  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit cost
    $ 866      $ 865      $ 1,732      $ 1,731  
    
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.4
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Dec. 23, 2021
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Loss
Note 10 – Accumulated Other Comprehensive Loss
The table below sets forth the changes to accumulated other comprehensive loss (“AOCL”) for the
twenty-six
weeks ended December 23, 2021 and December 24, 2020.
These changes are all related to our defined benefit pension plan.
 
    
For the Twenty-Six Weeks Ended
  
Changes to AOCL
(a)
   
December 23,
2021
     
December 24,
2020
  
               
Balance at beginning of period
    $ (9,025 )     $ (8,630 ) 
Other comprehensive income before reclassifications
      —        —  
Amounts reclassified from accumulated other comprehensive loss

      728        830  
Tax effect
      (190 )       (207 ) 
    
 
 
     
 
 
  
Net current-period other comprehensive income
      538        623  
    
 
 
     
 
 
  
Balance at end of period
    $ (8,487 )     $ (8,007 ) 
    
 
 
     
 
 
  
 
(a)
Amounts in parenthesis indicate debits/expense.
Reclassifications Out of AOCL
The reclassifications out of AOCL for the quarter and
twenty-six
weeks ended December 23, 2021 and December 24, 2020 were as follows:
 
                            
Affected line
item in
the Consolidated
Statements of
Comprehensive
Income
Reclassifications from AOCL to earnings
(b)
   
For the Quarter Ended
    
For the
Twenty-six
Weeks
Ended
  
  
December 23,
2021
    
December 24,
2020
    
December 23,
2021
    
December 24,
2020
  
                        
Amortization of defined benefit pension items:
                                     
Unrecognized prior service cost
    $ —     $ (119 )    $ —     $ (239 )    Other expense
Unrecognized net loss
      (364 )      (295 )      (728 )      (591 )    Other expense
    
 
 
    
 
 
    
 
 
    
 
 
      
Total before tax
      (364 )      (414 )      (728 )      (830 )     
Tax effect
      95       103       190       207     Income tax expense
    
 
 
    
 
 
    
 
 
    
 
 
      
Amortization of defined pension items, net of tax
    $ (269 )    $ (311 )    $ (538 )    $ (623 )     
    
 
 
    
 
 
    
 
 
    
 
 
      
 
(b)
Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.
v3.21.4
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Dec. 23, 2021
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 23,
2021
     
June 24,

2021
     
December 24,

2020
  
                      
Carrying value of long-term debt:
    $ 12,862      $ 14,749      $ 16,627  
Fair value of long-term debt:
      14,282        16,210        17,180  
v3.21.4
Basis of Presentation and Description of Business - Additional Information (Detail)
 6 Months Ended
Dec. 23, 2021
Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of distribution channels 3
v3.21.4
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Thousands
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Disaggregation of Revenue [Line Items]      
Contract assets $ 0 $ 74 $ 0
v3.21.4
Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Disaggregation of Revenue [Line Items]        
Total $ 253,207 $ 233,575 $ 479,536 $ 443,848
Consumer [Member]        
Disaggregation of Revenue [Line Items]        
Total 203,479 192,029 383,240 358,786
Commercial Ingredients [Member]        
Disaggregation of Revenue [Line Items]        
Total 27,756 20,536 55,912 43,347
Contract Packaging [Member]        
Disaggregation of Revenue [Line Items]        
Total $ 21,972 $ 21,010 $ 40,384 $ 41,715
v3.21.4
Leases - Additional Information (Detail)
Dec. 23, 2021
Maximum [Member]  
Operating Leased Assets [Line Items]  
Remaining lease term 4 years 9 months 18 days
v3.21.4
Leases - Operating Lease Assets And Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Assets      
Operating lease right-of-use assets $ 2,852 $ 3,484 $ 4,119
Noncurrent      
Operating Lease, Liability, Noncurrent 1,504 2,103 2,704
Total lease liabilities 2,896 3,533 4,133
Operating Lease Right Of Use Assets [Member]      
Assets      
Operating lease right-of-use assets 2,852 3,484 4,119
Other Liabilities [Member]      
Current      
Operating Lease, Liability, Current 1,392 1,430 1,429
Non Current Operating Lease Liabilities [Member]      
Noncurrent      
Operating Lease, Liability, Noncurrent $ 1,504 $ 2,103 $ 2,704
v3.21.4
Leases - LeaseCost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Leases [Abstract]        
Operating lease costs  $ 470 $ 477 $ 914 $ 950
Variable lease costs  19 17 36 37
Total Lease Cost $ 489 $ 494 $ 950 $ 987
v3.21.4
Leases - Operating Leases Cash Flow Related Information (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Operating cash flows information:    
Cash paid for amounts included in measurements for lease liabilities $ 794 $ 810
Non-cash activity:    
Right-of-use assets obtained in exchange for new operating lease obligations $ 89 $ 490
v3.21.4
Leases - Other Information Related to Operating Lease (Detail)
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Leases [Abstract]      
Weighted Average Remaining Lease Term (in years) 2 years 6 months 2 years 9 months 18 days 3 years 1 month 6 days
Weighted Average Discount Rate 4.20% 4.30% 4.30%
v3.21.4
Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($)
$ in Thousands
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Leases [Abstract]      
June 30, 2022 (excluding the twenty-six weeks ended December 23, 2021) $ 772    
June 29, 2023 1,280    
June 27, 2024 637    
June 26, 2025 260    
June 25, 2026 86    
June 24, 2027 7    
Thereafter 0    
Total lease payment 3,042    
Less imputed interest (146)    
Present value of operating lease liabilities $ 2,896 $ 3,533 $ 4,133
v3.21.4
Leases - Operating Lease Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Leases [Abstract]        
Lease income related to lease payments $ 408 $ 452 $ 818 $ 903
v3.21.4
Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail)
$ in Thousands
Dec. 23, 2021
USD ($)
Leases [Abstract]  
June 30, 2022 (excluding the twenty-six weeks ended December 23, 2021) $ 880
June 29, 2023 1,794
June 27, 2024 1,818
June 26, 2025 1,228
June 25, 2026 670
June 24, 2027 614
Thereafter 0
Total $ 7,004
v3.21.4
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Inventory Disclosure [Abstract]      
Raw material and supplies $ 71,960 $ 64,219 $ 66,793
Work-in-process and finished goods 106,781 83,779 88,578
Total $ 178,741 $ 147,998 $ 155,371
v3.21.4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Goodwill and Intangible Assets [Line Items]        
Amortization expense for remainder of fiscal 2022 $ 888 $ 888    
Goodwill related to acquisition of Squirrel Brand 9,650 9,650 $ 9,650 $ 9,650
Administrative Expenses [Member]        
Goodwill and Intangible Assets [Line Items]        
Amortization of intangible assets 504 1,008    
Squirrel Brand [Member]        
Goodwill and Intangible Assets [Line Items]        
Goodwill related to acquisition of Squirrel Brand $ 9,650 $ 9,650    
v3.21.4
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross $ 38,360 $ 38,360 $ 38,360
Less accumulated amortization:      
Total accumulated amortization (29,407) (28,399) (27,392)
Net intangible assets 8,953 9,961 10,968
Customer Relationships [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 21,100 21,100 21,100
Less accumulated amortization:      
Total accumulated amortization (18,279) (17,643) (17,008)
Brand Names [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 16,990 16,990 16,990
Less accumulated amortization:      
Total accumulated amortization (10,908) (10,562) (10,217)
Non-compete Agreement [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 270 270 270
Less accumulated amortization:      
Total accumulated amortization $ (220) $ (194) $ (167)
v3.21.4
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail)
$ in Thousands
Dec. 23, 2021
USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]  
June 29, 2023 $ 1,657
June 27, 2024 1,414
June 26, 2025 1,156
June 25, 2026 861
June 24, 2027 $ 690
v3.21.4
Credit Facility - Additional Information (Detail) - Senior Secured Revolving Credit Facility [Member] - USD ($)
$ in Thousands
Dec. 23, 2021
Mar. 05, 2020
Debt Instrument [Line Items]    
Revolving loan commitment and letter of credit sub facility   $ 117,500
Available credit under the Credit Facility $ 77,330  
Outstanding letters of credit 4,285  
Revolving credit facility borrowings $ 35,885  
v3.21.4
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Weighted average number of shares outstanding – basic 11,531,844 11,493,759 11,525,730 11,485,523
Effect of dilutive securities:        
Restricted stock units 44,812 39,767 56,912 56,534
Weighted average number of shares outstanding - diluted 11,576,656 11,533,526 11,582,642 11,542,057
v3.21.4
Earnings Per Common Share - Additional Information (Detail) - shares
 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share amount 0 0
v3.21.4
Stock-Based Compensation Plans - Additional Information (Detail)
$ in Thousands
 6 Months Ended
Dec. 23, 2021
USD ($)
shares
Dec. 23, 2021
USD ($)
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 10 months 24 days
Unrecognized compensation expense related to non-vested share-based compensation | $ $ 6,064 $ 6,064
Restricted stock units in granted   53,524
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units vested   23,356
Restricted Stock Units (RSUs) [Member] | Employees [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units in granted 53,524  
Vesting period of restricted stock units 3 years  
Restricted Stock Units (RSUs) [Member] | Non Employee Outside Directors [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units in granted 53,524  
Vesting period of restricted stock units 1 year  
v3.21.4
Stock-Based Compensation Plans - Summary of RSU Activity (Detail)
 6 Months Ended
Dec. 23, 2021
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Outstanding beginning balance, Shares | shares 159,846
Granted, Shares | shares 53,524
Vested, Shares | shares (67,598) [1]
Forfeited, Shares | shares 0
Outstanding ending balance, Shares | shares 145,772
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares $ 58.05
Granted, Weighted-Average Grant-Date Fair Value | $ / shares 75.94
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 45.91 [1]
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares 0
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares $ 70.25
[1] The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.
v3.21.4
Stock-Based Compensation Plans - Summary of Compensation Expenses (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]        
Stock-based compensation expense $ 1,068 $ 998 $ 1,771 $ 1,620
v3.21.4
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Retirement Benefits [Abstract]        
Service cost $ 247 $ 236 $ 495 $ 472
Interest cost 255 215 509 429
Amortization of prior service cost 0 119 0 239
Amortization of loss 364 295 728 591
Net periodic benefit cost $ 866 $ 865 $ 1,732 $ 1,731
v3.21.4
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period     $ (9,025)  
Net current-period other comprehensive income $ 269 $ 311 538 $ 623
Balance at end of period (8,487) (8,007) (8,487) (8,007)
Accumulated Other Comprehensive Loss [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period [1]     (9,025) (8,630)
Other comprehensive income before reclassifications [1]     0 0
Amounts reclassified from accumulated other comprehensive loss [1]     728 830
Tax effect [1]     (190) (207)
Net current-period other comprehensive income [1]     538 623
Balance at end of period [1] $ (8,487) $ (8,007) $ (8,487) $ (8,007)
[1] Amounts in parenthesis indicate debits/expense.
v3.21.4
Accumulated Other Comprehensive Loss - Reclassifications Out of AOCL (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Unrecognized prior service cost [1] $ 0 $ (119) $ 0 $ (239)
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] (364) (295) (728) (591)
Amortization of Defined Benefit Pension Items [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax [1] (364) (414) (728) (830)
Tax effect [1] 95 103 190 207
Amortization of defined pension items, net of tax [1] $ (269) $ (311) $ (538) $ (623)
[1] Amounts in parenthesis indicate debits to expense. See Note 9 – “Retirement Plan” above for additional details.
v3.21.4
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Detail) - USD ($)
$ in Thousands
Dec. 23, 2021
Jun. 24, 2021
Dec. 24, 2020
Fair Value Disclosures [Abstract]      
Carrying value of long-term debt: $ 12,862 $ 14,749 $ 16,627
Fair value of long-term debt: $ 14,282 $ 16,210 $ 17,180
v3.21.4
Garysburg, North Carolina Facility - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 23, 2021
Dec. 24, 2020
Dec. 23, 2021
Dec. 24, 2020
Fire Note [Line Items]        
Gain (Loss) on Disposition of Property Plant Equipment $ 0 $ 0 $ 2,349 $ 0
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