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INVESTMENT IN ARMA ENERGY, INC | 12 Months Ended
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Jun. 26, 2014
Equity Method Investments And Joint Ventures [Abstract] |
INVESTMENT IN ARMA ENERGY, INC | NOTE 11 — INVESTMENT IN ARMA ENERGY, INC. Over the past few years we developed, marketed, and secured proprietary and intellectual property rights to the “ARMA brand” in select markets. The ARMA brand products consisted of “energy-infused” snack products, including kettle cooked potato chips, trail mixes, fruit and nut blends, granola mixes and other products. Sales of ARMA brand products were historically immaterial to our financial condition, results of operations and cash flows. On February 1, 2013 we entered into a Stock Purchase Agreement with ARMA Energy, Inc. (“AEI”) whereby we received approximately 71% of the preferred stock of AEI in exchange for sales, marketing, services, and other expenses already incurred. In addition, on February 1, 2013, we sold all of our intellectual property rights in the ARMA brand to AEI in exchange for a secured promissory note in the principal amount of $500 payable over five years. The fair value of the note received and non-controlling interest retained at the time of sale were not deemed material. At June 27, 2013 our ownership percentage had decreased to approximately 58% due to additional investment from unrelated parties. After recording our proportional share of losses, our investment in this entity was $0 at June 27, 2013. During the third quarter of fiscal 2014 we divested of our equity investment in AEI and cancelled the secured promissory note receivable. This produced a tax benefit which favorably impacted our fiscal 2014 effective tax rate.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5710-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6759159-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5728-111685 + Details
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