Lancaster Colony (LANC) 10-Q 4 Feb 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	6 Months Ended
	Dec. 31, 2020	Jan. 15, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	LANC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		27,549
Amendment Flag	false
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000057515
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--06-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020
Current Assets:
Cash and equivalents	$ 216,381	$ 198,273
Receivables	87,530	86,604
Inventories:
Raw materials	41,732	34,374
Finished goods	67,315	50,674
Total inventories	109,047	85,048
Other current assets	13,306	15,687
Total current assets	426,264	385,612
Property, Plant and Equipment:
Land, buildings and improvements	197,820	186,542
Machinery and equipment	413,050	388,929
Total cost	610,870	575,471
Less accumulated depreciation	296,240	282,183
Property, plant and equipment-net	314,630	293,288
Other Assets:
Goodwill	208,371	208,371
Other intangible assets-net	61,172	65,216
Operating lease right-of-use assets	24,119	22,977
Other noncurrent assets	19,754	17,889
Total	1,054,310	993,353
Current Liabilities:
Accounts payable	88,066	71,433
Accrued liabilities	52,562	54,826
Total current liabilities	140,628	126,259
Noncurrent Operating Lease Liabilities	18,740	17,893
Other Noncurrent Liabilities	32,563	31,661
Deferred Income Taxes	36,019	34,240
Commitments and Contingencies
Shareholders' Equity:
Preferred stock-authorized 3,050,000 shares; outstanding-none
Common stock-authorized 75,000,000 shares; outstanding-December-27,547,331 shares; June-27,523,935 shares	126,260	125,153
Retained earnings	1,462,905	1,421,121
Accumulated other comprehensive loss	(11,882)	(12,070)
Common stock in treasury, at cost	(750,923)	(750,904)
Total shareholders' equity	826,360	783,300
Total	$ 1,054,310	$ 993,353

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2020	Jun. 30, 2020
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	27,547,331	27,523,935

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net Sales	$ 375,015	$ 355,117	$ 724,252	$ 692,171
Cost of Sales	268,170	255,228	524,753	500,174
Gross Profit	106,845	99,889	199,499	191,997
Selling, General and Administrative Expenses	48,247	45,747	96,445	85,202
Change in Contingent Consideration	0	64	(5,687)	127
Restructuring and Impairment Charges	0	0	1,195	886
Operating Income	58,598	54,078	107,546	105,782
Other, Net	(27)	877	(23)	2,304
Income Before Income Taxes	58,571	54,955	107,523	108,086
Taxes Based on Income	13,941	11,531	25,814	23,917
Net Income	$ 44,630	$ 43,424	$ 81,709	$ 84,169
Net Income Per Common Share:
Basic (in dollars per share)	$ 1.62	$ 1.58	$ 2.97	$ 3.06
Diluted (in dollars per share)	$ 1.62	$ 1.58	$ 2.96	$ 3.06
Weighted Average Common Shares Outstanding:
Basic (in shares)	27,479	27,443	27,470	27,443
Diluted (in shares)	27,518	27,489	27,507	27,503

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 44,630	$ 43,424	$ 81,709	$ 84,169
Defined Benefit Pension and Postretirement Benefit Plans:
Amortization of loss, before tax	168	137	336	273
Amortization of prior service credit, before tax	(46)	(46)	(91)	(91)
Total Other Comprehensive Income, Before Tax	122	91	245	182
Tax Attributes of Items in Other Comprehensive Income:
Amortization of loss, tax	(39)	(33)	(78)	(64)
Amortization of prior service credit, tax	11	11	21	21
Total Tax Expense	(28)	(22)	(57)	(43)
Other Comprehensive Income, Net of Tax	94	69	188	139
Comprehensive Income	$ 44,724	$ 43,493	$ 81,897	$ 84,308

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities:
Net income	$ 81,709	$ 84,169
Impacts of noncash items:
Depreciation and amortization	21,197	17,911
Change in contingent consideration	(5,687)	127
Deferred income taxes and other changes	2,272	2,834
Stock-based compensation expense	3,542	2,859
Restructuring and impairment charges	1,195	(268)
Pension plan activity	(87)	(336)
Changes in operating assets and liabilities:
Receivables	(926)	(1,371)
Inventories	(23,999)	(4,411)
Other current assets	140	(1,970)
Accounts payable and accrued liabilities	11,500	5,835
Net cash provided by operating activities	90,856	105,379
Cash Flows From Investing Activities:
Payments for property additions	(29,554)	(57,700)
Other-net	(364)	(222)
Net cash used in investing activities	(29,918)	(57,922)
Cash Flows From Financing Activities:
Payment of dividends	(39,925)	(37,114)
Purchase of treasury stock	(19)	(1,472)
Tax withholdings for stock-based compensation	(2,435)	(2,696)
Other-net	(451)	(237)
Net cash used in financing activities	(42,830)	(41,519)
Net change in cash and equivalents	18,108	5,938
Cash and equivalents at beginning of year	198,273	196,288
Cash and equivalents at end of period	216,381	202,226
Supplemental Disclosure of Operating Cash Flows:
Net cash payments for income taxes	$ 16,338	$ 18,783

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock Outstanding [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]
Balance (in shares) at Jun. 30, 2019		27,491,000
Balance at Jun. 30, 2019	$ 726,873	$ 122,844	$ 1,359,782	$ (10,308)	$ (745,445)
Net income	40,745		40,745
Net pension and postretirement benefit gains, net of tax effect	70			70
Cash dividends - common stock	(17,869)		(17,869)
Purchase of treasury stock (in shares)		(10,000)
Purchase of treasury stock	(1,465)				(1,465)
Stock-based plans (in shares)		4,000
Stock-based plans	(125)	$ (125)
Stock-based compensation expense	1,436	$ 1,436
Balance (in shares) at Sep. 30, 2019		27,485,000
Balance at Sep. 30, 2019	749,665	$ 124,155	1,382,658	(10,238)	(746,910)
Balance (in shares) at Jun. 30, 2019		27,491,000
Balance at Jun. 30, 2019	726,873	$ 122,844	1,359,782	(10,308)	(745,445)
Net income	84,169
Net pension and postretirement benefit gains, net of tax effect	139
Balance (in shares) at Dec. 31, 2019		27,511,000
Balance at Dec. 31, 2019	772,758	$ 123,007	1,406,837	(10,169)	(746,917)
Balance (in shares) at Sep. 30, 2019		27,485,000
Balance at Sep. 30, 2019	749,665	$ 124,155	1,382,658	(10,238)	(746,910)
Net income	43,424		43,424
Net pension and postretirement benefit gains, net of tax effect	69			69
Cash dividends - common stock	(19,245)		(19,245)
Purchase of treasury stock (in shares)		0
Purchase of treasury stock	(7)				(7)
Stock-based plans (in shares)		26,000
Stock-based plans	(2,571)	$ (2,571)
Stock-based compensation expense	1,423	$ 1,423
Balance (in shares) at Dec. 31, 2019		27,511,000
Balance at Dec. 31, 2019	$ 772,758	$ 123,007	1,406,837	(10,169)	(746,917)
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)
Net income	37,079		37,079
Net pension and postretirement benefit gains, net of tax effect	94			94
Cash dividends - common stock	(19,270)		(19,270)
Purchase of treasury stock (in shares)		0
Purchase of treasury stock	(15)				(15)
Stock-based plans (in shares)		16,000
Stock-based plans	(1,854)	$ (1,854)
Stock-based compensation expense	1,772	$ 1,772
Balance (in shares) at Sep. 30, 2020		27,540,000
Balance at Sep. 30, 2020	$ 801,106	$ 125,071	1,438,930	(11,976)	(750,919)
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)
Net income	81,709
Net pension and postretirement benefit gains, net of tax effect	$ 188
Balance (in shares) at Dec. 31, 2020	27,547,331	27,547,000
Balance at Dec. 31, 2020	$ 826,360	$ 126,260	1,462,905	(11,882)	(750,923)
Balance (in shares) at Sep. 30, 2020		27,540,000
Balance at Sep. 30, 2020	801,106	$ 125,071	1,438,930	(11,976)	(750,919)
Net income	44,630		44,630
Net pension and postretirement benefit gains, net of tax effect	94			94
Cash dividends - common stock	(20,655)		(20,655)
Purchase of treasury stock (in shares)		0
Purchase of treasury stock	(4)				(4)
Stock-based plans (in shares)		7,000
Stock-based plans	(581)	$ (581)
Stock-based compensation expense	$ 1,770	$ 1,770
Balance (in shares) at Dec. 31, 2020	27,547,331	27,547,000
Balance at Dec. 31, 2020	$ 826,360	$ 126,260	$ 1,462,905	$ (11,882)	$ (750,923)

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Tax effect included in net pension and postretirement benefit gains	$ 28	$ 29	$ 22	$ 21
Common stock, dividends per share (in dollars per share)	$ 0.75	$ 0.70	$ 0.70	$ 0.65

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant” or the “Company” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our 2020 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2021 refers to fiscal 2021, which is the period from July 1, 2020 to June 30, 2021. 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. For the six months ended December 31, 2020, we capitalized $2.8 million of deferred software costs related to cloud computing arrangements. Property, Plant and Equipment Property, plant and equipment are recorded at cost, except for those acquired as part of a business combination, which are recorded at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: December 31, 2020 2019 Construction in progress in Accounts Payable $ 3,415 $ 8,810 Accrued Compensation and Employee Benefits Accrued compensation and employee benefits included in Accrued Liabilities was $21.6 million and $32.8 million at December 31, 2020 and June 30, 2020, respectively. Accrued Distribution Accrued distribution included in Accrued Liabilities was $9.7 million and $7.1 million at December 31, 2020 and June 30, 2020, respectively. Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock and stock-settled stock appreciation rights) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock and stock-settled stock appreciation rights. Basic and diluted net income per common share were calculated as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Net income $ 44,630 $ 43,424 $ 81,709 $ 84,169 Net income available to participating securities (94) (68) (173) (133) Net income available to common shareholders $ 44,536 $ 43,356 $ 81,536 $ 84,036 Weighted average common shares outstanding – basic 27,479 27,443 27,470 27,443 Incremental share effect from: Nonparticipating restricted stock 2 2 3 2 Stock-settled stock appreciation rights 37 44 34 58 Weighted average common shares outstanding – diluted 27,518 27,489 27,507 27,503 Net income per common share – basic $ 1.62 $ 1.58 $ 2.97 $ 3.06 Net income per common share – diluted $ 1.62 $ 1.58 $ 2.96 $ 3.06 Accumulated Other Comprehensive Loss The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: Three Months Ended Six Months Ended 2020 2019 2020 2019 Accumulated other comprehensive loss at beginning of period $ (11,976) $ (10,238) $ (12,070) $ (10,308) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 173 143 346 286 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (5) (6) (10) (13) Amortization of prior service credit (46) (46) (91) (91) Total other comprehensive income, before tax 122 91 245 182 Total tax expense (28) (22) (57) (43) Other comprehensive income, net of tax 94 69 188 139 Accumulated other comprehensive loss at end of period $ (11,882) $ (10,169) $ (11,882) $ (10,169) Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2020 Annual Report on Form 10-K. Recently Issued Accounting Standards There were no recently issued accounting standards that will impact our consolidated financial statements. Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board 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. We adopted the new guidance on July 1, 2020. As the guidance only relates to disclosures, there was no impact on our financial position or results of operations. See fair value disclosures in Note 2.

Fair Value

Fair Value	6 Months Ended
	Dec. 31, 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. Our contingent consideration, which resulted from the earn-outs associated with our acquisitions of Bantam Bagels, LLC (“Bantam”) and Angelic Bakehouse, Inc. (“Angelic”), is measured at fair value on a recurring basis and is included in Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes our contingent consideration: Fair Value Measurements at December 31, 2020 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 3,470 $ 3,470 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 3,470 $ 3,470 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 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 Bantam’s defined adjusted EBITDA 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. Our September 30, 2020 fair value measurement resulted in a $5.7 million reduction in the fair value of Bantam’s contingent consideration based on changes in Bantam’s forecasted adjusted EBITDA for the twelve months ending December 31, 2023. The changes in forecasted adjusted EBITDA reflected the impact of a SKU rationalization by a Foodservice customer resulting in the loss of sales to that customer after November 30, 2020. This adjustment was recorded in our Foodservice segment. The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Bantam’s contingent consideration: Three Months Ended Six Months Ended 2020 2019 2020 2019 Contingent consideration at beginning of period $ 3,470 $ 8,963 $ 9,157 $ 8,900 Change in contingent consideration included in operating income — 64 (5,687) 127 Contingent consideration at end of period $ 3,470 $ 9,027 $ 3,470 $ 9,027 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. At December 31, 2020 and June 30, 2020, there was no liability recorded for Angelic’s contingent consideration based on current projections for Angelic’s forecasted adjusted EBITDA for fiscal 2021.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt At December 31, 2020 and June 30, 2020, we had an unsecured credit facility (“Facility”) under which we could borrow, on a revolving credit basis, up to a maximum of $150 million at any one time, with potential to expand the total credit availability to $225 million based on consent of the issuing banks and certain other conditions. The 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 Facility. In the event that LIBOR becomes unavailable or is no longer deemed an appropriate reference rate, the 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 Facility, they will be classified as long-term debt. The Facility contains certain restrictive covenants, including limitations on indebtedness, asset sales and acquisitions. There are two principal financial covenants: an interest expense test that requires us to maintain an interest coverage ratio not less than 2.5 to 1 at the end of each fiscal quarter; and an indebtedness test that requires us to maintain a consolidated leverage ratio not greater than 3.5 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 Facility. At December 31, 2020 and June 30, 2020, we had no borrowings outstanding under the Facility. At December 31, 2020 and June 30, 2020, we had $2.8 million of standby letters of credit outstanding, which reduced the amount available for borrowing under the Facility. We paid no interest for the three and six months ended December 31, 2020 and 2019.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies At December 31, 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, the associated recommended or mandated actions imposed by U.S. state and local governments, and the resulting effects on consumer behavior. We have a significant commitment of approximately $113 million related to a capacity expansion project at our dressing and sauce facility in Horse Cave, Kentucky. Our acquisitions of Angelic and Bantam included provisions for contingent consideration for the earn-outs associated with these transactions. See further discussion in Note 2.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Other Intangible Assets	Goodwill and Other Intangible AssetsGoodwill attributable to the Retail and Foodservice segments was $157.4 million and $51.0 million, respectively, at December 31, 2020 and June 30, 2020. The following table summarizes our identifiable other intangible assets: December 31, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 62,531 $ 63,121 Accumulated amortization (11,141) (9,925) Net carrying value $ 51,390 $ 53,196 Customer Relationships (2 to 15-year life) Gross carrying value $ 17,507 $ 17,507 Accumulated amortization (12,210) (11,094) Net carrying value $ 5,297 $ 6,413 Technology / Know-how (10-year life) Gross carrying value $ 8,020 $ 8,950 Accumulated amortization (3,568) (3,396) Net carrying value $ 4,452 $ 5,554 Non-compete Agreements (5-year life) Gross carrying value $ 191 $ 791 Accumulated amortization (158) (738) Net carrying value $ 33 $ 53 Total net carrying value $ 61,172 $ 65,216 In the three months ended September 30, 2020, we recorded impairment charges of $1.2 million related to certain tradename and technology / know-how intangible assets for Bantam, which reflect the impact of a SKU rationalization by a Foodservice customer resulting in the loss of sales to that customer after November 30, 2020. The impairment charges represent the excess of the carrying value over the fair value of estimated discounted cash flows for the remaining useful lives of the intangible assets. The impairment charges are reflected in Restructuring and Impairment Charges in the Condensed Consolidated Statements of Income and were recorded in our Foodservice segment. We also reduced the remaining useful life for Bantam’s Foodservice customer relationship and have recorded accelerated amortization expense. Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Amortization expense $ 1,508 $ 1,274 $ 2,849 $ 2,548 Total annual amortization expense for each of the next five years is estimated to be as follows: 2022 $ 4,739 2023 $ 4,180 2024 $ 4,180 2025 $ 3,920 2026 $ 3,272

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesAccrued federal income taxes of $2.7 million were included in Accrued Liabilities at December 31, 2020. Prepaid federal income taxes of $5.3 million were included in Other Current Assets at June 30, 2020.

Business Segment Information

Business Segment Information	6 Months Ended
	Dec. 31, 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. Our Chief Operating Decision Maker (“CODM”), in order to drive enhanced accountability and transparency throughout our organization, initiated a review of functional costs that have historically been part of the indirect costs allocated to our two reportable segments. This review was completed as part of our preparation for our upcoming enterprise resource planning system implementation. As a result of this review, our CODM identified certain support functions that would be more appropriately presented within corporate expenses to facilitate the management of the business, including assessing segment performance and allocating resources. These changes were effective July 1, 2020. All historical information has been retroactively conformed to the current presentation. These changes had no effect on previously reported consolidated net sales, operating income, net income or earnings per share. 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 sold other roll products under a transitional co-packing arrangement resulting from the acquisition of Omni Baking Company LLC. This arrangement was terminated effective October 31, 2020. 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 CODM does not review, separate balance sheets for the reportable segments. As such, our external reporting does not include the presentation of identifiable assets by reportable segment. The composition of our identifiable assets at December 31, 2020 is generally consistent with that of June 30, 2020. We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended Six Months Ended 2020 2019 2020 2019 Net Sales Retail $ 222,570 $ 186,210 $ 416,295 $ 352,287 Foodservice 152,445 168,907 307,957 339,884 Total $ 375,015 $ 355,117 $ 724,252 $ 692,171 Operating Income Retail $ 60,720 $ 43,462 $ 103,378 $ 82,478 Foodservice 18,336 26,920 45,757 53,895 Nonallocated Restructuring and Impairment Charges (1) — — — (886) Corporate Expenses (20,458) (16,304) (41,589) (29,705) Total $ 58,598 $ 54,078 $ 107,546 $ 105,782 (1) Reflects restructuring and impairment charges related to a plant closure that were not allocated to our two reportable segments due to their unusual nature. The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended Six Months Ended 2020 2019 2020 2019 Retail Frozen breads $ 103,686 $ 92,105 $ 176,529 $ 152,402 Refrigerated dressings, dips and other 54,309 51,405 116,247 114,042 Shelf-stable dressings and croutons 64,575 42,700 123,519 85,843 Total Retail net sales $ 222,570 $ 186,210 $ 416,295 $ 352,287 Foodservice Dressings and sauces $ 111,225 $ 114,970 $ 226,176 $ 234,733 Frozen breads and other 40,282 47,597 78,074 90,961 Other roll products 938 6,340 3,707 14,190 Total Foodservice net sales $ 152,445 $ 168,907 $ 307,957 $ 339,884 Total net sales $ 375,015 $ 355,117 $ 724,252 $ 692,171 The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended Six Months Ended 2020 2019 2020 2019 Foodservice National accounts $ 116,827 $ 122,050 $ 234,905 $ 245,808 Branded and other 34,680 40,517 69,345 79,886 Other roll products 938 6,340 3,707 14,190 Total Foodservice net sales $ 152,445 $ 168,907 $ 307,957 $ 339,884

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation There have been no changes to our stock-based compensation plans from those disclosed in our 2020 Annual Report on Form 10-K. Our stock-settled stock appreciation rights (“SSSARs”) compensation expense was $0.8 million for the three months ended December 31, 2020 and 2019. Year-to-date SSSARs compensation expense was $1.7 million for the current-year period compared to $1.5 million for the prior-year period. At December 31, 2020, there was $4.5 million of unrecognized compensation expense related to SSSARs that we will recognize over a weighted-average period of 2 years. Our restricted stock compensation expense was $0.9 million and $0.7 million for the three months ended December 31, 2020 and 2019, respectively. Year-to-date restricted stock compensation expense was $1.8 million for the current-year period compared to $1.4 million for the prior-year period. At December 31, 2020, there was $4.4 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of 2 years.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant” or the “Company” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our 2020 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2021 refers to fiscal 2021, which is the period from July 1, 2020 to June 30, 2021.
Deferred Software Costs	Deferred Software CostsWe 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.
Property, Plant And Equipment	Property, Plant and EquipmentProperty, 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.
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock and stock-settled stock appreciation rights) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock and stock-settled stock appreciation rights.
Recently Issued And Recently Adopted Accounting Standards	Recently Issued Accounting Standards There were no recently issued accounting standards that will impact our consolidated financial statements. Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board 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. We adopted the new guidance on July 1, 2020. As the guidance only relates to disclosures, there was no impact on our financial position or results of operations. See fair value disclosures in Note 2.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 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 Condensed Consolidated Statements of Cash Flows were as follows: December 31, 2020 2019 Construction in progress in Accounts Payable $ 3,415 $ 8,810
Schedule Of Basic And Diluted Net Income Per Common Share Calculations	Basic and diluted net income per common share were calculated as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Net income $ 44,630 $ 43,424 $ 81,709 $ 84,169 Net income available to participating securities (94) (68) (173) (133) Net income available to common shareholders $ 44,536 $ 43,356 $ 81,536 $ 84,036 Weighted average common shares outstanding – basic 27,479 27,443 27,470 27,443 Incremental share effect from: Nonparticipating restricted stock 2 2 3 2 Stock-settled stock appreciation rights 37 44 34 58 Weighted average common shares outstanding – diluted 27,518 27,489 27,507 27,503 Net income per common share – basic $ 1.62 $ 1.58 $ 2.97 $ 3.06 Net income per common share – diluted $ 1.62 $ 1.58 $ 2.96 $ 3.06
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss	The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: Three Months Ended Six Months Ended 2020 2019 2020 2019 Accumulated other comprehensive loss at beginning of period $ (11,976) $ (10,238) $ (12,070) $ (10,308) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 173 143 346 286 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (5) (6) (10) (13) Amortization of prior service credit (46) (46) (91) (91) Total other comprehensive income, before tax 122 91 245 182 Total tax expense (28) (22) (57) (43) Other comprehensive income, net of tax 94 69 188 139 Accumulated other comprehensive loss at end of period $ (11,882) $ (10,169) $ (11,882) $ (10,169)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Dec. 31, 2020
Business Acquisition [Line Items]
Schedule Of Contingent Consideration Measured At Fair Value On A Recurring Basis	Our contingent consideration, which resulted from the earn-outs associated with our acquisitions of Bantam Bagels, LLC (“Bantam”) and Angelic Bakehouse, Inc. (“Angelic”), is measured at fair value on a recurring basis and is included in Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes our contingent consideration: Fair Value Measurements at December 31, 2020 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 3,470 $ 3,470 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 3,470 $ 3,470 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
Bantam Bagels [Member]
Business Acquisition [Line Items]
Schedule Of Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Contingent Consideration	The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Bantam’s contingent consideration: Three Months Ended Six Months Ended 2020 2019 2020 2019 Contingent consideration at beginning of period $ 3,470 $ 8,963 $ 9,157 $ 8,900 Change in contingent consideration included in operating income — 64 (5,687) 127 Contingent consideration at end of period $ 3,470 $ 9,027 $ 3,470 $ 9,027

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary Of Other Intangible Assets	The following table summarizes our identifiable other intangible assets: December 31, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 62,531 $ 63,121 Accumulated amortization (11,141) (9,925) Net carrying value $ 51,390 $ 53,196 Customer Relationships (2 to 15-year life) Gross carrying value $ 17,507 $ 17,507 Accumulated amortization (12,210) (11,094) Net carrying value $ 5,297 $ 6,413 Technology / Know-how (10-year life) Gross carrying value $ 8,020 $ 8,950 Accumulated amortization (3,568) (3,396) Net carrying value $ 4,452 $ 5,554 Non-compete Agreements (5-year life) Gross carrying value $ 191 $ 791 Accumulated amortization (158) (738) Net carrying value $ 33 $ 53 Total net carrying value $ 61,172 $ 65,216
Schedule Of Amortization Expense	Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Amortization expense $ 1,508 $ 1,274 $ 2,849 $ 2,548
Estimated Annual Amortization Expense	Total annual amortization expense for each of the next five years is estimated to be as follows: 2022 $ 4,739 2023 $ 4,180 2024 $ 4,180 2025 $ 3,920 2026 $ 3,272

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Summary Of Financial Information Attributable To Reportable Segments	We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended Six Months Ended 2020 2019 2020 2019 Net Sales Retail $ 222,570 $ 186,210 $ 416,295 $ 352,287 Foodservice 152,445 168,907 307,957 339,884 Total $ 375,015 $ 355,117 $ 724,252 $ 692,171 Operating Income Retail $ 60,720 $ 43,462 $ 103,378 $ 82,478 Foodservice 18,336 26,920 45,757 53,895 Nonallocated Restructuring and Impairment Charges (1) — — — (886) Corporate Expenses (20,458) (16,304) (41,589) (29,705) Total $ 58,598 $ 54,078 $ 107,546 $ 105,782 (1) Reflects restructuring and impairment charges related to a plant closure that were not allocated to our two reportable segments due to their unusual nature.
Disaggregation Of Net Sales By Class Of Similar Products	The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended Six Months Ended 2020 2019 2020 2019 Retail Frozen breads $ 103,686 $ 92,105 $ 176,529 $ 152,402 Refrigerated dressings, dips and other 54,309 51,405 116,247 114,042 Shelf-stable dressings and croutons 64,575 42,700 123,519 85,843 Total Retail net sales $ 222,570 $ 186,210 $ 416,295 $ 352,287 Foodservice Dressings and sauces $ 111,225 $ 114,970 $ 226,176 $ 234,733 Frozen breads and other 40,282 47,597 78,074 90,961 Other roll products 938 6,340 3,707 14,190 Total Foodservice net sales $ 152,445 $ 168,907 $ 307,957 $ 339,884 Total net sales $ 375,015 $ 355,117 $ 724,252 $ 692,171
Disaggregation Of Foodservice Net Sales By Type Of Customer	The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended Six Months Ended 2020 2019 2020 2019 Foodservice National accounts $ 116,827 $ 122,050 $ 234,905 $ 245,808 Branded and other 34,680 40,517 69,345 79,886 Other roll products 938 6,340 3,707 14,190 Total Foodservice net sales $ 152,445 $ 168,907 $ 307,957 $ 339,884

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Accounting Policies [Abstract]
Amount capitalized for deferred software costs related to cloud computing arrangements	$ 2.8
Accrued compensation and employee benefits	21.6	$ 32.8
Accrued distribution	$ 9.7	$ 7.1

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Construction in progress in Accounts Payable	$ 3,415	$ 8,810

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Net Income Per Common Share Calculations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net income	$ 44,630	$ 37,079	$ 43,424	$ 40,745	$ 81,709	$ 84,169
Net income available to participating securities	(94)		(68)		(173)	(133)
Net income available to common shareholders	$ 44,536		$ 43,356		$ 81,536	$ 84,036
Weighted average common shares outstanding - basic (in shares)	27,479		27,443		27,470	27,443
Incremental share effect from:
Nonparticipating restricted stock (in shares)	2		2		3	2
Stock-settled stock appreciation rights (in shares)	37		44		34	58
Weighted average common shares outstanding - diluted (in shares)	27,518		27,489		27,507	27,503
Net income per common share - basic (in dollars per share)	$ 1.62		$ 1.58		$ 2.97	$ 3.06
Net income per common share - diluted (in dollars per share)	$ 1.62		$ 1.58		$ 2.96	$ 3.06

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss at beginning of period	$ (11,976)	$ (12,070)	$ (10,238)	$ (10,308)	$ (12,070)	$ (10,308)
Total other comprehensive income, before tax	122		91		245	182
Total tax expense	(28)	(29)	(22)	(21)	(57)	(43)
Other comprehensive income, net of tax	94	94	69	70	188	139
Accumulated other comprehensive loss at end of period	(11,882)	$ (11,976)	(10,169)	$ (10,238)	(11,882)	(10,169)
Defined Benefit Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	173		143		346	286
Postretirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	(5)		(6)		(10)	(13)
Amortization of prior service credit	$ (46)		$ (46)		$ (91)	$ (91)

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020	Oct. 19, 2018	Nov. 17, 2016
Business Acquisition [Line Items]
Fair value of contingent consideration	$ 3,470,000			$ 3,470,000		$ 9,157,000
Decrease (increase) in the fair value of contingent consideration	0		$ (64,000)	5,687,000	$ (127,000)
Bantam Bagels [Member]
Business Acquisition [Line Items]
Fair value of contingent consideration	3,470,000			3,470,000		9,157,000	$ 8,000,000
Decrease (increase) in the fair value of contingent consideration	0	$ 5,700,000	$ (64,000)	5,687,000	$ (127,000)
Angelic [Member]
Business Acquisition [Line Items]
Fair value of contingent consideration	$ 0			$ 0		$ 0		$ 13,900,000

Fair Value (Schedule Of Conting

Fair Value (Schedule Of Contingent Consideration Measured At Fair Value On A Recurring Basis) (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020	Oct. 19, 2018	Nov. 17, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 3,470,000	$ 9,157,000
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	3,470,000	9,157,000
Bantam Bagels [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	3,470,000	9,157,000	$ 8,000,000
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	3,470,000	9,157,000
Angelic [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0		$ 13,900,000
Angelic [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Angelic [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Angelic [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 0	$ 0

Fair Value (Schedule Of Level 3

Fair Value (Schedule Of Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Contingent Consideration) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Change in contingent consideration included in operating income	$ 0		$ 64	$ (5,687)	$ 127
Bantam Bagels [Member]
Business Acquisition [Line Items]
Contingent consideration at beginning of period	3,470	$ 9,157	8,963	9,157	8,900
Change in contingent consideration included in operating income	0	(5,700)	64	(5,687)	127
Contingent consideration at end of period	$ 3,470	$ 3,470	$ 9,027	$ 3,470	$ 9,027

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Debt Disclosure [Abstract]
Maximum borrowing capacity	$ 150,000,000		$ 150,000,000		$ 150,000,000
Maximum borrowing capacity on obtaining consent of the issuing bank	225,000,000		$ 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		0
Standby letters of credit, amount outstanding	2,800,000		2,800,000		$ 2,800,000
Interest paid	$ 0	$ 0	$ 0	$ 0

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) $ in Millions	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitment related to a capacity expansion project	$ 113

Goodwill And Other Intangible_3

Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020
Goodwill [Line Items]
Goodwill		$ 208,371	$ 208,371
Impairment of intangible assets	$ 1,200
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	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Net carrying value	$ 61,172	$ 65,216
Tradenames (20 to 30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	62,531	63,121
Accumulated amortization	(11,141)	(9,925)
Net carrying value	51,390	53,196
Customer Relationships (2 to 15-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	17,507	17,507
Accumulated amortization	(12,210)	(11,094)
Net carrying value	5,297	6,413
Technology / Know-how (10-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	8,020	8,950
Accumulated amortization	(3,568)	(3,396)
Net carrying value	$ 4,452	5,554
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	$ 191	791
Accumulated amortization	(158)	(738)
Net carrying value	$ 33	$ 53
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 (2 to 15-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived other intangible assets useful life (in years)	2 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 (2 to 15-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived other intangible assets useful life (in years)	15 years

Goodwill And Other Intangible_5

Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,508	$ 1,274	$ 2,849	$ 2,548

Goodwill And Other Intangible_6

Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands	Dec. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 4,739
2023	4,180
2024	4,180
2025	3,920
2026	$ 3,272

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - Federal [Member] - USD ($) $ in Millions	Dec. 31, 2020	Jun. 30, 2020
Income Tax Authority [Line Items]
Accrued income taxes	$ 2.7
Prepaid income taxes		$ 5.3

Business Segment Information (S

Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net Sales	$ 375,015	$ 355,117	$ 724,252	$ 692,171
Operating Income	58,598	54,078	107,546	105,782
Retail [Member]
Segment Reporting Information [Line Items]
Net Sales	222,570	186,210	416,295	352,287
Operating Income	60,720	43,462	103,378	82,478
Foodservice [Member]
Segment Reporting Information [Line Items]
Net Sales	152,445	168,907	307,957	339,884
Operating Income	18,336	26,920	45,757	53,895
Nonallocated Restructuring and Impairment Charges [Member]
Segment Reporting Information [Line Items]
Operating Income	0	0	0	(886)
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income	$ (20,458)	$ (16,304)	$ (41,589)	$ (29,705)

Business Segment Information (D

Business Segment Information (Disaggregation Of Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 375,015	$ 355,117	$ 724,252	$ 692,171
Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	222,570	186,210	416,295	352,287
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	152,445	168,907	307,957	339,884
Frozen breads [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	103,686	92,105	176,529	152,402
Refrigerated dressings, dips and other [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	54,309	51,405	116,247	114,042
Shelf-stable dressings and croutons [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	64,575	42,700	123,519	85,843
Dressings and sauces [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	111,225	114,970	226,176	234,733
Frozen breads and other [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	40,282	47,597	78,074	90,961
Other roll products [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 938	$ 6,340	$ 3,707	$ 14,190

Business Segment Information _2

Business Segment Information (Disaggregation Of Foodservice Net Sales By Type Of Customer) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 375,015	$ 355,117	$ 724,252	$ 692,171
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	152,445	168,907	307,957	339,884
Foodservice [Member] | National accounts [Member]
Disaggregation of Revenue [Line Items]
Total net sales	116,827	122,050	234,905	245,808
Foodservice [Member] | Branded and other [Member]
Disaggregation of Revenue [Line Items]
Total net sales	34,680	40,517	69,345	79,886
Foodservice [Member] | Other roll products [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 938	$ 6,340	$ 3,707	$ 14,190

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.8	$ 0.8	$ 1.7	$ 1.5
Unrecognized compensation expense	4.5		$ 4.5
Weighted-average period over which remaining compensation expense will be recognized (in years)			2 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	0.9	$ 0.7	$ 1.8	$ 1.4
Unrecognized compensation expense	$ 4.4		$ 4.4
Weighted-average period over which remaining compensation expense will be recognized (in years)			2 years