Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Aug. 08, 2014 | Dec. 31, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Central Index Key | '0000057515 | ' | ' |
Entity Registrant Name | 'LANCASTER COLONY CORP | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 27,339 | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Public Float | ' | ' | $1,621,636 |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ||
Cash and equivalents | $211,539 | $123,385 | ||
Receivables (less allowance for doubtful accounts, 2014-$432; 2013-$340) | 57,808 | 56,337 | ||
Inventories: | ' | ' | ||
Raw materials | 28,069 | 25,782 | ||
Finished goods | 46,447 | 42,027 | ||
Total inventories | 74,516 | 67,809 | ||
Deferred income taxes and other current assets | 23,428 | 22,550 | ||
Current assets of discontinued operations | 0 | 55,977 | ||
Total current assets | 367,291 | 326,058 | ||
Property, Plant and Equipment: | ' | ' | ||
Land, buildings and improvements | 107,690 | 105,302 | ||
Machinery and equipment | 238,791 | 227,885 | ||
Total cost | 346,481 | 333,187 | ||
Less accumulated depreciation | 177,807 | 165,113 | ||
Property, plant and equipment-net | 168,674 | 168,074 | ||
Other Assets: | ' | ' | ||
Goodwill | 89,840 | 89,840 | ||
Other intangible assets - net | 5,376 | 6,322 | ||
Other noncurrent assets | 7,449 | 7,069 | ||
Noncurrent assets of discontinued operations | 0 | 22,601 | ||
Total | 638,630 | [1] | 619,964 | [1] |
Current Liabilities: | ' | ' | ||
Accounts payable | 37,907 | 36,459 | ||
Accrued liabilities | 31,165 | 32,602 | ||
Current liabilities of discontinued operations | 0 | 8,116 | ||
Total current liabilities | 69,072 | 77,177 | ||
Other Noncurrent Liabilities | 22,208 | 23,291 | ||
Deferred Income Taxes | 18,753 | 18,274 | ||
Commitments and Contingencies | ' | ' | ||
Shareholders' Equity: | ' | ' | ||
Preferred stock-authorized 3,050,000 shares; outstanding-none | ' | ' | ||
Common stock-authorized 75,000,000 shares; outstanding - 2014-27,339,421 shares; 2013-27,323,721 shares | 104,789 | 102,622 | ||
Retained earnings | 1,167,211 | 1,139,213 | ||
Accumulated other comprehensive loss | -8,061 | -8,391 | ||
Common stock in treasury, at cost | -735,342 | -732,222 | ||
Total shareholders' equity | 528,597 | 501,222 | ||
Total | $638,630 | $619,964 | ||
[1] | Segment identifiable assets include those assets used in its operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents, prepaid Federal, state and local income taxes and deferred income taxes. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $432 | $340 |
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 | 27,339,421 | 27,323,721 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Net Sales | $1,041,075 | $1,013,803 | $988,937 | |||
Cost of Sales | 792,507 | 769,096 | 765,509 | |||
Gross Margin | 248,568 | 244,707 | 223,428 | |||
Selling, General and Administrative Expenses | 94,801 | 90,784 | 82,246 | |||
Operating Income | 153,767 | [1],[2] | 153,923 | [1],[2] | 141,182 | [1],[2] |
Interest Income and Other-Net | -488 | -105 | 34 | |||
Income From Continuing Operations Before Income Taxes | 153,279 | 153,818 | 141,216 | |||
Taxes Based on Income | 52,293 | 49,958 | 48,867 | |||
Income From Continuing Operations | 100,986 | 103,860 | 92,349 | |||
Discontinued Operations, Net of Tax: | ' | ' | ' | |||
Income from discontinued operations | 3,058 | 5,389 | 3,459 | |||
Loss on sale of discontinued operations | -29,058 | 0 | 0 | |||
Total discontinued operations | -26,000 | 5,389 | 3,459 | |||
Net Income | $74,986 | $109,249 | $95,808 | |||
Income Per Common Share From Continuing Operations: | ' | ' | ' | |||
Basic (in dollars per share) | $3.70 | $3.80 | $3.38 | |||
Diluted (in dollars per share) | $3.69 | [3] | $3.79 | [3] | $3.38 | |
(Loss) Income Per Common Share From Discontinued Operations: | ' | ' | ' | |||
Basic and diluted (in dollars per share) | ($0.95) | $0.20 | $0.13 | |||
Net Income Per Common Share: | ' | ' | ' | |||
Basic (in dollars per share) | $2.75 | $4 | $3.51 | |||
Diluted (in dollars per share) | $2.74 | [3] | $3.99 | [3] | $3.51 | |
Weighted Average Common Shares Outstanding: | ' | ' | ' | |||
Basic (in shares) | 27,264 | 27,252 | 27,233 | |||
Diluted (in shares) | 27,308 | 27,285 | 27,265 | |||
[1] | Financial information reflects continuing operations. | |||||
[2] | Operating income represents net sales less operating expenses related to the business segment. All intercompany transactions have been eliminated. | |||||
[3] | Diluted income (loss) per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly income (loss) per common share amounts may not agree with the fiscal year. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $74,986 | $109,249 | $95,808 |
Defined Benefit Pension and Postretirement Benefit Plans: | ' | ' | ' |
Net gain (loss) arising during the period, before tax | 96 | 5,322 | -8,437 |
Amortization of loss, before tax | 433 | 665 | 324 |
Amortization of transition asset, before tax | 0 | -1 | -1 |
Amortization of prior service asset, before tax | -5 | -5 | -5 |
Total Other Comprehensive Income (Loss), Before Tax | 524 | 5,981 | -8,119 |
Tax Attributes of Items in Other Comprehensive Income (Loss): | ' | ' | ' |
Net gain (loss) arising during the period, tax | -36 | -1,965 | 3,118 |
Amortization of loss, tax | -160 | -247 | -120 |
Amortization of transition asset, tax | 0 | 0 | 0 |
Amortization of prior service asset, tax | 2 | 2 | 2 |
Total Tax (Expense) Benefit | -194 | -2,210 | 3,000 |
Other Comprehensive Income (Loss), Net of Tax | 330 | 3,771 | -5,119 |
Comprehensive Income | $75,316 | $113,020 | $90,689 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $74,986 | $109,249 | $95,808 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 20,407 | 20,114 | 20,266 |
Deferred income taxes and other noncash changes | 2,720 | 1,278 | 5,147 |
Stock-based compensation expense | 2,472 | 2,901 | 2,922 |
(Gain) loss on sale of property | -6 | 753 | -92 |
Loss on sale of discontinued operations | 44,033 | 0 | 0 |
Pension plan activity | -243 | -61 | -1,122 |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivables | -6,881 | 1,522 | -8,763 |
Inventories | 1,122 | -1,321 | 2,181 |
Other current assets | -2,167 | -5,647 | 5,536 |
Accounts payable and accrued liabilities | -7,352 | 2,894 | 564 |
Net cash provided by operating activities | 129,091 | 131,682 | 122,447 |
Cash Flows From Investing Activities: | ' | ' | ' |
Payments on property additions | -15,961 | -24,147 | -16,347 |
Proceeds from sale of property | 6 | 2,836 | 895 |
Proceeds from sale of discontinued operations | 25,610 | 0 | 0 |
Other-net | -1,180 | -1,067 | -1,147 |
Net cash provided by (used in) investing activities | 8,475 | -22,378 | -16,599 |
Cash Flows From Financing Activities: | ' | ' | ' |
Purchase of treasury stock | -3,120 | -609 | -8,315 |
Payment of dividends | -46,988 | -178,063 | -38,464 |
Excess tax benefit from stock-based compensation | 1,020 | 794 | 301 |
(Decrease) increase in cash overdraft balance | -324 | 324 | 0 |
Net cash used in financing activities | -49,412 | -177,554 | -46,478 |
Net change in cash and equivalents | 88,154 | -68,250 | 59,370 |
Cash and equivalents at beginning of year | 123,385 | 191,635 | 132,265 |
Cash and equivalents at end of year | $211,539 | $123,385 | $191,635 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock Outstanding [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
In Thousands, except Share data | |||||
Balance at Jun. 30, 2011 | $517,539 | $97,197 | $1,150,683 | ($7,043) | ($723,298) |
Balance, shares at Jun. 30, 2011 | ' | 27,386,000 | ' | ' | ' |
Net income | 95,808 | ' | 95,808 | ' | ' |
Net pension and postretirement benefit gains (losses), net of tax effect | -5,119 | ' | ' | -5,119 | ' |
Cash dividends - common stock | -38,464 | ' | -38,464 | ' | ' |
Purchase of treasury stock | -8,315 | ' | ' | ' | -8,315 |
Purchase of treasury stock, shares | ' | -143,000 | ' | ' | ' |
Stock-based plans, including excess tax benefits | -104 | -104 | ' | ' | ' |
Stock-based plans, including excess tax benefits, shares | ' | 44,000 | ' | ' | ' |
Stock-based compensation expense | 2,922 | 2,922 | ' | ' | ' |
Balance at Jun. 30, 2012 | 564,267 | 100,015 | 1,208,027 | -12,162 | -731,613 |
Balance, shares at Jun. 30, 2012 | ' | 27,287,000 | ' | ' | ' |
Net income | 109,249 | ' | 109,249 | ' | ' |
Net pension and postretirement benefit gains (losses), net of tax effect | 3,771 | ' | ' | 3,771 | ' |
Cash dividends - common stock | -178,063 | ' | -178,063 | ' | ' |
Purchase of treasury stock | -609 | ' | ' | ' | -609 |
Purchase of treasury stock, shares | ' | -8,000 | ' | ' | ' |
Stock-based plans, including excess tax benefits | -294 | -294 | ' | ' | ' |
Stock-based plans, including excess tax benefits, shares | ' | 45,000 | ' | ' | ' |
Stock-based compensation expense | 2,901 | 2,901 | ' | ' | ' |
Balance at Jun. 30, 2013 | 501,222 | 102,622 | 1,139,213 | -8,391 | -732,222 |
Balance, shares at Jun. 30, 2013 | 27,323,721 | 27,324,000 | ' | ' | ' |
Net income | 74,986 | ' | 74,986 | ' | ' |
Net pension and postretirement benefit gains (losses), net of tax effect | 330 | ' | ' | 330 | ' |
Cash dividends - common stock | -46,988 | ' | -46,988 | ' | ' |
Purchase of treasury stock | -3,120 | ' | ' | ' | -3,120 |
Purchase of treasury stock, shares | ' | -42,000 | ' | ' | ' |
Stock-based plans, including excess tax benefits | -305 | -305 | ' | ' | ' |
Stock-based plans, including excess tax benefits, shares | ' | 57,000 | ' | ' | ' |
Stock-based compensation expense | 2,472 | 2,472 | ' | ' | ' |
Balance at Jun. 30, 2014 | $528,597 | $104,789 | $1,167,211 | ($8,061) | ($735,342) |
Balance, shares at Jun. 30, 2014 | 27,339,421 | 27,339,000 | ' | ' | ' |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Tax effect included in net pension and postretirement benefit gains/(losses) | $194 | $2,210 | ($3,000) |
Common stock, dividends per share | $1.72 | $6.52 | $1.41 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary Of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation | ||||||||||||
The accompanying consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant,” or the “Company.” Intercompany transactions and accounts have been eliminated in consolidation. Our fiscal year begins on July 1 and ends on June 30. Unless otherwise noted, references to “year” pertain to our fiscal year; for example, 2014 refers to fiscal 2014, which is the period from July 1, 2013 to June 30, 2014. | ||||||||||||
Discontinued Operations | ||||||||||||
On January 30, 2014, we sold effectively all of the net operating assets of our candle manufacturing and marketing operations. The financial results of these operations are reported as discontinued operations for all periods presented herein. The footnote presentation has been revised to remove the effect of the discontinued operations, as appropriate. See further discussion and disclosure about discontinued operations in Note 2. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates included in these consolidated financial statements include allowance for doubtful accounts receivable, net realizable value of inventories, useful lives for the calculation of depreciation and amortization, impairments of long-lived assets, accruals for marketing and merchandising programs, tax contingency reserves for uncertain tax positions, pension and postretirement assumptions, as well as expenses related to distribution and self-insurance accruals. Actual results could differ from these estimates. | ||||||||||||
Cash and Equivalents | ||||||||||||
We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The carrying amounts of our cash and equivalents, including money market funds and commercial paper, approximate fair value due to their short maturities and are considered level 1 investments, which have quoted market prices in active markets for identical assets. As a result of our cash management system, checks issued but not presented to the banks for payment may create negative book cash balances. When such negative balances exist, they are included in other accrued liabilities. | ||||||||||||
Receivables and the Allowance for Doubtful Accounts | ||||||||||||
The carrying amounts of our accounts receivable approximate fair value. We provide an allowance for doubtful accounts based on the aging of accounts receivable balances, historical write-off experience and on-going reviews of our trade receivables. Measurement of potential losses requires credit review of existing customer relationships, consideration of historical effects of relevant observable data, including present economic conditions such as delinquency rates, and the economic health of customers. | ||||||||||||
Credit Risk | ||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and equivalents and trade accounts receivable. By policy, we limit the amount of credit exposure to any one institution or issuer. Our concentration of credit risk with respect to trade accounts receivable is mitigated by our credit evaluation process and by having a large and diverse customer base. However, see Note 13 with respect to our accounts receivable with Wal-Mart Stores, Inc. and McLane Company, Inc., a wholesale distribution subsidiary of Berkshire Hathaway, Inc. | ||||||||||||
Inventories | ||||||||||||
Inventories are valued at the lower of cost or market and are costed by various methods that approximate actual cost on a first-in, first-out basis. Due to the nature of our business, work in process inventory is not a material component of inventory. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are stated at cost less accumulated depreciation. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Estimated useful lives for buildings and improvements range generally from two to 40 years while machinery and equipment range generally from two to 20 years. For tax purposes, we generally compute depreciation using accelerated methods. | ||||||||||||
Purchases of property, plant and equipment included in accounts payable and excluded from the property additions and the change in accounts payable in the Consolidated Statement of Cash Flows at June 30 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Construction in progress in accounts payable | $ | 2,755 | $ | 332 | $ | 677 | ||||||
The following table sets forth depreciation expense in each of the years ending June 30: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Depreciation expense | $ | 17,419 | $ | 16,036 | $ | 15,815 | ||||||
Long-Lived Assets | ||||||||||||
We monitor the recoverability of the carrying value of our long-lived assets by periodically considering whether indicators of impairment are present. If such indicators are present, we determine if the assets are recoverable by comparing the sum of the undiscounted future cash flows to the assets’ carrying amounts. Our cash flows are based on historical results adjusted to reflect our best estimate of future market and operating conditions. If the carrying amounts are greater, then the assets are not recoverable. In that instance, we compare the carrying amounts to the fair value to determine the amount of the impairment to be recorded. | ||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
Goodwill is not amortized. It is evaluated annually at April 30, by applying impairment testing procedures, as appropriate. Other intangible assets with lives restricted by contractual, legal, or other means are amortized on a straight-line basis over their useful lives to general and administrative expense. We periodically evaluate the future economic benefit of the recorded goodwill and other intangible assets when events or circumstances indicate potential recoverability concerns. Carrying amounts are adjusted appropriately when determined to have been impaired. See further discussion regarding goodwill and other intangible assets in Note 3. | ||||||||||||
Accrued Marketing and Distribution | ||||||||||||
Various marketing programs are offered to customers to reimburse them for a portion or all of their promotional activities related to our products. Additionally, we often incur various costs associated with shipping products to the customer. We provide accruals for the costs of marketing and distribution based on historical information as may be modified by estimates of actual costs incurred. | ||||||||||||
Accruals for Self-Insurance | ||||||||||||
Self-insurance accruals are made for certain claims associated with employee health care, workers’ compensation and general liability insurance. These accruals include estimates that are primarily based on historical loss development factors. | ||||||||||||
Shareholders’ Equity | ||||||||||||
We are authorized to issue 3,050,000 shares of preferred stock consisting of 750,000 shares of Class A Participating Preferred Stock with $1.00 par value, 1,150,000 shares of Class B Voting Preferred Stock without par value and 1,150,000 shares of Class C Nonvoting Preferred Stock without par value. Our Board of Directors approved a share repurchase authorization of 2,000,000 shares in November 2010. Approximately 1,426,000 shares remained authorized for future purchase at June 30, 2014. | ||||||||||||
Revenue Recognition | ||||||||||||
We recognize revenue upon transfer of title and risk of loss, provided that evidence of an arrangement exists, pricing is fixed or determinable, and collectability is probable. Net sales are recorded net of estimated sales discounts, returns and certain sales incentives, including coupon redemptions and rebates. | ||||||||||||
Advertising Expense | ||||||||||||
We expense advertising as it is incurred. The following table summarizes advertising expense as a percentage of net sales in each of the years ending June 30: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Advertising expense as a percentage of net sales | 2 | % | 2 | % | 2 | % | ||||||
Shipping and Handling | ||||||||||||
Shipping and handling fees billed to customers are included in net sales, while our shipping and handling costs are included in cost of sales. | ||||||||||||
Stock-Based Employee Compensation Plans | ||||||||||||
We account for our stock-based employee compensation plans in accordance with GAAP for stock-based compensation, which requires the measurement and recognition of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of the employee services is recognized as compensation expense over the period that an employee provides service in exchange for the award, which is typically the vesting period. See further discussion and disclosure in Note 7. | ||||||||||||
Income Taxes | ||||||||||||
Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in numerous domestic jurisdictions. | ||||||||||||
Our annual tax rate is determined based on our income, statutory tax rates and the permanent tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Realization of certain deferred tax assets is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Although realization is not assured, management believes it is more likely than not that our deferred tax assets will be realized and thus we have not recorded any valuation allowance for the years ended June 30, 2014 or 2013. | ||||||||||||
In accordance with accounting literature related to uncertainty in income taxes, tax benefits from uncertain tax positions that are recognized in the financial statements are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | ||||||||||||
Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on our results of operations, cash flow or financial position. See further discussion in Note 6. | ||||||||||||
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 income per common share from continuing operations were calculated as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations | $ | 100,986 | $ | 103,860 | $ | 92,349 | ||||||
Income from continuing operations available to participating securities | (174 | ) | (326 | ) | (170 | ) | ||||||
Income from continuing operations available to common shareholders | $ | 100,812 | $ | 103,534 | $ | 92,179 | ||||||
Weighted average common shares outstanding - basic | 27,264 | 27,252 | 27,233 | |||||||||
Incremental share effect from: | ||||||||||||
Nonparticipating restricted stock | 3 | 3 | 4 | |||||||||
Stock-settled stock appreciation rights | 41 | 30 | 28 | |||||||||
Weighted average common shares outstanding - diluted | 27,308 | 27,285 | 27,265 | |||||||||
Income per common share from continuing operations - basic | $ | 3.7 | $ | 3.8 | $ | 3.38 | ||||||
Income per common share from continuing operations - diluted | $ | 3.69 | $ | 3.79 | $ | 3.38 | ||||||
Comprehensive Income and Accumulated Other Comprehensive Loss | ||||||||||||
Comprehensive income includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income is composed of two subsets – net income and other comprehensive income (loss). Included in other comprehensive income (loss) are pension and postretirement benefits adjustments. | ||||||||||||
The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: | ||||||||||||
2014 | 2013 | |||||||||||
Accumulated other comprehensive loss at beginning of period | $ | (8,391 | ) | $ | (12,162 | ) | ||||||
Defined Benefit Pension Plan Items: | ||||||||||||
Net gain arising during the period | 65 | 5,160 | ||||||||||
Amortization of unrecognized net loss (1) | 460 | 687 | ||||||||||
Amortization of transition asset (1) | — | (1 | ) | |||||||||
Postretirement Benefit Plan Items: | ||||||||||||
Net gain arising during the period | 31 | 162 | ||||||||||
Amortization of unrecognized net gain (1) | (27 | ) | (22 | ) | ||||||||
Amortization of prior service asset (1) | (5 | ) | (5 | ) | ||||||||
Total other comprehensive income, before tax | 524 | 5,981 | ||||||||||
Total tax expense | (194 | ) | (2,210 | ) | ||||||||
Other comprehensive income, net of tax | 330 | 3,771 | ||||||||||
Accumulated other comprehensive loss at end of period | $ | (8,061 | ) | $ | (8,391 | ) | ||||||
(1) Included in the computation of net periodic benefit income/cost. See Notes 8 and 9 for additional information. | ||||||||||||
Recently Issued Accounting Standards | ||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 14-09”) which creates a comprehensive set of guidelines for the recognition of revenue under the principle: “Recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” The requirements of ASU 14-09 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and will require either retrospective application to each prior period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. We are currently evaluating the impact this ASU will have on our financial position and results of operations. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Discontinued Operations | ' | |||
Discontinued Operations | ||||
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. Net proceeds from the sale, after post-closing adjustments and transaction costs, totaled approximately $25.6 million. The transaction resulted in a pretax loss of approximately $44.0 million and a tax benefit of approximately $15.0 million, which were recorded in the year ended June 30, 2014. The financial results of these operations are reported as discontinued operations for all periods presented herein. The discontinued operations, previously included in our Glassware and Candles segment, had net sales of approximately $89.4 million, $152.1 million and $142.4 million, for the years ended June 30, 2014, 2013 and 2012, respectively, and a pretax loss of approximately $39.4 million, including the pretax loss on sale, for the year ended June 30, 2014, and pretax income of $8.2 million and $4.8 million for the years ended June 30, 2013 and 2012, respectively. | ||||
At June 30, 2013, the assets and liabilities of our discontinued operations were as follows: | ||||
June 30, | ||||
2013 | ||||
Cash | $ | 1 | ||
Receivables | 14,061 | |||
Inventory | 41,342 | |||
Other current assets | 573 | |||
Current assets of discontinued operations | 55,977 | |||
Property, plant and equipment | 21,621 | |||
Other noncurrent assets | 980 | |||
Noncurrent assets of discontinued operations | 22,601 | |||
Total assets of discontinued operations | $ | 78,578 | ||
Accounts payable | $ | 5,431 | ||
Accrued liabilities | 2,685 | |||
Current liabilities of discontinued operations | $ | 8,116 | ||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
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 June 30, 2014 and 2013. | ||||||||||||
The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment, at June 30: | ||||||||||||
2014 | 2013 | |||||||||||
Trademarks (40-year life) | ||||||||||||
Gross carrying value | $ | 370 | $ | 370 | ||||||||
Accumulated amortization | (214 | ) | (205 | ) | ||||||||
Net carrying value | $ | 156 | $ | 165 | ||||||||
Customer Relationships (12 to 15-year life) | ||||||||||||
Gross carrying value | $ | 13,020 | $ | 13,020 | ||||||||
Accumulated amortization | (7,800 | ) | (6,863 | ) | ||||||||
Net carrying value | $ | 5,220 | $ | 6,157 | ||||||||
Total net carrying value | $ | 5,376 | $ | 6,322 | ||||||||
Amortization expense for our other intangible assets in each of the years ending June 30 was as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Amortization expense | $ | 946 | $ | 945 | $ | 1,083 | ||||||
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 | ||||||||||
Liabilities
Liabilities | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Liabilities | ' | |||||||
Liabilities | ||||||||
Accrued liabilities at June 30 were composed of: | ||||||||
2014 | 2013 | |||||||
Compensation and employee benefits | $ | 19,635 | $ | 19,417 | ||||
Distribution | 6,440 | 6,560 | ||||||
Other taxes | 1,219 | 1,553 | ||||||
Marketing | 1,815 | 1,917 | ||||||
Other | 2,056 | 3,155 | ||||||
Total accrued liabilities | $ | 31,165 | $ | 32,602 | ||||
Other noncurrent liabilities at June 30 were composed of: | ||||||||
2014 | 2013 | |||||||
Workers compensation | $ | 9,450 | $ | 9,156 | ||||
Gross tax contingency reserve | 963 | 912 | ||||||
Pension benefit liability | 2,946 | 3,456 | ||||||
Postretirement benefit liability | 2,608 | 2,747 | ||||||
Deferred compensation and accrued interest | 4,055 | 3,963 | ||||||
Other | 2,186 | 3,057 | ||||||
Total other noncurrent liabilities | $ | 22,208 | $ | 23,291 | ||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
Long-Term Debt | |
At June 30, 2014 and 2013, we had an unsecured credit facility (“Facility”) 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, they will be classified as long-term debt. | |
At June 30, 2014 and 2013, we had no borrowings outstanding under this Facility. At June 30, 2014, we had approximately $3.7 million of standby letters of credit outstanding, which reduced the amount available for borrowing on the Facility. We paid no interest in 2014 and 2013. At June 30, 2014 and 2013, we exceeded the requirements of the financial covenants by substantial margins. At June 30, 2014, 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 | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
We and our domestic subsidiaries file a consolidated Federal income tax return. Taxes based on income from continuing operations for the years ended June 30 have been provided as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Currently payable: | ||||||||||||
Federal | $ | 48,718 | $ | 45,350 | $ | 39,720 | ||||||
State and local | 4,526 | 3,475 | 4,116 | |||||||||
Total current provision | 53,244 | 48,825 | 43,836 | |||||||||
Deferred Federal, state and local (benefit) provision | (951 | ) | 1,133 | 5,031 | ||||||||
Total taxes based on income | $ | 52,293 | $ | 49,958 | $ | 48,867 | ||||||
Certain tax benefits recorded directly to common stock for each of the years ending June 30 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax benefits recorded directly to common stock | $ | 1,020 | $ | 794 | $ | 301 | ||||||
For the years ended June 30, our effective tax rate varied from the statutory Federal income tax rate as a result of the following factors: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes | 2 | 1.5 | 2.1 | |||||||||
ESOP dividend deduction | (0.2 | ) | (0.8 | ) | (0.2 | ) | ||||||
Domestic manufacturing deduction | (3.0 | ) | (3.1 | ) | (2.6 | ) | ||||||
Other | 0.3 | (0.1 | ) | 0.3 | ||||||||
Effective rate | 34.1 | % | 32.5 | % | 34.6 | % | ||||||
The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30 were comprised of: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventories | $ | 720 | $ | 2,597 | ||||||||
Employee medical and other benefits | 10,149 | 11,161 | ||||||||||
Receivable and other allowances | 4,410 | 4,375 | ||||||||||
Other accrued liabilities | 2,895 | 3,133 | ||||||||||
Total deferred tax assets | 18,174 | 21,266 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | (21,307 | ) | (21,607 | ) | ||||||||
Goodwill | (4,212 | ) | (3,804 | ) | ||||||||
Other | (79 | ) | (425 | ) | ||||||||
Total deferred tax liabilities | (25,598 | ) | (25,836 | ) | ||||||||
Net deferred tax liability | $ | (7,424 | ) | $ | (4,570 | ) | ||||||
Net current deferred tax assets and prepaid Federal, state and local income taxes were included in Deferred Income Taxes and Other Current Assets on the Consolidated Balance Sheet. The related balances at June 30 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net current deferred tax assets | $ | 11,329 | $ | 13,704 | ||||||||
Prepaid Federal, state and local income taxes | $ | 9,688 | $ | 7,549 | ||||||||
Cash payments for income taxes for each of the years ending June 30 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash payments for income taxes | $ | 37,277 | $ | 56,992 | $ | 38,726 | ||||||
The gross tax contingency reserve at June 30, 2014 was approximately $1.0 million. The unrecognized tax benefits recorded as the gross tax contingency reserve noted in the following table for June 30, 2014 and 2013 would affect our effective tax rate, if recognized. | ||||||||||||
The following table sets forth changes in our total gross tax contingency reserve (including interest and penalties): | ||||||||||||
2014 | 2013 | |||||||||||
Balance, beginning of year | $ | 912 | $ | 1,939 | ||||||||
Tax positions related to the current year: | ||||||||||||
Additions | 66 | 66 | ||||||||||
Reductions | — | — | ||||||||||
Tax positions related to prior years: | ||||||||||||
Additions | 39 | 86 | ||||||||||
Reductions | (54 | ) | (1,021 | ) | ||||||||
Settlements | — | (158 | ) | |||||||||
Balance, end of year | $ | 963 | $ | 912 | ||||||||
We have not classified any of the gross tax contingency reserve at June 30, 2014 as current liabilities as none of these amounts are expected to be resolved within the next 12 months. The entire liability of approximately $1.0 million was included in long-term 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. For each of the years ended June 30, we recognized the change in the accrual for net tax-related interest and penalties as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Expense (benefit) recognized for net tax-related interest and penalties | $ | 9 | $ | (539 | ) | |||||||
We had accrued interest and penalties at June 30 as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Accrued interest and penalties included in the gross tax contingency reserve | $ | 392 | $ | 383 | ||||||||
We file income tax returns in the U.S. and various state and local jurisdictions. With limited exceptions, we are no longer subject to examination of U.S. Federal or state and local income taxes for years prior to 2011. | ||||||||||||
The American Jobs Creation Act provided a tax deduction calculated as a percentage of qualified income from manufacturing in the United States. The deduction percentage for 2014 was 9%. In accordance with FASB guidance, this deduction is treated as a special deduction, as opposed to a tax rate reduction. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 2014, 2013 and 2012, we granted SSSARs to various employees under the terms of the 2005 Plan. The following table summarizes information relating to these grants: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
SSSARs granted | 146 | 108 | 187 | ||||||||||
Weighted average grant date fair value per right | $ | 11.84 | $ | 9.04 | $ | 9.07 | |||||||
Assumptions used in fair value calculations: | |||||||||||||
Risk-free interest rate | 0.75 | % | 0.33 | % | 0.41 | % | |||||||
Dividend yield | 1.97 | % | 2.09 | % | 2.11 | % | |||||||
Volatility factor of the expected market price of our common stock | 22.35 | % | 23.23 | % | 24.3 | % | |||||||
Weighted average expected life in years | 3.12 | 2.67 | 2.76 | ||||||||||
For each 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. We estimate a forfeiture rate for each grant based on historical experience. | |||||||||||||
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. We recorded tax benefits and excess tax benefits related to SSSARs. These excess tax benefits were included in the financing section of the Consolidated Statements of Cash Flows. The following table summarizes our continuing operations SSSARs compensation expense and tax benefits recorded for each of the years ending June 30: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Compensation expense | $ | 1,092 | $ | 1,316 | $ | 1,514 | |||||||
Tax benefits | $ | 382 | $ | 461 | $ | 530 | |||||||
Intrinsic value of exercises | $ | 2,692 | $ | 1,851 | $ | 559 | |||||||
Excess tax benefits | $ | 942 | $ | 659 | $ | 230 | |||||||
The total fair values of SSSARs vested for each of the years ended June 30 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Fair value of vested rights | $ | 1,145 | $ | 1,476 | $ | 1,107 | |||||||
The following table summarizes the activity relating to SSSARs granted under the 2005 Plan for the year ended June 30, 2014: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Rights | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life in | |||||||||||||
Years | |||||||||||||
Outstanding at beginning of year | 374 | $ | 66.42 | ||||||||||
Exercised | (150 | ) | $ | 63.68 | |||||||||
Granted | 146 | $ | 89.16 | ||||||||||
Forfeited | (12 | ) | $ | 68.32 | |||||||||
Outstanding at end of year | 358 | $ | 76.75 | 3.57 | $ | 6,594 | |||||||
Exercisable and vested at end of year | 84 | $ | 64.63 | 2.23 | $ | 2,573 | |||||||
Vested and expected to vest at end of year | 320 | $ | 76.44 | 3.53 | $ | 5,991 | |||||||
The following table summarizes information about the SSSARs outstanding by grant year at June 30, 2014: | |||||||||||||
Outstanding | Exercisable | ||||||||||||
Weighted Average | |||||||||||||
Grant Years | Range of | Number | Remaining | Exercise | Number | Weighted | |||||||
Exercise Prices | Outstanding | Contractual | Price | Exercisable | Average | ||||||||
Life in | Exercise | ||||||||||||
Years | Price | ||||||||||||
2014 | $79.78-$89.29 | 146 | 4.65 | $89.16 | — | $— | |||||||
2013 | $72.67 | 85 | 3.66 | $72.67 | 14 | $72.67 | |||||||
2012 | $63.50-$68.12 | 92 | 2.65 | $68.08 | 35 | $68.12 | |||||||
2011 | $57.78 | 22 | 1.65 | $57.78 | 22 | $57.78 | |||||||
2010 | $58.79 | 13 | 0.65 | $58.79 | 13 | $58.79 | |||||||
At June 30, 2014, there was approximately $1.7 million of unrecognized compensation expense related to SSSARs that we will recognize over a weighted-average period of approximately 2 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 2014, 2013 and 2012, we granted shares of restricted stock to various employees under the terms of the 2005 Plan. The following table summarizes information relating to these grants: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Employees | |||||||||||||
Restricted stock granted | 24 | 8 | 25 | ||||||||||
Grant date fair value | $ | 2,190 | $ | 572 | $ | 1,705 | |||||||
Weighted average grant date fair value per award | $ | 89.21 | $ | 72.67 | $ | 68.08 | |||||||
The restricted stock under each of these employee grants vests on the third anniversary of the grant date. We estimate a forfeiture rate for each grant based on historical experience. Under the terms of the grants, employees receive dividends on unforfeited restricted stock regardless of their vesting status. Approximately 6,000, 23,000 and 6,000 shares of employee restricted stock vested in 2014, 2013 and 2012, respectively. | |||||||||||||
In 2014, 2013 and 2012, we also 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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Nonemployee directors | |||||||||||||
Restricted stock granted | 6 | 7 | 7 | ||||||||||
Grant date fair value | $ | 490 | $ | 490 | $ | 490 | |||||||
Weighted average grant date fair value per award | $ | 84.42 | $ | 73.29 | $ | 65.97 | |||||||
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. Approximately 7,000, 7,000 and 8,000 shares of nonemployee director restricted stock vested in 2014, 2013 and 2012, respectively, and the directors were paid the related dividends. | |||||||||||||
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. We recorded tax benefits and excess tax benefits related to restricted stock. These excess tax benefits were included in the financing section of the Consolidated Statements of Cash Flows. The following table summarizes our continuing operations restricted stock compensation expense and tax benefits recorded for each of the years ending June 30: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Compensation expense | $ | 1,434 | $ | 1,411 | $ | 1,243 | |||||||
Tax benefits | $ | 502 | $ | 494 | $ | 435 | |||||||
Excess tax benefits | $ | 78 | $ | 135 | $ | 71 | |||||||
The total fair values of restricted stock vested for each of the years ended June 30 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Fair value of vested shares | $ | 931 | $ | 1,842 | $ | 645 | |||||||
The following table summarizes the activity relating to restricted stock granted under the 2005 Plan for the year ended June 30, 2014: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Date Fair Value | |||||||||||||
Unvested restricted stock at beginning of year | 45 | $ | 68.16 | ||||||||||
Granted | 30 | $ | 88.3 | ||||||||||
Vested | (13 | ) | $ | 65.96 | |||||||||
Forfeited | (4 | ) | $ | 70.63 | |||||||||
Unvested restricted stock at end of year | 58 | $ | 79.09 | ||||||||||
At June 30, 2014, there was approximately $2.5 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of approximately 2 years. |
Pension_Benefits
Pension Benefits (Pension Benefits [Member]) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Pension Benefits [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Pension And Postretirement Benefits | ' | |||||||||||||||
Pension Benefits | ||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||
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. | ||||||||||||||||
At the end of the year, we discount our plan liabilities using an assumed discount rate. In estimating this rate, we, along with our third-party actuaries, review the timing of future benefit payments, bond indices, consider yield curve analysis results and the past history of discount rates. | ||||||||||||||||
The actuarial present value of benefit obligations summarized below was based on the following assumption: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted-average assumption as of June 30 | ||||||||||||||||
Discount rate | 4.02 | % | 4.57 | % | ||||||||||||
The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.57 | % | 3.78 | % | 5.29 | % | ||||||||||
Expected long-term return on plan assets | 7 | % | 7 | % | 7 | % | ||||||||||
In determining the long-term expected return on plan assets, we consider our related investment guidelines, our expectations of long-term rates of return by asset category, our target asset allocation weighting and historical rates of return and volatility for equity and fixed income investments. The investment strategy for plan assets is to control and manage investment risk through diversification among asset classes, investment managers/funds and investment styles. The plans’ investment guidelines have been designed to meet the intended objective that plan assets earn at least nominal returns equal to or in excess of the plans’ liability growth rate. In consideration of the current average age of the plans’ participants, the investment guidelines are based upon an investment horizon of at least 10 years. | ||||||||||||||||
The target and actual asset allocations for our plans at June 30 by asset category were as follows: | ||||||||||||||||
Target Percentage | Actual Percentage of Plan Assets | |||||||||||||||
of Plan Assets at | ||||||||||||||||
June 30 | ||||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Cash and equivalents | 0%-10% | 3 | % | 2 | % | |||||||||||
Equity securities | 30%-70% | 53 | 51 | |||||||||||||
Fixed income | 30%-70% | 44 | 47 | |||||||||||||
Total | 100 | % | 100 | % | ||||||||||||
Our target asset allocations are maintained through ongoing review and periodic rebalancing of equity and fixed income investments with assistance from an independent outside investment consultant. Also, the plan assets are diversified among asset classes, asset managers or funds and investment styles to avoid concentrations of risk. We expect that a modest allocation to cash will exist within the plans because each investment manager is likely to hold limited cash in a portfolio. | ||||||||||||||||
We categorize our plan assets within a three-level fair value hierarchy as follows: | ||||||||||||||||
Level 1 – Quoted market prices in active markets for identical assets. | ||||||||||||||||
Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||||||
Level 3 – Unobservable inputs that are not corroborated by market data. | ||||||||||||||||
The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30, 2014 and 2013: | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash and equivalents | $ | 550 | $ | — | $ | — | $ | 550 | ||||||||
Money market funds | 460 | — | — | 460 | ||||||||||||
U.S. government obligations | — | 3,821 | — | 3,821 | ||||||||||||
Corporate obligations | — | 2,921 | — | 2,921 | ||||||||||||
Mortgage obligations | — | 2,181 | — | 2,181 | ||||||||||||
Mutual funds fixed income | 8,300 | — | — | 8,300 | ||||||||||||
Mutual funds equity | 20,492 | — | — | 20,492 | ||||||||||||
Total | $ | 29,802 | $ | 8,923 | $ | — | $ | 38,725 | ||||||||
June 30, 2013 | ||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash and equivalents | $ | 543 | $ | — | $ | — | $ | 543 | ||||||||
Money market funds | 319 | — | — | 319 | ||||||||||||
U.S. government obligations | — | 4,275 | — | 4,275 | ||||||||||||
Corporate obligations | — | 2,440 | — | 2,440 | ||||||||||||
Mortgage obligations | — | 1,911 | — | 1,911 | ||||||||||||
Mutual funds fixed income | 8,455 | — | — | 8,455 | ||||||||||||
Mutual funds equity | 18,300 | — | — | 18,300 | ||||||||||||
Total | $ | 27,617 | $ | 8,626 | $ | — | $ | 36,243 | ||||||||
The plan assets classified at Level 1 include money market funds, common stock and mutual funds. Quoted market prices in active markets for identical assets are available for investments in this category. | ||||||||||||||||
The plan assets classified at Level 2 include fixed income securities consisting of government securities, corporate obligations, mortgage obligations and other asset backed securities. For these types of securities, market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually at the measurement date. For these assets, we obtain pricing information from an independent pricing service. The pricing service uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing service are derived from market observable sources including as applicable: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable structure and quality, and other market-related data. | ||||||||||||||||
Relevant information with respect to our pension benefits as of June 30 can be summarized as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 39,519 | $ | 44,318 | ||||||||||||
Interest cost | 1,754 | 1,633 | ||||||||||||||
Actuarial loss (gain) | 2,241 | (4,188 | ) | |||||||||||||
Benefits paid | (2,281 | ) | (2,244 | ) | ||||||||||||
Benefit obligation at end of year | $ | 41,233 | $ | 39,519 | ||||||||||||
2014 | 2013 | |||||||||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 36,243 | $ | 35,135 | ||||||||||||
Actual return on plan assets | 4,763 | 3,352 | ||||||||||||||
Employer contributions | — | — | ||||||||||||||
Benefits paid | (2,281 | ) | (2,244 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 38,725 | $ | 36,243 | ||||||||||||
2014 | 2013 | |||||||||||||||
Reconciliation of funded status | ||||||||||||||||
Net accrued benefit cost | $ | (2,508 | ) | $ | (3,276 | ) | ||||||||||
2014 | 2013 | |||||||||||||||
Amounts recognized in the consolidated balance sheets consist of | ||||||||||||||||
Prepaid benefit cost (noncurrent assets) | $ | 438 | $ | 180 | ||||||||||||
Accrued benefit liability (noncurrent liabilities) | (2,946 | ) | (3,456 | ) | ||||||||||||
Net amount recognized | $ | (2,508 | ) | $ | (3,276 | ) | ||||||||||
2014 | 2013 | |||||||||||||||
Accumulated benefit obligation | $ | 41,233 | $ | 39,519 | ||||||||||||
The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Benefit obligations | $ | 38,170 | $ | 36,270 | ||||||||||||
Fair value of plan assets at end of year | $ | 35,224 | $ | 32,814 | ||||||||||||
Amounts recognized in accumulated other comprehensive loss at June 30 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Net actuarial loss | $ | 13,585 | $ | 14,110 | ||||||||||||
Income taxes | (5,019 | ) | (5,213 | ) | ||||||||||||
Total | $ | 8,566 | $ | 8,897 | ||||||||||||
The amount in accumulated other comprehensive loss expected to be recognized as a component of net periodic benefit cost during the next fiscal year is as follows: | ||||||||||||||||
2015 | ||||||||||||||||
Net actuarial loss | $ | 429 | ||||||||||||||
The following table summarizes the components of net periodic benefit income at June 30: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Components of net periodic benefit income | ||||||||||||||||
Interest cost | $ | 1,754 | $ | 1,633 | $ | 1,933 | ||||||||||
Expected return on plan assets | (2,457 | ) | (2,380 | ) | (2,397 | ) | ||||||||||
Amortization of unrecognized net loss | 460 | 687 | 355 | |||||||||||||
Amortization of unrecognized net asset existing at transition | — | (1 | ) | (1 | ) | |||||||||||
Net periodic benefit income | $ | (243 | ) | $ | (61 | ) | $ | (110 | ) | |||||||
We have not yet finalized our anticipated funding level for 2015, but, based on initial estimates, we do not expect to make any contributions to our pension plans during 2015. | ||||||||||||||||
Benefit payments estimated for future years are as follows: | ||||||||||||||||
2015 | $ | 2,252 | ||||||||||||||
2016 | $ | 2,252 | ||||||||||||||
2017 | $ | 2,267 | ||||||||||||||
2018 | $ | 2,287 | ||||||||||||||
2019 | $ | 2,346 | ||||||||||||||
2020 - 2024 | $ | 12,772 | ||||||||||||||
Postretirement_Benefits
Postretirement Benefits (Postretirement Benefits [Member]) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Postretirement Benefits [Member] | ' | |||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||
Pension And Postretirement Benefits | ' | |||||||||||
Postretirement Benefits | ||||||||||||
Postretirement Medical and Life Insurance Benefit Plans | ||||||||||||
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. At the end of the year, we discount our plan liabilities using an assumed discount rate. In estimating this rate, we, along with our third-party actuaries, review the projected timing of future benefit payments, bond indices, consider yield curve analysis results and the past history of discount rates. | ||||||||||||
The actuarial present value of benefit obligations summarized below was based on the following assumption: | ||||||||||||
2014 | 2013 | |||||||||||
Weighted-average assumption as of June 30 | ||||||||||||
Discount rate | 4.02 | % | 4.57 | % | ||||||||
The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Discount rate | 4.57 | % | 3.78 | % | 5.29 | % | ||||||
Health care cost trend rate - pre-Medicare eligible claims | 8 | % | 10 | % | 10 | % | ||||||
Health care cost trend rate - Medicare eligible claims | 7 | % | 7 | % | 10 | % | ||||||
Relevant information with respect to our postretirement medical and life insurance benefits as of June 30 can be summarized as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 2,934 | $ | 3,054 | ||||||||
Service cost | 31 | 31 | ||||||||||
Interest cost | 130 | 113 | ||||||||||
Actuarial gain | (31 | ) | (162 | ) | ||||||||
Curtailment gain | (161 | ) | — | |||||||||
Plan participant contributions | 53 | 55 | ||||||||||
Benefits paid | (177 | ) | (157 | ) | ||||||||
Benefit obligation at end of year | $ | 2,779 | $ | 2,934 | ||||||||
2014 | 2013 | |||||||||||
Change in plan assets | ||||||||||||
Employer contributions | $ | 124 | $ | 102 | ||||||||
Plan participant contributions | 53 | 55 | ||||||||||
Benefits paid | (177 | ) | (157 | ) | ||||||||
Fair value of plan assets at end of year | $ | — | $ | — | ||||||||
2014 | 2013 | |||||||||||
Reconciliation of funded status | ||||||||||||
Net accrued benefit cost | $ | (2,779 | ) | $ | (2,934 | ) | ||||||
2014 | 2013 | |||||||||||
Amounts recognized in the consolidated balance sheets consist of | ||||||||||||
Current accrued benefit liability | $ | (171 | ) | $ | (187 | ) | ||||||
Noncurrent accrued benefit liability | $ | (2,608 | ) | $ | (2,747 | ) | ||||||
2014 | 2013 | |||||||||||
Accumulated benefit obligation | $ | 2,779 | $ | 2,934 | ||||||||
Amounts recognized in accumulated other comprehensive loss at June 30 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net actuarial gain | $ | (788 | ) | $ | (784 | ) | ||||||
Prior service benefit | (13 | ) | (18 | ) | ||||||||
Income taxes | 296 | 296 | ||||||||||
Total | $ | (505 | ) | $ | (506 | ) | ||||||
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows: | ||||||||||||
2015 | ||||||||||||
Prior service asset amortization | $ | (5 | ) | |||||||||
Unrecognized gain amortization | (28 | ) | ||||||||||
Total | $ | (33 | ) | |||||||||
The following table summarizes the components of net periodic benefit (income) cost at June 30: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Components of net periodic benefit (income) cost | ||||||||||||
Service cost | $ | 31 | $ | 31 | $ | 25 | ||||||
Interest cost | 130 | 113 | 147 | |||||||||
Curtailment benefit | (161 | ) | — | — | ||||||||
Amortization of unrecognized net gain | (27 | ) | (22 | ) | (31 | ) | ||||||
Amortization of prior service asset | (5 | ) | (5 | ) | (5 | ) | ||||||
Net periodic benefit (income) cost | $ | (32 | ) | $ | 117 | $ | 136 | |||||
The above noted net periodic benefit (income) cost includes income of approximately $0.1 million for 2014, and immaterial amounts for 2013 and 2012, that are presented in discontinued operations because those amounts relate to sold operations. In 2014, our plans experienced a curtailment due to a significant reduction in future service as a result of the sale of our candle manufacturing and marketing operations. | ||||||||||||
We expect to contribute approximately $0.2 million to our postretirement benefit plans in 2015. | ||||||||||||
Benefit payments estimated for future years are as follows: | ||||||||||||
2015 | $ | 171 | ||||||||||
2016 | $ | 174 | ||||||||||
2017 | $ | 168 | ||||||||||
2018 | $ | 172 | ||||||||||
2019 | $ | 176 | ||||||||||
2020 - 2024 | $ | 866 | ||||||||||
The following table summarizes the health care costs trend assumptions for other postretirement benefit measurement purposes: | ||||||||||||
2014 | 2013 | |||||||||||
Pre-Medicare eligible claims: | ||||||||||||
Health care cost trend rate assumed for next fiscal year | 7.5 | % | 8 | % | ||||||||
Ultimate health care cost trend rate | 5 | % | 5 | % | ||||||||
Year that rate reaches ultimate trend rate | 2021 | 2021 | ||||||||||
Medicare eligible claims: | ||||||||||||
Health care cost trend rate assumed for next fiscal year | 6.75 | % | 7 | % | ||||||||
Ultimate health care cost trend rate | 5 | % | 5 | % | ||||||||
Year that rate reaches ultimate trend rate | 2021 | 2021 | ||||||||||
Assumed health care cost rates can have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effect: | ||||||||||||
1-Percentage-Point | 1-Percentage-Point | |||||||||||
Increase | Decrease | |||||||||||
Effect on total of service and interest cost components | $ | 7 | $ | (6 | ) | |||||||
Effect on postretirement benefit obligation as of June 30, 2014 | $ | 178 | $ | (157 | ) | |||||||
Defined_Contribution_And_Other
Defined Contribution And Other Employee Plans | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Defined Contribution And Other Employee Plans [Abstract] | ' | ||||||||||||||||||||||||
Defined Contribution And Other Employee Plans | ' | ||||||||||||||||||||||||
Defined Contribution and Other Employee Plans | |||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||
We sponsored four defined contribution plans established pursuant to Section 401(k) of the Internal Revenue Code during 2014. Contributions are determined under various formulas, and we contributed to two of the plans in 2014. Costs related to such plans for each of the years ending June 30 were as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Costs related to defined contribution plans | $ | 808 | $ | 724 | $ | 675 | |||||||||||||||||||
Multiemployer Plans | |||||||||||||||||||||||||
Certain of our subsidiaries participate in multiemployer plans that provide pension benefits to retiree union workers at such locations. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining agreement, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: 1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, 2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers and 3) if we choose to stop participating in any of our multiemployer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||||||
Our participation in these plans for the annual period ended June 30, 2014 is reflected in the following table. All information in the table is as of December 31 of the relevant year, except contributions which are based on our fiscal year, or except as otherwise noted. The EIN-PN column provides the Employer Identification Number (“EIN”) and the Plan Number (“PN”). The pension protection act zone status is based on information that we received from the plan. Among other factors, generally, plans in critical status (red zone) are less than 65 percent funded, plans in endangered or seriously endangered status (yellow zone or orange zone, respectively) are less than 80 percent funded, and plans at least 80 percent funded are said to be in the green zone. The FIP/RP status pending/implemented column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented by the trustees of each plan. There have been no significant changes that affect the comparability of 2014, 2013 or 2012 contributions. | |||||||||||||||||||||||||
Pension Protection | Fiscal Year | ||||||||||||||||||||||||
Act Zone Status | Contributions | ||||||||||||||||||||||||
Plan Name | EIN/PN | 2013 | 2012 | FIP/RP Status | 2014 | 2013 | 2012 | Surcharge | Expiration | ||||||||||||||||
Pending / | Imposed | Date of | |||||||||||||||||||||||
Implemented | Collective | ||||||||||||||||||||||||
Bargaining | |||||||||||||||||||||||||
Agreement | |||||||||||||||||||||||||
Cleveland Bakers and Teamsters Pension Fund | 34-0904419-001 | Red | Red | Yes, | $ | 1,332 | $ | 1,324 | $ | 1,311 | Yes (1) | 4/30/16 | |||||||||||||
12/31/12 | 12/31/11 | Implemented | |||||||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047-001 | Green | Green | No | 397 | 390 | 416 | No | 12/15/18 | ||||||||||||||||
12/31/12 | 12/31/11 | ||||||||||||||||||||||||
Total contributions to multiemployer plans | $ | 1,729 | $ | 1,714 | $ | 1,727 | |||||||||||||||||||
-1 | Through December 31, 2012, a surcharge of 10% of required employer contributions under the collective bargaining agreement was required. | ||||||||||||||||||||||||
Our contributions to the Cleveland Bakers and Teamsters Pension Fund exceeded 5% of the total contributions to the plan in the plan years ended December 31, 2012, 2011 and 2010. | |||||||||||||||||||||||||
We contribute to two multiemployer postretirement benefit plans other than pensions under the terms of collective bargaining agreements that cover active union workers. These benefits are not vested. The contributions required by our participation in these plans for each of the years ending June 30 were as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Multiemployer health and welfare plan contributions | $ | 3,367 | $ | 3,666 | $ | 3,659 | |||||||||||||||||||
Deferred Compensation Plan | |||||||||||||||||||||||||
We offer a deferred compensation plan for select employees who may elect to defer a certain percentage of annual compensation. We do not match any contributions. Each participant earns interest based upon the prime rate of interest, adjusted semi-annually, on their respective deferred compensation balance. Participants are paid out upon retirement or termination. | |||||||||||||||||||||||||
The following table summarizes our liability for total deferred compensation and accrued interest at June 30: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Liability for deferred compensation and accrued interest | $ | 4,055 | $ | 3,963 | |||||||||||||||||||||
Deferred compensation expense for each of the years ending June 30 was as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Deferred compensation expense | $ | 131 | $ | 118 | $ | 101 | |||||||||||||||||||
Commitments
Commitments | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments | ' | |||||||||||
Commitments | ||||||||||||
We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment, which expire at various dates through fiscal year 2020. Certain of these leases contain renewal options, some provide options to purchase during the lease term and some require contingent rentals based on usage. The future minimum rental commitments due under these leases are summarized as follows: | ||||||||||||
2015 | $ | 4,058 | ||||||||||
2016 | $ | 2,694 | ||||||||||
2017 | $ | 1,847 | ||||||||||
2018 | $ | 1,315 | ||||||||||
2019 | $ | 1,310 | ||||||||||
Thereafter | $ | 249 | ||||||||||
Total rent expense, including short-term cancelable leases, during the years ended June 30 is summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating leases: | ||||||||||||
Minimum rentals | $ | 5,079 | $ | 4,780 | $ | 4,416 | ||||||
Contingent rentals | 86 | 122 | 264 | |||||||||
Short-term cancelable leases | 793 | 1,093 | 1,377 | |||||||||
Total | $ | 5,958 | $ | 5,995 | $ | 6,057 | ||||||
Contingencies
Contingencies | 12 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
In addition to the items discussed below, at June 30, 2014, 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. | |
Approximately 23% of our employees are represented under various collective bargaining agreements. There are no employees represented under collective bargaining agreements that will expire within one year. While we believe that labor relations with unionized employees are satisfactory, a prolonged labor dispute could have a material effect on our business and results of operations. | |
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, $0.3 million and $2.7 million in 2014, 2013 and 2012, respectively. These receipts are included in income from discontinued operations in the Consolidated Statements of Income. | |
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. However, any change in CDSOA distributions could affect our earnings and cash flow. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business Segment Information | ' | |||||||||||
Business Segment Information | ||||||||||||
We operate our business in one reportable segment, “Specialty Foods.” Our management evaluates segment performance based on sales and operating income. | ||||||||||||
Specialty Foods–includes the production, marketing and sale of a family of pourable and refrigerated produce salad dressings, croutons, sauces, fruit glazes, refrigerated produce vegetable and fruit dips, hummus, chip dips, dry and frozen pasta and egg noodles, caviar, frozen hearth-baked breads, frozen yeast rolls, sweet rolls and biscuits. Salad dressings, sauces, croutons, frozen pasta and egg noodles, frozen bread products and frozen yeast rolls are sold to both retail and foodservice markets. The remaining products of this business segment are primarily directed to retail markets. | ||||||||||||
The following table sets forth reportable segment information with respect to the amount of net sales contributed by each class of similar products of our consolidated net sales in each of the years ending June 30: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Specialty Foods | ||||||||||||
Non-frozen | $ | 681,872 | $ | 649,447 | $ | 621,497 | ||||||
Frozen | 359,203 | 364,356 | 367,440 | |||||||||
Total | $ | 1,041,075 | $ | 1,013,803 | $ | 988,937 | ||||||
Corporate Expenses–includes various expenses of a general corporate nature, as well as costs related to certain divested or closed nonfood operations, including the expense associated with retirement plans applicable to those closed units. These corporate expenses are generally not directly attributable to the reportable operating segment and therefore have not been allocated to the segment. | ||||||||||||
The following sets forth certain additional financial information attributable to our reportable segment for the years ended June 30 and certain items retained at the corporate level: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net Sales - Specialty Foods | $ | 1,041,075 | $ | 1,013,803 | $ | 988,937 | ||||||
Operating Income (1) (3) | ||||||||||||
Specialty Foods | $ | 165,383 | $ | 165,710 | $ | 151,479 | ||||||
Corporate Expenses | (11,616 | ) | (11,787 | ) | (10,297 | ) | ||||||
Total | $ | 153,767 | $ | 153,923 | $ | 141,182 | ||||||
Identifiable Assets (2) | ||||||||||||
Specialty Foods | $ | 405,416 | $ | 392,494 | $ | 384,604 | ||||||
Assets of Discontinued Operations | — | 78,578 | 85,370 | |||||||||
Corporate | 233,214 | 148,892 | 212,661 | |||||||||
Total | $ | 638,630 | $ | 619,964 | $ | 682,635 | ||||||
Capital Expenditures (3) | ||||||||||||
Specialty Foods | $ | 15,578 | $ | 23,341 | $ | 15,080 | ||||||
Corporate | 67 | 119 | 426 | |||||||||
Total | $ | 15,645 | $ | 23,460 | $ | 15,506 | ||||||
Depreciation and Amortization (3) | ||||||||||||
Specialty Foods | $ | 18,785 | $ | 17,469 | $ | 17,512 | ||||||
Corporate | 208 | 148 | 77 | |||||||||
Total | $ | 18,993 | $ | 17,617 | $ | 17,589 | ||||||
-1 | Operating income represents net sales less operating expenses related to the business segment. All intercompany transactions have been eliminated. | |||||||||||
-2 | Segment identifiable assets include those assets used in its operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents, prepaid Federal, state and local income taxes and deferred income taxes. | |||||||||||
-3 | Financial information reflects continuing operations. | |||||||||||
Net sales attributable to McLane Company, Inc. ("McLane"), a wholesale distribution subsidiary of Berkshire Hathaway, Inc., for each of the years ended June 30 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net sales to McLane | $ | 186,817 | $ | 132,872 | ||||||||
As a percentage of consolidated net sales | 18 | % | 13 | % | ||||||||
Net sales attributable to Wal-Mart Stores, Inc. (“Wal-Mart”) for each of the years ending June 30 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales to Wal-Mart | $ | 175,388 | $ | 168,976 | $ | 160,167 | ||||||
As a percentage of consolidated net sales | 17 | % | 17 | % | 16 | % | ||||||
Accounts receivable attributable to Wal-Mart at June 30 as a percentage of consolidated accounts receivable were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Accounts receivable due from Wal-Mart as a percentage of consolidated accounts receivable | 27 | % | 24 | % | ||||||||
Accounts receivable attributable to McLane at June 30 as a percentage of consolidated accounts receivable were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Accounts receivable due from McLane as a percentage of consolidated accounts receivable | 13 | % | 15 | % |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Data | ' | |||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
First | Second | Third | Fourth | Fiscal Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2014 | ||||||||||||||||||||
Net Sales | $ | 248,137 | $ | 292,281 | $ | 241,849 | $ | 258,808 | $ | 1,041,075 | ||||||||||
Gross Margin | $ | 57,171 | $ | 81,623 | $ | 51,908 | $ | 57,866 | $ | 248,568 | ||||||||||
Income From Continuing Operations | $ | 24,052 | $ | 37,133 | $ | 18,900 | $ | 20,901 | $ | 100,986 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | 749 | $ | 2,101 | $ | (29,276 | ) | $ | 426 | $ | (26,000 | ) | ||||||||
Net Income (Loss) | $ | 24,801 | $ | 39,234 | $ | (10,376 | ) | $ | 21,327 | $ | 74,986 | |||||||||
Diluted Income (Loss) Per Common Share (1): | ||||||||||||||||||||
Continuing Operations | $ | 0.88 | $ | 1.36 | $ | 0.69 | $ | 0.76 | $ | 3.69 | ||||||||||
Discontinued Operations | $ | 0.03 | $ | 0.08 | $ | (1.07 | ) | $ | 0.02 | $ | (0.95 | ) | ||||||||
Net Income (Loss) | $ | 0.91 | $ | 1.44 | $ | (0.38 | ) | $ | 0.78 | $ | 2.74 | |||||||||
First | Second | Third | Fourth | Fiscal Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2013 | ||||||||||||||||||||
Net Sales | $ | 248,881 | $ | 272,634 | $ | 247,098 | $ | 245,190 | $ | 1,013,803 | ||||||||||
Gross Margin | $ | 61,121 | $ | 72,046 | $ | 53,833 | $ | 57,707 | $ | 244,707 | ||||||||||
Income From Continuing Operations | $ | 26,255 | $ | 31,471 | $ | 20,733 | $ | 25,401 | $ | 103,860 | ||||||||||
Income from Discontinued Operations, Net of Tax | $ | 407 | $ | 3,806 | $ | 1,100 | $ | 76 | $ | 5,389 | ||||||||||
Net Income | $ | 26,662 | $ | 35,277 | $ | 21,833 | $ | 25,477 | $ | 109,249 | ||||||||||
Diluted Income Per Common Share (1): | ||||||||||||||||||||
Continuing Operations | $ | 0.96 | $ | 1.14 | $ | 0.76 | $ | 0.93 | $ | 3.79 | ||||||||||
Discontinued Operations | $ | 0.01 | $ | 0.14 | $ | 0.04 | $ | — | $ | 0.2 | ||||||||||
Net Income | $ | 0.98 | $ | 1.28 | $ | 0.8 | $ | 0.93 | $ | 3.99 | ||||||||||
-1 | Diluted income (loss) per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly income (loss) per common share amounts may not agree with the fiscal year. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||
LANCASTER COLONY CORPORATION AND SUBSIDIARIES | |||||||||||||||||
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
For each of the three years in the period ended June 30, 2014 | |||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||
Description | Balance at Beginning of Year | Additions Charged to Costs and Expenses | Deductions (A) | Balance at End of Year | |||||||||||||
Reserves deducted from asset to which they apply - Allowance for doubtful accounts (amounts in thousands): | |||||||||||||||||
Year Ended June 30, 2012 | $ | 376 | $ | 4 | $ | 19 | $ | 361 | |||||||||
Year Ended June 30, 2013 | $ | 361 | $ | 5 | $ | 26 | $ | 340 | |||||||||
Year Ended June 30, 2014 | $ | 340 | $ | 96 | $ | 4 | $ | 432 | |||||||||
Note: | |||||||||||||||||
(A) | Represents uncollectible accounts written-off net of recoveries. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles Of Consolidation | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant,” or the “Company.” Intercompany transactions and accounts have been eliminated in consolidation. Our fiscal year begins on July 1 and ends on June 30. Unless otherwise noted, references to “year” pertain to our fiscal year; for example, 2014 refers to fiscal 2014, which is the period from July 1, 2013 to June 30, 2014. | |
Discontinued Operations | ' |
Discontinued Operations | |
On January 30, 2014, we sold effectively all of the net operating assets of our candle manufacturing and marketing operations. The financial results of these operations are reported as discontinued operations for all periods presented herein. The footnote presentation has been revised to remove the effect of the discontinued operations, as appropriate. | |
Use Of Estimates | ' |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates included in these consolidated financial statements include allowance for doubtful accounts receivable, net realizable value of inventories, useful lives for the calculation of depreciation and amortization, impairments of long-lived assets, accruals for marketing and merchandising programs, tax contingency reserves for uncertain tax positions, pension and postretirement assumptions, as well as expenses related to distribution and self-insurance accruals. Actual results could differ from these estimates. | |
Cash And Equivalents | ' |
Cash and Equivalents | |
We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The carrying amounts of our cash and equivalents, including money market funds and commercial paper, approximate fair value due to their short maturities and are considered level 1 investments, which have quoted market prices in active markets for identical assets. As a result of our cash management system, checks issued but not presented to the banks for payment may create negative book cash balances. When such negative balances exist, they are included in other accrued liabilities. | |
Receivables And The Allowance For Doubtful Accounts | ' |
Receivables and the Allowance for Doubtful Accounts | |
The carrying amounts of our accounts receivable approximate fair value. We provide an allowance for doubtful accounts based on the aging of accounts receivable balances, historical write-off experience and on-going reviews of our trade receivables. Measurement of potential losses requires credit review of existing customer relationships, consideration of historical effects of relevant observable data, including present economic conditions such as delinquency rates, and the economic health of customers. | |
Credit Risk | ' |
Credit Risk | |
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and equivalents and trade accounts receivable. By policy, we limit the amount of credit exposure to any one institution or issuer. Our concentration of credit risk with respect to trade accounts receivable is mitigated by our credit evaluation process and by having a large and diverse customer base. However, see Note 13 with respect to our accounts receivable with Wal-Mart Stores, Inc. and McLane Company, Inc., a wholesale distribution subsidiary of Berkshire Hathaway, Inc. | |
Inventories | ' |
Inventories | |
Inventories are valued at the lower of cost or market and are costed by various methods that approximate actual cost on a first-in, first-out basis. Due to the nature of our business, work in process inventory is not a material component of inventory. | |
Property, Plant And Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost less accumulated depreciation. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Estimated useful lives for buildings and improvements range generally from two to 40 years while machinery and equipment range generally from two to 20 years. For tax purposes, we generally compute depreciation using accelerated methods. | |
Long-Lived Assets | ' |
Long-Lived Assets | |
We monitor the recoverability of the carrying value of our long-lived assets by periodically considering whether indicators of impairment are present. If such indicators are present, we determine if the assets are recoverable by comparing the sum of the undiscounted future cash flows to the assets’ carrying amounts. Our cash flows are based on historical results adjusted to reflect our best estimate of future market and operating conditions. If the carrying amounts are greater, then the assets are not recoverable. In that instance, we compare the carrying amounts to the fair value to determine the amount of the impairment to be recorded. | |
Goodwill And Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
Goodwill is not amortized. It is evaluated annually at April 30, by applying impairment testing procedures, as appropriate. Other intangible assets with lives restricted by contractual, legal, or other means are amortized on a straight-line basis over their useful lives to general and administrative expense. We periodically evaluate the future economic benefit of the recorded goodwill and other intangible assets when events or circumstances indicate potential recoverability concerns. Carrying amounts are adjusted appropriately when determined to have been impaired. | |
Accrued Marketing And Distribution | ' |
Accrued Marketing and Distribution | |
Various marketing programs are offered to customers to reimburse them for a portion or all of their promotional activities related to our products. Additionally, we often incur various costs associated with shipping products to the customer. We provide accruals for the costs of marketing and distribution based on historical information as may be modified by estimates of actual costs incurred. | |
Accruals For Self-Insurance | ' |
Accruals for Self-Insurance | |
Self-insurance accruals are made for certain claims associated with employee health care, workers’ compensation and general liability insurance. These accruals include estimates that are primarily based on historical loss development factors. | |
Shareholders' Equity | ' |
Shareholders’ Equity | |
We are authorized to issue 3,050,000 shares of preferred stock consisting of 750,000 shares of Class A Participating Preferred Stock with $1.00 par value, 1,150,000 shares of Class B Voting Preferred Stock without par value and 1,150,000 shares of Class C Nonvoting Preferred Stock without par value. Our Board of Directors approved a share repurchase authorization of 2,000,000 shares in November 2010. Approximately 1,426,000 shares remained authorized for future purchase at June 30, 2014. | |
Revenue Recognition | ' |
Revenue Recognition | |
We recognize revenue upon transfer of title and risk of loss, provided that evidence of an arrangement exists, pricing is fixed or determinable, and collectability is probable. Net sales are recorded net of estimated sales discounts, returns and certain sales incentives, including coupon redemptions and rebates. | |
Advertising Expense | ' |
Advertising Expense | |
We expense advertising as it is incurred. | |
Shipping And Handling | ' |
Shipping and Handling | |
Shipping and handling fees billed to customers are included in net sales, while our shipping and handling costs are included in cost of sales. | |
Stock-Based Employee Compensation Plans | ' |
Stock-Based Employee Compensation Plans | |
We account for our stock-based employee compensation plans in accordance with GAAP for stock-based compensation, which requires the measurement and recognition of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of the employee services is recognized as compensation expense over the period that an employee provides service in exchange for the award, which is typically the vesting period. | |
Income Taxes | ' |
Income Taxes | |
Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in numerous domestic jurisdictions. | |
Our annual tax rate is determined based on our income, statutory tax rates and the permanent tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Realization of certain deferred tax assets is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Although realization is not assured, management believes it is more likely than not that our deferred tax assets will be realized and thus we have not recorded any valuation allowance for the years ended June 30, 2014 or 2013. | |
In accordance with accounting literature related to uncertainty in income taxes, tax benefits from uncertain tax positions that are recognized in the financial statements are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | |
Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on our results of operations, cash flow or financial position. | |
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. | |
Comprehensive Income And Accumulated Other Comprehensive Loss | ' |
Comprehensive Income and Accumulated Other Comprehensive Loss | |
Comprehensive income includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income is composed of two subsets – net income and other comprehensive income (loss). Included in other comprehensive income (loss) are pension and postretirement benefits adjustments. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
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 Consolidated Statement of Cash Flows at June 30 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Construction in progress in accounts payable | $ | 2,755 | $ | 332 | $ | 677 | ||||||
Schedule Of Depreciation Expense | ' | |||||||||||
The following table sets forth depreciation expense in each of the years ending June 30: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Depreciation expense | $ | 17,419 | $ | 16,036 | $ | 15,815 | ||||||
Schedule Of Advertising Expense As A Percentage Of Net Sales | ' | |||||||||||
The following table summarizes advertising expense as a percentage of net sales in each of the years ending June 30: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Advertising expense as a percentage of net sales | 2 | % | 2 | % | 2 | % | ||||||
Schedule Of Basic And Diluted Income Per Common Share From Continuing Operations Calculations | ' | |||||||||||
Basic and diluted income per common share from continuing operations were calculated as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations | $ | 100,986 | $ | 103,860 | $ | 92,349 | ||||||
Income from continuing operations available to participating securities | (174 | ) | (326 | ) | (170 | ) | ||||||
Income from continuing operations available to common shareholders | $ | 100,812 | $ | 103,534 | $ | 92,179 | ||||||
Weighted average common shares outstanding - basic | 27,264 | 27,252 | 27,233 | |||||||||
Incremental share effect from: | ||||||||||||
Nonparticipating restricted stock | 3 | 3 | 4 | |||||||||
Stock-settled stock appreciation rights | 41 | 30 | 28 | |||||||||
Weighted average common shares outstanding - diluted | 27,308 | 27,285 | 27,265 | |||||||||
Income per common share from continuing operations - basic | $ | 3.7 | $ | 3.8 | $ | 3.38 | ||||||
Income per common share from continuing operations - diluted | $ | 3.69 | $ | 3.79 | $ | 3.38 | ||||||
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: | ||||||||||||
2014 | 2013 | |||||||||||
Accumulated other comprehensive loss at beginning of period | $ | (8,391 | ) | $ | (12,162 | ) | ||||||
Defined Benefit Pension Plan Items: | ||||||||||||
Net gain arising during the period | 65 | 5,160 | ||||||||||
Amortization of unrecognized net loss (1) | 460 | 687 | ||||||||||
Amortization of transition asset (1) | — | (1 | ) | |||||||||
Postretirement Benefit Plan Items: | ||||||||||||
Net gain arising during the period | 31 | 162 | ||||||||||
Amortization of unrecognized net gain (1) | (27 | ) | (22 | ) | ||||||||
Amortization of prior service asset (1) | (5 | ) | (5 | ) | ||||||||
Total other comprehensive income, before tax | 524 | 5,981 | ||||||||||
Total tax expense | (194 | ) | (2,210 | ) | ||||||||
Other comprehensive income, net of tax | 330 | 3,771 | ||||||||||
Accumulated other comprehensive loss at end of period | $ | (8,061 | ) | $ | (8,391 | ) | ||||||
(1) Included in the computation of net periodic benefit income/cost. See Notes 8 and 9 for additional information. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule Of Assets And Liabilities Of Discontinued Operations | ' | |||
At June 30, 2013, the assets and liabilities of our discontinued operations were as follows: | ||||
June 30, | ||||
2013 | ||||
Cash | $ | 1 | ||
Receivables | 14,061 | |||
Inventory | 41,342 | |||
Other current assets | 573 | |||
Current assets of discontinued operations | 55,977 | |||
Property, plant and equipment | 21,621 | |||
Other noncurrent assets | 980 | |||
Noncurrent assets of discontinued operations | 22,601 | |||
Total assets of discontinued operations | $ | 78,578 | ||
Accounts payable | $ | 5,431 | ||
Accrued liabilities | 2,685 | |||
Current liabilities of discontinued operations | $ | 8,116 | ||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Summary Of Other Intangible Assets | ' | |||||||||||
The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment, at June 30: | ||||||||||||
2014 | 2013 | |||||||||||
Trademarks (40-year life) | ||||||||||||
Gross carrying value | $ | 370 | $ | 370 | ||||||||
Accumulated amortization | (214 | ) | (205 | ) | ||||||||
Net carrying value | $ | 156 | $ | 165 | ||||||||
Customer Relationships (12 to 15-year life) | ||||||||||||
Gross carrying value | $ | 13,020 | $ | 13,020 | ||||||||
Accumulated amortization | (7,800 | ) | (6,863 | ) | ||||||||
Net carrying value | $ | 5,220 | $ | 6,157 | ||||||||
Total net carrying value | $ | 5,376 | $ | 6,322 | ||||||||
Schedule Of Amortization Expense | ' | |||||||||||
Amortization expense for our other intangible assets in each of the years ending June 30 was as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Amortization expense | $ | 946 | $ | 945 | $ | 1,083 | ||||||
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 | ||||||||||
Liabilities_Tables
Liabilities (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule Of Accrued Liabilities | ' | |||||||
Accrued liabilities at June 30 were composed of: | ||||||||
2014 | 2013 | |||||||
Compensation and employee benefits | $ | 19,635 | $ | 19,417 | ||||
Distribution | 6,440 | 6,560 | ||||||
Other taxes | 1,219 | 1,553 | ||||||
Marketing | 1,815 | 1,917 | ||||||
Other | 2,056 | 3,155 | ||||||
Total accrued liabilities | $ | 31,165 | $ | 32,602 | ||||
Schedule Of Other Noncurrent Liabilities | ' | |||||||
Other noncurrent liabilities at June 30 were composed of: | ||||||||
2014 | 2013 | |||||||
Workers compensation | $ | 9,450 | $ | 9,156 | ||||
Gross tax contingency reserve | 963 | 912 | ||||||
Pension benefit liability | 2,946 | 3,456 | ||||||
Postretirement benefit liability | 2,608 | 2,747 | ||||||
Deferred compensation and accrued interest | 4,055 | 3,963 | ||||||
Other | 2,186 | 3,057 | ||||||
Total other noncurrent liabilities | $ | 22,208 | $ | 23,291 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule Of Taxes Based On Income | ' | |||||||||||
Taxes based on income from continuing operations for the years ended June 30 have been provided as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Currently payable: | ||||||||||||
Federal | $ | 48,718 | $ | 45,350 | $ | 39,720 | ||||||
State and local | 4,526 | 3,475 | 4,116 | |||||||||
Total current provision | 53,244 | 48,825 | 43,836 | |||||||||
Deferred Federal, state and local (benefit) provision | (951 | ) | 1,133 | 5,031 | ||||||||
Total taxes based on income | $ | 52,293 | $ | 49,958 | $ | 48,867 | ||||||
Tax Benefits Recorded Directly To Common Stock | ' | |||||||||||
Certain tax benefits recorded directly to common stock for each of the years ending June 30 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax benefits recorded directly to common stock | $ | 1,020 | $ | 794 | $ | 301 | ||||||
Reconciliation Of The Effective Income Tax Rate | ' | |||||||||||
For the years ended June 30, our effective tax rate varied from the statutory Federal income tax rate as a result of the following factors: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes | 2 | 1.5 | 2.1 | |||||||||
ESOP dividend deduction | (0.2 | ) | (0.8 | ) | (0.2 | ) | ||||||
Domestic manufacturing deduction | (3.0 | ) | (3.1 | ) | (2.6 | ) | ||||||
Other | 0.3 | (0.1 | ) | 0.3 | ||||||||
Effective rate | 34.1 | % | 32.5 | % | 34.6 | % | ||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | |||||||||||
The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30 were comprised of: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Inventories | $ | 720 | $ | 2,597 | ||||||||
Employee medical and other benefits | 10,149 | 11,161 | ||||||||||
Receivable and other allowances | 4,410 | 4,375 | ||||||||||
Other accrued liabilities | 2,895 | 3,133 | ||||||||||
Total deferred tax assets | 18,174 | 21,266 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | (21,307 | ) | (21,607 | ) | ||||||||
Goodwill | (4,212 | ) | (3,804 | ) | ||||||||
Other | (79 | ) | (425 | ) | ||||||||
Total deferred tax liabilities | (25,598 | ) | (25,836 | ) | ||||||||
Net deferred tax liability | $ | (7,424 | ) | $ | (4,570 | ) | ||||||
Net Current Deferred Tax Assets And Prepaid Federal, State, And Local Income Taxes | ' | |||||||||||
Net current deferred tax assets and prepaid Federal, state and local income taxes were included in Deferred Income Taxes and Other Current Assets on the Consolidated Balance Sheet. The related balances at June 30 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net current deferred tax assets | $ | 11,329 | $ | 13,704 | ||||||||
Prepaid Federal, state and local income taxes | $ | 9,688 | $ | 7,549 | ||||||||
Cash Payments For Income Taxes | ' | |||||||||||
Cash payments for income taxes for each of the years ending June 30 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash payments for income taxes | $ | 37,277 | $ | 56,992 | $ | 38,726 | ||||||
Reconciliation Of Tax Contingencies Reserve | ' | |||||||||||
The following table sets forth changes in our total gross tax contingency reserve (including interest and penalties): | ||||||||||||
2014 | 2013 | |||||||||||
Balance, beginning of year | $ | 912 | $ | 1,939 | ||||||||
Tax positions related to the current year: | ||||||||||||
Additions | 66 | 66 | ||||||||||
Reductions | — | — | ||||||||||
Tax positions related to prior years: | ||||||||||||
Additions | 39 | 86 | ||||||||||
Reductions | (54 | ) | (1,021 | ) | ||||||||
Settlements | — | (158 | ) | |||||||||
Balance, end of year | $ | 963 | $ | 912 | ||||||||
Net Tax-Related Interest And Penalties Recognized | ' | |||||||||||
For each of the years ended June 30, we recognized the change in the accrual for net tax-related interest and penalties as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Expense (benefit) recognized for net tax-related interest and penalties | $ | 9 | $ | (539 | ) | |||||||
Accrued Interest And Penalties | ' | |||||||||||
We had accrued interest and penalties at June 30 as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Accrued interest and penalties included in the gross tax contingency reserve | $ | 392 | $ | 383 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 | ' | ||||||||||||
In 2014, 2013 and 2012, we granted SSSARs to various employees under the terms of the 2005 Plan. The following table summarizes information relating to these grants: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
SSSARs granted | 146 | 108 | 187 | ||||||||||
Weighted average grant date fair value per right | $ | 11.84 | $ | 9.04 | $ | 9.07 | |||||||
Assumptions used in fair value calculations: | |||||||||||||
Risk-free interest rate | 0.75 | % | 0.33 | % | 0.41 | % | |||||||
Dividend yield | 1.97 | % | 2.09 | % | 2.11 | % | |||||||
Volatility factor of the expected market price of our common stock | 22.35 | % | 23.23 | % | 24.3 | % | |||||||
Weighted average expected life in years | 3.12 | 2.67 | 2.76 | ||||||||||
Compensation Expense And Tax Benefits Recorded | ' | ||||||||||||
The following table summarizes our continuing operations SSSARs compensation expense and tax benefits recorded for each of the years ending June 30: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Compensation expense | $ | 1,092 | $ | 1,316 | $ | 1,514 | |||||||
Tax benefits | $ | 382 | $ | 461 | $ | 530 | |||||||
Intrinsic value of exercises | $ | 2,692 | $ | 1,851 | $ | 559 | |||||||
Excess tax benefits | $ | 942 | $ | 659 | $ | 230 | |||||||
Fair Value Of Awards Vested | ' | ||||||||||||
The total fair values of SSSARs vested for each of the years ended June 30 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Fair value of vested rights | $ | 1,145 | $ | 1,476 | $ | 1,107 | |||||||
Stock-Settled Stock Appreciation Rights Activity | ' | ||||||||||||
The following table summarizes the activity relating to SSSARs granted under the 2005 Plan for the year ended June 30, 2014: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Rights | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Life in | |||||||||||||
Years | |||||||||||||
Outstanding at beginning of year | 374 | $ | 66.42 | ||||||||||
Exercised | (150 | ) | $ | 63.68 | |||||||||
Granted | 146 | $ | 89.16 | ||||||||||
Forfeited | (12 | ) | $ | 68.32 | |||||||||
Outstanding at end of year | 358 | $ | 76.75 | 3.57 | $ | 6,594 | |||||||
Exercisable and vested at end of year | 84 | $ | 64.63 | 2.23 | $ | 2,573 | |||||||
Vested and expected to vest at end of year | 320 | $ | 76.44 | 3.53 | $ | 5,991 | |||||||
Stock-Settled Stock Appreciation Rights Outstanding By Grant Year | ' | ||||||||||||
The following table summarizes information about the SSSARs outstanding by grant year at June 30, 2014: | |||||||||||||
Outstanding | Exercisable | ||||||||||||
Weighted Average | |||||||||||||
Grant Years | Range of | Number | Remaining | Exercise | Number | Weighted | |||||||
Exercise Prices | Outstanding | Contractual | Price | Exercisable | Average | ||||||||
Life in | Exercise | ||||||||||||
Years | Price | ||||||||||||
2014 | $79.78-$89.29 | 146 | 4.65 | $89.16 | — | $— | |||||||
2013 | $72.67 | 85 | 3.66 | $72.67 | 14 | $72.67 | |||||||
2012 | $63.50-$68.12 | 92 | 2.65 | $68.08 | 35 | $68.12 | |||||||
2011 | $57.78 | 22 | 1.65 | $57.78 | 22 | $57.78 | |||||||
2010 | $58.79 | 13 | 0.65 | $58.79 | 13 | $58.79 | |||||||
Restricted Stock [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Compensation Expense And Tax Benefits Recorded | ' | ||||||||||||
The following table summarizes our continuing operations restricted stock compensation expense and tax benefits recorded for each of the years ending June 30: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Compensation expense | $ | 1,434 | $ | 1,411 | $ | 1,243 | |||||||
Tax benefits | $ | 502 | $ | 494 | $ | 435 | |||||||
Excess tax benefits | $ | 78 | $ | 135 | $ | 71 | |||||||
Fair Value Of Awards Vested | ' | ||||||||||||
The total fair values of restricted stock vested for each of the years ended June 30 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Fair value of vested shares | $ | 931 | $ | 1,842 | $ | 645 | |||||||
Restricted Stock Activity | ' | ||||||||||||
The following table summarizes the activity relating to restricted stock granted under the 2005 Plan for the year ended June 30, 2014: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Date Fair Value | |||||||||||||
Unvested restricted stock at beginning of year | 45 | $ | 68.16 | ||||||||||
Granted | 30 | $ | 88.3 | ||||||||||
Vested | (13 | ) | $ | 65.96 | |||||||||
Forfeited | (4 | ) | $ | 70.63 | |||||||||
Unvested restricted stock at end of year | 58 | $ | 79.09 | ||||||||||
Director Restricted Stock [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Nonemployee Director Restricted Stock Grant Details | ' | ||||||||||||
In 2014, 2013 and 2012, we also 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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Nonemployee directors | |||||||||||||
Restricted stock granted | 6 | 7 | 7 | ||||||||||
Grant date fair value | $ | 490 | $ | 490 | $ | 490 | |||||||
Weighted average grant date fair value per award | $ | 84.42 | $ | 73.29 | $ | 65.97 | |||||||
Employee Restricted Stock [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Employee Restricted Stock Grant Details | ' | ||||||||||||
In 2014, 2013 and 2012, we granted shares of restricted stock to various employees under the terms of the 2005 Plan. The following table summarizes information relating to these grants: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Employees | |||||||||||||
Restricted stock granted | 24 | 8 | 25 | ||||||||||
Grant date fair value | $ | 2,190 | $ | 572 | $ | 1,705 | |||||||
Weighted average grant date fair value per award | $ | 89.21 | $ | 72.67 | $ | 68.08 | |||||||
Pension_Benefits_Tables
Pension Benefits (Tables) (Pension Benefits [Member]) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Pension Benefits [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Discount Rate | ' | |||||||||||||||
The actuarial present value of benefit obligations summarized below was based on the following assumption: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Weighted-average assumption as of June 30 | ||||||||||||||||
Discount rate | 4.02 | % | 4.57 | % | ||||||||||||
Net Periodic Benefit Costs Assumptions | ' | |||||||||||||||
The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.57 | % | 3.78 | % | 5.29 | % | ||||||||||
Expected long-term return on plan assets | 7 | % | 7 | % | 7 | % | ||||||||||
Target And Actual Asset Allocations | ' | |||||||||||||||
The target and actual asset allocations for our plans at June 30 by asset category were as follows: | ||||||||||||||||
Target Percentage | Actual Percentage of Plan Assets | |||||||||||||||
of Plan Assets at | ||||||||||||||||
June 30 | ||||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Cash and equivalents | 0%-10% | 3 | % | 2 | % | |||||||||||
Equity securities | 30%-70% | 53 | 51 | |||||||||||||
Fixed income | 30%-70% | 44 | 47 | |||||||||||||
Total | 100 | % | 100 | % | ||||||||||||
Summary Of The Fair Values And Levels Within The Fair Value Hierarchy Of Plan Assets | ' | |||||||||||||||
The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30, 2014 and 2013: | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash and equivalents | $ | 550 | $ | — | $ | — | $ | 550 | ||||||||
Money market funds | 460 | — | — | 460 | ||||||||||||
U.S. government obligations | — | 3,821 | — | 3,821 | ||||||||||||
Corporate obligations | — | 2,921 | — | 2,921 | ||||||||||||
Mortgage obligations | — | 2,181 | — | 2,181 | ||||||||||||
Mutual funds fixed income | 8,300 | — | — | 8,300 | ||||||||||||
Mutual funds equity | 20,492 | — | — | 20,492 | ||||||||||||
Total | $ | 29,802 | $ | 8,923 | $ | — | $ | 38,725 | ||||||||
June 30, 2013 | ||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash and equivalents | $ | 543 | $ | — | $ | — | $ | 543 | ||||||||
Money market funds | 319 | — | — | 319 | ||||||||||||
U.S. government obligations | — | 4,275 | — | 4,275 | ||||||||||||
Corporate obligations | — | 2,440 | — | 2,440 | ||||||||||||
Mortgage obligations | — | 1,911 | — | 1,911 | ||||||||||||
Mutual funds fixed income | 8,455 | — | — | 8,455 | ||||||||||||
Mutual funds equity | 18,300 | — | — | 18,300 | ||||||||||||
Total | $ | 27,617 | $ | 8,626 | $ | — | $ | 36,243 | ||||||||
Schedule Of Change In Benefit Obligation | ' | |||||||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 39,519 | $ | 44,318 | ||||||||||||
Interest cost | 1,754 | 1,633 | ||||||||||||||
Actuarial loss (gain) | 2,241 | (4,188 | ) | |||||||||||||
Benefits paid | (2,281 | ) | (2,244 | ) | ||||||||||||
Benefit obligation at end of year | $ | 41,233 | $ | 39,519 | ||||||||||||
Schedule Of Change In Plan Assets | ' | |||||||||||||||
2014 | 2013 | |||||||||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 36,243 | $ | 35,135 | ||||||||||||
Actual return on plan assets | 4,763 | 3,352 | ||||||||||||||
Employer contributions | — | — | ||||||||||||||
Benefits paid | (2,281 | ) | (2,244 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 38,725 | $ | 36,243 | ||||||||||||
Schedule Of Reconciliation Of Funded Status | ' | |||||||||||||||
2014 | 2013 | |||||||||||||||
Reconciliation of funded status | ||||||||||||||||
Net accrued benefit cost | $ | (2,508 | ) | $ | (3,276 | ) | ||||||||||
Schedule Of Amounts Recognized In The Consolidated Balance Sheets | ' | |||||||||||||||
2014 | 2013 | |||||||||||||||
Amounts recognized in the consolidated balance sheets consist of | ||||||||||||||||
Prepaid benefit cost (noncurrent assets) | $ | 438 | $ | 180 | ||||||||||||
Accrued benefit liability (noncurrent liabilities) | (2,946 | ) | (3,456 | ) | ||||||||||||
Net amount recognized | $ | (2,508 | ) | $ | (3,276 | ) | ||||||||||
Schedule Of Accumulated Benefit Obligation | ' | |||||||||||||||
2014 | 2013 | |||||||||||||||
Accumulated benefit obligation | $ | 41,233 | $ | 39,519 | ||||||||||||
Plans With Benefit Obligations In Excess Of The Fair Value Of Plan Assets | ' | |||||||||||||||
The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Benefit obligations | $ | 38,170 | $ | 36,270 | ||||||||||||
Fair value of plan assets at end of year | $ | 35,224 | $ | 32,814 | ||||||||||||
Amounts Recognized In Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Amounts recognized in accumulated other comprehensive loss at June 30 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Net actuarial loss | $ | 13,585 | $ | 14,110 | ||||||||||||
Income taxes | (5,019 | ) | (5,213 | ) | ||||||||||||
Total | $ | 8,566 | $ | 8,897 | ||||||||||||
Amounts In Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost During Next Fiscal Year | ' | |||||||||||||||
The amount in accumulated other comprehensive loss expected to be recognized as a component of net periodic benefit cost during the next fiscal year is as follows: | ||||||||||||||||
2015 | ||||||||||||||||
Net actuarial loss | $ | 429 | ||||||||||||||
Components Of Net Periodic Benefit Income | ' | |||||||||||||||
The following table summarizes the components of net periodic benefit income at June 30: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Components of net periodic benefit income | ||||||||||||||||
Interest cost | $ | 1,754 | $ | 1,633 | $ | 1,933 | ||||||||||
Expected return on plan assets | (2,457 | ) | (2,380 | ) | (2,397 | ) | ||||||||||
Amortization of unrecognized net loss | 460 | 687 | 355 | |||||||||||||
Amortization of unrecognized net asset existing at transition | — | (1 | ) | (1 | ) | |||||||||||
Net periodic benefit income | $ | (243 | ) | $ | (61 | ) | $ | (110 | ) | |||||||
Benefit Payments Estimated For Future Years | ' | |||||||||||||||
Benefit payments estimated for future years are as follows: | ||||||||||||||||
2015 | $ | 2,252 | ||||||||||||||
2016 | $ | 2,252 | ||||||||||||||
2017 | $ | 2,267 | ||||||||||||||
2018 | $ | 2,287 | ||||||||||||||
2019 | $ | 2,346 | ||||||||||||||
2020 - 2024 | $ | 12,772 | ||||||||||||||
Postretirement_Benefits_Tables
Postretirement Benefits (Tables) (Postretirement Benefits [Member]) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Postretirement Benefits [Member] | ' | |||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||
Discount Rate | ' | |||||||||||
The actuarial present value of benefit obligations summarized below was based on the following assumption: | ||||||||||||
2014 | 2013 | |||||||||||
Weighted-average assumption as of June 30 | ||||||||||||
Discount rate | 4.02 | % | 4.57 | % | ||||||||
Net Periodic Benefit Costs Assumptions | ' | |||||||||||
The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Discount rate | 4.57 | % | 3.78 | % | 5.29 | % | ||||||
Health care cost trend rate - pre-Medicare eligible claims | 8 | % | 10 | % | 10 | % | ||||||
Health care cost trend rate - Medicare eligible claims | 7 | % | 7 | % | 10 | % | ||||||
Schedule Of Change In Benefit Obligation | ' | |||||||||||
2014 | 2013 | |||||||||||
Change in benefit obligation | ||||||||||||
Benefit obligation at beginning of year | $ | 2,934 | $ | 3,054 | ||||||||
Service cost | 31 | 31 | ||||||||||
Interest cost | 130 | 113 | ||||||||||
Actuarial gain | (31 | ) | (162 | ) | ||||||||
Curtailment gain | (161 | ) | — | |||||||||
Plan participant contributions | 53 | 55 | ||||||||||
Benefits paid | (177 | ) | (157 | ) | ||||||||
Benefit obligation at end of year | $ | 2,779 | $ | 2,934 | ||||||||
Schedule Of Change In Plan Assets | ' | |||||||||||
2014 | 2013 | |||||||||||
Change in plan assets | ||||||||||||
Employer contributions | $ | 124 | $ | 102 | ||||||||
Plan participant contributions | 53 | 55 | ||||||||||
Benefits paid | (177 | ) | (157 | ) | ||||||||
Fair value of plan assets at end of year | $ | — | $ | — | ||||||||
Schedule Of Reconciliation Of Funded Status | ' | |||||||||||
2014 | 2013 | |||||||||||
Reconciliation of funded status | ||||||||||||
Net accrued benefit cost | $ | (2,779 | ) | $ | (2,934 | ) | ||||||
Schedule Of Amounts Recognized In The Consolidated Balance Sheets | ' | |||||||||||
2014 | 2013 | |||||||||||
Amounts recognized in the consolidated balance sheets consist of | ||||||||||||
Current accrued benefit liability | $ | (171 | ) | $ | (187 | ) | ||||||
Noncurrent accrued benefit liability | $ | (2,608 | ) | $ | (2,747 | ) | ||||||
Schedule Of Accumulated Benefit Obligation | ' | |||||||||||
2014 | 2013 | |||||||||||
Accumulated benefit obligation | $ | 2,779 | $ | 2,934 | ||||||||
Amounts Recognized In Accumulated Other Comprehensive Loss | ' | |||||||||||
Amounts recognized in accumulated other comprehensive loss at June 30 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net actuarial gain | $ | (788 | ) | $ | (784 | ) | ||||||
Prior service benefit | (13 | ) | (18 | ) | ||||||||
Income taxes | 296 | 296 | ||||||||||
Total | $ | (505 | ) | $ | (506 | ) | ||||||
Amounts In Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost During Next Fiscal Year | ' | |||||||||||
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows: | ||||||||||||
2015 | ||||||||||||
Prior service asset amortization | $ | (5 | ) | |||||||||
Unrecognized gain amortization | (28 | ) | ||||||||||
Total | $ | (33 | ) | |||||||||
Components Of Net Periodic Benefit (Income) Cost | ' | |||||||||||
The following table summarizes the components of net periodic benefit (income) cost at June 30: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Components of net periodic benefit (income) cost | ||||||||||||
Service cost | $ | 31 | $ | 31 | $ | 25 | ||||||
Interest cost | 130 | 113 | 147 | |||||||||
Curtailment benefit | (161 | ) | — | — | ||||||||
Amortization of unrecognized net gain | (27 | ) | (22 | ) | (31 | ) | ||||||
Amortization of prior service asset | (5 | ) | (5 | ) | (5 | ) | ||||||
Net periodic benefit (income) cost | $ | (32 | ) | $ | 117 | $ | 136 | |||||
Benefit Payments Estimated For Future Years | ' | |||||||||||
Benefit payments estimated for future years are as follows: | ||||||||||||
2015 | $ | 171 | ||||||||||
2016 | $ | 174 | ||||||||||
2017 | $ | 168 | ||||||||||
2018 | $ | 172 | ||||||||||
2019 | $ | 176 | ||||||||||
2020 - 2024 | $ | 866 | ||||||||||
Schedule of Health Care Cost Trend Rates | ' | |||||||||||
The following table summarizes the health care costs trend assumptions for other postretirement benefit measurement purposes: | ||||||||||||
2014 | 2013 | |||||||||||
Pre-Medicare eligible claims: | ||||||||||||
Health care cost trend rate assumed for next fiscal year | 7.5 | % | 8 | % | ||||||||
Ultimate health care cost trend rate | 5 | % | 5 | % | ||||||||
Year that rate reaches ultimate trend rate | 2021 | 2021 | ||||||||||
Medicare eligible claims: | ||||||||||||
Health care cost trend rate assumed for next fiscal year | 6.75 | % | 7 | % | ||||||||
Ultimate health care cost trend rate | 5 | % | 5 | % | ||||||||
Year that rate reaches ultimate trend rate | 2021 | 2021 | ||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||
Assumed health care cost rates can have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effect: | ||||||||||||
1-Percentage-Point | 1-Percentage-Point | |||||||||||
Increase | Decrease | |||||||||||
Effect on total of service and interest cost components | $ | 7 | $ | (6 | ) | |||||||
Effect on postretirement benefit obligation as of June 30, 2014 | $ | 178 | $ | (157 | ) | |||||||
Defined_Contribution_And_Other1
Defined Contribution And Other Employee Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Multiemployer Plans [Line Items] | ' | ||||||||||||||||||||||||
Schedule Of Costs Related To Defined Contribution Plans | ' | ||||||||||||||||||||||||
We sponsored four defined contribution plans established pursuant to Section 401(k) of the Internal Revenue Code during 2014. Contributions are determined under various formulas, and we contributed to two of the plans in 2014. Costs related to such plans for each of the years ending June 30 were as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Costs related to defined contribution plans | $ | 808 | $ | 724 | $ | 675 | |||||||||||||||||||
Schedule Of Liability For Deferred Compensation And Accrued Interest | ' | ||||||||||||||||||||||||
The following table summarizes our liability for total deferred compensation and accrued interest at June 30: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Liability for deferred compensation and accrued interest | $ | 4,055 | $ | 3,963 | |||||||||||||||||||||
Schedule Of Deferred Compensation Expense | ' | ||||||||||||||||||||||||
Deferred compensation expense for each of the years ending June 30 was as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Deferred compensation expense | $ | 131 | $ | 118 | $ | 101 | |||||||||||||||||||
Multiemployer Plans, Pension [Member] | ' | ||||||||||||||||||||||||
Multiemployer Plans [Line Items] | ' | ||||||||||||||||||||||||
Schedule Of Multiemployer Plans | ' | ||||||||||||||||||||||||
Pension Protection | Fiscal Year | ||||||||||||||||||||||||
Act Zone Status | Contributions | ||||||||||||||||||||||||
Plan Name | EIN/PN | 2013 | 2012 | FIP/RP Status | 2014 | 2013 | 2012 | Surcharge | Expiration | ||||||||||||||||
Pending / | Imposed | Date of | |||||||||||||||||||||||
Implemented | Collective | ||||||||||||||||||||||||
Bargaining | |||||||||||||||||||||||||
Agreement | |||||||||||||||||||||||||
Cleveland Bakers and Teamsters Pension Fund | 34-0904419-001 | Red | Red | Yes, | $ | 1,332 | $ | 1,324 | $ | 1,311 | Yes (1) | 4/30/16 | |||||||||||||
12/31/12 | 12/31/11 | Implemented | |||||||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047-001 | Green | Green | No | 397 | 390 | 416 | No | 12/15/18 | ||||||||||||||||
12/31/12 | 12/31/11 | ||||||||||||||||||||||||
Total contributions to multiemployer plans | $ | 1,729 | $ | 1,714 | $ | 1,727 | |||||||||||||||||||
-1 | Through December 31, 2012, a surcharge of 10% of required employer contributions under the collective bargaining agreement was required. | ||||||||||||||||||||||||
Multiemployer Plans, Postretirement Benefit [Member] | ' | ||||||||||||||||||||||||
Multiemployer Plans [Line Items] | ' | ||||||||||||||||||||||||
Schedule Of Multiemployer Health And Welfare Plan Contributions | ' | ||||||||||||||||||||||||
We contribute to two multiemployer postretirement benefit plans other than pensions under the terms of collective bargaining agreements that cover active union workers. These benefits are not vested. The contributions required by our participation in these plans for each of the years ending June 30 were as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Multiemployer health and welfare plan contributions | $ | 3,367 | $ | 3,666 | $ | 3,659 | |||||||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule Of Future Minimum Rental Commitments Due | ' | |||||||||||
The future minimum rental commitments due under these leases are summarized as follows: | ||||||||||||
2015 | $ | 4,058 | ||||||||||
2016 | $ | 2,694 | ||||||||||
2017 | $ | 1,847 | ||||||||||
2018 | $ | 1,315 | ||||||||||
2019 | $ | 1,310 | ||||||||||
Thereafter | $ | 249 | ||||||||||
Schedule Of Rent Expense | ' | |||||||||||
Total rent expense, including short-term cancelable leases, during the years ended June 30 is summarized as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating leases: | ||||||||||||
Minimum rentals | $ | 5,079 | $ | 4,780 | $ | 4,416 | ||||||
Contingent rentals | 86 | 122 | 264 | |||||||||
Short-term cancelable leases | 793 | 1,093 | 1,377 | |||||||||
Total | $ | 5,958 | $ | 5,995 | $ | 6,057 | ||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||
Segment Net Sales By Class Of Similar Products | ' | |||||||||||
The following table sets forth reportable segment information with respect to the amount of net sales contributed by each class of similar products of our consolidated net sales in each of the years ending June 30: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Specialty Foods | ||||||||||||
Non-frozen | $ | 681,872 | $ | 649,447 | $ | 621,497 | ||||||
Frozen | 359,203 | 364,356 | 367,440 | |||||||||
Total | $ | 1,041,075 | $ | 1,013,803 | $ | 988,937 | ||||||
Summary Of Financial Information Attributable To Reportable Segments | ' | |||||||||||
The following sets forth certain additional financial information attributable to our reportable segment for the years ended June 30 and certain items retained at the corporate level: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net Sales - Specialty Foods | $ | 1,041,075 | $ | 1,013,803 | $ | 988,937 | ||||||
Operating Income (1) (3) | ||||||||||||
Specialty Foods | $ | 165,383 | $ | 165,710 | $ | 151,479 | ||||||
Corporate Expenses | (11,616 | ) | (11,787 | ) | (10,297 | ) | ||||||
Total | $ | 153,767 | $ | 153,923 | $ | 141,182 | ||||||
Identifiable Assets (2) | ||||||||||||
Specialty Foods | $ | 405,416 | $ | 392,494 | $ | 384,604 | ||||||
Assets of Discontinued Operations | — | 78,578 | 85,370 | |||||||||
Corporate | 233,214 | 148,892 | 212,661 | |||||||||
Total | $ | 638,630 | $ | 619,964 | $ | 682,635 | ||||||
Capital Expenditures (3) | ||||||||||||
Specialty Foods | $ | 15,578 | $ | 23,341 | $ | 15,080 | ||||||
Corporate | 67 | 119 | 426 | |||||||||
Total | $ | 15,645 | $ | 23,460 | $ | 15,506 | ||||||
Depreciation and Amortization (3) | ||||||||||||
Specialty Foods | $ | 18,785 | $ | 17,469 | $ | 17,512 | ||||||
Corporate | 208 | 148 | 77 | |||||||||
Total | $ | 18,993 | $ | 17,617 | $ | 17,589 | ||||||
-1 | Operating income represents net sales less operating expenses related to the business segment. All intercompany transactions have been eliminated. | |||||||||||
-2 | Segment identifiable assets include those assets used in its operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents, prepaid Federal, state and local income taxes and deferred income taxes. | |||||||||||
-3 | Financial information reflects continuing operations. | |||||||||||
McLane Company Inc [Member] | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||
Net Sales To Major Customers | ' | |||||||||||
Net sales attributable to McLane Company, Inc. ("McLane"), a wholesale distribution subsidiary of Berkshire Hathaway, Inc., for each of the years ended June 30 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net sales to McLane | $ | 186,817 | $ | 132,872 | ||||||||
As a percentage of consolidated net sales | 18 | % | 13 | % | ||||||||
Percentage Of Receivables Due From Major Customers | ' | |||||||||||
Accounts receivable attributable to McLane at June 30 as a percentage of consolidated accounts receivable were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Accounts receivable due from McLane as a percentage of consolidated accounts receivable | 13 | % | 15 | % | ||||||||
Wal-Mart Stores, Inc. [Member] | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||
Net Sales To Major Customers | ' | |||||||||||
Net sales attributable to Wal-Mart Stores, Inc. (“Wal-Mart”) for each of the years ending June 30 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales to Wal-Mart | $ | 175,388 | $ | 168,976 | $ | 160,167 | ||||||
As a percentage of consolidated net sales | 17 | % | 17 | % | 16 | % | ||||||
Percentage Of Receivables Due From Major Customers | ' | |||||||||||
Accounts receivable attributable to Wal-Mart at June 30 as a percentage of consolidated accounts receivable were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Accounts receivable due from Wal-Mart as a percentage of consolidated accounts receivable | 27 | % | 24 | % |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule Of Quarterly Financial Information | ' | |||||||||||||||||||
First | Second | Third | Fourth | Fiscal Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2014 | ||||||||||||||||||||
Net Sales | $ | 248,137 | $ | 292,281 | $ | 241,849 | $ | 258,808 | $ | 1,041,075 | ||||||||||
Gross Margin | $ | 57,171 | $ | 81,623 | $ | 51,908 | $ | 57,866 | $ | 248,568 | ||||||||||
Income From Continuing Operations | $ | 24,052 | $ | 37,133 | $ | 18,900 | $ | 20,901 | $ | 100,986 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | 749 | $ | 2,101 | $ | (29,276 | ) | $ | 426 | $ | (26,000 | ) | ||||||||
Net Income (Loss) | $ | 24,801 | $ | 39,234 | $ | (10,376 | ) | $ | 21,327 | $ | 74,986 | |||||||||
Diluted Income (Loss) Per Common Share (1): | ||||||||||||||||||||
Continuing Operations | $ | 0.88 | $ | 1.36 | $ | 0.69 | $ | 0.76 | $ | 3.69 | ||||||||||
Discontinued Operations | $ | 0.03 | $ | 0.08 | $ | (1.07 | ) | $ | 0.02 | $ | (0.95 | ) | ||||||||
Net Income (Loss) | $ | 0.91 | $ | 1.44 | $ | (0.38 | ) | $ | 0.78 | $ | 2.74 | |||||||||
First | Second | Third | Fourth | Fiscal Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2013 | ||||||||||||||||||||
Net Sales | $ | 248,881 | $ | 272,634 | $ | 247,098 | $ | 245,190 | $ | 1,013,803 | ||||||||||
Gross Margin | $ | 61,121 | $ | 72,046 | $ | 53,833 | $ | 57,707 | $ | 244,707 | ||||||||||
Income From Continuing Operations | $ | 26,255 | $ | 31,471 | $ | 20,733 | $ | 25,401 | $ | 103,860 | ||||||||||
Income from Discontinued Operations, Net of Tax | $ | 407 | $ | 3,806 | $ | 1,100 | $ | 76 | $ | 5,389 | ||||||||||
Net Income | $ | 26,662 | $ | 35,277 | $ | 21,833 | $ | 25,477 | $ | 109,249 | ||||||||||
Diluted Income Per Common Share (1): | ||||||||||||||||||||
Continuing Operations | $ | 0.96 | $ | 1.14 | $ | 0.76 | $ | 0.93 | $ | 3.79 | ||||||||||
Discontinued Operations | $ | 0.01 | $ | 0.14 | $ | 0.04 | $ | — | $ | 0.2 | ||||||||||
Net Income | $ | 0.98 | $ | 1.28 | $ | 0.8 | $ | 0.93 | $ | 3.99 | ||||||||||
-1 | Diluted income (loss) per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly income (loss) per common share amounts may not agree with the fiscal year. |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Nov. 30, 2010 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Class A Participating Preferred Stock[Member] | Class B Voting Preferred Stock[Member] | Class C Nonvoting Preferred Stock [Member] | Buildings And Improvements [Member] | Buildings And Improvements [Member] | Machinery And Equipment [Member] | Machinery And Equipment [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||
Summary Of Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | '2 years | '40 years | '2 years | '20 years |
Preferred stock, shares authorized | 3,050,000 | 3,050,000 | ' | 750,000 | 1,150,000 | 1,150,000 | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | ' | $1 | $0 | $0 | ' | ' | ' | ' |
Shares authorized for repurchase | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares remaining authorized for future purchase | 1,426,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Construction in progress in accounts payable | $2,755 | $332 | $677 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Depreciation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Depreciation expense | $17,419 | $16,036 | $15,815 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Schedule Of Advertising Expense As A Percentage Of Net Sales) (Details) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising expense as a percentage of net sales | 2.00% | 2.00% | 2.00% |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Income Per Common Share From Continuing Operations Calculations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||||||
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Income from continuing operations | $20,901 | $18,900 | $37,133 | $24,052 | $25,401 | $20,733 | $31,471 | $26,255 | $100,986 | $103,860 | $92,349 | ||||||||||
Income from continuing operations available to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -174 | -326 | -170 | ||||||||||
Income from continuing operations available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $100,812 | $103,534 | $92,179 | ||||||||||
Weighted average common shares outstanding - basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 27,264 | 27,252 | 27,233 | ||||||||||
Incremental share effect from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Nonparticipating restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | 4 | ||||||||||
Stock-settled stock appreciation rights (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 30 | 28 | ||||||||||
Weighted average common shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 27,308 | 27,285 | 27,265 | ||||||||||
Income per common share from continuing operations - basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.70 | $3.80 | $3.38 | ||||||||||
Income per common share from continuing operations - diluted (in dollars per share) | $0.76 | [1] | $0.69 | [1] | $1.36 | [1] | $0.88 | [1] | $0.93 | [1] | $0.76 | [1] | $1.14 | [1] | $0.96 | [1] | $3.69 | [1] | $3.79 | [1] | $3.38 |
[1] | Diluted income (loss) per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly income (loss) per common share amounts may not agree with the fiscal year. |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ||
Accumulated other comprehensive loss at beginning of period | ($8,391) | ($12,162) | ' | ||
Net gain arising during the period | 96 | 5,322 | -8,437 | ||
Total other comprehensive income, before tax | 524 | 5,981 | -8,119 | ||
Total tax expense | -194 | -2,210 | 3,000 | ||
Other comprehensive income, net of tax | 330 | 3,771 | -5,119 | ||
Accumulated other comprehensive loss at end of period | -8,061 | -8,391 | -12,162 | ||
Pension Benefits [Member] | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ||
Net gain arising during the period | 65 | 5,160 | ' | ||
Amortization of unrecognized net loss (gain) | 460 | [1] | 687 | [1] | 355 |
Amortization of transition asset | 0 | [1] | -1 | [1] | -1 |
Postretirement Benefits [Member] | ' | ' | ' | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ||
Net gain arising during the period | 31 | 162 | ' | ||
Amortization of unrecognized net loss (gain) | -27 | [1] | -22 | [1] | -31 |
Amortization of prior service asset | ($5) | [1] | ($5) | [1] | ($5) |
[1] | Included in the computation of net periodic benefit income/cost. See Notes 8 and 9 for additional information. |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Cash proceeds from sale of candle operations | $28,000,000 | ' | ' | ' |
Net proceeds from sale of candle operations | 25,600,000 | 25,610,000 | 0 | 0 |
Pretax loss from sale of candle operations | ' | 44,033,000 | 0 | 0 |
Tax benefit from the loss on sale of candle operations | ' | 15,000,000 | ' | ' |
Net sales of discontinued operations | ' | 89,400,000 | 152,100,000 | 142,400,000 |
Pretax (loss) income from discontinued operations | ' | ($39,400,000) | $8,200,000 | $4,800,000 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Assets And Liabilities Of Discontinued Operations) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Cash | ' | $1 |
Receivables | ' | 14,061 |
Inventory | ' | 41,342 |
Other current assets | ' | 573 |
Current assets of discontinued operations | 0 | 55,977 |
Property, plant and equipment | ' | 21,621 |
Other noncurrent assets | ' | 980 |
Noncurrent assets of discontinued operations | 0 | 22,601 |
Total assets of discontinued operations | ' | 78,578 |
Accounts payable | ' | 5,431 |
Accrued liabilities | ' | 2,685 |
Current liabilities of discontinued operations | $0 | $8,116 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | Jun. 30, 2014 | 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 Other Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Net carrying value | $5,376 | $6,322 |
Trademarks (40-Year Life) [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying value | 370 | 370 |
Accumulated amortization | -214 | -205 |
Net carrying value | 156 | 165 |
Finite-lived other 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 | -7,800 | -6,863 |
Net carrying value | $5,220 | $6,157 |
Minimum [Member] | Customer Relationships (12 To 15-Year Life) [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived other intangible assets useful life | '12 years | ' |
Maximum [Member] | Customer Relationships (12 To 15-Year Life) [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived other intangible assets useful life | '15 years | ' |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense | $946 | $945 | $1,083 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2015 | $946 |
2016 | 775 |
2017 | 604 |
2018 | 604 |
2019 | $604 |
Liabilities_Schedule_Of_Accrue
Liabilities (Schedule Of Accrued Liabilities) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Compensation and employee benefits | $19,635 | $19,417 |
Distribution | 6,440 | 6,560 |
Other taxes | 1,219 | 1,553 |
Marketing | 1,815 | 1,917 |
Other | 2,056 | 3,155 |
Total accrued liabilities | $31,165 | $32,602 |
Liabilities_Schedule_Of_Other_
Liabilities (Schedule Of Other Noncurrent Liabilities) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Workers compensation | $9,450 | $9,156 |
Gross tax contingency reserve | 963 | 912 |
Deferred compensation and accrued interest | 4,055 | 3,963 |
Other | 2,186 | 3,057 |
Total other noncurrent liabilities | 22,208 | 23,291 |
Pension Benefits [Member] | ' | ' |
Accrued benefit liability | 2,946 | 3,456 |
Postretirement Benefits [Member] | ' | ' |
Accrued benefit liability | $2,608 | $2,747 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Maximum borrowing capacity | $120,000,000 | $120,000,000 |
Maximum borrowing capacity on obtaining consent of the issuing bank | 200,000,000 | 200,000,000 |
Line of credit facility, expiration date | 18-Apr-17 | ' |
Line of credit facility, amount outstanding | 0 | 0 |
Standby letters of credit, amount outstanding | 3,700,000 | ' |
Interest paid | $0 | $0 |
Minimum interest coverage ratio | 250.00% | ' |
Maximum leverage ratio | 300.00% | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Gross tax contingency reserve | $963,000 | $912,000 | $1,939,000 |
Gross tax contingency reserve, classified as current liabilities | 0 | ' | ' |
Gross tax contingency reserve, classified as noncurrent liabilities | $963,000 | $912,000 | ' |
Qualified manufacturing activities deduction percentage | 9.00% | ' | ' |
Income_Taxes_Schedule_Of_Taxes
Income Taxes (Schedule Of Taxes Based On Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Currently payable, Federal | $48,718 | $45,350 | $39,720 |
Currently payable, State and local | 4,526 | 3,475 | 4,116 |
Total current provision | 53,244 | 48,825 | 43,836 |
Deferred Federal, state and local (benefit) provision | -951 | 1,133 | 5,031 |
Total taxes based on income | $52,293 | $49,958 | $48,867 |
Income_Taxes_Tax_Benefits_Reco
Income Taxes (Tax Benefits Recorded Directly To Common Stock) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax benefits recorded directly to common stock | $1,020 | $794 | $301 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 2.00% | 1.50% | 2.10% |
ESOP dividend deduction | -0.20% | -0.80% | -0.20% |
Domestic manufacturing deduction | -3.00% | -3.10% | -2.60% |
Other | 0.30% | -0.10% | 0.30% |
Effective rate | 34.10% | 32.50% | 34.60% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Inventories | $720 | $2,597 |
Employee medical and other benefits | 10,149 | 11,161 |
Receivable and other allowances | 4,410 | 4,375 |
Other accrued liabilities | 2,895 | 3,133 |
Total deferred tax assets | 18,174 | 21,266 |
Property, plant and equipment | -21,307 | -21,607 |
Goodwill | -4,212 | -3,804 |
Other | -79 | -425 |
Total deferred tax liabilities | -25,598 | -25,836 |
Net deferred tax liability | ($7,424) | ($4,570) |
Income_Taxes_Net_Current_Defer
Income Taxes (Net Current Deferred Tax Assets And Prepaid Federal, State And Local Income Taxes) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Net current deferred tax assets | $11,329 | $13,704 |
Prepaid Federal, state and local income taxes | $9,688 | $7,549 |
Income_Taxes_Cash_Payments_For
Income Taxes (Cash Payments For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Cash payments for income taxes | $37,277 | $56,992 | $38,726 |
Income_Taxes_Reconciliation_Of1
Income Taxes (Reconciliation Of Tax Contingencies Reserves) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Balance, beginning of year | $912 | $1,939 |
Tax positions related to current year, Additions | 66 | 66 |
Tax positions related to current year, Reductions | 0 | 0 |
Tax positions related to prior years, Additions | 39 | 86 |
Tax positions related to prior years, Reductions | -54 | -1,021 |
Settlements | 0 | -158 |
Balance, end of year | $963 | $912 |
Income_Taxes_Net_TaxRelated_In
Income Taxes (Net Tax-Related Interest And Penalties Recognized) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Expense (benefit) recognized for net tax-related interest and penalties | $9 | ($539) |
Income_Taxes_Accrued_Interest_
Income Taxes (Accrued Interest And Penalties) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Accrued interest and penalties included in the gross tax contingency reserve | $392 | $383 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
director | director | director | |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost | 1.7 | ' | ' |
Weighted-average period over which remaining compensation cost will be recognized | '2 years | ' | ' |
Vesting period | '3 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost | 2.5 | ' | ' |
Weighted-average period over which remaining compensation cost will be recognized | '2 years | ' | ' |
Number vested | 13,000 | ' | ' |
Director Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number vested | 7,000 | 7,000 | 8,000 |
Number of nonemployee directors | 7 | 7 | 7 |
Vesting period | '1 year | ' | ' |
Employee Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number vested | 6,000 | 23,000 | 6,000 |
Vesting period | '3 years | ' | ' |
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 | ' | ' |
2005 Plan [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
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 $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' | ' |
SSSARs granted (in rights) | 146 | 108 | 187 |
Weighted average grant date fair value per award | $11.84 | $9.04 | $9.07 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.75% | 0.33% | 0.41% |
Dividend yield | 1.97% | 2.09% | 2.11% |
Volatility factor of the expected market price of our common stock | 22.35% | 23.23% | 24.30% |
Weighted average expected life in years | '3 years 1 month 13 days | '2 years 8 months 1 day | '2 years 9 months 4 days |
StockBased_Compensation_StockS1
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Compensation Expense And Tax Benefits Recorded) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $2,472 | $2,901 | $2,922 |
Excess tax benefits | 1,020 | 794 | 301 |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 1,092 | 1,316 | 1,514 |
Tax benefits | 382 | 461 | 530 |
Intrinsic value of exercises | 2,692 | 1,851 | 559 |
Excess tax benefits | $942 | $659 | $230 |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value Of Stock-Settled Stock Appreciation Rights Vested) (Details) (Stock Settled Stock Appreciation Rights SARS [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Fair value of vested rights | $1,145 | $1,476 | $1,107 |
StockBased_Compensation_StockS2
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Activity) (Details) (Stock Settled Stock Appreciation Rights SARS [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Stock Settled Stock Appreciation Rights SARS [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Rights, Outstanding at beginning of period | 374 | ' | ' |
Number of Rights, Exercised | -150 | ' | ' |
Number of Rights, Granted | 146 | 108 | 187 |
Number of Rights, Forfeited | -12 | ' | ' |
Number of Rights, Outstanding at end of period | 358 | 374 | ' |
Number of Rights, Exercisable and vested at end of period | 84 | ' | ' |
Number of Rights, Vested and expected to vest at end of period | 320 | ' | ' |
Weighted Average Exercise Price, Outstanding at beginning of period | $66.42 | ' | ' |
Weighted Average Exercise Price, Exercised | $63.68 | ' | ' |
Weighted Average Exercise Price, Granted | $89.16 | ' | ' |
Weighted Average Exercise Price, Forfeited | $68.32 | ' | ' |
Weighted Average Exercise Price, Outstanding at end of period | $76.75 | $66.42 | ' |
Weighted Average Exercise Price, Exercisable and vested at end of period | $64.63 | ' | ' |
Weighted Average Exercise Price, Vested and expected to vest at end of period | $76.44 | ' | ' |
Weighted Average Remaining Contractual Life, Outstanding at end of period | '3 years 6 months 26 days | ' | ' |
Weighted Average Remaining Contractual Life, Exercisable and vested at end of period | '2 years 2 months 23 days | ' | ' |
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period | '3 years 6 months 11 days | ' | ' |
Aggregate Intrinsic Value, Outstanding at end of period | $6,594 | ' | ' |
Aggregate Intrinsic Value, Exercisable and vested at end of period | 2,573 | ' | ' |
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $5,991 | ' | ' |
StockBased_Compensation_StockS3
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Outstanding By Grant Year) (Details) (Stock Settled Stock Appreciation Rights SARS [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Outstanding, Number Outstanding | 358 | 374 |
Outstanding, Weighted Average Remaining Contractual Life | '3 years 6 months 26 days | ' |
Outstanding, Weighted Average Exercise Price | $76.75 | $66.42 |
Exercisable, Number Exercisable | 84 | ' |
Exercisable, Weighted Average Exercise Price | $64.63 | ' |
Year2014 [Member] | ' | ' |
Outstanding, Number Outstanding | 146 | ' |
Outstanding, Weighted Average Remaining Contractual Life | '4 years 7 months 24 days | ' |
Outstanding, Weighted Average Exercise Price | $89.16 | ' |
Exercisable, Number Exercisable | 0 | ' |
Exercisable, Weighted Average Exercise Price | $0 | ' |
Year2013 [Member] | ' | ' |
Outstanding, Exercise Price | $72.67 | ' |
Outstanding, Number Outstanding | 85 | ' |
Outstanding, Weighted Average Remaining Contractual Life | '3 years 7 months 28 days | ' |
Outstanding, Weighted Average Exercise Price | $72.67 | ' |
Exercisable, Number Exercisable | 14 | ' |
Exercisable, Weighted Average Exercise Price | $72.67 | ' |
Year2012 [Member] | ' | ' |
Outstanding, Number Outstanding | 92 | ' |
Outstanding, Weighted Average Remaining Contractual Life | '2 years 7 months 24 days | ' |
Outstanding, Weighted Average Exercise Price | $68.08 | ' |
Exercisable, Number Exercisable | 35 | ' |
Exercisable, Weighted Average Exercise Price | $68.12 | ' |
Year2011 [Member] | ' | ' |
Outstanding, Exercise Price | $57.78 | ' |
Outstanding, Number Outstanding | 22 | ' |
Outstanding, Weighted Average Remaining Contractual Life | '1 year 7 months 24 days | ' |
Outstanding, Weighted Average Exercise Price | $57.78 | ' |
Exercisable, Number Exercisable | 22 | ' |
Exercisable, Weighted Average Exercise Price | $57.78 | ' |
Year2010 [Member] | ' | ' |
Outstanding, Exercise Price | $58.79 | ' |
Outstanding, Number Outstanding | 13 | ' |
Outstanding, Weighted Average Remaining Contractual Life | '7 months 24 days | ' |
Outstanding, Weighted Average Exercise Price | $58.79 | ' |
Exercisable, Number Exercisable | 13 | ' |
Exercisable, Weighted Average Exercise Price | $58.79 | ' |
Minimum [Member] | Year2014 [Member] | ' | ' |
Outstanding, Exercise Price | $79.78 | ' |
Minimum [Member] | Year2012 [Member] | ' | ' |
Outstanding, Exercise Price | $63.50 | ' |
Maximum [Member] | Year2014 [Member] | ' | ' |
Outstanding, Exercise Price | $89.29 | ' |
Maximum [Member] | Year2012 [Member] | ' | ' |
Outstanding, Exercise Price | $68.12 | ' |
StockBased_Compensation_Employ
Stock-Based Compensation (Employee Restricted Stock Grant Details) (Details) (Employee Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Employee Restricted Stock [Member] | ' | ' | ' |
Restricted stock granted (in shares) | 24 | 8 | 25 |
Grant date fair value | $2,190 | $572 | $1,705 |
Weighted average grant date fair value per award | $89.21 | $72.67 | $68.08 |
StockBased_Compensation_Nonemp
Stock-Based Compensation (Nonemployee Director Restricted Stock Grant Details) (Details) (Director Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Director Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock granted (in shares) | 6 | 7 | 7 |
Grant date fair value | $490 | $490 | $490 |
Weighted average grant date fair value per award | $84.42 | $73.29 | $65.97 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Compensation Expense And Tax Benefits Recorded) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $2,472 | $2,901 | $2,922 |
Excess tax benefits | 1,020 | 794 | 301 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 1,434 | 1,411 | 1,243 |
Tax benefits | 502 | 494 | 435 |
Excess tax benefits | $78 | $135 | $71 |
StockBased_Compensation_Fair_V1
Stock-Based Compensation (Fair Value Of Restricted Stock Vested) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Restricted Stock [Member] | ' | ' | ' |
Fair value of vested shares | $931 | $1,842 | $645 |
StockBased_Compensation_Restri1
Stock-Based Compensation (Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
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 |
Number of Shares, Granted | 30 |
Number of Shares, Vested | -13 |
Number of Shares, Forfeited | -4 |
Number of Shares, Unvested restricted stock at end of period | 58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' |
Weighted Average Grant Date Fair Value, Unvested restricted stock at beginning of period | $68.16 |
Weighted Average Grant Date Fair Value, Granted | $88.30 |
Weighted Average Grant Date Fair Value, Vested | $65.96 |
Weighted Average Grant Date Fair Value, Forfeited | $70.63 |
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of period | $79.09 |
Pension_Benefits_Narrative_Det
Pension Benefits (Narrative) (Details) (Pension Benefits [Member], USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Minimum length of investment horizon | '10 years |
Estimated employer contributions to pension plans in next fiscal year | $0 |
Pension_Benefits_Discount_Rate
Pension Benefits (Discount Rate) (Details) (Pension Benefits [Member]) | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.02% | 4.57% |
Pension_Benefits_Net_Periodic_
Pension Benefits (Net Periodic Benefit Costs Assumptions) (Details) (Pension Benefits [Member]) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.57% | 3.78% | 5.29% |
Expected long-term return on plan assets | 7.00% | 7.00% | 7.00% |
Pension_Benefits_Target_And_Ac
Pension Benefits (Target And Actual Asset Allocations) (Details) (Pension Benefits [Member]) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Percentage of Plan Assets | 100.00% | 100.00% |
Cash And Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Percentage of Plan Assets, minimum | 0.00% | ' |
Target Percentage of Plan Assets, maximum | 10.00% | ' |
Actual Percentage of Plan Assets | 3.00% | 2.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Percentage of Plan Assets, minimum | 30.00% | ' |
Target Percentage of Plan Assets, maximum | 70.00% | ' |
Actual Percentage of Plan Assets | 53.00% | 51.00% |
Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Percentage of Plan Assets, minimum | 30.00% | ' |
Target Percentage of Plan Assets, maximum | 70.00% | ' |
Actual Percentage of Plan Assets | 44.00% | 47.00% |
Pension_Benefits_Summary_Of_Th
Pension Benefits (Summary Of The Fair Values And Levels Within The Fair Value Hierarchy Of Plan Assets) (Details) (Pension Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $38,725 | $36,243 | $35,135 |
Cash And Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 550 | 543 | ' |
Money Market Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 460 | 319 | ' |
U.S. Government Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3,821 | 4,275 | ' |
Corporate Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,921 | 2,440 | ' |
Mortgage Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,181 | 1,911 | ' |
Mutual Funds Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 8,300 | 8,455 | ' |
Mutual Funds Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 20,492 | 18,300 | ' |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 29,802 | 27,617 | ' |
Level 1 [Member] | Cash And Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 550 | 543 | ' |
Level 1 [Member] | Money Market Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 460 | 319 | ' |
Level 1 [Member] | U.S. Government Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Corporate Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Mortgage Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Mutual Funds Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 8,300 | 8,455 | ' |
Level 1 [Member] | Mutual Funds Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 20,492 | 18,300 | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 8,923 | 8,626 | ' |
Level 2 [Member] | Cash And Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Money Market Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | U.S. Government Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3,821 | 4,275 | ' |
Level 2 [Member] | Corporate Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,921 | 2,440 | ' |
Level 2 [Member] | Mortgage Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,181 | 1,911 | ' |
Level 2 [Member] | Mutual Funds Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Mutual Funds Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Cash And Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Money Market Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | U.S. Government Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Corporate Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Mortgage Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Mutual Funds Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Mutual Funds Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $0 | $0 | ' |
Pension_Benefits_Schedule_Of_C
Pension Benefits (Schedule Of Change In Benefit Obligation) (Details) (Pension Benefits [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | $39,519 | $44,318 | ' |
Interest cost | 1,754 | 1,633 | 1,933 |
Actuarial loss (gain) | 2,241 | -4,188 | ' |
Benefits paid | -2,281 | -2,244 | ' |
Benefit obligation at end of year | $41,233 | $39,519 | $44,318 |
Pension_Benefits_Schedule_Of_C1
Pension Benefits (Schedule Of Change In Plan Assets) (Details) (Pension Benefits [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | $36,243 | $35,135 |
Actual return on plan assets | 4,763 | 3,352 |
Employer contributions | 0 | 0 |
Benefits paid | -2,281 | -2,244 |
Fair value of plan assets at end of year | $38,725 | $36,243 |
Pension_Benefits_Schedule_Of_R
Pension Benefits (Schedule Of Reconciliation Of Funded Status) (Details) (Pension Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net accrued benefit cost | ($2,508) | ($3,276) |
Pension_Benefits_Schedule_Of_A
Pension Benefits (Schedule Of Amounts Recognized In The Consolidated Balance Sheets) (Details) (Pension Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prepaid benefit cost (noncurrent assets) | $438 | $180 |
Accrued benefit liability (noncurrent liabilities) | -2,946 | -3,456 |
Net amount recognized | ($2,508) | ($3,276) |
Pension_Benefits_Schedule_Of_A1
Pension Benefits (Schedule Of Accumulated Benefit Obligation) (Details) (Pension Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $41,233 | $39,519 |
Pension_Benefits_Plans_With_Be
Pension Benefits (Plans With Benefit Obligations In Excess Of The Fair Value Of Plan Assets) (Details) (Pension Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligations | $38,170 | $36,270 |
Fair value of plan assets at end of year | $35,224 | $32,814 |
Pension_Benefits_Amounts_Recog
Pension Benefits (Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) (Pension Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net actuarial loss | $13,585 | $14,110 |
Income taxes | -5,019 | -5,213 |
Total | $8,566 | $8,897 |
Pension_Benefits_Amounts_In_Ac
Pension Benefits (Amounts In Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost During Next Fiscal Year) (Details) (Pension Benefits [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | $429 |
Pension_Benefits_Components_Of
Pension Benefits (Components Of Net Periodic Benefit Income) (Details) (Pension Benefits [Member], USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Pension Benefits [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Interest cost | $1,754 | $1,633 | $1,933 | ||
Expected return on plan assets | -2,457 | -2,380 | -2,397 | ||
Amortization of unrecognized net loss | 460 | [1] | 687 | [1] | 355 |
Amortization of unrecognized net asset existing at transition | 0 | [1] | -1 | [1] | -1 |
Net periodic benefit (income) cost | ($243) | ($61) | ($110) | ||
[1] | Included in the computation of net periodic benefit income/cost. See Notes 8 and 9 for additional information. |
Pension_Benefits_Benefit_Payme
Pension Benefits (Benefit Payments Estimated For Future Years) (Details) (Pension Benefits [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2015 | $2,252 |
2016 | 2,252 |
2017 | 2,267 |
2018 | 2,287 |
2019 | 2,346 |
2020 - 2024 | $12,772 |
Postretirement_Benefits_Narrat
Postretirement Benefits (Narrative) (Details) (Postretirement Benefits [Member], USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit (income) cost | ($32,000) | $117,000 | $136,000 |
Estimated employer contributions to postretirement benefit plans in next fiscal year | 200,000 | ' | ' |
Discontinued Operations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit (income) cost | ($100,000) | ' | ' |
Postretirement_Benefits_Discou
Postretirement Benefits (Discount Rate) (Details) (Postretirement Benefits [Member]) | Jun. 30, 2014 | Jun. 30, 2013 |
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.02% | 4.57% |
Postretirement_Benefits_Net_Pe
Postretirement Benefits (Net Periodic Benefit Costs Assumptions) (Details) (Postretirement Benefits [Member]) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.57% | 3.78% | 5.29% |
Pre Medicare [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate | 8.00% | 10.00% | 10.00% |
Medicare [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate | 7.00% | 7.00% | 10.00% |
Postretirement_Benefits_Schedu
Postretirement Benefits (Schedule Of Change In Benefit Obligation) (Details) (Postretirement Benefits [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | $2,934 | $3,054 | ' |
Service cost | 31 | 31 | 25 |
Interest cost | 130 | 113 | 147 |
Actuarial gain | -31 | -162 | ' |
Curtailment gain | -161 | 0 | ' |
Plan participant contributions | 53 | 55 | ' |
Benefits paid | -177 | -157 | ' |
Benefit obligation at end of year | $2,779 | $2,934 | $3,054 |
Postretirement_Benefits_Schedu1
Postretirement Benefits (Schedule Of Change In Plan Assets) (Details) (Postretirement Benefits [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Employer contributions | $124 | $102 |
Plan participant contributions | 53 | 55 |
Benefits paid | -177 | -157 |
Fair value of plan assets at end of year | $0 | $0 |
Postretirement_Benefits_Schedu2
Postretirement Benefits (Schedule Of Reconciliation Of Funded Status) (Details) (Postretirement Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net accrued benefit cost | ($2,779) | ($2,934) |
Postretirement_Benefits_Schedu3
Postretirement Benefits (Schedule Of Amounts Recognized In The Consolidated Balance Sheets) (Details) (Postretirement Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Current accrued benefit liability | ($171) | ($187) |
Noncurrent accrued benefit liability | ($2,608) | ($2,747) |
Postretirement_Benefits_Schedu4
Postretirement Benefits (Schedule Of Accumulated Benefit Obligation) (Details) (Postretirement Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $2,779 | $2,934 |
Postretirement_Benefits_Amount
Postretirement Benefits (Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) (Postretirement Benefits [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net actuarial gain | ($788) | ($784) |
Prior service benefit | -13 | -18 |
Income taxes | 296 | 296 |
Total | ($505) | ($506) |
Postretirement_Benefits_Amount1
Postretirement Benefits (Amounts In Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost During Next Fiscal Year) (Details) (Postretirement Benefits [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service asset amortization | ($5) |
Unrecognized gain amortization | -28 |
Total | ($33) |
Postretirement_Benefits_Compon
Postretirement Benefits (Components Of Net Periodic Benefit (Income) Cost) (Details) (Postretirement Benefits [Member], USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Postretirement Benefits [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Service cost | $31 | $31 | $25 | ||
Interest cost | 130 | 113 | 147 | ||
Curtailment benefit | -161 | 0 | 0 | ||
Amortization of unrecognized net gain | -27 | [1] | -22 | [1] | -31 |
Amortization of prior service asset | -5 | [1] | -5 | [1] | -5 |
Net periodic benefit (income) cost | ($32) | $117 | $136 | ||
[1] | Included in the computation of net periodic benefit income/cost. See Notes 8 and 9 for additional information. |
Postretirement_Benefits_Benefi
Postretirement Benefits (Benefit Payments Estimated For Future Years) (Details) (Postretirement Benefits [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2015 | $171 |
2016 | 174 |
2017 | 168 |
2018 | 172 |
2019 | 176 |
2020 - 2024 | $866 |
Postretirement_Benefits_Schedu5
Postretirement Benefits (Schedule of Health Care Cost Trend Rates) (Details) (Postretirement Benefits [Member]) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Pre Medicare [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend rate assumed for next fiscal year | 7.50% | 8.00% |
Ultimate health care cost trend rate | 5.00% | 5.00% |
Year that rate reaches ultimate trend rate | '2021 | '2021 |
Medicare [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend rate assumed for next fiscal year | 6.75% | 7.00% |
Ultimate health care cost trend rate | 5.00% | 5.00% |
Year that rate reaches ultimate trend rate | '2021 | '2021 |
Postretirement_Benefits_Schedu6
Postretirement Benefits (Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) (Postretirement Benefits [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on total of service and interest cost components, 1-Percentage-Point Increase | $7 |
Effect on total of service and interest cost components, 1-Percentage-Point Decrease | -6 |
Effect on postretirement benefit obligation as of June 30, 2014, 1-Percentage-Point Increase | 178 |
Effect on postretirement benefit obligation as of June 30, 2014, 1-Percentage-Point Decrease | ($157) |
Defined_Contribution_And_Other2
Defined Contribution And Other Employee Plans (Narrative) (Details) (Cleveland Bakers And Teamsters Pension Fund [Member], Multiemployer Plans, Pension [Member]) | 12 Months Ended |
Jun. 30, 2014 | |
Cleveland Bakers And Teamsters Pension Fund [Member] | Multiemployer Plans, Pension [Member] | ' |
Multiemployer Plans [Line Items] | ' |
Employer's contributions represent more than five percent of total contributions | 'true |
Defined_Contribution_And_Other3
Defined Contribution And Other Employee Plans (Schedule Of Costs Related To Defined Contribution Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Contribution And Other Employee Plans [Abstract] | ' | ' | ' |
Costs related to defined contribution plans | $808 | $724 | $675 |
Defined_Contribution_And_Other4
Defined Contribution And Other Employee Plans (Schedule Of Multiemployer Plans) (Details) (Multiemployer Plans, Pension [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Multiemployer Plan, Period Contributions | $1,729 | $1,714 | $1,727 | |
Cleveland Bakers And Teamsters Pension Fund [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
EIN | '340904419 | ' | ' | |
PN | '001 | ' | ' | |
Pension Protection Act Zone Status | ' | 'Red | 'Red | |
Pension Protection Act Zone Status, Date | ' | 31-Dec-12 | 31-Dec-11 | |
FIP/RP Status Pending/Implemented | 'Implemented | ' | ' | |
Multiemployer Plan, Period Contributions | 1,332 | 1,324 | 1,311 | |
Surcharge Imposed | 'Yes | [1] | ' | ' |
Expiration Date Of Collective Bargaining Agreement | 30-Apr-16 | ' | ' | |
Surcharge as a percentage of required employer contributions | 10.00% | ' | ' | |
Western Conference Of Teamsters Pension Trust [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
EIN | '916145047 | ' | ' | |
PN | '001 | ' | ' | |
Pension Protection Act Zone Status | ' | 'Green | 'Green | |
Pension Protection Act Zone Status, Date | ' | 31-Dec-12 | 31-Dec-11 | |
FIP/RP Status Pending/Implemented | 'No | ' | ' | |
Multiemployer Plan, Period Contributions | $397 | $390 | $416 | |
Surcharge Imposed | 'No | ' | ' | |
Expiration Date Of Collective Bargaining Agreement | 15-Dec-18 | ' | ' | |
[1] | Through December 31, 2012, a surcharge of 10% of required employer contributions under the collective bargaining agreement was required. |
Defined_Contribution_And_Other5
Defined Contribution And Other Employee Plans (Schedule Of Multiemployer Health And Welfare Plan Contributions) (Details) (Multiemployer Plans, Postretirement Benefit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Multiemployer Plans, Postretirement Benefit [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer health and welfare plan contributions | $3,367 | $3,666 | $3,659 |
Defined_Contribution_And_Other6
Defined Contribution And Other Employee Plans (Schedule Of Liability For Deferred Compensation And Accrued Interest) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Defined Contribution And Other Employee Plans [Abstract] | ' | ' |
Liability for deferred compensation and accrued interest | $4,055 | $3,963 |
Defined_Contribution_And_Other7
Defined Contribution And Other Employee Plans (Schedule Of Deferred Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Contribution And Other Employee Plans [Abstract] | ' | ' | ' |
Deferred compensation expense | $131 | $118 | $101 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
End range of operating lease expirations | '2020 |
Commitments_Schedule_Of_Future
Commitments (Schedule Of Future Minimum Rental Commitments Due) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2015 | $4,058 |
2016 | 2,694 |
2017 | 1,847 |
2018 | 1,315 |
2019 | 1,310 |
Thereafter | $249 |
Commitments_Schedule_Of_Rent_E
Commitments (Schedule Of Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Minimum rentals | $5,079 | $4,780 | $4,416 |
Contingent rentals | 86 | 122 | 264 |
Short-term cancelable leases | 793 | 1,093 | 1,377 |
Total | $5,958 | $5,995 | $6,057 |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Concentration Risk [Line Items] | ' | ' | ' |
CDSOA receipts | $0.10 | $0.30 | $2.70 |
Workforce Subject to Collective Bargaining Arrangements [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of employees represented under collective bargaining agreements | 23.00% | ' | ' |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percentage of employees represented under collective bargaining agreements | 0.00% | ' | ' |
Business_Segment_Information_N
Business Segment Information (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 1 |
Business_Segment_Information_S
Business Segment Information (Segment Net Sales By Class Of Similar Products) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $258,808 | $241,849 | $292,281 | $248,137 | $245,190 | $247,098 | $272,634 | $248,881 | $1,041,075 | $1,013,803 | $988,937 |
Specialty Foods [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,041,075 | 1,013,803 | 988,937 |
Non-Frozen [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 681,872 | 649,447 | 621,497 |
Frozen [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $359,203 | $364,356 | $367,440 |
Business_Segment_Information_S1
Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net Sales | $258,808 | $241,849 | $292,281 | $248,137 | $245,190 | $247,098 | $272,634 | $248,881 | $1,041,075 | $1,013,803 | $988,937 | |||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 153,767 | [1],[2] | 153,923 | [1],[2] | 141,182 | [1],[2] | ||
Identifiable Assets | 638,630 | [3] | ' | ' | ' | 619,964 | [3] | ' | ' | ' | 638,630 | [3] | 619,964 | [3] | 682,635 | [3] |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 15,961 | 24,147 | 16,347 | |||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20,407 | 20,114 | 20,266 | |||||
Specialty Foods [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,041,075 | 1,013,803 | 988,937 | |||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 165,383 | [1],[2] | 165,710 | [1],[2] | 151,479 | [1],[2] | ||
Identifiable Assets | 405,416 | [3] | ' | ' | ' | 392,494 | [3] | ' | ' | ' | 405,416 | [3] | 392,494 | [3] | 384,604 | [3] |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 15,578 | [1] | 23,341 | [1] | 15,080 | [1] | ||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 18,785 | [1] | 17,469 | [1] | 17,512 | [1] | ||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | -11,616 | [1],[2] | -11,787 | [1],[2] | -10,297 | [1],[2] | ||
Identifiable Assets | 233,214 | [3] | ' | ' | ' | 148,892 | [3] | ' | ' | ' | 233,214 | [3] | 148,892 | [3] | 212,661 | [3] |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 67 | [1] | 119 | [1] | 426 | [1] | ||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 208 | [1] | 148 | [1] | 77 | [1] | ||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Identifiable Assets | 0 | [3] | ' | ' | ' | 78,578 | [3] | ' | ' | ' | 0 | [3] | 78,578 | [3] | 85,370 | [3] |
Continuing Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 15,645 | [1] | 23,460 | [1] | 15,506 | [1] | ||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | $18,993 | [1] | $17,617 | [1] | $17,589 | [1] | ||
[1] | Financial information reflects continuing operations. | |||||||||||||||
[2] | Operating income represents net sales less operating expenses related to the business segment. All intercompany transactions have been eliminated. | |||||||||||||||
[3] | Segment identifiable assets include those assets used in its operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents, prepaid Federal, state and local income taxes and deferred income taxes. |
Business_Segment_Information_N1
Business Segment Information (Net Sales To McLane) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $258,808 | $241,849 | $292,281 | $248,137 | $245,190 | $247,098 | $272,634 | $248,881 | $1,041,075 | $1,013,803 | $988,937 |
McLane Company Inc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $186,817 | $132,872 | ' |
Customer Concentration Risk [Member] | McLane Company Inc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales as a percentage of consolidated net sales | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | 13.00% | ' |
Business_Segment_Information_N2
Business Segment Information (Net Sales To Wal-Mart) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $258,808 | $241,849 | $292,281 | $248,137 | $245,190 | $247,098 | $272,634 | $248,881 | $1,041,075 | $1,013,803 | $988,937 |
Wal-Mart Stores, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $175,388 | $168,976 | $160,167 |
Customer Concentration Risk [Member] | Wal-Mart Stores, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales as a percentage of consolidated net sales | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | 17.00% | 16.00% |
Business_Segment_Information_P
Business Segment Information (Percentage Of Receivables Due From Wal-Mart) (Details) (Wal-Mart Stores, Inc. [Member], Credit Concentration Risk [Member]) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Wal-Mart Stores, Inc. [Member] | Credit Concentration Risk [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Accounts receivable as a percentage of consolidated accounts receivable | 27.00% | 24.00% |
Business_Segment_Information_P1
Business Segment Information (Percentage Of Receivables Due From McLane) (Details) (McLane Company Inc [Member], Credit Concentration Risk [Member]) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
McLane Company Inc [Member] | Credit Concentration Risk [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Accounts receivable as a percentage of consolidated accounts receivable | 13.00% | 15.00% |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net Sales | $258,808 | $241,849 | $292,281 | $248,137 | $245,190 | $247,098 | $272,634 | $248,881 | $1,041,075 | $1,013,803 | $988,937 | ||||||||||
Gross Margin | 57,866 | 51,908 | 81,623 | 57,171 | 57,707 | 53,833 | 72,046 | 61,121 | 248,568 | 244,707 | 223,428 | ||||||||||
Income From Continuing Operations | 20,901 | 18,900 | 37,133 | 24,052 | 25,401 | 20,733 | 31,471 | 26,255 | 100,986 | 103,860 | 92,349 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | 426 | -29,276 | 2,101 | 749 | 76 | 1,100 | 3,806 | 407 | -26,000 | 5,389 | 3,459 | ||||||||||
Net Income (Loss) | $21,327 | ($10,376) | $39,234 | $24,801 | $25,477 | $21,833 | $35,277 | $26,662 | $74,986 | $109,249 | $95,808 | ||||||||||
Diluted Income (Loss) Per Common Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Continuing Operations (in dollars per share) | $0.76 | [1] | $0.69 | [1] | $1.36 | [1] | $0.88 | [1] | $0.93 | [1] | $0.76 | [1] | $1.14 | [1] | $0.96 | [1] | $3.69 | [1] | $3.79 | [1] | $3.38 |
Discontinued Operations (in dollars per share) | $0.02 | [1] | ($1.07) | [1] | $0.08 | [1] | $0.03 | [1] | $0 | [1] | $0.04 | [1] | $0.14 | [1] | $0.01 | [1] | ($0.95) | [1] | $0.20 | [1] | ' |
Net Income (Loss) (in dollars per share) | $0.78 | [1] | ($0.38) | [1] | $1.44 | [1] | $0.91 | [1] | $0.93 | [1] | $0.80 | [1] | $1.28 | [1] | $0.98 | [1] | $2.74 | [1] | $3.99 | [1] | $3.51 |
[1] | Diluted income (loss) per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly income (loss) per common share amounts may not agree with the fiscal year. |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Schedule Of Valuation And Qualifying Accounts) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Valuation and Qualifying Accounts [Abstract] | ' | ' | ' | |||
Allowance for Doubtful Accounts, Beginning Balance | $340 | $361 | $376 | |||
Additions Charged to Costs and Expenses | 96 | 5 | 4 | |||
Deductions | 4 | [1] | 26 | [1] | 19 | [1] |
Allowance for Doubtful Accounts, Ending Balance | $432 | $340 | $361 | |||
[1] | Represents uncollectible accounts written-off net of recoveries. |