Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 20, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 57,515 | |
Entity Registrant Name | LANCASTER COLONY CORP | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,409,525 | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Current Fiscal Year End Date | --06-30 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Current Assets: | ||
Cash and equivalents | $ 94,427 | $ 182,202 |
Receivables (less allowance for doubtful accounts, March-$176; June-$206) | 70,227 | 62,437 |
Inventories: | ||
Raw materials | 31,028 | 30,655 |
Finished goods | 44,822 | 47,244 |
Total inventories | 75,850 | 77,899 |
Other current assets | 9,540 | 7,672 |
Total current assets | 250,044 | 330,210 |
Property, Plant and Equipment: | ||
Land, buildings and improvements | 114,259 | 113,844 |
Machinery and equipment | 260,228 | 253,143 |
Total cost | 374,487 | 366,987 |
Less accumulated depreciation | 205,677 | 194,676 |
Property, plant and equipment-net | 168,810 | 172,311 |
Other Assets: | ||
Goodwill | 143,788 | 143,788 |
Other intangible assets-net | 45,557 | 47,771 |
Other noncurrent assets | 7,185 | 8,076 |
Total | 615,384 | 702,156 |
Current Liabilities: | ||
Accounts payable | 39,174 | 38,823 |
Accrued liabilities | 32,591 | 35,821 |
Total current liabilities | 71,765 | 74,644 |
Other Noncurrent Liabilities | 20,863 | 23,654 |
Deferred Income Taxes | $ 24,265 | $ 22,940 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Preferred stock-authorized 3,050,000 shares; outstanding-none | ||
Common stock-authorized 75,000,000 shares; outstanding – March-27,406,198 shares; June-27,360,581 shares | $ 109,707 | $ 107,767 |
Retained earnings | 1,133,432 | 1,219,119 |
Accumulated other comprehensive loss | (8,582) | (10,057) |
Common stock in treasury, at cost | (736,066) | (735,911) |
Total shareholders' equity | 498,491 | 580,918 |
Total | $ 615,384 | $ 702,156 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 176 | $ 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 | 27,406,198 | 27,360,581 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||||
Net Sales | $ 287,765 | $ 263,400 | $ 906,619 | $ 826,798 |
Cost of Sales | 214,841 | 206,775 | 682,134 | 634,096 |
Gross Margin | 72,924 | 56,625 | 224,485 | 192,702 |
Selling, General and Administrative Expenses | 28,980 | 25,417 | 86,538 | 76,674 |
Operating Income | 43,944 | 31,208 | 137,947 | 116,028 |
Other, Net | 125 | (138) | 42 | (177) |
Income Before Income Taxes | 44,069 | 31,070 | 137,989 | 115,851 |
Taxes Based on Income | 15,058 | 10,667 | 46,839 | 39,733 |
Net Income | $ 29,011 | $ 20,403 | $ 91,150 | $ 76,118 |
Net Income Per Common Share: | ||||
Basic (in dollars per share) | $ 1.06 | $ 0.75 | $ 3.33 | $ 2.78 |
Diluted (in dollars per share) | 1.06 | 0.75 | 3.32 | 2.78 |
Cash Dividends Per Common Share (in dollars per share) | $ 0.50 | $ 0.46 | $ 6.46 | $ 1.36 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 27,338 | 27,303 | 27,329 | 27,294 |
Diluted (in shares) | 27,376 | 27,330 | 27,365 | 27,323 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 29,011 | $ 20,403 | $ 91,150 | $ 76,118 |
Defined Benefit Pension and Postretirement Benefit Plans: | ||||
Prior service credit arising during the period, before tax | 0 | 0 | 2,038 | 0 |
Amortization of loss, before tax | 124 | 100 | 382 | 300 |
Amortization of prior service credit, before tax | (47) | (1) | (79) | (3) |
Total Other Comprehensive Income, Before Tax | 77 | 99 | 2,341 | 297 |
Tax Attributes of Items in Other Comprehensive Income: | ||||
Prior service credit arising during the period, tax | 0 | 0 | (753) | 0 |
Amortization of loss, tax | (45) | (38) | (142) | (111) |
Amortization of prior service credit, tax | 17 | 1 | 29 | 1 |
Total Tax Expense | (28) | (37) | (866) | (110) |
Other Comprehensive Income, Net of Tax | 49 | 62 | 1,475 | 187 |
Comprehensive Income | $ 29,060 | $ 20,465 | $ 92,625 | $ 76,305 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 91,150 | $ 76,118 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 18,118 | 14,937 |
Deferred income taxes and other noncash changes | 926 | 2,527 |
Stock-based compensation expense | 2,140 | 2,211 |
Excess tax benefit from stock-based compensation | (737) | (456) |
Pension plan activity | (222) | (444) |
Changes in operating assets and liabilities: | ||
Receivables | (7,749) | (8,981) |
Inventories | 2,049 | 5,996 |
Other current assets | (1,131) | (1,853) |
Accounts payable and accrued liabilities | (3,973) | 6,508 |
Net cash provided by operating activities | 100,571 | 96,563 |
Cash Flows From Investing Activities: | ||
Cash paid for acquisition, net of cash acquired | (12) | (92,217) |
Payments for property additions | (11,607) | (15,752) |
Other-net | (472) | (1,410) |
Net cash used in investing activities | (12,091) | (109,379) |
Cash Flows From Financing Activities: | ||
Payment of dividends (including special dividend payment, 2016-$136,677; 2015-$0) | (176,837) | (37,193) |
Purchase of treasury stock | (155) | (569) |
Excess tax benefit from stock-based compensation | 737 | 456 |
Net cash used in financing activities | (176,255) | (37,306) |
Net change in cash and equivalents | (87,775) | (50,122) |
Cash and equivalents at beginning of year | 182,202 | 211,539 |
Cash and equivalents at end of period | 94,427 | 161,417 |
Supplemental Disclosure of Operating Cash Flows: | ||
Cash paid during the period for income taxes | $ 48,514 | $ 37,835 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Cash Flows [Abstract] | ||
Special dividend payment | $ 136,677 | $ 0 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2016 | |
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 . Subsequent Events On April 8, 2016, we entered into a new unsecured revolving credit facility (“New Credit Facility”), which replaced our existing credit facility. The New Credit Facility was filed as an exhibit to our Current Report on Form 8-K on April 11, 2016. See Note 3 for summarized information about our New Credit Facility. 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, 2016 2015 Construction in progress in accounts payable $ 185 $ 489 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 Nine Months Ended 2016 2015 2016 2015 Net income $ 29,011 $ 20,403 $ 91,150 $ 76,118 Net income available to participating securities (54 ) (26 ) (216 ) (109 ) Net income available to common shareholders $ 28,957 $ 20,377 $ 90,934 $ 76,009 Weighted average common shares outstanding – basic 27,338 27,303 27,329 27,294 Incremental share effect from: Nonparticipating restricted stock 2 2 3 3 Stock-settled stock appreciation rights 36 25 33 26 Weighted average common shares outstanding – diluted 27,376 27,330 27,365 27,323 Net income per common share – basic $ 1.06 $ 0.75 $ 3.33 $ 2.78 Net income per common share – diluted $ 1.06 $ 0.75 $ 3.32 $ 2.78 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 2016 2015 2016 2015 Accumulated other comprehensive loss at beginning of period $ (8,631 ) $ (7,936 ) $ (10,057 ) $ (8,061 ) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss (1) 135 107 405 321 Postretirement Benefit Plan Items: Prior service credit arising during the period (2) — — 2,038 — Amortization of unrecognized net gain (1) (11 ) (7 ) (23 ) (21 ) Amortization of prior service credit (1) (47 ) (1 ) (79 ) (3 ) Total other comprehensive income, before tax 77 99 2,341 297 Total tax expense (28 ) (37 ) (866 ) (110 ) Other comprehensive income, net of tax 49 62 1,475 187 Accumulated other comprehensive loss at end of period $ (8,582 ) $ (7,874 ) $ (8,582 ) $ (7,874 ) (1) Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information. (2) Due to a negative plan amendment and subsequent remeasurement. See Note 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 March 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance to simplify the accounting for stock-based compensation. The amendments include changes to the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The transition method that will be applied on adoption varies for each of the amendments. We are currently evaluating the impact of this guidance. In February 2016, the FASB issued new accounting guidance to require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The updated guidance retains the two classifications of a lease as either an operating or finance lease (previously referred to as a capital lease). Both lease classifications require the lessee to record a right-of-use asset and a lease liability based upon the present value of the lease payments. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The updated guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the financial statements. The guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 using a modified retrospective approach. We are currently evaluating the impact of this guidance. In July 2015, the 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 November 2015, the FASB issued new accounting guidance which requires deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will only have one net noncurrent deferred tax asset or liability. This guidance may be applied on either a prospective or retrospective basis and is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. We adopted this guidance effective December 31, 2015 using a retrospective basis of adoption. With the adoption, our net deferred tax liability for all periods presented in the Condensed Consolidated Balance Sheets has been classified as noncurrent. For June 30, 2015, the reclassification of $12.8 million of current deferred tax assets to noncurrent liabilities caused the Other Current Assets line to change from $20.5 million to $7.7 million and the Deferred Income Taxes line to change from $35.7 million to $22.9 million . As this guidance only relates to balance sheet classification, there was no statement of income impact. 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 adopted this guidance effective July 1, 2015, and it did not have a material impact on our consolidated financial statements. |
Acquisition
Acquisition | 9 Months Ended |
Mar. 31, 2016 | |
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 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 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt At March 31, 2016 and June 30, 2015 , we had an unsecured credit facility under which we could 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. At March 31, 2016 and June 30, 2015 , we had no borrowings outstanding under this facility. At March 31, 2016 , we had $4.7 million of standby letters of credit outstanding, which reduced the amount available for borrowing on this facility. We paid no interest for the three and nine months ended March 31, 2016 and 2015 . On April 8, 2016, we entered into a New Credit Facility, which replaced our existing credit facility discussed above. The material terms and covenants of the New Credit Facility are substantially similar to our existing credit facility. The New Credit Facility provides that we may borrow, on a revolving credit basis, up to a maximum of $150 million at any one time, with potential to expand the total credit availability to $225 million subject to us obtaining consent of the issuing banks and certain other conditions. The New Credit Facility expires on April 8, 2021 , 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 New Credit Facility, 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. Due to the nature of its terms, when we have outstanding borrowings under the New Credit Facility, they will be classified as long-term debt. The New Credit 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 by Consolidated Interest Expense, and the leverage ratio is calculated by dividing Consolidated Debt by Consolidated EBITDA. All financial terms used in the covenant calculations are defined more specifically in the New Credit Facility. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies At March 31, 2016 , 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 | 9 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and June 30, 2015 . The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment: March 31, June 30, Tradename (30-year life) Gross carrying value $ 34,500 $ 34,500 Accumulated amortization (1,198 ) (365 ) Net carrying value $ 33,302 $ 34,135 Trademarks (40-year life) Gross carrying value $ 370 $ 370 Accumulated amortization (230 ) (223 ) Net carrying value $ 140 $ 147 Customer Relationships (10 to 15-year life) Gross carrying value $ 18,020 $ 18,020 Accumulated amortization (9,874 ) (8,882 ) Net carrying value $ 8,146 $ 9,138 Technology / Know-how (10-year life) Gross carrying value $ 3,900 $ 3,900 Accumulated amortization (406 ) (114 ) Net carrying value $ 3,494 $ 3,786 Non-compete Agreements (5-year life) Gross carrying value $ 600 $ 600 Accumulated amortization (125 ) (35 ) Net carrying value $ 475 $ 565 Total net carrying value $ 45,557 $ 47,771 Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amortization expense $ 691 $ 308 $ 2,214 $ 780 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 | 9 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Prepaid Federal income taxes of $6.0 million and $3.8 million were included in Other Current Assets at March 31, 2016 and June 30, 2015 , respectively. Prepaid state and local income taxes of $0.9 million and $0.6 million were included in Other Current Assets at March 31, 2016 and June 30, 2015 , respectively. The gross tax contingency reserve at March 31, 2016 was $1.5 million and consisted of estimated 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 March 31, 2016 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 | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The March 31, 2016 identifiable assets by reportable segment are generally consistent with that of June 30, 2015 . However, the amount of Corporate assets declined because of the decrease in cash, which is treated as a Corporate asset, due to the payment of the December 2015 special dividend. 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 Nine Months Ended 2016 2015 2016 2015 Net Sales $ 287,765 $ 263,400 $ 906,619 $ 826,798 Operating Income Specialty Foods $ 46,476 $ 34,170 $ 146,866 $ 124,909 Corporate Expenses (2,532 ) (2,962 ) (8,919 ) (8,881 ) Total $ 43,944 $ 31,208 $ 137,947 $ 116,028 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2016 | |
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. As the 2005 Plan expired in May 2015, we obtained shareholder approval of the Lancaster Colony Corporation 2015 Omnibus Incentive Plan (the “2015 Plan”) at our November 2015 Annual Meeting of Shareholders. The 2015 Plan did not affect any currently outstanding equity awards granted under the 2005 Plan. The 2015 Plan reserved 1,500,000 common shares for issuance to our employees and directors. All awards granted under these plans 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 these plans varies as to the type of award granted, but generally these awards have a maximum term of five years . 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 stock-settled stock appreciation rights (“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 Nine Months Ended 2016 2015 2016 2015 Compensation expense $ 351 $ 308 $ 889 $ 893 At March 31, 2016 , there was $3.1 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 Nine Months Ended 2016 2015 2016 2015 Compensation expense $ 436 $ 384 $ 1,251 $ 1,318 At March 31, 2016 , there was $3.8 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 | 9 Months Ended |
Mar. 31, 2016 | |
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 Nine Months Ended 2016 2015 2016 2015 Components of net periodic benefit income Interest cost $ 421 $ 403 $ 1,263 $ 1,209 Expected return on plan assets (630 ) (658 ) (1,890 ) (1,974 ) Amortization of unrecognized net loss 135 107 405 321 Net periodic benefit income $ (74 ) $ (148 ) $ (222 ) $ (444 ) For the three and nine months ended March 31, 2016 , 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 | 9 Months Ended |
Mar. 31, 2016 | |
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. In the quarter ended December 31, 2015, we terminated the medical benefits offered under the plans. The reduction in these benefits was accounted for as a negative plan amendment and resulted in the subsequent remeasurement of our benefit obligation. The remeasurement reduced the net periodic benefit cost for 2016 compared to the amount expected prior to the remeasurement. The following table summarizes the components of net periodic benefit (income) cost for our postretirement plans: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Components of net periodic benefit (income) cost Service cost $ 7 $ 8 $ 20 $ 24 Interest cost 11 27 58 81 Amortization of unrecognized net gain (11 ) (7 ) (23 ) (21 ) Amortization of prior service credit (47 ) (1 ) (79 ) (3 ) Net periodic benefit (income) cost $ (40 ) $ 27 $ (24 ) $ 81 |
Summary Of Significant Accoun18
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Mar. 31, 2016 | |
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 March 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance to simplify the accounting for stock-based compensation. The amendments include changes to the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The transition method that will be applied on adoption varies for each of the amendments. We are currently evaluating the impact of this guidance. In February 2016, the FASB issued new accounting guidance to require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The updated guidance retains the two classifications of a lease as either an operating or finance lease (previously referred to as a capital lease). Both lease classifications require the lessee to record a right-of-use asset and a lease liability based upon the present value of the lease payments. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The updated guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the financial statements. The guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 using a modified retrospective approach. We are currently evaluating the impact of this guidance. In July 2015, the 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 November 2015, the FASB issued new accounting guidance which requires deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will only have one net noncurrent deferred tax asset or liability. This guidance may be applied on either a prospective or retrospective basis and is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. We adopted this guidance effective December 31, 2015 using a retrospective basis of adoption. With the adoption, our net deferred tax liability for all periods presented in the Condensed Consolidated Balance Sheets has been classified as noncurrent. For June 30, 2015, the reclassification of $12.8 million of current deferred tax assets to noncurrent liabilities caused the Other Current Assets line to change from $20.5 million to $7.7 million and the Deferred Income Taxes line to change from $35.7 million to $22.9 million . As this guidance only relates to balance sheet classification, there was no statement of income impact. 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 adopted this guidance effective July 1, 2015, and it did not have a material impact on our consolidated financial statements. |
Summary Of Significant Accoun19
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
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, 2016 2015 Construction in progress in accounts payable $ 185 $ 489 |
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 Nine Months Ended 2016 2015 2016 2015 Net income $ 29,011 $ 20,403 $ 91,150 $ 76,118 Net income available to participating securities (54 ) (26 ) (216 ) (109 ) Net income available to common shareholders $ 28,957 $ 20,377 $ 90,934 $ 76,009 Weighted average common shares outstanding – basic 27,338 27,303 27,329 27,294 Incremental share effect from: Nonparticipating restricted stock 2 2 3 3 Stock-settled stock appreciation rights 36 25 33 26 Weighted average common shares outstanding – diluted 27,376 27,330 27,365 27,323 Net income per common share – basic $ 1.06 $ 0.75 $ 3.33 $ 2.78 Net income per common share – diluted $ 1.06 $ 0.75 $ 3.32 $ 2.78 |
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 2016 2015 2016 2015 Accumulated other comprehensive loss at beginning of period $ (8,631 ) $ (7,936 ) $ (10,057 ) $ (8,061 ) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss (1) 135 107 405 321 Postretirement Benefit Plan Items: Prior service credit arising during the period (2) — — 2,038 — Amortization of unrecognized net gain (1) (11 ) (7 ) (23 ) (21 ) Amortization of prior service credit (1) (47 ) (1 ) (79 ) (3 ) Total other comprehensive income, before tax 77 99 2,341 297 Total tax expense (28 ) (37 ) (866 ) (110 ) Other comprehensive income, net of tax 49 62 1,475 187 Accumulated other comprehensive loss at end of period $ (8,582 ) $ (7,874 ) $ (8,582 ) $ (7,874 ) (1) Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information. (2) Due to a negative plan amendment and subsequent remeasurement. See Note 10 for additional information. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule Of Purchase Price Allocation | The following 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 Intangible21
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
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: March 31, June 30, Tradename (30-year life) Gross carrying value $ 34,500 $ 34,500 Accumulated amortization (1,198 ) (365 ) Net carrying value $ 33,302 $ 34,135 Trademarks (40-year life) Gross carrying value $ 370 $ 370 Accumulated amortization (230 ) (223 ) Net carrying value $ 140 $ 147 Customer Relationships (10 to 15-year life) Gross carrying value $ 18,020 $ 18,020 Accumulated amortization (9,874 ) (8,882 ) Net carrying value $ 8,146 $ 9,138 Technology / Know-how (10-year life) Gross carrying value $ 3,900 $ 3,900 Accumulated amortization (406 ) (114 ) Net carrying value $ 3,494 $ 3,786 Non-compete Agreements (5-year life) Gross carrying value $ 600 $ 600 Accumulated amortization (125 ) (35 ) Net carrying value $ 475 $ 565 Total net carrying value $ 45,557 $ 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 Nine Months Ended 2016 2015 2016 2015 Amortization expense $ 691 $ 308 $ 2,214 $ 780 |
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) | 9 Months Ended |
Mar. 31, 2016 | |
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 Nine Months Ended 2016 2015 2016 2015 Net Sales $ 287,765 $ 263,400 $ 906,619 $ 826,798 Operating Income Specialty Foods $ 46,476 $ 34,170 $ 146,866 $ 124,909 Corporate Expenses (2,532 ) (2,962 ) (8,919 ) (8,881 ) Total $ 43,944 $ 31,208 $ 137,947 $ 116,028 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
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 Nine Months Ended 2016 2015 2016 2015 Compensation expense $ 351 $ 308 $ 889 $ 893 |
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 Nine Months Ended 2016 2015 2016 2015 Compensation expense $ 436 $ 384 $ 1,251 $ 1,318 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
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 2016 2015 2016 2015 Components of net periodic benefit income Interest cost $ 421 $ 403 $ 1,263 $ 1,209 Expected return on plan assets (630 ) (658 ) (1,890 ) (1,974 ) Amortization of unrecognized net loss 135 107 405 321 Net periodic benefit income $ (74 ) $ (148 ) $ (222 ) $ (444 ) |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components Of Net Periodic Benefit (Income) Cost | The following table summarizes the components of net periodic benefit (income) cost for our postretirement plans: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Components of net periodic benefit (income) cost Service cost $ 7 $ 8 $ 20 $ 24 Interest cost 11 27 58 81 Amortization of unrecognized net gain (11 ) (7 ) (23 ) (21 ) Amortization of prior service credit (47 ) (1 ) (79 ) (3 ) Net periodic benefit (income) cost $ (40 ) $ 27 $ (24 ) $ 81 |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Other current assets | $ 9,540 | $ 7,672 |
Deferred income taxes liability | $ 24,265 | 22,940 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Other current assets | (12,800) | |
Deferred income taxes liability | (12,800) | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Scenario, Previously Reported [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Other current assets | 20,500 | |
Deferred income taxes liability | $ 35,700 |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Construction in progress in accounts payable | $ 185 | $ 489 |
Summary Of Significant Accoun28
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 | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||||
Net income | $ 29,011 | $ 20,403 | $ 91,150 | $ 76,118 |
Net income available to participating securities | (54) | (26) | (216) | (109) |
Net income available to common shareholders | $ 28,957 | $ 20,377 | $ 90,934 | $ 76,009 |
Weighted average common shares outstanding - basic (in shares) | 27,338 | 27,303 | 27,329 | 27,294 |
Incremental share effect from: | ||||
Nonparticipating restricted stock (in shares) | 2 | 2 | 3 | 3 |
Stock-settled stock appreciation rights (in shares) | 36 | 25 | 33 | 26 |
Weighted average common shares outstanding - diluted (in shares) | 27,376 | 27,330 | 27,365 | 27,323 |
Net income per common share - basic (in dollars per share) | $ 1.06 | $ 0.75 | $ 3.33 | $ 2.78 |
Net income per common share - diluted (in dollars per share) | $ 1.06 | $ 0.75 | $ 3.32 | $ 2.78 |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Accumulated other comprehensive loss at beginning of period | $ (8,631) | $ (7,936) | $ (10,057) | $ (8,061) | |
Total other comprehensive income, before tax | 77 | 99 | 2,341 | 297 | |
Total tax expense | (28) | (37) | (866) | (110) | |
Other comprehensive income, net of tax | 49 | 62 | 1,475 | 187 | |
Accumulated other comprehensive loss at end of period | (8,582) | (7,874) | (8,582) | (7,874) | |
Pension Benefits [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of unrecognized net (gain) loss | [1] | 135 | 107 | 405 | 321 |
Postretirement Benefits [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of unrecognized net (gain) loss | [1] | (11) | (7) | (23) | (21) |
Prior service credit arising during the period | [2] | 0 | 0 | 2,038 | 0 |
Amortization of prior service credit | [1] | $ (47) | $ (1) | $ (79) | $ (3) |
[1] | Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information. | ||||
[2] | Due to a negative plan amendment and subsequent remeasurement. See Note 10 for additional information. |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Thousands | Mar. 13, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Business Acquisition [Line Items] | |||
Purchase price, net of cash acquired | $ 12 | $ 92,217 | |
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 | Mar. 31, 2016 | 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 (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Apr. 08, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 |
Subsequent Event [Line Items] | ||||||
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, amount outstanding | 0 | 0 | $ 0 | |||
Standby letters of credit, amount outstanding | 4,700,000 | 4,700,000 | ||||
Interest paid | $ 0 | $ 0 | $ 0 | $ 0 | ||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Maximum borrowing capacity | $ 150,000,000 | |||||
Maximum borrowing capacity on obtaining consent of the issuing bank | $ 225,000,000 | |||||
Line of credit facility, expiration date | Apr. 8, 2021 | |||||
Minimum interest coverage ratio | 250.00% | |||||
Maximum leverage ratio | 300.00% |
Goodwill And Other Intangible33
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 143,788 | $ 143,788 |
Goodwill And Other Intangible34
Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying value | $ 45,557 | $ 47,771 |
Tradename (30-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 34,500 | 34,500 |
Accumulated amortization | (1,198) | (365) |
Net carrying value | $ 33,302 | 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 | (230) | (223) |
Net carrying value | $ 140 | 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 | (9,874) | (8,882) |
Net carrying value | 8,146 | 9,138 |
Technology / Know-how (10-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 3,900 | 3,900 |
Accumulated amortization | (406) | (114) |
Net carrying value | $ 3,494 | 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 | (125) | (35) |
Net carrying value | $ 475 | $ 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 Intangible35
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 691 | $ 308 | $ 2,214 | $ 780 |
Goodwill And Other Intangible36
Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
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 (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Income Tax Authority [Line Items] | ||
Gross tax contingency reserve | $ 1,500,000 | |
Estimated tax liabilities included in the gross tax contingency reserve | 1,000,000 | |
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] | ||
Prepaid taxes | 6,000,000 | $ 3,800,000 |
State and Local [Member] | ||
Income Tax Authority [Line Items] | ||
Prepaid taxes | $ 900,000 | $ 600,000 |
Business Segment Information (S
Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 287,765 | $ 263,400 | $ 906,619 | $ 826,798 |
Operating Income | 43,944 | 31,208 | 137,947 | 116,028 |
Specialty Foods [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 287,765 | 263,400 | 906,619 | 826,798 |
Operating Income | 46,476 | 34,170 | 146,866 | 124,909 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | $ (2,532) | $ (2,962) | $ (8,919) | $ (8,881) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | 9 Months Ended |
Mar. 31, 2016USD ($)shares | |
Stock Settled Stock Appreciation Rights SARS [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ | $ 3.1 |
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 years |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ | $ 3.8 |
Weighted-average period over which remaining compensation expense will be recognized (in years) | 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 | 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 |
2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares reserved for issuance to employees and directors | shares | 1,500,000 |
2015 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 | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Settled Stock Appreciation Rights SARS [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 351 | $ 308 | $ 889 | $ 893 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Compensation Expense Recorded) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 436 | $ 384 | $ 1,251 | $ 1,318 |
Pension Benefits (Narrative) (D
Pension Benefits (Narrative) (Details) - Pension Benefits [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2016 | Mar. 31, 2016 | |
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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | $ 421 | $ 403 | $ 1,263 | $ 1,209 | |
Expected return on plan assets | (630) | (658) | (1,890) | (1,974) | |
Amortization of unrecognized net loss | [1] | 135 | 107 | 405 | 321 |
Net periodic benefit (income) cost | $ (74) | $ (148) | $ (222) | $ (444) | |
[1] | Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information. |
Postretirement Benefits (Compon
Postretirement Benefits (Components Of Net Periodic Benefit (Income) Cost) (Details) - Postretirement Benefits [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 7 | $ 8 | $ 20 | $ 24 | |
Interest cost | 11 | 27 | 58 | 81 | |
Amortization of unrecognized net (gain) loss | [1] | (11) | (7) | (23) | (21) |
Amortization of prior service credit | [1] | (47) | (1) | (79) | (3) |
Net periodic benefit (income) cost | $ (40) | $ 27 | $ (24) | $ 81 | |
[1] | Included in the computation of net periodic benefit income/cost. See Notes 9 and 10 for additional information. |