Lancaster Colony (LANC) 10-Q 4 Feb 25 2025 Q2 Quarterly report Financial data

Cover

Cover - shares shares in Thousands	6 Months Ended
	Dec. 31, 2024	Jan. 10, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		27,572
Amendment Flag	false
Document Fiscal Period Focus	Q2
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	Dec. 31, 2024	Jun. 30, 2024
Current Assets:
Cash and equivalents	$ 203,073	$ 163,443
Receivables	99,150	95,560
Inventories:
Raw materials	45,059	38,212
Finished goods	122,111	135,040
Total inventories	167,170	173,252
Other current assets	11,579	11,738
Total current assets	480,972	443,993
Property, Plant and Equipment:
Property, plant and equipment-gross	896,620	877,526
Less accumulated depreciation	418,077	399,830
Property, plant and equipment-net	478,543	477,696
Other Assets:
Goodwill	208,371	208,371
Operating lease right-of-use assets	51,528	55,128
Other noncurrent assets	20,444	21,743
Total	1,239,858	1,206,931
Current Liabilities:
Accounts payable	104,506	118,811
Accrued liabilities	62,744	65,158
Total current liabilities	167,250	183,969
Noncurrent Operating Lease Liabilities	41,528	44,557
Other Noncurrent Liabilities	13,807	15,357
Deferred Income Taxes	37,407	37,276
Commitments and Contingencies
Shareholders' Equity:
Preferred stock-authorized 3,050,000 shares; outstanding-none
Common stock-authorized 75,000,000 shares; outstanding-December-27,571,897 shares; June-27,527,090 shares	156,934	153,616
Retained earnings	1,607,211	1,564,642
Accumulated other comprehensive income (loss)	1,010	(8,640)
Common stock in treasury, at cost	(785,289)	(783,846)
Total shareholders' equity	979,866	925,772
Total	$ 1,239,858	$ 1,206,931

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 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	27,571,897	27,527,090

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net Sales	$ 509,301	$ 485,916	$ 975,859	$ 947,488
Cost of Sales	376,533	364,448	732,267	717,298
Gross Profit	132,768	121,468	243,592	230,190
Selling, General and Administrative Expenses	57,107	55,714	112,067	107,661
Operating Income	75,661	65,754	131,525	122,529
Pension Settlement Charge	(13,968)	0	(13,968)	0
Other, Net	1,541	1,425	3,560	2,282
Income Before Income Taxes	63,234	67,179	121,117	124,811
Taxes Based on Income	14,241	15,695	27,423	29,376
Net Income	$ 48,993	$ 51,484	$ 93,694	$ 95,435
Net Income Per Common Share:
Basic (in dollars per share)	$ 1.78	$ 1.87	$ 3.40	$ 3.47
Diluted (in dollars per share)	$ 1.78	$ 1.87	$ 3.40	$ 3.47
Weighted Average Common Shares Outstanding:
Basic (in shares)	27,480	27,425	27,468	27,437
Diluted (in shares)	27,495	27,440	27,487	27,457

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 48,993	$ 51,484	$ 93,694	$ 95,435
Defined Benefit Pension and Postretirement Benefit Plans:
Net loss arising during the period, before tax	(1,549)	0	(1,549)	0
Pension settlement charge, before tax	13,968	0	13,968	0
Amortization of loss, before tax	133	143	265	287
Amortization of prior service credit, before tax	(46)	(45)	(91)	(90)
Total Other Comprehensive Income, Before Tax	12,506	98	12,593	197
Tax Attributes of Items in Other Comprehensive Income:
Net loss arising during the period, tax	362	0	362	0
Pension settlement charge, tax	(3,264)	0	(3,264)	0
Amortization of loss, tax	(32)	(33)	(62)	(67)
Amortization of prior service credit, tax	11	10	21	21
Total Tax Expense	(2,923)	(23)	(2,943)	(46)
Other Comprehensive Income, Net of Tax	9,583	75	9,650	151
Comprehensive Income	$ 58,576	$ 51,559	$ 103,344	$ 95,586

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flows From Operating Activities:
Net income	$ 93,694	$ 95,435
Impacts of noncash items:
Depreciation and amortization	29,406	27,525
Deferred income taxes and other changes	(1,144)	2,272
Stock-based compensation expense	4,915	5,423
Pension plan activity	14,253	96
Changes in operating assets and liabilities:
Receivables	(3,590)	14,779
Inventories	6,082	73
Other current assets	159	(413)
Accounts payable and accrued liabilities	(16,265)	(3,667)
Net cash provided by operating activities	127,510	141,523
Cash Flows From Investing Activities:
Payments for property additions	(28,660)	(37,136)
Other-net	(4,045)	(3,080)
Net cash used in investing activities	(32,705)	(40,216)
Cash Flows From Financing Activities:
Payment of dividends	(51,125)	(48,255)
Purchase of treasury stock	(1,443)	(6,692)
Tax withholdings for stock-based compensation	(1,597)	(3)
Principal payments for finance leases	(1,010)	(982)
Net cash used in financing activities	(55,175)	(55,932)
Net change in cash and equivalents	39,630	45,375
Cash and equivalents at beginning of year	163,443	88,473
Cash and equivalents at end of period	203,073	133,848
Supplemental Disclosure of Operating Cash Flows:
Net cash payments for income taxes	$ 20,913	$ 14,278

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) Income [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, 2023		27,528,000
Balance at Jun. 30, 2023	862,267	$ 143,870	1,503,963	(9,365)	(776,201)
Net income	95,435
Net pension and postretirement benefit gains, net of tax effect	151
Balance (in shares) at Dec. 31, 2023		27,521,000
Balance at Dec. 31, 2023	908,326	$ 149,290	1,551,143	(9,214)	(782,893)
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)
Net income	51,484		51,484
Net pension and postretirement benefit gains, net of tax effect	75			75
Cash dividends - common stock	(24,810)		(24,810)
Purchase of treasury stock (in shares)		0
Purchase of treasury stock	(42)				(42)
Stock-based plans (in shares)		4,000
Stock-based plans	(3)	$ (3)
Stock-based compensation expense	2,854	$ 2,854
Balance (in shares) at Dec. 31, 2023		27,521,000
Balance at Dec. 31, 2023	$ 908,326	$ 149,290	1,551,143	(9,214)	(782,893)
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		27,566,000
Balance at Sep. 30, 2024	$ 945,052	$ 154,434	1,584,477	(8,573)	(785,286)
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	93,694
Net pension and postretirement benefit gains, net of tax effect	$ 9,650
Balance (in shares) at Dec. 31, 2024	27,571,897	27,572,000
Balance at Dec. 31, 2024	$ 979,866	$ 156,934	1,607,211	1,010	(785,289)
Balance (in shares) at Sep. 30, 2024		27,566,000
Balance at Sep. 30, 2024	945,052	$ 154,434	1,584,477	(8,573)	(785,286)
Net income	48,993		48,993
Net pension and postretirement benefit gains, net of tax effect	9,583
Pension settlement charge, net of tax effect	10,704			10,704
Other net pension and postretirement benefit losses, net of tax effect	(1,121)			(1,121)
Cash dividends - common stock	(26,259)		(26,259)
Purchase of treasury stock (in shares)		0
Purchase of treasury stock	(3)				(3)
Stock-based plans (in shares)		6,000
Stock-based plans	(46)	$ (46)
Stock-based compensation expense	$ 2,546	$ 2,546
Balance (in shares) at Dec. 31, 2024	27,571,897	27,572,000
Balance at Dec. 31, 2024	$ 979,866	$ 156,934	$ 1,607,211	$ 1,010	$ (785,289)

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Tax effect included in net pension and postretirement benefit gains	$ 2,923	$ 20	$ 23	$ 23
Tax effect included in pension settlement charge	3,264		$ 0
Tax effect included in other net pension and postretirement benefit losses	$ (341)
Common stock, dividends per share (in dollars per share)	$ 0.95	$ 0.90	$ 0.90	$ 0.85

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Dec. 31, 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: December 31, 2024 2023 Construction in progress in Accounts Payable $ 5,902 $ 6,408 Accrued Compensation and Employee Benefits Accrued compensation and employee benefits included in Accrued Liabilities was $22.5 million and $31.6 million at December 31, 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 Six Months Ended 2024 2023 2024 2023 Net income $ 48,993 $ 51,484 $ 93,694 $ 95,435 Net income available to participating securities (136) (157) (260) (292) Net income available to common shareholders $ 48,857 $ 51,327 $ 93,434 $ 95,143 Weighted average common shares outstanding – basic 27,480 27,425 27,468 27,437 Incremental share effect from: Nonparticipating restricted stock 3 3 4 3 Stock-settled stock appreciation rights (1) 2 7 3 9 Performance units 10 5 12 8 Weighted average common shares outstanding – diluted 27,495 27,440 27,487 27,457 Net income per common share – basic and diluted $ 1.78 $ 1.87 $ 3.40 $ 3.47 (1) Excludes the impact of 0.1 million weighted average stock-settled stock appreciation rights outstanding for the three and six months ended December 31, 2023 because their effect was antidilutive. Accumulated Other Comprehensive Income (Loss) The following table presents the amounts reclassified out of accumulated other comprehensive income (loss) by component: Three Months Ended Six Months Ended 2024 2023 2024 2023 Accumulated other comprehensive loss at beginning of period $ (8,573) $ (9,289) $ (8,640) $ (9,365) Defined Benefit Pension Plan Items: Net loss arising during the period (1,549) — (1,549) — Settlement charge (1) 13,968 — 13,968 — Amortization of unrecognized net loss (1) 147 158 294 317 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (14) (15) (29) (30) Amortization of prior service credit (46) (45) (91) (90) Total other comprehensive income, before tax 12,506 98 12,593 197 Total tax expense (2,923) (23) (2,943) (46) Other comprehensive income, net of tax 9,583 75 9,650 151 Accumulated other comprehensive income (loss) at end of period $ 1,010 $ (9,214) $ 1,010 $ (9,214) (1) Included in the computation of net periodic benefit cost for our pension plans. See Note 8 for additional information. 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. In November 2024, the FASB issued new accounting guidance requiring disclosure of disaggregated income statement expenses. For each relevant expense caption presented on the face of the income statement, the following expense components must be presented in a tabular format within the notes to the financial statements at each interim and annual reporting period: purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion expense. Certain amounts already required to be disclosed under current GAAP requirements must also be presented in the same disclosure as the new disaggregation requirements. The new guidance also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Additionally, the total amount of selling expenses must be disclosed, and, in annual reporting periods, our definition of selling expenses must also be provided. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. This guidance will be effective for our annual disclosures in fiscal 2028 and for our interim-period disclosures in fiscal 2029. 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	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt At December 31, 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 liens, asset sales and acquisitions. There are two principal financial covenants: an interest expense test that requires us to maintain an interest coverage ratio not less than 2.5 to 1 at the end of each fiscal quarter; and an indebtedness test that requires us to maintain a consolidated leverage ratio not greater than 3.5 to 1, subject to certain exceptions. The interest coverage ratio is calculated by dividing Consolidated EBIT by Consolidated Interest Expense, and the leverage ratio is calculated by dividing Consolidated Net Debt by Consolidated EBITDA. All financial terms used in the covenant calculations are defined more specifically in the Facility. At December 31, 2024 and June 30, 2024, we had no borrowings outstanding under the Facility. At December 31, 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 and six months ended December 31, 2024 and 2023.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies At December 31, 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. On November 18, 2024, we entered into a purchase agreement to acquire a sauce and dressing production facility and related real estate in the Atlanta, Georgia area along with certain equipment and assets contained in the facility for a purchase price of $75 million in cash, subject to closing adjustments. The transaction is expected to close during our fiscal third quarter ending March 31, 2025.

Goodwill

Goodwill	6 Months Ended
	Dec. 31, 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 December 31, 2024 and June 30, 2024.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Accrued federal income taxes of $7.9 million were included in Accrued Liabilities at December 31, 2024. Prepaid federal income taxes of $0.8 million were included in Other Current Assets at June 30, 2024. Accrued state and local income taxes of $1.0 million and $0.3 million were included in Accrued Liabilities at December 31, 2024 and June 30, 2024, respectively.

Business Segment Information

Business Segment Information	6 Months Ended
	Dec. 31, 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 December 31, 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 Six Months Ended 2024 2023 2024 2023 Net Sales Retail $ 280,752 $ 263,992 $ 520,323 $ 506,176 Foodservice 228,549 221,924 455,536 441,312 Total $ 509,301 $ 485,916 $ 975,859 $ 947,488 Operating Income Retail $ 69,037 $ 59,521 $ 125,212 $ 112,645 Foodservice 30,324 27,145 54,633 53,778 Corporate Expenses (23,700) (20,912) (48,320) (43,894) Total $ 75,661 $ 65,754 $ 131,525 $ 122,529 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 2024 2023 2024 2023 Retail Shelf-stable dressings, sauces and croutons $ 103,584 $ 95,168 $ 204,609 $ 193,749 Frozen breads 129,262 121,696 213,161 201,326 Refrigerated dressings, dips and other 47,906 47,128 102,553 111,101 Total Retail net sales $ 280,752 $ 263,992 $ 520,323 $ 506,176 Foodservice Dressings and sauces $ 167,598 $ 162,730 $ 337,937 $ 328,001 Frozen breads and other 60,951 59,194 117,599 113,311 Total Foodservice net sales $ 228,549 $ 221,924 $ 455,536 $ 441,312 Total net sales $ 509,301 $ 485,916 $ 975,859 $ 947,488 The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended Six Months Ended 2024 2023 2024 2023 Foodservice National accounts $ 175,785 $ 170,884 $ 351,732 $ 342,470 Branded and other 52,764 51,040 103,804 98,842 Total Foodservice net sales $ 228,549 $ 221,924 $ 455,536 $ 441,312

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 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 $1.5 million for the three months ended December 31, 2024 and 2023, respectively. Year-to-date restricted stock compensation expense was $2.8 million for the current-year period compared to $2.7 million for the prior-year period. At December 31, 2024, there was $9.3 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 $1.0 million for the three months ended December 31, 2024 and 2023, respectively. Year-to-date performance units compensation expense was $2.1 million for both the current-year and prior-year periods. At December 31, 2024, there was $6.9 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 December 31, 2023. Year-to-date SSSARs compensation expense was $0.6 million for the prior-year period. At December 31, 2024, there was no unrecognized compensation expense related to SSSARs.

Pension Benefits

Pension Benefits	6 Months Ended
	Dec. 31, 2024
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Benefits	Pension Benefits Prior to November 30, 2024, we sponsored multiple defined benefit pension plans that covered certain former employees under collective bargaining contracts related to closed or sold operations. All these plans were previously frozen. In August 2024, our Board of Directors approved the merger of all five pension plans and the termination of the resulting merged plan. The merged plan was terminated effective November 30, 2024. Lump sum distributions and annuity purchases from a highly rated insurance company were completed in December 2024. No additional pension plan contributions were required. As a result of the pension termination, we incurred a one-time noncash settlement charge of $14.0 million for the three and six months ended December 31, 2024. The following table summarizes the components of net periodic benefit cost for our pension plans: Three Months Ended Six Months Ended 2024 2023 2024 2023 Components of net periodic benefit cost Interest cost $ 330 $ 346 $ 659 $ 691 Expected return on plan assets (334) (344) (668) (688) Amortization of unrecognized net loss 147 158 294 317 Settlement charge 13,968 — 13,968 — Net periodic benefit cost $ 14,111 $ 160 $ 14,253 $ 320 The pension settlement charge is separately presented in the Condensed Consolidated Statements of Income. The other components of net periodic benefit cost are included in Other, Net.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Dec. 31, 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. In November 2024, the FASB issued new accounting guidance requiring disclosure of disaggregated income statement expenses. For each relevant expense caption presented on the face of the income statement, the following expense components must be presented in a tabular format within the notes to the financial statements at each interim and annual reporting period: purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion expense. Certain amounts already required to be disclosed under current GAAP requirements must also be presented in the same disclosure as the new disaggregation requirements. The new guidance also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Additionally, the total amount of selling expenses must be disclosed, and, in annual reporting periods, our definition of selling expenses must also be provided. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. This guidance will be effective for our annual disclosures in fiscal 2028 and for our interim-period disclosures in fiscal 2029. 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)	6 Months Ended
	Dec. 31, 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: December 31, 2024 2023 Construction in progress in Accounts Payable $ 5,902 $ 6,408
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 2024 2023 2024 2023 Net income $ 48,993 $ 51,484 $ 93,694 $ 95,435 Net income available to participating securities (136) (157) (260) (292) Net income available to common shareholders $ 48,857 $ 51,327 $ 93,434 $ 95,143 Weighted average common shares outstanding – basic 27,480 27,425 27,468 27,437 Incremental share effect from: Nonparticipating restricted stock 3 3 4 3 Stock-settled stock appreciation rights (1) 2 7 3 9 Performance units 10 5 12 8 Weighted average common shares outstanding – diluted 27,495 27,440 27,487 27,457 Net income per common share – basic and diluted $ 1.78 $ 1.87 $ 3.40 $ 3.47 (1) Excludes the impact of 0.1 million weighted average stock-settled stock appreciation rights outstanding for the three and six months ended December 31, 2023 because their effect was antidilutive.
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss)	The following table presents the amounts reclassified out of accumulated other comprehensive income (loss) by component: Three Months Ended Six Months Ended 2024 2023 2024 2023 Accumulated other comprehensive loss at beginning of period $ (8,573) $ (9,289) $ (8,640) $ (9,365) Defined Benefit Pension Plan Items: Net loss arising during the period (1,549) — (1,549) — Settlement charge (1) 13,968 — 13,968 — Amortization of unrecognized net loss (1) 147 158 294 317 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (14) (15) (29) (30) Amortization of prior service credit (46) (45) (91) (90) Total other comprehensive income, before tax 12,506 98 12,593 197 Total tax expense (2,923) (23) (2,943) (46) Other comprehensive income, net of tax 9,583 75 9,650 151 Accumulated other comprehensive income (loss) at end of period $ 1,010 $ (9,214) $ 1,010 $ (9,214) (1) Included in the computation of net periodic benefit cost for our pension plans. See Note 8 for additional information.

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Dec. 31, 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 Six Months Ended 2024 2023 2024 2023 Net Sales Retail $ 280,752 $ 263,992 $ 520,323 $ 506,176 Foodservice 228,549 221,924 455,536 441,312 Total $ 509,301 $ 485,916 $ 975,859 $ 947,488 Operating Income Retail $ 69,037 $ 59,521 $ 125,212 $ 112,645 Foodservice 30,324 27,145 54,633 53,778 Corporate Expenses (23,700) (20,912) (48,320) (43,894) Total $ 75,661 $ 65,754 $ 131,525 $ 122,529
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 2024 2023 2024 2023 Retail Shelf-stable dressings, sauces and croutons $ 103,584 $ 95,168 $ 204,609 $ 193,749 Frozen breads 129,262 121,696 213,161 201,326 Refrigerated dressings, dips and other 47,906 47,128 102,553 111,101 Total Retail net sales $ 280,752 $ 263,992 $ 520,323 $ 506,176 Foodservice Dressings and sauces $ 167,598 $ 162,730 $ 337,937 $ 328,001 Frozen breads and other 60,951 59,194 117,599 113,311 Total Foodservice net sales $ 228,549 $ 221,924 $ 455,536 $ 441,312 Total net sales $ 509,301 $ 485,916 $ 975,859 $ 947,488
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 2024 2023 2024 2023 Foodservice National accounts $ 175,785 $ 170,884 $ 351,732 $ 342,470 Branded and other 52,764 51,040 103,804 98,842 Total Foodservice net sales $ 228,549 $ 221,924 $ 455,536 $ 441,312

Pension Benefits (Tables)

Pension Benefits (Tables)	6 Months Ended
	Dec. 31, 2024
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Components Of Net Periodic Benefit Cost	The following table summarizes the components of net periodic benefit cost for our pension plans: Three Months Ended Six Months Ended 2024 2023 2024 2023 Components of net periodic benefit cost Interest cost $ 330 $ 346 $ 659 $ 691 Expected return on plan assets (334) (344) (668) (688) Amortization of unrecognized net loss 147 158 294 317 Settlement charge 13,968 — 13,968 — Net periodic benefit cost $ 14,111 $ 160 $ 14,253 $ 320

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Accounting Policies [Abstract]
Accrued compensation and employee benefits	$ 22.5	$ 31.6

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, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Construction in progress in Accounts Payable	$ 5,902	$ 6,408

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, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Net income	$ 48,993	$ 44,701	$ 51,484	$ 43,951	$ 93,694	$ 95,435
Net income available to participating securities	(136)		(157)		(260)	(292)
Net income available to common shareholders	$ 48,857		$ 51,327		$ 93,434	$ 95,143
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average common shares outstanding - basic (in shares)	27,480		27,425		27,468	27,437
Weighted average common shares outstanding - diluted (in shares)	27,495		27,440		27,487	27,457
Net income per common share - basic (in dollars per share)	$ 1.78		$ 1.87		$ 3.40	$ 3.47
Net income per common share - diluted (in dollars per share)	$ 1.78		$ 1.87		$ 3.40	$ 3.47
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		3		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)	2		7		3	9
Weighted average number of antidilutive securities (in rights outstanding)			100			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)	10		5		12	8

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss at beginning of period	$ (8,573)	$ (8,640)	$ (9,289)	$ (9,365)	$ (8,640)	$ (9,365)
Net loss arising during the period	(1,549)		0		(1,549)	0
Settlement charge	13,968		0		13,968	0
Total other comprehensive income, before tax	12,506		98		12,593	197
Total tax expense	(2,923)	(20)	(23)	(23)	(2,943)	(46)
Other comprehensive income, net of tax	9,583	67	75	76	9,650	151
Accumulated other comprehensive income (loss) at end of period	1,010	$ (8,573)	(9,214)	$ (9,289)	1,010	(9,214)
Defined Benefit Pension Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net loss arising during the period	(1,549)		0		(1,549)	0
Settlement charge	13,968		0		13,968	0
Amortization of unrecognized net (gain) loss	147		158		294	317
Postretirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrecognized net (gain) loss	(14)		(15)		(29)	(30)
Amortization of prior service credit	$ (46)		$ (45)		$ (91)	$ (90)

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
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. 06, 2029
Minimum interest coverage ratio			250%
Maximum leverage ratio			350%
Line of credit facility, amount outstanding	0		$ 0		0
Standby letters of credit, amount outstanding	2,600,000		2,600,000		$ 2,200,000
Interest paid	$ 0	$ 0	$ 0	$ 0

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitment related to planned acquisition of production facility	$ 75

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 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	Dec. 31, 2024	Jun. 30, 2024
Federal [Member]
Income Tax Authority [Line Items]
Accrued income taxes	$ 7.9
Prepaid income taxes		$ 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		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net Sales	$ 509,301	$ 485,916	$ 975,859	$ 947,488
Operating Income	75,661	65,754	131,525	122,529
Retail [Member]
Segment Reporting Information [Line Items]
Net Sales	280,752	263,992	520,323	506,176
Operating Income	69,037	59,521	125,212	112,645
Foodservice [Member]
Segment Reporting Information [Line Items]
Net Sales	228,549	221,924	455,536	441,312
Operating Income	30,324	27,145	54,633	53,778
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income	$ (23,700)	$ (20,912)	$ (48,320)	$ (43,894)

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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 509,301	$ 485,916	$ 975,859	$ 947,488
Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	280,752	263,992	520,323	506,176
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	228,549	221,924	455,536	441,312
Shelf-stable dressings, sauces and croutons [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	103,584	95,168	204,609	193,749
Frozen breads [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	129,262	121,696	213,161	201,326
Refrigerated dressings, dips and other [Member] | Retail [Member]
Disaggregation of Revenue [Line Items]
Total net sales	47,906	47,128	102,553	111,101
Dressings and sauces [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	167,598	162,730	337,937	328,001
Frozen breads and other [Member] | Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 60,951	$ 59,194	$ 117,599	$ 113,311

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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 509,301	$ 485,916	$ 975,859	$ 947,488
Foodservice [Member]
Disaggregation of Revenue [Line Items]
Total net sales	228,549	221,924	455,536	441,312
Foodservice [Member] | National accounts [Member]
Disaggregation of Revenue [Line Items]
Total net sales	175,785	170,884	351,732	342,470
Foodservice [Member] | Branded and other [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 52,764	$ 51,040	$ 103,804	$ 98,842

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,400,000	$ 1,500,000	$ 2,800,000	$ 2,700,000
Unrecognized compensation expense	9,300,000		$ 9,300,000
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	1,100,000	1,000,000	$ 2,100,000	2,100,000
Unrecognized compensation expense	6,900,000		$ 6,900,000
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		$ 600,000
Unrecognized compensation expense	$ 0		$ 0

Pension Benefits (Narrative) (D

Pension Benefits (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	$ 13,968	$ 0	$ 13,968	$ 0
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	$ 13,968	$ 0	$ 13,968	$ 0

Pension Benefits (Components Of

Pension Benefits (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	$ 13,968	$ 0	$ 13,968	$ 0
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	330	346	659	691
Expected return on plan assets	(334)	(344)	(668)	(688)
Amortization of unrecognized net (gain) loss	147	158	294	317
Settlement charge	13,968	0	13,968	0
Net periodic benefit cost	$ 14,111	$ 160	$ 14,253	$ 320