Lancaster Colony (LANC) 10-Q 31 Oct 24 2025 Q1 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Oct. 11, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		27,565
Amendment Flag	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000057515
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--06-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current Assets:
Cash and equivalents	$ 135,058	$ 163,443
Receivables	101,505	95,560
Inventories:
Raw materials	40,061	38,212
Finished goods	153,602	135,040
Total inventories	193,663	173,252
Other current assets	22,361	11,738
Total current assets	452,587	443,993
Property, Plant and Equipment:
Property, plant and equipment-gross	893,157	877,526
Less accumulated depreciation	412,767	399,830
Property, plant and equipment-net	480,390	477,696
Other Assets:
Goodwill	208,371	208,371
Operating lease right-of-use assets	52,663	55,128
Other noncurrent assets	22,199	21,743
Total	1,216,210	1,206,931
Current Liabilities:
Accounts payable	109,236	118,811
Accrued liabilities	63,941	65,158
Total current liabilities	173,177	183,969
Noncurrent Operating Lease Liabilities	42,258	44,557
Other Noncurrent Liabilities	14,203	15,357
Deferred Income Taxes	41,520	37,276
Commitments and Contingencies
Shareholders' Equity:
Preferred stock-authorized 3,050,000 shares; outstanding-none
Common stock-authorized 75,000,000 shares; outstanding-September-27,565,702 shares; June-27,527,090 shares	154,434	153,616
Retained earnings	1,584,477	1,564,642
Accumulated other comprehensive loss	(8,573)	(8,640)
Common stock in treasury, at cost	(785,286)	(783,846)
Total shareholders' equity	945,052	925,772
Total	$ 1,216,210	$ 1,206,931

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2024	Jun. 30, 2024
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	27,565,702	27,527,090

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net Sales	$ 466,558	$ 461,572
Cost of Sales	355,734	352,850
Gross Profit	110,824	108,722
Selling, General and Administrative Expenses	54,960	51,947
Operating Income	55,864	56,775
Other, Net	2,019	857
Income Before Income Taxes	57,883	57,632
Taxes Based on Income	13,182	13,681
Net Income	$ 44,701	$ 43,951
Net Income Per Common Share:
Basic (in dollars per share)	$ 1.62	$ 1.60
Diluted (in dollars per share)	$ 1.62	$ 1.59
Weighted Average Common Shares Outstanding:
Basic (in shares)	27,457	27,449
Diluted (in shares)	27,478	27,473

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 44,701	$ 43,951
Defined Benefit Pension and Postretirement Benefit Plans:
Amortization of loss, before tax	132	144
Amortization of prior service credit, before tax	(45)	(45)
Total Other Comprehensive Income, Before Tax	87	99
Tax Attributes of Items in Other Comprehensive Income:
Amortization of loss, tax	(30)	(34)
Amortization of prior service credit, tax	10	11
Total Tax Expense	(20)	(23)
Other Comprehensive Income, Net of Tax	67	76
Comprehensive Income	$ 44,768	$ 44,027

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 44,701	$ 43,951
Impacts of noncash items:
Depreciation and amortization	14,357	13,592
Deferred income taxes and other changes	4,740	5,765
Stock-based compensation expense	2,369	2,569
Pension plan activity	142	(64)
Changes in operating assets and liabilities:
Receivables	(5,945)	(5,109)
Inventories	(20,411)	(19,543)
Other current assets	(10,623)	(1,870)
Accounts payable and accrued liabilities	(9,438)	(3,676)
Net cash provided by operating activities	19,892	35,615
Cash Flows From Investing Activities:
Payments for property additions	(17,635)	(18,331)
Other-net	(2,281)	(1,412)
Net cash used in investing activities	(19,916)	(19,743)
Cash Flows From Financing Activities:
Payment of dividends	(24,866)	(23,445)
Purchase of treasury stock	(1,440)	(6,650)
Tax withholdings for stock-based compensation	(1,551)	0
Principal payments for finance leases	(504)	(504)
Net cash used in financing activities	(28,361)	(30,599)
Net change in cash and equivalents	(28,385)	(14,727)
Cash and equivalents at beginning of year	163,443	88,473
Cash and equivalents at end of period	135,058	73,746
Supplemental Disclosure of Operating Cash Flows:
Net cash payments for income taxes	$ 15,594	$ 6,231

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, 2023		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		27,517,000
Balance at Sep. 30, 2023	$ 878,768	$ 146,439	1,524,469	(9,289)	(782,851)
Balance (in shares) at Jun. 30, 2024	27,527,090	27,527,000
Balance at Jun. 30, 2024	$ 925,772	$ 153,616	1,564,642	(8,640)	(783,846)
Net income	44,701		44,701
Net pension and postretirement benefit gains, net of tax effect	67			67
Cash dividends - common stock	(24,866)		(24,866)
Purchase of treasury stock (in shares)		(7,000)
Purchase of treasury stock	(1,440)				(1,440)
Stock-based plans (in shares)		46,000
Stock-based plans	(1,551)	$ (1,551)
Stock-based compensation expense	$ 2,369	$ 2,369
Balance (in shares) at Sep. 30, 2024	27,565,702	27,566,000
Balance at Sep. 30, 2024	$ 945,052	$ 154,434	$ 1,584,477	$ (8,573)	$ (785,286)

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Tax effect included in net pension and postretirement benefit gains	$ 20	$ 23
Common stock, dividends per share (in dollars per share)	$ 0.90	$ 0.85

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2024
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 2024 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, 2025 refers to fiscal 2025, which is the period from July 1, 2024 to June 30, 2025. 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, 2024 2023 Construction in progress in Accounts Payable $ 4,165 $ 10,165 Accrued Compensation and Employee Benefits Accrued compensation and employee benefits included in Accrued Liabilities was $21.4 million and $31.6 million at September 30, 2024 and June 30, 2024, 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 2024 2023 Net income $ 44,701 $ 43,951 Net income available to participating securities (124) (136) Net income available to common shareholders $ 44,577 $ 43,815 Weighted average common shares outstanding – basic 27,457 27,449 Incremental share effect from: Nonparticipating restricted stock 4 3 Stock-settled stock appreciation rights (1) 3 11 Performance units 14 10 Weighted average common shares outstanding – diluted 27,478 27,473 Net income per common share – basic $ 1.62 $ 1.60 Net income per common share – diluted $ 1.62 $ 1.59 (1) Excludes the impact of 0.1 million weighted average stock-settled stock appreciation rights outstanding for the three months ended September 30, 2023 because their effect was antidilutive. Accumulated Other Comprehensive Loss The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: Three Months Ended 2024 2023 Accumulated other comprehensive loss at beginning of period $ (8,640) $ (9,365) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 147 159 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (15) (15) Amortization of prior service credit (45) (45) Total other comprehensive income, before tax 87 99 Total tax expense (20) (23) Other comprehensive income, net of tax 67 76 Accumulated other comprehensive loss at end of period $ (8,573) $ (9,289) Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2024 Annual Report on Form 10-K. Recent Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance related to the disclosure requirements for reportable segments. The new guidance requires enhanced disclosures about significant segment expenses. Additionally, all current annual disclosures about a reportable segment’s profit or loss and assets will also be required in interim periods. The new guidance also requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments should be applied retrospectively to all prior periods presented in the financial statements. This guidance will be effective for our annual disclosures in fiscal 2025 and for our interim-period disclosures in fiscal 2026. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations. In December 2023, the FASB issued new accounting guidance related to the disclosure requirements for income taxes. The new guidance requires annual disclosures in the rate reconciliation table to be presented using both percentages and reporting currency amounts, and this table must include disclosure of specific categories. Additional information will also be required for reconciling items that meet a quantitative threshold. The new guidance also requires enhanced disclosures of income taxes paid, including the amount of income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions that exceed a quantitative threshold. The amendments should be applied on a prospective basis, but retrospective application is permitted. This guidance will be effective for our annual disclosures in fiscal 2026. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt At September 30, 2024 and June 30, 2024, 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 6, 2029, 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, 2024 and June 30, 2024, we had no borrowings outstanding under the Facility. At September 30, 2024 and June 30, 2024, we had $2.6 million and $2.2 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, 2024 and 2023.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies At September 30, 2024, 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

Goodwill	3 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Goodwill attributable to the Retail and Foodservice segments was $157.4 million and $51.0 million, respectively, at September 30, 2024 and June 30, 2024.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Prepaid federal income taxes of $8.1 million and $0.8 million were included in Other Current Assets at September 30, 2024 and June 30, 2024, respectively. Accrued state and local income taxes of $1.0 million and $0.3 million were included in Accrued Liabilities at September 30, 2024 and June 30, 2024, respectively.

Business Segment Information

Business Segment Information	3 Months Ended
	Sep. 30, 2024
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 products typically marketed in the shelf-stable section of the grocery store, which include licensed sauces and dressings, along with our own branded salad dressings and croutons. Within the frozen food section of the grocery store, we sell yeast rolls and garlic breads. We also have placement of products in grocery produce departments through our refrigerated salad dressings, licensed dressings, vegetable dips and fruit dips. 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 sauces, salad dressings, frozen breads and yeast rolls. The majority of our Foodservice sales are products sold under private label to national chain restaurant accounts. 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, 2024 is generally consistent with that of June 30, 2024. We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended 2024 2023 Net Sales Retail $ 239,571 $ 242,184 Foodservice 226,987 219,388 Total $ 466,558 $ 461,572 Operating Income Retail $ 56,175 $ 53,124 Foodservice 24,309 26,633 Corporate Expenses (24,620) (22,982) Total $ 55,864 $ 56,775 The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended 2024 2023 Retail Shelf-stable dressings, sauces and croutons $ 101,025 $ 98,581 Frozen breads 83,899 79,630 Refrigerated dressings, dips and other 54,647 63,973 Total Retail net sales $ 239,571 $ 242,184 Foodservice Dressings and sauces $ 170,339 $ 165,271 Frozen breads and other 56,648 54,117 Total Foodservice net sales $ 226,987 $ 219,388 Total net sales $ 466,558 $ 461,572 The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended 2024 2023 Foodservice National accounts $ 175,947 $ 171,586 Branded and other 51,040 47,802 Total Foodservice net sales $ 226,987 $ 219,388

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2024
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 2024 Annual Report on Form 10-K. Our restricted stock compensation expense was $1.4 million and $1.2 million for the three months ended September 30, 2024 and 2023, respectively. At September 30, 2024, there was $9.4 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 $1.0 million and $1.1 million for the three months ended September 30, 2024 and 2023, respectively. At September 30, 2024, there was $8.0 million of unrecognized compensation expense related to performance units that we will recognize over a weighted-average period of 2 years. Our stock-settled stock appreciation rights (“SSSARs”) compensation expense was $0.3 million for the three months ended September 30, 2023. At September 30, 2024, there was no unrecognized compensation expense related to SSSARs.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
	Sep. 30, 2024
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 2024 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, 2025 refers to fiscal 2025, which is the period from July 1, 2024 to June 30, 2025.
Property, Plant And Equipment	Property, Plant and Equipment
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock, 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 In November 2023, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance related to the disclosure requirements for reportable segments. The new guidance requires enhanced disclosures about significant segment expenses. Additionally, all current annual disclosures about a reportable segment’s profit or loss and assets will also be required in interim periods. The new guidance also requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments should be applied retrospectively to all prior periods presented in the financial statements. This guidance will be effective for our annual disclosures in fiscal 2025 and for our interim-period disclosures in fiscal 2026. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations. In December 2023, the FASB issued new accounting guidance related to the disclosure requirements for income taxes. The new guidance requires annual disclosures in the rate reconciliation table to be presented using both percentages and reporting currency amounts, and this table must include disclosure of specific categories. Additional information will also be required for reconciling items that meet a quantitative threshold. The new guidance also requires enhanced disclosures of income taxes paid, including the amount of income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions that exceed a quantitative threshold. The amendments should be applied on a prospective basis, but retrospective application is permitted. This guidance will be effective for our annual disclosures in fiscal 2026. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2024
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, 2024 2023 Construction in progress in Accounts Payable $ 4,165 $ 10,165
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 2024 2023 Net income $ 44,701 $ 43,951 Net income available to participating securities (124) (136) Net income available to common shareholders $ 44,577 $ 43,815 Weighted average common shares outstanding – basic 27,457 27,449 Incremental share effect from: Nonparticipating restricted stock 4 3 Stock-settled stock appreciation rights (1) 3 11 Performance units 14 10 Weighted average common shares outstanding – diluted 27,478 27,473 Net income per common share – basic $ 1.62 $ 1.60 Net income per common share – diluted $ 1.62 $ 1.59 (1) Excludes the impact of 0.1 million weighted average stock-settled stock appreciation rights outstanding for the three months ended September 30, 2023 because their effect was antidilutive.
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 2024 2023 Accumulated other comprehensive loss at beginning of period $ (8,640) $ (9,365) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 147 159 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (15) (15) Amortization of prior service credit (45) (45) Total other comprehensive income, before tax 87 99 Total tax expense (20) (23) Other comprehensive income, net of tax 67 76 Accumulated other comprehensive loss at end of period $ (8,573) $ (9,289)

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Sep. 30, 2024
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 2024 2023 Net Sales Retail $ 239,571 $ 242,184 Foodservice 226,987 219,388 Total $ 466,558 $ 461,572 Operating Income Retail $ 56,175 $ 53,124 Foodservice 24,309 26,633 Corporate Expenses (24,620) (22,982) Total $ 55,864 $ 56,775
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 2024 2023 Retail Shelf-stable dressings, sauces and croutons $ 101,025 $ 98,581 Frozen breads 83,899 79,630 Refrigerated dressings, dips and other 54,647 63,973 Total Retail net sales $ 239,571 $ 242,184 Foodservice Dressings and sauces $ 170,339 $ 165,271 Frozen breads and other 56,648 54,117 Total Foodservice net sales $ 226,987 $ 219,388 Total net sales $ 466,558 $ 461,572
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 2024 2023 Foodservice National accounts $ 175,947 $ 171,586 Branded and other 51,040 47,802 Total Foodservice net sales $ 226,987 $ 219,388

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Accounting Policies [Abstract]
Accrued compensation and employee benefits	$ 21.4	$ 31.6

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, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Construction in progress in Accounts Payable	$ 4,165	$ 10,165

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, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Net income	$ 44,701	$ 43,951
Net income available to participating securities	(124)	(136)
Net income available to common shareholders	$ 44,577	$ 43,815
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average common shares outstanding - basic (in shares)	27,457	27,449
Weighted average common shares outstanding - diluted (in shares)	27,478	27,473
Net income per common share - basic (in dollars per share)	$ 1.62	$ 1.60
Net income per common share - diluted (in dollars per share)	$ 1.62	$ 1.59
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)	4	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)	3	11
Weighted average number of antidilutive securities (in rights outstanding)		100
Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share effect from awards with forfeitable dividends (in shares)	14	10

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, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss at beginning of period	$ (8,640)	$ (9,365)
Total other comprehensive income, before tax	87	99
Total tax expense	(20)	(23)
Other comprehensive income, net of tax	67	76
Accumulated other comprehensive loss at end of period	(8,573)	(9,289)
Defined Benefit Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	147	159
Postretirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	(15)	(15)
Amortization of prior service credit	$ (45)	$ (45)

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
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. 06, 2029
Minimum interest coverage ratio	250%
Maximum leverage ratio	350%
Line of credit facility, amount outstanding	$ 0		0
Standby letters of credit, amount outstanding	2,600,000		$ 2,200,000
Interest paid	$ 0	$ 0

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
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

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Federal [Member]
Income Tax Authority [Line Items]
Prepaid income taxes	$ 8.1	$ 0.8
State and Local [Member]
Income Tax Authority [Line Items]
Accrued income taxes	$ 1	$ 0.3

Business Segment Information (S

Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net Sales	$ 466,558	$ 461,572
Operating Income	55,864	56,775
Retail [Member]
Segment Reporting Information [Line Items]
Net Sales	239,571	242,184
Operating Income	56,175	53,124
Foodservice [Member]
Segment Reporting Information [Line Items]
Net Sales	226,987	219,388
Operating Income	24,309	26,633
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income	$ (24,620)	$ (22,982)

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, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 466,558	$ 461,572
Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	239,571	242,184
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	226,987	219,388
Shelf-stable dressings, sauces and croutons [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	101,025	98,581
Frozen breads [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	83,899	79,630
Refrigerated dressings, dips and other [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	54,647	63,973
Dressings and sauces [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	170,339	165,271
Frozen breads and other [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 56,648	$ 54,117

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, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 466,558	$ 461,572
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	226,987	219,388
Foodservice [Member] | National accounts [Member]
Disaggregation of Revenue [Line Items]
Total net sales	175,947	171,586
Foodservice [Member] | Branded and other [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 51,040	$ 47,802

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,400,000	$ 1,200,000
Unrecognized compensation expense	$ 9,400,000
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	$ 1,000,000	1,100,000
Unrecognized compensation expense	$ 8,000,000
Weighted-average period over which remaining compensation expense will be recognized (in years)	2 years
Stock Settled Stock Appreciation Rights SARS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 300,000
Unrecognized compensation expense	$ 0