Lancaster Colony (LANC) 10-Q 2 Feb 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	6 Months Ended
	Dec. 31, 2022	Jan. 13, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
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 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
Entity Common Stock, Shares Outstanding		27,571
Amendment Flag	false
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000057515
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Current Assets:
Cash and equivalents	$ 95,487	$ 60,283
Receivables	126,919	135,496
Inventories:
Raw materials	57,795	56,460
Finished goods	81,618	88,242
Total inventories	139,413	144,702
Other current assets	11,817	11,300
Total current assets	373,636	351,781
Property, Plant and Equipment:
Property, plant and equipment-gross	833,871	785,629
Less accumulated depreciation	352,797	334,261
Property, plant and equipment-net	481,074	451,368
Other Assets:
Goodwill	208,371	208,371
Other intangible assets-net	31,066	32,323
Operating lease right-of-use assets	25,283	28,177
Other noncurrent assets	17,741	18,354
Total	1,137,171	1,090,374
Current Liabilities:
Accounts payable	131,688	114,972
Accrued liabilities	48,483	50,613
Total current liabilities	180,171	165,585
Noncurrent Operating Lease Liabilities	17,628	20,494
Other Noncurrent Liabilities	19,471	20,719
Deferred Income Taxes	40,351	38,889
Commitments and Contingencies
Shareholders' Equity:
Preferred stock-authorized 3,050,000 shares; outstanding-none
Common stock-authorized 75,000,000 shares; outstanding-December-27,571,087 shares; June-27,520,237 shares	140,660	137,814
Retained earnings	1,517,081	1,485,045
Accumulated other comprehensive loss	(10,982)	(11,172)
Common stock in treasury, at cost	(767,209)	(767,000)
Total shareholders' equity	879,550	844,687
Total	$ 1,137,171	$ 1,090,374

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2022	Jun. 30, 2022
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	27,571,087	27,520,237

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net Sales	$ 477,394	$ 428,427	$ 902,931	$ 820,483
Cost of Sales	375,292	331,825	701,774	631,514
Gross Profit	102,102	96,602	201,157	188,969
Selling, General and Administrative Expenses	50,775	51,538	100,532	103,394
Change in Contingent Consideration	0	(2,170)	0	(2,170)
Restructuring and Impairment Charges	0	1,928	0	1,928
Operating Income	51,327	45,306	100,625	85,817
Other, Net	478	111	208	131
Income Before Income Taxes	51,805	45,417	100,833	85,948
Taxes Based on Income	11,832	11,047	23,268	20,923
Net Income	$ 39,973	$ 34,370	$ 77,565	$ 65,025
Net Income Per Common Share:
Basic (in dollars per share)	$ 1.45	$ 1.25	$ 2.82	$ 2.36
Diluted (in dollars per share)	$ 1.45	$ 1.25	$ 2.81	$ 2.36
Weighted Average Common Shares Outstanding:
Basic (in shares)	27,471	27,443	27,460	27,451
Diluted (in shares)	27,493	27,464	27,476	27,490

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 39,973	$ 34,370	$ 77,565	$ 65,025
Defined Benefit Pension and Postretirement Benefit Plans:
Amortization of loss, before tax	171	100	340	200
Amortization of prior service credit, before tax	(46)	(46)	(91)	(91)
Total Other Comprehensive Income, Before Tax	125	54	249	109
Tax Attributes of Items in Other Comprehensive Income:
Amortization of loss, tax	(40)	(24)	(80)	(47)
Amortization of prior service credit, tax	10	11	21	21
Total Tax Expense	(30)	(13)	(59)	(26)
Other Comprehensive Income, Net of Tax	95	41	190	83
Comprehensive Income	$ 40,068	$ 34,411	$ 77,755	$ 65,108

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows From Operating Activities:
Net income	$ 77,565	$ 65,025
Impacts of noncash items:
Depreciation and amortization	23,012	22,844
Change in contingent consideration	0	(2,170)
Deferred income taxes and other changes	1,854	2,854
Stock-based compensation expense	5,264	4,863
Restructuring and impairment charges	0	1,928
Pension plan activity	(330)	(274)
Changes in operating assets and liabilities:
Receivables	8,577	(6,872)
Inventories	5,289	(33,290)
Other current assets	(517)	(892)
Accounts payable and accrued liabilities	19,726	(12,036)
Net cash provided by operating activities	140,440	41,980
Cash Flows From Investing Activities:
Payments for property additions	(56,486)	(66,695)
Proceeds from sale of property	1,159	221
Other-net	(449)	(134)
Net cash used in investing activities	(55,776)	(66,608)
Cash Flows From Financing Activities:
Payment of dividends	(45,529)	(42,710)
Purchase of treasury stock	(209)	(5,338)
Tax withholdings for stock-based compensation	(2,418)	(61)
Principal payments for finance leases	(1,304)	(1,307)
Net cash used in financing activities	(49,460)	(49,416)
Net change in cash and equivalents	35,204	(74,044)
Cash and equivalents at beginning of year	60,283	188,055
Cash and equivalents at end of period	95,487	114,011
Supplemental Disclosure of Operating Cash Flows:
Net cash payments for income taxes	$ 22,977	$ 16,593

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, 2021		27,531,000
Balance at Jun. 30, 2021	$ 843,147	$ 128,617	$ 1,482,220	$ (8,253)	$ (759,437)
Net income	30,655		30,655
Net pension and postretirement benefit gains, net of tax effect	42			42
Cash dividends - common stock	(20,675)		(20,675)
Purchase of treasury stock (in shares)		(30,000)
Purchase of treasury stock	(5,329)				(5,329)
Stock-based plans (in shares)		29,000
Stock-based plans	(59)	$ (59)
Stock-based compensation expense	2,274	$ 2,274
Balance (in shares) at Sep. 30, 2021		27,530,000
Balance at Sep. 30, 2021	850,055	$ 130,832	1,492,200	(8,211)	(764,766)
Balance (in shares) at Jun. 30, 2021		27,531,000
Balance at Jun. 30, 2021	843,147	$ 128,617	1,482,220	(8,253)	(759,437)
Net income	65,025
Net pension and postretirement benefit gains, net of tax effect	83
Balance (in shares) at Dec. 31, 2021		27,534,000
Balance at Dec. 31, 2021	865,009	$ 133,419	1,504,535	(8,170)	(764,775)
Balance (in shares) at Sep. 30, 2021		27,530,000
Balance at Sep. 30, 2021	850,055	$ 130,832	1,492,200	(8,211)	(764,766)
Net income	34,370		34,370
Net pension and postretirement benefit gains, net of tax effect	41			41
Cash dividends - common stock	(22,035)		(22,035)
Purchase of treasury stock (in shares)		0
Purchase of treasury stock	(9)				(9)
Stock-based plans (in shares)		4,000
Stock-based plans	(2)	$ (2)
Stock-based compensation expense	2,589	$ 2,589
Balance (in shares) at Dec. 31, 2021		27,534,000
Balance at Dec. 31, 2021	$ 865,009	$ 133,419	1,504,535	(8,170)	(764,775)
Balance (in shares) at Jun. 30, 2022	27,520,237	27,520,000
Balance at Jun. 30, 2022	$ 844,687	$ 137,814	1,485,045	(11,172)	(767,000)
Net income	37,592		37,592
Net pension and postretirement benefit gains, net of tax effect	95			95
Cash dividends - common stock	(22,067)		(22,067)
Purchase of treasury stock (in shares)		0
Purchase of treasury stock	(84)				(84)
Stock-based plans (in shares)		34,000
Stock-based plans	(617)	$ (617)
Stock-based compensation expense	2,465	$ 2,465
Balance (in shares) at Sep. 30, 2022		27,554,000
Balance at Sep. 30, 2022	$ 862,071	$ 139,662	1,500,570	(11,077)	(767,084)
Balance (in shares) at Jun. 30, 2022	27,520,237	27,520,000
Balance at Jun. 30, 2022	$ 844,687	$ 137,814	1,485,045	(11,172)	(767,000)
Net income	77,565
Net pension and postretirement benefit gains, net of tax effect	$ 190
Balance (in shares) at Dec. 31, 2022	27,571,087	27,571,000
Balance at Dec. 31, 2022	$ 879,550	$ 140,660	1,517,081	(10,982)	(767,209)
Balance (in shares) at Sep. 30, 2022		27,554,000
Balance at Sep. 30, 2022	862,071	$ 139,662	1,500,570	(11,077)	(767,084)
Net income	39,973		39,973
Net pension and postretirement benefit gains, net of tax effect	95			95
Cash dividends - common stock	(23,462)		(23,462)
Purchase of treasury stock (in shares)		(1,000)
Purchase of treasury stock	(125)				(125)
Stock-based plans (in shares)		18,000
Stock-based plans	(1,801)	$ (1,801)
Stock-based compensation expense	$ 2,799	$ 2,799
Balance (in shares) at Dec. 31, 2022	27,571,087	27,571,000
Balance at Dec. 31, 2022	$ 879,550	$ 140,660	$ 1,517,081	$ (10,982)	$ (767,209)

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Tax effect included in net pension and postretirement benefit gains	$ 30	$ 29	$ 13	$ 13
Common stock, dividends per share (in dollars per share)	$ 0.85	$ 0.80	$ 0.80	$ 0.75

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2022
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 2022 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, 2023 refers to fiscal 2023, which is the period from July 1, 2022 to June 30, 2023. 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, 2022 2021 Construction in progress in Accounts Payable $ 15,062 $ 26,080 Accrued Distribution Accrued distribution included in Accrued Liabilities was $10.3 million and $11.9 million at December 31, 2022 and June 30, 2022, 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, stock-settled stock appreciation rights and performance units) 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, stock-settled stock appreciation rights and performance units. Basic and diluted net income per common share were calculated as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income $ 39,973 $ 34,370 $ 77,565 $ 65,025 Net income available to participating securities (118) (98) (232) (185) Net income available to common shareholders $ 39,855 $ 34,272 $ 77,333 $ 64,840 Weighted average common shares outstanding – basic 27,471 27,443 27,460 27,451 Incremental share effect from: Nonparticipating restricted stock 2 2 3 3 Stock-settled stock appreciation rights (1) 18 19 9 34 Performance units 2 — 4 2 Weighted average common shares outstanding – diluted 27,493 27,464 27,476 27,490 Net income per common share – basic $ 1.45 $ 1.25 $ 2.82 $ 2.36 Net income per common share – diluted $ 1.45 $ 1.25 $ 2.81 $ 2.36 (1) Excludes the impact of the following weighted average stock-settled stock appreciation rights outstanding with an antidilutive effect: 0.1 million and 0.3 million for the three months ended December 31, 2022 and 2021, respectively; and 0.2 million for the six months ended December 31, 2022 and 2021. 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 2022 2021 2022 2021 Accumulated other comprehensive loss at beginning of period $ (11,077) $ (8,211) $ (11,172) $ (8,253) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 182 107 363 214 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (11) (7) (23) (14) Amortization of prior service credit (46) (46) (91) (91) Total other comprehensive income, before tax 125 54 249 109 Total tax expense (30) (13) (59) (26) Other comprehensive income, net of tax 95 41 190 83 Accumulated other comprehensive loss at end of period $ (10,982) $ (8,170) $ (10,982) $ (8,170) Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2022 Annual Report on Form 10-K. Recent Accounting Standards There are no recently issued or adopted accounting standards that will impact our consolidated financial statements.

Fair Value

Fair Value	6 Months Ended
	Dec. 31, 2022
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 and defined benefit pension plan assets. The estimated fair value of cash and equivalents, accounts receivable and accounts payable approximates their carrying value. Bantam Contingent Consideration Contingent consideration resulted from the earn-out associated with our October 19, 2018 acquisition of Bantam Bagels, LLC (“Bantam”). In general, the terms of the acquisition specified the sellers could 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. Prior to exiting the Bantam business near the end of fiscal 2022, the fair value was measured on a recurring basis using a Monte Carlo simulation that randomly changed revenue growth, forecasted adjusted EBITDA and other uncertain variables to estimate an expected value. We recorded the present value of these amounts by applying a discount rate. As these fair value measurements were based on significant inputs not observable in the market, they represented Level 3 measurements within the fair value hierarchy. Our fair value measurement at December 31, 2021 resulted in a $2.2 million reduction in the fair value of Bantam’s contingent consideration. The fair value of the contingent consideration was written down to zero at March 31, 2022. 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 2022 2021 2022 2021 Contingent consideration at beginning of period $ — $ 3,470 $ — $ 3,470 Change in contingent consideration included in operating income — (2,170) — (2,170) Contingent consideration at end of period $ — $ 1,300 $ — $ 1,300

Long-Term Debt

Long-Term Debt	6 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt At December 31, 2022 and June 30, 2022, 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. The Facility was amended on December 13, 2022 to reflect a change in the calculation of the variable interest rate from formulas tied to LIBOR to formulas tied to SOFR or an alternate base rate as defined in the Facility. In the event SOFR 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.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and ContingenciesAt December 31, 2022, 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 is not expected to have a material effect on our consolidated financial statements.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	6 Months Ended
	Dec. 31, 2022
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 December 31, 2022 and June 30, 2022. The following table summarizes our identifiable other intangible assets: December 31, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 37,100 $ 37,100 Accumulated amortization (9,052) (8,385) Net carrying value $ 28,048 $ 28,715 Customer Relationships (10 to 15-year life) Gross carrying value $ 5,287 $ 14,207 Accumulated amortization (4,076) (12,727) Net carrying value $ 1,211 $ 1,480 Technology / Know-how (10-year life) Gross carrying value $ 6,350 $ 6,350 Accumulated amortization (4,543) (4,222) Net carrying value $ 1,807 $ 2,128 Total net carrying value $ 31,066 $ 32,323 In the three months ended December 31, 2021, we recorded an impairment charge of $0.9 million related to Bantam’s Retail customer relationships intangible asset, which reflected lower projected cash flows for Bantam’s Retail business. The impairment charge represented the excess of the carrying value over the fair value of estimated discounted cash flows for the remaining useful life of the intangible asset. As this fair value measurement was based on significant inputs not observable in the market, it represented a Level 3 measurement within the fair value hierarchy. The impairment charge was reflected in Restructuring and Impairment Charges and was recorded in our Retail segment. 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 2022 2021 2022 2021 Amortization expense $ 628 $ 1,260 $ 1,257 $ 2,401 Total annual amortization expense for each of the next five years is estimated to be as follows: 2024 $ 2,514 2025 $ 2,212 2026 $ 1,610 2027 $ 1,426 2028 $ 1,334

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesPrepaid federal income taxes of $2.3 million were included in Other Current Assets at December 31, 2022. Prepaid state and local income taxes of $0.8 million and $1.9 million were included in Other Current Assets at December 31, 2022 and June 30, 2022, respectively.

Business Segment Information

Business Segment Information	6 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information Our financial results are presented as two reportable segments: Retail and Foodservice. Costs that are directly attributable to either Retail or Foodservice are charged directly to the appropriate segment. Costs that are deemed to be indirect, excluding corporate expenses and other unusual significant transactions, are allocated to the two reportable segments using a reasonable methodology that is consistently applied. Retail - The vast majority of the products we sell in the Retail segment are sold through sales personnel, food brokers and distributors in the United States. We have placement of products in grocery produce departments through our refrigerated salad dressings, vegetable dips and fruit dips. Our flatbread products and sprouted grain bakery products are generally placed in the specialty bakery/deli section of the grocery store. We also have products typically marketed in the shelf-stable section of the grocery store, which include salad dressings, slaw dressing, sauces and croutons. Within the frozen food section of the grocery store, we sell yeast rolls and garlic breads. 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. As many of our products are similar between our two segments, our procurement, manufacturing, warehousing and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. Consequently, we do not prepare, and our Chief Operating Decision Maker does not review, separate balance sheets for the reportable segments. As such, our external reporting does not include the presentation of identifiable assets by reportable segment. The composition of our identifiable assets at December 31, 2022 is generally consistent with that of June 30, 2022. We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net Sales Retail $ 258,763 $ 245,085 $ 481,979 $ 468,974 Foodservice 218,631 183,342 420,952 351,509 Total $ 477,394 $ 428,427 $ 902,931 $ 820,483 Operating Income Retail $ 49,352 $ 49,606 $ 92,252 $ 97,784 Foodservice 26,696 18,309 58,625 34,134 Nonallocated Restructuring and Impairment Charges (1) — (1,026) — (1,026) Corporate Expenses (24,721) (21,583) (50,252) (45,075) Total $ 51,327 $ 45,306 $ 100,625 $ 85,817 (1) Reflects restructuring and impairment charges related to a facility closure, which 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 2022 2021 2022 2021 Retail Shelf-stable dressings, sauces and croutons $ 94,711 $ 87,334 $ 185,749 $ 177,861 Frozen breads 117,424 110,379 190,282 185,098 Refrigerated dressings, dips and other 46,628 47,372 105,948 106,015 Total Retail net sales $ 258,763 $ 245,085 $ 481,979 $ 468,974 Foodservice Dressings and sauces $ 160,855 $ 136,038 $ 311,915 $ 260,797 Frozen breads and other 57,776 47,304 109,037 90,712 Total Foodservice net sales $ 218,631 $ 183,342 $ 420,952 $ 351,509 Total net sales $ 477,394 $ 428,427 $ 902,931 $ 820,483 The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended Six Months Ended 2022 2021 2022 2021 Foodservice National accounts $ 171,814 $ 141,753 $ 332,006 $ 267,881 Branded and other 46,817 41,589 88,946 83,628 Total Foodservice net sales $ 218,631 $ 183,342 $ 420,952 $ 351,509

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation There have been no changes to our stock-based compensation plan as disclosed in our 2022 Annual Report on Form 10-K. Our stock-settled stock appreciation rights (“SSSARs”) compensation expense was $0.7 million and $1.0 million for the three months ended December 31, 2022 and 2021, respectively. Year-to-date SSSARs compensation expense was $1.4 million for the current-year period compared to $2.0 million for the prior-year period. At December 31, 2022, there was $1.8 million of unrecognized compensation expense related to SSSARs that we will recognize over a weighted-average period of 1 year. Our restricted stock compensation expense was $1.5 million and $1.3 million for the three months ended December 31, 2022 and 2021, respectively. Year-to-date restricted stock compensation expense was $2.8 million for the current-year period compared to $2.4 million for the prior-year period. At December 31, 2022, there was $7.9 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of 2 years. Our performance units compensation expense was $0.6 million and $0.3 million for the three months ended December 31, 2022 and 2021, respectively. Year-to-date performance units compensation expense was $1.1 million for the current-year period compared to $0.5 million for the prior-year period. At December 31, 2022, there was $5.6 million of unrecognized compensation expense related to performance units 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, 2022
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 2022 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, 2023 refers to fiscal 2023, which is the period from July 1, 2022 to June 30, 2023.
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, stock-settled stock appreciation rights and performance units) 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, stock-settled stock appreciation rights and performance units.
Recent Accounting Standards	Recent Accounting Standards There are no recently issued or adopted accounting standards that will impact our consolidated financial statements.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2022
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, 2022 2021 Construction in progress in Accounts Payable $ 15,062 $ 26,080
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 2022 2021 2022 2021 Net income $ 39,973 $ 34,370 $ 77,565 $ 65,025 Net income available to participating securities (118) (98) (232) (185) Net income available to common shareholders $ 39,855 $ 34,272 $ 77,333 $ 64,840 Weighted average common shares outstanding – basic 27,471 27,443 27,460 27,451 Incremental share effect from: Nonparticipating restricted stock 2 2 3 3 Stock-settled stock appreciation rights (1) 18 19 9 34 Performance units 2 — 4 2 Weighted average common shares outstanding – diluted 27,493 27,464 27,476 27,490 Net income per common share – basic $ 1.45 $ 1.25 $ 2.82 $ 2.36 Net income per common share – diluted $ 1.45 $ 1.25 $ 2.81 $ 2.36 (1) Excludes the impact of the following weighted average stock-settled stock appreciation rights outstanding with an antidilutive effect: 0.1 million and 0.3 million for the three months ended December 31, 2022 and 2021, respectively; and 0.2 million for the six months ended December 31, 2022 and 2021.
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 2022 2021 2022 2021 Accumulated other comprehensive loss at beginning of period $ (11,077) $ (8,211) $ (11,172) $ (8,253) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 182 107 363 214 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (11) (7) (23) (14) Amortization of prior service credit (46) (46) (91) (91) Total other comprehensive income, before tax 125 54 249 109 Total tax expense (30) (13) (59) (26) Other comprehensive income, net of tax 95 41 190 83 Accumulated other comprehensive loss at end of period $ (10,982) $ (8,170) $ (10,982) $ (8,170)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Dec. 31, 2022
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 2022 2021 2022 2021 Contingent consideration at beginning of period $ — $ 3,470 $ — $ 3,470 Change in contingent consideration included in operating income — (2,170) — (2,170) Contingent consideration at end of period $ — $ 1,300 $ — $ 1,300

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2022
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 $ 37,100 $ 37,100 Accumulated amortization (9,052) (8,385) Net carrying value $ 28,048 $ 28,715 Customer Relationships (10 to 15-year life) Gross carrying value $ 5,287 $ 14,207 Accumulated amortization (4,076) (12,727) Net carrying value $ 1,211 $ 1,480 Technology / Know-how (10-year life) Gross carrying value $ 6,350 $ 6,350 Accumulated amortization (4,543) (4,222) Net carrying value $ 1,807 $ 2,128 Total net carrying value $ 31,066 $ 32,323
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 2022 2021 2022 2021 Amortization expense $ 628 $ 1,260 $ 1,257 $ 2,401
Estimated Annual Amortization Expense	Total annual amortization expense for each of the next five years is estimated to be as follows: 2024 $ 2,514 2025 $ 2,212 2026 $ 1,610 2027 $ 1,426 2028 $ 1,334

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Dec. 31, 2022
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 2022 2021 2022 2021 Net Sales Retail $ 258,763 $ 245,085 $ 481,979 $ 468,974 Foodservice 218,631 183,342 420,952 351,509 Total $ 477,394 $ 428,427 $ 902,931 $ 820,483 Operating Income Retail $ 49,352 $ 49,606 $ 92,252 $ 97,784 Foodservice 26,696 18,309 58,625 34,134 Nonallocated Restructuring and Impairment Charges (1) — (1,026) — (1,026) Corporate Expenses (24,721) (21,583) (50,252) (45,075) Total $ 51,327 $ 45,306 $ 100,625 $ 85,817 (1) Reflects restructuring and impairment charges related to a facility closure, which 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 2022 2021 2022 2021 Retail Shelf-stable dressings, sauces and croutons $ 94,711 $ 87,334 $ 185,749 $ 177,861 Frozen breads 117,424 110,379 190,282 185,098 Refrigerated dressings, dips and other 46,628 47,372 105,948 106,015 Total Retail net sales $ 258,763 $ 245,085 $ 481,979 $ 468,974 Foodservice Dressings and sauces $ 160,855 $ 136,038 $ 311,915 $ 260,797 Frozen breads and other 57,776 47,304 109,037 90,712 Total Foodservice net sales $ 218,631 $ 183,342 $ 420,952 $ 351,509 Total net sales $ 477,394 $ 428,427 $ 902,931 $ 820,483
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 2022 2021 2022 2021 Foodservice National accounts $ 171,814 $ 141,753 $ 332,006 $ 267,881 Branded and other 46,817 41,589 88,946 83,628 Total Foodservice net sales $ 218,631 $ 183,342 $ 420,952 $ 351,509

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Accounting Policies [Abstract]
Accrued distribution	$ 10.3	$ 11.9

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, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Construction in progress in Accounts Payable	$ 15,062	$ 26,080

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, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net income	$ 39,973	$ 37,592	$ 34,370	$ 30,655	$ 77,565	$ 65,025
Net income available to participating securities	(118)		(98)		(232)	(185)
Net income available to common shareholders	$ 39,855		$ 34,272		$ 77,333	$ 64,840
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average common shares outstanding - basic (in shares)	27,471		27,443		27,460	27,451
Weighted average common shares outstanding - diluted (in shares)	27,493		27,464		27,476	27,490
Net income per common share – basic	$ 1.45		$ 1.25		$ 2.82	$ 2.36
Net income per common share – diluted	$ 1.45		$ 1.25		$ 2.81	$ 2.36
Nonparticipating Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share effect from awards with forfeitable dividends (in shares)	2		2		3	3
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share effect from stock-settled stock appreciation rights (in shares)	18		19		9	34
Weighted average number of antidilutive securities (in rights outstanding)	100		300		200	200
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share effect from awards with forfeitable dividends (in shares)	2		0		4	2

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, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss at beginning of period	$ (11,077)	$ (11,172)	$ (8,211)	$ (8,253)	$ (11,172)	$ (8,253)
Total other comprehensive income, before tax	125		54		249	109
Total tax expense	(30)	(29)	(13)	(13)	(59)	(26)
Other comprehensive income, net of tax	95	95	41	42	190	83
Accumulated other comprehensive loss at end of period	(10,982)	$ (11,077)	(8,170)	$ (8,211)	(10,982)	(8,170)
Defined Benefit Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	182		107		363	214
Postretirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	(11)		(7)		(23)	(14)
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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Oct. 19, 2018
Business Acquisition [Line Items]
Decrease in the fair value of contingent consideration	$ 0	$ 2,170,000	$ 0	$ 2,170,000
Bantam Bagels [Member]
Business Acquisition [Line Items]
Fair value of contingent consideration					$ 0	$ 8,000,000
Decrease in the fair value of contingent consideration	$ 0	$ 2,170,000	$ 0	$ 2,170,000

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Change in contingent consideration included in operating income	$ 0	$ (2,170)	$ 0	$ (2,170)
Bantam Bagels [Member]
Business Acquisition [Line Items]
Contingent consideration at beginning of period	0	3,470	0	3,470
Change in contingent consideration included in operating income	0	(2,170)	0	(2,170)
Contingent consideration at end of period	$ 0	$ 1,300	$ 0	$ 1,300

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
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%
Maximum leverage ratio			350%
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

Goodwill And Other Intangible_3

Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2022
Goodwill [Line Items]
Goodwill		$ 208,371	$ 208,371
Retail [Member]
Goodwill [Line Items]
Goodwill		157,400	157,400
Retail [Member] | Bantam Bagels [Member]
Goodwill [Line Items]
Impairment of intangible assets	$ 900
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, 2022	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Net carrying value	$ 31,066	$ 32,323
Tradenames (20 to 30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	37,100	37,100
Accumulated amortization	(9,052)	(8,385)
Net carrying value	28,048	28,715
Customer Relationships (10 to 15-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	5,287	14,207
Accumulated amortization	(4,076)	(12,727)
Net carrying value	1,211	1,480
Technology / Know-how (10-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	6,350	6,350
Accumulated amortization	(4,543)	(4,222)
Net carrying value	$ 1,807	$ 2,128
Finite-lived other intangible assets useful life (in years)	10 years
Minimum [Member] | Tradenames (20 to 30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived other intangible assets useful life (in years)	20 years
Minimum [Member] | Customer Relationships (10 to 15-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived other intangible assets useful life (in years)	10 years
Maximum [Member] | Tradenames (20 to 30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived other intangible assets useful life (in years)	30 years
Maximum [Member] | Customer Relationships (10 to 15-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived other intangible assets useful life (in years)	15 years

Goodwill And Other Intangible_5

Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 628	$ 1,260	$ 1,257	$ 2,401

Goodwill And Other Intangible_6

Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2,514
2025	2,212
2026	1,610
2027	1,426
2028	$ 1,334

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Federal [Member]
Income Tax Authority [Line Items]
Prepaid income taxes	$ 2.3
State and Local [Member]
Income Tax Authority [Line Items]
Prepaid income taxes	$ 0.8	$ 1.9

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 477,394	$ 428,427	$ 902,931	$ 820,483
Operating Income	51,327	45,306	100,625	85,817
Retail [Member]
Segment Reporting Information [Line Items]
Net Sales	258,763	245,085	481,979	468,974
Operating Income	49,352	49,606	92,252	97,784
Foodservice [Member]
Segment Reporting Information [Line Items]
Net Sales	218,631	183,342	420,952	351,509
Operating Income	26,696	18,309	58,625	34,134
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income	(24,721)	(21,583)	(50,252)	(45,075)
Nonallocated Restructuring and Impairment Charges [Member]
Segment Reporting Information [Line Items]
Operating Income	$ 0	$ (1,026)	$ 0	$ (1,026)

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 477,394	$ 428,427	$ 902,931	$ 820,483
Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	258,763	245,085	481,979	468,974
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	218,631	183,342	420,952	351,509
Shelf-stable dressings, sauces and croutons [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	94,711	87,334	185,749	177,861
Frozen breads [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	117,424	110,379	190,282	185,098
Refrigerated dressings, dips and other [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	46,628	47,372	105,948	106,015
Dressings and sauces [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	160,855	136,038	311,915	260,797
Frozen breads and other [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 57,776	$ 47,304	$ 109,037	$ 90,712

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, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 477,394	$ 428,427	$ 902,931	$ 820,483
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	218,631	183,342	420,952	351,509
Foodservice [Member] | National accounts [Member]
Disaggregation of Revenue [Line Items]
Total net sales	171,814	141,753	332,006	267,881
Foodservice [Member] | Branded and other [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 46,817	$ 41,589	$ 88,946	$ 83,628

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.7	$ 1	$ 1.4	$ 2
Unrecognized compensation expense	1.8		$ 1.8
Weighted-average period over which remaining compensation expense will be recognized (in years)			1 year
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1.5	1.3	$ 2.8	2.4
Unrecognized compensation expense	7.9		$ 7.9
Weighted-average period over which remaining compensation expense will be recognized (in years)			2 years
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	0.6	$ 0.3	$ 1.1	$ 0.5
Unrecognized compensation expense	$ 5.6		$ 5.6
Weighted-average period over which remaining compensation expense will be recognized (in years)			2 years