Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Feb. 02, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HAIN | |
Entity Registrant Name | HAIN CELESTIAL GROUP INC. | |
Entity Central Index Key | 910406 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 101,715,936 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $135,227 | $123,751 | ||
Accounts receivable, less allowance for doubtful accounts | 321,523 | 287,915 | ||
Inventories | 372,146 | 320,251 | ||
Deferred income taxes | 25,592 | 23,780 | ||
Prepaid expenses and other current assets | 50,877 | 47,906 | ||
Total current assets | 905,365 | 803,603 | ||
Property, plant and equipment, net | 333,824 | 310,661 | ||
Goodwill | 1,093,589 | [1] | 1,134,368 | [1] |
Trademarks and other intangible assets, net | 622,467 | 651,482 | ||
Investments and joint ventures | 6,572 | 36,511 | ||
Other assets | 29,886 | 28,692 | ||
Total assets | 2,991,703 | 2,965,317 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 258,139 | 239,162 | ||
Accrued expenses and other current liabilities | 81,857 | 84,906 | ||
Current portion of long-term debt | 89,347 | 100,096 | ||
Total current liabilities | 429,343 | 424,164 | ||
Long-term debt, less current portion | 785,845 | 767,827 | ||
Deferred income taxes | 151,316 | 148,439 | ||
Other noncurrent liabilities | 4,550 | 5,020 | ||
Total liabilities | 1,371,054 | 1,345,450 | ||
Stockholders' equity: | ||||
Preferred stock - $.01 par value, authorized 5,000,000 shares, no shares issued | 0 | 0 | ||
Common stock - $.01 par value, authorized 150,000,000 shares | 1,048 | 1,031 | ||
Additional paid-in capital | 1,027,769 | 969,182 | ||
Retained earnings | 693,048 | 629,618 | ||
Accumulated other comprehensive income | -48,950 | 60,128 | ||
Total stockholders' equity including treasury stock | 1,672,915 | 1,659,959 | ||
Less: shares of treasury stock, at cost | -52,266 | -40,092 | ||
Total stockholders' equity | 1,620,649 | 1,619,867 | ||
Total liabilities and stockholders' equity | $2,991,703 | $2,965,317 | ||
[1] | The total carrying value of goodwill for all periods in the table above is reflected net of $42,029 of accumulated impairment charges recorded during fiscal 2009 which relate to the Company’s United Kingdom and Europe operating segments. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $2,143 | $1,586 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 104,846,468 | 103,143,018 |
Treasury stock, shares | 3,130,532 | 2,906,160 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net sales | $696,383 | $534,879 | $1,327,640 | $1,012,363 |
Cost of sales | 529,056 | 391,802 | 1,034,469 | 750,163 |
Gross profit | 167,327 | 143,077 | 293,171 | 262,200 |
Selling, general and administrative expenses | 88,621 | 75,237 | 179,544 | 148,824 |
Amortization of Intangible Assets | 4,303 | 3,647 | 8,813 | 7,115 |
Acquisition related expenses and restructuring charges | 391 | -120 | 1,975 | 2,176 |
Operating income | 74,012 | 64,313 | 102,839 | 104,085 |
Interest and other expenses, net | 8,814 | 5,955 | 12,740 | 9,893 |
Income before income taxes and equity in earnings of equity-method investees | 65,198 | 58,358 | 90,099 | 94,192 |
Provision for income taxes | 20,931 | 19,748 | 26,997 | 28,499 |
Income (Loss) from Equity Method Investments | -308 | -1,473 | -328 | -2,045 |
Income (Loss) from Continuing Operations Attributable to Parent | 44,575 | 40,083 | 63,430 | 67,738 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 1,148 | 0 | 1,148 |
Net income | $44,575 | $41,231 | $63,430 | $68,886 |
Net income per common share: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $0.44 | $0.42 | $0.63 | $0.71 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0.01 | $0 | $0.01 |
Basic | $0.44 | $0.43 | $0.63 | $0.72 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.43 | $0.41 | $0.62 | $0.69 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0.01 | $0 | $0.01 |
Diluted | $0.43 | $0.42 | $0.62 | $0.70 |
Shares used in the calculation of net income per common share: | ||||
Basic | 101,267 | 96,038 | 100,975 | 95,726 |
Diluted | 103,226 | 98,370 | 102,941 | 98,120 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Income (Loss) Attributable to Parent | $44,575 | $41,231 | $63,430 | $68,886 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | -51,656 | 14,426 | -112,698 | 58,665 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 1,289 | 943 | 2,729 | 346 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -50,367 | 15,369 | -109,969 | 59,011 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | -100 | 557 | 2,305 | -180 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 913 | -140 | -526 | 43 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 813 | 417 | 1,779 | -137 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | -492 | -798 | -1,343 | -1,084 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 192 | 306 | 455 | 418 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -300 | -492 | -888 | -666 |
Other Comprehensive Income (Loss), before Tax | -52,248 | 14,185 | -111,736 | 57,401 |
Other Comprehensive Income (Loss), Tax | 2,394 | 1,109 | 2,658 | 807 |
Other Comprehensive Income (Loss), Net of Tax | -49,854 | 15,294 | -109,078 | 58,208 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($5,279) | $56,525 | ($45,648) | $127,094 |
Consolidated_Statement_Of_Stoc
Consolidated Statement Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||
Balance at Jun. 30, 2014 | $1,619,867 | $1,031 | $969,182 | $629,618 | ($40,092) | $60,128 |
Balance, shares at Jun. 30, 2014 | 103,143,018 | 103,143,018 | 2,906,160 | |||
Net income | 63,430 | 63,430 | ||||
Other Comprehensive Income (Loss), Net of Tax | -109,078 | -109,078 | ||||
Issuance of common stock pursuant to compensation plans | 17,169 | 12 | 17,157 | |||
Issuance of common stock pursuant to compensation plans, shares | 1,240,594 | |||||
Stock based compensation income tax effects | 15,746 | 15,746 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 224,372 | |||||
Adjustments Related to Tax Withholding for Share-based Compensation | -12,174 | -12,174 | ||||
Stock based compensation charge | 5,999 | 5,999 | ||||
Stock Issued During Period, Value, Acquisitions | 19,690 | 5 | 19,685 | |||
Stock Issued During Period, Shares, Acquisitions | 462,856 | |||||
Balance at Dec. 31, 2014 | $1,620,649 | $1,048 | $1,027,769 | $693,048 | ($52,266) | ($48,950) |
Balance, shares at Dec. 31, 2014 | 104,846,468 | 104,846,468 | 3,130,532 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $63,430 | $68,886 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 28,902 | 21,808 |
Deferred income taxes | -5,044 | -2,293 |
Equity in net (income) loss of equity-method investees | -328 | -2,045 |
Stock based compensation | 5,999 | 6,636 |
Tax benefit from stock based compensation | -2,131 | -1,036 |
Contingent consideration expense | 280 | -1,301 |
Gain (Loss) on Disposition of Business | 0 | -1,148 |
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | 5,334 | 0 |
Other non-cash items, net | -2,811 | 169 |
Increase (decrease) in cash attributable to changes in operating assets and liabilities, net of amounts applicable to acquisitions: | ||
Accounts receivable | -41,559 | -9,952 |
Inventories | -26,244 | -8,278 |
Other current assets | -1,228 | -3,225 |
Other assets | -5,254 | -1,594 |
Accounts payable and accrued expenses | 41,311 | 4,789 |
Net cash provided by operating activities | 54,251 | 73,488 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions, net of cash acquired | -17,935 | 481 |
Purchases of property and equipment | -25,766 | -20,822 |
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | 6,038 |
Proceeds from sale of investment | 1,287 | 643 |
Proceeds from Sale of Property, Plant, and Equipment | 1,697 | 0 |
Net cash used in investing activities | -40,717 | -13,660 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from exercises of stock options, net of related expenses | 9,728 | 5,556 |
Borrowings under bank revolving credit facility | 21,500 | -28,150 |
Repayments of other long-term debt, net | -23,411 | -12,398 |
Excess tax benefits from stock based compensation | 13,615 | 11,482 |
Business Acquisition, Contingent Consideration, Cash Payment, Financing | -3,217 | 0 |
Shares withheld for payment of employee payroll taxes | -12,174 | -10,009 |
Net cash provided by financing activities | 6,041 | -33,519 |
Effect of exchange rate changes on cash | -8,099 | -39 |
Net increase (decrease) in cash and cash equivalents | 11,476 | 26,270 |
Cash and cash equivalents at beginning of period | 123,751 | 41,263 |
Cash and cash equivalents at end of period | 135,227 | 67,533 |
Hain Pure Protein [Member] | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | $5,334 |
Business
Business | 6 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | BUSINESS |
The Hain Celestial Group, Inc., a Delaware corporation, and its subsidiaries (collectively, the “Company” or “Hain”) manufacture, market, distribute and sell organic and natural products under brand names which are sold as “better-for-you” products. The Company is a leader in many organic and natural products categories, with many recognized brands. The brand names are well recognized in the various market categories they serve and include Almond Dream®, Arrowhead Mills®, BluePrint®, Celestial Seasonings®, Cully & Sully®, Danival®, DeBoles®, Earth’s Best®, Ella’s Kitchen®, Europe’s Best®, Farmhouse Fare®, Frank Cooper’s®, FreeBird®, Gale’s®, Garden of Eatin’®, GG UniqueFiberTM, Hartley’s®, Health Valley®, Imagine®, Johnson’s Juice Co.®, Lima®, Linda McCartney® (under license), MaraNatha®, New Covent Garden Soup Co.®, Plainville Farms®, Rice Dream®, Robertson’s®, Rudi’s Organic Bakery®, Rudi’s Gluten-Free Bakery, Sensible Portions®, Spectrum®, Spectrum Essentials®, Soy Dream®, Sun-Pat®, SunSpire®, Terra®, The Greek Gods®, Tilda®, WestSoy® and Yves Veggie Cuisine®. The Company’s personal care products are marketed under the Alba Botanica®, Avalon Organics®, Earth’s Best®, JASON® and Queen Helene® brands. | |
The Company had a minority investment in Hain Pure Protein Corporation (“HPPC” or “Hain Pure Protein”) through June 30, 2014. HPPC processes, markets and distributes antibiotic-free, organic and other poultry products. On July 17, 2014, the Company acquired the remaining 51.3% of HPPC that it did not already own at which point HPPC became a wholly-owned subsidiary and a separate operating and reportable segment (see Notes 4 and 16). Hain also has an investment in a joint venture in Hong Kong with Hutchison China Meditech Ltd. (“Chi-Med”), a majority owned subsidiary of Hutchison Whampoa Limited, a company listed on the Alternative Investment Market, a sub-market of the London Stock Exchange, to market and distribute certain of the Company’s brands in China and other markets. | |
The Company’s operations are managed in five operating segments: United States, United Kingdom, HPPC, Canada and Europe. Refer to Note 16 for additional information and selected financial information for the reportable segments. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | BASIS OF PRESENTATION |
The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”). The amounts as of and for the periods ended June 30, 2014 are derived from the Company’s audited annual financial statements. The consolidated financial statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair presentation for interim periods. Operating results for the three and six months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2015. Please refer to the footnotes to the consolidated financial statements as of June 30, 2014 and for the fiscal year then ended included in Hain’s Annual Report on Form 10-K for information not included in these condensed footnotes. | |
On December 29, 2014, we effected a two-for-one stock split of our common stock in the form of a 100% stock dividend to shareholders of record as of December 12, 2014. All share and earnings per share information have been retroactively adjusted to reflect the stock split and the incremental par value of the newly issued shares was recorded with the offset to additional paid-in capital. | |
All amounts in the condensed consolidated financial statements, footnotes and tables have been rounded to the nearest thousand, except share and per share amounts, unless otherwise indicated. | |
Newly Adopted Accounting Pronouncements | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 amends the requirements for reporting and disclosing discontinued operations. Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. ASU No. 2014-08 is effective for interim and annual periods beginning after December 15, 2014, with early adoption permitted and is to be applied prospectively. The Company has elected to early adopt the provisions of ASU No. 2014-08 at the beginning of fiscal 2015. The adoption of the new guidance may impact the reporting and disclosure of any future disposals that are completed. | |
Recently Issued Accounting Pronouncements Not Yet Effective | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU No. 2014-09 supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 is effective for interim and annual periods beginning after December 15, 2016, with early application prohibited. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. The Company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 44,575 | $ | 40,083 | $ | 63,430 | $ | 67,738 | ||||||||
Discontinued operations | — | 1,148 | — | 1,148 | ||||||||||||
Net income | $ | 44,575 | $ | 41,231 | $ | 63,430 | $ | 68,886 | ||||||||
Denominator (in thousands): | ||||||||||||||||
Denominator for basic earnings per share - weighted average shares outstanding during the period | 101,267 | 96,038 | 100,975 | 95,726 | ||||||||||||
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units | 1,959 | 2,332 | 1,966 | 2,394 | ||||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 103,226 | 98,370 | 102,941 | 98,120 | ||||||||||||
Basic net income per common share: | ||||||||||||||||
From continuing operations | $ | 0.44 | $ | 0.42 | $ | 0.63 | $ | 0.71 | ||||||||
From discontinued operations | — | 0.01 | — | 0.01 | ||||||||||||
Net income per common share - basic | $ | 0.44 | $ | 0.43 | $ | 0.63 | $ | 0.72 | ||||||||
Diluted net income per common share: | ||||||||||||||||
From continuing operations | $ | 0.43 | $ | 0.41 | $ | 0.62 | $ | 0.69 | ||||||||
From discontinued operations | — | 0.01 | — | 0.01 | ||||||||||||
Net income per common share - diluted | $ | 0.43 | $ | 0.42 | $ | 0.62 | $ | 0.7 | ||||||||
Note: The sum of our quarterly net income per share amounts may not equal the year-to-date amounts, as presented, due to rounding. Additionally, on December 29, 2014, we effected a two-for-one stock split of our common stock in the form of a 100% stock dividend to shareholders of record as of December 12, 2014. All share and per share information has been retroactively adjusted to reflect the stock split. | ||||||||||||||||
Basic earnings per share excludes the dilutive effects of stock options, unvested restricted stock and unvested restricted share units. Diluted earnings per share includes the dilutive effects of common stock equivalents such as stock options and unvested restricted stock awards. The Company used income from continuing operations as the control number in determining whether potential common shares were dilutive or anti-dilutive. The same number of potential common shares used in computing the diluted per share amount from continuing operations was also used in computing the diluted per share amounts from discontinued operations even if those amounts were anti-dilutive. | ||||||||||||||||
Restricted stock awards totaling 108,250 were excluded from our diluted earnings per share calculations for the three and six months ended December 31, 2014 as such awards are contingently issuable based on market or performance conditions and such conditions had not been achieved during the respective periods. There were 274,680 such awards excluded from our diluted earnings per share calculations for the three and six months ended December 31, 2013. |
Acquisitions_and_Disposals
Acquisitions and Disposals | 6 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Business Combination Disclosure [Text Block] | ACQUISITIONS | |||||||||||
The Company accounts for acquisitions using the acquisition method of accounting. The results of operations of the acquisitions typically have been included in the consolidated results from their respective dates of acquisition. The purchase price of each acquisition is allocated to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. Acquisitions may include contingent consideration, the fair value of which is estimated on the acquisition date as the present value of the expected contingent payments, determined using weighted probabilities of possible payments. The fair values assigned to identifiable intangible assets acquired were determined primarily by using an income approach which was based on assumptions and estimates made by management. Significant assumptions utilized in the income approach were based on company specific information and projections which are not observable in the market and are thus considered Level 3 measurements as defined by authoritative guidance. The excess of the purchase price over the fair value of the identified assets and liabilities has been recorded as goodwill. | ||||||||||||
The costs related to all acquisitions have been expensed as incurred and are included in “Acquisition related expenses, restructuring and integration charges, net” in the Condensed Consolidated Statements of Income. Acquisition-related costs of $359 and $1,488 were expensed in the three and six months ended December 31, 2014 and $523 and $1,248 were expensed in the three and six months ended December 31, 2013, respectively. The expenses incurred during the first six months of fiscal 2015 primarily relate to the acquisition of the remaining interest in HPPC. The expenses incurred during the first six months of fiscal 2014 primarily relate to stamp duty and additional professional fees associated with the recent acquisitions. | ||||||||||||
Fiscal 2015 | ||||||||||||
On July 17, 2014, the Company acquired the remaining 51.3% of HPPC, that it did not already own, at which point HPPC became a wholly-owned subsidiary. HPPC processes, markets and distributes antibiotic-free, organic and other poultry products. Included in the acquisition is HPPC’s 19% interest in EK Holdings, Inc. (“Empire Kosher”), which grows, processes and sells kosher poultry and other products. Consideration in the transaction consisted of cash totaling $20,310 and 462,856 shares of the Company’s common stock valued at $19,690. The cash consideration paid was funded with existing cash balances. Additionally, HPPC’s existing bank borrowings were repaid on September 30, 2014 with proceeds from borrowings under the Credit Agreement (see Note 9). | ||||||||||||
The carrying amount of the pre-existing 48.7% investment in HPPC as of June 30, 2014 was $30,740. Due to the acquisition of the remaining 51.3% of HPPC, the Company adjusted the carrying amount of its pre-existing investment to its fair value. This resulted in a gain of $5,334 recorded in “Interest and other expenses, net” in the Condensed Consolidated Statements of Income. The results of HPPC are reported as a separate segment (see Note 16). | ||||||||||||
The following table summarizes the components of the preliminary purchase price allocation for the HPPC acquisition: | ||||||||||||
Carrying value of pre-existing 48.7% interest, after fair value adjustment: | $ | 36,074 | ||||||||||
Purchase price of remaining 51.3% interest: | ||||||||||||
Cash paid | 20,310 | |||||||||||
Equity issued | 19,690 | |||||||||||
Total investment: | $ | 76,074 | ||||||||||
Allocation: | ||||||||||||
Current assets | $ | 55,261 | ||||||||||
Property, plant and equipment | 35,796 | |||||||||||
Other assets, including investment in Empire Kosher | 2,792 | |||||||||||
Identifiable intangible assets | 17,000 | |||||||||||
Deferred taxes | (2,673 | ) | ||||||||||
Assumed liabilities | (41,435 | ) | ||||||||||
Goodwill | 9,333 | |||||||||||
$ | 76,074 | |||||||||||
The purchase price allocation for HPPC is based upon preliminary valuations, and the Company’s estimates and assumptions are subject to change within the measurement period as valuations are finalized. Any change in the estimated fair value of the net assets, prior to the finalization of the more detailed analyses, but not to exceed one year from the dates of acquisition, will change the amount of the purchase price allocations. | ||||||||||||
The preliminary fair values assigned to identifiable intangible assets acquired were based on assumptions and estimates made by management. Identifiable intangible assets acquired consisted of customer relationships valued at $6,000 with an estimated useful life of 12 years and trade names valued at $11,000 with indefinite lives. The goodwill represents the future economic benefits expected to arise that could not be individually identified and separately recognized, including use of the Company’s existing infrastructure to expand sales of the acquired business’ products. The goodwill recorded as a result of the acquisition is not expected to be deductible for tax purposes. | ||||||||||||
The following table provides unaudited pro forma results of continuing operations for the three and six months ended December 31, 2013, as if only the acquisition of HPPC had been completed at the beginning of fiscal 2014. The information has been provided for illustrative purposes only, and does not purport to be indicative of the actual results that would have been achieved by the Company for the periods presented or that will be achieved by the combined company in the future. The pro forma information has been adjusted to give effect to items that are directly attributable to the transactions and are expected to have a continuing impact on the combined results, which include amortization expense associated with acquired identifiable intangible assets and the impact of reversing our previously recorded equity in HPPC’s net income as prior to the date of acquisition, HPPC was accounted for under the equity-method of accounting. | ||||||||||||
Three Months Ended December 31, 2013 | Six Months Ended December 31, 2013 | |||||||||||
Net sales from continuing operations | $ | 606,088 | $ | 1,138,098 | ||||||||
Net income from continuing operations | $ | 42,079 | $ | 70,431 | ||||||||
Net income per common share from continuing operations - diluted | $ | 0.43 | $ | 0.71 | ||||||||
Fiscal 2014 | ||||||||||||
On April 28, 2014, the Company acquired Charter Baking Company, Inc. and its subsidiary Rudi’s Organic Bakery, Inc. (“Rudi’s”), a leading organic and gluten-free company with facilities in Boulder, Colorado. Under the Rudi’s Organic Bakery® and Rudi’s Gluten-Free Bakery brands, Rudi’s offers a range of approximately 60 products including USDA certified organic breads, buns, bagels, tortillas, wraps and soft pretzels and various gluten-free products including breads, buns, pizza crusts, tortillas, snack bars and stuffing in the United States and Canada. Consideration in the transaction consisted of cash totaling $50,807 (which is net of cash acquired) and 267,488 shares of the Company’s common stock valued at $11,168. The cash consideration paid was funded with borrowings drawn under the Company’s existing revolving credit facility. | ||||||||||||
On January 13, 2014, the Company acquired Tilda Limited (“Tilda”), a leading premium 100% branded Basmati and specialty rice products company. Tilda offers a range of over 60 dry rice and ready-to-heat branded products under the Tilda® brand and other names to consumers in over 40 countries, principally in the United Kingdom, the Middle East and North Africa, Continental Europe, North America and India. On June 18, 2014, the Company also completed the acquisition of certain assets of Tilda Riceland Limited in India. Consideration in these transactions consisted of cash totaling $126,340 (which is net of cash acquired and based on the exchange rates in effect at the respective transaction dates), 3,292,346 shares of the Company’s common stock valued at $148,353 and deferred consideration (the “Vendor Loan Note”) for £20,000 ($32,958 at the transaction date exchange rate) issued by the Company which is payable within one year following completion of the acquisition, with a portion being payable in Company shares at the Company’s option. On January 13, 2015, the Company paid £10,000 ($15,114 at the transaction date exchange rate) and issued 266,984 shares of the Company’s common stock in full settlement of this obligation. The cash consideration paid for the initial purchase price was funded with borrowings drawn under the Company’s existing revolving credit facility. | ||||||||||||
The following table summarizes the components of the preliminary purchase price allocations for the fiscal 2014 acquisitions: | ||||||||||||
Tilda | Rudi’s | Total | ||||||||||
Purchase price: | ||||||||||||
Cash paid | $ | 126,340 | $ | 50,807 | $ | 177,147 | ||||||
Equity issued | 148,353 | 11,168 | 159,521 | |||||||||
Vendor loan note | 32,958 | — | 32,958 | |||||||||
$ | 307,651 | $ | 61,975 | $ | 369,626 | |||||||
Allocation: | ||||||||||||
Current assets | $ | 86,828 | $ | 8,058 | $ | 94,886 | ||||||
Property, plant and equipment | 39,898 | 3,774 | 43,672 | |||||||||
Identifiable intangible assets | 124,549 | 27,514 | 152,063 | |||||||||
Assumed liabilities | (92,971 | ) | (6,332 | ) | (99,303 | ) | ||||||
Deferred income taxes | (25,936 | ) | (37 | ) | (25,973 | ) | ||||||
Goodwill | 175,283 | 28,998 | 204,281 | |||||||||
$ | 307,651 | $ | 61,975 | $ | 369,626 | |||||||
The fair values assigned to identifiable intangible assets acquired were based on assumptions and estimates made by management. Preliminary identifiable intangible assets acquired consist principally of customer relationships valued at $41,976 with a weighted average estimated useful life of 13.2 years and trade names valued at $110,087 with indefinite lives. The goodwill represents the future economic benefits expected to arise that could not be individually identified and separately recognized, including use of the Company’s existing infrastructure to expand sales of the acquired business’ products. The goodwill recorded as a result of the acquisitions is not expected to be deductible for tax purposes. | ||||||||||||
The following table provides unaudited pro forma results of continuing operations for the three and six months ended December 31, 2013, as if only the acquisitions completed in fiscal 2014 (Rudi’s and Tilda) had been completed at the beginning of fiscal year 2014. The information has been provided for illustrative purposes only, and does not purport to be indicative of the actual results that would have been achieved by the Company for the periods presented or that will be achieved by the combined company in the future. The pro forma information has been adjusted to give effect to items that are directly attributable to the transactions and are expected to have a continuing impact on the combined results, which include amortization expense associated with acquired identifiable intangible assets and interest expense associated with bank borrowings to fund the acquisitions. | ||||||||||||
Three Months Ended December 31, 2013 | Six Months Ended December 31, 2013 | |||||||||||
Net sales from continuing operations | $ | 612,280 | $ | 1,150,852 | ||||||||
Net income from continuing operations | $ | 47,514 | $ | 80,359 | ||||||||
Net income per common share from continuing operations - diluted | $ | 0.47 | $ | 0.79 | ||||||||
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS |
On February 6, 2014, the Company completed the sale of the Grains Noirs business in Europe. As result of the sale, a loss on disposal of $2,777 was recorded during the third quarter of fiscal 2014. The operating results of Grains Noirs were not material to the Company’s consolidated financial statements. The Company recorded a gain of $1,148 during the second quarter of fiscal 2014 related to the finalization of a working capital adjustment on the sale of the private-label chilled ready meals business in the United Kingdom, which was completed in fiscal 2013. |
Inventories
Inventories | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
Inventories consisted of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Finished goods | $ | 212,840 | $ | 190,818 | ||||
Raw materials, work-in-progress and packaging | 159,306 | 129,433 | ||||||
$ | 372,146 | $ | 320,251 | |||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment consisted of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Land | $ | 35,833 | $ | 34,021 | ||||
Buildings and improvements | 84,715 | 75,895 | ||||||
Machinery and equipment | 341,168 | 329,680 | ||||||
Furniture and fixtures | 9,894 | 10,352 | ||||||
Leasehold improvements | 20,316 | 21,836 | ||||||
Construction in progress | 10,752 | 4,850 | ||||||
502,678 | 476,634 | |||||||
Less: Accumulated depreciation and amortization | 168,854 | 165,973 | ||||||
$ | 333,824 | $ | 310,661 | |||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 6 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill And Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||
Changes in the carrying amount of goodwill by reportable segment for the six months ended December 31, 2014 were as follows: | ||||||||||||||||||||
United States | United Kingdom | HPPC | Rest of World | Total | ||||||||||||||||
Balance as of June 30, 2014 (a) | $ | 607,326 | $ | 457,818 | $ | — | $ | 69,224 | $ | 1,134,368 | ||||||||||
Acquisition activity | 95 | — | 8,973 | — | 9,068 | |||||||||||||||
Translation and other adjustments, net | (3,684 | ) | (40,462 | ) | — | (5,701 | ) | (49,847 | ) | |||||||||||
Balance as of December 31, 2014 (a) | $ | 603,737 | $ | 417,356 | $ | 8,973 | $ | 63,523 | $ | 1,093,589 | ||||||||||
(a) The total carrying value of goodwill for all periods in the table above is reflected net of $42,029 of accumulated impairment charges recorded during fiscal 2009 which relate to the Company’s United Kingdom and Europe operating segments. | ||||||||||||||||||||
The Company performs its annual test for goodwill and indefinite lived intangible asset impairment on the first day of the fourth quarter of its fiscal year. In addition, if and when events or circumstances change that would more likely than not reduce the fair value of any of its reporting units or indefinite lived intangible assets below their carrying value, an interim test is performed. | ||||||||||||||||||||
Amounts assigned to indefinite-life intangible assets primarily represent the values of trademarks and tradenames. At December 31, 2014, included in trademarks and other intangible assets on the balance sheet are $196,366 of intangible assets deemed to have a finite life, which are primarily related to customer relationships, and are being amortized over their estimated useful lives of 3 to 25 years. The following table reflects the components of trademarks and other intangible assets: | ||||||||||||||||||||
December 31, | June 30, | |||||||||||||||||||
2014 | 2014 | |||||||||||||||||||
Non-amortized intangible assets: | ||||||||||||||||||||
Trademarks and tradenames | $ | 484,408 | $ | 498,068 | ||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Other intangibles | 196,366 | 206,071 | ||||||||||||||||||
Less: accumulated amortization | (58,307 | ) | (52,657 | ) | ||||||||||||||||
Net carrying amount | $ | 622,467 | $ | 651,482 | ||||||||||||||||
Amortization expense included in continuing operations was as follows: | ||||||||||||||||||||
Three Months ended December 31, | Six Months ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Amortization of intangible assets | $ | 4,303 | $ | 3,647 | $ | 8,813 | $ | 7,115 | ||||||||||||
Expected amortization expense over the next five fiscal years is as follows: | ||||||||||||||||||||
Fiscal Year ended June 30, | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Estimated amortization expense | $ | 17,377 | $ | 16,019 | $ | 15,775 | $ | 14,624 | $ | 12,739 | ||||||||||
The weighted average remaining amortization period of amortized intangible assets is 10.5 years. |
Debt_and_Borrowings
Debt and Borrowings | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt And Credit Facility | DEBT AND BORROWINGS | |||||||
Debt and borrowings consisted of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Senior Notes | $ | 150,000 | $ | 150,000 | ||||
Revolving Credit Agreement borrowings payable to banks | 633,234 | 614,502 | ||||||
Tilda short-term borrowing arrangements | 58,098 | 65,975 | ||||||
Vendor Loan Note (see note 4) | 31,064 | 34,056 | ||||||
Other borrowings | 2,796 | 3,390 | ||||||
875,192 | 867,923 | |||||||
Short-term borrowings and current portion of long-term debt | 89,347 | 100,096 | ||||||
$ | 785,845 | $ | 767,827 | |||||
The Company has $150 million in aggregate principal amount of 10 year senior notes due May 2, 2016 issued in a private placement. The notes bear interest at 5.98%, payable semi-annually on November 2 and May 2. As of December 31, 2014, $150,000 of the senior notes was outstanding. | ||||||||
On December 12, 2014, the Company entered into the Second Amended and Restated Credit Agreement (the “Credit Agreement”) which provides for a $1 billion unsecured revolving credit facility which may be increased by an additional uncommitted $350 million, provided certain conditions are met. The Credit Agreement expires in December 2019. Borrowings under the Credit Agreement may be used to provide working capital, finance capital expenditures and permitted acquisitions, refinance certain existing indebtedness and for other lawful corporate purposes. The Credit Agreement amends and restates the Amended and Restated Credit Agreement, dated as of August 31, 2012. The Credit Agreement provides for multicurrency borrowings in Euros, Pounds Sterling and Canadian Dollars as well as other currencies which may be designated. In addition, certain wholly-owned foreign subsidiaries of the Company may be designated as co-borrowers. The Credit Agreement contains restrictive covenants usual and customary for facilities of its type, which include, with specified exceptions, limitations on the Company’s ability to engage in certain business activities, incur debt, have liens, make capital expenditures, pay dividends or make other distributions, enter into affiliate transactions, consolidate, merge or acquire or dispose of assets, and make certain investments, acquisitions and loans. The Credit Agreement also requires the Company to satisfy certain financial covenants, such as maintaining a consolidated interest coverage ratio (as defined) of no less than 4.0 to 1.0 and a consolidated leverage ratio (as defined) of no more than 3.5 to 1.0. The consolidated leverage ratio is subject to a step-up to 4.0 to 1.0 for the four full fiscal quarters following an acquisition. Obligations under the Credit Agreement are guaranteed by certain existing and future domestic subsidiaries of the Company. As of December 31, 2014, there were $633,234 of borrowings outstanding under the Credit Agreement. | ||||||||
The Credit Agreement provides that loans will bear interest at rates based on (a) the Eurocurrency Rate, as defined in the Credit Agreement, plus a rate ranging from 0.875% to 1.70% per annum; or (b) the Base Rate, as defined in the Credit Agreement, plus a rate ranging from 0.00% to 0.70% per annum, the relevant rate being the Applicable Rate. The Applicable Rate will be determined in accordance with a leverage-based pricing grid, as set forth in the Credit Agreement. Swing line loans and Global Swing Line loans denominated in U.S. dollars will bear interest at the Base Rate plus the Applicable Rate and Global Swing Line loans denominated in foreign currencies shall bear interest based on the overnight Eurocurrency Rate for loans denominated in such currency plus the Applicable Rate. The weighted average interest rate on outstanding borrowings under the Credit Agreement at December 31, 2014 was 1.68%. Additionally, the Credit Agreement contains a Commitment Fee, as defined in the Credit Agreement, on the amount unused under the Credit Agreement ranging from 0.20% to 0.30% per annum. Such Commitment Fee is determined in accordance with a leverage-based pricing grid, as set forth in the Credit Agreement. | ||||||||
Tilda maintains short-term borrowing arrangements primarily used to fund the purchase of rice from India and other countries. The maximum borrowings permitted under all such arrangements are £52,000. Outstanding borrowings are collateralized by the current assets of Tilda, typically have six month terms and bear interest at variable rates typically based on LIBOR plus a margin (weighted average interest rate of approximately 2.8% at December 31, 2014.) |
Income_Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES |
The effective income tax rate from continuing operations was 32.1% and 33.8% for the three months ended December 31, 2014 and 2013, respectively, and 30.0% and 30.3% for the six months ended December 31, 2014 and 2013, respectively. The Company uses an estimated annual effective tax rate, which is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. | |
The effective tax rate for the six months ended December 31, 2014 was favorably impacted by the non-taxable gain recorded on the pre-existing ownership interest in HPPC of $5,334 (see Note 4). The effective tax rate for the six months ended December 31, 2013 was impacted by a reduction in the statutory tax rate in the United Kingdom enacted in the first quarter of fiscal 2014. Such reduction resulted in a decrease of the carrying value of net deferred tax liabilities of $3,777 which favorably impacted the effective tax rate. This amount in the prior year period was partially offset by an increase in the reserve for unrecognized tax benefits of $550 relating to an additional liability associated with an IRS audit that has since been completed. | |
The effective income tax rates differed from the federal statutory rate primarily due to the items noted previously, as well as the effect of the mix of taxable income by jurisdiction and state and local income taxes. The Company’s effective tax rate may change from period to period based on recurring and non-recurring factors including the geographical mix of earnings, enacted tax legislation, state and local income taxes and tax audit settlements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
The following tables present the changes in accumulated other comprehensive income (loss): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||
Other comprehensive income (loss) before reclassifications (1) | $ | (50,367 | ) | $ | 15,369 | $ | (109,969 | ) | $ | 59,011 | ||||||
Amounts reclassified into income | — | — | — | — | ||||||||||||
Deferred gains (losses) on cash flow hedging instruments: | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | 2,919 | 715 | 4,429 | 260 | ||||||||||||
Amounts reclassified into income (2) | (2,106 | ) | (298 | ) | (2,650 | ) | (397 | ) | ||||||||
Unrealized gain on available for sale investment: | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | (300 | ) | (349 | ) | (699 | ) | (523 | ) | ||||||||
Amounts reclassified into income (3) | — | (143 | ) | (189 | ) | (143 | ) | |||||||||
Net change in accumulated other comprehensive income (loss) | $ | (49,854 | ) | $ | 15,294 | $ | (109,078 | ) | $ | 58,208 | ||||||
-1 | Foreign currency translation adjustments include intra-entity foreign currency transactions that are of a long-term investment nature of $20,058 and $4,449 for the three months ended December 31, 2014 and 2013, respectively, and $43,106 and $15,934 for the six months ended December 31, 2014 and 2013, respectively. | |||||||||||||||
-2 | Amounts reclassified into income for deferred gains/(losses) on cash flow hedging instruments are recorded in “Cost of sales” in the Consolidated Statements of Income and, before taxes, were $2,700 and $396 for the three months ended December 31, 2014 and 2013, respectively, and $3,415 and $528 for the six months ended December 31, 2014 and 2013, respectively. | |||||||||||||||
-3 | Amounts reclassified into income for gains on sale of available for sale investments were based on the average cost of the shares held (See Note 13). Such amounts are recorded in “Interest and other expenses, net” in the Condensed Consolidated Statements of Income and were $0 and $234 before taxes for the three months ended December 31, 2014 and 2013, respectively and $311 and $234 for the six months ended December 31, 2014 and 2013, respectively. |
Stock_Based_Compensation_And_I
Stock Based Compensation And Incentive Performance Plans | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock Based Compensation And Incentive Performance Plans | STOCK BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS | |||||||||||||||
The Company has two shareholder-approved plans, the Amended and Restated 2002 Long-Term Incentive and Stock Award Plan and the 2000 Directors Stock Plan, under which the Company’s officers, senior management, other key employees, consultants and directors may be granted options to purchase the Company’s common stock or other forms of equity-based awards. | ||||||||||||||||
On December 29, 2014, we effected a two-for-one stock split of our common stock in the form of a 100% stock dividend to shareholders of record as of December 12, 2014. All share and option exercise and restricted stock price information has been retroactively adjusted to reflect the stock split. | ||||||||||||||||
Compensation cost and related income tax benefits recognized in the Condensed Consolidated Statements of Income for stock based compensation plans were as follows: | ||||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Compensation cost (included in selling, general and administrative expense) | $ | 3,060 | $ | 3,399 | $ | 5,999 | $ | 6,636 | ||||||||
Related income tax benefit | $ | 1,188 | $ | 1,311 | $ | 2,313 | $ | 2,546 | ||||||||
Stock Options | ||||||||||||||||
A summary of the stock option activity for the six months ended December 31, 2014 is as follows: | ||||||||||||||||
Number of Options | Weighted | Weighted | Aggregate Intrinsic Value | |||||||||||||
Average | Average | |||||||||||||||
Exercise | Contractual | |||||||||||||||
Price | Life (years) | |||||||||||||||
Options outstanding and exercisable at June 30, 2014 | 2,674,290 | $9.83 | ||||||||||||||
Exercised | (715,036 | ) | $13.61 | |||||||||||||
Options outstanding and exercisable at December 31, 2014 | 1,959,254 | $8.45 | 2.0 years | $ | 97,652 | |||||||||||
Six Months Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Intrinsic value of options exercised | $ | 28,612 | $ | 21,919 | ||||||||||||
Cash received from stock option exercises | $ | 9,728 | $ | 5,556 | ||||||||||||
Tax benefit recognized from stock option exercises | $ | 11,109 | $ | 8,548 | ||||||||||||
At December 31, 2014 there was no unrecognized compensation expense related to stock option awards. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
A summary of the restricted stock and restricted share units activity for the six months ended December 31, 2014 is as follows: | ||||||||||||||||
Number of Shares and Units | Weighted | |||||||||||||||
Average Grant | ||||||||||||||||
Date Fair | ||||||||||||||||
Value | ||||||||||||||||
(per share) | ||||||||||||||||
Non-vested restricted stock and restricted share units at June 30, 2014 | 1,258,744 | $25.44 | ||||||||||||||
Granted | 268,596 | $53.07 | ||||||||||||||
Vested | (396,308 | ) | $26.79 | |||||||||||||
Forfeited | (15,074 | ) | $38.25 | |||||||||||||
Non-vested restricted stock and restricted share units at December 31, 2014 | 1,115,958 | $31.45 | ||||||||||||||
Six Months Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Fair value of restricted stock and restricted share units granted | $ | 14,255 | $ | 9,048 | ||||||||||||
Fair value of shares vested | $ | 21,121 | $ | 19,737 | ||||||||||||
Tax benefit recognized from restricted shares vesting | $ | 8,223 | $ | 7,469 | ||||||||||||
On July 3, 2012, the Company entered into a Restricted Stock Agreement (the “Agreement”) with Irwin D. Simon, the Company’s Chairman, President and Chief Executive Officer. The Agreement provides for a grant of 800,000 shares of restricted stock (the “Shares”), the vesting of which is both market and time-based. The market condition is satisfied in increments of 200,000 Shares upon the Company’s common stock achieving four share price targets. On the last day of any forty-five (45) consecutive trading day period during which the average closing price of the Company’s common stock on the NASDAQ Global Select Market equals or exceeds the following prices: $31.25, $36.25, $41.25 and $50.00, respectively, the market condition for each increment of 200,000 Shares will be satisfied. The market conditions must be satisfied prior to June 30, 2017. Once each market condition has been satisfied, a tranche of 200,000 Shares will vest in equal amounts annually over a five-year period. Except in the case of a change of control, termination without cause, death or disability (each as defined in Mr. Simon’s Employment Agreement), the unvested Shares are subject to forfeiture unless Mr. Simon remains employed through the applicable market and time vesting periods. The grant date fair value for each tranche was separately estimated based on a Monte Carlo simulation that calculated the likelihood of goal attainment and the time frame most likely for goal attainment. The total grant date fair value of the Shares was estimated to be $16,151, which was expected to be recognized over a weighted-average period of approximately 4.0 years. On September 28, 2012, August 27, 2013, December 13, 2013, and October 22, 2014, the four respective market conditions were satisfied. As such, the four tranches of 200,000 Shares are expected to vest in equal amounts over the five-year period commencing on the first anniversary of the date the market condition for the respective tranche was satisfied. | ||||||||||||||||
At December 31, 2014, $23,643 of unrecognized stock-based compensation expense, net of estimated forfeitures, related to non-vested restricted stock awards, inclusive of the Shares, is expected to be recognized over a weighted-average period of approximately 2.5 years. | ||||||||||||||||
Long-Term Incentive Plan | ||||||||||||||||
The Company maintains a long-term incentive program (the “LTI Plan”). The LTI Plan currently consists of two two-year performance-based long-term incentive plans (the “2014-2015 LTIP” and the “2015-2016 LTIP”) that provides for a combination of equity grants and performance awards that can be earned over each two year period. The 2015-2016 LTIP awards contain an additional year of time-based vesting. Participants in the LTI Plan include the Company’s executive officers, including the Chief Executive Officer, and certain other key executives. | ||||||||||||||||
The Compensation Committee administers the LTI Plan and is responsible for, among other items, establishing the target values of awards to participants and selecting the specific performance factors for such awards. Following the end of each performance period, the Compensation Committee determines, at its sole discretion, the specific payout to each participant. Such awards may be paid in cash and/or unrestricted shares of the Company’s common stock at the discretion of the Compensation Committee, provided that any such stock-based awards shall be issued pursuant to and be subject to the terms and conditions of the Amended and Restated 2002 Long-Term Incentive and Stock Award Plan, as in effect and as amended from time to time. Upon the adoption of the 2014-2015 LTIP and the 2015-2016 LTIP, the Compensation Committee granted an initial award to each participant in the form of equity-based instruments (restricted stock or restricted share units), for a portion of the individual target awards (the “Initial Equity Grants”). These Initial Equity Grants are subject to time vesting requirements and a portion are also subject to the achievement of minimum performance goals. The Initial Equity Grants are expensed over the respective vesting periods on a straight-line basis. The payment of the actual awards earned at the end of the applicable performance period, if any, will be reduced by the value of the Initial Equity Grants. | ||||||||||||||||
The Compensation Committee determined that the target values previously set under the LTI Plan covering the 2013 and 2014 fiscal years (the “2013-2014 LTIP”) were achieved and approved the payment of awards to the participants. After deducting the value of the Initial Equity Grants, the awards related to the 2013-2014 LTIP totaled $7,439 (which were settled by the issuance of 148,168 unrestricted shares of the Company’s common stock in the first quarter of fiscal 2014). | ||||||||||||||||
The Company has recorded expense (in addition to the stock based compensation expense associated with the Initial Equity Grants) of $1,916 and $3,262 for the three and six months ended December 31, 2014, respectively, related to LTI plans. There was $1,084 and $3,368 of expense recorded for the three and six months ended December 31, 2013, respectively, related to these plans. |
Investments_And_Joint_Ventures
Investments And Joint Ventures | 6 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments And Joint Ventures | INVESTMENTS AND JOINT VENTURES |
Equity and cost method investments | |
At December 31, 2014, the Company owned 50.0% of a joint venture, Hutchison Hain Organic Holdings Limited (“HHO”), with Chi-Med, a majority owned subsidiary of Hutchison Whampoa Limited. HHO markets and distributes certain of the Company’s brands in Hong Kong, China and other markets. Voting control of the joint venture is shared 50/50 between the Company and Chi-Med, although, in the event of a deadlock, Chi-Med has the ability to cast the deciding vote. The carrying value of the investment and advances to HHO of $842 are included on the Condensed Consolidated Balance Sheet in “Investments and joint ventures.” The investment is being accounted for under the equity method of accounting. | |
At December 31, 2014, HPPC owned a 19% interest in Empire Kosher (see Note 4). The investment is being accounted for as a cost method investment and its carrying value of $2,734 is included in the Condensed Consolidated Balance Sheet in “Investments and joint ventures.” | |
Available-For-Sale Securities | |
The Company has a less than 1% equity ownership interest in Yeo Hiap Seng Limited (“YHS”), a Singapore based natural food and beverage company listed on the Singapore Exchange, which is accounted for as an available-for-sale security. The Company sold 782,000 of its YHS shares during the six months ended December 31, 2014 which resulted in a pre-tax gain of $311 on the sales. The remaining shares held at December 31, 2014 totaled 2,290,738. The fair value of these shares held was $2,996 (cost basis of $2,856) at December 31, 2014 and $5,314 (cost basis of $3,831) at June 30, 2014 and is included in “Investments and joint ventures,” with the related unrealized gain or loss, net of tax, included in “Accumulated other comprehensive income” in the Condensed Consolidated Balance Sheets. |
Financial_Instruments_Measured
Financial Instruments Measured At Fair Value | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Instruments Measured At Fair Value | FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE | |||||||||||||||
The Company’s financial assets and liabilities measured at fair value are required to be grouped in one of three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are: | ||||||||||||||||
• | Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||
• | Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |||||||||||||||
• | Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |||||||||||||||
The following table presents by level within the fair value hierarchy assets and liabilities measured at fair value on a recurring basis as of December 31, 2014: | ||||||||||||||||
Total | Quoted | Significant | Significant | |||||||||||||
prices in | other | unobservable | ||||||||||||||
active | observable | inputs | ||||||||||||||
markets | inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 21,900 | $ | 21,900 | $ | — | $ | — | ||||||||
Forward foreign currency contracts | 1,586 | — | 1,586 | — | ||||||||||||
Available for sale securities | 2,996 | 2,996 | — | — | ||||||||||||
$ | 26,482 | $ | 24,896 | $ | 1,586 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Forward foreign currency contracts | $ | 130 | $ | — | $ | 130 | $ | — | ||||||||
Contingent consideration, of which $2,378 is noncurrent | 2,378 | — | — | 2,378 | ||||||||||||
$ | 2,508 | $ | — | $ | 130 | $ | 2,378 | |||||||||
The following table presents assets and liabilities measured at fair value on a recurring basis as of June 30, 2014: | ||||||||||||||||
Total | Quoted | Significant | Significant | |||||||||||||
prices in | other | unobservable | ||||||||||||||
active | observable | inputs | ||||||||||||||
markets | inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 31,902 | $ | 31,902 | $ | — | $ | — | ||||||||
Forward foreign currency contracts | 391 | — | 391 | — | ||||||||||||
Available for sale securities | 5,314 | 5,314 | — | — | ||||||||||||
$ | 37,607 | $ | 37,216 | $ | 391 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Forward foreign currency contracts | $ | 1,168 | $ | — | $ | 1,168 | $ | — | ||||||||
Contingent consideration, of which $2,669 is noncurrent | 8,280 | — | — | 8,280 | ||||||||||||
Total | $ | 9,448 | $ | — | $ | 1,168 | $ | 8,280 | ||||||||
Available for sale securities consist of the Company’s investment in YHS (see Note 13). Fair value is measured using the market approach based on quoted prices. The Company utilizes the income approach to measure fair value for its foreign currency forward contracts. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates, and forward prices. | ||||||||||||||||
In connection with the acquisitions of Cully & Sully in April 2012 and GG UniqueFiber AS in January 2011, payment of a portion of the respective purchase prices are contingent upon the achievement of certain operating results. The Company estimated the original fair value of the contingent consideration as the present value of the expected contingent payments, determined using the weighted probabilities of the possible payments. The Company is required to reassess the fair value of contingent payments on a periodic basis. During the six months ended December 31, 2014, additional expense of $280 was recorded related to the Cully & Sully acquisition, and in October 2014, $5,477 was paid to the sellers in settlement of this obligation. The significant inputs used in the estimate of the remaining obligation for GG UniqueFiber include numerous possible scenarios for the payments based on the contractual terms of the contingent consideration, for which probabilities are assigned to each scenario, which are then discounted based on an individual risk analysis of the liability (weighted average discount rate of 4.0% for the outstanding liability as of December 31, 2014). Although the Company believes its estimates and assumptions are reasonable, different assumptions, including those regarding the operating results of the respective businesses, or changes in the future may result in different estimated amounts. | ||||||||||||||||
The following table summarizes the Level 3 activity: | ||||||||||||||||
Six Months Ended December 31, 2014 | ||||||||||||||||
Balance as of June 30, 2014 | $ | 8,280 | ||||||||||||||
Contingent consideration adjustment | 280 | |||||||||||||||
Contingent consideration paid | (5,477 | ) | ||||||||||||||
Translation adjustment | (705 | ) | ||||||||||||||
Balance as of December 31, 2014 | $ | 2,378 | ||||||||||||||
There were no transfers of financial instruments between the three levels of fair value hierarchy during the fiscal years ended December 31, 2014 or 2013. | ||||||||||||||||
Cash Flow Hedges | ||||||||||||||||
The Company primarily has exposure to changes in foreign currency exchange rates relating to certain anticipated cash flows from its international operations. To reduce that risk, the Company may enter into certain derivative financial instruments, when available on a cost-effective basis, to manage such risk. Derivative financial instruments are not used for speculative purposes. | ||||||||||||||||
The Company utilizes foreign currency contracts to hedge forecasted transactions, primarily intercompany transactions, on certain foreign currencies and designates these derivative instruments as foreign currency cash flow hedges when appropriate. The notional and fair value amounts of the Company’s foreign exchange derivative contracts at December 31, 2014 were $39,600 and $1,456 of net assets. There were $69,431 of notional amount and $777 of net liabilities of foreign exchange derivative contracts outstanding at June 30, 2014. The fair value of these derivatives is included in prepaid expenses and other current assets and accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. For these derivatives, which qualify as hedges of probable forecasted cash flows, the effective portion of changes in fair value is temporarily reported in accumulated other comprehensive income and recognized in earnings when the hedged item affects earnings. These foreign exchange contracts have maturities over the next 12 months. | ||||||||||||||||
The Company assesses effectiveness at the inception of the hedge and on a quarterly basis. These assessments determine whether derivatives designated as qualifying hedges continue to be highly effective in offsetting changes in the cash flows of hedged items. Any ineffective portion of change in fair value is not deferred in accumulated other comprehensive income and is included in current period results. For the six months ended December 31, 2014 and 2013, the impact of hedge ineffectiveness on earnings was not significant. The Company will discontinue cash flow hedge accounting when the forecasted transaction is no longer probable of occurring on the originally forecasted date or when the hedge is no longer effective. There were no discontinued foreign exchange hedges for the six months ended December 31, 2014 and 2013. |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES |
On May 11, 2011, Rosminah Brown, on behalf of herself and all other similarly situated individuals, as well as a non-profit organization, filed a putative class action in the Superior Court of California, Alameda County against the Company. The complaint alleged that the labels of certain Avalon Organics® brand and JASON® brand personal care products used prior to the Company’s implementation of ANSI/NSF-305 certification in mid-2011 violated certain California statutes. Defendants removed the case to the United States District Court for the Northern District of California. The action was consolidated with a subsequently-filed putative class action containing substantially identical allegations concerning only the JASON® brand personal care products. The consolidated actions seek an award for damages, injunctive relief, costs, expenses and attorney’s fees, and are currently at the discovery phase. The Company will continue to defend this action vigorously and continues to believe that the plaintiffs’ claims are without merit. | |
On August 19, 2014, the Company announced a voluntary recall on certain nut butters. In connection with the voluntary recall, the Company recorded pre-tax costs totaling $7,267 and $30,111 for the three and six months ended December 31, 2014 and previously recorded charges of $6,000 in the fourth quarter of fiscal 2014. For the six months ended December 31, 2014 the charges recorded primarily relate to returns of product from customers ($15,773) and inventory on-hand and other cost of goods sold charges ($9,429), and to a lesser extent consumer refunds and other administrative costs ($4,909). The Company is working with its insurance carrier to recover a portion of these costs and is also continuing to work with the U.S. Food and Drug Administration to finalize the matter. Additionally, while the Company anticipates certain ongoing period costs, primarily transportation and storage costs, to be incurred during the remainder of fiscal 2015, such costs are not anticipated to be material. | |
In addition to the contingencies described above, the Company may be a party to a number of legal actions, proceedings, audits, tax audits, claims and disputes, arising in the ordinary course of business, including those with current and former customers over amounts owed. While any action, proceeding, audit or claim contains an element of uncertainty and may materially affect the Company’s cash flows and results of operations in a particular quarter or year, based on current facts and circumstances, the Company’s management believes that the outcome of such actions, proceedings, audits, claims and disputes will not have a material adverse effect on the Company’s business, prospects, results of operations, financial condition, cash flows or liquidity. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||||||
The Company’s operations are managed in five operating segments: United States, United Kingdom, HPPC (which was acquired on July 17, 2014), Canada and Europe. The United States, the United Kingdom and HPPC are currently reportable segments, while Canada and Europe do not currently meet the quantitative thresholds for reporting and are therefore combined and reported as “Rest of World.” | ||||||||||||||||
Net sales and operating profit are the primary measures used by the Company’s Chief Operating Decision Maker (“CODM”) to evaluate segment operating performance and to decide how to allocate resources to segments. The CODM is the Company’s Chief Executive Officer. Expenses related to certain centralized administration functions that are not specifically related to an operating segment are included in “Corporate and other.” Corporate and other expenses are comprised mainly of the compensation and related expenses of certain of the Company’s senior executive officers and other selected employees who perform duties related to the entire enterprise, as well as expenses for certain professional fees, facilities, and other items which benefit the Company as a whole. Additionally, acquisition related expenses and restructuring charges are included in “Corporate and other.” Expenses that are managed centrally but can be attributed to a segment, such as employee benefits and certain facility costs, are allocated based on reasonable allocation methods. Certain factory start-up costs incurred in Europe that were included in “Corporate and other” in the prior year have been reclassified to the Rest of World segment to conform to the current year presentation. Assets are reviewed by the CODM on a consolidated basis and are not reported by operating segment. | ||||||||||||||||
The following tables set forth financial information about each of the Company’s reportable segments. Transactions between reportable segments were insignificant for all periods presented. | ||||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Sales: | ||||||||||||||||
United States | $ | 353,969 | $ | 327,725 | $ | 690,884 | $ | 639,720 | ||||||||
United Kingdom | 200,797 | 146,051 | 373,076 | 260,046 | ||||||||||||
HPPC | 86,216 | — | 156,886 | — | ||||||||||||
Rest of World | 55,401 | 61,103 | 106,794 | 112,597 | ||||||||||||
$ | 696,383 | $ | 534,879 | $ | 1,327,640 | $ | 1,012,363 | |||||||||
Operating Income: | ||||||||||||||||
United States | $ | 55,591 | $ | 56,510 | $ | 85,181 | $ | 102,876 | ||||||||
United Kingdom | 12,263 | 12,001 | 17,858 | 13,912 | ||||||||||||
HPPC | 7,715 | — | 11,534 | — | ||||||||||||
Rest of World | 5,613 | 3,996 | 6,248 | 6,444 | ||||||||||||
$ | 81,182 | $ | 72,507 | $ | 120,821 | $ | 123,232 | |||||||||
Corporate and other (1) | (7,170 | ) | (8,194 | ) | (17,982 | ) | (19,147 | ) | ||||||||
$ | 74,012 | $ | 64,313 | $ | 102,839 | $ | 104,085 | |||||||||
-1 | Includes $359 and $523 of acquisition related expenses, restructuring and integration charges for the three months ended December 31, 2014 and 2013, respectively. Such expenses for the six months ended December 31, 2014 and 2013 were $1,662 and $1,248, respectively. Corporate and other also includes expense of $280 for contingent consideration adjustments (see Note 14) for the six months ended December 31, 2014. | |||||||||||||||
The Company’s long-lived assets, which primarily represent net property, plant and equipment, by geographic area are as follows: | ||||||||||||||||
December 31, | June 30, | |||||||||||||||
2014 | 2014 | |||||||||||||||
United States | $ | 150,588 | $ | 139,919 | ||||||||||||
Canada | 9,241 | 9,694 | ||||||||||||||
United Kingdom | 186,385 | 198,505 | ||||||||||||||
Europe | 24,068 | 27,746 | ||||||||||||||
$ | 370,282 | $ | 375,864 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Newly Adopted Accounting Pronouncements |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 amends the requirements for reporting and disclosing discontinued operations. Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. ASU No. 2014-08 is effective for interim and annual periods beginning after December 15, 2014, with early adoption permitted and is to be applied prospectively. The Company has elected to early adopt the provisions of ASU No. 2014-08 at the beginning of fiscal 2015. The adoption of the new guidance may impact the reporting and disclosure of any future disposals that are completed. | |
Recently Issued Accounting Pronouncements Not Yet Effective | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU No. 2014-09 supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 is effective for interim and annual periods beginning after December 15, 2016, with early application prohibited. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. The Company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 44,575 | $ | 40,083 | $ | 63,430 | $ | 67,738 | ||||||||
Discontinued operations | — | 1,148 | — | 1,148 | ||||||||||||
Net income | $ | 44,575 | $ | 41,231 | $ | 63,430 | $ | 68,886 | ||||||||
Denominator (in thousands): | ||||||||||||||||
Denominator for basic earnings per share - weighted average shares outstanding during the period | 101,267 | 96,038 | 100,975 | 95,726 | ||||||||||||
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units | 1,959 | 2,332 | 1,966 | 2,394 | ||||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions | 103,226 | 98,370 | 102,941 | 98,120 | ||||||||||||
Basic net income per common share: | ||||||||||||||||
From continuing operations | $ | 0.44 | $ | 0.42 | $ | 0.63 | $ | 0.71 | ||||||||
From discontinued operations | — | 0.01 | — | 0.01 | ||||||||||||
Net income per common share - basic | $ | 0.44 | $ | 0.43 | $ | 0.63 | $ | 0.72 | ||||||||
Diluted net income per common share: | ||||||||||||||||
From continuing operations | $ | 0.43 | $ | 0.41 | $ | 0.62 | $ | 0.69 | ||||||||
From discontinued operations | — | 0.01 | — | 0.01 | ||||||||||||
Net income per common share - diluted | $ | 0.43 | $ | 0.42 | $ | 0.62 | $ | 0.7 | ||||||||
Note: The sum of our quarterly net income per share amounts may not equal the year-to-date amounts, as presented, due to rounding. Additionally, on December 29, 2014, we effected a two-for-one stock split of our common stock in the form of a 100% stock dividend to shareholders of record as of December 12, 2014. All share and per share information has been retroactively adjusted to reflect the stock split. |
Acquisitions_and_Disposals_Tab
Acquisitions and Disposals (Tables) | 6 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the components of the preliminary purchase price allocation for the HPPC acquisition: | |||||||||||
Carrying value of pre-existing 48.7% interest, after fair value adjustment: | $ | 36,074 | ||||||||||
Purchase price of remaining 51.3% interest: | ||||||||||||
Cash paid | 20,310 | |||||||||||
Equity issued | 19,690 | |||||||||||
Total investment: | $ | 76,074 | ||||||||||
Allocation: | ||||||||||||
Current assets | $ | 55,261 | ||||||||||
Property, plant and equipment | 35,796 | |||||||||||
Other assets, including investment in Empire Kosher | 2,792 | |||||||||||
Identifiable intangible assets | 17,000 | |||||||||||
Deferred taxes | (2,673 | ) | ||||||||||
Assumed liabilities | (41,435 | ) | ||||||||||
Goodwill | 9,333 | |||||||||||
$ | 76,074 | |||||||||||
The following table summarizes the components of the preliminary purchase price allocations for the fiscal 2014 acquisitions: | ||||||||||||
Tilda | Rudi’s | Total | ||||||||||
Purchase price: | ||||||||||||
Cash paid | $ | 126,340 | $ | 50,807 | $ | 177,147 | ||||||
Equity issued | 148,353 | 11,168 | 159,521 | |||||||||
Vendor loan note | 32,958 | — | 32,958 | |||||||||
$ | 307,651 | $ | 61,975 | $ | 369,626 | |||||||
Allocation: | ||||||||||||
Current assets | $ | 86,828 | $ | 8,058 | $ | 94,886 | ||||||
Property, plant and equipment | 39,898 | 3,774 | 43,672 | |||||||||
Identifiable intangible assets | 124,549 | 27,514 | 152,063 | |||||||||
Assumed liabilities | (92,971 | ) | (6,332 | ) | (99,303 | ) | ||||||
Deferred income taxes | (25,936 | ) | (37 | ) | (25,973 | ) | ||||||
Goodwill | 175,283 | 28,998 | 204,281 | |||||||||
$ | 307,651 | $ | 61,975 | $ | 369,626 | |||||||
Unaudited Pro Forma Results Of Operations [Table Text Block] | ||||||||||||
Three Months Ended December 31, 2013 | Six Months Ended December 31, 2013 | |||||||||||
Net sales from continuing operations | $ | 606,088 | $ | 1,138,098 | ||||||||
Net income from continuing operations | $ | 42,079 | $ | 70,431 | ||||||||
Net income per common share from continuing operations - diluted | $ | 0.43 | $ | 0.71 | ||||||||
Three Months Ended December 31, 2013 | Six Months Ended December 31, 2013 | |||||||||||
Net sales from continuing operations | $ | 612,280 | $ | 1,150,852 | ||||||||
Net income from continuing operations | $ | 47,514 | $ | 80,359 | ||||||||
Net income per common share from continuing operations - diluted | $ | 0.47 | $ | 0.79 | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Components Of Inventories | Inventories consisted of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Finished goods | $ | 212,840 | $ | 190,818 | ||||
Raw materials, work-in-progress and packaging | 159,306 | 129,433 | ||||||
$ | 372,146 | $ | 320,251 | |||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consisted of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Land | $ | 35,833 | $ | 34,021 | ||||
Buildings and improvements | 84,715 | 75,895 | ||||||
Machinery and equipment | 341,168 | 329,680 | ||||||
Furniture and fixtures | 9,894 | 10,352 | ||||||
Leasehold improvements | 20,316 | 21,836 | ||||||
Construction in progress | 10,752 | 4,850 | ||||||
502,678 | 476,634 | |||||||
Less: Accumulated depreciation and amortization | 168,854 | 165,973 | ||||||
$ | 333,824 | $ | 310,661 | |||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Changes In Carrying Amount Of Goodwill | Changes in the carrying amount of goodwill by reportable segment for the six months ended December 31, 2014 were as follows: | |||||||||||||||||||
United States | United Kingdom | HPPC | Rest of World | Total | ||||||||||||||||
Balance as of June 30, 2014 (a) | $ | 607,326 | $ | 457,818 | $ | — | $ | 69,224 | $ | 1,134,368 | ||||||||||
Acquisition activity | 95 | — | 8,973 | — | 9,068 | |||||||||||||||
Translation and other adjustments, net | (3,684 | ) | (40,462 | ) | — | (5,701 | ) | (49,847 | ) | |||||||||||
Balance as of December 31, 2014 (a) | $ | 603,737 | $ | 417,356 | $ | 8,973 | $ | 63,523 | $ | 1,093,589 | ||||||||||
(a) The total carrying value of goodwill for all periods in the table above is reflected net of $42,029 of accumulated impairment charges recorded during fiscal 2009 which relate to the Company’s United Kingdom and Europe operating segments. | ||||||||||||||||||||
The Company performs its annual test for goodwill and indefinite lived intangible asset impairment on the first day of the fourth quarter of its fiscal year. In addition, if and when events or circumstances change that would more likely than not reduce the fair value of any of its reporting units or indefinite lived intangible assets below their carrying value, an interim test is performed. | ||||||||||||||||||||
Components Of Trademarks And Other Intangible Assets | The following table reflects the components of trademarks and other intangible assets: | |||||||||||||||||||
December 31, | June 30, | |||||||||||||||||||
2014 | 2014 | |||||||||||||||||||
Non-amortized intangible assets: | ||||||||||||||||||||
Trademarks and tradenames | $ | 484,408 | $ | 498,068 | ||||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Other intangibles | 196,366 | 206,071 | ||||||||||||||||||
Less: accumulated amortization | (58,307 | ) | (52,657 | ) | ||||||||||||||||
Net carrying amount | $ | 622,467 | $ | 651,482 | ||||||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense included in continuing operations was as follows: | |||||||||||||||||||
Three Months ended December 31, | Six Months ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Amortization of intangible assets | $ | 4,303 | $ | 3,647 | $ | 8,813 | $ | 7,115 | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Expected amortization expense over the next five fiscal years is as follows: | |||||||||||||||||||
Fiscal Year ended June 30, | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Estimated amortization expense | $ | 17,377 | $ | 16,019 | $ | 15,775 | $ | 14,624 | $ | 12,739 | ||||||||||
Debt_and_Borrowings_Debt_and_B
Debt and Borrowings Debt and Borrowings (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Debt and borrowings consisted of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Senior Notes | $ | 150,000 | $ | 150,000 | ||||
Revolving Credit Agreement borrowings payable to banks | 633,234 | 614,502 | ||||||
Tilda short-term borrowing arrangements | 58,098 | 65,975 | ||||||
Vendor Loan Note (see note 4) | 31,064 | 34,056 | ||||||
Other borrowings | 2,796 | 3,390 | ||||||
875,192 | 867,923 | |||||||
Short-term borrowings and current portion of long-term debt | 89,347 | 100,096 | ||||||
$ | 785,845 | $ | 767,827 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables present the changes in accumulated other comprehensive income (loss): | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||
Other comprehensive income (loss) before reclassifications (1) | $ | (50,367 | ) | $ | 15,369 | $ | (109,969 | ) | $ | 59,011 | ||||||
Amounts reclassified into income | — | — | — | — | ||||||||||||
Deferred gains (losses) on cash flow hedging instruments: | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | 2,919 | 715 | 4,429 | 260 | ||||||||||||
Amounts reclassified into income (2) | (2,106 | ) | (298 | ) | (2,650 | ) | (397 | ) | ||||||||
Unrealized gain on available for sale investment: | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | (300 | ) | (349 | ) | (699 | ) | (523 | ) | ||||||||
Amounts reclassified into income (3) | — | (143 | ) | (189 | ) | (143 | ) | |||||||||
Net change in accumulated other comprehensive income (loss) | $ | (49,854 | ) | $ | 15,294 | $ | (109,078 | ) | $ | 58,208 | ||||||
-1 | Foreign currency translation adjustments include intra-entity foreign currency transactions that are of a long-term investment nature of $20,058 and $4,449 for the three months ended December 31, 2014 and 2013, respectively, and $43,106 and $15,934 for the six months ended December 31, 2014 and 2013, respectively. | |||||||||||||||
-2 | Amounts reclassified into income for deferred gains/(losses) on cash flow hedging instruments are recorded in “Cost of sales” in the Consolidated Statements of Income and, before taxes, were $2,700 and $396 for the three months ended December 31, 2014 and 2013, respectively, and $3,415 and $528 for the six months ended December 31, 2014 and 2013, respectively. | |||||||||||||||
-3 | Amounts reclassified into income for gains on sale of available for sale investments were based on the average cost of the shares held (See Note 13). Such amounts are recorded in “Interest and other expenses, net” in the Condensed Consolidated Statements of Income and were $0 and $234 before taxes for the three months ended December 31, 2014 and 2013, respectively and $311 and $234 for the six months ended December 31, 2014 and 2013, respectively. |
Stock_Based_Compensation_And_I1
Stock Based Compensation And Incentive Performance Plans (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Compensation Cost And Related Income Tax Benefits Recognized | Compensation cost and related income tax benefits recognized in the Condensed Consolidated Statements of Income for stock based compensation plans were as follows: | |||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Compensation cost (included in selling, general and administrative expense) | $ | 3,060 | $ | 3,399 | $ | 5,999 | $ | 6,636 | ||||||||
Related income tax benefit | $ | 1,188 | $ | 1,311 | $ | 2,313 | $ | 2,546 | ||||||||
Summary Of Stock Option Activity | A summary of the stock option activity for the six months ended December 31, 2014 is as follows: | |||||||||||||||
Number of Options | Weighted | Weighted | Aggregate Intrinsic Value | |||||||||||||
Average | Average | |||||||||||||||
Exercise | Contractual | |||||||||||||||
Price | Life (years) | |||||||||||||||
Options outstanding and exercisable at June 30, 2014 | 2,674,290 | $9.83 | ||||||||||||||
Exercised | (715,036 | ) | $13.61 | |||||||||||||
Options outstanding and exercisable at December 31, 2014 | 1,959,254 | $8.45 | 2.0 years | $ | 97,652 | |||||||||||
Schedule Of Cash Proceeds Received From Share-Based Payment Awards | ||||||||||||||||
Six Months Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Intrinsic value of options exercised | $ | 28,612 | $ | 21,919 | ||||||||||||
Cash received from stock option exercises | $ | 9,728 | $ | 5,556 | ||||||||||||
Tax benefit recognized from stock option exercises | $ | 11,109 | $ | 8,548 | ||||||||||||
Non-Vested Restricted Stock And Restricted Share Unit Awards | A summary of the restricted stock and restricted share units activity for the six months ended December 31, 2014 is as follows: | |||||||||||||||
Number of Shares and Units | Weighted | |||||||||||||||
Average Grant | ||||||||||||||||
Date Fair | ||||||||||||||||
Value | ||||||||||||||||
(per share) | ||||||||||||||||
Non-vested restricted stock and restricted share units at June 30, 2014 | 1,258,744 | $25.44 | ||||||||||||||
Granted | 268,596 | $53.07 | ||||||||||||||
Vested | (396,308 | ) | $26.79 | |||||||||||||
Forfeited | (15,074 | ) | $38.25 | |||||||||||||
Non-vested restricted stock and restricted share units at December 31, 2014 | 1,115,958 | $31.45 | ||||||||||||||
Restricted Stock Grant Information | ||||||||||||||||
Six Months Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Fair value of restricted stock and restricted share units granted | $ | 14,255 | $ | 9,048 | ||||||||||||
Fair value of shares vested | $ | 21,121 | $ | 19,737 | ||||||||||||
Tax benefit recognized from restricted shares vesting | $ | 8,223 | $ | 7,469 | ||||||||||||
Financial_Instruments_Measured1
Financial Instruments Measured At Fair Value (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents by level within the fair value hierarchy assets and liabilities measured at fair value on a recurring basis as of December 31, 2014: | |||||||||||||||
Total | Quoted | Significant | Significant | |||||||||||||
prices in | other | unobservable | ||||||||||||||
active | observable | inputs | ||||||||||||||
markets | inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 21,900 | $ | 21,900 | $ | — | $ | — | ||||||||
Forward foreign currency contracts | 1,586 | — | 1,586 | — | ||||||||||||
Available for sale securities | 2,996 | 2,996 | — | — | ||||||||||||
$ | 26,482 | $ | 24,896 | $ | 1,586 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Forward foreign currency contracts | $ | 130 | $ | — | $ | 130 | $ | — | ||||||||
Contingent consideration, of which $2,378 is noncurrent | 2,378 | — | — | 2,378 | ||||||||||||
$ | 2,508 | $ | — | $ | 130 | $ | 2,378 | |||||||||
The following table presents assets and liabilities measured at fair value on a recurring basis as of June 30, 2014: | ||||||||||||||||
Total | Quoted | Significant | Significant | |||||||||||||
prices in | other | unobservable | ||||||||||||||
active | observable | inputs | ||||||||||||||
markets | inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 31,902 | $ | 31,902 | $ | — | $ | — | ||||||||
Forward foreign currency contracts | 391 | — | 391 | — | ||||||||||||
Available for sale securities | 5,314 | 5,314 | — | — | ||||||||||||
$ | 37,607 | $ | 37,216 | $ | 391 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Forward foreign currency contracts | $ | 1,168 | $ | — | $ | 1,168 | $ | — | ||||||||
Contingent consideration, of which $2,669 is noncurrent | 8,280 | — | — | 8,280 | ||||||||||||
Total | $ | 9,448 | $ | — | $ | 1,168 | $ | 8,280 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the Level 3 activity: | |||||||||||||||
Six Months Ended December 31, 2014 | ||||||||||||||||
Balance as of June 30, 2014 | $ | 8,280 | ||||||||||||||
Contingent consideration adjustment | 280 | |||||||||||||||
Contingent consideration paid | (5,477 | ) | ||||||||||||||
Translation adjustment | (705 | ) | ||||||||||||||
Balance as of December 31, 2014 | $ | 2,378 | ||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables set forth financial information about each of the Company’s reportable segments. Transactions between reportable segments were insignificant for all periods presented. | |||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Sales: | ||||||||||||||||
United States | $ | 353,969 | $ | 327,725 | $ | 690,884 | $ | 639,720 | ||||||||
United Kingdom | 200,797 | 146,051 | 373,076 | 260,046 | ||||||||||||
HPPC | 86,216 | — | 156,886 | — | ||||||||||||
Rest of World | 55,401 | 61,103 | 106,794 | 112,597 | ||||||||||||
$ | 696,383 | $ | 534,879 | $ | 1,327,640 | $ | 1,012,363 | |||||||||
Operating Income: | ||||||||||||||||
United States | $ | 55,591 | $ | 56,510 | $ | 85,181 | $ | 102,876 | ||||||||
United Kingdom | 12,263 | 12,001 | 17,858 | 13,912 | ||||||||||||
HPPC | 7,715 | — | 11,534 | — | ||||||||||||
Rest of World | 5,613 | 3,996 | 6,248 | 6,444 | ||||||||||||
$ | 81,182 | $ | 72,507 | $ | 120,821 | $ | 123,232 | |||||||||
Corporate and other (1) | (7,170 | ) | (8,194 | ) | (17,982 | ) | (19,147 | ) | ||||||||
$ | 74,012 | $ | 64,313 | $ | 102,839 | $ | 104,085 | |||||||||
-1 | Includes $359 and $523 of acquisition related expenses, restructuring and integration charges for the three months ended December 31, 2014 and 2013, respectively. Such expenses for the six months ended December 31, 2014 and 2013 were $1,662 and $1,248, respectively. Corporate and other also includes expense of $280 for contingent consideration adjustments (see Note 14) for the six months ended December 31, 2014. | |||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | The Company’s long-lived assets, which primarily represent net property, plant and equipment, by geographic area are as follows: | |||||||||||||||
December 31, | June 30, | |||||||||||||||
2014 | 2014 | |||||||||||||||
United States | $ | 150,588 | $ | 139,919 | ||||||||||||
Canada | 9,241 | 9,694 | ||||||||||||||
United Kingdom | 186,385 | 198,505 | ||||||||||||||
Europe | 24,068 | 27,746 | ||||||||||||||
$ | 370,282 | $ | 375,864 | |||||||||||||
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ||||
Income (Loss) from Continuing Operations Attributable to Parent | $44,575 | $40,083 | $63,430 | $67,738 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 1,148 | 0 | 1,148 |
Net Income (Loss) Attributable to Parent | $44,575 | $41,231 | $63,430 | $68,886 |
Denominator for basic earnings per share - weighted average shares outstanding during the period | 101,267 | 96,038 | 100,975 | 95,726 |
Effect of dilutive stock options and unvested restricted stock | 1,959 | 2,332 | 1,966 | 2,394 |
Diluted | 103,226 | 98,370 | 102,941 | 98,120 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.44 | $0.42 | $0.63 | $0.71 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0.01 | $0 | $0.01 |
Basic net income per share | $0.44 | $0.43 | $0.63 | $0.72 |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.43 | $0.41 | $0.62 | $0.69 |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0.01 | $0 | $0.01 |
Diluted net income per share | $0.43 | $0.42 | $0.62 | $0.70 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 108,250 | 274,680 |
Acquisitions_and_Disposals_Acq
Acquisitions and Disposals Acquisitions and Disposals (Fiscal 2014) (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Jul. 17, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 28, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Jan. 13, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Hain Pure Protein [Member] | Hain Pure Protein [Member] | Hain Pure Protein [Member] | Hain Pure Protein [Member] | Rudis [Member] | Rudis [Member] | Rudis [Member] | Tilda [Member] | Tilda [Member] | Tilda [Member] | Tilda [Member] | Tilda [Member] | Tilda [Member] | Trade Names [Member] | Customer Relationships [Member] | Trade Names [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Goodwill | $1,093,589 | [1] | $1,093,589 | [1] | $1,134,368 | [1] | $9,333 | $28,998 | $175,283 | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.30% | |||||||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 606,088 | 612,280 | 1,138,098 | 1,150,852 | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 41,976 | 41,976 | ||||||||||||||||||||||
Finite-lived Intangible Assets Acquired | 6,000 | |||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | 13 years 2 months | ||||||||||||||||||||||
Indefinite-lived Intangible Assets Acquired | 11,000 | 110,087 | ||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 17,935 | -481 | 177,147 | |||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 462,856 | 267,488 | 267,488 | 3,292,346 | 3,292,346 | 266,984 | ||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 159,521 | 19,690 | 11,168 | 148,353 | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 48.70% | |||||||||||||||||||||||
Other Payments to Acquire Businesses | 0 | 15,114 | 10,000 | 32,958 | 20,000 | |||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 32,958 | |||||||||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 20,310 | 50,807 | 126,340 | |||||||||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 42,079 | 47,514 | 70,431 | 80,359 | ||||||||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Diluted | $0 | $0.47 | $0 | $0.79 | ||||||||||||||||||||
Investments and joint ventures | 6,572 | 6,572 | 36,511 | 30,740 | ||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 36,074 | |||||||||||||||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | $5,334 | $0 | $5,334 | |||||||||||||||||||||
[1] | The total carrying value of goodwill for all periods in the table above is reflected net of $42,029 of accumulated impairment charges recorded during fiscal 2009 which relate to the Company’s United Kingdom and Europe operating segments. |
Acquisitions_and_Disposals_Fis
Acquisitions and Disposals (Fiscal 2013) (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $17,935 | ($481) | $177,147 |
Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||
Indefinite-lived Intangible Assets Acquired | 11,000 | ||
Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived Intangible Assets Acquired | 6,000 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years 2 months | ||
Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | $110,087 |
Acquisitions_and_Disposals_Fis1
Acquisitions and Disposals (Fiscal 2012) (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | ||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $369,626 | |||
Business Combination, Contingent Consideration, Liability | 32,958 | |||
Goodwill | 1,134,368 | [1] | 1,093,589 | [1] |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | -25,973 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | -99,303 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 152,063 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 43,672 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 94,886 | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $159,521 | |||
[1] | The total carrying value of goodwill for all periods in the table above is reflected net of $42,029 of accumulated impairment charges recorded during fiscal 2009 which relate to the Company’s United Kingdom and Europe operating segments. |
Acquisitions_and_Disposals_Com
Acquisitions and Disposals (Components Of Preliminary Purchase Price Allocations) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Jul. 17, 2014 | ||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred | $369,626 | ||||||
Business Combination, Contingent Consideration, Liability | 32,958 | ||||||
Goodwill | 1,093,589 | [1] | 1,134,368 | [1] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 25,973 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 99,303 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 152,063 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 43,672 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 94,886 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 17,935 | -481 | 177,147 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 159,521 | ||||||
Total purchase price allocation | 369,626 | ||||||
Hain Pure Protein [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.30% | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 36,074 | ||||||
Business Combination, Consideration Transferred | 76,074 | ||||||
Goodwill | 9,333 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | -2,673 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | -41,435 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 17,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 35,796 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 55,261 | ||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 20,310 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 19,690 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 2,792 | ||||||
Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||||
Indefinite-lived Intangible Assets Acquired | 11,000 | ||||||
Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | $6,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years 2 months | ||||||
[1] | The total carrying value of goodwill for all periods in the table above is reflected net of $42,029 of accumulated impairment charges recorded during fiscal 2009 which relate to the Company’s United Kingdom and Europe operating segments. |
Acquisitions_and_Disposals_Acq1
Acquisitions and Disposals Acquisitions and Disposals (Acquisition Related Costs) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 13, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 28, 2014 | Jun. 30, 2014 | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Tilda [Member] | Tilda [Member] | Tilda [Member] | Tilda [Member] | Tilda [Member] | Rudis [Member] | Rudis [Member] | Rudis [Member] | 2014 Acquisition [Member] | ||||
USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | |||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $17,935 | ($481) | $177,147 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 159,521 | 148,353 | 11,168 | ||||||||||||||
Business Combination, Contingent Consideration, Liability | 32,958 | ||||||||||||||||
Business Combination, Consideration Transferred | 369,626 | 307,651 | 61,975 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 94,886 | 86,828 | 8,058 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 43,672 | 39,898 | 3,774 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 152,063 | 124,549 | 27,514 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | -99,303 | -92,971 | -6,332 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | -25,973 | -25,936 | -37 | ||||||||||||||
Goodwill | 1,093,589 | [1] | 1,093,589 | [1] | 1,134,368 | [1] | 175,283 | 28,998 | 204,281 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 369,626 | ||||||||||||||||
Other Payments to Acquire Businesses | 15,114 | 10,000 | 32,958 | 20,000 | 0 | ||||||||||||
Payments to Acquire Businesses, Gross | 126,340 | 50,807 | |||||||||||||||
Business Combination, Acquisition Related Costs | $1,488 | $523 | $359 | $1,248 | |||||||||||||
[1] | The total carrying value of goodwill for all periods in the table above is reflected net of $42,029 of accumulated impairment charges recorded during fiscal 2009 which relate to the Company’s United Kingdom and Europe operating segments. |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Summary of Operating Results) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Grains Noirs [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ($2,777) | |
CRM business [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $1,148 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Finished Goods | $212,840 | $190,818 |
Raw materials, work-in-progress and packaging | 159,306 | 129,433 |
Total inventories | $372,146 | $320,251 |
Property_Plant_And_Equipment_C
Property, Plant And Equipment (Components Of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Land | $35,833 | $34,021 |
Buildings and improvements | 84,715 | 75,895 |
Machinery and equipment | 341,168 | 329,680 |
Furniture and fixtures | 9,894 | 10,352 |
Leasehold improvements | 20,316 | 21,836 |
Construction in progress | 10,752 | 4,850 |
Property, plant and equipment, gross | 502,678 | 476,634 |
Less: Accumulated depreciation and amortization | 168,854 | 165,973 |
Property, plant and equipment, net | $333,824 | $310,661 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill | $1,134,368 | [1] |
Goodwill, Acquired During Period | 9,068 | |
Goodwill, Translation Adjustments | -49,847 | |
Goodwill | 1,093,589 | [1] |
United States [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 607,326 | [1] |
Goodwill, Acquired During Period | 95 | |
Goodwill, Translation Adjustments | -3,684 | |
Goodwill | 603,737 | [1] |
United Kingdom [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 457,818 | [1] |
Goodwill, Acquired During Period | 0 | |
Goodwill, Translation Adjustments | -40,462 | |
Goodwill | 417,356 | [1] |
Hain Pure Protein [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | [1] |
Goodwill, Acquired During Period | 8,973 | |
Goodwill, Translation Adjustments | 0 | |
Goodwill | 8,973 | [1] |
All Other Segments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 69,224 | [1] |
Goodwill, Acquired During Period | 0 | |
Goodwill, Translation Adjustments | -5,701 | |
Goodwill | $63,523 | [1] |
[1] | The total carrying value of goodwill for all periods in the table above is reflected net of $42,029 of accumulated impairment charges recorded during fiscal 2009 which relate to the Company’s United Kingdom and Europe operating segments. |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Components Of Trademarks And Other Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net carrying amount | $622,467 | $651,482 |
Trademarks And Tradenames [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks and tradenames | 484,408 | 498,068 |
Other Intangibles [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangibles | 196,366 | 206,071 |
Less: accumulated amortization | ($58,307) | ($52,657) |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Amortization Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of All Intangible Assets including those not acquired in business combinations | $4,303 | $3,647 | $8,813 | $7,115 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Expected Amortization Expense Over Next Five Fiscal Years) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Estimated amortization expense, FY2015 | $17,377 |
Estimated amortization expense, FY2016 | 16,019 |
Estimated amortization expense, FY2017 | 15,775 |
Estimated amortization expense, FY2018 | 14,624 |
Estimated amortization expense, FY2019 | $12,739 |
Goodwill_And_Other_Intangible_6
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Impaired, Accumulated Impairment Loss | $42,029 |
Intangible assets deemed to have a finite life | $196,366 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 6 months |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 25 years |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Accrued expenses and other current liabilities | $81,857 | $84,906 |
Debt_and_Borrowings_Debt_and_B1
Debt and Borrowings Debt and Borrowings (Components of Debt) (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Senior notes outstanding | $150,000 | $150,000 |
Tilda Vendor Loan Note | 31,064 | 34,056 |
Capital Lease Obligations | 2,796 | 3,390 |
Long-term Debt | 875,192 | 867,923 |
Current portion of long-term debt | 89,347 | 100,096 |
Long-term debt, less current portion | 785,845 | 767,827 |
Revolving Credit Facility [Member] | ||
Debt Disclosure [Abstract] | ||
Line of Credit Facility, Amount Outstanding | 633,234 | 614,502 |
Tilda borrowing arrangement [Member] | ||
Debt Disclosure [Abstract] | ||
Line of Credit Facility, Amount Outstanding | $58,098 | $65,975 |
Debt_and_Borrowings_Narrative_
Debt and Borrowings (Narrative) (Details) | 6 Months Ended | 6 Months Ended | |||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | |
USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Eurocurrency Rate [Member] | Eurocurrency Rate [Member] | Base Rate [Member] | Base Rate [Member] | Tilda borrowing arrangement [Member] | Tilda borrowing arrangement [Member] | Tilda borrowing arrangement [Member] | |
USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | USD ($) | GBP (£) | USD ($) | |||
Line of Credit Facility [Line Items] | |||||||||||||
Aggregate principal amount of senior notes | $150,000,000 | ||||||||||||
Senior notes term, in years | 10 | ||||||||||||
Senior notes maturity date | 2-May-16 | ||||||||||||
Senior notes interest percentage | 5.98% | ||||||||||||
Senior notes outstanding | 150,000,000 | 150,000,000 | |||||||||||
Revolving credit facility | 1,000,000,000 | 52,000,000 | |||||||||||
Line Of Credit Potential Incremental Borrowing Capacity Post-Amendment | 350,000,000 | ||||||||||||
Revolving credit facility expiration date | 12-Dec-19 | ||||||||||||
Interest coverage ratio | 4 | ||||||||||||
Leverage ratio | 3.5 | ||||||||||||
Consolidated leverage ratio | 4 | ||||||||||||
Borrowings outstanding under credit agreement | $633,234,000 | $614,502,000 | $58,098,000 | $65,975,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.88% | 1.70% | 0.00% | 0.70% | |||||||||
Long-term Debt, Weighted Average Interest Rate | 1.68% | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | 0.30% | |||||||||||
Short-term Debt, Weighted Average Interest Rate | 2.80% | 2.80% |
Income_Taxes_Income_Taxes_Narr
Income Taxes Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent | 32.10% | 33.80% | 30.00% | 30.30% |
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | $5,334 | $0 | ||
UK Operating Loss Carryforwards And Deferred Tax Assets Valuation Allowances | 3,777 | 3,777 | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | 550 | |||
Hain Pure Protein [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | $5,334 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Other Comprehensive Income (Loss), Net of Tax | ($49,854) | $15,294 | ($109,078) | $58,208 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -48,950 | 58,208 | -48,950 | 58,208 | 60,128 | ||||
Intra-entity foreign currency transactions [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 20,058 | 4,449 | 43,106 | 15,934 | |||||
Accumulated Translation Adjustment [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -50,367 | [1] | 15,369 | [1] | -109,969 | [1] | 59,011 | [1] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | |||||
Other Comprehensive Income (Loss), Net of Tax | -49,854 | 15,294 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -109,078 | -109,078 | |||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -300 | -349 | -699 | -523 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | [2] | -143 | [2] | -189 | [2] | -143 | [2] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 234 | 311 | 234 | |||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2,919 | 715 | 4,429 | 260 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -2,106 | [3] | -298 | [3] | -2,650 | [3] | -397 | [3] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $2,700 | $396 | $3,415 | $528 | |||||
[1] | Foreign currency translation adjustments include intra-entity foreign currency transactions that are of a long-term investment nature of $20,058 and $4,449 for the three months ended December 31, 2014 and 2013, respectively, and $43,106 and $15,934 for the six months ended December 31, 2014 and 2013, respectively. | ||||||||
[2] | Amounts reclassified into income for deferred gains/(losses) on cash flow hedging instruments are recorded in “Cost of sales†in the Consolidated Statements of Income and, before taxes, were $2,700 and $396 for the three months ended December 31, 2014 and 2013, respectively, and $3,415 and $528 for the six months ended December 31, 2014 and 2013, respectively. | ||||||||
[3] | Amounts reclassified into income for gains on sale of available for sale investments were based on the average cost of the shares held (See Note 13). Such amounts are recorded in “Interest and other expenses, net†in the Condensed Consolidated Statements of Income and were $0 and $234 before taxes for the three months ended December 31, 2014 and 2013, respectively and $311 and $234 for the six months ended December 31, 2014 and 2013, respectively. |
Stock_Based_Compensation_And_I2
Stock Based Compensation And Incentive Performance Plans Stock Based Compensation And Incentive Performance Plans (Stock Plans Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other Labor-related Expenses | $1,916 | $1,084 | $3,262 | $3,368 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,959,254 | 1,959,254 | 2,674,290 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,115,958 | 1,115,958 | 1,258,744 |
Stock_Based_Compensation_And_I3
Stock Based Compensation And Incentive Performance Plans (Compensation Cost And Related Income Tax Benefits Recognized) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Compensation cost (included in selling, general and administrative expense) | $3,060 | $3,399 | $5,999 | $6,636 |
Related income tax benefit | $1,188 | $1,311 | $2,313 | $2,546 |
Stock_Based_Compensation_And_I4
Stock Based Compensation And Incentive Performance Plans (Summary Of Stock Option Activity) (Details) (USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options, Outstanding, Number (beginning of period) | 2,674,290 |
Options, Outstanding, Weighted Average Exercise Price (beginning of period) | $9.83 |
Options, Exercises in Period | -715,036 |
Options, Exercises in Period, Weighted Average Exercise Price | $13.61 |
Options, Outstanding, Number (end of period) | 1,959,254 |
Options, Outstanding, Weighted Average Exercise Price (end of period) | $8.45 |
Options, Exercisable, Number | 97,652,000 |
Options, Exercisable, Weighted Average Exercise Price | 2 years |
Stock_Based_Compensation_And_I5
Stock Based Compensation And Incentive Performance Plans (Schedule Of Cash Proceeds Received From Share-Based Payment Awards) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Intrinsic value of options exercised | $28,612 | $21,919 |
Cash received from stock option exercises | 9,728 | 5,556 |
Tax benefit recognized from stock option exercises | $11,109 | $8,548 |
Stock_Based_Compensation_And_I6
Stock Based Compensation And Incentive Performance Plans (Non-Vested Restricted Stock And Restricted Share Unit Awards) (Details) (USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 268,596 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $53.07 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested restricted stock and units - beginning of year, Number of Shares and Units | 1,258,744 |
Non-vested restricted stock and units - beginning of year, Weighted Average Grant Date Fair Value (per share) | $25.44 |
Vested, Number of Shares and Units | -396,308 |
Vested, Weighted Average Grant Date Fair Value (per share) | $26.79 |
Forfeited, Number of Shares and Units | -15,074 |
Forfeited, Weighted Average Grant Date Fair Value (per share) | $38.25 |
Non-vested restricted stock and units - end of year, Number of Shares and Units | 1,115,958 |
Non-vested restricted stock and units - end of year, Weighted Average Grant Date Fair Value (per share) | $31.45 |
Stock_Based_Compensation_And_I7
Stock Based Compensation And Incentive Performance Plans (Restricted Stock Grant Information) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Fair value of restricted stock and restricted stock units granted | $14,255 | $9,048 |
Fair value of shares vested | 21,121 | 19,737 |
Tax benefit recognized from restricted shares vesting | $8,223 | $7,469 |
Stock_Based_Compensation_And_I8
Stock Based Compensation And Incentive Performance Plans (Other Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jul. 03, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
CEO Grant July 2012 Share Tranche | 200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 268,596 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $0 | $0 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||||
LTIP Value Settled After Deducting Initial Equity Grants | 7,439 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 23,643 | 23,643 | ||||
Other Labor-related Expenses | $1,916 | $1,084 | $3,262 | $3,368 | ||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||||
Performance Based [Member] | Long Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 148,168 |
Stock_Based_Compensation_And_I9
Stock Based Compensation And Incentive Performance Plans Stock Based Compensation And Incentive Performance Plans (CEO July 2012 Grant) (Details) (USD $) | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jul. 03, 2012 | Jul. 03, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
CEO Grant July 2012 Total Shares | 800,000 | |
CEO Grant July 2012 Share Tranche | 200,000 | |
CEO Grant July 2012 Market Price Target Tranche 1 | $31.25 | |
CEO Grant July 2012 Market Price Target Tranche 2 | $36.25 | |
CEO Grant July 2012 Market Price Target Tranche 3 | $41.25 | |
CEO Grant July 2012 Market Price Target Tranche 4 | $50 | |
CEO Grant July 2012 Total Fair Value | $16,151 | |
CEO Grant July 2012 Weighted Average Period to Recognize Expense | 4 years |
Investments_And_Joint_Ventures1
Investments And Joint Ventures (Equity Method Investments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Equity Method Investments [Line Items] | |
Cost Method Investments | $2,734 |
Hutchison Hain Organic Holdings Limited [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Advances to affiliate | $842 |
Investments_And_Joint_Ventures2
Investments And Joint Ventures (Available for Sale Securities) (Details) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Cost-Method Investment, Percentage Of Ownership | 1.00% | |
Available For Sale Shares Sold in Period | 782,000 | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $311 | |
Available For Sale Shares Held | 2,290,738 | |
Available for sale securities | 2,996 | 5,314 |
Available-for-sale Securities, Amortized Cost Basis | $2,856 | $3,831 |
Financial_Instruments_Measured2
Financial Instruments Measured At Fair Value (Narrative) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value Disclosures [Abstract] | ||
Contingent Consideration Discrete Adjustment | $280 | |
Fair Value Inputs, Discount Rate | 4.00% | |
Derivative, Notional Amount | 39,600 | 69,431 |
Fair value amounts of foreign exchange derivative contracts, net assets (liabilities) | -1,456 | 777 |
Foreign exchange contracts, maturities | 12 months | |
Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net | 1,456 | -777 |
Discontinued foreign exchange hedges | 0 | |
Transfers Of Financial Instruments Between Levels | $0 |
Financial_Instruments_Measured3
Financial Instruments Measured At Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $21,900 | $31,902 |
Available for sale securities | 2,996 | 5,314 |
Assets total | 26,482 | 37,607 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 130 | 1,168 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 2,378 | 8,280 |
Liabilities total | 2,508 | 9,448 |
Fair Value Measurement Contingent Consideration Noncurrent | 2,378 | 2,669 |
Quoted Prices In Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 21,900 | 31,902 |
Available for sale securities | 2,996 | 5,314 |
Assets total | 24,896 | 37,216 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets total | 1,586 | 391 |
Liabilities total | 130 | 1,168 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 2,378 | 8,280 |
Liabilities total | 2,378 | 8,280 |
Forward Foreign Currency Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives designated as hedging instruments, assets | 1,586 | 391 |
Forward Foreign Currency Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives designated as hedging instruments, assets | 1,586 | 391 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $130 | $1,168 |
Financial_Instruments_Measured4
Financial Instruments Measured At Fair Value (Summary Of Level 3 Activity) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Contingent Consideration Discrete Adjustment | $280 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 8,280 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | -280 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | -5,477 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | -705 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 2,378 |
Business Acquisition, Contingent Consideration, Cash Payment, Financing | $5,477 |
Commitments_And_Contingencies_
Commitments And Contingencies Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | |||
Inventory Recall Expense | $7,267 | $6,000 | $30,111 |
Inventory Recall Expense, Product Returns | 15,773 | ||
Inventory Recall Expense, Inventory & Other Cost of Goods Sold | 9,429 | ||
Inventory Recall Expense, General & Administrative Costs | $4,909 |
Segment_Information_Segment_Da
Segment Information (Segment Data) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||
Total Acquisition & Restructuring Charges included in Corporate Segment | $359 | $523 | $1,662 | $1,248 | ||
Revenues | 696,383 | 534,879 | 1,327,640 | 1,012,363 | ||
Operating Income (Loss) | 74,012 | 64,313 | 102,839 | 104,085 | ||
United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 353,969 | 327,725 | 690,884 | 639,720 | ||
Operating Income (Loss) | 55,591 | 56,510 | 85,181 | 102,876 | ||
United Kingdom [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 200,797 | 146,051 | 373,076 | 260,046 | ||
Operating Income (Loss) | 12,263 | 12,001 | 17,858 | 13,912 | ||
Hain Pure Protein [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 86,216 | 0 | 156,886 | 0 | ||
Operating Income (Loss) | 7,715 | 0 | 11,534 | 0 | ||
All Other Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 55,401 | 61,103 | 106,794 | 112,597 | ||
Operating Income (Loss) | 5,613 | 3,996 | 6,248 | 6,444 | ||
Total Segment Operating Income [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | 81,182 | 72,507 | 120,821 | 123,232 | ||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income (Loss) | ($7,170) | [1] | ($8,194) | [1] | ($17,982) | ($19,147) |
[1] | Includes $359 and $523 of acquisition related expenses, restructuring and integration charges for the three months ended December 31, 2014 and 2013, respectively. Such expenses for the six months ended December 31, 2014 and 2013 were $1,662 and $1,248, respectively. Corporate and other also includes expense of $280 for contingent consideration adjustments (see Note 14) for the six months ended December 31, 2014. |
Segment_Information_Segment_In
Segment Information Segment Information (Revenue by Products) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Revenue from External Customer [Line Items] | ||||
Revenues | $696,383 | $534,879 | $1,327,640 | $1,012,363 |
Segment_Information_Segment_In1
Segment Information Segment Information (Long-lived Assets) (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | $150,588 | $139,919 |
Disclosure on Geographic Areas Long-Lived Assets | 370,282 | 375,864 |
CANADA | ||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 9,241 | 9,694 |
UNITED KINGDOM | ||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 186,385 | 198,505 |
Europe [Member] | ||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | $24,068 | $27,746 |
Segment_Information_Segment_In2
Segment Information Segment Information (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting [Abstract] | ||||
Total Acquisition & Restructuring Charges included in Corporate Segment | $359 | $523 | $1,662 | $1,248 |
Contingent Consideration Discrete Adjustment | $280 |