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Note 23 - Business Segment Information | 3 Months Ended
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Sep. 27, 2015
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | 23. Business Segment Information The Company has three reportable segments. Operations and revenues for each segment are described below:
| ● | The Polyester Segment manufactures Chip, POY, textured, dyed, twisted, beamed and draw wound yarns, both virgin and recycled, with sales primarily to other yarn manufacturers and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, automotive upholstery, home furnishings, industrial and other end-use markets. The Polyester Segment consists of sales and manufacturing operations in the U.S. and El Salvador.
| ● | The Nylon Segment manufactures textured yarns (both nylon and polyester) and spandex covered yarns, with sales to knitters and weavers that produce fabric primarily for the apparel and hosiery markets. The Nylon Segment consists of sales and manufacturing operations in the U.S. and Colombia.
| ● | The International Segment’s products primarily include textured polyester and various types of resale yarns and staple fiber. The International Segment sells its yarns to knitters and weavers that produce fabric for the apparel, automotive upholstery, home furnishings, industrial and other end-use markets primarily in the South American and Asian regions. This segment includes a manufacturing location and sales offices in Brazil and a sales office in China.
In addition to its reportable segments, the Company’s selected financial information includes an All Other category. All Other consists primarily of Renewables (an operating segment that does not meet quantitative thresholds for reporting), for-hire transportation services and consulting services. Revenue for Renewables is primarily derived from (i) facilitating the use of miscanthus grass as bio-fuel through service agreements and (ii) delivering harvested miscanthus grass to poultry producers for animal bedding. For-hire transportation services revenues are derived from performing common carrier services utilizing the Company’s fleet of transportation equipment. Revenues for consulting services are derived from providing process improvement and change management consulting services to entities across various industries. The operations within All Other (i) are not subject to review by the chief operating decision maker at a level consistent with the Company’s other operations, (ii) are not regularly evaluated using the same metrics applied to the Company’s other operations and (iii) do not qualify for aggregation with an existing reportable segment. Therefore, such operations are excluded from reportable segments. The Company evaluates the operating performance of its segments based upon Segment Profit, which represents segment gross profit plus segment depreciation expense. This measurement of segment profit or loss best aligns segment reporting with the current assessments and evaluations performed by, and information provided to, the chief operating decision maker. In fiscal year 2015, the Company evaluated the operating performance of its segments based upon a different metric, referred to as Segment Adjusted Profit, which was defined as segment gross profit, plus segment depreciation and amortization, less segment SG&A expenses, plus segment other adjustments. SG&A expenses and other adjustments are no longer significant to the segment evaluations performed by the chief operating decision maker. The Company is providing current and comparative selected financial information below under the current method of evaluating segment profitability. The accounting policies for the segments are consistent with the Company’s accounting policies. Intersegment sales are omitted from the below financial information, as they are (i) insignificant to the Company’s segments and consolidated operations and (ii) excluded from segment evaluations performed by the chief operating decision maker. Selected financial information is presented below. As described in note 2, certain amounts previously reported, which comprise operating income for the three months ended September 28, 2014, have been revised to reflect reclassification into the All Other category.
|  | For the Three Months Ended September 27, 2015 |
|  | Polyester |  |  | Nylon |  |  | International |  |  | All Other |  |  | Total |
Net sales |  | $ | 90,568 |  |  | $ | 40,676 |  |  | $ | 29,371 |  |  | $ | 1,550 |  |  | $ | 162,165 |
Cost of sales |  |  | 81,279 |  |  |  | 34,494 |  |  |  | 23,780 |  |  |  | 1,628 |  |  |  | 141,181 |
Gross profit (loss) |  |  | 9,289 |  |  |  | 6,182 |  |  |  | 5,591 |  |  |  | (78 | ) |  |  | 20,984 |
Segment depreciation expense |  |  | 2,811 |  |  |  | 518 |  |  |  | 221 |  |  |  | 152 |  |  |  | 3,702 |
Segment Profit |  | $ | 12,100 |  |  | $ | 6,700 |  |  | $ | 5,812 |  |  | $ | 74 |  |  | $ | 24,686 |
|  | For the Three Months Ended September 28, 2014 |
|  | Polyester |  |  | Nylon |  |  | International |  |  | All Other |  |  | Total |
Net sales |  | $ | 92,978 |  |  | $ | 44,710 |  |  | $ | 36,494 |  |  | $ | 1,379 |  |  | $ | 175,561 |
Cost of sales |  |  | 82,702 |  |  |  | 39,561 |  |  |  | 31,181 |  |  |  | 1,667 |  |  |  | 155,111 |
Gross profit (loss) |  |  | 10,276 |  |  |  | 5,149 |  |  |  | 5,313 |  |  |  | (288 | ) |  |  | 20,450 |
Segment depreciation expense |  |  | 2,414 |  |  |  | 462 |  |  |  | 727 |  |  |  | 110 |  |  |  | 3,713 |
Segment Profit (Loss) |  | $ | 12,690 |  |  | $ | 5,611 |  |  | $ | 6,040 |  |  | $ | (178 | ) |  | $ | 24,163 |
The reconciliations of segment depreciation expense to consolidated depreciation expense are as follows:
|  | For the Three Months Ended |
|  | September 27, 2015 |  |  | September 28, 2014 |
Polyester |  | $ | 2,811 |  |  | $ | 2,414 |
Nylon |  |  | 518 |  |  |  | 462 |
International |  |  | 221 |  |  |  | 727 |
All Other category |  |  | 152 |  |  |  | 110 |
Segment depreciation expense |  |  | 3,702 |  |  |  | 3,713 |
Other depreciation expense |  |  | 149 |  |  |  | 149 |
Consolidated depreciation expense |  | $ | 3,851 |  |  | $ | 3,862 |
The reconciliations of segment gross profit (loss) to consolidated income before income taxes are as follows:
|  | For the Three Months Ended |
|  | September 27, 2015 |  |  | September 28, 2014 |
Polyester |  | $ | 9,289 |  |  | $ | 10,276 |
Nylon |  |  | 6,182 |  |  |  | 5,149 |
International |  |  | 5,591 |  |  |  | 5,313 |
All Other category |  |  | (78 | ) |  |  | (288 | )
Segment gross profit |  |  | 20,984 |  |  |  | 20,450 |
SG&A expenses |  |  | 10,830 |  |  |  | 11,649 |
Provision for bad debts |  |  | 613 |  |  |  | 584 |
Other operating (income) expense, net |  |  | (146 | ) |  |  | 600 |
Operating income |  |  | 9,687 |  |  |  | 7,617 |
Interest income |  |  | (163 | ) |  |  | (317 | )
Interest expense |  |  | 984 |  |  |  | 819 |
Equity in earnings of unconsolidated affiliates |  |  | (2,860 | ) |  |  | (3,721 | )
Income before income taxes |  | $ | 11,726 |  |  | $ | 10,836 |
The reconciliations of segment capital expenditures to consolidated capital expenditures are as follows:
|  | For the Three Months Ended |
|  | September 27, 2015 |  |  | September 28, 2014 |
Polyester |  | $ | 13,973 |  |  | $ | 6,602 |
Nylon |  |  | 563 |  |  |  | 194 |
International |  |  | 512 |  |  |  | 506 |
All Other category |  |  | 513 |  |  |  | —
Segment capital expenditures |  |  | 15,561 |  |  |  | 7,302 |
Other capital expenditures |  |  | 314 |  |  |  | 81 |
Capital expenditures |  | $ | 15,875 |  |  | $ | 7,383 |
The reconciliations of segment total assets to consolidated total assets are as follows:
|  | September 27, 2015 |  |  | June 28, 2015 |
Polyester |  | $ | 219,680 |  |  | $ | 203,574 |
Nylon |  |  | 75,138 |  |  |  | 71,332 |
International |  |  | 53,238 |  |  |  | 63,031 |
Segment total assets |  |  | 348,056 |  |  |  | 337,937 |
Other current assets |  |  | 3,920 |  |  |  | 5,844 |
Other PP&E |  |  | 16,164 |  |  |  | 13,544 |
Other non-current assets |  |  | 4,709 |  |  |  | 5,146 |
Investments in unconsolidated affiliates |  |  | 114,448 |  |  |  | 113,901 |
Total assets |  | $ | 487,297 |  |  | $ | 476,372 |
Geographic Data: Geographic information for net sales based on the operating locations from where the items were produced or distributed, is as follows:
|  | For the Three Months Ended |
|  | September 27, 2015 |  |  | September 28, 2014 |
U.S. |  | $ | 120,324 |  |  | $ | 128,382 |
Brazil |  |  | 19,904 |  |  |  | 30,007 |
Remaining Foreign |  |  | 21,937 |  |  |  | 17,172 |
Total |  | $ | 162,165 |  |  | $ | 175,561 |
Export sales from the Company’s U.S. operations to external customers |  | $ | 28,874 |  |  | $ | 27,173 |
Geographic information for long-lived assets is as follows:
|  | September 27, 2015 |  |  | June 28, 2015 |
U.S. |  | $ | 257,235 |  |  | $ | 242,042 |
Brazil |  |  | 6,420 |  |  |  | 8,207 |
Remaining Foreign |  |  | 9,085 |  |  |  | 9,237 |
Total |  | $ | 272,740 |  |  | $ | 259,486 |
Long-lived assets are comprised of property, plant and equipment, net, intangible assets, net, investments in unconsolidated affiliates and other non-current assets. Geographic information for total assets is as follows:
|  | September 27, 2015 |  |  | June 28, 2015 |
U.S. |  | $ | 409,297 |  |  | $ | 388,766 |
Brazil |  |  | 40,444 |  |  |  | 50,300 |
Remaining Foreign |  |  | 37,556 |  |  |  | 37,306 |
Total |  | $ | 487,297 |  |  | $ | 476,372 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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