Lancaster Colony (LANC) 10-Q 2 Nov 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	3 Months Ended
	Sep. 30, 2023	Oct. 13, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		27,517
Amendment Flag	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000057515
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--06-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current Assets:
Cash and equivalents	$ 73,746	$ 88,473
Receivables	120,076	114,967
Inventories:
Raw materials	47,659	40,761
Finished goods	130,149	117,504
Total inventories	177,808	158,265
Other current assets	14,628	12,758
Total current assets	386,258	374,463
Property, Plant and Equipment:
Property, plant and equipment-gross	871,290	853,709
Less accumulated depreciation	382,195	371,503
Property, plant and equipment-net	489,095	482,206
Other Assets:
Goodwill	208,371	208,371
Other intangible assets-net	4,708	4,840
Operating lease right-of-use assets	23,073	24,743
Other noncurrent assets	18,797	18,371
Total	1,130,302	1,112,994
Current Liabilities:
Accounts payable	120,337	111,758
Accrued liabilities	46,871	56,994
Total current liabilities	167,208	168,752
Noncurrent Operating Lease Liabilities	15,286	16,967
Other Noncurrent Liabilities	16,312	17,683
Deferred Income Taxes	52,728	47,325
Commitments and Contingencies
Shareholders' Equity:
Preferred stock-authorized 3,050,000 shares; outstanding-none
Common stock-authorized 75,000,000 shares; outstanding-September-27,517,313 shares; June-27,527,550 shares	146,439	143,870
Retained earnings	1,524,469	1,503,963
Accumulated other comprehensive loss	(9,289)	(9,365)
Common stock in treasury, at cost	(782,851)	(776,201)
Total shareholders' equity	878,768	862,267
Total	$ 1,130,302	$ 1,112,994

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2023	Jun. 30, 2023
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	27,517,313	27,527,550

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net Sales	$ 461,572	$ 425,537
Cost of Sales	352,850	326,482
Gross Profit	108,722	99,055
Selling, General and Administrative Expenses	51,947	49,757
Operating Income	56,775	49,298
Other, Net	857	(270)
Income Before Income Taxes	57,632	49,028
Taxes Based on Income	13,681	11,436
Net Income	$ 43,951	$ 37,592
Net Income Per Common Share:
Basic (in dollars per share)	$ 1.60	$ 1.37
Diluted (in dollars per share)	$ 1.59	$ 1.36
Weighted Average Common Shares Outstanding:
Basic (in shares)	27,449	27,450
Diluted (in shares)	27,473	27,458

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 43,951	$ 37,592
Defined Benefit Pension and Postretirement Benefit Plans:
Amortization of loss, before tax	144	169
Amortization of prior service credit, before tax	(45)	(45)
Total Other Comprehensive Income, Before Tax	99	124
Tax Attributes of Items in Other Comprehensive Income:
Amortization of loss, tax	(34)	(40)
Amortization of prior service credit, tax	11	11
Total Tax Expense	(23)	(29)
Other Comprehensive Income, Net of Tax	76	95
Comprehensive Income	$ 44,027	$ 37,687

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities:
Net income	$ 43,951	$ 37,592
Impacts of noncash items:
Depreciation and amortization	13,592	11,203
Deferred income taxes and other changes	5,765	195
Stock-based compensation expense	2,569	2,465
Pension plan activity	(64)	(493)
Changes in operating assets and liabilities:
Receivables	(5,109)	(745)
Inventories	(19,543)	(21,237)
Other current assets	(1,870)	(102)
Accounts payable and accrued liabilities	(3,676)	21,986
Net cash provided by operating activities	35,615	50,864
Cash Flows From Investing Activities:
Payments for property additions	(18,331)	(24,585)
Proceeds from sale of property	0	1,159
Other-net	(1,412)	(55)
Net cash used in investing activities	(19,743)	(23,481)
Cash Flows From Financing Activities:
Payment of dividends	(23,445)	(22,067)
Purchase of treasury stock	(6,650)	(84)
Tax withholdings for stock-based compensation	0	(617)
Principal payments for finance leases	(504)	(679)
Net cash used in financing activities	(30,599)	(23,447)
Net change in cash and equivalents	(14,727)	3,936
Cash and equivalents at beginning of year	88,473	60,283
Cash and equivalents at end of period	73,746	64,219
Supplemental Disclosure of Operating Cash Flows:
Net cash payments for income taxes	$ 6,231	$ 7,544

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, 2022		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, 2023	27,527,550	27,528,000
Balance at Jun. 30, 2023	$ 862,267	$ 143,870	1,503,963	(9,365)	(776,201)
Net income	43,951		43,951
Net pension and postretirement benefit gains, net of tax effect	76			76
Cash dividends - common stock	(23,445)		(23,445)
Purchase of treasury stock (in shares)		(40,000)
Purchase of treasury stock	(6,650)				(6,650)
Stock-based plans (in shares)		29,000
Stock-based plans	0	$ 0
Stock-based compensation expense	$ 2,569	$ 2,569
Balance (in shares) at Sep. 30, 2023	27,517,313	27,517,000
Balance at Sep. 30, 2023	$ 878,768	$ 146,439	$ 1,524,469	$ (9,289)	$ (782,851)

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Tax effect included in net pension and postretirement benefit gains	$ 23	$ 29
Common stock, dividends per share (in dollars per share)	$ 0.85	$ 0.80

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2023
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 2023 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, 2024 refers to fiscal 2024, which is the period from July 1, 2023 to June 30, 2024. Property, Plant and Equipment Property, plant and equipment are recorded at cost, except for those acquired as part of a business combination, which are recorded at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: September 30, 2023 2022 Construction in progress in Accounts Payable $ 10,165 $ 22,864 Accrued Compensation and Employee Benefits Accrued compensation and employee benefits included in Accrued Liabilities was $16.3 million and $26.3 million at September 30, 2023 and June 30, 2023, 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 2023 2022 Net income $ 43,951 $ 37,592 Net income available to participating securities (136) (118) Net income available to common shareholders $ 43,815 $ 37,474 Weighted average common shares outstanding – basic 27,449 27,450 Incremental share effect from: Nonparticipating restricted stock 3 4 Stock-settled stock appreciation rights (1) 11 — Performance units 10 4 Weighted average common shares outstanding – diluted 27,473 27,458 Net income per common share – basic $ 1.60 $ 1.37 Net income per common share – diluted $ 1.59 $ 1.36 (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 September 30, 2023 and 2022, respectively. Accumulated Other Comprehensive Loss The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: Three Months Ended 2023 2022 Accumulated other comprehensive loss at beginning of period $ (9,365) $ (11,172) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 159 181 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (15) (12) Amortization of prior service credit (45) (45) Total other comprehensive income, before tax 99 124 Total tax expense (23) (29) Other comprehensive income, net of tax 76 95 Accumulated other comprehensive loss at end of period $ (9,289) $ (11,077) Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2023 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.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt At September 30, 2023 and June 30, 2023, 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 SOFR or an alternate base rate defined in the Facility. 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 September 30, 2023 and June 30, 2023, we had no borrowings outstanding under the Facility. At September 30, 2023 and June 30, 2023, we had $2.2 million and $2.8 million, respectively, of standby letters of credit outstanding, which reduced the amount available for borrowing under the Facility. We paid no interest for the three months ended September 30, 2023 and 2022.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and ContingenciesAt September 30, 2023, 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	3 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill attributable to the Retail and Foodservice segments was $157.4 million and $51.0 million, respectively, at September 30, 2023 and June 30, 2023. The following table summarizes our identifiable other intangible assets: September 30, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 4,100 $ 4,100 Accumulated amortization (244) (181) Net carrying value $ 3,856 $ 3,919 Customer Relationships (10-year life) Gross carrying value $ 287 $ 287 Accumulated amortization (198) (190) Net carrying value $ 89 $ 97 Technology / Know-how (10-year life) Gross carrying value $ 2,450 $ 2,450 Accumulated amortization (1,687) (1,626) Net carrying value $ 763 $ 824 Total net carrying value $ 4,708 $ 4,840 Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended 2023 2022 Amortization expense $ 132 $ 629 Total annual amortization expense for each of the next five years is estimated to be as follows: 2025 $ 527 2026 $ 527 2027 $ 343 2028 $ 251 2029 $ 251

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesPrepaid federal income taxes of $2.5 million and $3.3 million were included in Other Current Assets at September 30, 2023 and June 30, 2023, respectively. Accrued state and local income taxes of $0.4 million were included in Accrued Liabilities at September 30, 2023. Prepaid state and local income taxes of $0.8 million were included in Other Current Assets at June 30, 2023.

Business Segment Information

Business Segment Information	3 Months Ended
	Sep. 30, 2023
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 September 30, 2023 is generally consistent with that of June 30, 2023. We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended 2023 2022 Net Sales Retail $ 242,184 $ 223,216 Foodservice 219,388 202,321 Total $ 461,572 $ 425,537 Operating Income Retail $ 53,124 $ 42,900 Foodservice 26,633 31,929 Corporate Expenses (22,982) (25,531) Total $ 56,775 $ 49,298 The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended 2023 2022 Retail Shelf-stable dressings, sauces and croutons $ 98,581 $ 91,038 Frozen breads 79,630 72,858 Refrigerated dressings, dips and other 63,973 59,320 Total Retail net sales $ 242,184 $ 223,216 Foodservice Dressings and sauces $ 165,271 $ 151,060 Frozen breads and other 54,117 51,261 Total Foodservice net sales $ 219,388 $ 202,321 Total net sales $ 461,572 $ 425,537 The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended 2023 2022 Foodservice National accounts $ 171,586 $ 160,192 Branded and other 47,802 42,129 Total Foodservice net sales $ 219,388 $ 202,321

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2023
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 2023 Annual Report on Form 10-K. Our stock-settled stock appreciation rights (“SSSARs”) compensation expense was $0.3 million and $0.7 million for the three months ended September 30, 2023 and 2022, respectively. At September 30, 2023, there was $0.5 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 $1.2 million and $1.3 million for the three months ended September 30, 2023 and 2022, respectively. At September 30, 2023, there was $8.8 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 $1.1 million and $0.5 million for the three months ended September 30, 2023 and 2022, respectively. At September 30, 2023, there was $7.5 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)	3 Months Ended
	Sep. 30, 2023
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 2023 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, 2024 refers to fiscal 2024, which is the period from July 1, 2023 to June 30, 2024.
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)	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule Of Construction In Progress In Accounts Payable	Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: September 30, 2023 2022 Construction in progress in Accounts Payable $ 10,165 $ 22,864
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 2023 2022 Net income $ 43,951 $ 37,592 Net income available to participating securities (136) (118) Net income available to common shareholders $ 43,815 $ 37,474 Weighted average common shares outstanding – basic 27,449 27,450 Incremental share effect from: Nonparticipating restricted stock 3 4 Stock-settled stock appreciation rights (1) 11 — Performance units 10 4 Weighted average common shares outstanding – diluted 27,473 27,458 Net income per common share – basic $ 1.60 $ 1.37 Net income per common share – diluted $ 1.59 $ 1.36 (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 September 30, 2023 and 2022, respectively.
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 2023 2022 Accumulated other comprehensive loss at beginning of period $ (9,365) $ (11,172) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 159 181 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (15) (12) Amortization of prior service credit (45) (45) Total other comprehensive income, before tax 99 124 Total tax expense (23) (29) Other comprehensive income, net of tax 76 95 Accumulated other comprehensive loss at end of period $ (9,289) $ (11,077)

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary Of Other Intangible Assets	The following table summarizes our identifiable other intangible assets: September 30, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 4,100 $ 4,100 Accumulated amortization (244) (181) Net carrying value $ 3,856 $ 3,919 Customer Relationships (10-year life) Gross carrying value $ 287 $ 287 Accumulated amortization (198) (190) Net carrying value $ 89 $ 97 Technology / Know-how (10-year life) Gross carrying value $ 2,450 $ 2,450 Accumulated amortization (1,687) (1,626) Net carrying value $ 763 $ 824 Total net carrying value $ 4,708 $ 4,840
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 2023 2022 Amortization expense $ 132 $ 629
Estimated Annual Amortization Expense	Total annual amortization expense for each of the next five years is estimated to be as follows: 2025 $ 527 2026 $ 527 2027 $ 343 2028 $ 251 2029 $ 251

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Sep. 30, 2023
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 2023 2022 Net Sales Retail $ 242,184 $ 223,216 Foodservice 219,388 202,321 Total $ 461,572 $ 425,537 Operating Income Retail $ 53,124 $ 42,900 Foodservice 26,633 31,929 Corporate Expenses (22,982) (25,531) Total $ 56,775 $ 49,298
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 2023 2022 Retail Shelf-stable dressings, sauces and croutons $ 98,581 $ 91,038 Frozen breads 79,630 72,858 Refrigerated dressings, dips and other 63,973 59,320 Total Retail net sales $ 242,184 $ 223,216 Foodservice Dressings and sauces $ 165,271 $ 151,060 Frozen breads and other 54,117 51,261 Total Foodservice net sales $ 219,388 $ 202,321 Total net sales $ 461,572 $ 425,537
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 2023 2022 Foodservice National accounts $ 171,586 $ 160,192 Branded and other 47,802 42,129 Total Foodservice net sales $ 219,388 $ 202,321

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Accounting Policies [Abstract]
Accrued compensation and employee benefits	$ 16.3	$ 26.3

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Construction in progress in Accounts Payable	$ 10,165	$ 22,864

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Net Income Per Common Share Calculations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Net income	$ 43,951	$ 37,592
Net income available to participating securities	(136)	(118)
Net income available to common shareholders	$ 43,815	$ 37,474
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average common shares outstanding - basic (in shares)	27,449	27,450
Weighted average common shares outstanding - diluted (in shares)	27,473	27,458
Net income per common share – basic	$ 1.60	$ 1.37
Net income per common share – diluted	$ 1.59	$ 1.36
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)	3	4
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)	11	0
Weighted average number of antidilutive securities (in rights outstanding)	100	300
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share effect from awards with forfeitable dividends (in shares)	10	4

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss at beginning of period	$ (9,365)	$ (11,172)
Total other comprehensive income, before tax	99	124
Total tax expense	(23)	(29)
Other comprehensive income, net of tax	76	95
Accumulated other comprehensive loss at end of period	(9,289)	(11,077)
Defined Benefit Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	159	181
Postretirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	(15)	(12)
Amortization of prior service credit	$ (45)	$ (45)

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Debt Disclosure [Abstract]
Maximum borrowing capacity	$ 150,000,000		$ 150,000,000
Maximum borrowing capacity on obtaining consent of the issuing bank	$ 225,000,000		225,000,000
Line of credit facility, expiration date	Mar. 19, 2025
Minimum interest coverage ratio	250%
Maximum leverage ratio	350%
Line of credit facility, amount outstanding	$ 0		0
Standby letters of credit, amount outstanding	2,200,000		$ 2,800,000
Interest paid	$ 0	$ 0

Goodwill And Other Intangible_3

Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Goodwill [Line Items]
Goodwill	$ 208,371	$ 208,371
Retail [Member]
Goodwill [Line Items]
Goodwill	157,400	157,400
Foodservice [Member]
Goodwill [Line Items]
Goodwill	$ 51,000	$ 51,000

Goodwill And Other Intangible_4

Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Net carrying value	$ 4,708	$ 4,840
Tradenames (20 to 30-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	4,100	4,100
Accumulated amortization	(244)	(181)
Net carrying value	3,856	3,919
Customer Relationships (10-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	287	287
Accumulated amortization	(198)	(190)
Net carrying value	$ 89	97
Finite-lived other intangible assets useful life (in years)	10 years
Technology / Know-how (10-year life) [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 2,450	2,450
Accumulated amortization	(1,687)	(1,626)
Net carrying value	$ 763	$ 824
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
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

Goodwill And Other Intangible_5

Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 132	$ 629

Goodwill And Other Intangible_6

Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 527
2026	527
2027	343
2028	251
2029	$ 251

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Federal [Member]
Income Tax Authority [Line Items]
Prepaid income taxes	$ 2.5	$ 3.3
State and Local [Member]
Income Tax Authority [Line Items]
Prepaid income taxes		$ 0.8
Accrued income taxes	$ 0.4

Business Segment Information (S

Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net Sales	$ 461,572	$ 425,537
Operating Income	56,775	49,298
Retail [Member]
Segment Reporting Information [Line Items]
Net Sales	242,184	223,216
Operating Income	53,124	42,900
Foodservice [Member]
Segment Reporting Information [Line Items]
Net Sales	219,388	202,321
Operating Income	26,633	31,929
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income	$ (22,982)	$ (25,531)

Business Segment Information (D

Business Segment Information (Disaggregation Of Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 461,572	$ 425,537
Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	242,184	223,216
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	219,388	202,321
Shelf-stable dressings, sauces and croutons [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	98,581	91,038
Frozen breads [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	79,630	72,858
Refrigerated dressings, dips and other [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	63,973	59,320
Dressings and sauces [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	165,271	151,060
Frozen breads and other [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 54,117	$ 51,261

Business Segment Information _2

Business Segment Information (Disaggregation Of Foodservice Net Sales By Type Of Customer) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 461,572	$ 425,537
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	219,388	202,321
Foodservice [Member] | National accounts [Member]
Disaggregation of Revenue [Line Items]
Total net sales	171,586	160,192
Foodservice [Member] | Branded and other [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 47,802	$ 42,129

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.3	$ 0.7
Unrecognized compensation expense	$ 0.5
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	$ 1.2	1.3
Unrecognized compensation expense	$ 8.8
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	$ 1.1	$ 0.5
Unrecognized compensation expense	$ 7.5
Weighted-average period over which remaining compensation expense will be recognized (in years)	2 years