XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.21.1

FINANCING ARRANGEMENTS | 9 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS: The Company’s long-term debt consists of the following: Revolving Credit Facility
|  | Maturity Date |  | March 31, 2021 |  | March 31, 2021 |  | June 30, 2020
|  | (Fiscal Year) |  | (Interest rate %) |  | (Dollars in thousands)
Revolving credit facility |  | 2023 |  | 5.00% |  | $ | 177,500 |  |  | $ | 177,500 |
At March 31, 2021, cash and cash equivalents totaled $34.5 million. As of March 31, 2021, the Company has $177.5 million of outstanding borrowings under a $295.0 million revolving credit facility. At March 31, 2021, the Company has outstanding standby letters of credit under the revolving credit facility of $18.7 million, primarily related to the Company's self-insurance program. The unused available credit under the facility was $98.8 million as of March 31, 2021. The Company's liquidity, which includes the unused available balance under the credit facility and unrestricted cash and cash equivalents, totaled $133.3 million as of March 31, 2021. The revolving credit facility has a minimum liquidity covenant of $75.0 million. As of March 31, 2021, the Company had cash, cash equivalents and restricted cash of $40.4 million and current liabilities of $203.2 million. The Company is in compliance with all covenants and other requirements of the financing arrangements as of March 31, 2021 and believes it will continue to be in compliance for at least one year from our filing date. Sale and Leaseback Transaction The Company’s long-term financing liabilities consists of the following:
|  | Maturity Date |  | Interest Rate |  | March 31, 2021 |  | June 30, 2020
|  | (Fiscal Year) |  |  |  | (Dollars in thousands)
Financial liability - Salt Lake City Distribution Center |  | 2034 |  | 3.30% |  | $ | — |  |  | $ | 16,773 |
Financial liability - Chattanooga Distribution Center |  | 2034 |  | 3.70% |  | — |  |  | 11,208 |
Long- term financing liability |  |  |  |  |  | $ | — |  |  | $ | 27,981 |
In fiscal year 2019, the Company sold its Salt Lake City and Chattanooga Distribution Centers to an unrelated party. At the time of the sale, the transactions were considered failed sale and leaseback transactions, as the Company had planned to lease the property for more than 75% of its economic life. The sale proceeds received from the buyer-lessor were recognized as a financial liability, which was reduced based on the rental payments made under the lease that were allocated between principal and interest. In the third quarter of fiscal year 2021, as a result of the Company exiting its wholesale product sales business, the Company informed the landlord of its intention to exit the leased spaces. Because the Company no longer plans to lease the distribution centers for the majority of the assets’ useful lives, these transactions are subsequently considered sale and leaseback transactions. As a result, the Company derecognized the financial liability of $28.5 million and the carrying value of the related assets of $13.6 million and recognized a gain of $14.9 million for the difference between the liability and asset. The gain on distribution centers was recorded to Interest income and other, net in the unaudited Condensed Consolidation Statement of Operations. As the leases for the two distribution centers meet the sale and leaseback criteria, the Company recognized a right of use asset and lease liability of $20.3 million on the unaudited Condensed Consolidated Balance Sheet as of March 31, 2021.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration