XML 45 R33.htm IDEA: XBRL DOCUMENT v3.23.2
Related Party Transactions
 12 Months Ended
Jul. 02, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

23. Related Party Transactions

Related party balances and transactions are not material to the consolidated financial statements and, accordingly, are not presented separately from other financial statement captions.

There were no related party receivables as of July 2, 2023 and July 3, 2022, and there were no revenues derived from related parties in the current and prior two fiscal years.

Mr. Kenneth G. Langone, a member of the Board, is a director, shareholder and non-executive Chairman of the Board of Salem Holding Company. UNIFI leases tractors and trailers from Salem Leasing Corporation, a wholly owned subsidiary of Salem Holding Company. In addition to the monthly lease payments, UNIFI also incurs expenses for routine repair and maintenance, fuel, and other expenses. These leases do not contain renewal options, purchase options or escalation clauses with respect to the minimum lease charges.

Related party payables for Salem Leasing Corporation consist of the following:

 

 

July 2, 2023

 

 

July 3, 2022

 

Accounts payable

 

$

457

 

 

$

432

 

Operating lease obligations

 

 

502

 

 

 

811

 

Finance lease obligations

 

 

3,677

 

 

 

4,933

 

Total related party payables

 

$

4,636

 

 

$

6,176

 

 

Related party transactions for the current and prior two fiscal years consist of the matters in the table below:

Affiliated Entity

 

Transaction Type

 

Fiscal 2023

 

 

Fiscal 2022

 

 

Fiscal 2021

 

Salem Leasing Corporation

 

Payments for transportation
   equipment costs and finance
   lease debt service

 

$

4,568

 

 

$

4,343

 

 

$

4,122