Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jan. 22, 2014 |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Central Index Key | '0000057515 | ' |
Entity Registrant Name | 'LANCASTER COLONY CORP | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 27,291 |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and equivalents | $176,263 | $123,386 |
Receivables (less allowance for doubtful accounts, December-$1,021; June-$822) | 86,862 | 70,398 |
Inventories: | ' | ' |
Raw materials | 30,973 | 35,012 |
Finished goods and work in process | 61,567 | 74,139 |
Total inventories | 92,540 | 109,151 |
Deferred income taxes and other current assets | 17,208 | 23,123 |
Total current assets | 372,873 | 326,058 |
Property, Plant and Equipment: | ' | ' |
Land, buildings and improvements | 144,784 | 144,206 |
Machinery and equipment | 290,188 | 289,051 |
Total cost | 434,972 | 433,257 |
Less accumulated depreciation | 250,767 | 243,562 |
Property, plant and equipment-net | 184,205 | 189,695 |
Other Assets: | ' | ' |
Goodwill | 89,840 | 89,840 |
Other intangible assets-net | 5,849 | 6,322 |
Other noncurrent assets | 7,921 | 8,049 |
Total | 660,688 | 619,964 |
Current Liabilities: | ' | ' |
Accounts payable | 42,554 | 41,890 |
Accrued liabilities | 35,498 | 35,287 |
Total current liabilities | 78,052 | 77,177 |
Other Noncurrent Liabilities | 23,175 | 23,291 |
Deferred Income Taxes | 18,755 | 18,274 |
Shareholders' Equity: | ' | ' |
Preferred stock-authorized 3,050,000 shares; outstanding-none | ' | ' |
Common stock-authorized 75,000,000 shares; outstanding – December-27,290,849 shares; June-27,323,721 shares | 103,826 | 102,622 |
Retained earnings | 1,180,315 | 1,139,213 |
Accumulated other comprehensive loss | -8,256 | -8,391 |
Common stock in treasury, at cost | -735,179 | -732,222 |
Total shareholders' equity | 540,706 | 501,222 |
Total | $660,688 | $619,964 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $1,021 | $822 |
Preferred stock, shares authorized | 3,050,000 | 3,050,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares outstanding | 27,290,849 | 27,323,721 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Sales | $335,550 | $326,155 | $621,406 | $617,131 |
Cost of Sales | 247,242 | 244,499 | 471,460 | 469,758 |
Gross Margin | 88,308 | 81,656 | 149,946 | 147,373 |
Selling, General and Administrative Expenses | 28,937 | 29,031 | 52,975 | 54,176 |
Operating Income | 59,371 | 52,625 | 96,971 | 93,197 |
Other Income: | ' | ' | ' | ' |
Other income-Continued Dumping and Subsidy Offset Act | 91 | 293 | 91 | 293 |
Interest income and other-net | -119 | -39 | -167 | -25 |
Income Before Income Taxes | 59,343 | 52,879 | 96,895 | 93,465 |
Taxes Based on Income | 20,109 | 17,602 | 32,860 | 31,526 |
Net Income | $39,234 | $35,277 | $64,035 | $61,939 |
Net Income Per Common Share: | ' | ' | ' | ' |
Basic (in dollars per share) | $1.44 | $1.29 | $2.35 | $2.26 |
Diluted (in dollars per share) | $1.44 | $1.28 | $2.34 | $2.26 |
Cash Dividends Per Common Share (in dollars per share) | $0.44 | $5.38 | $0.84 | $5.74 |
Weighted Average Common Shares Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 27,244 | 27,243 | 27,256 | 27,236 |
Diluted (in shares) | 27,299 | 27,273 | 27,306 | 27,268 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $39,234 | $35,277 | $64,035 | $61,939 |
Defined Benefit Pension and Postretirement Benefit Plans: | ' | ' | ' | ' |
Amortization of loss, before tax | 108 | 167 | 216 | 334 |
Amortization of prior service asset, before tax | -1 | -1 | -2 | -2 |
Total Other Comprehensive Income, Before Tax | 107 | 166 | 214 | 332 |
Tax Attributes of Items in Other Comprehensive Income: | ' | ' | ' | ' |
Amortization of loss, tax | -39 | -62 | -79 | -124 |
Amortization of prior service asset, tax | 0 | 0 | 0 | 0 |
Total Tax Expense | -39 | -62 | -79 | -124 |
Other comprehensive income, net of tax | 68 | 104 | 135 | 208 |
Comprehensive Income | $39,302 | $35,381 | $64,170 | $62,147 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $64,035 | $61,939 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 10,649 | 9,971 |
Deferred income taxes and other noncash changes | 672 | -848 |
Stock-based compensation expense | 1,200 | 1,623 |
Gain on sale of property | -6 | -41 |
Pension plan activity | -122 | -30 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -16,666 | -18,153 |
Inventories | 16,611 | 9,160 |
Other current assets | 6,716 | -1,385 |
Accounts payable and accrued liabilities | 983 | 5,515 |
Net cash provided by operating activities | 84,072 | 67,751 |
Cash Flows From Investing Activities: | ' | ' |
Payments on property additions | -4,370 | -10,359 |
Proceeds from sale of property | 6 | 148 |
Other-net | -656 | -359 |
Net cash used in investing activities | -5,020 | -10,570 |
Cash Flows From Financing Activities: | ' | ' |
Purchase of treasury stock | -2,957 | 0 |
Payment of dividends | -22,933 | -156,755 |
Excess tax benefit from stock-based compensation | 39 | 459 |
Decrease in cash overdraft balance | -324 | 0 |
Net cash used in financing activities | -26,175 | -156,296 |
Net change in cash and equivalents | 52,877 | -99,115 |
Cash and equivalents at beginning of year | 123,386 | 191,636 |
Cash and equivalents at end of period | 176,263 | 92,521 |
Supplemental Disclosure of Operating Cash Flows: | ' | ' |
Cash paid during the period for income taxes | $25,016 | $32,043 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary Of Significant Accounting Policies | ' | |||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||
Basis of Presentation | ||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto contained in our 2013 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2014 refers to fiscal 2014, which is the period from July 1, 2013 to June 30, 2014. | ||||||||||||||||
Subsequent Events | ||||||||||||||||
On January 30, 2014, we sold effectively all of the net operating assets of our candle manufacturing and marketing operations for approximately $28 million in cash, subject to customary post-closing adjustments. Net proceeds from the sale, as subject to the customary post-closing adjustments, are expected to total approximately $27 million, exclusive of the tax benefit anticipated to be realized from the loss incurred. The transaction is expected to result in a pretax loss of approximately $43 to $45 million, which will be recorded in the quarter ended March 31, 2014. See Note 10 for net sales and operating income information related to the Glassware and Candles segment. | ||||||||||||||||
The assets and liabilities of our sold operations were as follows: | ||||||||||||||||
December 31, | June 30, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Cash | $ | 1 | $ | 1 | ||||||||||||
Receivables | 26,594 | 14,061 | ||||||||||||||
Inventory | 30,974 | 41,342 | ||||||||||||||
Other current assets | 422 | 573 | ||||||||||||||
Property, plant and equipment | 20,996 | 21,621 | ||||||||||||||
Other noncurrent assets | 1,157 | 980 | ||||||||||||||
Total Assets | $ | 80,144 | $ | 78,578 | ||||||||||||
Accounts payable | $ | 4,029 | $ | 5,431 | ||||||||||||
Accrued liabilities | 2,900 | 2,685 | ||||||||||||||
Total Liabilities | $ | 6,929 | $ | 8,116 | ||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment are stated at cost less accumulated depreciation. Purchases of property, plant and equipment included in accounts payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Construction in progress in accounts payable | $ | 70 | $ | 3,393 | ||||||||||||
Earnings Per Share | ||||||||||||||||
Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock and stock-settled stock appreciation rights) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock and stock-settled stock appreciation rights. | ||||||||||||||||
Basic and diluted net income per common share were calculated as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 39,234 | $ | 35,277 | $ | 64,035 | $ | 61,939 | ||||||||
Net income available to participating securities | (53 | ) | (246 | ) | (87 | ) | (299 | ) | ||||||||
Net income available to common shareholders | $ | 39,181 | $ | 35,031 | $ | 63,948 | $ | 61,640 | ||||||||
Weighted average common shares outstanding – basic | 27,244 | 27,243 | 27,256 | 27,236 | ||||||||||||
Incremental share effect from: | ||||||||||||||||
Nonparticipating restricted stock | 3 | 4 | 4 | 4 | ||||||||||||
Stock-settled stock appreciation rights | 52 | 26 | 46 | 28 | ||||||||||||
Weighted average common shares outstanding – diluted | 27,299 | 27,273 | 27,306 | 27,268 | ||||||||||||
Net income per common share – basic | $ | 1.44 | $ | 1.29 | $ | 2.35 | $ | 2.26 | ||||||||
Net income per common share – diluted | $ | 1.44 | $ | 1.28 | $ | 2.34 | $ | 2.26 | ||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ||||||||||||||||
The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Accumulated other comprehensive loss at beginning of period | $ | (8,324 | ) | $ | (12,058 | ) | $ | (8,391 | ) | $ | (12,162 | ) | ||||
Defined Benefit Pension Plan Items: | ||||||||||||||||
Amortization of unrecognized net loss (1) | 115 | 172 | 230 | 344 | ||||||||||||
Postretirement Benefit Plan Items: | ||||||||||||||||
Amortization of unrecognized net gain (1) | (7 | ) | (5 | ) | (14 | ) | (10 | ) | ||||||||
Amortization of prior service asset (1) | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Total other comprehensive income, before tax | 107 | 166 | 214 | 332 | ||||||||||||
Total tax expense | (39 | ) | (62 | ) | (79 | ) | (124 | ) | ||||||||
Other comprehensive income, net of tax | 68 | 104 | 135 | 208 | ||||||||||||
Accumulated other comprehensive loss at end of period | $ | (8,256 | ) | $ | (11,954 | ) | $ | (8,256 | ) | $ | (11,954 | ) | ||||
(1) Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. | ||||||||||||||||
Significant Accounting Policies | ||||||||||||||||
There were no changes to our Significant Accounting Policies from those disclosed in our 2013 Annual Report on Form 10-K. |
Impact_Of_Recently_Issued_Acco
Impact Of Recently Issued Accounting Standards | 6 Months Ended |
Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Impact Of Recently Issued Accounting Standards | ' |
Impact of Recently Issued Accounting Standards | |
There were no recently issued accounting pronouncements that impact our consolidated financial statements. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill And Other Intangible Assets | ' | |||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||
Goodwill attributable to the Specialty Foods segment was approximately $89.8 million at December 31, 2013 and June 30, 2013. | ||||||||||||||||
The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment: | ||||||||||||||||
December 31, | June 30, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Trademarks (40-year life) | ||||||||||||||||
Gross carrying value | $ | 370 | $ | 370 | ||||||||||||
Accumulated amortization | (209 | ) | (205 | ) | ||||||||||||
Net carrying value | $ | 161 | $ | 165 | ||||||||||||
Customer Relationships (12 to 15-year life) | ||||||||||||||||
Gross carrying value | $ | 13,020 | $ | 13,020 | ||||||||||||
Accumulated amortization | (7,332 | ) | (6,863 | ) | ||||||||||||
Net carrying value | $ | 5,688 | $ | 6,157 | ||||||||||||
Total net carrying value | $ | 5,849 | $ | 6,322 | ||||||||||||
Amortization expense for our intangible assets was as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Amortization expense | $ | 237 | $ | 236 | $ | 473 | $ | 472 | ||||||||
Total annual amortization expense for each of the next five years is estimated to be as follows: | ||||||||||||||||
2015 | $ | 946 | ||||||||||||||
2016 | $ | 775 | ||||||||||||||
2017 | $ | 604 | ||||||||||||||
2018 | $ | 604 | ||||||||||||||
2019 | $ | 604 | ||||||||||||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
Long-Term Debt | |
At December 31, 2013 and June 30, 2013, we had an unsecured credit agreement under which we may borrow, on a revolving credit basis, up to a maximum of $120 million at any one time, with potential to expand the total credit availability to $200 million based on obtaining consent of the issuing banks and certain other conditions. The facility expires on April 18, 2017, and all outstanding amounts are then due and payable. Interest is variable based upon formulas tied to LIBOR or an alternative base rate defined in the credit agreement, at our option. We must also pay facility fees that are tied to our then-applicable consolidated leverage ratio. Loans may be used for general corporate purposes. Based on the long-term nature of this facility, when we have outstanding borrowings under this facility, we will classify the outstanding balance as long-term debt. | |
At December 31, 2013 and June 30, 2013, we had no borrowings outstanding under this facility. At December 31, 2013, we had approximately $3.7 million of standby letters of credit outstanding, which reduced the amount available for borrowing under the credit agreement. We paid no interest for the three and six months ended December 31, 2013 and 2012. At December 31, 2013 and June 30, 2013, we were in compliance with all applicable provisions and covenants of this facility, and we exceeded the requirements of the financial covenants by substantial margins. At December 31, 2013, we were not aware of any event that would constitute a default under the facility. | |
The facility contains certain restrictive covenants, including limitations on indebtedness, asset sales and acquisitions. There are two principal financial covenants: an interest expense test that requires us to maintain an interest coverage ratio not less than 2.5 to 1 at the end of each fiscal quarter; and an indebtedness test that requires us to maintain a consolidated leverage ratio not greater than 3 to 1 at all times. The interest coverage ratio is calculated by dividing Consolidated EBIT (as defined more specifically in the credit agreement) by Consolidated Interest Expense (as defined more specifically in the credit agreement), and the leverage ratio is calculated by dividing Consolidated Debt (as defined more specifically in the credit agreement) by Consolidated EBITDA (as defined more specifically in the credit agreement). |
Income_Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Accrued Federal income taxes of approximately $1.2 million were included in accrued liabilities, and prepaid state and local income taxes of approximately $0.6 million were included in deferred income taxes and other current assets, at December 31, 2013. Prepaid Federal, state and local income taxes of approximately $7.5 million were included in deferred income taxes and other current assets at June 30, 2013. The changes were due to the timing of tax payments. | |
The gross tax contingency reserve at December 31, 2013 was approximately $0.9 million and consisted of tax liabilities of approximately $0.5 million and penalties and interest of approximately $0.4 million. We have classified none of the gross tax contingency reserve as current liabilities as none of these amounts are expected to be resolved within the next 12 months. The entire liability of approximately $0.9 million was included in other noncurrent liabilities. We expect that the amount of these liabilities will change within the next 12 months; however, we do not expect the change to have a significant effect on our financial position or results of operations. We recognize interest and penalties related to these tax liabilities in income tax expense. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Our shareholders approved the adoption of and subsequent amendments to the Lancaster Colony Corporation 2005 Stock Plan (the “2005 Plan”). The 2005 Plan reserved 2,000,000 common shares for issuance to our employees and directors, and all awards granted under the 2005 Plan will be exercisable at prices not less than fair market value as of the date of the grant. The vesting period for awards granted under the 2005 Plan varies as to the type of award granted, but generally these awards have a maximum term of five years. | ||||||||||||||||
Stock-Settled Stock Appreciation Rights | ||||||||||||||||
We use periodic grants of stock-settled stock appreciation rights (“SSSARs”) as a vehicle for rewarding certain employees with long-term incentives for their efforts in helping to create long-term shareholder value. We calculate the fair value of SSSARs grants using the Black-Scholes option-pricing model. Our policy is to issue shares upon SSSARs exercise from new shares that had been previously authorized. | ||||||||||||||||
In August 2013, we granted SSSARs under the terms of our 2005 Plan. There were no grants in the six months ended December 31, 2012. The following table summarizes information relating to the 2014 grant: | ||||||||||||||||
2014 | ||||||||||||||||
SSSARs granted | 2 | |||||||||||||||
Weighted average grant date fair value per right | $ | 10.14 | ||||||||||||||
Assumptions used in fair value calculations: | ||||||||||||||||
Risk-free interest rate | 0.61 | % | ||||||||||||||
Dividend yield | 2.01 | % | ||||||||||||||
Volatility factor of the expected market price of our common stock | 23 | % | ||||||||||||||
Weighted average expected life in years | 2.68 | |||||||||||||||
Estimated forfeiture rate | — | % | ||||||||||||||
For this grant, the volatility factor was estimated based on actual historical volatility of our stock for a time period equal to the term of the SSSARs. The expected average life was determined based on historical exercise experience for this type of grant. The SSSARs from each grant vest one-third on the first anniversary of the grant date, one-third on the second anniversary of the grant date and one-third on the third anniversary of the grant date. No SSSARs vested during the six months ended December 31, 2013 and 2012. | ||||||||||||||||
We recognize compensation expense over the requisite service period. Compensation expense was reflected in Cost of Sales or Selling, General and Administrative Expenses based on the grantees’ salaries expense classification and was allocated to each segment appropriately. We recorded tax benefits and gross windfall tax benefits related to SSSARs. These windfall tax benefits were included in the financing section of the Condensed Consolidated Statements of Cash Flows. The following table summarizes SSSARs compensation expense and tax benefits recorded: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Compensation expense | $ | 212 | $ | 338 | $ | 519 | $ | 799 | ||||||||
Tax benefits | $ | 75 | $ | 118 | $ | 182 | $ | 279 | ||||||||
Intrinsic value of exercises | $ | 70 | $ | 594 | $ | 88 | $ | 1,284 | ||||||||
Gross windfall tax benefits | $ | 25 | $ | 208 | $ | 31 | $ | 449 | ||||||||
The following table summarizes the activity relating to SSSARs granted under the 2005 Plan for the six months ended December 31, 2013: | ||||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||||
of Rights | Average | Average | Intrinsic | |||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||
Contractual | ||||||||||||||||
Life in | ||||||||||||||||
Years | ||||||||||||||||
Outstanding at beginning of period | 374 | $ | 66.42 | |||||||||||||
Exercised | (7 | ) | $ | 61.48 | ||||||||||||
Granted | 2 | $ | 79.78 | |||||||||||||
Forfeited | — | $ | — | |||||||||||||
Outstanding at end of period | 369 | $ | 66.57 | 3.03 | $ | 7,966 | ||||||||||
Exercisable and vested at end of period | 105 | $ | 60.85 | 1.95 | $ | 2,865 | ||||||||||
Vested and expected to vest at end of period | 360 | $ | 66.57 | 3.03 | $ | 7,770 | ||||||||||
At December 31, 2013, there was approximately $1.0 million of unrecognized compensation expense related to SSSARs that we will recognize over a weighted-average period of approximately 1.64 years. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
We use periodic grants of restricted stock as a vehicle for rewarding our nonemployee directors and certain employees with long-term incentives for their efforts in helping to create long-term shareholder value. | ||||||||||||||||
In November 2013 and 2012, we granted shares of restricted stock to our seven nonemployee directors under the terms of the 2005 Plan. The following table summarizes information relating to each of these grants: | ||||||||||||||||
Six Months Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Nonemployee directors | ||||||||||||||||
Restricted stock granted | 6 | 7 | ||||||||||||||
Grant date fair value | $ | 490 | $ | 490 | ||||||||||||
Weighted average grant date fair value per award | $ | 84.42 | $ | 73.29 | ||||||||||||
The 2014 grant vests over a one-year period, and all of these shares are expected to vest. Dividends earned on the stock during the vesting period will be paid to the directors at the time the stock vests. The 2013 grant vested during the second quarter of 2014, and the directors were paid the related dividends. | ||||||||||||||||
In August 2013, we granted 200 shares of restricted stock under the terms of the 2005 Plan. The grant date fair value was approximately $16,000 and the grant date fair value per award was $79.78. The restricted stock under this employee grant vests on the third anniversary of the grant date. Under the terms of our grants, employees receive dividends on unforfeited restricted stock regardless of their vesting status. There were no grants of restricted stock to employees in the six months ended December 31, 2012. No employee restricted stock vested during the six months ended December 31, 2013 and 2012. | ||||||||||||||||
We recognize compensation expense over the requisite service period. Compensation expense was reflected in Cost of Sales or Selling, General and Administrative Expenses based on the grantees’ salaries expense classification and was allocated to each segment appropriately. We recorded tax benefits and gross windfall tax benefits related to restricted stock. These windfall tax benefits were included in the financing section of the Condensed Consolidated Statements of Cash Flows. The following table summarizes restricted stock compensation expense and tax benefits recorded: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Compensation expense | $ | 341 | $ | 414 | $ | 681 | $ | 824 | ||||||||
Tax benefits | $ | 120 | $ | 144 | $ | 239 | $ | 288 | ||||||||
Gross windfall tax benefits | $ | 6 | $ | 9 | $ | 8 | $ | 10 | ||||||||
The total fair values of restricted stock vested were as follows: | ||||||||||||||||
Six Months Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Fair value of vested shares | $ | 490 | $ | 490 | ||||||||||||
The following table summarizes the activity relating to restricted stock granted under the 2005 Plan for the six months ended December 31, 2013: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair | |||||||||||||||
Value | ||||||||||||||||
Unvested restricted stock at beginning of period | 45 | $ | 68.16 | |||||||||||||
Granted | 6 | $ | 84.27 | |||||||||||||
Vested | (7 | ) | $ | 72.94 | ||||||||||||
Forfeited | — | $ | — | |||||||||||||
Unvested restricted stock at end of period | 44 | $ | 69.61 | |||||||||||||
At December 31, 2013, there was approximately $1.5 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of approximately 1.34 years. |
Pension_Benefits
Pension Benefits (Pension Benefits [Member]) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Pension Benefits [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Pension Benefits | ' | |||||||||||||||
Pension Benefits | ||||||||||||||||
We sponsor multiple defined benefit pension plans that have covered certain union workers. However, as a result of prior-years' restructuring activities, for all periods presented, we no longer have any active employees continuing to accrue service cost or otherwise eligible to receive plan benefits. Benefits being paid under the plans are primarily based on negotiated rates and years of service. We contribute to these plans at least the minimum amount required by regulation. | ||||||||||||||||
The following table summarizes the components of net periodic benefit income for our pension plans: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of net periodic benefit income | ||||||||||||||||
Interest cost | $ | 438 | $ | 408 | $ | 876 | $ | 816 | ||||||||
Expected return on plan assets | (614 | ) | (595 | ) | (1,228 | ) | (1,190 | ) | ||||||||
Amortization of unrecognized net loss | 115 | 172 | 230 | 344 | ||||||||||||
Net periodic benefit income | $ | (61 | ) | $ | (15 | ) | $ | (122 | ) | $ | (30 | ) | ||||
For the three and six months ended December 31, 2013, we made no pension plan contributions and we expect to make no contributions to our pension plans during 2014. |
Postretirement_Benefits
Postretirement Benefits (Postretirement Benefits [Member]) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Postretirement Benefits [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Postretirement Benefits | ' | |||||||||||||||
Postretirement Benefits | ||||||||||||||||
We and certain of our operating subsidiaries provide multiple postretirement medical and life insurance benefit plans. We recognize the cost of benefits as the employees render service. Postretirement benefits are funded as incurred. | ||||||||||||||||
The following table summarizes the components of net periodic benefit cost for our postretirement plans: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 8 | $ | 8 | $ | 16 | $ | 16 | ||||||||
Interest cost | 32 | 28 | 64 | 56 | ||||||||||||
Amortization of unrecognized net gain | (7 | ) | (5 | ) | (14 | ) | (10 | ) | ||||||||
Amortization of prior service asset | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Net periodic benefit cost | $ | 32 | $ | 30 | $ | 64 | $ | 60 | ||||||||
For the three and six months ended December 31, 2013, we made approximately $40,000 and $65,000 in contributions to our postretirement medical and life insurance benefit plans. We expect to make approximately $0.1 million more in contributions to our postretirement medical and life insurance benefit plans during the remainder of 2014. |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
At December 31, 2013, we were a party to various claims and litigation matters arising in the ordinary course of business. Such matters did not have a material effect on the current-year results of operations and, in our opinion, their ultimate disposition will not have a material effect on our consolidated financial statements. | |
The Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”) provides for the distribution of monies collected by U.S. Customs from anti-dumping cases to qualifying domestic producers. Our CDSOA receipts totaled approximately $0.1 million in the second quarter of 2014, as compared to approximately $0.3 million in the second quarter of 2013. | |
As of January 30, 2014, we sold substantially all of the net operating assets of our candle manufacturing and marketing operations to an unaffiliated buyer. While we retained the right to seek further CDSOA remittances relating to past periods, we are currently unaware of any funds made available to manufacturers who may have otherwise qualified for CDSOA remittances but have exited the applicable business. Accordingly, we cannot predict the amount of future distributions, if any, we may receive. U.S. Customs has advised affected domestic producers that it is possible that CDSOA distributions which we received could be subject to clawback until the resolution of outstanding litigation. We believe that the likelihood of clawback is remote. Any change in CDSOA distributions could affect our earnings and cash flow. |
Business_Segments_Information
Business Segments Information | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segments Information | ' | |||||||||||||||
Business Segments Information | ||||||||||||||||
The following summary of financial information by business segment is consistent with the basis of segmentation and measurement of segment profit or loss presented in our June 30, 2013 consolidated financial statements. The December 31, 2013 identifiable assets by reportable segment are generally consistent with that of June 30, 2013. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net Sales | ||||||||||||||||
Specialty Foods | $ | 292,281 | $ | 272,634 | $ | 540,418 | $ | 521,515 | ||||||||
Glassware and Candles | 43,269 | 53,521 | 80,988 | 95,616 | ||||||||||||
Total | $ | 335,550 | $ | 326,155 | $ | 621,406 | $ | 617,131 | ||||||||
Operating Income | ||||||||||||||||
Specialty Foods | $ | 59,413 | $ | 50,384 | $ | 98,956 | $ | 93,142 | ||||||||
Glassware and Candles | 3,186 | 5,614 | 4,355 | 6,222 | ||||||||||||
Corporate Expenses | (3,228 | ) | (3,373 | ) | (6,340 | ) | (6,167 | ) | ||||||||
Total | $ | 59,371 | $ | 52,625 | $ | 96,971 | $ | 93,197 | ||||||||
As a result of the sale of assets noted in the Subsequent Events disclosure within Note 1, the Glassware and Candles segment will be presented as discontinued operations in future financial presentations. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto contained in our 2013 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2014 refers to fiscal 2014, which is the period from July 1, 2013 to June 30, 2014. | |
Property, Plant And Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost less accumulated depreciation. | |
Earnings Per Share | ' |
Earnings Per Share | |
Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock and stock-settled stock appreciation rights) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock and stock-settled stock appreciation rights. | |
Long-Term Debt | ' |
At December 31, 2013 and June 30, 2013, we had an unsecured credit agreement under which we may borrow, on a revolving credit basis, up to a maximum of $120 million at any one time, with potential to expand the total credit availability to $200 million based on obtaining consent of the issuing banks and certain other conditions. The facility expires on April 18, 2017, and all outstanding amounts are then due and payable. Interest is variable based upon formulas tied to LIBOR or an alternative base rate defined in the credit agreement, at our option. We must also pay facility fees that are tied to our then-applicable consolidated leverage ratio. Loans may be used for general corporate purposes. Based on the long-term nature of this facility, when we have outstanding borrowings under this facility, we will classify the outstanding balance as long-term debt. | |
Pension Benefits | ' |
We sponsor multiple defined benefit pension plans that have covered certain union workers. However, as a result of prior-years' restructuring activities, for all periods presented, we no longer have any active employees continuing to accrue service cost or otherwise eligible to receive plan benefits. Benefits being paid under the plans are primarily based on negotiated rates and years of service. We contribute to these plans at least the minimum amount required by regulation. | |
Postretirement Benefits | ' |
We and certain of our operating subsidiaries provide multiple postretirement medical and life insurance benefit plans. We recognize the cost of benefits as the employees render service. Postretirement benefits are funded as incurred. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule of Assets And Liabilities Of Sold Operations | ' | |||||||||||||||
The assets and liabilities of our sold operations were as follows: | ||||||||||||||||
December 31, | June 30, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Cash | $ | 1 | $ | 1 | ||||||||||||
Receivables | 26,594 | 14,061 | ||||||||||||||
Inventory | 30,974 | 41,342 | ||||||||||||||
Other current assets | 422 | 573 | ||||||||||||||
Property, plant and equipment | 20,996 | 21,621 | ||||||||||||||
Other noncurrent assets | 1,157 | 980 | ||||||||||||||
Total Assets | $ | 80,144 | $ | 78,578 | ||||||||||||
Accounts payable | $ | 4,029 | $ | 5,431 | ||||||||||||
Accrued liabilities | 2,900 | 2,685 | ||||||||||||||
Total Liabilities | $ | 6,929 | $ | 8,116 | ||||||||||||
Schedule Of Construction In Progress In Accounts Payable | ' | |||||||||||||||
Purchases of property, plant and equipment included in accounts payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Construction in progress in accounts payable | $ | 70 | $ | 3,393 | ||||||||||||
Schedule Of Basic And Diluted Earnings Per Share Calculations | ' | |||||||||||||||
Basic and diluted net income per common share were calculated as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 39,234 | $ | 35,277 | $ | 64,035 | $ | 61,939 | ||||||||
Net income available to participating securities | (53 | ) | (246 | ) | (87 | ) | (299 | ) | ||||||||
Net income available to common shareholders | $ | 39,181 | $ | 35,031 | $ | 63,948 | $ | 61,640 | ||||||||
Weighted average common shares outstanding – basic | 27,244 | 27,243 | 27,256 | 27,236 | ||||||||||||
Incremental share effect from: | ||||||||||||||||
Nonparticipating restricted stock | 3 | 4 | 4 | 4 | ||||||||||||
Stock-settled stock appreciation rights | 52 | 26 | 46 | 28 | ||||||||||||
Weighted average common shares outstanding – diluted | 27,299 | 27,273 | 27,306 | 27,268 | ||||||||||||
Net income per common share – basic | $ | 1.44 | $ | 1.29 | $ | 2.35 | $ | 2.26 | ||||||||
Net income per common share – diluted | $ | 1.44 | $ | 1.28 | $ | 2.34 | $ | 2.26 | ||||||||
Schedule of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss | ' | |||||||||||||||
The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Accumulated other comprehensive loss at beginning of period | $ | (8,324 | ) | $ | (12,058 | ) | $ | (8,391 | ) | $ | (12,162 | ) | ||||
Defined Benefit Pension Plan Items: | ||||||||||||||||
Amortization of unrecognized net loss (1) | 115 | 172 | 230 | 344 | ||||||||||||
Postretirement Benefit Plan Items: | ||||||||||||||||
Amortization of unrecognized net gain (1) | (7 | ) | (5 | ) | (14 | ) | (10 | ) | ||||||||
Amortization of prior service asset (1) | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Total other comprehensive income, before tax | 107 | 166 | 214 | 332 | ||||||||||||
Total tax expense | (39 | ) | (62 | ) | (79 | ) | (124 | ) | ||||||||
Other comprehensive income, net of tax | 68 | 104 | 135 | 208 | ||||||||||||
Accumulated other comprehensive loss at end of period | $ | (8,256 | ) | $ | (11,954 | ) | $ | (8,256 | ) | $ | (11,954 | ) |
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Summary Of Intangible Assets | ' | |||||||||||||||
The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment: | ||||||||||||||||
December 31, | June 30, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Trademarks (40-year life) | ||||||||||||||||
Gross carrying value | $ | 370 | $ | 370 | ||||||||||||
Accumulated amortization | (209 | ) | (205 | ) | ||||||||||||
Net carrying value | $ | 161 | $ | 165 | ||||||||||||
Customer Relationships (12 to 15-year life) | ||||||||||||||||
Gross carrying value | $ | 13,020 | $ | 13,020 | ||||||||||||
Accumulated amortization | (7,332 | ) | (6,863 | ) | ||||||||||||
Net carrying value | $ | 5,688 | $ | 6,157 | ||||||||||||
Total net carrying value | $ | 5,849 | $ | 6,322 | ||||||||||||
Schedule Of Amortization Expense | ' | |||||||||||||||
Amortization expense for our intangible assets was as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Amortization expense | $ | 237 | $ | 236 | $ | 473 | $ | 472 | ||||||||
Estimated Annual Amortization Expense | ' | |||||||||||||||
Total annual amortization expense for each of the next five years is estimated to be as follows: | ||||||||||||||||
2015 | $ | 946 | ||||||||||||||
2016 | $ | 775 | ||||||||||||||
2017 | $ | 604 | ||||||||||||||
2018 | $ | 604 | ||||||||||||||
2019 | $ | 604 | ||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stock Settled Stock Appreciation Rights SARS [Member] | ' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Stock-Settled Stock Appreciation Rights Grant Details | ' | |||||||||||||||
The following table summarizes information relating to the 2014 grant: | ||||||||||||||||
2014 | ||||||||||||||||
SSSARs granted | 2 | |||||||||||||||
Weighted average grant date fair value per right | $ | 10.14 | ||||||||||||||
Assumptions used in fair value calculations: | ||||||||||||||||
Risk-free interest rate | 0.61 | % | ||||||||||||||
Dividend yield | 2.01 | % | ||||||||||||||
Volatility factor of the expected market price of our common stock | 23 | % | ||||||||||||||
Weighted average expected life in years | 2.68 | |||||||||||||||
Estimated forfeiture rate | — | % | ||||||||||||||
Compensation Expense And Tax Benefits Recorded | ' | |||||||||||||||
The following table summarizes SSSARs compensation expense and tax benefits recorded: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Compensation expense | $ | 212 | $ | 338 | $ | 519 | $ | 799 | ||||||||
Tax benefits | $ | 75 | $ | 118 | $ | 182 | $ | 279 | ||||||||
Intrinsic value of exercises | $ | 70 | $ | 594 | $ | 88 | $ | 1,284 | ||||||||
Gross windfall tax benefits | $ | 25 | $ | 208 | $ | 31 | $ | 449 | ||||||||
Stock-Settled Stock Appreciation Rights Activity | ' | |||||||||||||||
The following table summarizes the activity relating to SSSARs granted under the 2005 Plan for the six months ended December 31, 2013: | ||||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||||
of Rights | Average | Average | Intrinsic | |||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||
Contractual | ||||||||||||||||
Life in | ||||||||||||||||
Years | ||||||||||||||||
Outstanding at beginning of period | 374 | $ | 66.42 | |||||||||||||
Exercised | (7 | ) | $ | 61.48 | ||||||||||||
Granted | 2 | $ | 79.78 | |||||||||||||
Forfeited | — | $ | — | |||||||||||||
Outstanding at end of period | 369 | $ | 66.57 | 3.03 | $ | 7,966 | ||||||||||
Exercisable and vested at end of period | 105 | $ | 60.85 | 1.95 | $ | 2,865 | ||||||||||
Vested and expected to vest at end of period | 360 | $ | 66.57 | 3.03 | $ | 7,770 | ||||||||||
Director Restricted Stock [Member] | ' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Schedule Of Restricted Stock Granted To Nonemployee Directors | ' | |||||||||||||||
The following table summarizes information relating to each of these grants: | ||||||||||||||||
Six Months Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Nonemployee directors | ||||||||||||||||
Restricted stock granted | 6 | 7 | ||||||||||||||
Grant date fair value | $ | 490 | $ | 490 | ||||||||||||
Weighted average grant date fair value per award | $ | 84.42 | $ | 73.29 | ||||||||||||
Restricted Stock [Member] | ' | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||
Compensation Expense And Tax Benefits Recorded | ' | |||||||||||||||
The following table summarizes restricted stock compensation expense and tax benefits recorded: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Compensation expense | $ | 341 | $ | 414 | $ | 681 | $ | 824 | ||||||||
Tax benefits | $ | 120 | $ | 144 | $ | 239 | $ | 288 | ||||||||
Gross windfall tax benefits | $ | 6 | $ | 9 | $ | 8 | $ | 10 | ||||||||
Fair Value Of Awards Vested | ' | |||||||||||||||
The total fair values of restricted stock vested were as follows: | ||||||||||||||||
Six Months Ended | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Fair value of vested shares | $ | 490 | $ | 490 | ||||||||||||
Restricted Stock Activity | ' | |||||||||||||||
The following table summarizes the activity relating to restricted stock granted under the 2005 Plan for the six months ended December 31, 2013: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair | |||||||||||||||
Value | ||||||||||||||||
Unvested restricted stock at beginning of period | 45 | $ | 68.16 | |||||||||||||
Granted | 6 | $ | 84.27 | |||||||||||||
Vested | (7 | ) | $ | 72.94 | ||||||||||||
Forfeited | — | $ | — | |||||||||||||
Unvested restricted stock at end of period | 44 | $ | 69.61 | |||||||||||||
Pension_Benefits_Tables
Pension Benefits (Tables) (Pension Benefits [Member]) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Pension Benefits [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Components Of Net Periodic Benefit Income | ' | |||||||||||||||
The following table summarizes the components of net periodic benefit income for our pension plans: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of net periodic benefit income | ||||||||||||||||
Interest cost | $ | 438 | $ | 408 | $ | 876 | $ | 816 | ||||||||
Expected return on plan assets | (614 | ) | (595 | ) | (1,228 | ) | (1,190 | ) | ||||||||
Amortization of unrecognized net loss | 115 | 172 | 230 | 344 | ||||||||||||
Net periodic benefit income | $ | (61 | ) | $ | (15 | ) | $ | (122 | ) | $ | (30 | ) |
Postretirement_Benefits_Tables
Postretirement Benefits (Tables) (Postretirement Benefits [Member]) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Postretirement Benefits [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Components Of Net Periodic Benefit Cost | ' | |||||||||||||||
The following table summarizes the components of net periodic benefit cost for our postretirement plans: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 8 | $ | 8 | $ | 16 | $ | 16 | ||||||||
Interest cost | 32 | 28 | 64 | 56 | ||||||||||||
Amortization of unrecognized net gain | (7 | ) | (5 | ) | (14 | ) | (10 | ) | ||||||||
Amortization of prior service asset | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Net periodic benefit cost | $ | 32 | $ | 30 | $ | 64 | $ | 60 | ||||||||
Business_Segments_Information_
Business Segments Information (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary Of Financial Information Attributable To Reportable Segments | ' | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net Sales | ||||||||||||||||
Specialty Foods | $ | 292,281 | $ | 272,634 | $ | 540,418 | $ | 521,515 | ||||||||
Glassware and Candles | 43,269 | 53,521 | 80,988 | 95,616 | ||||||||||||
Total | $ | 335,550 | $ | 326,155 | $ | 621,406 | $ | 617,131 | ||||||||
Operating Income | ||||||||||||||||
Specialty Foods | $ | 59,413 | $ | 50,384 | $ | 98,956 | $ | 93,142 | ||||||||
Glassware and Candles | 3,186 | 5,614 | 4,355 | 6,222 | ||||||||||||
Corporate Expenses | (3,228 | ) | (3,373 | ) | (6,340 | ) | (6,167 | ) | ||||||||
Total | $ | 59,371 | $ | 52,625 | $ | 96,971 | $ | 93,197 | ||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 30, 2014 |
Subsequent Event [Line Items] | ' |
Cash Proceeds From Sale of Candle Operations | $28 |
Estimated Net Proceeds From Sale Of Candle Operations | 27 |
Minimum [Member] | ' |
Subsequent Event [Line Items] | ' |
Estimated Pretax Loss From Sale Of Candle Operations | 43 |
Maximum [Member] | ' |
Subsequent Event [Line Items] | ' |
Estimated Pretax Loss From Sale Of Candle Operations | $45 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Assets And Liabilities Of Sold Operations) (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Cash | $1 | $1 |
Receivables | 26,594 | 14,061 |
Inventory | 30,974 | 41,342 |
Other current assets | 422 | 573 |
Property, plant and equipment | 20,996 | 21,621 |
Other noncurrent assets | 1,157 | 980 |
Total Assets | 80,144 | 78,578 |
Accounts payable | 4,029 | 5,431 |
Accrued liabilities | 2,900 | 2,685 |
Total Liabilities | $6,929 | $8,116 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Construction in progress in accounts payable | $70 | $3,393 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Earnings Per Share Calculations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Net income | $39,234 | $35,277 | $64,035 | $61,939 |
Net income available to participating securities | -53 | -246 | -87 | -299 |
Net income available to common shareholders | $39,181 | $35,031 | $63,948 | $61,640 |
Weighted average common shares outstanding - basic (in shares) | 27,244 | 27,243 | 27,256 | 27,236 |
Incremental share effect from: | ' | ' | ' | ' |
Nonparticipating restricted stock (in shares) | 3 | 4 | 4 | 4 |
Stock-settled stock appreciation rights (in shares) | 52 | 26 | 46 | 28 |
Weighted average common shares outstanding - diluted (in shares) | 27,299 | 27,273 | 27,306 | 27,268 |
Net income per common share - basic (in dollars per share) | $1.44 | $1.29 | $2.35 | $2.26 |
Net income per common share - diluted (in dollars per share) | $1.44 | $1.28 | $2.34 | $2.26 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Accumulated other comprehensive loss at beginning of period | ($8,324) | ($12,058) | ($8,391) | ($12,162) | ||||
Total other comprehensive income, before tax | 107 | 166 | 214 | 332 | ||||
Total tax expense | -39 | -62 | -79 | -124 | ||||
Other comprehensive income, net of tax | 68 | 104 | 135 | 208 | ||||
Accumulated other comprehensive loss at end of period | -8,256 | -11,954 | -8,256 | -11,954 | ||||
Pension Benefits [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Amortization of unrecognized net (gain) loss | 115 | [1] | 172 | [1] | 230 | [1] | 344 | [1] |
Postretirement Benefits [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Amortization of unrecognized net (gain) loss | -7 | [1] | -5 | [1] | -14 | [1] | -10 | [1] |
Amortization of prior service asset | ($1) | [1] | ($1) | [1] | ($2) | [1] | ($2) | [1] |
[1] | Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill | $89,840 | $89,840 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Summary Of Intangible Assets) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Net carrying value | $5,849 | $6,322 |
Trademarks (40-Year Life) [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 370 | 370 |
Accumulated amortization | -209 | -205 |
Net carrying value | 161 | 165 |
Finite-lived intangible assets useful life | '40 years | ' |
Customer Relationships (12 To 15-Year Life) [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 13,020 | 13,020 |
Accumulated amortization | -7,332 | -6,863 |
Net carrying value | $5,688 | $6,157 |
Minimum [Member] | Customer Relationships (12 To 15-Year Life) [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets useful life | '12 years | ' |
Maximum [Member] | Customer Relationships (12 To 15-Year Life) [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets useful life | '15 years | ' |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense | $237 | $236 | $473 | $472 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2015 | $946 |
2016 | 775 |
2017 | 604 |
2018 | 604 |
2019 | $604 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | |
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' |
Maximum borrowing capacity | $120,000,000 | ' | $120,000,000 | ' | $120,000,000 |
Maximum borrowing capacity on obtaining consent of the issuing bank | 200,000,000 | ' | 200,000,000 | ' | 200,000,000 |
Line of credit facility, expiration date | ' | ' | 18-Apr-17 | ' | ' |
Line of credit facility, amount outstanding | 0 | ' | 0 | ' | 0 |
Standby letters of credit, amount outstanding | 3,700,000 | ' | 3,700,000 | ' | ' |
Interest paid | $0 | $0 | $0 | $0 | ' |
Minimum interest coverage ratio | ' | ' | 250.00% | ' | ' |
Maximum leverage ratio | ' | ' | 300.00% | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Accrued income taxes | $1.20 | ' |
Prepaid taxes | 0.6 | 7.5 |
Gross tax contingency reserve | 0.9 | ' |
Accrued tax liabilities included in the gross tax contingency reserve | 0.5 | ' |
Accrued interest and penalties included in the gross tax contingency reserve | 0.4 | ' |
Gross tax contingency reserve, classified as current liabilities | 0 | ' |
Gross tax contingency reserve, classified as noncurrent liabilities | $0.90 | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '3 years | ' |
Unrecognized compensation cost | $1,000,000 | ' |
Weighted-average period over which remaining compensation cost will be recognized | '1 year 7 months 21 days | ' |
Number vested | 0 | 0 |
SSSARs granted (in rights) | 2,000 | 0 |
Weighted average grant date fair value per award | $10.14 | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost | 1,500,000 | ' |
Weighted-average period over which remaining compensation cost will be recognized | '1 year 4 months 2 days | ' |
Number vested | 7,000 | ' |
Restricted stock granted (in shares) | 6,000 | ' |
Weighted average grant date fair value per award | $84.27 | ' |
Director Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '1 year | ' |
Restricted stock granted (in shares) | 6,000 | 7,000 |
Grant date fair value | 490,000 | 490,000 |
Weighted average grant date fair value per award | $84.42 | 73.29 |
Number of nonemployee directors | 7 | 7 |
Employee Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '3 years | ' |
Number vested | 0 | 0 |
Restricted stock granted (in shares) | 200 | 0 |
Grant date fair value | $16,000 | ' |
Weighted average grant date fair value per award | $79.78 | ' |
2005 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common shares reserved for issuance to qualified key employees | 2,000,000 | ' |
Maximum term of stock awards granted | '5 years | ' |
StockBased_Compensation_StockS
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Grant Details) (Details) (Stock Settled Stock Appreciation Rights SARS [Member], USD $) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
SSSARs granted (in rights) | 2,000 | 0 |
Weighted average grant date fair value per award | $10.14 | ' |
Risk-free interest rate | 0.61% | ' |
Dividend yield | 2.01% | ' |
Volatility factor of the expected market price of our common stock | 23.00% | ' |
Weighted average expected life in years | '2 years 8 months 5 days | ' |
Estimated forfeiture rate | 0.00% | ' |
StockBased_Compensation_StockS1
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Compensation Expense And Tax Benefits Recorded) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | ' | ' | $1,200 | $1,623 |
Gross windfall tax benefits | ' | ' | 39 | 459 |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | 212 | 338 | 519 | 799 |
Tax benefits | 75 | 118 | 182 | 279 |
Intrinsic value of exercises | 70 | 594 | 88 | 1,284 |
Gross windfall tax benefits | $25 | $208 | $31 | $449 |
StockBased_Compensation_StockS2
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Activity) (Details) (Stock Settled Stock Appreciation Rights SARS [Member], USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' |
Number of Rights | ' | ' |
Number of Rights, Outstanding at beginning of period | 374,000 | ' |
Number of Rights, Exercised | -7,000 | ' |
Number of Rights, Granted | 2,000 | 0 |
Number of Rights, Forfeited | 0 | ' |
Number of Rights, Outstanding at end of period | 369,000 | ' |
Number of Rights, Exercisable and vested at end of period | 105,000 | ' |
Number of Rights, Vested and expected to vest at end of period | 360,000 | ' |
Weighted Average Exercise Price | ' | ' |
Weighted Average Exercise Price, Outstanding at beginning of period | $66.42 | ' |
Weighted Average Exercise Price, Exercised | $61.48 | ' |
Weighted Average Exercise Price, Granted | $79.78 | ' |
Weighted Average Exercise Price, Forfeited | $0 | ' |
Weighted Average Exercise Price, Outstanding at end of period | $66.57 | ' |
Weighted Average Exercise Price, Exercisable and vested at end of period | $60.85 | ' |
Weighted Average Exercise Price, Vested and expected to vest at end of period | $66.57 | ' |
Weighted Average Remaining Contractual Life in Years, Outstanding at end of period | '3 years 11 days | ' |
Weighted Average Remaining Contractual Life in Years, Exercisable and vested at end of period | '1 year 11 months 12 days | ' |
Weighted Average Remaining Contractual Life in Years, Vested and expected to vest at end of period | '3 years 11 days | ' |
Aggregate Intrinsic Value, Outstanding at end of period | $7,966 | ' |
Aggregate Intrinsic Value, Exercisable and vested at end of period | 2,865 | ' |
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $7,770 | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Restricted Stock Granted To Nonemployee Directors) (Details) (Director Restricted Stock [Member], USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Director Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock granted (in shares) | 6,000 | 7,000 |
Grant date fair value | $490 | $490 |
Weighted average grant date fair value per award | $84.42 | $73.29 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summarized Restricted Stock Compensation Expense And Tax Benefits Recorded) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | ' | ' | $1,200 | $1,623 |
Gross windfall tax benefits | ' | ' | 39 | 459 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | 341 | 414 | 681 | 824 |
Tax benefits | 120 | 144 | 239 | 288 |
Gross windfall tax benefits | $6 | $9 | $8 | $10 |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value of Restricted Stock Vested) (Details) (Restricted Stock [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Fair value of vested shares | $490 | $490 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Number of Shares, Unvested restricted stock at beginning of period | 45,000 |
Number of Shares, Granted | 6,000 |
Number of Shares, Vested | -7,000 |
Number of Shares, Forfeited | 0 |
Number of Shares, Unvested restricted stock at end of period | 44,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value, Unvested restricted stock at beginning of period | $68.16 |
Weighted Average Grant Date Fair Value, Granted | $84.27 |
Weighted Average Grant Date Fair Value, Vested | $72.94 |
Weighted Average Grant Date Fair Value, Forfeited | $0 |
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of period | $69.61 |
Pension_Benefits_Narrative_Det
Pension Benefits (Narrative) (Details) (Pension Benefits [Member], USD $) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions | $0 | $0 |
Estimated future employer contributions in current fiscal year | ' | $0 |
Pension_Benefits_Components_Of
Pension Benefits (Components Of Net Periodic Benefit Income) (Details) (Pension Benefits [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Pension Benefits [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Interest cost | $438 | $408 | $876 | $816 | ||||
Expected return on plan assets | -614 | -595 | -1,228 | -1,190 | ||||
Amortization of unrecognized net loss | 115 | [1] | 172 | [1] | 230 | [1] | 344 | [1] |
Net periodic benefit (income) cost | ($61) | ($15) | ($122) | ($30) | ||||
[1] | Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. |
Postretirement_Benefits_Narrat
Postretirement Benefits (Narrative) (Details) (Postretirement Benefits [Member], USD $) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions | $40,000 | $65,000 |
Estimated future employer contributions in current fiscal year | ' | $100,000 |
Postretirement_Benefits_Compon
Postretirement Benefits (Components Of Net Periodic Benefit Cost) (Details) (Postretirement Benefits [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Postretirement Benefits [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | $8 | $8 | $16 | $16 | ||||
Interest cost | 32 | 28 | 64 | 56 | ||||
Amortization of unrecognized net (gain) loss | -7 | [1] | -5 | [1] | -14 | [1] | -10 | [1] |
Amortization of prior service asset | -1 | [1] | -1 | [1] | -2 | [1] | -2 | [1] |
Net periodic benefit (income) cost | $32 | $30 | $64 | $60 | ||||
[1] | Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
CDSOA receipts | $91 | $293 | $91 | $293 |
Business_Segments_Information_1
Business Segments Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Segment Information [Line Items] | ' | ' | ' | ' |
Net Sales | $335,550 | $326,155 | $621,406 | $617,131 |
Operating Income | 59,371 | 52,625 | 96,971 | 93,197 |
Specialty Foods [Member] | ' | ' | ' | ' |
Business Segment Information [Line Items] | ' | ' | ' | ' |
Net Sales | 292,281 | 272,634 | 540,418 | 521,515 |
Operating Income | 59,413 | 50,384 | 98,956 | 93,142 |
Glassware And Candles [Member] | ' | ' | ' | ' |
Business Segment Information [Line Items] | ' | ' | ' | ' |
Net Sales | 43,269 | 53,521 | 80,988 | 95,616 |
Operating Income | 3,186 | 5,614 | 4,355 | 6,222 |
Corporate Expenses [Member] | ' | ' | ' | ' |
Business Segment Information [Line Items] | ' | ' | ' | ' |
Operating Income | ($3,228) | ($3,373) | ($6,340) | ($6,167) |