Cover
Cover - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Aug. 03, 2020 | Dec. 31, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2020 | ||
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 | ||
Title of 12(b) Security | Common Stock, without par value | ||
Trading Symbol | LANC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,003 | ||
Entity Common Stock, Shares Outstanding | 27,524 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement to be filed for its November 2020 Annual Meeting of Shareholders are incorporated by reference into Part II and Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000057515 | ||
Document Fiscal Year Focus | 2020 | ||
Current Fiscal Year End Date | --06-30 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Current Assets: | |||
Cash and equivalents | $ 198,273 | $ 196,288 | |
Receivables | 86,604 | 75,691 | |
Inventories: | |||
Raw materials | 34,374 | 30,647 | |
Finished goods | 50,674 | 55,425 | |
Total inventories | 85,048 | 86,072 | |
Other current assets | 15,687 | 10,518 | |
Total current assets | 385,612 | 368,569 | |
Property, Plant and Equipment: | |||
Land, buildings and improvements | 186,542 | 163,094 | |
Machinery and equipment | 388,929 | 340,232 | |
Total cost | 575,471 | 503,326 | |
Less accumulated depreciation | 282,183 | 256,282 | |
Property, plant and equipment-net | 293,288 | 247,044 | |
Other Assets: | |||
Goodwill | 208,371 | 208,371 | |
Other intangible assets-net | 65,216 | 70,277 | |
Operating lease right-of-use assets | 22,977 | 0 | |
Other noncurrent assets | 17,889 | 11,138 | |
Total | [1],[2] | 993,353 | 905,399 |
Current Liabilities: | |||
Accounts payable | 71,433 | 76,670 | |
Accrued liabilities | 54,826 | 43,036 | |
Total current liabilities | 126,259 | 119,706 | |
Noncurrent Operating Lease Liabilities | 17,893 | 0 | |
Other Noncurrent Liabilities | 31,661 | 35,938 | |
Deferred Income Taxes | 34,240 | 22,882 | |
Commitments and Contingencies | |||
Shareholders' Equity: | |||
Preferred stock-authorized 3,050,000 shares; outstanding-none | |||
Common stock-authorized 75,000,000 shares; outstanding-2020-27,523,935 shares; 2019-27,491,497 shares | 125,153 | 122,844 | |
Retained earnings | 1,421,121 | 1,359,782 | |
Accumulated other comprehensive loss | (12,070) | (10,308) | |
Common stock in treasury, at cost | (750,904) | (745,445) | |
Total shareholders' equity | 783,300 | 726,873 | |
Total | $ 993,353 | $ 905,399 | |
[1] | Net sales and long-lived assets are predominately domestic. | ||
[2] | Retail and Foodservice identifiable assets include those assets used in our operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The increase in Retail and Foodservice identifiable assets from June 30, 2019 to June 30, 2020 reflected property additions, notably a capacity expansion project at our frozen dinner roll facility in Horse Cave, Kentucky, as well as operating lease right-of-use assets recorded in 2020 due to the adoption of new accounting guidance. The increase in Retail and Foodservice identifiable assets from June 30, 2018 to June 30, 2019 was due to the acquisitions of Bantam and Omni. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2020 | 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 | 27,523,935 | 27,491,497 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Income Statement [Abstract] | ||||||
Net Sales | [1],[2] | $ 1,334,388 | $ 1,307,787 | $ 1,222,925 | ||
Cost of Sales | 976,352 | 981,589 | 919,419 | |||
Gross Profit | 358,036 | 326,198 | 303,506 | |||
Selling, General and Administrative Expenses | 180,945 | 149,811 | 129,906 | |||
Change in Contingent Consideration | 257 | (16,180) | 2,052 | |||
Restructuring and Impairment Charges | 886 | 1,643 | 0 | |||
Operating Income | [1] | 175,948 | 190,924 | 171,548 | ||
Other, Net | 3,129 | 4,618 | 2,655 | |||
Income Before Income Taxes | 179,077 | 195,542 | 174,203 | |||
Taxes Based on Income | 42,094 | 44,993 | 38,889 | |||
Net Income | $ 136,983 | [3],[4],[5] | $ 150,549 | [6],[7] | $ 135,314 | |
Net Income Per Common Share: | ||||||
Basic (in dollars per share) | $ 4.98 | $ 5.48 | $ 4.93 | |||
Diluted (in dollars per share) | $ 4.97 | [3],[4],[5],[8] | $ 5.46 | [6],[7],[8] | $ 4.92 | |
Weighted Average Common Shares Outstanding: | ||||||
Basic (in shares) | 27,448 | 27,438 | 27,403 | |||
Diluted (in shares) | 27,496 | 27,537 | 27,459 | |||
[1] | All intercompany transactions have been eliminated. | |||||
[2] | Net sales and long-lived assets are predominately domestic. | |||||
[3] | Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million , or approximately $0.50 per diluted share. | |||||
[4] | Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million , or approximately $0.02 per diluted share. | |||||
[5] | Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million , respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million , or approximately $0.28 per diluted share. | |||||
[6] | Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million , or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million , or approximately $0.05 per diluted share. | |||||
[7] | Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million , respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million , or approximately $0.48 per diluted share. | |||||
[8] | Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Statement of Comprehensive Income [Abstract] | |||||
Net Income | $ 136,983 | [1],[2],[3] | $ 150,549 | [4],[5] | $ 135,314 |
Defined Benefit Pension and Postretirement Benefit Plans: | |||||
Net (loss) gain arising during the period, before tax | (2,662) | (2,902) | 3,041 | ||
Amortization of loss, before tax | 546 | 410 | 536 | ||
Amortization of prior service credit, before tax | (182) | (182) | (182) | ||
Total Other Comprehensive (Loss) Income, Before Tax | (2,298) | (2,674) | 3,395 | ||
Tax Attributes of Items in Other Comprehensive (Loss) Income: | |||||
Net (loss) gain arising during the period, tax | 622 | 678 | (710) | ||
Amortization of loss, tax | (128) | (96) | (180) | ||
Amortization of prior service credit, tax | 42 | 43 | 61 | ||
Total Tax Benefit (Expense) | 536 | 625 | (829) | ||
Other Comprehensive (Loss) Income, Net of Tax | (1,762) | (2,049) | 2,566 | ||
Comprehensive Income | $ 135,221 | $ 148,500 | $ 137,880 | ||
[1] | Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million , or approximately $0.50 per diluted share. | ||||
[2] | Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million , or approximately $0.02 per diluted share. | ||||
[3] | Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million , respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million , or approximately $0.28 per diluted share. | ||||
[4] | Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million , or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million , or approximately $0.05 per diluted share. | ||||
[5] | Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million , respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million , or approximately $0.48 per diluted share. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Cash Flows From Operating Activities: | |||||
Net income | $ 136,983 | [1],[2],[3] | $ 150,549 | [4],[5] | $ 135,314 |
Impacts of noncash items: | |||||
Depreciation and amortization | 37,963 | 31,848 | 26,896 | ||
Change in contingent consideration | 257 | (16,180) | 2,052 | ||
Deferred income taxes and other changes | 11,402 | 7,336 | (8,502) | ||
Stock-based compensation expense | 6,115 | 5,972 | 5,039 | ||
Restructuring and impairment charges | (268) | 1,643 | 0 | ||
Loss (gain) on sale of property | 315 | (13) | (10) | ||
Pension plan activity | (578) | (749) | (434) | ||
Changes in operating assets and liabilities: | |||||
Receivables | (10,913) | (748) | (3,040) | ||
Inventories | 1,024 | 6,282 | (14,485) | ||
Other current assets | (14,267) | (3,085) | 2,164 | ||
Accounts payable and accrued liabilities | 2,736 | 14,743 | 15,720 | ||
Net cash provided by operating activities | 170,769 | 197,598 | 160,714 | ||
Cash Flows From Investing Activities: | |||||
Payments for property additions | (82,642) | (70,880) | (31,025) | ||
Cash paid for acquisitions, net of cash acquired | 0 | (55,364) | (318) | ||
Proceeds from sale of property | 129 | 169 | 38 | ||
Other-net | (752) | (786) | (147) | ||
Net cash used in investing activities | (83,265) | (126,861) | (31,452) | ||
Cash Flows From Financing Activities: | |||||
Payment of dividends | (75,644) | (70,110) | (64,531) | ||
Purchase of treasury stock | (5,459) | (7,411) | (1,102) | ||
Tax withholdings for stock-based compensation | (3,806) | (2,360) | (981) | ||
Other-net | (610) | (320) | 0 | ||
Net cash used in financing activities | (85,519) | (80,201) | (66,614) | ||
Net change in cash and equivalents | 1,985 | (9,464) | 62,648 | ||
Cash and equivalents at beginning of year | 196,288 | 205,752 | 143,104 | ||
Cash and equivalents at end of year | $ 198,273 | $ 196,288 | $ 205,752 | ||
[1] | Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million , or approximately $0.50 per diluted share. | ||||
[2] | Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million , or approximately $0.02 per diluted share. | ||||
[3] | Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million , respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million , or approximately $0.28 per diluted share. | ||||
[4] | Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million , or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million , or approximately $0.05 per diluted share. | ||||
[5] | Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million , respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million , or approximately $0.48 per diluted share. |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | |
Balance (in shares) at Jun. 30, 2017 | 27,448,000 | |||||
Balance at Jun. 30, 2017 | $ 575,977 | $ 115,174 | $ 1,206,671 | $ (8,936) | $ (736,932) | |
Net income | 135,314 | 135,314 | ||||
Net pension and postretirement benefit (losses) gains, net of tax effect | 2,566 | 2,566 | ||||
Tax Cuts and Jobs Act of 2017, Reclassification from accumulated other comprehensive loss to retained earnings | 0 | 1,889 | (1,889) | |||
Cash dividends - common stock | (64,531) | (64,531) | ||||
Purchase of treasury stock (in shares) | (9,000) | |||||
Purchase of treasury stock | (1,102) | (1,102) | ||||
Stock-based plans (in shares) | 49,000 | |||||
Stock-based plans | (981) | $ (981) | ||||
Stock-based compensation expense | 5,039 | $ 5,039 | ||||
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 | 150,549 | [1],[2] | 150,549 | |||
Net pension and postretirement benefit (losses) gains, net of tax effect | (2,049) | (2,049) | ||||
Cash dividends - common stock | (70,110) | (70,110) | ||||
Purchase of treasury stock (in shares) | (48,000) | |||||
Purchase of treasury stock | (7,411) | (7,411) | ||||
Stock-based plans (in shares) | 51,000 | |||||
Stock-based plans | (2,360) | $ (2,360) | ||||
Stock-based compensation expense | $ 5,972 | $ 5,972 | ||||
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 | 136,983 | [3],[4],[5] | 136,983 | |||
Net pension and postretirement benefit (losses) gains, net of tax effect | (1,762) | (1,762) | ||||
Cash dividends - common stock | (75,644) | (75,644) | ||||
Purchase of treasury stock (in shares) | (38,000) | |||||
Purchase of treasury stock | (5,459) | (5,459) | ||||
Stock-based plans (in shares) | 71,000 | |||||
Stock-based plans | (3,806) | $ (3,806) | ||||
Stock-based compensation expense | $ 6,115 | $ 6,115 | ||||
Balance (in shares) at Jun. 30, 2020 | 27,523,935 | 27,524,000 | ||||
Balance at Jun. 30, 2020 | $ 783,300 | $ 125,153 | $ 1,421,121 | $ (12,070) | $ (750,904) | |
[1] | Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million , or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million , or approximately $0.05 per diluted share. | |||||
[2] | Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million , respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million , or approximately $0.48 per diluted share. | |||||
[3] | Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million , or approximately $0.50 per diluted share. | |||||
[4] | Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million , or approximately $0.02 per diluted share. | |||||
[5] | Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million , respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million , or approximately $0.28 per diluted share. |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax effect included in net pension and postretirement benefit (losses) gains | $ (536) | $ (625) | $ 829 |
Common stock, dividends per share (in dollars per share) | $ 2.75 | $ 2.55 | $ 2.35 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant,” or the “Company.” Intercompany transactions and accounts have been eliminated in consolidation. Our fiscal year begins on July 1 and ends on June 30. Unless otherwise noted, references to “year” pertain to our fiscal year; for example, 2020 refers to fiscal 2020 , which is the period from July 1, 2019 to June 30, 2020 . Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates included in these consolidated financial statements include allowances for customer deductions, net realizable value of inventories, useful lives for the calculation of depreciation and amortization, distribution accruals, pension and postretirement assumptions and self-insurance accruals. Actual results could differ from these estimates. Cash and Equivalents We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The carrying amounts of our cash and equivalents approximate fair value due to their short maturities and are considered level 1 investments, which have quoted market prices in active markets for identical assets. As a result of our cash management system, checks issued but not presented to the banks for payment may create negative book cash balances. When such negative balances exist, they are included in Accrued Liabilities. Receivables and Related Allowances We evaluate the adequacy of our allowances for customer deductions considering several factors including historical experience, specific trade programs and existing customer relationships. We also provide an allowance for doubtful accounts based on the aging of accounts receivable balances, historical write-off experience and on-going reviews of our trade receivables. Measurement of potential losses requires credit review of existing customer relationships, consideration of historical loss experience, including the need to adjust for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates and the economic health of customers. Our allowance for doubtful accounts was immaterial for all periods presented. Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and equivalents and trade accounts receivable. By policy, we limit the amount of credit exposure to any one institution or issuer. Our concentration of credit risk with respect to trade accounts receivable is mitigated by our credit evaluation process and by having a large and diverse customer base. However, see Note 10 with respect to our accounts receivable with Walmart Inc. and McLane Company, Inc., a wholesale distribution subsidiary of Berkshire Hathaway, Inc. Inventories Inventories are valued at the lower of cost or net realizable value and are costed by various methods that approximate actual cost on a first-in, first-out basis. Due to the nature of our business, work in process inventory is not a material component of inventory. When necessary, we provide allowances to adjust the carrying value of our inventory to the lower of cost or net realizable value, including any costs to sell or dispose. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates about the future demand for our products. The estimates as to future demand used in the valuation of inventory are subject to the ongoing success of our products and may differ from actual due to factors such as changes in customer and consumer demand. 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. Estimated useful lives for buildings and improvements range generally from 10 to 40 years, machinery and equipment, excluding technology-related equipment, range generally from 3 to 15 years and technology-related equipment range generally from 3 to 5 years. For tax purposes, we generally compute depreciation using accelerated methods. Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Consolidated Statements of Cash Flows at June 30 were as follows: 2020 2019 2018 Construction in progress in Accounts Payable $ 2,909 $ 7,852 $ 2,070 The following table sets forth depreciation expense, including finance lease amortization, in each of the years ended June 30: 2020 2019 2018 Depreciation expense $ 31,604 $ 26,751 $ 22,168 Deferred Software Costs We capitalize certain costs related to hosting arrangements that are service contracts (cloud computing arrangements). Capitalized costs are included in Other Current Assets or Other Noncurrent Assets and are amortized on a straight-line basis over the estimated useful life. In 2020 and 2019 , we capitalized $10.3 million and $1.7 million , respectively, of deferred software costs related to cloud computing arrangements. Long-Lived Assets We monitor the recoverability of the carrying value of our long-lived assets by periodically considering whether indicators of impairment are present. If such indicators are present, we determine if the assets are recoverable by comparing the sum of the undiscounted future cash flows to the assets’ carrying amounts. Our cash flows are based on historical results adjusted to reflect our best estimate of future market and operating conditions. If the carrying amounts are greater, then the assets are not recoverable. In that instance, we compare the carrying amounts to the fair value to determine the amount of the impairment to be recorded. Goodwill and Other Intangible Assets Goodwill is not amortized. It is evaluated annually at April 30 by applying impairment testing procedures. Other intangible assets are amortized on a straight-line basis over their estimated useful lives to Selling, General and Administrative Expenses. We evaluate the future economic benefit of the recorded goodwill and other intangible assets when events or circumstances indicate potential recoverability concerns. Carrying amounts are adjusted appropriately when determined to have been impaired. See further discussion regarding goodwill and other intangible assets in Note 7. Accrued Distribution We incur various freight and other related costs associated with shipping products to our customers and warehouses. We provide accruals for unbilled shipments from carriers utilizing historical or projected freight rates and other relevant information. Accruals for Self-Insurance Self-insurance accruals are made for certain claims associated with employee health care, workers’ compensation and general liability insurance. These accruals include estimates that are primarily based on historical loss development factors. Shareholders’ Equity We are authorized to issue 3,050,000 shares of preferred stock consisting of 750,000 shares of Class A Participating Preferred Stock with $1.00 par value, 1,150,000 shares of Class B Voting Preferred Stock without par value and 1,150,000 shares of Class C Nonvoting Preferred Stock without par value. Our Board of Directors approved a share repurchase authorization of 2,000,000 common shares in November 2010. At June 30, 2020 , 1,315,911 common shares remained authorized for future purchase. Revenue Recognition When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The singular performance obligation of our customer contracts is determined by each individual purchase order and the respective food products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. The performance obligations in our customer contracts are generally satisfied within 30 days. As such, we have not disclosed the transaction price allocated to remaining performance obligations as of June 30, 2020 . Significant Payment Terms In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Payment terms usually include early pay discounts. We grant payment terms consistent with industry standards. Although some payment terms may be more extended, presently the majority of our payment terms are less than 60 days. As a result, we have used the available practical expedient and, consequently, do not adjust our revenues for the effects of a significant financing component. Distribution Distribution fees billed to customers are included in Net Sales. All distribution costs associated with outbound freight are accounted for as fulfillment costs and are included in Cost of Sales; this includes distribution costs incurred after control over a product has transferred to a customer, as we have chosen to use the available practical expedient to account for these costs within our cost of sales. Variable Consideration In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, returns, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use either the expected value or most likely amount method to determine the variable consideration. We believe there will be no significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. We review and update our estimates and related accruals of variable consideration each period based on historical experience and any recent changes in the market. Warranties & Returns We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No services beyond an assurance warranty are provided to our customers. We do not grant a general right of return. However, customers may return defective or non-conforming products. Customer remedies may include either a cash refund or an exchange of the product. As a result, the right of return and related refund liability is estimated and recorded as a reduction in revenue. This return estimate is reviewed and updated each period and is based on historical sales and return experience. Contract Balances We do not have deferred revenue or unbilled receivable balances and thus do not have any related contract asset and liability balances as of June 30, 2020 . Contract Costs We have identified sales commissions as an incremental cost incurred to obtain a customer contract. These costs are required to be capitalized under the new revenue recognition standard. We have chosen to use the available practical expedient to continue to expense these costs as incurred as the amortization period for such costs is one year or less. We do not incur significant fulfillment costs related to customer contracts which would require capitalization. Disaggregation of Revenue See Note 10 for disaggregation of our net sales by class of similar product and type of customer. Advertising Expense We expense advertising as it is incurred. The following table summarizes advertising expense as a percentage of net sales in each of the years ended June 30: 2020 2019 2018 Advertising expense as a percentage of net sales 2 % 2 % 2 % Research and Development Costs We expense research and development costs as they are incurred. The estimated amount spent during each of the last three years on research and development activities was less than 1% of net sales. Stock-Based Employee Compensation Plans We account for our stock-based employee compensation plans in accordance with GAAP for stock-based compensation, which requires the measurement and recognition of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of the employee services is recognized as compensation expense over the period that an employee provides service in exchange for the award, which is typically the vesting period. See further discussion and disclosure in Note 11. Income Taxes Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in numerous domestic jurisdictions. Our annual effective tax rate is determined based on our income, statutory tax rates and the permanent tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A change in tax rates may result in stranded tax effects when the effect of the change is required to be included in income even when the related income tax effects of items in accumulated other comprehensive income/loss were originally recognized in other comprehensive income rather than in income. Our accounting policy is to release stranded tax effects from accumulated other comprehensive loss. Realization of certain deferred tax assets is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Although realization is not assured, management believes it is more likely than not that our deferred tax assets will be realized and thus we have not recorded any valuation allowance for the years ended June 30, 2020 or 2019 . In accordance with accounting literature related to uncertainty in income taxes, tax benefits and liabilities from uncertain tax positions that are recognized in the financial statements are measured based on the largest attribute that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on our results of operations, cash flows or financial position. See further discussion in Note 9. 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: 2020 2019 2018 Net income $ 136,983 $ 150,549 $ 135,314 Net income available to participating securities (278 ) (259 ) (271 ) Net income available to common shareholders $ 136,705 $ 150,290 $ 135,043 Weighted average common shares outstanding - basic 27,448 27,438 27,403 Incremental share effect from: Nonparticipating restricted stock 2 2 3 Stock-settled stock appreciation rights 46 97 53 Weighted average common shares outstanding - diluted 27,496 27,537 27,459 Net income per common share - basic $ 4.98 $ 5.48 $ 4.93 Net income per common share - diluted $ 4.97 $ 5.46 $ 4.92 Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income is composed of two subsets – net income and other comprehensive income (loss). Included in other comprehensive income (loss) are pension and postretirement benefits adjustments. The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: 2020 2019 Accumulated other comprehensive loss at beginning of year $ (10,308 ) $ (8,259 ) Defined Benefit Pension Plan Items: Net loss arising during the period (2,597 ) (2,771 ) Amortization of unrecognized net loss (1) 572 447 Postretirement Benefit Plan Items: (2) Net loss arising during the period (65 ) (131 ) Amortization of unrecognized net gain (26 ) (37 ) Amortization of prior service credit (182 ) (182 ) Total other comprehensive loss, before tax (2,298 ) (2,674 ) Total tax benefit 536 625 Other comprehensive loss, net of tax (1,762 ) (2,049 ) Accumulated other comprehensive loss at end of year $ (12,070 ) $ (10,308 ) (1) Included in the computation of net periodic benefit income/cost. See Note 12 for additional information. (2) Additional disclosures for postretirement benefits are not included as they are not considered material. 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 | 12 Months Ended |
Jun. 30, 2020 | |
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 consolidated financial statements from the date of acquisition. The following table summarizes the purchase price allocation based on the fair value of the net assets acquired: Purchase Price Allocation Inventories $ 809 Other current assets 86 Machinery and equipment 4,777 Goodwill (tax deductible) 19,664 Current liabilities (3,083 ) Net assets acquired $ 22,253 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 other frozen bread products 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 consolidated financial statements from the date of acquisition. The following table summarizes the consideration related to the acquisition and the purchase price allocation based on the fair value of the net assets acquired: Consideration Cash paid for acquisition $ 33,111 Contingent consideration - fair value of earn-out at date of closing 8,000 Fair value of total consideration $ 41,111 Purchase Price Allocation Receivables $ 1,937 Inventories 684 Other current assets 95 Machinery and equipment 1,896 Goodwill (tax deductible) 20,677 Other intangible assets 18,700 Current liabilities (2,256 ) Other noncurrent liabilities (622 ) Net assets acquired $ 41,111 |
Fair Value
Fair Value | 12 Months Ended |
Jun. 30, 2020 | |
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. See Note 12 for fair value disclosures related to our defined benefit pension plan assets. 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 Consolidated Balance Sheets. The following table summarizes our contingent consideration as of June 30: Fair Value Measurements at June 30, 2020 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 9,157 $ 9,157 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 9,157 $ 9,157 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: 2020 2019 Contingent consideration at beginning of year $ 8,900 $ — Initial fair value - additions — 8,000 Change in contingent consideration included in operating income 257 900 Contingent consideration at end of year $ 9,157 $ 8,900 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 $17.1 million reduction in the fair value of Angelic’s contingent consideration based on a change in Angelic’s forecasted adjusted EBITDA for fiscal 2021. This adjustment was recorded in our Retail segment. Our 2020 fair value measurements indicated no change to Angelic’s contingent consideration based on Angelic’s forecasted adjusted EBITDA for fiscal 2021, and no fair value adjustments were made. The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Angelic’s contingent consideration: 2020 2019 Contingent consideration at beginning of year $ — $ 17,080 Change in contingent consideration included in operating income — (17,080 ) Contingent consideration at end of year $ — $ — |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt On March 19, 2020, in the ordinary course of business, we entered into a new unsecured revolving credit facility (“New Credit Facility”), replacing the previous facility discussed below which was to expire in April 2021. The material terms and covenants of the New Credit Facility are substantially similar to our previous 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 based on consent of the issuing banks and certain other conditions. The New Credit Facility expires on March 19, 2025 , and all outstanding amounts are then due and payable. Interest is variable based upon formulas tied to LIBOR or an alternate base rate defined in the New Credit Facility. In the event that LIBOR becomes unavailable or is no longer deemed an appropriate reference rate, the New Credit Facility allows for the use of a benchmark replacement rate. 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 3.5 to 1, subject to certain exceptions. The interest coverage ratio is calculated by dividing Consolidated EBIT by Consolidated Interest Expense, and the leverage ratio is calculated by dividing Consolidated Net Debt by Consolidated EBITDA. All financial terms used in the covenant calculations are defined more specifically in the New Credit Facility. At June 30, 2019 , we had an unsecured credit 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. At June 30, 2020 and 2019 , we had no borrowings outstanding under these facilities. At June 30, 2020 and 2019 , we had $2.8 million and $5.1 million , respectively, of standby letters of credit outstanding, which reduced the amount available for borrowing under these facilities. We paid no interest in 2020 and 2019 . |
Leases
Leases | 12 Months Ended |
Jun. 30, 2020 | |
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 8 years . We have finance leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment. These leases are generally for manufacturing and non-manufacturing equipment used in our business and warehouse facilities. The remaining lease terms for these finance leases range from 3 years to 5 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 June 30, 2020 , the weighted-average discount rate of our operating and finance leases was 3.0% and 3.6% , 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 for the year ended June 30 have been provided as follows: 2020 Operating lease cost in Cost of Sales and Selling, General and Administrative Expenses $ 8,726 Finance lease cost: Amortization of assets in Cost of Sales $ 335 Interest on lease liabilities in Other, Net 73 Total finance lease cost $ 408 Short-term lease cost in Cost of Sales and Selling, General and Administrative Expenses 2,405 Total net lease cost $ 11,539 Supplemental balance sheet information related to leases at June 30 is as follows: 2020 Operating Leases Operating Lease Right-Of-Use Assets $ 22,977 Current operating lease liabilities in Accrued Liabilities $ 6,766 Noncurrent Operating Lease Liabilities 17,893 Total operating lease liabilities $ 24,659 Finance Leases Finance lease right-of-use assets in Property, Plant and Equipment-Net $ 2,346 Current finance lease liabilities in Accrued Liabilities $ 571 Noncurrent finance lease liabilities in Other Noncurrent Liabilities 1,580 Total finance lease liabilities $ 2,151 Supplemental cash flow information related to leases for the year ended June 30 is as follows: 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,923 Operating cash flows from finance leases $ 73 Financing cash flows from finance leases $ 432 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 5,611 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ 5,765 As of June 30, 2020 , the maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 $ 7,404 $ 638 2022 5,982 638 2023 4,609 627 2024 3,791 256 2025 1,778 134 Thereafter 2,906 — Total minimum payments $ 26,470 $ 2,293 Less amount representing interest (1,811 ) (142 ) Present value of lease obligations $ 24,659 $ 2,151 As of June 30, 2020 , the weighted-average remaining term of our operating and finance leases was 4.7 years and 3.8 years , respectively. 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 | 12 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies In addition to the items discussed below, at June 30, 2020 , 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. A novel strain of coronavirus (“COVID-19”) was first identified in Wuhan, China in December 2019. On March 11, 2020, the World Health Organization designated COVID-19 as a global pandemic. In the U.S., state and local governments recommended or mandated actions to slow the transmission of COVID-19. We are monitoring the evolving situation and guidance from authorities, including federal, state and local public health departments. We continue to review the carrying value of our assets and, as needed, have recorded additional reserves for inventory and receivables related to the impact of COVID-19 on our Foodservice segment. The future impact of COVID-19 on our results of operations, financial condition, and cash flows is contingent upon the duration and severity of the outbreak. 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. 25% of our employees are represented under various collective bargaining contracts. The labor contract for our Bedford Heights, Ohio plant facility, which produces various garlic bread products, will expire on October 31, 2020. 6% of our employees are represented under this collective bargaining contract. None of our other collective bargaining contracts will expire within one year. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and 2019 . The following table summarizes our identifiable other intangible assets at June 30: 2020 2019 Tradenames (20 to 30-year life) Gross carrying value $ 63,121 $ 63,121 Accumulated amortization (9,925 ) (7,335 ) Net carrying value $ 53,196 $ 55,786 Customer Relationships (10 to 15-year life) Gross carrying value $ 17,507 $ 17,507 Accumulated amortization (11,094 ) (9,641 ) Net carrying value $ 6,413 $ 7,866 Technology / Know-how (10-year life) Gross carrying value $ 8,950 $ 8,950 Accumulated amortization (3,396 ) (2,501 ) Net carrying value $ 5,554 $ 6,449 Non-compete Agreements (5-year life) Gross carrying value $ 791 $ 791 Accumulated amortization (738 ) (615 ) Net carrying value $ 53 $ 176 Total net carrying value $ 65,216 $ 70,277 Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows in each of the years ended June 30: 2020 2019 2018 Amortization expense $ 5,061 $ 4,599 $ 3,986 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 |
Liabilities
Liabilities | 12 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Liabilities | Liabilities Accrued liabilities at June 30 were composed of: 2020 2019 Compensation and employee benefits $ 32,818 $ 28,672 Distribution 7,148 7,730 Operating leases 6,766 — Marketing 1,525 561 Other taxes 1,392 1,219 Other 5,177 4,854 Total accrued liabilities $ 54,826 $ 43,036 Other noncurrent liabilities at June 30 were composed of: 2020 2019 Workers compensation $ 9,701 $ 11,732 Contingent consideration 9,157 8,900 Deferred compensation and accrued interest 4,390 4,740 Pension benefit liability 3,540 2,043 Postretirement benefit liability 1,207 1,075 Gross tax contingency reserve 968 942 Other 2,698 6,506 Total other noncurrent liabilities $ 31,661 $ 35,938 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Tax Cuts and Jobs Act of 2017 (“Tax Act”) was signed into law on December 22, 2017 with an effective date of January 1, 2018. Most notably, the Tax Act reduced the statutory federal income tax rate for corporations from 35% to 21% . Since we file our tax return based on our fiscal year, the statutory federal income tax rate for our 2018 tax return was a blended rate of 28.1% . In addition to the effect of the lower overall federal tax rate, the Tax Act resulted in a $9.5 million one-time benefit for the re-measurement of our net deferred tax liability in 2018. We file a consolidated federal income tax return. Taxes based on income for the years ended June 30 have been provided as follows: 2020 2019 2018 Currently payable: Federal $ 23,392 $ 30,220 $ 40,766 State and local 6,808 8,070 7,355 Total current provision 30,200 38,290 48,121 Deferred federal, state and local provision (benefit) 11,894 6,703 (9,232 ) Total taxes based on income $ 42,094 $ 44,993 $ 38,889 For the years ended June 30, our effective tax rate varied from the statutory federal income tax rate as a result of the following factors: 2020 2019 2018 Statutory rate 21.0 % 21.0 % 28.1 % State and local income taxes 3.1 3.5 3.0 Net windfall tax benefits - stock-based compensation (0.8 ) (0.8 ) (0.4 ) ESOP dividend deduction (0.1 ) (0.1 ) (0.1 ) One-time benefit on re-measurement of net deferred tax liability — — (5.5 ) Domestic manufacturing deduction for qualified income — — (2.3 ) Other 0.3 (0.6 ) (0.5 ) Effective rate 23.5 % 23.0 % 22.3 % Our net deferred tax liability for all periods presented in the Consolidated Balance Sheets has been classified as noncurrent. The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30 were comprised of: 2020 2019 Deferred tax assets: Employee medical and other benefits $ 8,384 $ 7,809 Operating lease liabilities 5,713 — Inventories 2,382 311 Receivables 2,371 2,332 Other accrued liabilities 1,938 2,069 Total deferred tax assets 20,788 12,521 Deferred tax liabilities: Property, plant and equipment (30,036 ) (16,993 ) Goodwill (11,390 ) (10,037 ) Intangible assets (7,848 ) (8,295 ) Operating lease right-of-use assets (5,333 ) — Other (421 ) (78 ) Total deferred tax liabilities (55,028 ) (35,403 ) Net deferred tax liability $ (34,240 ) $ (22,882 ) Prepaid federal income taxes of $5.3 million and $5.2 million were included in Other Current Assets at June 30, 2020 and 2019 , respectively. Net cash payments for income taxes for each of the years ended June 30 were as follows: 2020 2019 2018 Net cash payments for income taxes $ 30,958 $ 38,644 $ 46,198 The gross tax contingency reserve at June 30, 2020 was $1.0 million and consisted of estimated tax liabilities of $0.5 million and interest and penalties of $0.5 million . The unrecognized tax benefits recorded as the gross tax contingency reserve noted in the following table for June 30, 2020 and 2019 would affect our effective tax rate, if recognized. The following table sets forth changes in our total gross tax contingency reserve (including interest and penalties): 2020 2019 Balance, beginning of year $ 1,670 $ 1,298 Tax positions related to the current year: Additions — 87 Reductions — — Tax positions related to prior years: Additions 51 694 Reductions (25 ) (26 ) Settlements (728 ) (383 ) Balance, end of year $ 968 $ 1,670 We have not classified any of the gross tax contingency reserve at June 30, 2020 in Accrued Liabilities as none of these amounts are expected to be resolved within the next 12 months. Consequently, the entire liability of $1.0 million was included in Other Noncurrent Liabilities. We expect that the amount of these liabilities will change within the next 12 months; however, we do not expect the change to have a significant effect on our financial position or results of operations. We recognize interest and penalties related to these tax liabilities in income tax expense. For each of the years ended June 30, we recognized the change in the accrual for net tax-related interest and penalties as follows: 2020 2019 (Benefit) expense recognized for net tax-related interest and penalties $ (188 ) $ 64 We had accrued interest and penalties at June 30 as follows: 2020 2019 Accrued interest and penalties included in the gross tax contingency reserve $ 481 $ 669 We file federal and various state and local income tax returns in the United States. With limited exceptions, we are no longer subject to examination of U.S. federal or state and local income taxes for years prior to 2017 . The American Jobs Creation Act provided a tax deduction calculated as a percentage of qualified income from manufacturing in the United States. This deduction was repealed by the Tax Act. Therefore, 2018 was the final year that we were able to claim this deduction. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Jun. 30, 2020 | |
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. We evaluate our segments based on net sales and operating income. 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, payments for property additions or depreciation and amortization by reportable segment. The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments in each of the years ended June 30: 2020 2019 2018 Retail Frozen breads $ 290,940 $ 259,290 $ 252,186 Refrigerated dressings, dips and other 218,125 219,614 226,276 Shelf-stable dressings and croutons 205,062 177,717 171,772 Total Retail net sales $ 714,127 $ 656,621 $ 650,234 Foodservice Dressings and sauces $ 436,909 $ 467,364 $ 430,944 Frozen breads and other 161,093 164,438 141,747 Other roll products 22,259 19,364 — Total Foodservice net sales $ 620,261 $ 651,166 $ 572,691 Total net sales $ 1,334,388 $ 1,307,787 $ 1,222,925 The following table provides an additional disaggregation of Foodservice net sales by type of customer: 2020 2019 2018 Foodservice National accounts $ 459,880 $ 480,249 $ 430,680 Branded and other 138,122 151,553 142,011 Other roll products 22,259 19,364 — Total Foodservice net sales $ 620,261 $ 651,166 $ 572,691 The following sets forth certain additional financial information attributable to our reportable segments, certain amounts not allocated among our reportable segments and amounts retained at the corporate level for the years ended June 30: 2020 2019 2018 Net Sales (1) (2) Retail $ 714,127 $ 656,621 $ 650,234 Foodservice 620,261 651,166 572,691 Total $ 1,334,388 $ 1,307,787 $ 1,222,925 Operating Income (2) Retail $ 142,822 $ 135,093 $ 126,400 Foodservice 66,480 73,828 58,440 Restructuring and Impairment Charges (3) (886 ) (1,643 ) — Corporate Expenses (4) (32,468 ) (16,354 ) (13,292 ) Total $ 175,948 $ 190,924 $ 171,548 Identifiable Assets (1) (5) Retail & Foodservice (6) $ 771,270 $ 695,872 $ 589,509 Corporate 222,083 209,527 214,982 Total $ 993,353 $ 905,399 $ 804,491 Payments for Property Additions Retail & Foodservice (6) $ 82,579 $ 70,880 $ 31,025 Corporate 63 — — Total $ 82,642 $ 70,880 $ 31,025 Depreciation and Amortization Retail & Foodservice (6) $ 37,708 $ 31,595 $ 26,685 Corporate 255 253 211 Total $ 37,963 $ 31,848 $ 26,896 (1) Net sales and long-lived assets are predominately domestic. (2) All intercompany transactions have been eliminated. (3) Restructuring and impairment charges were not allocated to our two reportable segments due to their unusual nature. (4) Our Corporate Expenses include various expenses of a general corporate nature, expenditures for Project Ascent and costs related to certain divested or closed nonfood operations. By their very nature, these costs have not been allocated to the Retail and Foodservice segments. (5) Retail and Foodservice identifiable assets include those assets used in our operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The increase in Retail and Foodservice identifiable assets from June 30, 2019 to June 30, 2020 reflected property additions, notably a capacity expansion project at our frozen dinner roll facility in Horse Cave, Kentucky, as well as operating lease right-of-use assets recorded in 2020 due to the adoption of new accounting guidance. The increase in Retail and Foodservice identifiable assets from June 30, 2018 to June 30, 2019 was due to the acquisitions of Bantam and Omni. (6) As discussed above, we do not present identifiable assets, payments for property additions or depreciation and amortization by reportable segment. Retail segment net sales attributable to Walmart Inc. (“Walmart”) and Foodservice segment net sales attributable to McLane Company, Inc. (“McLane”), a wholesale distribution subsidiary of Berkshire Hathaway, Inc., for each of the years ended June 30 were as follows: 2020 2019 2018 Net sales to Walmart $ 241,699 $ 222,171 $ 209,860 As a percentage of consolidated net sales 18 % 17 % 17 % Net sales to McLane $ 174,242 $ 195,907 $ 185,226 As a percentage of consolidated net sales 13 % 15 % 15 % Accounts receivable attributable to Walmart and McLane at June 30 as a percentage of consolidated accounts receivable were as follows: 2020 2019 Walmart 30 % 28 % McLane 10 % 9 % |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Our shareholders previously approved the Lancaster Colony Corporation 2015 Omnibus Incentive Plan (the “2015 Plan”). The 2015 Plan reserved 1,500,000 common shares for issuance to our employees and directors. All awards granted under this plan will be exercisable at prices not less than fair market value as of the date of the grant. The vesting period for awards granted under this plan varies as to the type of award granted, and the maximum term of these awards is seven 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 operating section of the Consolidated Statements of Cash Flows. We estimate a forfeiture rate for our SSSARs and restricted stock grants based on historical experience. 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. In 2020 , 2019 and 2018 , we granted SSSARs to various employees under the terms of the plans. The following table summarizes information relating to these grants: 2020 2019 2018 SSSARs granted 180 157 185 Weighted average grant date fair value per right $ 24.06 $ 23.55 $ 17.85 Weighted average assumptions used in fair value calculations: Risk-free interest rate 1.17 % 2.43 % 2.39 % Dividend yield 1.81 % 1.68 % 1.98 % Volatility factor of the expected market price of our common stock 22.57 % 21.77 % 22.57 % Expected life in years 4.01 3.04 2.85 For these grants, the volatility factor was estimated based on actual historical volatility of our stock for a time period equal to the term of the SSSARs. The expected average life was determined based on historical exercise experience for this type of grant. The SSSARs we grant generally vest one-third on the first anniversary of the grant date, one-third on the second anniversary of the grant date and one-third on the third anniversary of the grant date. The following table summarizes our SSSARs compensation expense and tax benefits recorded for each of the years ended June 30: 2020 2019 2018 Compensation expense $ 3,049 $ 3,074 $ 2,455 Tax benefits $ 640 $ 646 $ 690 Intrinsic value of exercises $ 6,693 $ 6,008 $ 2,381 The total fair values of SSSARs vested for each of the years ended June 30 were as follows: 2020 2019 2018 Fair value of vested rights $ 2,972 $ 3,143 $ 2,330 The following table summarizes the activity relating to SSSARs granted under the plans for the year ended June 30, 2020 : Number of Rights Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at beginning of year 586 $ 128.23 Exercised (215 ) $ 113.89 Granted 180 $ 153.73 Forfeited (12 ) $ 140.29 Outstanding at end of year 539 $ 142.16 3.40 $ 6,976 Exercisable and vested at end of year 208 $ 131.21 2.39 $ 4,973 Vested and expected to vest at end of year 511 $ 143.23 3.47 $ 6,072 The following table summarizes information about the SSSARs outstanding by grant year at June 30, 2020 : Outstanding Exercisable Weighted Average Grant Years Range of Exercise Prices Number Outstanding Remaining Contractual Life in Years Exercise Price Number Exercisable Weighted Average Exercise Price 2020 $153.71-$154.44 180 4.64 $153.73 — $— 2019 $148.18-$180.60 148 3.67 $154.62 48 $154.63 2018 $117.76-$124.29 126 2.65 $121.12 75 $121.15 2017 $121.54-$138.96 66 1.66 $134.27 66 $134.27 2016 $101.70 19 0.65 $101.70 19 $101.70 At June 30, 2020 , there was $6.1 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. In 2020 , 2019 and 2018 , we granted shares of restricted stock to various employees under the terms of the plans. The following table summarizes information relating to these grants: 2020 2019 2018 Employees Restricted stock granted 31 13 27 Grant date fair value $ 4,813 $ 2,030 $ 3,218 Weighted average grant date fair value per award $ 153.72 $ 154.66 $ 121.09 The restricted stock under these employee grants vests on the third anniversary of the grant date. Under the terms of our grants, employees receive dividends on unforfeited restricted stock regardless of their vesting status. In 2020 , 2019 and 2018 , we also granted shares of restricted stock to our nonemployee directors under the terms of the plans. The following table summarizes information relating to each of these grants: 2020 2019 2018 Nonemployee directors Restricted stock granted 5 4 6 Grant date fair value $ 760 $ 760 $ 759 Weighted average grant date fair value per award $ 155.70 $ 180.16 $ 123.11 The 2020 grant vests over a one -year period, and all of these shares are expected to vest. Dividends earned on the stock during the vesting period will be paid to the directors at the time the stock vests. The following table summarizes our restricted stock compensation expense and tax benefits recorded for each of the years ended June 30: 2020 2019 2018 Compensation expense $ 3,066 $ 2,898 $ 2,584 Tax benefits $ 644 $ 609 $ 726 The total fair values of restricted stock vested for each of the years ended June 30 were as follows: 2020 2019 2018 Fair value of vested shares $ 2,284 $ 3,537 $ 1,508 The following table summarizes the activity relating to restricted stock granted under the plans for the year ended June 30, 2020 : Number of Shares Weighted Average Grant Date Fair Value Unvested restricted stock at beginning of year 51 $ 137.17 Granted 36 $ 153.99 Vested (16 ) $ 145.28 Forfeited (2 ) $ 133.79 Unvested restricted stock at end of year 69 $ 144.27 At June 30, 2020 , there was $5.5 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 | 12 Months Ended |
Jun. 30, 2020 | |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension Benefits | Pension Benefits Defined Benefit Pension Plans 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. At the end of the year, we discount our plan liabilities using an assumed discount rate. In estimating this rate, we, along with our third-party actuaries, review the timing of future benefit payments, bond indices, consider yield curve analysis results and the past history of discount rates. The actuarial present value of benefit obligations summarized below was based on the following assumption: 2020 2019 Weighted-average assumption as of June 30 Discount rate 2.49 % 3.35 % The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions: 2020 2019 2018 Discount rate 3.35 % 4.07 % 3.68 % Expected long-term return on plan assets 6.50 % 7.00 % 7.00 % In determining the long-term expected return on plan assets, we consider our related investment guidelines, our expectations of long-term rates of return by asset category, our target asset allocation weighting and historical rates of return and volatility for equity and fixed income investments. The investment strategy for plan assets is to control and manage investment risk through diversification among asset classes, investment managers/funds and investment styles. The plans’ investment guidelines have been designed to meet the intended objective that plan assets earn at least nominal returns equal to or in excess of the plans’ liability growth rate. In consideration of the current average age of the plans’ participants, the investment guidelines are based upon an investment horizon of at least 10 years. The target and actual asset allocations for our plans at June 30 by asset category were as follows: Target Percentage of Plan Assets at June 30 Actual Percentage of Plan Assets 2020 2020 2019 Equity securities 20%-80% 36 53 Fixed income, including cash 20%-80% 64 47 Total 100 % 100 % Our target asset allocations are maintained through ongoing review and periodic rebalancing of equity and fixed income investments with assistance from an independent outside investment consultant. Also, the plan assets are diversified among asset classes, asset managers or funds and investment styles to avoid concentrations of risk. We expect that a modest allocation to cash will exist within the plans because each investment manager is likely to hold limited cash in a portfolio. We categorize our plan assets within a three-level fair value hierarchy, as previously defined in Note 3. The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30: June 30, 2020 Asset Category Level 1 Level 2 Level 3 Total Cash and equivalents $ 367 $ — $ — $ 367 Money market funds 1,046 — — 1,046 U.S. government obligations — 1,261 — 1,261 Municipal obligations — 264 — 264 Corporate obligations — 1,303 — 1,303 Mortgage obligations — 1,836 — 1,836 Mutual funds fixed income 17,326 — — 17,326 Mutual funds equity 13,365 — — 13,365 Total $ 32,104 $ 4,664 $ — $ 36,768 June 30, 2019 Asset Category Level 1 Level 2 Level 3 Total Cash and equivalents $ 559 $ — $ — $ 559 Money market funds 113 — — 113 U.S. government obligations — 2,600 — 2,600 Municipal obligations — 37 — 37 Corporate obligations — 3,440 — 3,440 Mortgage obligations — 3,613 — 3,613 Mutual funds fixed income 6,907 — — 6,907 Mutual funds equity 19,359 — — 19,359 Total $ 26,938 $ 9,690 $ — $ 36,628 The plan assets classified at Level 1 include money market funds and mutual funds. Quoted market prices in active markets for identical assets are available for investments in this category. The plan assets classified at Level 2 include fixed income securities consisting of government securities, municipal obligations, corporate obligations and mortgage obligations. For these types of securities, market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually at the measurement date. For these assets, we obtain pricing information from an independent pricing service. The pricing service uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing service are derived from market observable sources including as applicable: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Relevant information with respect to our pension benefits as of June 30 can be summarized as follows: 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 38,382 $ 36,892 Interest cost 1,246 1,453 Actuarial loss 2,639 2,342 Benefits paid (2,298 ) (2,305 ) Benefit obligation at end of year $ 39,969 $ 38,382 2020 2019 Change in plan assets Fair value of plan assets at beginning of year $ 36,628 $ 36,713 Actual return on plan assets 2,344 2,058 Employer contributions 94 162 Benefits paid (2,298 ) (2,305 ) Fair value of plan assets at end of year $ 36,768 $ 36,628 2020 2019 Funded status - net accrued benefit cost $ (3,201 ) $ (1,754 ) 2020 2019 Amounts recognized in the Consolidated Balance Sheets consist of Prepaid benefit cost (Other Noncurrent Assets) $ 339 $ 289 Accrued benefit liability (Other Noncurrent Liabilities) (3,540 ) (2,043 ) Net amount recognized $ (3,201 ) $ (1,754 ) 2020 2019 Accumulated benefit obligation $ 39,969 $ 38,382 The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date: 2020 2019 Benefit obligations $ 37,883 $ 36,167 Fair value of plan assets at end of year $ 34,343 $ 34,124 Amounts recognized in accumulated other comprehensive loss at June 30 were as follows: 2020 2019 Net actuarial loss $ 17,170 $ 15,145 Income taxes (4,013 ) (3,539 ) Total $ 13,157 $ 11,606 The following table summarizes the components of net periodic benefit income for our pension plans at June 30: 2020 2019 2018 Components of net periodic benefit income Interest cost $ 1,246 $ 1,453 $ 1,463 Expected return on plan assets (2,302 ) (2,487 ) (2,491 ) Amortization of unrecognized net loss 572 447 572 Settlement charge — — 42 Net periodic benefit income $ (484 ) $ (587 ) $ (414 ) We have not yet finalized our anticipated funding level for 2021 , but based on initial estimates, we do not expect our 2021 contributions to our pension plans to be material. Benefit payments estimated for future years are as follows: 2021 $ 2,425 2022 $ 2,418 2023 $ 2,386 2024 $ 2,390 2025 $ 2,382 2026 - 2030 $ 11,361 |
Defined Contribution And Other
Defined Contribution And Other Employee Plans | 12 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Defined Contribution And Other Employee Plans | Defined Contribution and Other Employee Plans Company-Sponsored Defined Contribution Plans We sponsor three defined contribution plans established pursuant to Section 401(k) of the Internal Revenue Code. Contributions are determined under various formulas, and we contributed to each of these plans in 2020 . The employer matching contribution percentage for one of these plans was increased effective January 1, 2019. Costs related to such plans for each of the years ended June 30 were as follows: 2020 2019 2018 Costs related to company-sponsored defined contribution plans $ 4,170 $ 2,637 $ 1,352 Multiemployer Plans In the three years ended June 30, 2020 , one of our subsidiaries participated in a multiemployer plan that provides pension benefits to retiree workers under a collective bargaining contract. This plan generally provides for retirement, death and/or termination benefits for eligible employees within the collective bargaining contract, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in a multiemployer plan are different from single-employer plans in the following aspects: (1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (3) if a participating employer chooses to stop participating in the multiemployer plan, it may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. Our participation in this multiemployer pension plan for the three years ended June 30, 2020 is reflected in the following table. All information in the table is as of December 31 of the relevant year, except contributions which are based on our fiscal year, or except as otherwise noted. The EIN-PN column provides the Employer Identification Number (“EIN”) and the Plan Number (“PN”). The pension protection act zone status is based on information that we received from the plan. Among other factors, generally, plans in critical status (red zone) are less than 65 percent funded, plans in endangered or seriously endangered status (yellow zone or orange zone, respectively) are less than 80 percent funded, and plans at least 80 percent funded are said to be in the green zone. The FIP/RP status pending/implemented column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented by the trustees of each plan. There have been no significant changes that affect the comparability of 2020 , 2019 or 2018 contributions. Pension Protection Act Zone Status Fiscal Year Contributions Plan Name EIN/PN 2019 2018 FIP/RP Status Pending / Implemented 2020 2019 2018 Surcharge Imposed Expiration Date of Collective Bargaining Agreement Western Conference of Teamsters Pension Plan 91-6145047-001 Green Green No $ 327 $ 388 $ 356 No 12/15/2021 Under this multiemployer plan and one additional multiemployer plan, we also contribute amounts for health and welfare benefits that are defined by each plan. These benefits are not vested. The contributions required by our participation in these plans for each of the years ended June 30 were as follows: 2020 2019 2018 Multiemployer health and welfare plan contributions $ 3,242 $ 3,189 $ 3,167 We also make non-elective contributions for the union employees at our Bedford Heights, Ohio plant into a union-sponsored multiemployer 401(k) plan. Our contributions totaled $0.7 million in 2020 , 2019 and 2018 . Deferred Compensation Plan We offer a deferred compensation plan for select employees who may elect to defer a certain percentage of annual compensation. We do not match any contributions. Each participant earns interest based upon the prime rate of interest, adjusted semi-annually, on their respective deferred compensation balance. Participants are paid out upon retirement or termination in accordance with their annual election. The following table summarizes our liability for total deferred compensation and accrued interest at June 30: 2020 2019 Liability for deferred compensation and accrued interest $ 4,390 $ 4,740 Deferred compensation expense for each of the years ended June 30 was as follows: 2020 2019 2018 Deferred compensation expense $ 239 $ 239 $ 210 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Selected Quarterly Financial Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2020 Net Sales $ 337,054 $ 355,117 $ 321,363 $ 320,854 $ 1,334,388 Gross Profit $ 92,108 $ 99,889 $ 76,962 $ 89,077 $ 358,036 Net Income (1) (2) (3) $ 40,745 $ 43,424 $ 22,429 $ 30,385 $ 136,983 Diluted Net Income Per Common Share (1) (2) (3) (4) $ 1.48 $ 1.58 $ 0.81 $ 1.10 $ 4.97 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2019 Net Sales $ 316,654 $ 349,581 $ 317,882 $ 323,670 $ 1,307,787 Gross Profit $ 81,199 $ 91,392 $ 75,397 $ 78,210 $ 326,198 Net Income (5) (6) $ 39,028 $ 47,907 $ 30,604 $ 33,010 $ 150,549 Diluted Net Income Per Common Share (4) (5) (6) $ 1.42 $ 1.73 $ 1.11 $ 1.20 $ 5.46 (1) Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million , or approximately $0.50 per diluted share. (2) Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million , respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million , or approximately $0.28 per diluted share. (3) Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million , or approximately $0.02 per diluted share. (4) Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. (5) Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million , respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million , or approximately $0.48 per diluted share. (6) Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million , or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million , or approximately $0.05 per diluted share. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant,” or the “Company.” Intercompany transactions and accounts have been eliminated in consolidation. Our fiscal year begins on July 1 and ends on June 30. Unless otherwise noted, references to “year” pertain to our fiscal year; for example, 2020 refers to fiscal 2020 , which is the period from July 1, 2019 to June 30, 2020 . |
Use Of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates included in these consolidated financial statements include allowances for customer deductions, net realizable value of inventories, useful lives for the calculation of depreciation and amortization, distribution accruals, pension and postretirement assumptions and self-insurance accruals. Actual results could differ from these estimates. |
Cash And Equivalents | Cash and Equivalents We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The carrying amounts of our cash and equivalents approximate fair value due to their short maturities and are considered level 1 investments, which have quoted market prices in active markets for identical assets. As a result of our cash management system, checks issued but not presented to the banks for payment may create negative book cash balances. When such negative balances exist, they are included in Accrued Liabilities. |
Receivables And Related Allowances | Receivables and Related Allowances |
Credit Risk | Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and equivalents and trade accounts receivable. By policy, we limit the amount of credit exposure to any one institution or issuer. Our concentration of credit risk with respect to trade accounts receivable is mitigated by our credit evaluation process and by having a large and diverse customer base. However, see Note 10 with respect to our accounts receivable with Walmart Inc. and McLane Company, Inc., a wholesale distribution subsidiary of Berkshire Hathaway, Inc. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value and are costed by various methods that approximate actual cost on a first-in, first-out basis. Due to the nature of our business, work in process inventory is not a material component of inventory. When necessary, we provide allowances to adjust the carrying value of our inventory to the lower of cost or net realizable value, including any costs to sell or dispose. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates about the future demand for our products. The estimates as to future demand used in the valuation of inventory are subject to the ongoing success of our products and may differ from actual due to factors such as changes in customer and consumer demand. |
Property, Plant And Equipment | 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. Estimated useful lives for buildings and improvements range generally from 10 to 40 years, machinery and equipment, excluding technology-related equipment, range generally from 3 to 15 years and technology-related equipment range generally from 3 to 5 years. For tax purposes, we generally compute depreciation using accelerated methods. |
Deferred Software Costs | Deferred Software Costs |
Long-Lived Assets | Long-Lived Assets We monitor the recoverability of the carrying value of our long-lived assets by periodically considering whether indicators of impairment are present. If such indicators are present, we determine if the assets are recoverable by comparing the sum of the undiscounted future cash flows to the assets’ carrying amounts. Our cash flows are based on historical results adjusted to reflect our best estimate of future market and operating conditions. If the carrying amounts are greater, then the assets are not recoverable. In that instance, we compare the carrying amounts to the fair value to determine the amount of the impairment to be recorded. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets |
Accrued Distribution | Accrued Distribution We incur various freight and other related costs associated with shipping products to our customers and warehouses. We provide accruals for unbilled shipments from carriers utilizing historical or projected freight rates and other relevant information. |
Accruals For Self-Insurance | Accruals for Self-Insurance Self-insurance accruals are made for certain claims associated with employee health care, workers’ compensation and general liability insurance. These accruals include estimates that are primarily based on historical loss development factors. |
Shareholders' Equity | Shareholders’ Equity We are authorized to issue 3,050,000 shares of preferred stock consisting of 750,000 shares of Class A Participating Preferred Stock with $1.00 par value, 1,150,000 shares of Class B Voting Preferred Stock without par value and 1,150,000 shares of Class C Nonvoting Preferred Stock without par value. Our Board of Directors approved a share repurchase authorization of 2,000,000 |
Revenue Recognition | Revenue Recognition When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The singular performance obligation of our customer contracts is determined by each individual purchase order and the respective food products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the asset at this point in time. The performance obligations in our customer contracts are generally satisfied within 30 days. As such, we have not disclosed the transaction price allocated to remaining performance obligations as of June 30, 2020 . Significant Payment Terms In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Payment terms usually include early pay discounts. We grant payment terms consistent with industry standards. Although some payment terms may be more extended, presently the majority of our payment terms are less than 60 days. As a result, we have used the available practical expedient and, consequently, do not adjust our revenues for the effects of a significant financing component. Distribution Distribution fees billed to customers are included in Net Sales. All distribution costs associated with outbound freight are accounted for as fulfillment costs and are included in Cost of Sales; this includes distribution costs incurred after control over a product has transferred to a customer, as we have chosen to use the available practical expedient to account for these costs within our cost of sales. Variable Consideration In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, returns, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use either the expected value or most likely amount method to determine the variable consideration. We believe there will be no significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. We review and update our estimates and related accruals of variable consideration each period based on historical experience and any recent changes in the market. Warranties & Returns We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No services beyond an assurance warranty are provided to our customers. We do not grant a general right of return. However, customers may return defective or non-conforming products. Customer remedies may include either a cash refund or an exchange of the product. As a result, the right of return and related refund liability is estimated and recorded as a reduction in revenue. This return estimate is reviewed and updated each period and is based on historical sales and return experience. Contract Balances We do not have deferred revenue or unbilled receivable balances and thus do not have any related contract asset and liability balances as of June 30, 2020 . Contract Costs We have identified sales commissions as an incremental cost incurred to obtain a customer contract. These costs are required to be capitalized under the new revenue recognition standard. We have chosen to use the available practical expedient to continue to expense these costs as incurred as the amortization period for such costs is one year or less. We do not incur significant fulfillment costs related to customer contracts which would require capitalization. |
Advertising Expense | Advertising Expense |
Research And Development Costs | Research and Development Costs |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans |
Income Taxes | Income Taxes Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in numerous domestic jurisdictions. Our annual effective tax rate is determined based on our income, statutory tax rates and the permanent tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A change in tax rates may result in stranded tax effects when the effect of the change is required to be included in income even when the related income tax effects of items in accumulated other comprehensive income/loss were originally recognized in other comprehensive income rather than in income. Our accounting policy is to release stranded tax effects from accumulated other comprehensive loss. Realization of certain deferred tax assets is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Although realization is not assured, management believes it is more likely than not that our deferred tax assets will be realized and thus we have not recorded any valuation allowance for the years ended June 30, 2020 or 2019 . In accordance with accounting literature related to uncertainty in income taxes, tax benefits and liabilities from uncertain tax positions that are recognized in the financial statements are measured based on the largest attribute that has a greater than fifty percent likelihood of being realized upon ultimate settlement. |
Earnings Per Share | Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock and stock-settled stock appreciation rights) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock and stock-settled stock appreciation rights. |
Comprehensive Income And Accumulated Other Comprehensive Loss | Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income is composed of two subsets – net income and other comprehensive income (loss). Included in other comprehensive income (loss) are pension and postretirement benefits adjustments. |
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) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule Of Construction In Progress In Accounts Payable | Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Consolidated Statements of Cash Flows at June 30 were as follows: 2020 2019 2018 Construction in progress in Accounts Payable $ 2,909 $ 7,852 $ 2,070 |
Schedule Of Depreciation Expense | The following table sets forth depreciation expense, including finance lease amortization, in each of the years ended June 30: 2020 2019 2018 Depreciation expense $ 31,604 $ 26,751 $ 22,168 |
Schedule Of Advertising Expense As A Percentage Of Net Sales | The following table summarizes advertising expense as a percentage of net sales in each of the years ended June 30: 2020 2019 2018 Advertising expense as a percentage of net sales 2 % 2 % 2 % |
Schedule Of Basic And Diluted Net Income Per Common Share Calculations | Basic and diluted net income per common share were calculated as follows: 2020 2019 2018 Net income $ 136,983 $ 150,549 $ 135,314 Net income available to participating securities (278 ) (259 ) (271 ) Net income available to common shareholders $ 136,705 $ 150,290 $ 135,043 Weighted average common shares outstanding - basic 27,448 27,438 27,403 Incremental share effect from: Nonparticipating restricted stock 2 2 3 Stock-settled stock appreciation rights 46 97 53 Weighted average common shares outstanding - diluted 27,496 27,537 27,459 Net income per common share - basic $ 4.98 $ 5.48 $ 4.93 Net income per common share - diluted $ 4.97 $ 5.46 $ 4.92 |
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: 2020 2019 Accumulated other comprehensive loss at beginning of year $ (10,308 ) $ (8,259 ) Defined Benefit Pension Plan Items: Net loss arising during the period (2,597 ) (2,771 ) Amortization of unrecognized net loss (1) 572 447 Postretirement Benefit Plan Items: (2) Net loss arising during the period (65 ) (131 ) Amortization of unrecognized net gain (26 ) (37 ) Amortization of prior service credit (182 ) (182 ) Total other comprehensive loss, before tax (2,298 ) (2,674 ) Total tax benefit 536 625 Other comprehensive loss, net of tax (1,762 ) (2,049 ) Accumulated other comprehensive loss at end of year $ (12,070 ) $ (10,308 ) (1) Included in the computation of net periodic benefit income/cost. See Note 12 for additional information. (2) Additional disclosures for postretirement benefits are not included as they are not considered material. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Omni Baking [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | The following table summarizes the purchase price allocation based on the fair value of the net assets acquired: Purchase Price Allocation Inventories $ 809 Other current assets 86 Machinery and equipment 4,777 Goodwill (tax deductible) 19,664 Current liabilities (3,083 ) Net assets acquired $ 22,253 |
Bantam Bagels [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | The following table summarizes the consideration related to the acquisition and the purchase price allocation based on the fair value of the net assets acquired: Consideration Cash paid for acquisition $ 33,111 Contingent consideration - fair value of earn-out at date of closing 8,000 Fair value of total consideration $ 41,111 Purchase Price Allocation Receivables $ 1,937 Inventories 684 Other current assets 95 Machinery and equipment 1,896 Goodwill (tax deductible) 20,677 Other intangible assets 18,700 Current liabilities (2,256 ) Other noncurrent liabilities (622 ) Net assets acquired $ 41,111 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Acquisition-Related 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 Consolidated Balance Sheets. The following table summarizes our contingent consideration as of June 30: Fair Value Measurements at June 30, 2020 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 9,157 $ 9,157 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 9,157 $ 9,157 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 Acquisition-Related Contingent Consideration | The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Bantam’s contingent consideration: 2020 2019 Contingent consideration at beginning of year $ 8,900 $ — Initial fair value - additions — 8,000 Change in contingent consideration included in operating income 257 900 Contingent consideration at end of year $ 9,157 $ 8,900 |
Angelic [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Acquisition-Related Contingent Consideration | The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Angelic’s contingent consideration: 2020 2019 Contingent consideration at beginning of year $ — $ 17,080 Change in contingent consideration included in operating income — (17,080 ) Contingent consideration at end of year $ — $ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule Of Components Of Lease Expense | The components of lease expense for the year ended June 30 have been provided as follows: 2020 Operating lease cost in Cost of Sales and Selling, General and Administrative Expenses $ 8,726 Finance lease cost: Amortization of assets in Cost of Sales $ 335 Interest on lease liabilities in Other, Net 73 Total finance lease cost $ 408 Short-term lease cost in Cost of Sales and Selling, General and Administrative Expenses 2,405 Total net lease cost $ 11,539 |
Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases at June 30 is as follows: 2020 Operating Leases Operating Lease Right-Of-Use Assets $ 22,977 Current operating lease liabilities in Accrued Liabilities $ 6,766 Noncurrent Operating Lease Liabilities 17,893 Total operating lease liabilities $ 24,659 Finance Leases Finance lease right-of-use assets in Property, Plant and Equipment-Net $ 2,346 Current finance lease liabilities in Accrued Liabilities $ 571 Noncurrent finance lease liabilities in Other Noncurrent Liabilities 1,580 Total finance lease liabilities $ 2,151 |
Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information related to leases for the year ended June 30 is as follows: 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,923 Operating cash flows from finance leases $ 73 Financing cash flows from finance leases $ 432 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 5,611 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 June 30, 2020 , the maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 $ 7,404 $ 638 2022 5,982 638 2023 4,609 627 2024 3,791 256 2025 1,778 134 Thereafter 2,906 — Total minimum payments $ 26,470 $ 2,293 Less amount representing interest (1,811 ) (142 ) Present value of lease obligations $ 24,659 $ 2,151 |
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) | 12 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary Of Other Intangible Assets | The following table summarizes our identifiable other intangible assets at June 30: 2020 2019 Tradenames (20 to 30-year life) Gross carrying value $ 63,121 $ 63,121 Accumulated amortization (9,925 ) (7,335 ) Net carrying value $ 53,196 $ 55,786 Customer Relationships (10 to 15-year life) Gross carrying value $ 17,507 $ 17,507 Accumulated amortization (11,094 ) (9,641 ) Net carrying value $ 6,413 $ 7,866 Technology / Know-how (10-year life) Gross carrying value $ 8,950 $ 8,950 Accumulated amortization (3,396 ) (2,501 ) Net carrying value $ 5,554 $ 6,449 Non-compete Agreements (5-year life) Gross carrying value $ 791 $ 791 Accumulated amortization (738 ) (615 ) Net carrying value $ 53 $ 176 Total net carrying value $ 65,216 $ 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 in each of the years ended June 30: 2020 2019 2018 Amortization expense $ 5,061 $ 4,599 $ 3,986 |
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 |
Liabilities (Tables)
Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities at June 30 were composed of: 2020 2019 Compensation and employee benefits $ 32,818 $ 28,672 Distribution 7,148 7,730 Operating leases 6,766 — Marketing 1,525 561 Other taxes 1,392 1,219 Other 5,177 4,854 Total accrued liabilities $ 54,826 $ 43,036 |
Schedule Of Other Noncurrent Liabilities | Other noncurrent liabilities at June 30 were composed of: 2020 2019 Workers compensation $ 9,701 $ 11,732 Contingent consideration 9,157 8,900 Deferred compensation and accrued interest 4,390 4,740 Pension benefit liability 3,540 2,043 Postretirement benefit liability 1,207 1,075 Gross tax contingency reserve 968 942 Other 2,698 6,506 Total other noncurrent liabilities $ 31,661 $ 35,938 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Taxes Based On Income | Taxes based on income for the years ended June 30 have been provided as follows: 2020 2019 2018 Currently payable: Federal $ 23,392 $ 30,220 $ 40,766 State and local 6,808 8,070 7,355 Total current provision 30,200 38,290 48,121 Deferred federal, state and local provision (benefit) 11,894 6,703 (9,232 ) Total taxes based on income $ 42,094 $ 44,993 $ 38,889 |
Reconciliation Of The Effective Income Tax Rate | For the years ended June 30, our effective tax rate varied from the statutory federal income tax rate as a result of the following factors: 2020 2019 2018 Statutory rate 21.0 % 21.0 % 28.1 % State and local income taxes 3.1 3.5 3.0 Net windfall tax benefits - stock-based compensation (0.8 ) (0.8 ) (0.4 ) ESOP dividend deduction (0.1 ) (0.1 ) (0.1 ) One-time benefit on re-measurement of net deferred tax liability — — (5.5 ) Domestic manufacturing deduction for qualified income — — (2.3 ) Other 0.3 (0.6 ) (0.5 ) Effective rate 23.5 % 23.0 % 22.3 % |
Schedule Of Deferred Tax Assets And Liabilities | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30 were comprised of: 2020 2019 Deferred tax assets: Employee medical and other benefits $ 8,384 $ 7,809 Operating lease liabilities 5,713 — Inventories 2,382 311 Receivables 2,371 2,332 Other accrued liabilities 1,938 2,069 Total deferred tax assets 20,788 12,521 Deferred tax liabilities: Property, plant and equipment (30,036 ) (16,993 ) Goodwill (11,390 ) (10,037 ) Intangible assets (7,848 ) (8,295 ) Operating lease right-of-use assets (5,333 ) — Other (421 ) (78 ) Total deferred tax liabilities (55,028 ) (35,403 ) Net deferred tax liability $ (34,240 ) $ (22,882 ) |
Net Cash Payments For Income Taxes | Net cash payments for income taxes for each of the years ended June 30 were as follows: 2020 2019 2018 Net cash payments for income taxes $ 30,958 $ 38,644 $ 46,198 |
Reconciliation Of Gross Tax Contingency Reserve | The following table sets forth changes in our total gross tax contingency reserve (including interest and penalties): 2020 2019 Balance, beginning of year $ 1,670 $ 1,298 Tax positions related to the current year: Additions — 87 Reductions — — Tax positions related to prior years: Additions 51 694 Reductions (25 ) (26 ) Settlements (728 ) (383 ) Balance, end of year $ 968 $ 1,670 |
Net Tax-Related Interest And Penalties Recognized | For each of the years ended June 30, we recognized the change in the accrual for net tax-related interest and penalties as follows: 2020 2019 (Benefit) expense recognized for net tax-related interest and penalties $ (188 ) $ 64 |
Accrued Interest And Penalties | We had accrued interest and penalties at June 30 as follows: 2020 2019 Accrued interest and penalties included in the gross tax contingency reserve $ 481 $ 669 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
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 in each of the years ended June 30: 2020 2019 2018 Retail Frozen breads $ 290,940 $ 259,290 $ 252,186 Refrigerated dressings, dips and other 218,125 219,614 226,276 Shelf-stable dressings and croutons 205,062 177,717 171,772 Total Retail net sales $ 714,127 $ 656,621 $ 650,234 Foodservice Dressings and sauces $ 436,909 $ 467,364 $ 430,944 Frozen breads and other 161,093 164,438 141,747 Other roll products 22,259 19,364 — Total Foodservice net sales $ 620,261 $ 651,166 $ 572,691 Total net sales $ 1,334,388 $ 1,307,787 $ 1,222,925 |
Disaggregation Of Foodservice Net Sales By Type Of Customer | The following table provides an additional disaggregation of Foodservice net sales by type of customer: 2020 2019 2018 Foodservice National accounts $ 459,880 $ 480,249 $ 430,680 Branded and other 138,122 151,553 142,011 Other roll products 22,259 19,364 — Total Foodservice net sales $ 620,261 $ 651,166 $ 572,691 |
Summary Of Financial Information Attributable To Reportable Segments | The following sets forth certain additional financial information attributable to our reportable segments, certain amounts not allocated among our reportable segments and amounts retained at the corporate level for the years ended June 30: 2020 2019 2018 Net Sales (1) (2) Retail $ 714,127 $ 656,621 $ 650,234 Foodservice 620,261 651,166 572,691 Total $ 1,334,388 $ 1,307,787 $ 1,222,925 Operating Income (2) Retail $ 142,822 $ 135,093 $ 126,400 Foodservice 66,480 73,828 58,440 Restructuring and Impairment Charges (3) (886 ) (1,643 ) — Corporate Expenses (4) (32,468 ) (16,354 ) (13,292 ) Total $ 175,948 $ 190,924 $ 171,548 Identifiable Assets (1) (5) Retail & Foodservice (6) $ 771,270 $ 695,872 $ 589,509 Corporate 222,083 209,527 214,982 Total $ 993,353 $ 905,399 $ 804,491 Payments for Property Additions Retail & Foodservice (6) $ 82,579 $ 70,880 $ 31,025 Corporate 63 — — Total $ 82,642 $ 70,880 $ 31,025 Depreciation and Amortization Retail & Foodservice (6) $ 37,708 $ 31,595 $ 26,685 Corporate 255 253 211 Total $ 37,963 $ 31,848 $ 26,896 (1) Net sales and long-lived assets are predominately domestic. (2) All intercompany transactions have been eliminated. (3) Restructuring and impairment charges were not allocated to our two reportable segments due to their unusual nature. (4) Our Corporate Expenses include various expenses of a general corporate nature, expenditures for Project Ascent and costs related to certain divested or closed nonfood operations. By their very nature, these costs have not been allocated to the Retail and Foodservice segments. (5) Retail and Foodservice identifiable assets include those assets used in our operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The increase in Retail and Foodservice identifiable assets from June 30, 2019 to June 30, 2020 reflected property additions, notably a capacity expansion project at our frozen dinner roll facility in Horse Cave, Kentucky, as well as operating lease right-of-use assets recorded in 2020 due to the adoption of new accounting guidance. The increase in Retail and Foodservice identifiable assets from June 30, 2018 to June 30, 2019 was due to the acquisitions of Bantam and Omni. (6) As discussed above, we do not present identifiable assets, payments for property additions or depreciation and amortization by reportable segment. |
Net Sales To Major Customers | Retail segment net sales attributable to Walmart Inc. (“Walmart”) and Foodservice segment net sales attributable to McLane Company, Inc. (“McLane”), a wholesale distribution subsidiary of Berkshire Hathaway, Inc., for each of the years ended June 30 were as follows: 2020 2019 2018 Net sales to Walmart $ 241,699 $ 222,171 $ 209,860 As a percentage of consolidated net sales 18 % 17 % 17 % Net sales to McLane $ 174,242 $ 195,907 $ 185,226 As a percentage of consolidated net sales 13 % 15 % 15 % |
Percentage Of Receivables Due From Major Customers | Accounts receivable attributable to Walmart and McLane at June 30 as a percentage of consolidated accounts receivable were as follows: 2020 2019 Walmart 30 % 28 % McLane 10 % 9 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Stock Settled Stock Appreciation Rights SARS [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation Grant Details | In 2020 , 2019 and 2018 , we granted SSSARs to various employees under the terms of the plans. The following table summarizes information relating to these grants: 2020 2019 2018 SSSARs granted 180 157 185 Weighted average grant date fair value per right $ 24.06 $ 23.55 $ 17.85 Weighted average assumptions used in fair value calculations: Risk-free interest rate 1.17 % 2.43 % 2.39 % Dividend yield 1.81 % 1.68 % 1.98 % Volatility factor of the expected market price of our common stock 22.57 % 21.77 % 22.57 % Expected life in years 4.01 3.04 2.85 |
Compensation Expense And Tax Benefits Recorded | The following table summarizes our SSSARs compensation expense and tax benefits recorded for each of the years ended June 30: 2020 2019 2018 Compensation expense $ 3,049 $ 3,074 $ 2,455 Tax benefits $ 640 $ 646 $ 690 Intrinsic value of exercises $ 6,693 $ 6,008 $ 2,381 |
Fair Value Of Awards Vested | The total fair values of SSSARs vested for each of the years ended June 30 were as follows: 2020 2019 2018 Fair value of vested rights $ 2,972 $ 3,143 $ 2,330 |
Stock-Settled Stock Appreciation Rights Activity | The following table summarizes the activity relating to SSSARs granted under the plans for the year ended June 30, 2020 : Number of Rights Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at beginning of year 586 $ 128.23 Exercised (215 ) $ 113.89 Granted 180 $ 153.73 Forfeited (12 ) $ 140.29 Outstanding at end of year 539 $ 142.16 3.40 $ 6,976 Exercisable and vested at end of year 208 $ 131.21 2.39 $ 4,973 Vested and expected to vest at end of year 511 $ 143.23 3.47 $ 6,072 |
Stock-Settled Stock Appreciation Rights Outstanding By Grant Year | The following table summarizes information about the SSSARs outstanding by grant year at June 30, 2020 : Outstanding Exercisable Weighted Average Grant Years Range of Exercise Prices Number Outstanding Remaining Contractual Life in Years Exercise Price Number Exercisable Weighted Average Exercise Price 2020 $153.71-$154.44 180 4.64 $153.73 — $— 2019 $148.18-$180.60 148 3.67 $154.62 48 $154.63 2018 $117.76-$124.29 126 2.65 $121.12 75 $121.15 2017 $121.54-$138.96 66 1.66 $134.27 66 $134.27 2016 $101.70 19 0.65 $101.70 19 $101.70 |
Employee Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation Grant Details | In 2020 , 2019 and 2018 , we granted shares of restricted stock to various employees under the terms of the plans. The following table summarizes information relating to these grants: 2020 2019 2018 Employees Restricted stock granted 31 13 27 Grant date fair value $ 4,813 $ 2,030 $ 3,218 Weighted average grant date fair value per award $ 153.72 $ 154.66 $ 121.09 |
Director Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation Grant Details | In 2020 , 2019 and 2018 , we also granted shares of restricted stock to our nonemployee directors under the terms of the plans. The following table summarizes information relating to each of these grants: 2020 2019 2018 Nonemployee directors Restricted stock granted 5 4 6 Grant date fair value $ 760 $ 760 $ 759 Weighted average grant date fair value per award $ 155.70 $ 180.16 $ 123.11 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation Expense And Tax Benefits Recorded | The following table summarizes our restricted stock compensation expense and tax benefits recorded for each of the years ended June 30: 2020 2019 2018 Compensation expense $ 3,066 $ 2,898 $ 2,584 Tax benefits $ 644 $ 609 $ 726 |
Fair Value Of Awards Vested | The total fair values of restricted stock vested for each of the years ended June 30 were as follows: 2020 2019 2018 Fair value of vested shares $ 2,284 $ 3,537 $ 1,508 |
Restricted Stock Activity | The following table summarizes the activity relating to restricted stock granted under the plans for the year ended June 30, 2020 : Number of Shares Weighted Average Grant Date Fair Value Unvested restricted stock at beginning of year 51 $ 137.17 Granted 36 $ 153.99 Vested (16 ) $ 145.28 Forfeited (2 ) $ 133.79 Unvested restricted stock at end of year 69 $ 144.27 |
Pension Benefits (Tables)
Pension Benefits (Tables) - Defined Benefit Pension Plans [Member] | 12 Months Ended |
Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount Rate | The actuarial present value of benefit obligations summarized below was based on the following assumption: 2020 2019 Weighted-average assumption as of June 30 Discount rate 2.49 % 3.35 % |
Net Periodic Benefit Costs Assumptions | The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions: 2020 2019 2018 Discount rate 3.35 % 4.07 % 3.68 % Expected long-term return on plan assets 6.50 % 7.00 % 7.00 % |
Target And Actual Asset Allocations | The target and actual asset allocations for our plans at June 30 by asset category were as follows: Target Percentage of Plan Assets at June 30 Actual Percentage of Plan Assets 2020 2020 2019 Equity securities 20%-80% 36 53 Fixed income, including cash 20%-80% 64 47 Total 100 % 100 % |
Summary Of The Fair Values And Levels Within The Fair Value Hierarchy Of Pension Plan Assets | The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30: June 30, 2020 Asset Category Level 1 Level 2 Level 3 Total Cash and equivalents $ 367 $ — $ — $ 367 Money market funds 1,046 — — 1,046 U.S. government obligations — 1,261 — 1,261 Municipal obligations — 264 — 264 Corporate obligations — 1,303 — 1,303 Mortgage obligations — 1,836 — 1,836 Mutual funds fixed income 17,326 — — 17,326 Mutual funds equity 13,365 — — 13,365 Total $ 32,104 $ 4,664 $ — $ 36,768 June 30, 2019 Asset Category Level 1 Level 2 Level 3 Total Cash and equivalents $ 559 $ — $ — $ 559 Money market funds 113 — — 113 U.S. government obligations — 2,600 — 2,600 Municipal obligations — 37 — 37 Corporate obligations — 3,440 — 3,440 Mortgage obligations — 3,613 — 3,613 Mutual funds fixed income 6,907 — — 6,907 Mutual funds equity 19,359 — — 19,359 Total $ 26,938 $ 9,690 $ — $ 36,628 |
Schedule Of Change In Benefit Obligation | 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 38,382 $ 36,892 Interest cost 1,246 1,453 Actuarial loss 2,639 2,342 Benefits paid (2,298 ) (2,305 ) Benefit obligation at end of year $ 39,969 $ 38,382 |
Schedule Of Change In Plan Assets | 2020 2019 Change in plan assets Fair value of plan assets at beginning of year $ 36,628 $ 36,713 Actual return on plan assets 2,344 2,058 Employer contributions 94 162 Benefits paid (2,298 ) (2,305 ) Fair value of plan assets at end of year $ 36,768 $ 36,628 |
Schedule Of Funded Status | 2020 2019 Funded status - net accrued benefit cost $ (3,201 ) $ (1,754 ) |
Schedule Of Amounts Recognized In The Consolidated Balance Sheets | 2020 2019 Amounts recognized in the Consolidated Balance Sheets consist of Prepaid benefit cost (Other Noncurrent Assets) $ 339 $ 289 Accrued benefit liability (Other Noncurrent Liabilities) (3,540 ) (2,043 ) Net amount recognized $ (3,201 ) $ (1,754 ) |
Schedule Of Accumulated Benefit Obligation | 2020 2019 Accumulated benefit obligation $ 39,969 $ 38,382 |
Plans With Benefit Obligations In Excess Of The Fair Value Of Plan Assets | The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date: 2020 2019 Benefit obligations $ 37,883 $ 36,167 Fair value of plan assets at end of year $ 34,343 $ 34,124 |
Amounts Recognized In Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss at June 30 were as follows: 2020 2019 Net actuarial loss $ 17,170 $ 15,145 Income taxes (4,013 ) (3,539 ) Total $ 13,157 $ 11,606 |
Components Of Net Periodic Benefit Income | The following table summarizes the components of net periodic benefit income for our pension plans at June 30: 2020 2019 2018 Components of net periodic benefit income Interest cost $ 1,246 $ 1,453 $ 1,463 Expected return on plan assets (2,302 ) (2,487 ) (2,491 ) Amortization of unrecognized net loss 572 447 572 Settlement charge — — 42 Net periodic benefit income $ (484 ) $ (587 ) $ (414 ) |
Benefit Payments Estimated For Future Years | Benefit payments estimated for future years are as follows: 2021 $ 2,425 2022 $ 2,418 2023 $ 2,386 2024 $ 2,390 2025 $ 2,382 2026 - 2030 $ 11,361 |
Defined Contribution And Othe_2
Defined Contribution And Other Employee Plans (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule Of Costs Related To Company-Sponsored Defined Contribution Plans | We sponsor three defined contribution plans established pursuant to Section 401(k) of the Internal Revenue Code. Contributions are determined under various formulas, and we contributed to each of these plans in 2020 . The employer matching contribution percentage for one of these plans was increased effective January 1, 2019. Costs related to such plans for each of the years ended June 30 were as follows: 2020 2019 2018 Costs related to company-sponsored defined contribution plans $ 4,170 $ 2,637 $ 1,352 |
Schedule Of Liability For Deferred Compensation And Accrued Interest | The following table summarizes our liability for total deferred compensation and accrued interest at June 30: 2020 2019 Liability for deferred compensation and accrued interest $ 4,390 $ 4,740 |
Schedule Of Deferred Compensation Expense | Deferred compensation expense for each of the years ended June 30 was as follows: 2020 2019 2018 Deferred compensation expense $ 239 $ 239 $ 210 |
Multiemployer Plans, Pension [Member] | |
Multiemployer Plans [Line Items] | |
Schedule Of Multiemployer Plans | Pension Protection Act Zone Status Fiscal Year Contributions Plan Name EIN/PN 2019 2018 FIP/RP Status Pending / Implemented 2020 2019 2018 Surcharge Imposed Expiration Date of Collective Bargaining Agreement Western Conference of Teamsters Pension Plan 91-6145047-001 Green Green No $ 327 $ 388 $ 356 No 12/15/2021 |
Multiemployer Plans, Postretirement Benefit [Member] | |
Multiemployer Plans [Line Items] | |
Schedule Of Multiemployer Plans | Under this multiemployer plan and one additional multiemployer plan, we also contribute amounts for health and welfare benefits that are defined by each plan. These benefits are not vested. The contributions required by our participation in these plans for each of the years ended June 30 were as follows: 2020 2019 2018 Multiemployer health and welfare plan contributions $ 3,242 $ 3,189 $ 3,167 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2020 Net Sales $ 337,054 $ 355,117 $ 321,363 $ 320,854 $ 1,334,388 Gross Profit $ 92,108 $ 99,889 $ 76,962 $ 89,077 $ 358,036 Net Income (1) (2) (3) $ 40,745 $ 43,424 $ 22,429 $ 30,385 $ 136,983 Diluted Net Income Per Common Share (1) (2) (3) (4) $ 1.48 $ 1.58 $ 0.81 $ 1.10 $ 4.97 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2019 Net Sales $ 316,654 $ 349,581 $ 317,882 $ 323,670 $ 1,307,787 Gross Profit $ 81,199 $ 91,392 $ 75,397 $ 78,210 $ 326,198 Net Income (5) (6) $ 39,028 $ 47,907 $ 30,604 $ 33,010 $ 150,549 Diluted Net Income Per Common Share (4) (5) (6) $ 1.42 $ 1.73 $ 1.11 $ 1.20 $ 5.46 (1) Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million , or approximately $0.50 per diluted share. (2) Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million , respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million , or approximately $0.28 per diluted share. (3) Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million , or approximately $0.02 per diluted share. (4) Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. (5) Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million , respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million , or approximately $0.48 per diluted share. (6) Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million , or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million , or approximately $0.05 per diluted share. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 01, 2019 | Nov. 30, 2010 | |
Summary Of Accounting Policies [Line Items] | |||||
Amount capitalized for deferred software costs related to cloud computing arrangements | $ 10,300 | $ 1,700 | |||
Preferred stock, shares authorized (in shares) | 3,050,000 | 3,050,000 | |||
Shares authorized for repurchase (in shares) | 2,000,000 | ||||
Shares remaining authorized for future purchase (in shares) | 1,315,911 | ||||
Operating lease liability | $ 24,659 | $ 33,500 | |||
Operating lease right-of-use assets | $ 22,977 | $ 0 | $ 31,700 | ||
Maximum [Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Research and development costs as a percentage of net sales | 1.00% | 1.00% | 1.00% | ||
Class A Participating Preferred Stock[Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Preferred stock, shares authorized (in shares) | 750,000 | ||||
Preferred stock, par value (in dollars per share) | $ 1 | ||||
Class B Voting Preferred Stock[Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Preferred stock, shares authorized (in shares) | 1,150,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0 | ||||
Class C Nonvoting Preferred Stock [Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Preferred stock, shares authorized (in shares) | 1,150,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0 | ||||
Buildings And Improvements [Member] | Minimum [Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Estimated useful life (in years) | 10 years | ||||
Buildings And Improvements [Member] | Maximum [Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Estimated useful life (in years) | 40 years | ||||
Machinery And Equipment [Member] | Minimum [Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Estimated useful life (in years) | 3 years | ||||
Machinery And Equipment [Member] | Maximum [Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Estimated useful life (in years) | 15 years | ||||
Technology-Related Equipment [Member] | Minimum [Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Estimated useful life (in years) | 3 years | ||||
Technology-Related Equipment [Member] | Maximum [Member] | |||||
Summary Of Accounting Policies [Line Items] | |||||
Estimated useful life (in years) | 5 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | |||
Construction in progress in Accounts Payable | $ 2,909 | $ 7,852 | $ 2,070 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Depreciation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 31,604 | $ 26,751 | $ 22,168 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Schedule Of Advertising Expense As A Percentage Of Net Sales) (Details) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | |||
Advertising expense as a percentage of net sales | 2.00% | 2.00% | 2.00% |
Summary Of Significant Accoun_8
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 | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2020 | [1],[2] | Mar. 31, 2020 | [1],[2] | Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1],[3] | Jun. 30, 2019 | [4],[5] | Mar. 31, 2019 | Dec. 31, 2018 | [5] | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Net income | $ 30,385 | $ 22,429 | $ 43,424 | $ 40,745 | $ 33,010 | $ 30,604 | $ 47,907 | $ 39,028 | $ 136,983 | [1],[2],[3] | $ 150,549 | [4],[5] | $ 135,314 | ||||||||
Net income available to participating securities | (278) | (259) | (271) | ||||||||||||||||||
Net income available to common shareholders | $ 136,705 | $ 150,290 | $ 135,043 | ||||||||||||||||||
Weighted average common shares outstanding - basic (in shares) | 27,448 | 27,438 | 27,403 | ||||||||||||||||||
Incremental share effect from: | |||||||||||||||||||||
Nonparticipating restricted stock (in shares) | 2 | 2 | 3 | ||||||||||||||||||
Stock-settled stock appreciation rights (in shares) | 46 | 97 | 53 | ||||||||||||||||||
Weighted average common shares outstanding - diluted (in shares) | 27,496 | 27,537 | 27,459 | ||||||||||||||||||
Net income per common share - basic (in dollars per share) | $ 4.98 | $ 5.48 | $ 4.93 | ||||||||||||||||||
Net income per common share - diluted (in dollars per share) | $ 1.10 | [6] | $ 0.81 | [6] | $ 1.58 | [6] | $ 1.48 | [6] | $ 1.20 | [6] | $ 1.11 | [6] | $ 1.73 | [6] | $ 1.42 | [6] | $ 4.97 | [1],[2],[3],[6] | $ 5.46 | [4],[5],[6] | $ 4.92 |
[1] | Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million , or approximately $0.50 per diluted share. | ||||||||||||||||||||
[2] | Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million , respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million , or approximately $0.28 per diluted share. | ||||||||||||||||||||
[3] | Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million , or approximately $0.02 per diluted share. | ||||||||||||||||||||
[4] | Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million , or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million , or approximately $0.05 per diluted share. | ||||||||||||||||||||
[5] | Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million , respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million , or approximately $0.48 per diluted share. | ||||||||||||||||||||
[6] | Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive loss at beginning of year | $ (10,308) | $ (8,259) | ||||
Net loss arising during the period | (2,662) | (2,902) | $ 3,041 | |||
Total other comprehensive loss, before tax | (2,298) | (2,674) | 3,395 | |||
Total tax benefit | 536 | 625 | (829) | |||
Other comprehensive loss, net of tax | (1,762) | (2,049) | 2,566 | |||
Accumulated other comprehensive loss at end of year | (12,070) | (10,308) | (8,259) | |||
Defined Benefit Pension Plans [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive loss at beginning of year | (11,606) | |||||
Net loss arising during the period | (2,597) | (2,771) | ||||
Amortization of unrecognized net loss (gain) | 572 | [1] | 447 | [1] | $ 572 | |
Accumulated other comprehensive loss at end of year | (13,157) | (11,606) | ||||
Postretirement Benefit Plan [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net loss arising during the period | [2] | (65) | (131) | |||
Amortization of unrecognized net loss (gain) | [2] | (26) | (37) | |||
Amortization of prior service credit | [2] | $ (182) | $ (182) | |||
[1] | Included in the computation of net periodic benefit income/cost. See Note 12 for additional information. | |||||
[2] | Additional disclosures for postretirement benefits are not included as they are not considered material. |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | |||
Purchase price | $ 0 | $ 55,364 | $ 318 |
Omni Baking [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | 22,300 | ||
Bantam Bagels [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 33,100 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation - Omni Baking) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Purchase Price Allocation | ||
Goodwill | $ 208,371 | $ 208,371 |
Omni Baking [Member] | ||
Purchase Price Allocation | ||
Inventories | 809 | |
Other current assets | 86 | |
Machinery and equipment | 4,777 | |
Goodwill | 19,664 | |
Current liabilities | (3,083) | |
Net assets acquired | $ 22,253 |
Acquisitions (Schedule Of Consi
Acquisitions (Schedule Of Consideration And Purchase Price Allocation - Bantam Bagels) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | |
Purchase Price Allocation | ||
Goodwill | $ 208,371 | $ 208,371 |
Bantam Bagels [Member] | ||
Consideration | ||
Cash paid for acquisition | 33,111 | |
Contingent consideration - fair value of earn-out at date of closing | 8,000 | |
Fair value of total consideration | 41,111 | |
Purchase Price Allocation | ||
Receivables | 1,937 | |
Inventories | 684 | |
Other current assets | 95 | |
Machinery and equipment | 1,896 | |
Goodwill | 20,677 | |
Other intangible assets | 18,700 | |
Current liabilities | (2,256) | |
Other noncurrent liabilities | (622) | |
Net assets acquired | $ 41,111 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Oct. 19, 2018 | Nov. 17, 2016 | |
Business Acquisition [Line Items] | |||||
Fair value of contingent consideration | $ 9,157 | $ 8,900 | |||
Decrease (increase) in the fair value of contingent consideration | (257) | 16,180 | $ (2,052) | ||
Bantam Bagels [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair value of contingent consideration | 9,157 | 8,900 | $ 8,000 | ||
Decrease (increase) in the fair value of contingent consideration | (257) | (900) | |||
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 | $ 17,080 |
Fair Value (Schedule Of Acquisi
Fair Value (Schedule Of Acquisition-Related Contingent Consideration Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Oct. 19, 2018 | Nov. 17, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | $ 9,157 | $ 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 | 9,157 | 8,900 | ||
Bantam Bagels [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 9,157 | 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 | 9,157 | 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 Acquisition-Related Contingent Consideration) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | |||
Change in contingent consideration included in operating income | $ 257 | $ (16,180) | $ 2,052 |
Bantam Bagels [Member] | |||
Business Acquisition [Line Items] | |||
Contingent consideration at beginning of year | 8,900 | 0 | |
Initial fair value - additions | 0 | 8,000 | |
Change in contingent consideration included in operating income | 257 | 900 | |
Contingent consideration at end of year | 9,157 | 8,900 | 0 |
Angelic [Member] | |||
Business Acquisition [Line Items] | |||
Contingent consideration at beginning of year | 0 | 17,080 | |
Change in contingent consideration included in operating income | 0 | (17,080) | |
Contingent consideration at end of year | $ 0 | $ 0 | $ 17,080 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | 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 | Mar. 19, 2025 | |
Minimum interest coverage ratio | 250.00% | |
Maximum leverage ratio | 350.00% | |
Line of credit facility, amount outstanding | $ 0 | 0 |
Standby letters of credit, amount outstanding | 2,800,000 | 5,100,000 |
Interest paid | $ 0 | $ 0 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Jun. 30, 2020 |
Lessee, Lease, Description [Line Items] | |
Weighted-average discount rate of operating leases | 3.00% |
Weighted-average discount rate of finance leases | 3.60% |
Weighted-average remaining term of operating leases | 4 years 8 months 12 days |
Weighted-average remaining term of finance leases | 3 years 9 months 18 days |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms for operating leases | 1 year |
Remaining lease terms for finance leases | 3 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms for operating leases | 8 years |
Remaining lease terms for finance leases | 5 years |
Leases (Schedule Of Components
Leases (Schedule Of Components Of Lease Expense) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Leases [Abstract] | |
Operating lease cost in Cost of Sales and Selling, General and Administrative Expenses | $ 8,726 |
Finance lease cost: | |
Amortization of assets in Cost of Sales | 335 |
Interest on lease liabilities in Other, Net | 73 |
Total finance lease cost | 408 |
Short-term lease cost in Cost of Sales and Selling, General and Administrative Expenses | 2,405 |
Total net lease cost | $ 11,539 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jul. 01, 2019 | Jun. 30, 2019 |
Operating Leases | |||
Operating Lease Right-Of-Use Assets | $ 22,977 | $ 31,700 | $ 0 |
Current operating lease liabilities in Accrued Liabilities | 6,766 | 0 | |
Noncurrent Operating Lease Liabilities | 17,893 | $ 0 | |
Total operating lease liabilities | $ 24,659 | $ 33,500 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent | |
Finance Leases | |||
Finance lease right-of-use assets in Property, Plant and Equipment-Net | $ 2,346 | ||
Current finance lease liabilities in Accrued Liabilities | 571 | ||
Noncurrent finance lease liabilities in Other Noncurrent Liabilities | 1,580 | ||
Total finance lease liabilities | $ 2,151 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 8,923 |
Operating cash flows from finance leases | 73 |
Financing cash flows from finance leases | 432 |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets | 5,611 |
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 | Jun. 30, 2020 | Jul. 01, 2019 |
Operating Leases | ||
2021 | $ 7,404 | |
2022 | 5,982 | |
2023 | 4,609 | |
2024 | 3,791 | |
2025 | 1,778 | |
Thereafter | 2,906 | |
Total minimum payments | 26,470 | |
Less amount representing interest | (1,811) | |
Present value of lease obligations | 24,659 | $ 33,500 |
Finance Leases | ||
2021 | 638 | |
2022 | 638 | |
2023 | 627 | |
2024 | 256 | |
2025 | 134 | |
Thereafter | 0 | |
Total minimum payments | 2,293 | |
Less amount representing interest | (142) | |
Present value of lease obligations | $ 2,151 |
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 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2020 | |
Workforce Subject to Collective Bargaining Arrangements [Member] | |
Concentration Risk [Line Items] | |
Percentage of employees represented under collective bargaining contracts | 25.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | |
Concentration Risk [Line Items] | |
Percentage of employees represented under collective bargaining contracts | 6.00% |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | 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 | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying value | $ 65,216 | $ 70,277 |
Tradenames (20 to 30-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 63,121 | 63,121 |
Accumulated amortization | (9,925) | (7,335) |
Net carrying value | 53,196 | 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 | (11,094) | (9,641) |
Net carrying value | 6,413 | 7,866 |
Technology / Know-how (10-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 8,950 | 8,950 |
Accumulated amortization | (3,396) | (2,501) |
Net carrying value | $ 5,554 | 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 | (738) | (615) |
Net carrying value | $ 53 | $ 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 | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 5,061 | $ 4,599 | $ 3,986 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 4,976 |
2022 | 4,902 |
2023 | 4,343 |
2024 | 4,343 |
2025 | $ 4,083 |
Liabilities (Schedule Of Accrue
Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Payables and Accruals [Abstract] | ||
Compensation and employee benefits | $ 32,818 | $ 28,672 |
Distribution | 7,148 | 7,730 |
Operating leases | 6,766 | 0 |
Marketing | 1,525 | 561 |
Other taxes | 1,392 | 1,219 |
Other | 5,177 | 4,854 |
Total accrued liabilities | $ 54,826 | $ 43,036 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Liabilities (Schedule Of Other
Liabilities (Schedule Of Other Noncurrent Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Workers compensation | $ 9,701 | $ 11,732 |
Contingent consideration | 9,157 | 8,900 |
Deferred compensation and accrued interest | 4,390 | 4,740 |
Gross tax contingency reserve | 968 | 942 |
Other | 2,698 | 6,506 |
Total other noncurrent liabilities | 31,661 | 35,938 |
Pension Benefits [Member] | ||
Accrued benefit liability | 3,540 | 2,043 |
Postretirement Benefits [Member] | ||
Accrued benefit liability | $ 1,207 | $ 1,075 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 28.10% | 35.00% |
One-time benefit on re-measurement of net deferred tax liability | $ 9,500,000 | |||
Gross tax contingency reserve | $ 968,000 | $ 1,670,000 | $ 1,298,000 | |
Accrued tax liabilities included in the gross tax contingency reserve | 500,000 | |||
Accrued interest and penalties included in the gross tax contingency reserve | 481,000 | 669,000 | ||
Gross tax contingency reserve, classified as current liabilities | 0 | |||
Gross tax contingency reserve, classified as noncurrent liabilities | 968,000 | 942,000 | ||
Federal [Member] | ||||
Income Tax Authority [Line Items] | ||||
Prepaid income taxes | $ 5,300,000 | $ 5,200,000 |
Income Taxes (Schedule Of Taxes
Income Taxes (Schedule Of Taxes Based On Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Currently payable, Federal | $ 23,392 | $ 30,220 | $ 40,766 |
Currently payable, State and local | 6,808 | 8,070 | 7,355 |
Total current provision | 30,200 | 38,290 | 48,121 |
Deferred federal, state and local provision (benefit) | 11,894 | 6,703 | (9,232) |
Total taxes based on income | $ 42,094 | $ 44,993 | $ 38,889 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Effective Income Tax Rate) (Details) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Statutory rate | 21.00% | 21.00% | 28.10% | 35.00% |
State and local income taxes | 3.10% | 3.50% | 3.00% | |
Net windfall tax benefits - stock-based compensation | (0.80%) | (0.80%) | (0.40%) | |
ESOP dividend deduction | (0.10%) | (0.10%) | (0.10%) | |
One-time benefit on re-measurement of net deferred tax liability | 0.00% | 0.00% | (5.50%) | |
Domestic manufacturing deduction for qualified income | 0.00% | 0.00% | (2.30%) | |
Other | 0.30% | (0.60%) | (0.50%) | |
Effective rate | 23.50% | 23.00% | 22.30% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, Employee medical and other benefits | $ 8,384 | $ 7,809 |
Deferred tax assets, Operating lease liabilities | 5,713 | 0 |
Deferred tax assets, Inventories | 2,382 | 311 |
Deferred tax assets, Receivables | 2,371 | 2,332 |
Deferred tax assets, Other accrued liabilities | 1,938 | 2,069 |
Total deferred tax assets | 20,788 | 12,521 |
Deferred tax liabilities, Property, plant and equipment | (30,036) | (16,993) |
Deferred tax liabilities, Goodwill | (11,390) | (10,037) |
Deferred tax liabilities, Intangible assets | (7,848) | (8,295) |
Deferred tax liabilities, Operating lease right-of-use assets | (5,333) | 0 |
Deferred tax liabilities, Other | (421) | (78) |
Total deferred tax liabilities | (55,028) | (35,403) |
Net deferred tax liability | $ (34,240) | $ (22,882) |
Income Taxes (Net Cash Payments
Income Taxes (Net Cash Payments For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Net cash payments for income taxes | $ 30,958 | $ 38,644 | $ 46,198 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of Gross Tax Contingency Reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Balance, beginning of year | $ 1,670 | $ 1,298 |
Tax positions related to the current year, Additions | 0 | 87 |
Tax positions related to the current year, Reductions | 0 | 0 |
Tax positions related to prior years, Additions | 51 | 694 |
Tax positions related to prior years, Reductions | (25) | (26) |
Tax positions related to prior years, Settlements | (728) | (383) |
Balance, end of year | $ 968 | $ 1,670 |
Income Taxes (Net Tax-Related I
Income Taxes (Net Tax-Related Interest And Penalties Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
(Benefit) expense recognized for net tax-related interest and penalties | $ (188) | $ 64 |
Income Taxes (Accrued Interest
Income Taxes (Accrued Interest And Penalties) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Accrued interest and penalties included in the gross tax contingency reserve | $ 481 | $ 669 |
Business Segment Information (D
Business Segment Information (Disaggregation Of Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 320,854 | $ 321,363 | $ 355,117 | $ 337,054 | $ 323,670 | $ 317,882 | $ 349,581 | $ 316,654 | $ 1,334,388 | [1],[2] | $ 1,307,787 | [1],[2] | $ 1,222,925 | [1],[2] | |
Retail [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1],[2] | 714,127 | 656,621 | 650,234 | |||||||||||
Foodservice [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | [1],[2] | 620,261 | 651,166 | 572,691 | |||||||||||
Frozen breads [Member] | Retail [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 290,940 | 259,290 | 252,186 | ||||||||||||
Refrigerated dressings, dips and other [Member] | Retail [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 218,125 | 219,614 | 226,276 | ||||||||||||
Shelf-stable dressings and croutons [Member] | Retail [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 205,062 | 177,717 | 171,772 | ||||||||||||
Dressings and sauces [Member] | Foodservice [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 436,909 | 467,364 | 430,944 | ||||||||||||
Frozen breads and other [Member] | Foodservice [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 161,093 | 164,438 | 141,747 | ||||||||||||
Other roll products [Member] | Foodservice [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 22,259 | $ 19,364 | $ 0 | ||||||||||||
[1] | All intercompany transactions have been eliminated. | ||||||||||||||
[2] | Net sales and long-lived assets are predominately domestic. |
Business Segment Information _2
Business Segment Information (Disaggregation Of Foodservice Net Sales By Type Of Customer) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Net sales | $ 320,854 | $ 321,363 | $ 355,117 | $ 337,054 | $ 323,670 | $ 317,882 | $ 349,581 | $ 316,654 | $ 1,334,388 | [1],[2] | $ 1,307,787 | [1],[2] | $ 1,222,925 | [1],[2] | |
Foodservice [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Net sales | [1],[2] | 620,261 | 651,166 | 572,691 | |||||||||||
Foodservice [Member] | National accounts [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Net sales | 459,880 | 480,249 | 430,680 | ||||||||||||
Foodservice [Member] | Branded and other [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Net sales | 138,122 | 151,553 | 142,011 | ||||||||||||
Foodservice [Member] | Other roll products [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Net sales | $ 22,259 | $ 19,364 | $ 0 | ||||||||||||
[1] | All intercompany transactions have been eliminated. | ||||||||||||||
[2] | Net sales and long-lived assets are predominately domestic. |
Business Segment Information (S
Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | $ 320,854 | $ 321,363 | $ 355,117 | $ 337,054 | $ 323,670 | $ 317,882 | $ 349,581 | $ 316,654 | $ 1,334,388 | [1],[2] | $ 1,307,787 | [1],[2] | $ 1,222,925 | [1],[2] | |
Operating Income | [1] | 175,948 | 190,924 | 171,548 | |||||||||||
Identifiable Assets | [2],[3] | 993,353 | 905,399 | 993,353 | 905,399 | 804,491 | |||||||||
Payments for Property Additions | 82,642 | 70,880 | 31,025 | ||||||||||||
Depreciation and Amortization | 37,963 | 31,848 | 26,896 | ||||||||||||
Retail [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | [1],[2] | 714,127 | 656,621 | 650,234 | |||||||||||
Operating Income | [1] | 142,822 | 135,093 | 126,400 | |||||||||||
Foodservice [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net Sales | [1],[2] | 620,261 | 651,166 | 572,691 | |||||||||||
Operating Income | [1] | 66,480 | 73,828 | 58,440 | |||||||||||
Restructuring and Impairment Charges [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating Income | [1],[4] | (886) | (1,643) | 0 | |||||||||||
Retail & Foodservice [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Identifiable Assets | [2],[3],[5] | 771,270 | 695,872 | 771,270 | 695,872 | 589,509 | |||||||||
Payments for Property Additions | [5] | 82,579 | 70,880 | 31,025 | |||||||||||
Depreciation and Amortization | [5] | 37,708 | 31,595 | 26,685 | |||||||||||
Corporate [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating Income | [1],[6] | (32,468) | (16,354) | (13,292) | |||||||||||
Identifiable Assets | [2],[3] | $ 222,083 | $ 209,527 | 222,083 | 209,527 | 214,982 | |||||||||
Payments for Property Additions | 63 | 0 | 0 | ||||||||||||
Depreciation and Amortization | $ 255 | $ 253 | $ 211 | ||||||||||||
[1] | All intercompany transactions have been eliminated. | ||||||||||||||
[2] | Net sales and long-lived assets are predominately domestic. | ||||||||||||||
[3] | Retail and Foodservice identifiable assets include those assets used in our operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The increase in Retail and Foodservice identifiable assets from June 30, 2019 to June 30, 2020 reflected property additions, notably a capacity expansion project at our frozen dinner roll facility in Horse Cave, Kentucky, as well as operating lease right-of-use assets recorded in 2020 due to the adoption of new accounting guidance. The increase in Retail and Foodservice identifiable assets from June 30, 2018 to June 30, 2019 was due to the acquisitions of Bantam and Omni. | ||||||||||||||
[4] | Restructuring and impairment charges were not allocated to our two reportable segments due to their unusual nature. | ||||||||||||||
[5] | As discussed above, we do not present identifiable assets, payments for property additions or depreciation and amortization by reportable segment. | ||||||||||||||
[6] | Our Corporate Expenses include various expenses of a general corporate nature, expenditures for Project Ascent and costs related to certain divested or closed nonfood operations. By their very nature, these costs have not been allocated to the Retail and Foodservice segments. |
Business Segment Information (N
Business Segment Information (Net Sales To Major Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Revenue, Major Customer [Line Items] | |||||||||||||||
Net sales | $ 320,854 | $ 321,363 | $ 355,117 | $ 337,054 | $ 323,670 | $ 317,882 | $ 349,581 | $ 316,654 | $ 1,334,388 | [1],[2] | $ 1,307,787 | [1],[2] | $ 1,222,925 | [1],[2] | |
Retail [Member] | |||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||
Net sales | [1],[2] | 714,127 | 656,621 | 650,234 | |||||||||||
Retail [Member] | Walmart Inc. [Member] | |||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||
Net sales | $ 241,699 | $ 222,171 | $ 209,860 | ||||||||||||
Retail [Member] | Customer Concentration Risk [Member] | Walmart Inc. [Member] | |||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||
Net sales as a percentage of consolidated net sales | 18.00% | 17.00% | 17.00% | ||||||||||||
Foodservice [Member] | |||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||
Net sales | [1],[2] | $ 620,261 | $ 651,166 | $ 572,691 | |||||||||||
Foodservice [Member] | McLane Company Inc [Member] | |||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||
Net sales | $ 174,242 | $ 195,907 | $ 185,226 | ||||||||||||
Foodservice [Member] | Customer Concentration Risk [Member] | McLane Company Inc [Member] | |||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||
Net sales as a percentage of consolidated net sales | 13.00% | 15.00% | 15.00% | ||||||||||||
[1] | All intercompany transactions have been eliminated. | ||||||||||||||
[2] | Net sales and long-lived assets are predominately domestic. |
Business Segment Information (P
Business Segment Information (Percentage Of Receivables Due From Major Customers) (Details) - Credit Concentration Risk [Member] | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Walmart Inc. [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable as a percentage of consolidated accounts receivable | 30.00% | 28.00% |
McLane Company Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable as a percentage of consolidated accounts receivable | 10.00% | 9.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2020USD ($)shares | |
Stock Settled Stock Appreciation Rights SARS [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Unrecognized compensation expense | $ 6.1 |
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 years |
Employee Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 3 years |
Director Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 5.5 |
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 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 (in years) | 7 years |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Grant Details) (Details) - Stock Settled Stock Appreciation Rights SARS [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
SSSARs granted (in rights) | 180 | 157 | 185 |
Weighted average grant date fair value per award (in dollars per share) | $ 24.06 | $ 23.55 | $ 17.85 |
Weighted average assumptions used in fair value calculations: | |||
Risk-free interest rate | 1.17% | 2.43% | 2.39% |
Dividend yield | 1.81% | 1.68% | 1.98% |
Volatility factor of the expected market price of our common stock | 22.57% | 21.77% | 22.57% |
Expected life in years | 4 years 3 days | 3 years 14 days | 2 years 10 months 6 days |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Compensation Expense And Tax Benefits Recorded) (Details) - Stock Settled Stock Appreciation Rights SARS [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 3,049 | $ 3,074 | $ 2,455 |
Tax benefits | 640 | 646 | 690 |
Intrinsic value of exercises | $ 6,693 | $ 6,008 | $ 2,381 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Of Stock-Settled Stock Appreciation Rights Vested) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Settled Stock Appreciation Rights SARS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested rights | $ 2,972 | $ 3,143 | $ 2,330 |
Stock-Based Compensation (Sto_3
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Activity) (Details) - Stock Settled Stock Appreciation Rights SARS [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Rights | |||
Number of Rights, Outstanding at beginning of year (in rights) | 586 | ||
Number of Rights, Exercised (in rights) | (215) | ||
Number of Rights, Granted (in rights) | 180 | 157 | 185 |
Number of Rights, Forfeited (in rights) | (12) | ||
Number of Rights, Outstanding at end of year (in rights) | 539 | 586 | |
Number of Rights, Exercisable and vested at end of year (in rights) | 208 | ||
Number of Rights, Vested and expected to vest at end of year (in rights) | 511 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share) | $ 128.23 | ||
Weighted Average Exercise Price, Exercised (in dollars per share) | 113.89 | ||
Weighted Average Exercise Price, Granted (in dollars per share) | 153.73 | ||
Weighted Average Exercise Price, Forfeited (in dollars per share) | 140.29 | ||
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | 142.16 | $ 128.23 | |
Weighted Average Exercise Price, Exercisable and vested at end of year (in dollars per share) | 131.21 | ||
Weighted Average Exercise Price, Vested and expected to vest at end of year (in dollars per share) | $ 143.23 | ||
Weighted Average Remaining Contractual Life in Years, Outstanding at end of year | 3 years 4 months 24 days | ||
Weighted Average Remaining Contractual Life in Years, Exercisable and vested at end of year | 2 years 4 months 20 days | ||
Weighted Average Remaining Contractual Life in Years, Vested and expected to vest at end of year | 3 years 5 months 19 days | ||
Aggregate Intrinsic Value, Outstanding at end of year | $ 6,976 | ||
Aggregate Intrinsic Value, Exercisable and vested at end of year | 4,973 | ||
Aggregate Intrinsic Value, Vested and expected to vest at end of year | $ 6,072 |
Stock-Based Compensation (Sto_4
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Outstanding By Grant Year) (Details) - Stock Settled Stock Appreciation Rights SARS [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 539 | 586 |
Outstanding, Weighted Average Remaining Contractual Life in Years | 3 years 4 months 24 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 142.16 | $ 128.23 |
Exercisable, Number Exercisable (in rights) | 208 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 131.21 | |
Year2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 180 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 4 years 7 months 20 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 153.73 | |
Exercisable, Number Exercisable (in rights) | 0 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 | |
Year2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 148 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 3 years 8 months 1 day | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 154.62 | |
Exercisable, Number Exercisable (in rights) | 48 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 154.63 | |
Year2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 126 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 2 years 7 months 24 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 121.12 | |
Exercisable, Number Exercisable (in rights) | 75 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 121.15 | |
Year2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 66 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 1 year 7 months 28 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 134.27 | |
Exercisable, Number Exercisable (in rights) | 66 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 134.27 | |
Year2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | $ 101.70 | |
Outstanding, Number Outstanding (in rights) | 19 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 7 months 24 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 101.70 | |
Exercisable, Number Exercisable (in rights) | 19 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 101.70 | |
Minimum [Member] | Year2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 153.71 | |
Minimum [Member] | Year2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 148.18 | |
Minimum [Member] | Year2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 117.76 | |
Minimum [Member] | Year2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 121.54 | |
Maximum [Member] | Year2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 154.44 | |
Maximum [Member] | Year2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 180.60 | |
Maximum [Member] | Year2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 124.29 | |
Maximum [Member] | Year2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | $ 138.96 |
Stock-Based Compensation (Emplo
Stock-Based Compensation (Employee Restricted Stock Grant Details) (Details) - Employee Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (in shares) | 31 | 13 | 27 |
Grant date fair value | $ 4,813 | $ 2,030 | $ 3,218 |
Weighted average grant date fair value per award (in dollars per share) | $ 153.72 | $ 154.66 | $ 121.09 |
Stock-Based Compensation (Nonem
Stock-Based Compensation (Nonemployee Director Restricted Stock Grant Details) (Details) - Director Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (in shares) | 5 | 4 | 6 |
Grant date fair value | $ 760 | $ 760 | $ 759 |
Weighted average grant date fair value per award (in dollars per share) | $ 155.70 | $ 180.16 | $ 123.11 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Compensation Expense And Tax Benefits Recorded) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 3,066 | $ 2,898 | $ 2,584 |
Tax benefits | $ 644 | $ 609 | $ 726 |
Stock-Based Compensation (Fai_2
Stock-Based Compensation (Fair Value Of Restricted Stock Vested) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested shares | $ 2,284 | $ 3,537 | $ 1,508 |
Stock-Based Compensation (Res_2
Stock-Based Compensation (Restricted Stock Activity) (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Number of Shares | |
Number of Shares, Unvested restricted stock at beginning of year | shares | 51 |
Number of Shares, Granted | shares | 36 |
Number of Shares, Vested | shares | (16) |
Number of Shares, Forfeited | shares | (2) |
Number of Shares, Unvested restricted stock at end of year | shares | 69 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Unvested restricted stock at beginning of year | $ / shares | $ 137.17 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 153.99 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 145.28 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 133.79 |
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of year | $ / shares | $ 144.27 |
Pension Benefits (Narrative) (D
Pension Benefits (Narrative) (Details) - Defined Benefit Pension Plans [Member] $ in Millions | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum length of investment horizon (in years) | 10 years |
Estimated employer contributions to pension plans in next fiscal year - not expected to be material | $ 0 |
Pension Benefits (Discount Rate
Pension Benefits (Discount Rate) (Details) | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.49% | 3.35% |
Pension Benefits (Net Periodic
Pension Benefits (Net Periodic Benefit Costs Assumptions) (Details) - Defined Benefit Pension Plans [Member] | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.35% | 4.07% | 3.68% |
Expected long-term return on plan assets | 6.50% | 7.00% | 7.00% |
Pension Benefits (Target And Ac
Pension Benefits (Target And Actual Asset Allocations) (Details) - Defined Benefit Pension Plans [Member] | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Percentage of Plan Assets | 100.00% | 100.00% |
Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Percentage of Plan Assets | 36.00% | 53.00% |
Equity securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Percentage of Plan Assets | 20.00% | |
Equity securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Percentage of Plan Assets | 80.00% | |
Fixed income, including cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Percentage of Plan Assets | 64.00% | 47.00% |
Fixed income, including cash [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Percentage of Plan Assets | 20.00% | |
Fixed income, including cash [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Percentage of Plan Assets | 80.00% |
Pension Benefits (Summary Of Th
Pension Benefits (Summary Of The Fair Values And Levels Within The Fair Value Hierarchy Of Pension Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 36,768 | $ 36,628 | $ 36,713 |
Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 367 | 559 | |
Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,046 | 113 | |
U.S. Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,261 | 2,600 | |
Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 264 | 37 | |
Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,303 | 3,440 | |
Mortgage Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,836 | 3,613 | |
Mutual Funds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,326 | 6,907 | |
Mutual Funds Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,365 | 19,359 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,104 | 26,938 | |
Level 1 [Member] | Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 367 | 559 | |
Level 1 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,046 | 113 | |
Level 1 [Member] | U.S. Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Mortgage Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Mutual Funds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,326 | 6,907 | |
Level 1 [Member] | Mutual Funds Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,365 | 19,359 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,664 | 9,690 | |
Level 2 [Member] | Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | U.S. Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,261 | 2,600 | |
Level 2 [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 264 | 37 | |
Level 2 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,303 | 3,440 | |
Level 2 [Member] | Mortgage Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,836 | 3,613 | |
Level 2 [Member] | Mutual Funds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Mutual Funds Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | U.S. Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mortgage Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mutual Funds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mutual Funds Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension Benefits (Schedule Of C
Pension Benefits (Schedule Of Change In Benefit Obligation) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 38,382 | $ 36,892 | |
Interest cost | 1,246 | 1,453 | $ 1,463 |
Actuarial loss | 2,639 | 2,342 | |
Benefits paid | (2,298) | (2,305) | |
Benefit obligation at end of year | $ 39,969 | $ 38,382 | $ 36,892 |
Pension Benefits (Schedule Of_2
Pension Benefits (Schedule Of Change In Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 36,628 | $ 36,713 |
Actual return on plan assets | 2,344 | 2,058 |
Employer contributions | 94 | 162 |
Benefits paid | (2,298) | (2,305) |
Fair value of plan assets at end of year | $ 36,768 | $ 36,628 |
Pension Benefits (Schedule Of F
Pension Benefits (Schedule Of Funded Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status - net accrued benefit cost | $ (3,201) | $ (1,754) |
Pension Benefits (Schedule Of A
Pension Benefits (Schedule Of Amounts Recognized In The Consolidated Balance Sheets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost (Other Noncurrent Assets) | $ 339 | $ 289 |
Accrued benefit liability (Other Noncurrent Liabilities) | (3,540) | (2,043) |
Net amount recognized | $ (3,201) | $ (1,754) |
Pension Benefits (Schedule Of_3
Pension Benefits (Schedule Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 39,969 | $ 38,382 |
Pension Benefits (Plans With Be
Pension Benefits (Plans With Benefit Obligations In Excess Of The Fair Value Of Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligations | $ 37,883 | $ 36,167 |
Fair value of plan assets at end of year | $ 34,343 | $ 34,124 |
Pension Benefits (Amounts Recog
Pension Benefits (Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 12,070 | $ 10,308 | $ 8,259 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 17,170 | 15,145 | |
Income taxes | (4,013) | (3,539) | |
Total | $ 13,157 | $ 11,606 |
Pension Benefits (Components Of
Pension Benefits (Components Of Net Periodic Benefit Income) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | $ 1,246 | $ 1,453 | $ 1,463 | ||
Expected return on plan assets | (2,302) | (2,487) | (2,491) | ||
Amortization of unrecognized net loss | 572 | [1] | 447 | [1] | 572 |
Settlement charge | 0 | 0 | 42 | ||
Net periodic benefit income | $ (484) | $ (587) | $ (414) | ||
[1] | Included in the computation of net periodic benefit income/cost. See Note 12 for additional information. |
Pension Benefits (Benefit Payme
Pension Benefits (Benefit Payments Estimated For Future Years) (Details) - Defined Benefit Pension Plans [Member] $ in Thousands | Jun. 30, 2020USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 2,425 |
2022 | 2,418 |
2023 | 2,386 |
2024 | 2,390 |
2025 | 2,382 |
2026 - 2030 | $ 11,361 |
Defined Contribution And Othe_3
Defined Contribution And Other Employee Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Union-Sponsored Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Costs related to union-sponsored defined contribution plan | $ 0.7 | $ 0.7 | $ 0.7 |
Defined Contribution And Othe_4
Defined Contribution And Other Employee Plans (Schedule Of Costs Related To Company-Sponsored Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Company-Sponsored Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Costs related to company-sponsored defined contribution plans | $ 4,170 | $ 2,637 | $ 1,352 |
Defined Contribution And Othe_5
Defined Contribution And Other Employee Plans (Schedule Of Multiemployer Pension Plans) (Details) - Multiemployer Plans, Pension [Member] - Western Conference Of Teamsters Pension Trust [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Multiemployer Plans [Line Items] | |||
EIN | 91-6145047 | ||
PN | 001 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2018 | Dec. 31, 2017 | |
FIP/RP Status Pending/Implemented | No | ||
Multiemployer Plan, Contributions by Employer | $ 327 | $ 388 | $ 356 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Dec. 15, 2021 |
Defined Contribution And Othe_6
Defined Contribution And Other Employee Plans (Schedule Of Multiemployer Health And Welfare Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Multiemployer Plans, Postretirement Benefit [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer health and welfare plan contributions | $ 3,242 | $ 3,189 | $ 3,167 |
Defined Contribution And Othe_7
Defined Contribution And Other Employee Plans (Schedule Of Liability For Deferred Compensation And Accrued Interest) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Retirement Benefits [Abstract] | ||
Liability for deferred compensation and accrued interest | $ 4,390 | $ 4,740 |
Defined Contribution And Othe_8
Defined Contribution And Other Employee Plans (Schedule Of Deferred Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |||
Deferred compensation expense | $ 239 | $ 239 | $ 210 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Net Sales | $ 320,854 | $ 321,363 | $ 355,117 | $ 337,054 | $ 323,670 | $ 317,882 | $ 349,581 | $ 316,654 | $ 1,334,388 | [1],[2] | $ 1,307,787 | [1],[2] | $ 1,222,925 | [1],[2] | ||||||||
Gross Profit | 89,077 | 76,962 | 99,889 | 92,108 | 78,210 | 75,397 | 91,392 | 81,199 | 358,036 | 326,198 | 303,506 | |||||||||||
Net Income | $ 30,385 | [3],[4] | $ 22,429 | [3],[4] | $ 43,424 | [3] | $ 40,745 | [3],[5] | $ 33,010 | [6],[7] | $ 30,604 | $ 47,907 | [7] | $ 39,028 | $ 136,983 | [3],[4],[5] | $ 150,549 | [6],[7] | $ 135,314 | |||
Diluted Net Income Per Common Share (in dollars per share) | $ 1.10 | [3],[4],[8] | $ 0.81 | [3],[4],[8] | $ 1.58 | [3],[8] | $ 1.48 | [3],[5],[8] | $ 1.20 | [6],[7],[8] | $ 1.11 | [8] | $ 1.73 | [7],[8] | $ 1.42 | [8] | $ 4.97 | [3],[4],[5],[8] | $ 5.46 | [6],[7],[8] | $ 4.92 | |
Project Ascent Expenses [Member] | ||||||||||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | ||||||||||||||||||||||
Quarterly charges and (credits), amount affecting comparability | $ 4,200 | $ 3,700 | $ 3,700 | $ 2,100 | $ 1,400 | $ 13,700 | $ 1,400 | |||||||||||||||
Quarterly charges and (credits), per share amount affecting comparability (in dollars per share) | $ 0.15 | $ 0.13 | $ 0.14 | $ 0.08 | $ 0.05 | $ 0.50 | $ 0.05 | |||||||||||||||
COVID-19 Related Expenses [Member] | ||||||||||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | ||||||||||||||||||||||
Quarterly charges and (credits), amount affecting comparability | $ 3,500 | $ 4,200 | $ 7,700 | |||||||||||||||||||
Quarterly charges and (credits), per share amount affecting comparability (in dollars per share) | $ 0.13 | $ 0.15 | $ 0.28 | |||||||||||||||||||
Restructuring and Impairment Charges [Member] | ||||||||||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | ||||||||||||||||||||||
Quarterly charges and (credits), amount affecting comparability | $ 700 | $ 1,300 | $ 700 | $ 1,300 | ||||||||||||||||||
Quarterly charges and (credits), per share amount affecting comparability (in dollars per share) | $ 0.02 | $ 0.05 | $ 0.02 | $ 0.05 | ||||||||||||||||||
Fair Value Adjustment [Member] | ||||||||||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | ||||||||||||||||||||||
Quarterly charges and (credits), amount affecting comparability | $ (5,700) | $ (7,400) | $ (13,100) | |||||||||||||||||||
Quarterly charges and (credits), per share amount affecting comparability (in dollars per share) | $ (0.21) | $ (0.27) | $ (0.48) | |||||||||||||||||||
[1] | All intercompany transactions have been eliminated. | |||||||||||||||||||||
[2] | Net sales and long-lived assets are predominately domestic. | |||||||||||||||||||||
[3] | Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million , or approximately $0.50 per diluted share. | |||||||||||||||||||||
[4] | Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million , respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million , or approximately $0.28 per diluted share. | |||||||||||||||||||||
[5] | Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million , or approximately $0.02 per diluted share. | |||||||||||||||||||||
[6] | Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million , or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million , or approximately $0.05 per diluted share. | |||||||||||||||||||||
[7] | Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million , respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million , or approximately $0.48 per diluted share. | |||||||||||||||||||||
[8] | Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. |