Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 24, 2015 |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 57515 | |
Entity Registrant Name | LANCASTER COLONY CORP | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,357 | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Current Fiscal Year End Date | -24 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and equivalents | $161,417 | $211,539 |
Receivables (less allowance for doubtful accounts, March-$194; June-$432) | 69,374 | 57,808 |
Inventories: | ||
Raw materials | 29,951 | 28,069 |
Finished goods | 42,319 | 46,447 |
Total inventories | 72,270 | 74,516 |
Deferred income taxes and other current assets | 26,128 | 23,428 |
Total current assets | 329,189 | 367,291 |
Property, Plant and Equipment: | ||
Land, buildings and improvements | 112,836 | 107,690 |
Machinery and equipment | 253,537 | 238,791 |
Total cost | 366,373 | 346,481 |
Less accumulated depreciation | 190,878 | 177,807 |
Property, plant and equipment-net | 175,495 | 168,674 |
Other Assets: | ||
Goodwill | 126,723 | 89,840 |
Other intangible assets-net | 51,696 | 5,376 |
Other noncurrent assets | 8,127 | 7,449 |
Total | 691,230 | 638,630 |
Current Liabilities: | ||
Accounts payable | 43,796 | 37,907 |
Accrued liabilities | 33,226 | 31,165 |
Total current liabilities | 77,022 | 69,072 |
Other Noncurrent Liabilities | 20,868 | 22,208 |
Deferred Income Taxes | 23,969 | 18,753 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Preferred stock-authorized 3,050,000 shares; outstanding-none | ||
Common stock-authorized 75,000,000 shares; outstanding – March-27,356,804 shares; June-27,339,421 shares | 107,020 | 104,789 |
Retained earnings | 1,206,136 | 1,167,211 |
Accumulated other comprehensive loss | -7,874 | -8,061 |
Common stock in treasury, at cost | -735,911 | -735,342 |
Total shareholders' equity | 569,371 | 528,597 |
Total | $691,230 | $638,630 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $194 | $432 |
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 | 27,356,804 | 27,339,421 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||||
Net Sales | $263,400 | $241,849 | $826,798 | $782,267 |
Cost of Sales | 206,775 | 189,941 | 634,096 | 591,565 |
Gross Margin | 56,625 | 51,908 | 192,702 | 190,702 |
Selling, General and Administrative Expenses | 25,417 | 23,073 | 76,674 | 69,251 |
Operating Income | 31,208 | 28,835 | 116,028 | 121,451 |
Interest Income and Other-Net | -138 | -204 | -177 | -328 |
Income From Continuing Operations Before Income Taxes | 31,070 | 28,631 | 115,851 | 121,123 |
Taxes Based on Income | 10,667 | 9,731 | 39,733 | 41,038 |
Income From Continuing Operations | 20,403 | 18,900 | 76,118 | 80,085 |
Discontinued Operations, Net of Tax: | ||||
Income from discontinued operations | 0 | 325 | 0 | 3,175 |
Loss on sale of discontinued operations | 0 | -29,601 | 0 | -29,601 |
Total discontinued operations | 0 | -29,276 | 0 | -26,426 |
Net Income (Loss) | $20,403 | ($10,376) | $76,118 | $53,659 |
Income Per Common Share From Continuing Operations: | ||||
Basic and diluted (in dollars per share) | $0.75 | $0.69 | $2.78 | $2.93 |
Loss Per Common Share From Discontinued Operations: | ||||
Basic and diluted (in dollars per share) | $0 | ($1.07) | $0 | ($0.97) |
Net Income (Loss) Per Common Share: | ||||
Basic (in dollars per share) | $0.75 | ($0.38) | $2.78 | $1.97 |
Diluted (in dollars per share) | $0.75 | ($0.38) | $2.78 | $1.96 |
Cash Dividends Per Common Share (in dollars per share) | $0.46 | $0.44 | $1.36 | $1.28 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 27,303 | 27,261 | 27,294 | 27,258 |
Diluted (in shares) | 27,330 | 27,297 | 27,323 | 27,303 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $20,403 | ($10,376) | $76,118 | $53,659 |
Defined Benefit Pension and Postretirement Benefit Plans: | ||||
Amortization of loss, before tax | 100 | 109 | 300 | 325 |
Amortization of prior service asset, before tax | -1 | -1 | -3 | -3 |
Total Other Comprehensive Income, Before Tax | 99 | 108 | 297 | 322 |
Tax Attributes of Items in Other Comprehensive Income: | ||||
Amortization of loss, tax | -38 | -41 | -111 | -120 |
Amortization of prior service asset, tax | 1 | 1 | 1 | 1 |
Total Tax Expense | -37 | -40 | -110 | -119 |
Other Comprehensive Income, Net of Tax | 62 | 68 | 187 | 203 |
Comprehensive Income (Loss) | $20,465 | ($10,308) | $76,305 | $53,862 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows From Operating Activities: | ||
Net income | $76,118 | $53,659 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,937 | 15,596 |
Deferred income taxes and other noncash changes | 2,527 | 5,144 |
Stock-based compensation expense | 2,211 | 1,777 |
Excess tax benefit from stock-based compensation | -456 | -927 |
Gain on sale of property | 0 | -6 |
Loss on sale of discontinued operations | 0 | 44,027 |
Pension plan activity | -444 | -182 |
Changes in operating assets and liabilities: | ||
Receivables | -8,981 | -10,813 |
Inventories | 5,996 | 7,901 |
Other current assets | -1,853 | -13,602 |
Accounts payable and accrued liabilities | 6,508 | -3,779 |
Net cash provided by operating activities | 96,563 | 98,795 |
Cash Flows From Investing Activities: | ||
Cash paid for acquisition, net of cash acquired | -92,217 | 0 |
Payments on property additions | -15,752 | -8,143 |
Proceeds from sale of property | 0 | 6 |
Proceeds from sale of discontinued operations | 0 | 25,616 |
Other-net | -1,410 | -854 |
Net cash (used in) provided by investing activities | -109,379 | 16,625 |
Cash Flows From Financing Activities: | ||
Purchase of treasury stock | -569 | -3,120 |
Payment of dividends | -37,193 | -34,960 |
Excess tax benefit from stock-based compensation | 456 | 927 |
Decrease in cash overdraft balance | 0 | -324 |
Net cash used in financing activities | -37,306 | -37,477 |
Net change in cash and equivalents | -50,122 | 77,943 |
Cash and equivalents at beginning of year | 211,539 | 123,385 |
Cash and equivalents at end of period | 161,417 | 201,328 |
Supplemental Disclosure of Operating Cash Flows: | ||
Cash paid during the period for income taxes | $37,835 | $36,941 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||||||
Basis of Presentation | ||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto contained in our 2014 Annual Report on Form 10-K. Prior-year results reflect the classification of the sold candle manufacturing and marketing operations as discontinued operations. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2015 refers to fiscal 2015, which is the period from July 1, 2014 to June 30, 2015. | ||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment are stated at cost less accumulated depreciation, except for those acquired as part of a business combination, which are stated at fair value at the time of purchase. Purchases of property, plant and equipment included in accounts payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Construction in progress in accounts payable | $ | 489 | $ | 1,465 | ||||||||||||
Accrued Distribution | ||||||||||||||||
Accrued distribution costs included in accrued liabilities were $6.1 million and $6.4 million at March 31, 2015 and June 30, 2014, respectively. | ||||||||||||||||
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: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Income from continuing operations | $ | 20,403 | $ | 18,900 | $ | 76,118 | $ | 80,085 | ||||||||
Income from continuing operations available to participating securities | (26 | ) | (21 | ) | (109 | ) | (139 | ) | ||||||||
Income from continuing operations available to common shareholders | $ | 20,377 | $ | 18,879 | $ | 76,009 | $ | 79,946 | ||||||||
Weighted average common shares outstanding – basic | 27,303 | 27,261 | 27,294 | 27,258 | ||||||||||||
Incremental share effect from: | ||||||||||||||||
Nonparticipating restricted stock | 2 | 2 | 3 | 3 | ||||||||||||
Stock-settled stock appreciation rights | 25 | 34 | 26 | 42 | ||||||||||||
Weighted average common shares outstanding – diluted | 27,330 | 27,297 | 27,323 | 27,303 | ||||||||||||
Income per common share from continuing operations – basic and diluted | $ | 0.75 | $ | 0.69 | $ | 2.78 | $ | 2.93 | ||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ||||||||||||||||
The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Accumulated other comprehensive loss at beginning of period | $ | (7,936 | ) | $ | (8,256 | ) | $ | (8,061 | ) | $ | (8,391 | ) | ||||
Defined Benefit Pension Plan Items: | ||||||||||||||||
Amortization of unrecognized net loss (1) | 107 | 115 | 321 | 345 | ||||||||||||
Postretirement Benefit Plan Items: | ||||||||||||||||
Amortization of unrecognized net gain (1) | (7 | ) | (6 | ) | (21 | ) | (20 | ) | ||||||||
Amortization of prior service asset (1) | (1 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||
Total other comprehensive income, before tax | 99 | 108 | 297 | 322 | ||||||||||||
Total tax expense | (37 | ) | (40 | ) | (110 | ) | (119 | ) | ||||||||
Other comprehensive income, net of tax | 62 | 68 | 187 | 203 | ||||||||||||
Accumulated other comprehensive loss at end of period | $ | (7,874 | ) | $ | (8,188 | ) | $ | (7,874 | ) | $ | (8,188 | ) | ||||
(1) Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. | ||||||||||||||||
Significant Accounting Policies | ||||||||||||||||
There were no changes to our Significant Accounting Policies from those disclosed in our 2014 Annual Report on Form 10-K. | ||||||||||||||||
Recently Issued Accounting Standards | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board 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. |
Acquisition
Acquisition | 9 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Acquisition | Acquisition | |||
On March 13, 2015, we acquired all of the issued and outstanding capital stock of Flatout Holdings, Inc. (“Flatout”), a privately owned manufacturer and marketer of flatbread and pizza crusts based in Saline, Michigan. The purchase price, net of cash acquired, was $92.2 million and was funded by cash on hand. The purchase price is subject to the finalization of cash and net working capital adjustments. Flatout is reported in our Specialty Foods segment, and its results of operations have been included in our condensed consolidated financial statements from the date of acquisition, but such results were not material to our condensed consolidated financial statements. | ||||
The following preliminary purchase price allocation is based on the estimated fair value of the net assets acquired, as adjusted for the estimate of the final net working capital of $0.2 million recorded as of March 31: | ||||
Balance Sheet Captions | Allocation | |||
Receivables | $ | 2,532 | ||
Inventories | 3,748 | |||
Other current assets | 512 | |||
Property, plant and equipment | 7,198 | |||
Goodwill (not tax deductible) | 36,883 | |||
Other intangible assets | 47,100 | |||
Current liabilities | (2,310 | ) | ||
Deferred tax liabilities | (3,225 | ) | ||
Net assets acquired | $ | 92,438 | ||
Further adjustments are expected to the allocation above as the third-party valuation is finalized and certain tax aspects of the transaction and a customary post-closing review are completed during the measurement period. | ||||
The goodwill recognized above arose because the purchase price for Flatout reflects a number of factors including the future earnings and cash flow potential of Flatout and the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our existing product offerings and enter the supermarket deli department. Goodwill also results from the workforce acquired with Flatout. | ||||
We have determined the preliminary values and lives of the other intangible assets listed in the allocation above as: $37.6 million for the tradename with an indefinite life; $5.0 million for the customer relationships with a 10-year life; $3.9 million for the technology / know-how with a 10-year life and $0.6 million for the non-compete agreements with a 5-year life. We will continue to evaluate these values and lives during the measurement period. | ||||
Pro forma results of operations have not been presented herein as the acquisition was not considered material to our results of operations. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||
Goodwill attributable to the Specialty Foods segment was $126.7 million and $89.8 million at March 31, 2015 and June 30, 2014, respectively. The increase in goodwill is the result of the acquisition of Flatout on March 13, 2015. See further discussion in Note 2. | ||||||||||||||||
The following table is a rollforward of goodwill from June 30, 2014 to March 31, 2015: | ||||||||||||||||
Carrying Value | ||||||||||||||||
Goodwill at beginning of year | $ | 89,840 | ||||||||||||||
Goodwill acquired during the period | 36,883 | |||||||||||||||
Goodwill at end of period | $ | 126,723 | ||||||||||||||
The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment. The intangible asset values and lives related to the Flatout acquisition, which are included in the table below, are preliminary and subject to further review over the measurement period. See further discussion in Note 2. | ||||||||||||||||
March 31, | June 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Tradename (indefinite life) | ||||||||||||||||
Gross carrying value | $ | 37,600 | $ | — | ||||||||||||
Trademarks (40-year life) | ||||||||||||||||
Gross carrying value | $ | 370 | $ | 370 | ||||||||||||
Accumulated amortization | (221 | ) | (214 | ) | ||||||||||||
Net carrying value | $ | 149 | $ | 156 | ||||||||||||
Customer Relationships (10 to 15-year life) | ||||||||||||||||
Gross carrying value | $ | 18,020 | $ | 13,020 | ||||||||||||
Accumulated amortization | (8,531 | ) | (7,800 | ) | ||||||||||||
Net carrying value | $ | 9,489 | $ | 5,220 | ||||||||||||
Technology / Know-how (10-year life) | ||||||||||||||||
Gross carrying value | $ | 3,900 | $ | — | ||||||||||||
Accumulated amortization | (32 | ) | — | |||||||||||||
Net carrying value | $ | 3,868 | $ | — | ||||||||||||
Non-compete Agreements (5-year life) | ||||||||||||||||
Gross carrying value | $ | 600 | $ | — | ||||||||||||
Accumulated amortization | (10 | ) | — | |||||||||||||
Net carrying value | $ | 590 | $ | — | ||||||||||||
Total net carrying value | $ | 51,696 | $ | 5,376 | ||||||||||||
Amortization expense for our other intangible assets was as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Amortization expense | $ | 308 | $ | 236 | $ | 780 | $ | 709 | ||||||||
Total annual amortization expense for each of the next five years is estimated to be as follows: | ||||||||||||||||
2016 | $ | 1,785 | ||||||||||||||
2017 | $ | 1,614 | ||||||||||||||
2018 | $ | 1,614 | ||||||||||||||
2019 | $ | 1,614 | ||||||||||||||
2020 | $ | 1,574 | ||||||||||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt |
At March 31, 2015 and June 30, 2014, 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 March 31, 2015 and June 30, 2014, we had no borrowings outstanding under this Facility. At March 31, 2015, we had $4.2 million of standby letters of credit outstanding, which reduced the amount available for borrowing on the Facility. We paid no interest for the three and nine months ended March 31, 2015 and 2014. At March 31, 2015 and June 30, 2014, we exceeded the requirements of the financial covenants by substantial margins. | |
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 | 9 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
Prepaid Federal, state and local income taxes of $10.3 million and $9.7 million were included in deferred income taxes and other current assets at March 31, 2015 and June 30, 2014, respectively. | |
The gross tax contingency reserve at March 31, 2015 was $1.0 million and consisted of tax liabilities of $0.6 million and interest and penalties of $0.4 million. We have not classified any of the gross tax contingency reserve as current liabilities as none of these amounts are expected to be resolved within the next 12 months. The entire liability of $1.0 million was included in other noncurrent liabilities. We expect that the amount of these liabilities will change within the next 12 months; however, we do not expect the change to have a significant effect on our financial position or results of operations. We recognize interest and penalties related to these tax liabilities in income tax expense. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||
Our shareholders previously 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 the nine months ended March 31, 2015 and 2014, we granted SSSARs under the terms of the 2005 Plan. The following table summarizes information relating to these grants: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
SSSARs granted | 149 | 146 | ||||||||||||||
Weighted average grant date fair value per right | $ | 9.94 | $ | 11.84 | ||||||||||||
Weighted average assumptions used in fair value calculations: | ||||||||||||||||
Risk-free interest rate | 0.86 | % | 0.75 | % | ||||||||||||
Dividend yield | 2.02 | % | 1.97 | % | ||||||||||||
Volatility factor of the expected market price of our common stock | 19.62 | % | 22.35 | % | ||||||||||||
Weighted average expected life in years | 2.71 | 3.12 | ||||||||||||||
For these grants, 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 we 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. As needed, we estimate a forfeiture rate for our SSSARs grants 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 Condensed Consolidated Statements of Cash Flows. The following table summarizes our continuing operations SSSARs compensation expense and tax benefits recorded: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Compensation expense | $ | 308 | $ | 304 | $ | 893 | $ | 804 | ||||||||
Tax benefits | $ | 108 | $ | 106 | $ | 313 | $ | 281 | ||||||||
Intrinsic value of exercises | $ | 207 | $ | 2,343 | $ | 863 | $ | 2,431 | ||||||||
Excess tax benefits | $ | 72 | $ | 820 | $ | 302 | $ | 851 | ||||||||
The total fair values of SSSARs vested were as follows: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Fair value of vested rights | $ | 1,245 | $ | 1,138 | ||||||||||||
The following table summarizes the activity relating to SSSARs granted under the 2005 Plan for the nine months ended March 31, 2015: | ||||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||||
of Rights | Average | Average | Intrinsic | |||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||
Contractual | ||||||||||||||||
Life in | ||||||||||||||||
Years | ||||||||||||||||
Outstanding at beginning of year | 358 | $ | 76.75 | |||||||||||||
Exercised | (54 | ) | $ | 63.54 | ||||||||||||
Granted | 149 | $ | 91.13 | |||||||||||||
Forfeited | (31 | ) | $ | 79.42 | ||||||||||||
Outstanding at end of period | 422 | $ | 83.35 | 3.73 | $ | 4,984 | ||||||||||
Exercisable and vested at end of period | 154 | $ | 74.7 | 2.66 | $ | 3,150 | ||||||||||
Vested and expected to vest at end of period | 412 | $ | 83.35 | 3.73 | $ | 4,873 | ||||||||||
At March 31, 2015, there was $2.3 million of unrecognized compensation expense related to SSSARs that we will recognize over a weighted-average period of 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 the nine months ended March 31, 2015 and 2014, 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: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Employees | ||||||||||||||||
Restricted stock granted | 9 | 24 | ||||||||||||||
Grant date fair value | $ | 845 | $ | 2,190 | ||||||||||||
Weighted average grant date fair value per award | $ | 91.13 | $ | 89.21 | ||||||||||||
The restricted stock under these employee grants vests on the third anniversary of the grant date. As needed, we estimate a forfeiture rate for our restricted stock grants based on historical experience. Under the terms of our grants, employees receive dividends on unforfeited restricted stock regardless of their vesting status. In the nine months ended March 31, 2015 and 2014, 19,000 and 6,000 shares, respectively, of employee restricted stock vested. | ||||||||||||||||
In November 2014 and 2013, we granted shares of restricted stock to our nonemployee directors under the terms of the 2005 Plan. The following table summarizes information relating to each of these grants: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Nonemployee directors | ||||||||||||||||
Restricted stock granted | 7 | 6 | ||||||||||||||
Grant date fair value | $ | 639 | $ | 490 | ||||||||||||
Weighted average grant date fair value per award | $ | 92.92 | $ | 84.42 | ||||||||||||
The 2015 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. In the nine months ended March 31, 2015 and 2014, 6,000 and 7,000 shares, respectively, of nonemployee director restricted stock vested, 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 Condensed Consolidated Statements of Cash Flows. The following table summarizes our continuing operations restricted stock compensation expense and tax benefits recorded: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Compensation expense | $ | 384 | $ | 366 | $ | 1,318 | $ | 1,027 | ||||||||
Tax benefits | $ | 134 | $ | 128 | $ | 461 | $ | 359 | ||||||||
Excess tax benefits | $ | 142 | $ | 68 | $ | 154 | $ | 76 | ||||||||
The total fair values of restricted stock vested were as follows: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Fair value of vested shares | $ | 1,818 | $ | 877 | ||||||||||||
The following table summarizes the activity relating to restricted stock granted under the 2005 Plan for the nine months ended March 31, 2015: | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair | |||||||||||||||
Value | ||||||||||||||||
Unvested restricted stock at beginning of year | 58 | $ | 79.09 | |||||||||||||
Granted | 16 | $ | 91.89 | |||||||||||||
Vested | (25 | ) | $ | 71.86 | ||||||||||||
Forfeited | (3 | ) | $ | 79.22 | ||||||||||||
Unvested restricted stock at end of period | 46 | $ | 87.61 | |||||||||||||
At March 31, 2015, there was $2.6 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of 2 years. |
Pension_Benefits
Pension Benefits (Pension Benefits [Member]) | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Pension Benefits [Member] | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||
Pension Benefits | Pension Benefits | |||||||||||||||
We sponsor multiple defined benefit pension plans that covered certain union workers. However, as a result of prior-years' restructuring activities, for all periods presented, we no longer have any active employees continuing to accrue service cost or otherwise eligible to receive plan benefits. Benefits being paid under the plans are primarily based on negotiated rates and years of service. We contribute to these plans at least the minimum amount required by regulation. | ||||||||||||||||
The following table summarizes the components of net periodic benefit income for our pension plans: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of net periodic benefit income | ||||||||||||||||
Interest cost | $ | 403 | $ | 439 | $ | 1,209 | $ | 1,315 | ||||||||
Expected return on plan assets | (658 | ) | (614 | ) | (1,974 | ) | (1,842 | ) | ||||||||
Amortization of unrecognized net loss | 107 | 115 | 321 | 345 | ||||||||||||
Net periodic benefit income | $ | (148 | ) | $ | (60 | ) | $ | (444 | ) | $ | (182 | ) | ||||
For the three and nine months ended March 31, 2015, we made no pension plan contributions and we do not expect to make any contributions to our pension plans during 2015. |
Postretirement_Benefits
Postretirement Benefits (Postretirement Benefits [Member]) | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Postretirement Benefits [Member] | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||
Postretirement Benefits | Postretirement Benefits | |||||||||||||||
We and certain of our operating subsidiaries provide multiple postretirement medical and life insurance benefit plans. We recognize the cost of benefits as the employees render service. Postretirement benefits are funded as incurred. | ||||||||||||||||
The following table summarizes the components of net periodic benefit cost for our postretirement plans: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 8 | $ | 8 | $ | 24 | $ | 24 | ||||||||
Interest cost | 27 | 33 | 81 | 97 | ||||||||||||
Amortization of unrecognized net gain | (7 | ) | (6 | ) | (21 | ) | (20 | ) | ||||||||
Amortization of prior service asset | (1 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||
Net periodic benefit cost | $ | 27 | $ | 34 | $ | 81 | $ | 98 | ||||||||
For the three and nine months ended March 31, 2015, we made $20,000 and $74,000, respectively, in contributions to our postretirement medical and life insurance benefit plans. We expect to make approximately $0.1 million more in contributions to our postretirement medical and life insurance benefit plans during the remainder of 2015. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies |
At March 31, 2015, 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. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Business Segment Information | Business Segment Information | |||||||||||||||
The following summary of financial information by business segment is consistent with the basis of segmentation and measurement of segment profit or loss presented in our June 30, 2014 consolidated financial statements. The March 31, 2015 identifiable assets by reportable segment are generally consistent with that of June 30, 2014. However, due to the acquisition of Flatout in March 2015, the amount of Specialty Foods assets increased and Corporate assets declined as compared to June 30, 2014. The increase in Specialty Foods assets reflects goodwill and other intangible assets related to the acquisition of Flatout. Corporate assets declined because of a decrease in cash, which is treated as a Corporate asset, due to cash paid for the acquisition of Flatout. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net Sales - Specialty Foods | $ | 263,400 | $ | 241,849 | $ | 826,798 | $ | 782,267 | ||||||||
Operating Income | ||||||||||||||||
Specialty Foods | $ | 34,170 | $ | 31,408 | $ | 124,909 | $ | 130,364 | ||||||||
Corporate Expenses | (2,962 | ) | (2,573 | ) | (8,881 | ) | (8,913 | ) | ||||||||
Total | $ | 31,208 | $ | 28,835 | $ | 116,028 | $ | 121,451 | ||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto contained in our 2014 Annual Report on Form 10-K. Prior-year results reflect the classification of the sold candle manufacturing and marketing operations as discontinued operations. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2015 refers to fiscal 2015, which is the period from July 1, 2014 to June 30, 2015. | |
Property, Plant And Equipment | Property, Plant and Equipment |
Property, plant and equipment are stated at cost less accumulated depreciation, except for those acquired as part of a business combination, which are stated at fair value at the time of purchase. | |
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. | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
In May 2014, the Financial Accounting Standards Board 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. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 Condensed Consolidated Statements of Cash Flows were as follows: | |||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Construction in progress in accounts payable | $ | 489 | $ | 1,465 | ||||||||||||
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: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Income from continuing operations | $ | 20,403 | $ | 18,900 | $ | 76,118 | $ | 80,085 | ||||||||
Income from continuing operations available to participating securities | (26 | ) | (21 | ) | (109 | ) | (139 | ) | ||||||||
Income from continuing operations available to common shareholders | $ | 20,377 | $ | 18,879 | $ | 76,009 | $ | 79,946 | ||||||||
Weighted average common shares outstanding – basic | 27,303 | 27,261 | 27,294 | 27,258 | ||||||||||||
Incremental share effect from: | ||||||||||||||||
Nonparticipating restricted stock | 2 | 2 | 3 | 3 | ||||||||||||
Stock-settled stock appreciation rights | 25 | 34 | 26 | 42 | ||||||||||||
Weighted average common shares outstanding – diluted | 27,330 | 27,297 | 27,323 | 27,303 | ||||||||||||
Income per common share from continuing operations – basic and diluted | $ | 0.75 | $ | 0.69 | $ | 2.78 | $ | 2.93 | ||||||||
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss | The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Accumulated other comprehensive loss at beginning of period | $ | (7,936 | ) | $ | (8,256 | ) | $ | (8,061 | ) | $ | (8,391 | ) | ||||
Defined Benefit Pension Plan Items: | ||||||||||||||||
Amortization of unrecognized net loss (1) | 107 | 115 | 321 | 345 | ||||||||||||
Postretirement Benefit Plan Items: | ||||||||||||||||
Amortization of unrecognized net gain (1) | (7 | ) | (6 | ) | (21 | ) | (20 | ) | ||||||||
Amortization of prior service asset (1) | (1 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||
Total other comprehensive income, before tax | 99 | 108 | 297 | 322 | ||||||||||||
Total tax expense | (37 | ) | (40 | ) | (110 | ) | (119 | ) | ||||||||
Other comprehensive income, net of tax | 62 | 68 | 187 | 203 | ||||||||||||
Accumulated other comprehensive loss at end of period | $ | (7,874 | ) | $ | (8,188 | ) | $ | (7,874 | ) | $ | (8,188 | ) | ||||
(1) Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Schedule Of Purchase Price Allocation | The following preliminary purchase price allocation is based on the estimated fair value of the net assets acquired, as adjusted for the estimate of the final net working capital of $0.2 million recorded as of March 31: | |||
Balance Sheet Captions | Allocation | |||
Receivables | $ | 2,532 | ||
Inventories | 3,748 | |||
Other current assets | 512 | |||
Property, plant and equipment | 7,198 | |||
Goodwill (not tax deductible) | 36,883 | |||
Other intangible assets | 47,100 | |||
Current liabilities | (2,310 | ) | ||
Deferred tax liabilities | (3,225 | ) | ||
Net assets acquired | $ | 92,438 | ||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Rollforward Of Goodwill | The following table is a rollforward of goodwill from June 30, 2014 to March 31, 2015: | |||||||||||||||
Carrying Value | ||||||||||||||||
Goodwill at beginning of year | $ | 89,840 | ||||||||||||||
Goodwill acquired during the period | 36,883 | |||||||||||||||
Goodwill at end of period | $ | 126,723 | ||||||||||||||
Summary Of Other Intangible Assets | The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment. The intangible asset values and lives related to the Flatout acquisition, which are included in the table below, are preliminary and subject to further review over the measurement period. See further discussion in Note 2. | |||||||||||||||
March 31, | June 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Tradename (indefinite life) | ||||||||||||||||
Gross carrying value | $ | 37,600 | $ | — | ||||||||||||
Trademarks (40-year life) | ||||||||||||||||
Gross carrying value | $ | 370 | $ | 370 | ||||||||||||
Accumulated amortization | (221 | ) | (214 | ) | ||||||||||||
Net carrying value | $ | 149 | $ | 156 | ||||||||||||
Customer Relationships (10 to 15-year life) | ||||||||||||||||
Gross carrying value | $ | 18,020 | $ | 13,020 | ||||||||||||
Accumulated amortization | (8,531 | ) | (7,800 | ) | ||||||||||||
Net carrying value | $ | 9,489 | $ | 5,220 | ||||||||||||
Technology / Know-how (10-year life) | ||||||||||||||||
Gross carrying value | $ | 3,900 | $ | — | ||||||||||||
Accumulated amortization | (32 | ) | — | |||||||||||||
Net carrying value | $ | 3,868 | $ | — | ||||||||||||
Non-compete Agreements (5-year life) | ||||||||||||||||
Gross carrying value | $ | 600 | $ | — | ||||||||||||
Accumulated amortization | (10 | ) | — | |||||||||||||
Net carrying value | $ | 590 | $ | — | ||||||||||||
Total net carrying value | $ | 51,696 | $ | 5,376 | ||||||||||||
Schedule Of Amortization Expense | Amortization expense for our other intangible assets was as follows: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Amortization expense | $ | 308 | $ | 236 | $ | 780 | $ | 709 | ||||||||
Estimated Annual Amortization Expense | Total annual amortization expense for each of the next five years is estimated to be as follows: | |||||||||||||||
2016 | $ | 1,785 | ||||||||||||||
2017 | $ | 1,614 | ||||||||||||||
2018 | $ | 1,614 | ||||||||||||||
2019 | $ | 1,614 | ||||||||||||||
2020 | $ | 1,574 | ||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Stock Settled Stock Appreciation Rights SARS [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock-Based Compensation Grant Details | In the nine months ended March 31, 2015 and 2014, we granted SSSARs under the terms of the 2005 Plan. The following table summarizes information relating to these grants: | |||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
SSSARs granted | 149 | 146 | ||||||||||||||
Weighted average grant date fair value per right | $ | 9.94 | $ | 11.84 | ||||||||||||
Weighted average assumptions used in fair value calculations: | ||||||||||||||||
Risk-free interest rate | 0.86 | % | 0.75 | % | ||||||||||||
Dividend yield | 2.02 | % | 1.97 | % | ||||||||||||
Volatility factor of the expected market price of our common stock | 19.62 | % | 22.35 | % | ||||||||||||
Weighted average expected life in years | 2.71 | 3.12 | ||||||||||||||
Compensation Expense And Tax Benefits Recorded | The following table summarizes our continuing operations SSSARs compensation expense and tax benefits recorded: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Compensation expense | $ | 308 | $ | 304 | $ | 893 | $ | 804 | ||||||||
Tax benefits | $ | 108 | $ | 106 | $ | 313 | $ | 281 | ||||||||
Intrinsic value of exercises | $ | 207 | $ | 2,343 | $ | 863 | $ | 2,431 | ||||||||
Excess tax benefits | $ | 72 | $ | 820 | $ | 302 | $ | 851 | ||||||||
Fair Value Of Awards Vested | The total fair values of SSSARs vested were as follows: | |||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Fair value of vested rights | $ | 1,245 | $ | 1,138 | ||||||||||||
Stock-Settled Stock Appreciation Rights Activity | The following table summarizes the activity relating to SSSARs granted under the 2005 Plan for the nine months ended March 31, 2015: | |||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||||
of Rights | Average | Average | Intrinsic | |||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||
Contractual | ||||||||||||||||
Life in | ||||||||||||||||
Years | ||||||||||||||||
Outstanding at beginning of year | 358 | $ | 76.75 | |||||||||||||
Exercised | (54 | ) | $ | 63.54 | ||||||||||||
Granted | 149 | $ | 91.13 | |||||||||||||
Forfeited | (31 | ) | $ | 79.42 | ||||||||||||
Outstanding at end of period | 422 | $ | 83.35 | 3.73 | $ | 4,984 | ||||||||||
Exercisable and vested at end of period | 154 | $ | 74.7 | 2.66 | $ | 3,150 | ||||||||||
Vested and expected to vest at end of period | 412 | $ | 83.35 | 3.73 | $ | 4,873 | ||||||||||
Employee Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock-Based Compensation Grant Details | In the nine months ended March 31, 2015 and 2014, 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: | |||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Employees | ||||||||||||||||
Restricted stock granted | 9 | 24 | ||||||||||||||
Grant date fair value | $ | 845 | $ | 2,190 | ||||||||||||
Weighted average grant date fair value per award | $ | 91.13 | $ | 89.21 | ||||||||||||
Director Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock-Based Compensation Grant Details | In November 2014 and 2013, we granted shares of restricted stock to our nonemployee directors under the terms of the 2005 Plan. The following table summarizes information relating to each of these grants: | |||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Nonemployee directors | ||||||||||||||||
Restricted stock granted | 7 | 6 | ||||||||||||||
Grant date fair value | $ | 639 | $ | 490 | ||||||||||||
Weighted average grant date fair value per award | $ | 92.92 | $ | 84.42 | ||||||||||||
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: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Compensation expense | $ | 384 | $ | 366 | $ | 1,318 | $ | 1,027 | ||||||||
Tax benefits | $ | 134 | $ | 128 | $ | 461 | $ | 359 | ||||||||
Excess tax benefits | $ | 142 | $ | 68 | $ | 154 | $ | 76 | ||||||||
Fair Value Of Awards Vested | The total fair values of restricted stock vested were as follows: | |||||||||||||||
Nine Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Fair value of vested shares | $ | 1,818 | $ | 877 | ||||||||||||
Restricted Stock Activity | The following table summarizes the activity relating to restricted stock granted under the 2005 Plan for the nine months ended March 31, 2015: | |||||||||||||||
Number of | Weighted Average | |||||||||||||||
Shares | Grant Date Fair | |||||||||||||||
Value | ||||||||||||||||
Unvested restricted stock at beginning of year | 58 | $ | 79.09 | |||||||||||||
Granted | 16 | $ | 91.89 | |||||||||||||
Vested | (25 | ) | $ | 71.86 | ||||||||||||
Forfeited | (3 | ) | $ | 79.22 | ||||||||||||
Unvested restricted stock at end of period | 46 | $ | 87.61 | |||||||||||||
Pension_Benefits_Tables
Pension Benefits (Tables) (Pension Benefits [Member]) | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Pension Benefits [Member] | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||
Components Of Net Periodic Benefit Income | The following table summarizes the components of net periodic benefit income for our pension plans: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of net periodic benefit income | ||||||||||||||||
Interest cost | $ | 403 | $ | 439 | $ | 1,209 | $ | 1,315 | ||||||||
Expected return on plan assets | (658 | ) | (614 | ) | (1,974 | ) | (1,842 | ) | ||||||||
Amortization of unrecognized net loss | 107 | 115 | 321 | 345 | ||||||||||||
Net periodic benefit income | $ | (148 | ) | $ | (60 | ) | $ | (444 | ) | $ | (182 | ) |
Postretirement_Benefits_Tables
Postretirement Benefits (Tables) (Postretirement Benefits [Member]) | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Postretirement Benefits [Member] | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||
Components Of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit cost for our postretirement plans: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 8 | $ | 8 | $ | 24 | $ | 24 | ||||||||
Interest cost | 27 | 33 | 81 | 97 | ||||||||||||
Amortization of unrecognized net gain | (7 | ) | (6 | ) | (21 | ) | (20 | ) | ||||||||
Amortization of prior service asset | (1 | ) | (1 | ) | (3 | ) | (3 | ) | ||||||||
Net periodic benefit cost | $ | 27 | $ | 34 | $ | 81 | $ | 98 | ||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Summary Of Financial Information Attributable To Reportable Segments | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net Sales - Specialty Foods | $ | 263,400 | $ | 241,849 | $ | 826,798 | $ | 782,267 | ||||||||
Operating Income | ||||||||||||||||
Specialty Foods | $ | 34,170 | $ | 31,408 | $ | 124,909 | $ | 130,364 | ||||||||
Corporate Expenses | (2,962 | ) | (2,573 | ) | (8,881 | ) | (8,913 | ) | ||||||||
Total | $ | 31,208 | $ | 28,835 | $ | 116,028 | $ | 121,451 | ||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Accrued distribution | $6.10 | $6.40 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounting Policies [Abstract] | ||
Construction in progress in accounts payable | $489 | $1,465 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Income Per Common Share From Continuing Operations Calculations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Accounting Policies [Abstract] | ||||
Income from continuing operations | $20,403 | $18,900 | $76,118 | $80,085 |
Income from continuing operations available to participating securities | -26 | -21 | -109 | -139 |
Income from continuing operations available to common shareholders | $20,377 | $18,879 | $76,009 | $79,946 |
Weighted average common shares outstanding - basic (in shares) | 27,303 | 27,261 | 27,294 | 27,258 |
Incremental share effect from: | ||||
Nonparticipating restricted stock (in shares) | 2 | 2 | 3 | 3 |
Stock-settled stock appreciation rights (in shares) | 25 | 34 | 26 | 42 |
Weighted average common shares outstanding - diluted (in shares) | 27,330 | 27,297 | 27,323 | 27,303 |
Income per common share from continuing operations - basic and diluted (in dollars per share) | $0.75 | $0.69 | $2.78 | $2.93 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive loss at beginning of period | ($7,936) | ($8,256) | ($8,061) | ($8,391) | ||||
Total other comprehensive income, before tax | 99 | 108 | 297 | 322 | ||||
Total tax expense | -37 | -40 | -110 | -119 | ||||
Other comprehensive income, net of tax | 62 | 68 | 187 | 203 | ||||
Accumulated other comprehensive loss at end of period | -7,874 | -8,188 | -7,874 | -8,188 | ||||
Pension Benefits [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Amortization of unrecognized net (gain) loss | 107 | [1] | 115 | [1] | 321 | [1] | 345 | [1] |
Postretirement Benefits [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Amortization of unrecognized net (gain) loss | -7 | [1] | -6 | [1] | -21 | [1] | -20 | [1] |
Amortization of prior service asset | ($1) | [1] | ($1) | [1] | ($3) | [1] | ($3) | [1] |
[1] | Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 13, 2015 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | $92,217,000 | $0 | ||
Flatout [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | 92,200,000 | |||
Purchase price adjustment for the estimate of the final net working capital | 200,000 | |||
Flatout [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | 5,000,000 | |||
Finite-lived intangible assets acquired, useful life | 10 years | |||
Flatout [Member] | Technology / Know-how [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | 3,900,000 | |||
Finite-lived intangible assets acquired, useful life | 10 years | |||
Flatout [Member] | Non-compete Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | 600,000 | |||
Finite-lived intangible assets acquired, useful life | 5 years | |||
Flatout [Member] | Tradename [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite-lived intangible assets acquired | $37,600,000 |
Acquisition_Schedule_Of_Purcha
Acquisition (Schedule Of Purchase Price Allocation) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 13, 2015 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $126,723 | $89,840 | |
Flatout [Member] | |||
Business Acquisition [Line Items] | |||
Receivables | 2,532 | ||
Inventories | 3,748 | ||
Other current assets | 512 | ||
Property, plant and equipment | 7,198 | ||
Goodwill | 36,883 | ||
Other intangible assets | 47,100 | ||
Current liabilities | -2,310 | ||
Deferred tax liabilities | -3,225 | ||
Net assets acquired | $92,438 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $126,723 | $89,840 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Rollforward Of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill [Roll Forward] | |
Carrying Value, Goodwill at beginning of year | $89,840 |
Carrying Value, Goodwill acquired during the period | 36,883 |
Carrying Value, Goodwill at end of period | $126,723 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Total net carrying value | $51,696 | $5,376 |
Trademarks (40-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 370 | 370 |
Accumulated amortization | -221 | -214 |
Net carrying value | 149 | 156 |
Finite-lived other intangible assets useful life | 40 years | |
Customer Relationships (10 to 15-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 18,020 | 13,020 |
Accumulated amortization | -8,531 | -7,800 |
Net carrying value | 9,489 | 5,220 |
Technology / Know-how (10-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 3,900 | 0 |
Accumulated amortization | -32 | 0 |
Net carrying value | 3,868 | 0 |
Finite-lived other intangible assets useful life | 10 years | |
Non-compete Agreements (5-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 600 | 0 |
Accumulated amortization | -10 | 0 |
Net carrying value | 590 | 0 |
Finite-lived other intangible assets useful life | 5 years | |
Minimum [Member] | Customer Relationships (10 to 15-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived other intangible assets useful life | 10 years | |
Maximum [Member] | Customer Relationships (10 to 15-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived other intangible assets useful life | 15 years | |
Tradename (indefinite life) [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | $37,600 | $0 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $308 | $236 | $780 | $709 |
Goodwill_And_Other_Intangible_6
Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2016 | $1,785 |
2017 | 1,614 |
2018 | 1,614 |
2019 | 1,614 |
2020 | $1,574 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Debt Disclosure [Abstract] | |||||
Maximum borrowing capacity | $120,000,000 | $120,000,000 | $120,000,000 | ||
Maximum borrowing capacity on obtaining consent of the issuing bank | 200,000,000 | 200,000,000 | 200,000,000 | ||
Line of credit facility, expiration date | 18-Apr-17 | ||||
Line of credit facility, amount outstanding | 0 | 0 | 0 | ||
Standby letters of credit, amount outstanding | 4,200,000 | 4,200,000 | |||
Interest paid | $0 | $0 | $0 | $0 | |
Minimum interest coverage ratio | 250.00% | ||||
Maximum leverage ratio | 300.00% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Prepaid taxes | $10,300,000 | $9,700,000 |
Gross tax contingency reserve | 1,000,000 | |
Accrued tax liabilities included in the gross tax contingency reserve | 600,000 | |
Accrued interest and penalties included in the gross tax contingency reserve | 400,000 | |
Gross tax contingency reserve, classified as current liabilities | 0 | |
Gross tax contingency reserve, classified as noncurrent liabilities | $1,000,000 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Settled Stock Appreciation Rights SARS [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Unrecognized compensation cost | 2.3 | |
Weighted-average period over which remaining compensation cost will be recognized | 2 years | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | 2.6 | |
Weighted-average period over which remaining compensation cost will be recognized | 2 years | |
Number vested (in shares) | 25,000 | |
Employee Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Number vested (in shares) | 19,000 | 6,000 |
Director Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Number vested (in shares) | 6,000 | 7,000 |
2005 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common shares reserved for issuance to employees and directors (in shares) | 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 $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Settled Stock Appreciation Rights SARS [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
SSSARs granted (in rights) | 149 | 146 |
Weighted average grant date fair value per award (usd per share) | $9.94 | $11.84 |
Weighted average assumptions used in fair value calculations: | ||
Risk-free interest rate | 0.86% | 0.75% |
Dividend yield | 2.02% | 1.97% |
Volatility factor of the expected market price of our common stock | 19.62% | 22.35% |
Weighted average expected life in years | 2 years 8 months 16 days | 3 years 1 month 13 days |
StockBased_Compensation_StockS1
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Compensation Expense And Tax Benefits Recorded) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefits | $456 | $927 | ||
Stock Settled Stock Appreciation Rights SARS [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 308 | 304 | 893 | 804 |
Tax benefits | 108 | 106 | 313 | 281 |
Intrinsic value of exercises | 207 | 2,343 | 863 | 2,431 |
Excess tax benefits | $72 | $820 | $302 | $851 |
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 $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Settled Stock Appreciation Rights SARS [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of vested rights | $1,245 | $1,138 |
StockBased_Compensation_StockS2
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Activity) (Details) (Stock Settled Stock Appreciation Rights SARS [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Settled Stock Appreciation Rights SARS [Member] | ||
Number of Rights | ||
Number of Rights, Outstanding at beginning of year (rights) | 358 | |
Number of Rights, Exercised (rights) | -54 | |
Number of Rights, Granted (rights) | 149 | 146 |
Number of Rights, Forfeited (rights) | -31 | |
Number of Rights, Outstanding at end of period (rights) | 422 | |
Number of Rights, Exercisable and vested at end of period (rights) | 154 | |
Number of Rights, Vested and expected to vest at end of period (rights) | 412 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Outstanding at beginning of year (usd per share) | $76.75 | |
Weighted Average Exercise Price, Exercised (usd per share) | $63.54 | |
Weighted Average Exercise Price, Granted (usd per share) | $91.13 | |
Weighted Average Exercise Price, Forfeited (usd per share) | $79.42 | |
Weighted Average Exercise Price, Outstanding at end of period (usd per share) | $83.35 | |
Weighted Average Exercise Price, Exercisable and vested at end of period (usd per share) | $74.70 | |
Weighted Average Exercise Price, Vested and expected to vest at end of period (usd per share) | $83.35 | |
Weighted Average Remaining Contractual Life in Years, Outstanding at end of period | 3 years 8 months 23 days | |
Weighted Average Remaining Contractual Life in Years, Exercisable and vested at end of period | 2 years 7 months 28 days | |
Weighted Average Remaining Contractual Life in Years, Vested and expected to vest at end of period | 3 years 8 months 23 days | |
Aggregate Intrinsic Value, Outstanding at end of period | $4,984 | |
Aggregate Intrinsic Value, Exercisable and vested at end of period | 3,150 | |
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $4,873 |
StockBased_Compensation_Employ
Stock-Based Compensation (Employee Restricted Stock Grant Details) (Details) (Employee Restricted Stock [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted (in shares) | 9 | 24 |
Grant date fair value | $845 | $2,190 |
Weighted average grant date fair value per award (usd per share) | $91.13 | $89.21 |
StockBased_Compensation_Nonemp
Stock-Based Compensation (Nonemployee Director Restricted Stock Grant Details) (Details) (Director Restricted Stock [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Director Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted (in shares) | 7 | 6 |
Grant date fair value | $639 | $490 |
Weighted average grant date fair value per award (usd per share) | $92.92 | $84.42 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Compensation Expense And Tax Benefits Recorded) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefits | $456 | $927 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 384 | 366 | 1,318 | 1,027 |
Tax benefits | 134 | 128 | 461 | 359 |
Excess tax benefits | $142 | $68 | $154 | $76 |
StockBased_Compensation_Fair_V1
Stock-Based Compensation (Fair Value Of Restricted Stock Vested) (Details) (Restricted Stock [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of vested shares | $1,818 | $877 |
StockBased_Compensation_Restri1
Stock-Based Compensation (Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
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 year (shares) | 58 |
Number of Shares, Granted (shares) | 16 |
Number of Shares, Vested (shares) | -25 |
Number of Shares, Forfeited (shares) | -3 |
Number of Shares, Unvested restricted stock at end of period (shares) | 46 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant Date Fair Value, Unvested restricted stock at beginning of year (usd per share) | $79.09 |
Weighted Average Grant Date Fair Value, Granted (usd per share) | $91.89 |
Weighted Average Grant Date Fair Value, Vested (usd per share) | $71.86 |
Weighted Average Grant Date Fair Value, Forfeited (usd per share) | $79.22 |
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of period (usd per share) | $87.61 |
Pension_Benefits_Narrative_Det
Pension Benefits (Narrative) (Details) (Pension Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $0 | $0 |
Estimated future employer contributions in current fiscal year | $0 |
Pension_Benefits_Components_Of
Pension Benefits (Components Of Net Periodic Benefit Income) (Details) (Pension Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Pension Benefits [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Interest cost | $403 | $439 | $1,209 | $1,315 | ||||
Expected return on plan assets | -658 | -614 | -1,974 | -1,842 | ||||
Amortization of unrecognized net loss | 107 | [1] | 115 | [1] | 321 | [1] | 345 | [1] |
Net periodic benefit (income) cost | ($148) | ($60) | ($444) | ($182) | ||||
[1] | Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. |
Postretirement_Benefits_Narrat
Postretirement Benefits (Narrative) (Details) (Postretirement Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $20,000 | $74,000 |
Estimated future employer contributions in current fiscal year | $100,000 |
Postretirement_Benefits_Compon
Postretirement Benefits (Components Of Net Periodic Benefit Cost) (Details) (Postretirement Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Postretirement Benefits [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | $8 | $8 | $24 | $24 | ||||
Interest cost | 27 | 33 | 81 | 97 | ||||
Amortization of unrecognized net (gain) loss | -7 | [1] | -6 | [1] | -21 | [1] | -20 | [1] |
Amortization of prior service asset | -1 | [1] | -1 | [1] | -3 | [1] | -3 | [1] |
Net periodic benefit (income) cost | $27 | $34 | $81 | $98 | ||||
[1] | Included in the computation of net periodic benefit income/cost. See Notes 7 and 8 for additional information. |
Business_Segment_Information_S
Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Net Sales | $263,400 | $241,849 | $826,798 | $782,267 |
Operating Income | 31,208 | 28,835 | 116,028 | 121,451 |
Specialty Foods [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 263,400 | 241,849 | 826,798 | 782,267 |
Operating Income | 34,170 | 31,408 | 124,909 | 130,364 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | ($2,962) | ($2,573) | ($8,881) | ($8,913) |