Lancaster Colony (LANC) 10-Q 4 Nov 19 2020 Q1 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	3 Months Ended
	Sep. 30, 2019	Oct. 17, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	000-04065
Entity Registrant Name	Lancaster Colony Corporation
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	13-1955943
Entity Address, Address Line One	380 Polaris Parkway
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Westerville
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43082
City Area Code	(614)
Local Phone Number	224-7141
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	LANC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		27,485
Amendment Flag	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000057515
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--06-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Current Assets:
Cash and equivalents	$ 173,461	$ 196,288
Receivables	91,554	75,691
Inventories:
Raw materials	37,421	30,647
Finished goods	57,004	55,425
Total inventories	94,425	86,072
Other current assets	9,211	10,518
Total current assets	368,651	368,569
Property, Plant and Equipment:
Land, buildings and improvements	190,018	163,094
Machinery and equipment	350,164	340,232
Total cost	540,182	503,326
Less accumulated depreciation	259,323	256,282
Property, plant and equipment-net	280,859	247,044
Other Assets:
Goodwill	208,371	208,371
Other intangible assets-net	69,003	70,277
Operating lease right-of-use assets	24,584	0
Other noncurrent assets	10,873	11,138
Total	962,341	905,399
Current Liabilities:
Accounts payable	84,497	76,670
Accrued liabilities	52,076	43,036
Total current liabilities	136,573	119,706
Noncurrent Operating Lease Liabilities	19,638	0
Other Noncurrent Liabilities	32,806	35,938
Deferred Income Taxes	23,659	22,882
Commitments and Contingencies
Shareholders' Equity:
Preferred stock-authorized 3,050,000 shares; outstanding-none
Common stock-authorized 75,000,000 shares; outstanding-September-27,484,757 shares; June-27,491,497 shares	124,155	122,844
Retained earnings	1,382,658	1,359,782
Accumulated other comprehensive loss	(10,238)	(10,308)
Common stock in treasury, at cost	(746,910)	(745,445)
Total shareholders' equity	749,665	726,873
Total	$ 962,341	$ 905,399

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2019	Jun. 30, 2019
Statement of Financial Position [Abstract]
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	27,484,757	27,491,497

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net Sales	$ 337,054	$ 316,654
Cost of Sales	244,946	235,455
Gross Profit	92,108	81,199
Selling, General and Administrative Expenses	39,455	32,079
Change in Contingent Consideration	63	0
Restructuring and Impairment Charges	886	0
Operating Income	51,704	49,120
Other, Net	1,427	1,314
Income Before Income Taxes	53,131	50,434
Taxes Based on Income	12,386	11,406
Net Income	$ 40,745	$ 39,028
Net Income Per Common Share:
Basic and diluted (in dollars per share)	$ 1.48	$ 1.42
Weighted Average Common Shares Outstanding:
Basic (in shares)	27,442	27,424
Diluted (in shares)	27,517	27,514

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 40,745	$ 39,028
Defined Benefit Pension and Postretirement Benefit Plans:
Amortization of loss, before tax	136	103
Amortization of prior service credit, before tax	(45)	(46)
Total Other Comprehensive Income, Before Tax	91	57
Tax Attributes of Items in Other Comprehensive Income:
Amortization of loss, tax	(31)	(24)
Amortization of prior service credit, tax	10	11
Total Tax Expense	(21)	(13)
Other Comprehensive Income, Net of Tax	70	44
Comprehensive Income	$ 40,815	$ 39,072

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities:
Net income	$ 40,745	$ 39,028
Impacts of noncash items:
Depreciation and amortization	8,750	6,944
Change in contingent consideration	63	0
Deferred income taxes and other changes	833	879
Stock-based compensation expense	1,436	1,531
Restructuring and impairment charges	(268)	0
Pension plan activity	(215)	(309)
Changes in operating assets and liabilities:
Receivables	(15,869)	(10,325)
Inventories	(8,353)	(11,961)
Other current assets	616	2,763
Accounts payable and accrued liabilities	12,357	12,310
Net cash provided by operating activities	40,095	40,860
Cash Flows From Investing Activities:
Payments for property additions	(43,189)	(9,740)
Other-net	(156)	(71)
Net cash used in investing activities	(43,345)	(9,811)
Cash Flows From Financing Activities:
Payment of dividends	(17,869)	(16,495)
Purchase of treasury stock	(1,465)	(1,593)
Tax withholdings for stock-based compensation	(125)	(778)
Other-net	(118)	0
Net cash used in financing activities	(19,577)	(18,866)
Net change in cash and equivalents	(22,827)	12,183
Cash and equivalents at beginning of year	196,288	205,752
Cash and equivalents at end of period	173,461	217,935
Supplemental Disclosure of Operating Cash Flows:
Net cash payments for income taxes	$ 528	$ 229

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock Outstanding [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]
Balance (in shares) at Jun. 30, 2018		27,488,000
Balance at Jun. 30, 2018	$ 652,282	$ 119,232	$ 1,279,343	$ (8,259)	$ (738,034)
Net income	39,028		39,028
Net pension and postretirement benefit gains, net of tax effect	44			44
Cash dividends - common stock	(16,495)		(16,495)
Purchase of treasury stock (in shares)		(10,000)
Purchase of treasury stock	(1,593)				(1,593)
Stock-based plans (in shares)		12,000
Stock-based plans	(778)	$ (778)
Stock-based compensation expense	1,531	$ 1,531
Balance (in shares) at Sep. 30, 2018		27,490,000
Balance at Sep. 30, 2018	$ 674,019	$ 119,985	1,301,876	(8,215)	(739,627)
Balance (in shares) at Jun. 30, 2019	27,491,497	27,491,000
Balance at Jun. 30, 2019	$ 726,873	$ 122,844	1,359,782	(10,308)	(745,445)
Net income	40,745		40,745
Net pension and postretirement benefit gains, net of tax effect	70			70
Cash dividends - common stock	(17,869)		(17,869)
Purchase of treasury stock (in shares)		(10,000)
Purchase of treasury stock	(1,465)				(1,465)
Stock-based plans (in shares)		4,000
Stock-based plans	(125)	$ (125)
Stock-based compensation expense	$ 1,436	$ 1,436
Balance (in shares) at Sep. 30, 2019	27,484,757	27,485,000
Balance at Sep. 30, 2019	$ 749,665	$ 124,155	$ 1,382,658	$ (10,238)	$ (746,910)

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Tax effect included in net pension and postretirement benefit gains	$ 21	$ 13
Common stock, dividends per share (in dollars per share)	$ 0.65	$ 0.60

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant” or the “Company” and 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. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our 2019 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, 2020 refers to fiscal 2020 , which is the period from July 1, 2019 to June 30, 2020 . Property, Plant and Equipment Property, plant and equipment are recorded at cost, except for those acquired as part of a business combination, which are recorded at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. 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, 2019 2018 Construction in progress in Accounts Payable $ 5,606 $ 3,219 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 2019 2018 Net income $ 40,745 $ 39,028 Net income available to participating securities (67 ) (82 ) Net income available to common shareholders $ 40,678 $ 38,946 Weighted average common shares outstanding – basic 27,442 27,424 Incremental share effect from: Nonparticipating restricted stock 3 5 Stock-settled stock appreciation rights 72 85 Weighted average common shares outstanding – diluted 27,517 27,514 Net income per common share – basic and diluted $ 1.48 $ 1.42 Accumulated Other Comprehensive Loss The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: Three Months Ended 2019 2018 Accumulated other comprehensive loss at beginning of period $ (10,308 ) $ (8,259 ) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 143 112 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (7 ) (9 ) Amortization of prior service credit (45 ) (46 ) Total other comprehensive income, before tax 91 57 Total tax expense (21 ) (13 ) Other comprehensive income, net of tax 70 44 Accumulated other comprehensive loss at end of period $ (10,238 ) $ (8,215 ) Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2019 Annual Report on Form 10-K. However, see expanded disclosure of lease accounting policies in Note 5 due to the adoption of new lease accounting guidance. Recently Issued Accounting Standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance related to the disclosure requirements for fair value measurements. The guidance removes, modifies and adds disclosures related to fair value. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. This guidance will be effective for us in fiscal 2021, including interim periods. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations. Recently Adopted Accounting Standards 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 and issued subsequent clarifications of this new guidance. This 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 guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the consolidated financial statements. In July 2018, the FASB issued guidance that allows for an alternate transition method whereby companies can recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than restating comparative periods. We adopted the new guidance on July 1, 2019 using this alternate transition method, but we did not record a cumulative-effect adjustment from initially applying the standard. We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets. We have completed the implementation of a lease accounting system to enable the preparation of financial information and have implemented relevant accounting policies and internal controls surrounding the lease accounting process. As a result of adoption, we recognized a lease liability and right-of-use asset of $33.5 million and $31.7 million , respectively. The right-of-use asset balance reflects the reclassification of deferred rent and prepaid rent against the initial asset. The adoption did not impact our results of operations or cash flows. See additional lease disclosures in Note 5.

Acquisitions

Acquisitions	3 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions Omni Baking Company LLC On November 16, 2018, we acquired substantially all of the assets of Omni Baking Company LLC (“Omni”). Omni has been a long-time supplier of products to our frozen garlic bread operations and is based in Vineland, New Jersey. The purchase price of $22.3 million , which includes the post-closing working capital adjustment, was funded with cash on hand. Omni’s results of operations are allocated between our Retail and Foodservice segments in a manner consistent with our current segment allocations. These results have been included in our condensed consolidated financial statements from the date of acquisition. Bantam Bagels, LLC On October 19, 2018, we acquired all the assets of Bantam Bagels, LLC (“Bantam”). Bantam, a producer and marketer of frozen mini stuffed bagels and mini stuffed pancakes sold to both the retail and foodservice channels, is based in New York, New York. The base purchase price of $33.1 million , which includes the post-closing working capital adjustment, was funded with cash on hand. This purchase price excludes contingent consideration relating to an additional earn-out payment which is tied to performance-based conditions. In general, the terms of the acquisition specify that the sellers will receive an earn-out based upon a pre-determined multiple of the defined adjusted EBITDA of Bantam for the twelve months ending December 31, 2023. We are unable to provide a range for the amount of this earn-out because it is based on the future adjusted EBITDA of Bantam, and the earn-out does not contain a minimum or maximum value. See further discussion of the earn-out in Note 3. Bantam’s results of operations are allocated between our Retail and Foodservice segments in a manner consistent with our current segment allocations. These results have been included in our condensed consolidated financial statements from the date of acquisition.

Fair Value

Fair Value	3 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. GAAP sets forth a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value. The three levels are as follows: Level 1 – defined as observable inputs, such as quoted market prices in active markets. Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3 – defined as unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. Our financial assets and liabilities subject to the three-level fair value hierarchy consist principally of cash and equivalents, accounts receivable, accounts payable, contingent consideration payable and defined benefit pension plan assets. The estimated fair value of cash and equivalents, accounts receivable and accounts payable approximates their carrying value. Our contingent consideration, which resulted from the earn-outs associated with our acquisitions of Bantam and Angelic Bakehouse, Inc. (“Angelic”), is measured at fair value on a recurring basis and is included in Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes our contingent consideration: Fair Value Measurements at September 30, 2019 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 8,963 $ 8,963 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 8,963 $ 8,963 Fair Value Measurements at June 30, 2019 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 8,900 $ 8,900 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 8,900 $ 8,900 Bantam Contingent Consideration This contingent consideration resulted from the earn-out associated with our October 19, 2018 acquisition of Bantam. In general, the terms of the acquisition specify the sellers will receive an earn-out based upon a pre-determined multiple of the defined adjusted EBITDA of Bantam for the twelve months ending December 31, 2023. The initial fair value of the contingent consideration was determined to be $8.0 million . The fair value is measured on a recurring basis using a Monte Carlo simulation that randomly changes revenue growth, forecasted adjusted EBITDA and other uncertain variables to estimate an expected value. We record the present value of this amount by applying a discount rate. As this fair value measurement is based on significant inputs not observable in the market, it represents a Level 3 measurement within the fair value hierarchy. The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Bantam’s contingent consideration: Three Months Ended Contingent consideration at beginning of period $ 8,900 Initial fair value - additions — Change in contingent consideration included in operating income 63 Contingent consideration at end of period $ 8,963 Angelic Contingent Consideration This contingent consideration resulted from the earn-out associated with our November 17, 2016 acquisition of Angelic. In general, the terms of the acquisition specify the sellers will receive an earn-out based upon a pre-determined multiple of the defined adjusted EBITDA of Angelic for fiscal 2021. The initial fair value of the contingent consideration was determined to be $13.9 million . The fair value is measured on a recurring basis using a present value approach, which incorporates factors such as revenue growth and forecasted adjusted EBITDA, to estimate an expected value. We record the present value of this amount by applying a discount rate. As this fair value measurement is based on significant inputs not observable in the market, it represents a Level 3 measurement within the fair value hierarchy. Our 2019 fair value measurements resulted in a $9.7 million reduction in the fair value of Angelic’s contingent consideration in the second quarter ended December 31, 2018 and a $7.4 million reduction in the fourth quarter ended June 30, 2019 based on changes in Angelic’s forecasted adjusted EBITDA for fiscal 2021. These adjustments were recorded in our Retail segment. The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Angelic’s contingent consideration: Three Months Ended 2019 2018 Contingent consideration at beginning of period $ — $ 17,080 Change in contingent consideration included in operating income — — Contingent consideration at end of period $ — $ 17,080

Long-Term Debt

Long-Term Debt	3 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt At September 30, 2019 and June 30, 2019 , we had an unsecured credit facility (“Facility”) under which we could 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 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 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 Facility, they will be classified as long-term debt. At September 30, 2019 and June 30, 2019 , we had no borrowings outstanding under the Facility. At September 30, 2019 and June 30, 2019 , we had $5.1 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, 2019 and 2018 . 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 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 Facility.

Leases

Leases	3 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases General Lease Description We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment. Certain of these leases contain renewal options and some provide options to purchase during the lease term. Our operating leases include leases for real estate for some of our office and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these operating leases range from 1 year to 9 years . We have finance leases with initial noncancelable lease terms in excess of one year covering the rental of various equipment. These leases are generally for manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these finance leases are 4 years . Significant Assumptions and Judgments Contract Contains a Lease In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following: • Whether explicitly or implicitly identified assets have been deployed in the contract; and • Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract. Allocation of Consideration In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration. Options to Extend or Terminate Leases We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded. Discount Rate The discount rate for leases, if not explicitly stated in the lease, is the incremental borrowing rate, which is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We used a discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our internal borrowing rate, treasury security rates, collateral and credit risk specific to us, and our lease portfolio characteristics. As of September 30, 2019 , the weighted-average discount rate of our operating and finance leases was 3.1% and 4.2% , respectively. Practical Expedients and Accounting Policy Elections We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets. Amounts Recognized in the Financial Statements The components of lease expense were as follows: Three Months Ended Operating lease cost in Cost of Sales and Selling, General and Administrative Expenses $ 2,136 Finance lease cost: Amortization of assets in Cost of Sales $ 84 Interest on lease liabilities in Other, Net 20 Total finance lease cost $ 104 Short-term lease cost in Cost of Sales and Selling, General and Administrative Expenses 672 Total net lease cost $ 2,912 Supplemental balance sheet information related to leases is as follows: September 30, Operating Leases Operating Lease Right-Of-Use Assets $ 24,584 Current operating lease liabilities in Accrued Liabilities $ 6,788 Noncurrent Operating Lease Liabilities 19,638 Total operating lease liabilities $ 26,426 Finance Leases Finance lease right-of-use assets in Property, Plant and Equipment-Net $ 1,966 Current finance lease liabilities in Accrued Liabilities $ 437 Noncurrent finance lease liabilities in Other Noncurrent Liabilities 1,408 Total finance lease liabilities $ 1,845 Supplemental cash flow information related to leases is as follows: Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,214 Operating cash flows from finance leases $ 20 Financing cash flows from finance leases $ 106 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 1,050 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ 5,765 As of September 30, 2019 , the maturities of lease liabilities were as follows: Operating Leases Finance Leases Nine months ending June 30, 2020 $ 5,825 $ 379 2021 5,884 505 2022 5,070 505 2023 3,874 493 2024 3,423 121 Thereafter 4,570 — Total minimum payments $ 28,646 $ 2,003 Less amount representing interest (2,220 ) (158 ) Present value of lease obligations $ 26,426 $ 1,845 As of September 30, 2019 , the weighted-average remaining term of our operating and finance leases was 5.2 years and 4.0 years , respectively. We have additional operating lease commitments that have not yet commenced of approximately $1.6 million for various equipment that has not yet been delivered. Delivery is expected in 2020. These leases have terms of 5 years . As previously disclosed in our 2019 Annual Report on Form 10-K and under the previous lease accounting standard (Topic 840), as of June 30, 2019, future minimum lease payments under noncancelable leases with initial lease terms in excess of one year were as follows: Operating Leases Capital Leases 2020 $ 8,261 $ 505 2021 7,136 505 2022 6,345 505 2023 4,992 493 2024 4,619 121 Thereafter 6,901 — Total minimum payments $ 38,254 $ 2,129 Less amount representing interest (178 ) Present value of capital lease obligations $ 1,951

Contingencies

Contingencies	3 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies At September 30, 2019 , 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. Our acquisitions of Angelic and Bantam included provisions for contingent consideration for the earn-outs associated with these transactions. See further discussion in Note 3.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	3 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill attributable to the Retail and Foodservice segments was $157.4 million and $51.0 million , respectively, at September 30, 2019 and June 30, 2019 . The following table summarizes our identifiable other intangible assets: September 30, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 63,121 $ 63,121 Accumulated amortization (7,982 ) (7,335 ) Net carrying value $ 55,139 $ 55,786 Customer Relationships (10 to 15-year life) Gross carrying value $ 17,507 $ 17,507 Accumulated amortization (10,004 ) (9,641 ) Net carrying value $ 7,503 $ 7,866 Technology / Know-how (10-year life) Gross carrying value $ 8,950 $ 8,950 Accumulated amortization (2,725 ) (2,501 ) Net carrying value $ 6,225 $ 6,449 Non-compete Agreements (5-year life) Gross carrying value $ 791 $ 791 Accumulated amortization (655 ) (615 ) Net carrying value $ 136 $ 176 Total net carrying value $ 69,003 $ 70,277 Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended 2019 2018 Amortization expense $ 1,274 $ 965 Total annual amortization expense for each of the next five years is estimated to be as follows: 2021 $ 4,976 2022 $ 4,902 2023 $ 4,343 2024 $ 4,343 2025 $ 4,083

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Accrued federal income taxes of $4.4 million and accrued state and local income taxes of $1.4 million were included in Accrued Liabilities at September 30, 2019 . Prepaid federal income taxes of $5.2 million and prepaid state and local income taxes of $0.1 million were included in Other Current Assets at June 30, 2019 .

Business Segment Information

Business Segment Information	3 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information Our financial results are presented as two reportable segments: Retail and Foodservice. Costs that are directly attributable to either Retail or Foodservice are charged directly to the appropriate segment. Costs that are deemed to be indirect, excluding corporate expenses and other unusual significant transactions, are allocated to the two reportable segments using a reasonable methodology that is consistently applied. Retail - The vast majority of the products we sell in the Retail segment are sold through sales personnel, food brokers and distributors in the United States. We have placement of products in grocery produce departments through our refrigerated salad dressings, vegetable dips and fruit dips. Our flatbread products and sprouted grain bakery products are generally placed in the specialty bakery/deli section of the grocery store. We also have products typically marketed in the shelf-stable section of the grocery store, which include salad dressing, slaw dressing and croutons. Within the frozen food section of the grocery store, we sell yeast rolls, garlic breads and mini stuffed bagels. Foodservice - The vast majority of the products we sell in the Foodservice segment are sold through sales personnel, food brokers and distributors in the United States. Most of the products we sell in the Foodservice segment are custom-formulated and include salad dressings, sandwich and dipping sauces, frozen breads and yeast rolls. The majority of our Foodservice sales are products sold under private label to restaurants. We also manufacture and sell various branded Foodservice products to distributors. Finally, within this segment, we sell other roll products under a transitional co-packing arrangement resulting from the Omni acquisition. As many of our products are similar between our two segments, our procurement, manufacturing, warehousing and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. Consequently, we do not prepare, and our Chief Operating Decision Maker does not review, separate balance sheets for the reportable segments. As such, our external reporting does not include the presentation of identifiable assets by reportable segment. The composition of our identifiable assets at September 30, 2019 is generally consistent with that of June 30, 2019 . We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended 2019 2018 Net Sales Retail $ 166,077 $ 162,748 Foodservice 170,977 153,906 Total $ 337,054 $ 316,654 Operating Income Retail $ 35,435 $ 33,948 Foodservice 23,789 18,861 Restructuring and Impairment Charges (886 ) — Corporate Expenses (6,634 ) (3,689 ) Total $ 51,704 $ 49,120 The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended 2019 2018 Retail Frozen breads $ 60,297 $ 57,508 Refrigerated dressings, dips and other 62,637 61,869 Shelf-stable dressings and croutons 43,143 43,371 Total Retail net sales $ 166,077 $ 162,748 Foodservice Dressings and sauces $ 119,763 $ 115,912 Frozen breads and other 43,364 37,994 Other roll products 7,850 — Total Foodservice net sales $ 170,977 $ 153,906 Total net sales $ 337,054 $ 316,654 The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended 2019 2018 Foodservice National accounts $ 123,758 $ 115,575 Branded and other 39,369 38,331 Other roll products 7,850 — Total Foodservice net sales $ 170,977 $ 153,906

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation There have been no changes to our stock-based compensation plans from those disclosed in our 2019 Annual Report on Form 10-K. Our stock-settled stock appreciation rights (“SSSARs”) compensation expense was $0.7 million for the three months ended September 30, 2019 and 2018 . At September 30, 2019 , there was $4.5 million of unrecognized compensation expense related to SSSARs that we will recognize over a weighted-average period of 2 years . Our restricted stock compensation expense was $0.7 million and $0.8 million for the three months ended September 30, 2019 and 2018 , respectively. At September 30, 2019 , there was $3.3 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of 2 years .

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant” or the “Company” and 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. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our 2019 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, 2020 refers to fiscal 2020 , which is the period from July 1, 2019 to June 30, 2020 .
Property, Plant And Equipment	Property, Plant and Equipment
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 August 2018, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance related to the disclosure requirements for fair value measurements. The guidance removes, modifies and adds disclosures related to fair value. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. This guidance will be effective for us in fiscal 2021, including interim periods. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations. Recently Adopted Accounting Standards 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 and issued subsequent clarifications of this new guidance. This 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 guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the consolidated financial statements. In July 2018, the FASB issued guidance that allows for an alternate transition method whereby companies can recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than restating comparative periods. We adopted the new guidance on July 1, 2019 using this alternate transition method, but we did not record a cumulative-effect adjustment from initially applying the standard. We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets. We have completed the implementation of a lease accounting system to enable the preparation of financial information and have implemented relevant accounting policies and internal controls surrounding the lease accounting process. As a result of adoption, we recognized a lease liability and right-of-use asset of $33.5 million and $31.7 million , respectively. The right-of-use asset balance reflects the reclassification of deferred rent and prepaid rent against the initial asset. The adoption did not impact our results of operations or cash flows. See additional lease disclosures in Note 5.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2019
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, 2019 2018 Construction in progress in Accounts Payable $ 5,606 $ 3,219
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 2019 2018 Net income $ 40,745 $ 39,028 Net income available to participating securities (67 ) (82 ) Net income available to common shareholders $ 40,678 $ 38,946 Weighted average common shares outstanding – basic 27,442 27,424 Incremental share effect from: Nonparticipating restricted stock 3 5 Stock-settled stock appreciation rights 72 85 Weighted average common shares outstanding – diluted 27,517 27,514 Net income per common share – basic and diluted $ 1.48 $ 1.42
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 2019 2018 Accumulated other comprehensive loss at beginning of period $ (10,308 ) $ (8,259 ) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 143 112 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (7 ) (9 ) Amortization of prior service credit (45 ) (46 ) Total other comprehensive income, before tax 91 57 Total tax expense (21 ) (13 ) Other comprehensive income, net of tax 70 44 Accumulated other comprehensive loss at end of period $ (10,238 ) $ (8,215 )

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Sep. 30, 2019
Business Acquisition [Line Items]
Schedule Of Contingent Consideration Measured At Fair Value On A Recurring Basis	Our contingent consideration, which resulted from the earn-outs associated with our acquisitions of Bantam and Angelic Bakehouse, Inc. (“Angelic”), is measured at fair value on a recurring basis and is included in Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes our contingent consideration: Fair Value Measurements at September 30, 2019 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 8,963 $ 8,963 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 8,963 $ 8,963 Fair Value Measurements at June 30, 2019 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 8,900 $ 8,900 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 8,900 $ 8,900
Bantam Bagels [Member]
Business Acquisition [Line Items]
Schedule Of Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Contingent Consideration	The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Bantam’s contingent consideration: Three Months Ended Contingent consideration at beginning of period $ 8,900 Initial fair value - additions — Change in contingent consideration included in operating income 63 Contingent consideration at end of period $ 8,963
Angelic [Member]
Business Acquisition [Line Items]
Schedule Of Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Contingent Consideration	The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Angelic’s contingent consideration: Three Months Ended 2019 2018 Contingent consideration at beginning of period $ — $ 17,080 Change in contingent consideration included in operating income — — Contingent consideration at end of period $ — $ 17,080

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule Of Components Of Lease Expense	The components of lease expense were as follows: Three Months Ended Operating lease cost in Cost of Sales and Selling, General and Administrative Expenses $ 2,136 Finance lease cost: Amortization of assets in Cost of Sales $ 84 Interest on lease liabilities in Other, Net 20 Total finance lease cost $ 104 Short-term lease cost in Cost of Sales and Selling, General and Administrative Expenses 672 Total net lease cost $ 2,912
Supplemental Balance Sheet Information Related To Leases	Supplemental balance sheet information related to leases is as follows: September 30, Operating Leases Operating Lease Right-Of-Use Assets $ 24,584 Current operating lease liabilities in Accrued Liabilities $ 6,788 Noncurrent Operating Lease Liabilities 19,638 Total operating lease liabilities $ 26,426 Finance Leases Finance lease right-of-use assets in Property, Plant and Equipment-Net $ 1,966 Current finance lease liabilities in Accrued Liabilities $ 437 Noncurrent finance lease liabilities in Other Noncurrent Liabilities 1,408 Total finance lease liabilities $ 1,845
Supplemental Cash Flow Information Related To Leases	Supplemental cash flow information related to leases is as follows: Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,214 Operating cash flows from finance leases $ 20 Financing cash flows from finance leases $ 106 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 1,050 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ 5,765
Schedule Of Maturities Of Lease Liabilities Under Operating Leases And Finance Leases	As of September 30, 2019 , the maturities of lease liabilities were as follows: Operating Leases Finance Leases Nine months ending June 30, 2020 $ 5,825 $ 379 2021 5,884 505 2022 5,070 505 2023 3,874 493 2024 3,423 121 Thereafter 4,570 — Total minimum payments $ 28,646 $ 2,003 Less amount representing interest (2,220 ) (158 ) Present value of lease obligations $ 26,426 $ 1,845
Schedule Of Future Minimum Lease Payments Under Operating Leases And Capital Leases	As previously disclosed in our 2019 Annual Report on Form 10-K and under the previous lease accounting standard (Topic 840), as of June 30, 2019, future minimum lease payments under noncancelable leases with initial lease terms in excess of one year were as follows: Operating Leases Capital Leases 2020 $ 8,261 $ 505 2021 7,136 505 2022 6,345 505 2023 4,992 493 2024 4,619 121 Thereafter 6,901 — Total minimum payments $ 38,254 $ 2,129 Less amount representing interest (178 ) Present value of capital lease obligations $ 1,951

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Summary Of Other Intangible Assets	The following table summarizes our identifiable other intangible assets: September 30, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 63,121 $ 63,121 Accumulated amortization (7,982 ) (7,335 ) Net carrying value $ 55,139 $ 55,786 Customer Relationships (10 to 15-year life) Gross carrying value $ 17,507 $ 17,507 Accumulated amortization (10,004 ) (9,641 ) Net carrying value $ 7,503 $ 7,866 Technology / Know-how (10-year life) Gross carrying value $ 8,950 $ 8,950 Accumulated amortization (2,725 ) (2,501 ) Net carrying value $ 6,225 $ 6,449 Non-compete Agreements (5-year life) Gross carrying value $ 791 $ 791 Accumulated amortization (655 ) (615 ) Net carrying value $ 136 $ 176 Total net carrying value $ 69,003 $ 70,277
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 2019 2018 Amortization expense $ 1,274 $ 965
Estimated Annual Amortization Expense	Total annual amortization expense for each of the next five years is estimated to be as follows: 2021 $ 4,976 2022 $ 4,902 2023 $ 4,343 2024 $ 4,343 2025 $ 4,083

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Summary Of Financial Information Attributable To Reportable Segments	We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended 2019 2018 Net Sales Retail $ 166,077 $ 162,748 Foodservice 170,977 153,906 Total $ 337,054 $ 316,654 Operating Income Retail $ 35,435 $ 33,948 Foodservice 23,789 18,861 Restructuring and Impairment Charges (886 ) — Corporate Expenses (6,634 ) (3,689 ) Total $ 51,704 $ 49,120
Disaggregation Of Net Sales By Class Of Similar Products	The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended 2019 2018 Retail Frozen breads $ 60,297 $ 57,508 Refrigerated dressings, dips and other 62,637 61,869 Shelf-stable dressings and croutons 43,143 43,371 Total Retail net sales $ 166,077 $ 162,748 Foodservice Dressings and sauces $ 119,763 $ 115,912 Frozen breads and other 43,364 37,994 Other roll products 7,850 — Total Foodservice net sales $ 170,977 $ 153,906 Total net sales $ 337,054 $ 316,654
Disaggregation Of Foodservice Net Sales By Type Of Customer	The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended 2019 2018 Foodservice National accounts $ 123,758 $ 115,575 Branded and other 39,369 38,331 Other roll products 7,850 — Total Foodservice net sales $ 170,977 $ 153,906

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jul. 01, 2019	Jun. 30, 2019
Accounting Policies [Abstract]
Operating lease liability	$ 26,426	$ 33,500
Operating lease right-of-use assets	$ 24,584	$ 31,700	$ 0

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Construction in progress in Accounts Payable	$ 5,606	$ 3,219

Summary Of Significant Accoun_6

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, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Net income	$ 40,745	$ 39,028
Net income available to participating securities	(67)	(82)
Net income available to common shareholders	$ 40,678	$ 38,946
Weighted average common shares outstanding - basic (in shares)	27,442	27,424
Incremental share effect from:
Nonparticipating restricted stock (in shares)	3	5
Stock-settled stock appreciation rights (in shares)	72	85
Weighted average common shares outstanding - diluted (in shares)	27,517	27,514
Net income per common share - basic and diluted (in dollars per share)	$ 1.48	$ 1.42

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss at beginning of period	$ (10,308)	$ (8,259)
Total other comprehensive income, before tax	91	57
Total tax expense	(21)	(13)
Other comprehensive income, net of tax	70	44
Accumulated other comprehensive loss at end of period	(10,238)	(8,215)
Defined Benefit Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	143	112
Postretirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	(7)	(9)
Amortization of prior service credit	$ (45)	$ (46)

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2019USD ($)
Omni Baking [Member]
Business Acquisition [Line Items]
Purchase price	$ 22.3
Bantam Bagels [Member]
Business Acquisition [Line Items]
Purchase price	$ 33.1

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Oct. 19, 2018	Nov. 17, 2016
Business Acquisition [Line Items]
Fair value of contingent consideration	$ 8,963	$ 8,900
Decrease (increase) in the fair value of contingent consideration	(63)			$ 0
Bantam Bagels [Member]
Business Acquisition [Line Items]
Fair value of contingent consideration	8,963	8,900			$ 8,000
Decrease (increase) in the fair value of contingent consideration	(63)
Angelic [Member]
Business Acquisition [Line Items]
Fair value of contingent consideration	0	0				$ 13,900
Decrease (increase) in the fair value of contingent consideration	$ 0	$ 7,400	$ 9,700	$ 0

Fair Value (Schedule Of Conting

Fair Value (Schedule Of Contingent Consideration Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Oct. 19, 2018	Nov. 17, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 8,963	$ 8,900
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	8,963	8,900
Bantam Bagels [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	8,963	8,900	$ 8,000
Bantam Bagels [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Bantam Bagels [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Bantam Bagels [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	8,963	8,900
Angelic [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0		$ 13,900
Angelic [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Angelic [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Angelic [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 0	$ 0

Fair Value (Schedule Of Level 3

Fair Value (Schedule Of Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Contingent Consideration) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Business Acquisition [Line Items]
Change in contingent consideration included in operating income	$ 63			$ 0
Bantam Bagels [Member]
Business Acquisition [Line Items]
Contingent consideration at beginning of period	8,900
Initial fair value - additions	0
Change in contingent consideration included in operating income	63
Contingent consideration at end of period	8,963	$ 8,900
Angelic [Member]
Business Acquisition [Line Items]
Contingent consideration at beginning of period	0		$ 17,080	17,080
Change in contingent consideration included in operating income	0	(7,400)	$ (9,700)	0
Contingent consideration at end of period	$ 0	$ 0		$ 17,080

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Debt Disclosure [Abstract]
Maximum borrowing capacity	$ 150,000,000		$ 150,000,000
Maximum borrowing capacity on obtaining consent of the issuing bank	$ 225,000,000		225,000,000
Line of credit facility, expiration date	Apr. 8, 2021
Line of credit facility, amount outstanding	$ 0		0
Standby letters of credit, amount outstanding	5,100,000		$ 5,100,000
Interest paid	$ 0	$ 0
Minimum interest coverage ratio	250.00%
Maximum leverage ratio	300.00%

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	Sep. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Remaining lease terms for finance leases	4 years
Weighted-average discount rate of operating leases	3.10%
Weighted-average discount rate of finance leases	4.20%
Weighted-average remaining term of operating leases	5 years 2 months 12 days
Weighted-average remaining term of finance leases	4 years
Commitments under operating leases not yet commenced	$ 1.6
Term of operating leases not yet commenced	5 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Remaining lease terms for operating leases	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Remaining lease terms for operating leases	9 years

Leases (Schedule Of Components

Leases (Schedule Of Components Of Lease Expense) (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating lease cost in Cost of Sales and Selling, General and Administrative Expenses	$ 2,136
Finance lease cost:
Amortization of assets in Cost of Sales	84
Interest on lease liabilities in Other, Net	20
Total finance lease cost	104
Short-term lease cost in Cost of Sales and Selling, General and Administrative Expenses	672
Total net lease cost	$ 2,912

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jul. 01, 2019	Jun. 30, 2019
Operating Leases
Operating Lease Right-Of-Use Assets	$ 24,584	$ 31,700	$ 0
Current operating lease liabilities in Accrued Liabilities	6,788
Noncurrent Operating Lease Liabilities	19,638		$ 0
Total operating lease liabilities	26,426	$ 33,500
Finance Leases
Finance lease right-of-use assets in Property, Plant and Equipment-Net	1,966
Current finance lease liabilities in Accrued Liabilities	437
Noncurrent finance lease liabilities in Other Noncurrent Liabilities	1,408
Total finance lease liabilities	$ 1,845

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information Related To Leases) (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,214
Operating cash flows from finance leases	20
Financing cash flows from finance leases	106
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets	1,050
Supplemental noncash information on lease liabilities removed due to purchase of leased asset	$ 5,765

Leases (Schedule Of Maturities

Leases (Schedule Of Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jul. 01, 2019
Operating Leases
Nine months ending June 30, 2020	$ 5,825
2021	5,884
2022	5,070
2023	3,874
2024	3,423
Thereafter	4,570
Total minimum payments	28,646
Less amount representing interest	(2,220)
Present value of lease obligations	26,426	$ 33,500
Finance Leases
Nine months ending June 30, 2020	379
2021	505
2022	505
2023	493
2024	121
Thereafter	0
Total minimum payments	2,003
Less amount representing interest	(158)
Present value of lease obligations	$ 1,845

Leases (Schedule Of Future Mini

Leases (Schedule Of Future Minimum Lease Payments Under Operating Leases And Capital Leases) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating Leases
2020	$ 8,261
2021	7,136
2022	6,345
2023	4,992
2024	4,619
Thereafter	6,901
Total minimum payments	38,254
Capital Leases
2020	505
2021	505
2022	505
2023	493
2024	121
Thereafter	0
Total minimum payments	2,129
Less amount representing interest	(178)
Present value of capital lease obligations	$ 1,951

Goodwill And Other Intangible_3

Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Goodwill [Line Items]
Goodwill	$ 208,371	$ 208,371
Retail [Member]
Goodwill [Line Items]
Goodwill	157,400	157,400
Foodservice [Member]
Goodwill [Line Items]
Goodwill	$ 51,000	$ 51,000

Goodwill And Other Intangible_4

Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Net carrying value	$ 69,003	$ 70,277
Tradenames (20 to 30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	63,121	63,121
Accumulated amortization	(7,982)	(7,335)
Net carrying value	55,139	55,786
Customer Relationships (10 to 15-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	17,507	17,507
Accumulated amortization	(10,004)	(9,641)
Net carrying value	7,503	7,866
Technology / Know-how (10-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	8,950	8,950
Accumulated amortization	(2,725)	(2,501)
Net carrying value	$ 6,225	6,449
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	$ 791	791
Accumulated amortization	(655)	(615)
Net carrying value	$ 136	$ 176
Finite-lived other intangible assets useful life (in years)	5 years
Minimum [Member] | Tradenames (20 to 30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived other intangible assets useful life (in years)	20 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] | Tradenames (20 to 30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived other intangible assets useful life (in years)	30 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 Intangible_5

Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,274	$ 965

Goodwill And Other Intangible_6

Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 4,976
2022	4,902
2023	4,343
2024	4,343
2025	$ 4,083

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019
Federal [Member]
Income Tax Authority [Line Items]
Accrued income taxes	$ 4.4
Prepaid income taxes		$ 5.2
State and Local [Member]
Income Tax Authority [Line Items]
Accrued income taxes	$ 1.4
Prepaid income taxes		$ 0.1

Business Segment Information (S

Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net Sales	$ 337,054	$ 316,654
Operating Income	51,704	49,120
Retail [Member]
Segment Reporting Information [Line Items]
Net Sales	166,077	162,748
Operating Income	35,435	33,948
Foodservice [Member]
Segment Reporting Information [Line Items]
Net Sales	170,977	153,906
Operating Income	23,789	18,861
Restructuring and Impairment Charges [Member]
Segment Reporting Information [Line Items]
Operating Income	(886)	0
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income	$ (6,634)	$ (3,689)

Business Segment Information (D

Business Segment Information (Disaggregation Of Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total net sales	$ 337,054	$ 316,654
Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	166,077	162,748
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	170,977	153,906
Frozen breads [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	60,297	57,508
Refrigerated dressings, dips and other [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	62,637	61,869
Shelf-stable dressings and croutons [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	43,143	43,371
Dressings and sauces [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	119,763	115,912
Frozen breads and other [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	43,364	37,994
Other roll products [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 7,850	$ 0

Business Segment Information _2

Business Segment Information (Disaggregation Of Foodservice Net Sales By Type Of Customer) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total net sales	$ 337,054	$ 316,654
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	170,977	153,906
Foodservice [Member] | National accounts [Member]
Disaggregation of Revenue [Line Items]
Total net sales	123,758	115,575
Foodservice [Member] | Branded and other [Member]
Disaggregation of Revenue [Line Items]
Total net sales	39,369	38,331
Foodservice [Member] | Other roll products [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 7,850	$ 0

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.7	$ 0.7
Unrecognized compensation expense	$ 4.5
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]
Compensation expense	$ 0.7	$ 0.8
Unrecognized compensation expense	$ 3.3
Weighted-average period over which remaining compensation expense will be recognized (in years)	2 years