Lancaster Colony (LANC) 10-Q 3 Nov 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 22, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	57,515
Entity Registrant Name	LANCASTER COLONY CORP
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		27,365,823
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Current Fiscal Year End Date	--06-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Current Assets:
Cash and equivalents	$ 199,410	$ 182,202
Receivables (less allowance for doubtful accounts, September-$147; June-$206)	74,141	62,437
Inventories:
Raw materials	34,158	30,655
Finished goods	55,997	47,244
Total inventories	90,155	77,899
Deferred income taxes and other current assets	18,273	20,460
Total current assets	381,979	342,998
Property, Plant and Equipment:
Land, buildings and improvements	113,938	113,844
Machinery and equipment	256,789	253,143
Total cost	370,727	366,987
Less accumulated depreciation	199,640	194,676
Property, plant and equipment-net	171,087	172,311
Other Assets:
Goodwill	143,788	143,788
Other intangible assets-net	47,025	47,771
Other noncurrent assets	8,148	8,076
Total	752,027	714,944
Current Liabilities:
Accounts payable	48,798	38,823
Accrued liabilities	47,694	35,821
Total current liabilities	96,492	74,644
Other Noncurrent Liabilities	23,694	23,654
Deferred Income Taxes	$ 35,119	$ 35,728
Commitments and Contingencies
Shareholders' Equity:
Preferred stock-authorized 3,050,000 shares; outstanding-none
Common stock-authorized 75,000,000 shares; outstanding – September-27,364,707 shares; June-27,360,581 shares	$ 108,448	$ 107,767
Retained earnings	1,234,161	1,219,119
Accumulated other comprehensive loss	(9,976)	(10,057)
Common stock in treasury, at cost	(735,911)	(735,911)
Total shareholders' equity	596,722	580,918
Total	$ 752,027	$ 714,944

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 147	$ 206
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	27,364,707	27,360,581

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net Sales	$ 294,085	$ 259,987
Cost of Sales	226,118	202,563
Gross Margin	67,967	57,424
Selling, General and Administrative Expenses	26,079	22,820
Operating Income	41,888	34,604
Interest Income and Other-Net	122	8
Income Before Income Taxes	42,010	34,612
Taxes Based on Income	14,382	11,851
Net Income	$ 27,628	$ 22,761
Net Income Per Common Share:
Basic and diluted (in dollars per share)	$ 1.01	$ 0.83
Cash Dividends Per Common Share (in dollars per share)	$ 0.46	$ 0.44
Weighted Average Common Shares Outstanding:
Basic (in shares)	27,319	27,286
Diluted (in shares)	27,344	27,316

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net Income	$ 27,628	$ 22,761
Defined Benefit Pension and Postretirement Benefit Plans:
Amortization of loss, before tax	131	100
Amortization of prior service asset, before tax	(1)	(1)
Total Other Comprehensive Income, Before Tax	130	99
Tax Attributes of Items in Other Comprehensive Income:
Amortization of loss, tax	(49)	(36)
Amortization of prior service asset, tax	0	0
Total Tax Expense	(49)	(36)
Other Comprehensive Income, Net of Tax	81	63
Comprehensive Income	$ 27,709	$ 22,824

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities:
Net income	$ 27,628	$ 22,761
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,039	4,766
Deferred income taxes and other noncash changes	(791)	(1,218)
Stock-based compensation expense	785	811
Excess tax benefit from stock-based compensation	(186)	(167)
Pension plan activity	(74)	(148)
Changes in operating assets and liabilities:
Receivables	(11,633)	(5,336)
Inventories	(12,256)	(4,095)
Other current assets	2,587	7,317
Accounts payable and accrued liabilities	21,212	11,227
Net cash provided by operating activities	33,311	35,918
Cash Flows From Investing Activities:
Cash paid for acquisition, net of cash acquired	(12)	0
Payments on property additions	(3,360)	(7,940)
Other-net	(331)	(93)
Net cash used in investing activities	(3,703)	(8,033)
Cash Flows From Financing Activities:
Payment of dividends	(12,586)	(12,030)
Excess tax benefit from stock-based compensation	186	167
Net cash used in financing activities	(12,400)	(11,863)
Net change in cash and equivalents	17,208	16,022
Cash and equivalents at beginning of year	182,202	211,539
Cash and equivalents at end of period	199,410	227,561
Supplemental Disclosure of Operating Cash Flows:
Cash paid during the period for income taxes	$ 2,237	$ 478

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Sep. 30, 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 2015 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2016 refers to fiscal 2016 , which is the period from July 1, 2015 to June 30, 2016 . 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: September 30, 2015 2014 Construction in progress in accounts payable $ 616 $ 1,081 Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock and stock-settled stock appreciation rights) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock and stock-settled stock appreciation rights. Basic and diluted net income per common share were calculated as follows: Three Months Ended 2015 2014 Net income $ 27,628 $ 22,761 Net income available to participating securities (35 ) (39 ) Net income available to common shareholders $ 27,593 $ 22,722 Weighted average common shares outstanding – basic 27,319 27,286 Incremental share effect from: Nonparticipating restricted stock 5 5 Stock-settled stock appreciation rights 20 25 Weighted average common shares outstanding – diluted 27,344 27,316 Net income per common share – basic and diluted $ 1.01 $ 0.83 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 2015 2014 Accumulated other comprehensive loss at beginning of period $ (10,057 ) $ (8,061 ) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss (1) 135 107 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (1) (4 ) (7 ) Amortization of prior service asset (1) (1 ) (1 ) Total other comprehensive income, before tax 130 99 Total tax expense (49 ) (36 ) Other comprehensive income, net of tax 81 63 Accumulated other comprehensive loss at end of period $ (9,976 ) $ (7,998 ) (1) Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information. Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2015 Annual Report on Form 10-K. Recently Issued Accounting Standards In July 2015, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which requires entities to measure most inventory “at the lower of cost or net realizable value,” thereby simplifying current guidance. Under current guidance an entity must measure inventory at the lower of cost or market, where market is defined as one of three different measures, one of which is net realizable value. The guidance will be effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016. We are currently evaluating this guidance, but do not believe it will have a material impact on our consolidated financial statements. In May 2014, the FASB issued new accounting guidance 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.” Following a one-year deferral of the effective date, the guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 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 of this guidance. Recently Adopted Accounting Standards In September 2015, the FASB issued new accounting guidance which allows entities to prospectively reflect adjustments made to provisional amounts recognized for a business combination during the measurement period. Under the current guidance these adjustments need to be reflected retrospectively as if the accounting had been completed at the acquisition date. The guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 but can be adopted early if financial statements have not been issued. We are adopting this guidance effective July 1, 2015, but it is not expected to have a material impact on our consolidated financial statements.

Acquisition

Acquisition	3 Months Ended
	Sep. 30, 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 wraps 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. Flatout is reported in our Specialty Foods segment, and its results of operations have been included in our consolidated financial statements from the date of acquisition. The following preliminary purchase price allocation is based on the fair value of the net assets acquired: Balance Sheet Captions Allocation Receivables $ 2,479 Inventories 3,748 Other current assets 212 Property, plant and equipment 6,937 Goodwill (not tax deductible) 53,948 Other intangible assets 44,000 Current liabilities (2,445 ) Deferred tax liabilities (16,651 ) Net assets acquired $ 92,228 Further adjustments may occur to the allocation above as certain tax aspects of the transaction are finalized during the measurement period.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt At September 30, 2015 and June 30, 2015 , 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 subject to us 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. When we have outstanding borrowings under this Facility, they will be classified as long-term debt due to the long-term nature of this Facility. At September 30, 2015 and June 30, 2015 , we had no borrowings outstanding under this Facility. At September 30, 2015 , we had $4.7 million of standby letters of credit outstanding, which reduced the amount available for borrowing on the Facility. We paid no interest for the three months ended September 30, 2015 and 2014 . 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).

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies At September 30, 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.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	3 Months Ended
	Sep. 30, 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 $143.8 million at September 30, 2015 and June 30, 2015 . The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment: September 30, June 30, Tradename (30-year life) Gross carrying value $ 34,500 $ 34,500 Accumulated amortization (623 ) (365 ) Net carrying value $ 33,877 $ 34,135 Trademarks (40-year life) Gross carrying value $ 370 $ 370 Accumulated amortization (225 ) (223 ) Net carrying value $ 145 $ 147 Customer Relationships (10 to 15-year life) Gross carrying value $ 18,020 $ 18,020 Accumulated amortization (9,241 ) (8,882 ) Net carrying value $ 8,779 $ 9,138 Technology / Know-how (10-year life) Gross carrying value $ 3,900 $ 3,900 Accumulated amortization (211 ) (114 ) Net carrying value $ 3,689 $ 3,786 Non-compete Agreements (5-year life) Gross carrying value $ 600 $ 600 Accumulated amortization (65 ) (35 ) Net carrying value $ 535 $ 565 Total net carrying value $ 47,025 $ 47,771 Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended 2015 2014 Amortization expense $ 746 $ 236 Total annual amortization expense for each of the next five years is estimated to be as follows: 2017 $ 2,764 2018 $ 2,764 2019 $ 2,764 2020 $ 2,729 2021 $ 2,644

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Accrued Federal income taxes of $8.9 million were included in Accrued Liabilities on the Condensed Consolidated Balance Sheet at September 30, 2015 . Prepaid Federal income taxes of $3.8 million were included in Deferred Income Taxes and Other Current Assets at June 30, 2015 . Prepaid state and local income taxes of $0.3 million and $0.6 million were included in Deferred Income Taxes and Other Current Assets at September 30, 2015 and June 30, 2015 , respectively. The gross tax contingency reserve at September 30, 2015 was $1.5 million and consisted of tax liabilities of $1.0 million and interest and penalties of $0.5 million . We have not classified any of the gross tax contingency reserve at September 30, 2015 as a current liability as none of these amounts are expected to be resolved within the next 12 months. Consequently, the entire liability of $1.5 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.

Business Segment Information

Business Segment Information	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The September 30, 2015 identifiable assets by reportable segment are consistent with that of June 30, 2015 . The following summary of financial information is consistent with the basis of segmentation and measurement of segment profit or loss presented in our June 30, 2015 consolidated financial statements: Three Months Ended 2015 2014 Net Sales $ 294,085 $ 259,987 Operating Income Specialty Foods $ 44,961 $ 37,499 Corporate Expenses (3,073 ) (2,895 ) Total $ 41,888 $ 34,604

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 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 were 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 . As the 2005 Plan expired in May 2015, we are seeking shareholder approval for adoption of a new equity compensation plan at our November 2015 Annual Meeting of Shareholders. The new plan will not affect any currently outstanding equity awards granted under the 2005 Plan. In general, varying levels of stock-settled stock appreciation rights (“SSSARs”) and restricted stock awards are granted to certain employees in the third fiscal quarter each year. Restricted stock grants to our nonemployee directors generally occur in the second fiscal quarter each year. We recognize compensation expense over the requisite service period of the grant. Compensation expense is reflected in Cost of Sales or Selling, General and Administrative Expenses based on the grantees’ salaries expense classification. We record tax benefits and excess tax benefits related to SSSARs and restricted stock awards. These excess tax benefits are included in the financing section of the Condensed Consolidated Statements of Cash Flows. Stock-Settled Stock Appreciation Rights We use periodic grants of 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. The following table summarizes our SSSARs compensation expense recorded: Three Months Ended 2015 2014 Compensation expense $ 347 $ 354 At September 30, 2015 , there was $1.5 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. The following table summarizes our restricted stock compensation expense recorded: Three Months Ended 2015 2014 Compensation expense $ 438 $ 457 At September 30, 2015 , there was $1.7 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	3 Months Ended
	Sep. 30, 2015
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Benefits	Pension Benefits We sponsor multiple defined benefit pension plans that covered certain workers under collective bargaining contracts. 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 2015 2014 Components of net periodic benefit income Interest cost $ 421 $ 403 Expected return on plan assets (630 ) (658 ) Amortization of unrecognized net loss 135 107 Net periodic benefit income $ (74 ) $ (148 ) For the three months ended September 30, 2015 , we made no pension plan contributions and we do not expect to make any contributions to our pension plans during 2016 .

Postretirement Benefits

Postretirement Benefits	3 Months Ended
	Sep. 30, 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 2015 2014 Components of net periodic benefit cost Service cost $ 7 $ 8 Interest cost 30 27 Amortization of unrecognized net gain (4 ) (7 ) Amortization of prior service asset (1 ) (1 ) Net periodic benefit cost $ 32 $ 27 For the three months ended September 30, 2015 , we made $29,000 in contributions to our postretirement medical and life insurance benefit plans. We expect to make approximately $0.1 million more in contributions to our postretirement medical and life insurance benefit plans during the remainder of 2016 .

Summary Of Significant Accoun17

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
	Sep. 30, 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 2015 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2016 refers to fiscal 2016 , which is the period from July 1, 2015 to June 30, 2016 .
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 And Recently Adopted Accounting Standards	Recently Issued Accounting Standards In July 2015, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which requires entities to measure most inventory “at the lower of cost or net realizable value,” thereby simplifying current guidance. Under current guidance an entity must measure inventory at the lower of cost or market, where market is defined as one of three different measures, one of which is net realizable value. The guidance will be effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016. We are currently evaluating this guidance, but do not believe it will have a material impact on our consolidated financial statements. In May 2014, the FASB issued new accounting guidance 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.” Following a one-year deferral of the effective date, the guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 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 of this guidance. Recently Adopted Accounting Standards In September 2015, the FASB issued new accounting guidance which allows entities to prospectively reflect adjustments made to provisional amounts recognized for a business combination during the measurement period. Under the current guidance these adjustments need to be reflected retrospectively as if the accounting had been completed at the acquisition date. The guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 but can be adopted early if financial statements have not been issued. We are adopting this guidance effective July 1, 2015, but it is not expected to have a material impact on our consolidated financial statements.

Summary Of Significant Accoun18

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 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: September 30, 2015 2014 Construction in progress in accounts payable $ 616 $ 1,081
Schedule Of Basic And Diluted Net Income Per Common Share Calculations	Basic and diluted net income per common share were calculated as follows: Three Months Ended 2015 2014 Net income $ 27,628 $ 22,761 Net income available to participating securities (35 ) (39 ) Net income available to common shareholders $ 27,593 $ 22,722 Weighted average common shares outstanding – basic 27,319 27,286 Incremental share effect from: Nonparticipating restricted stock 5 5 Stock-settled stock appreciation rights 20 25 Weighted average common shares outstanding – diluted 27,344 27,316 Net income per common share – basic and diluted $ 1.01 $ 0.83
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 2015 2014 Accumulated other comprehensive loss at beginning of period $ (10,057 ) $ (8,061 ) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss (1) 135 107 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (1) (4 ) (7 ) Amortization of prior service asset (1) (1 ) (1 ) Total other comprehensive income, before tax 130 99 Total tax expense (49 ) (36 ) Other comprehensive income, net of tax 81 63 Accumulated other comprehensive loss at end of period $ (9,976 ) $ (7,998 ) (1) Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information.

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule Of Purchase Price Allocation	The following preliminary purchase price allocation is based on the fair value of the net assets acquired: Balance Sheet Captions Allocation Receivables $ 2,479 Inventories 3,748 Other current assets 212 Property, plant and equipment 6,937 Goodwill (not tax deductible) 53,948 Other intangible assets 44,000 Current liabilities (2,445 ) Deferred tax liabilities (16,651 ) Net assets acquired $ 92,228

Goodwill And Other Intangible20

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2015
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: September 30, June 30, Tradename (30-year life) Gross carrying value $ 34,500 $ 34,500 Accumulated amortization (623 ) (365 ) Net carrying value $ 33,877 $ 34,135 Trademarks (40-year life) Gross carrying value $ 370 $ 370 Accumulated amortization (225 ) (223 ) Net carrying value $ 145 $ 147 Customer Relationships (10 to 15-year life) Gross carrying value $ 18,020 $ 18,020 Accumulated amortization (9,241 ) (8,882 ) Net carrying value $ 8,779 $ 9,138 Technology / Know-how (10-year life) Gross carrying value $ 3,900 $ 3,900 Accumulated amortization (211 ) (114 ) Net carrying value $ 3,689 $ 3,786 Non-compete Agreements (5-year life) Gross carrying value $ 600 $ 600 Accumulated amortization (65 ) (35 ) Net carrying value $ 535 $ 565 Total net carrying value $ 47,025 $ 47,771
Schedule Of Amortization Expense	Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended 2015 2014 Amortization expense $ 746 $ 236
Estimated Annual Amortization Expense	Total annual amortization expense for each of the next five years is estimated to be as follows: 2017 $ 2,764 2018 $ 2,764 2019 $ 2,764 2020 $ 2,729 2021 $ 2,644

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summary Of Financial Information Attributable To Reportable Segments	The following summary of financial information is consistent with the basis of segmentation and measurement of segment profit or loss presented in our June 30, 2015 consolidated financial statements: Three Months Ended 2015 2014 Net Sales $ 294,085 $ 259,987 Operating Income Specialty Foods $ 44,961 $ 37,499 Corporate Expenses (3,073 ) (2,895 ) Total $ 41,888 $ 34,604

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2015
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expense Recorded	The following table summarizes our SSSARs compensation expense recorded: Three Months Ended 2015 2014 Compensation expense $ 347 $ 354
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expense Recorded	The following table summarizes our restricted stock compensation expense recorded: Three Months Ended 2015 2014 Compensation expense $ 438 $ 457

Pension Benefits (Tables)

Pension Benefits (Tables)	3 Months Ended
	Sep. 30, 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 2015 2014 Components of net periodic benefit income Interest cost $ 421 $ 403 Expected return on plan assets (630 ) (658 ) Amortization of unrecognized net loss 135 107 Net periodic benefit income $ (74 ) $ (148 )

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	3 Months Ended
	Sep. 30, 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 2015 2014 Components of net periodic benefit cost Service cost $ 7 $ 8 Interest cost 30 27 Amortization of unrecognized net gain (4 ) (7 ) Amortization of prior service asset (1 ) (1 ) Net periodic benefit cost $ 32 $ 27

Summary Of Significant Accoun25

Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Construction in progress in accounts payable	$ 616	$ 1,081

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Net Income Per Common Share Calculations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Net income	$ 27,628	$ 22,761
Net income available to participating securities	(35)	(39)
Net income available to common shareholders	$ 27,593	$ 22,722
Weighted average common shares outstanding - basic (in shares)	27,319	27,286
Incremental share effect from:
Nonparticipating restricted stock (in shares)	5	5
Stock-settled stock appreciation rights (in shares)	20	25
Weighted average common shares outstanding - diluted (in shares)	27,344	27,316
Net income per common share - basic and diluted (in dollars per share)	$ 1.01	$ 0.83

Summary Of Significant Accoun27

Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss at beginning of period		$ (10,057)	$ (8,061)
Total other comprehensive income, before tax		130	99
Total tax expense		(49)	(36)
Other comprehensive income, net of tax		81	63
Accumulated other comprehensive loss at end of period		(9,976)	(7,998)
Pension Benefits [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	[1]	135	107
Postretirement Benefits [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	[1]	(4)	(7)
Amortization of prior service asset	[1]	$ (1)	$ (1)
[1]	Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information.

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details) - USD ($) $ in Thousands	Mar. 13, 2015	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Purchase price, net of cash acquired		$ 12	$ 0
Flatout [Member]
Business Acquisition [Line Items]
Purchase price, net of cash acquired	$ 92,200

Acquisition (Schedule Of Purcha

Acquisition (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Goodwill	$ 143,788	$ 143,788
Flatout [Member]
Business Acquisition [Line Items]
Receivables	2,479
Inventories	3,748
Other current assets	212
Property, plant and equipment	6,937
Goodwill	53,948
Other intangible assets	44,000
Current liabilities	(2,445)
Deferred tax liabilities	(16,651)
Net assets acquired	$ 92,228

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
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	Apr. 18, 2017
Line of credit facility, amount outstanding	$ 0		$ 0
Standby letters of credit, amount outstanding	4,700,000
Interest paid	$ 0	$ 0
Minimum interest coverage ratio	250.00%
Maximum leverage ratio	300.00%

Goodwill And Other Intangible31

Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 143,788	$ 143,788

Goodwill And Other Intangible32

Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Net carrying value	$ 47,025	$ 47,771
Tradename (30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	34,500	34,500
Accumulated amortization	(623)	(365)
Net carrying value	$ 33,877	34,135
Finite-lived other intangible assets useful life (in years)	30 years
Trademarks (40-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 370	370
Accumulated amortization	(225)	(223)
Net carrying value	$ 145	147
Finite-lived other intangible assets useful life (in years)	40 years
Customer Relationships (10 to 15-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 18,020	18,020
Accumulated amortization	(9,241)	(8,882)
Net carrying value	8,779	9,138
Technology / Know-how (10-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	3,900	3,900
Accumulated amortization	(211)	(114)
Net carrying value	$ 3,689	3,786
Finite-lived other intangible assets useful life (in years)	10 years
Non-compete Agreements (5-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 600	600
Accumulated amortization	(65)	(35)
Net carrying value	$ 535	$ 565
Finite-lived other intangible assets useful life (in years)	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 (in years)	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 (in years)	15 years

Goodwill And Other Intangible33

Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 746	$ 236

Goodwill And Other Intangible34

Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,017	$ 2,764
2,018	2,764
2,019	2,764
2,020	2,729
2,021	$ 2,644

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Income Tax Authority [Line Items]
Gross tax contingency reserve	$ 1,500,000
Accrued tax liabilities included in the gross tax contingency reserve	1,000,000
Accrued interest and penalties included in the gross tax contingency reserve	500,000
Gross tax contingency reserve, classified as current liabilities	0
Gross tax contingency reserve, classified as noncurrent liabilities	1,500,000
Federal [Member]
Income Tax Authority [Line Items]
Accrued income taxes	8,900,000
Prepaid taxes		$ 3,800,000
State and Local [Member]
Income Tax Authority [Line Items]
Prepaid taxes	$ 300,000	$ 600,000

Business Segment Information (S

Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Net Sales	$ 294,085	$ 259,987
Operating Income	41,888	34,604
Specialty Foods [Member]
Segment Reporting Information [Line Items]
Net Sales	294,085	259,987
Operating Income	44,961	37,499
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income	$ (3,073)	$ (2,895)

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) $ in Millions	3 Months Ended
	Sep. 30, 2015USD ($)shares
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1.5
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	$ 1.7
Weighted-average period over which remaining compensation cost will be recognized	2 years
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) | 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

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Compensation Expense Recorded) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 347	$ 354

Stock-Based Compensation (Restr

Stock-Based Compensation (Restricted Stock Compensation Expense Recorded) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 438	$ 457

Pension Benefits (Narrative) (D

Pension Benefits (Narrative) (Details) - Pension Benefits [Member]	3 Months Ended
	Sep. 30, 2015USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 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 ($) $ in Thousands		3 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Interest cost		$ 421	$ 403
Expected return on plan assets		(630)	(658)
Amortization of unrecognized net loss	[1]	135	107
Net periodic benefit (income) cost		$ (74)	$ (148)
[1]	Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information.

Postretirement Benefits (Narrat

Postretirement Benefits (Narrative) (Details) - Postretirement Benefits [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 29
Estimated future employer contributions in current fiscal year	$ 100

Postretirement Benefits (Compon

Postretirement Benefits (Components Of Net Periodic Benefit Cost) (Details) - Postretirement Benefits [Member] - USD ($) $ in Thousands		3 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 7	$ 8
Interest cost		30	27
Amortization of unrecognized net (gain) loss	[1]	(4)	(7)
Amortization of prior service asset	[1]	(1)	(1)
Net periodic benefit (income) cost		$ 32	$ 27
[1]	Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information.