Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 04, 2016 | Dec. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 57,515 | ||
Entity Registrant Name | LANCASTER COLONY CORP | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding (in shares) | 27,423,693 | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Public Float | $ 2,138.9 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | |
Current Assets: | |||
Cash and equivalents | $ 118,080 | $ 182,202 | |
Receivables (less allowance for doubtful accounts, 2016-$125; 2015-$206) | 66,006 | 62,437 | |
Inventories: | |||
Raw materials | 26,153 | 30,655 | |
Finished goods | 49,944 | 47,244 | |
Total inventories | 76,097 | 77,899 | |
Other current assets | 7,644 | 7,672 | |
Total current assets | 267,827 | 330,210 | |
Property, Plant and Equipment: | |||
Land, buildings and improvements | 116,858 | 113,844 | |
Machinery and equipment | 263,336 | 253,143 | |
Total cost | 380,194 | 366,987 | |
Less accumulated depreciation | 210,599 | 194,676 | |
Property, plant and equipment-net | 169,595 | 172,311 | |
Other Assets: | |||
Goodwill | 143,788 | 143,788 | |
Other intangible assets - net | 44,866 | 47,771 | |
Other noncurrent assets | 8,656 | 8,076 | |
Total | [1],[2] | 634,732 | 702,156 |
Current Liabilities: | |||
Accounts payable | 39,931 | 38,823 | |
Accrued liabilities | 33,072 | 35,821 | |
Total current liabilities | 73,003 | 74,644 | |
Other Noncurrent Liabilities | 26,698 | 23,654 | |
Deferred Income Taxes | 21,433 | 22,940 | |
Commitments and Contingencies | |||
Shareholders' Equity: | |||
Preferred stock-authorized 3,050,000 shares; outstanding-none | |||
Common stock-authorized 75,000,000 shares; outstanding-2016-27,423,550 shares; 2015-27,360,581 shares | 110,677 | 107,767 | |
Retained earnings | 1,150,337 | 1,219,119 | |
Accumulated other comprehensive loss | (11,350) | (10,057) | |
Common stock in treasury, at cost | (736,066) | (735,911) | |
Total shareholders' equity | 513,598 | 580,918 | |
Total | $ 634,732 | $ 702,156 | |
[1] | Net sales and long-lived assets are predominately domestic. | ||
[2] | Segment identifiable assets include those assets used in its operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The decline in Corporate assets from JuneĀ 30, 2015 to June 30, 2016 was due to the decrease in cash resulting from the payment of the December 2015 special dividend. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 125 | $ 206 |
Preferred stock, shares authorized (in shares) | 3,050,000 | 3,050,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares outstanding (in shares) | 27,423,550 | 27,360,581 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Income Statement [Abstract] | ||||||
Net Sales | $ 1,191,109 | $ 1,104,514 | $ 1,041,075 | |||
Cost of Sales | 891,480 | 846,822 | 792,507 | |||
Gross Profit | 299,629 | 257,692 | 248,568 | |||
Selling, General and Administrative Expenses | 115,059 | 102,831 | 94,801 | |||
Operating Income | [1] | 184,570 | 154,861 | 153,767 | ||
Other, Net | 63 | (309) | (488) | |||
Income From Continuing Operations Before Income Taxes | 184,633 | 154,552 | 153,279 | |||
Taxes Based on Income | 62,869 | 52,866 | 52,293 | |||
Income From Continuing Operations | 121,764 | 101,686 | 100,986 | |||
Discontinued Operations, Net of Tax: | ||||||
Income from discontinued operations | 0 | 0 | 3,058 | |||
Loss on sale of discontinued operations | 0 | 0 | (29,058) | |||
Total discontinued operations | 0 | 0 | (26,000) | |||
Net Income | $ 121,764 | $ 101,686 | $ 74,986 | |||
Income Per Common Share From Continuing Operations: | ||||||
Basic (in dollars per share) | $ 4.45 | $ 3.72 | $ 3.70 | |||
Diluted (in dollars per share) | 4.44 | 3.72 | 3.69 | |||
Loss Per Common Share From Discontinued Operations: | ||||||
Basic and diluted (in dollars per share) | 0 | 0 | (0.95) | |||
Net Income Per Common Share: | ||||||
Basic (in dollars per share) | 4.45 | 3.72 | 2.75 | |||
Diluted (in dollars per share) | $ 4.44 | [2] | $ 3.72 | [2] | $ 2.74 | |
Weighted Average Common Shares Outstanding: | ||||||
Basic (in shares) | 27,336 | 27,300 | 27,264 | |||
Diluted (in shares) | 27,373 | 27,327 | 27,308 | |||
[1] | All intercompany transactions have been eliminated. | |||||
[2] | Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 121,764 | $ 101,686 | $ 74,986 |
Defined Benefit Pension and Postretirement Benefit Plans: | |||
Net (loss) gain arising during the period, before tax | (4,200) | (3,563) | 96 |
Prior service credit arising during the period, before tax | 1,770 | 0 | 0 |
Amortization of loss, before tax | 505 | 401 | 433 |
Amortization of prior service credit, before tax | (126) | (5) | (5) |
Total Other Comprehensive (Loss) Income, Before Tax | (2,051) | (3,167) | 524 |
Tax Attributes of Items in Other Comprehensive (Loss) Income: | |||
Net (loss) gain arising during the period, tax | 1,551 | 1,318 | (36) |
Prior service credit arising during the period, tax | (654) | 0 | 0 |
Amortization of loss, tax | (186) | (149) | (160) |
Amortization of prior service credit, tax | 47 | 2 | 2 |
Total Tax Benefit (Expense) | 758 | 1,171 | (194) |
Other Comprehensive (Loss) Income, Net of Tax | (1,293) | (1,996) | 330 |
Comprehensive Income | $ 120,471 | $ 99,690 | $ 75,316 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows From Operating Activities: | |||
Net income | $ 121,764 | $ 101,686 | $ 74,986 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 24,147 | 21,111 | 20,407 |
Deferred income taxes and other noncash changes | (525) | 306 | 2,720 |
Stock-based compensation expense | 3,326 | 3,040 | 2,472 |
Excess tax benefit from stock-based compensation | (1,417) | (563) | (1,020) |
Gain on sale of property | 0 | 0 | (6) |
Loss on sale of discontinued operations | 0 | 0 | 44,033 |
Pension plan activity | (296) | (591) | (243) |
Changes in operating assets and liabilities: | |||
Receivables | (3,547) | (1,900) | (6,881) |
Inventories | 1,802 | 366 | 1,122 |
Other current assets | 1,445 | 5,229 | (1,147) |
Accounts payable and accrued liabilities | (4,114) | 4,088 | (7,352) |
Net cash provided by operating activities | 142,585 | 132,772 | 129,091 |
Cash Flows From Investing Activities: | |||
Cash paid for acquisition, net of cash acquired | (12) | (92,217) | 0 |
Payments for property additions | (16,671) | (18,298) | (15,961) |
Proceeds from sale of property | 0 | 0 | 6 |
Proceeds from sale of discontinued operations | 0 | 0 | 25,610 |
Other-net | (740) | (1,810) | (1,180) |
Net cash (used in) provided by investing activities | (17,423) | (112,325) | 8,475 |
Cash Flows From Financing Activities: | |||
Purchase of treasury stock | (155) | (569) | (3,120) |
Payment of dividends (including special dividend payment, 2016-$136,677; 2015-$0; 2014-$0) | (190,546) | (49,778) | (46,988) |
Excess tax benefit from stock-based compensation | 1,417 | 563 | 1,020 |
Decrease in cash overdraft balance | 0 | 0 | (324) |
Net cash used in financing activities | (189,284) | (49,784) | (49,412) |
Net change in cash and equivalents | (64,122) | (29,337) | 88,154 |
Cash and equivalents at beginning of year | 182,202 | 211,539 | 123,385 |
Cash and equivalents at end of year | $ 118,080 | $ 182,202 | $ 211,539 |
Consolidated Statements Of Cas7
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | |||
Special dividend payment | $ 136,677 | $ 0 | $ 0 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Balance (in shares) at Jun. 30, 2013 | 27,324,000 | ||||
Balance at Jun. 30, 2013 | $ 501,222 | $ 102,622 | $ 1,139,213 | $ (8,391) | $ (732,222) |
Net income | 74,986 | 74,986 | |||
Net pension and postretirement benefit gains (losses), net of tax effect | 330 | 330 | |||
Cash dividends - common stock | (46,988) | (46,988) | |||
Purchase of treasury stock (in shares) | (42,000) | ||||
Purchase of treasury stock | (3,120) | (3,120) | |||
Stock-based plans, including excess tax benefits (in shares) | 57,000 | ||||
Stock-based plans, including excess tax benefits | (305) | $ (305) | |||
Stock-based compensation expense | 2,472 | $ 2,472 | |||
Balance (in shares) at Jun. 30, 2014 | 27,339,000 | ||||
Balance at Jun. 30, 2014 | 528,597 | $ 104,789 | 1,167,211 | (8,061) | (735,342) |
Net income | 101,686 | 101,686 | |||
Net pension and postretirement benefit gains (losses), net of tax effect | (1,996) | (1,996) | |||
Cash dividends - common stock | (49,778) | (49,778) | |||
Purchase of treasury stock (in shares) | (6,000) | ||||
Purchase of treasury stock | (569) | (569) | |||
Stock-based plans, including excess tax benefits (in shares) | 28,000 | ||||
Stock-based plans, including excess tax benefits | (62) | $ (62) | |||
Stock-based compensation expense | $ 3,040 | $ 3,040 | |||
Balance (in shares) at Jun. 30, 2015 | 27,360,581 | 27,361,000 | |||
Balance at Jun. 30, 2015 | $ 580,918 | $ 107,767 | 1,219,119 | (10,057) | (735,911) |
Net income | 121,764 | 121,764 | |||
Net pension and postretirement benefit gains (losses), net of tax effect | (1,293) | (1,293) | |||
Cash dividends - common stock | (190,546) | (190,546) | |||
Purchase of treasury stock (in shares) | (2,000) | ||||
Purchase of treasury stock | (155) | (155) | |||
Stock-based plans, including excess tax benefits (in shares) | 65,000 | ||||
Stock-based plans, including excess tax benefits | (416) | $ (416) | |||
Stock-based compensation expense | $ 3,326 | $ 3,326 | |||
Balance (in shares) at Jun. 30, 2016 | 27,423,550 | 27,424,000 | |||
Balance at Jun. 30, 2016 | $ 513,598 | $ 110,677 | $ 1,150,337 | $ (11,350) | $ (736,066) |
Consolidated Statements Of Sha9
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax effect included in net pension and postretirement benefit (losses) gains | $ (758) | $ (1,171) | $ 194 |
Common stock, dividends per share (in dollars per share) | $ 6.96 | $ 1.82 | $ 1.72 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as āwe,ā āus,ā āour,ā āregistrant,ā or the āCompany.ā Intercompany transactions and accounts have been eliminated in consolidation. Our fiscal year begins on July 1 and ends on June 30. Unless otherwise noted, references to āyearā pertain to our fiscal year; for example, 2016 refers to fiscal 2016 , which is the period from July 1, 2015 to June 30, 2016 . Discontinued Operations On January 30, 2014, we sold effectively all of the net operating assets of our candle manufacturing and marketing operations. The financial results of these operations for 2014 are reported as discontinued operations. See further discussion and disclosure about discontinued operations in Note 3. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (āGAAPā) requires that we make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates included in these consolidated financial statements include allowances for customer deductions, net realizable value of inventories, useful lives for the calculation of depreciation and amortization, distribution accruals, pension and postretirement assumptions and self-insurance accruals. Actual results could differ from these estimates. Cash and Equivalents We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The carrying amounts of our cash and equivalents, including money market funds and commercial paper, approximate fair value due to their short maturities and are considered level 1 investments, which have quoted market prices in active markets for identical assets. As a result of our cash management system, checks issued but not presented to the banks for payment may create negative book cash balances. When such negative balances exist, they are included in Accrued Liabilities. Receivables and Related Allowances We evaluate the adequacy of our allowances for customer deductions considering several factors including historical experience, specific trade programs and existing customer relationships. We also provide an allowance for doubtful accounts based on the aging of accounts receivable balances, historical write-off experience and on-going reviews of our trade receivables. Measurement of potential losses requires credit review of existing customer relationships, consideration of historical loss experience, including the need to adjust for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates and the economic health of customers. Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and equivalents and trade accounts receivable. By policy, we limit the amount of credit exposure to any one institution or issuer. Our concentration of credit risk with respect to trade accounts receivable is mitigated by our credit evaluation process and by having a large and diverse customer base. However, see Note 10 with respect to our accounts receivable with Wal-Mart Stores, Inc. and McLane Company, Inc., a wholesale distribution subsidiary of Berkshire Hathaway, Inc. Inventories Inventories are valued at the lower of cost or market and are costed by various methods that approximate actual cost on a first-in, first-out basis. Due to the nature of our business, work in process inventory is not a material component of inventory. When necessary, we provide allowances to adjust the carrying value of our inventory to the lower of cost or net realizable value, including any costs to sell or dispose. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates about the future demand for our products. The estimates as to future demand used in the valuation of inventory are subject to the ongoing success of our products and may differ from actual due to factors such as changes in customer and consumer demand. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation, except for those acquired as part of a business combination, which are stated at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Estimated useful lives for buildings and improvements range generally from 10 to 40 years while machinery and equipment range generally from 3 to 15 years. For tax purposes, we generally compute depreciation using accelerated methods. Purchases of property, plant and equipment included in accounts payable and excluded from the property additions and the change in accounts payable in the Consolidated Statements of Cash Flows at June 30 were as follows: 2016 2015 2014 Construction in progress in accounts payable $ 1,000 $ 189 $ 2,755 The following table sets forth depreciation expense in each of the years ended June 30: 2016 2015 2014 Depreciation expense $ 20,114 $ 18,867 $ 17,419 Long-Lived Assets We monitor the recoverability of the carrying value of our long-lived assets by periodically considering whether indicators of impairment are present. If such indicators are present, we determine if the assets are recoverable by comparing the sum of the undiscounted future cash flows to the assetsā carrying amounts. Our cash flows are based on historical results adjusted to reflect our best estimate of future market and operating conditions. If the carrying amounts are greater, then the assets are not recoverable. In that instance, we compare the carrying amounts to the fair value to determine the amount of the impairment to be recorded. Goodwill and Other Intangible Assets Goodwill is not amortized. It is evaluated annually at April 30, by applying impairment testing procedures, as appropriate. Other intangible assets are amortized on a straight-line basis over their estimated useful lives to Selling, General and Administrative Expenses. We evaluate the future economic benefit of the recorded goodwill and other intangible assets when events or circumstances indicate potential recoverability concerns. Carrying amounts are adjusted appropriately when determined to have been impaired. See further discussion regarding goodwill and other intangible assets in Note 7. Accrued Distribution We incur various freight and other related costs associated with shipping products to our customers and warehouses. We provide accruals for unbilled shipments from carriers utilizing historical or projected freight rates and other relevant information. Accruals for Self-Insurance Self-insurance accruals are made for certain claims associated with employee health care, workersā compensation and general liability insurance. These accruals include estimates that are primarily based on historical loss development factors. Shareholdersā Equity We are authorized to issue 3,050,000 shares of preferred stock consisting of 750,000 shares of Class A Participating Preferred Stock with $1.00 par value, 1,150,000 shares of Class B Voting Preferred Stock without par value and 1,150,000 shares of Class C Nonvoting Preferred Stock without par value. Our Board of Directors approved a share repurchase authorization of 2,000,000 shares in November 2010. At June 30, 2016 , 1,418,152 shares remained authorized for future purchase. Revenue Recognition We recognize revenue upon transfer of title and risk of loss, provided that evidence of an arrangement exists, pricing is fixed or determinable, and collectability is probable. Net sales are recorded net of estimated sales discounts, returns, trade promotions and certain other sales incentives, including coupon redemptions and rebates. Advertising Expense We expense advertising as it is incurred. The following table summarizes advertising expense as a percentage of net sales in each of the years ended June 30: 2016 2015 2014 Advertising expense as a percentage of net sales 3 % 2 % 2 % Distribution Costs Distribution fees billed to customers are included in Net Sales, while our distribution costs incurred are included in Cost of Sales. Stock-Based Employee Compensation Plans We account for our stock-based employee compensation plans in accordance with GAAP for stock-based compensation, which requires the measurement and recognition of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of the employee services is recognized as compensation expense over the period that an employee provides service in exchange for the award, which is typically the vesting period. As our previous plan expired in May 2015, we obtained shareholder approval of a new plan at our November 2015 Annual Meeting of Shareholders. See further discussion and disclosure in Note 11. Income Taxes Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect managementās best assessment of estimated future taxes to be paid. We are subject to income taxes in numerous domestic jurisdictions. Our annual tax rate is determined based on our income, statutory tax rates and the permanent tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Realization of certain deferred tax assets is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Although realization is not assured, management believes it is more likely than not that our deferred tax assets will be realized and thus we have not recorded any valuation allowance for the years ended June 30, 2016 or 2015 . In accordance with accounting literature related to uncertainty in income taxes, tax benefits and liabilities from uncertain tax positions that are recognized in the financial statements are measured based on the largest attribute that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on our results of operations, cash flows or financial position. See further discussion in Note 9. Earnings Per Share Earnings per share (āEPSā) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock and stock-settled stock appreciation rights) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock and stock-settled stock appreciation rights. Basic and diluted income per common share from continuing operations were calculated as follows: 2016 2015 2014 Income from continuing operations $ 121,764 $ 101,686 $ 100,986 Income from continuing operations available to participating securities (242 ) (143 ) (174 ) Income from continuing operations available to common shareholders $ 121,522 $ 101,543 $ 100,812 Weighted average common shares outstanding - basic 27,336 27,300 27,264 Incremental share effect from: Nonparticipating restricted stock 3 3 3 Stock-settled stock appreciation rights 34 24 41 Weighted average common shares outstanding - diluted 27,373 27,327 27,308 Income per common share from continuing operations - basic $ 4.45 $ 3.72 $ 3.70 Income per common share from continuing operations - diluted $ 4.44 $ 3.72 $ 3.69 Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income is composed of two subsets ā net income and other comprehensive income (loss). Included in other comprehensive income (loss) are pension and postretirement benefits adjustments. The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: 2016 2015 Accumulated other comprehensive loss at beginning of year $ (10,057 ) $ (8,061 ) Defined Benefit Pension Plan Items: Net loss arising during the period (4,409 ) (3,408 ) Amortization of unrecognized net loss (1) 539 429 Postretirement Benefit Plan Items: Net gain (loss) arising during the period (2) 209 (155 ) Prior service credit arising during the period (2) 1,770 ā Amortization of unrecognized net gain (1) (34 ) (28 ) Amortization of prior service credit (1) (126 ) (5 ) Total other comprehensive loss, before tax (2,051 ) (3,167 ) Total tax benefit 758 1,171 Other comprehensive loss, net of tax (1,293 ) (1,996 ) Accumulated other comprehensive loss at end of year $ (11,350 ) $ (10,057 ) (1) Included in the computation of net periodic benefit income/cost. See Notes 12 and 13 for additional information. (2) Includes a negative plan amendment and subsequent remeasurement. See Note 13 for additional information. Recently Issued Accounting Standards In July 2015, the Financial Accounting Standards Board (āFASBā) issued new accounting guidance which requires entities to measure most inventory āat the lower of cost or net realizable value,ā thereby simplifying current guidance. Under current guidance an entity must measure inventory at the lower of cost or market, where market is defined as one of three different measures, one of which is net realizable value. We will adopt this guidance on a prospective basis in fiscal 2017 including interim periods. We do not believe it will have a material impact on our consolidated financial statements. In March 2016, the FASB issued new accounting guidance to simplify the accounting for stock-based compensation. The amendments include changes to the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance will be effective for us in fiscal 2018 including interim periods. The transition method that will be applied on adoption varies for each of the amendments. We are currently evaluating the impact of this guidance. In May 2014, the FASB issued new accounting guidance for the recognition of revenue under the principle: āRecognize revenue to depict the transfer of 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.ā The guidance will be effective for us in fiscal 2019 including interim periods and will require either retrospective application to each prior period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. The FASB issued subsequent clarifications of this new accounting guidance in 2016. We are currently evaluating the impact of this guidance. In February 2016, the FASB issued new accounting guidance to require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The updated guidance retains the two classifications of a lease as either an operating or finance lease (previously referred to as a capital lease). Both lease classifications require the lessee to record a right-of-use asset and a lease liability based upon the present value of the lease payments. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The updated guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the consolidated financial statements. The guidance will be effective for us in fiscal 2020 including interim periods using a modified retrospective approach. We are currently evaluating the impact of this guidance. Recently Adopted Accounting Standards In November 2015, the FASB issued new accounting guidance which requires deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will only have one net noncurrent deferred tax asset or liability. This guidance may be applied on either a prospective or retrospective basis and is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. We adopted this guidance effective December 31, 2015 using a retrospective basis of adoption. With the adoption, our net deferred tax liability for all periods presented in the Consolidated Balance Sheets has been classified as noncurrent. For June 30, 2015, the reclassification of $12.8 million of current deferred tax assets to noncurrent liabilities caused the Other Current Assets line to change from $20.5 million to $7.7 million and the Deferred Income Taxes line to change from $35.7 million to $22.9 million . As this guidance only relates to balance sheet classification, there was no impact on the Consolidated Statements of Income. In September 2015, the FASB issued new accounting guidance which allows entities to prospectively reflect adjustments made to provisional amounts recognized for a business combination during the measurement period. Under the current guidance these adjustments need to be reflected retrospectively as if the accounting had been completed at the acquisition date. The guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 but can be adopted early if financial statements have not been issued. We adopted this guidance effective July 1, 2015, and it did not have a material impact on our consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On March 13, 2015, we acquired all of the issued and outstanding capital stock of Flatout Holdings, Inc. (āFlatoutā), a privately owned manufacturer and marketer of flatbread wraps and pizza crusts based in Saline, Michigan. The purchase price, net of cash acquired, was $92.2 million and was funded by cash on hand. The purchase price was subject to a net working capital adjustment, which was settled in July 2015. Flatout is reported in our Specialty Foods segment, and its results of operations have been included in our consolidated financial statements from the date of acquisition. The following purchase price allocation was based on the fair value of the net assets acquired: Balance Sheet Captions Allocation Receivables $ 2,479 Inventories 3,749 Other current assets 212 Property, plant and equipment 6,937 Goodwill (not tax deductible) 53,948 Other intangible assets 44,000 Current liabilities (2,445 ) Deferred tax liabilities (16,651 ) Net assets acquired $ 92,229 The goodwill recognized above arose because the purchase price for Flatout reflected a number of factors including the future earnings and cash flow potential of Flatout and the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our existing product offerings and enter the supermarket deli department. Goodwill also resulted from the workforce acquired with Flatout, as well as the impact of deferred tax liabilities established on the acquired assets. We determined the values and lives of the other intangible assets listed in the allocation above as: $34.5 million for the tradename with a 30 -year life; $5.0 million for the customer relationships with a 10 -year life; $3.9 million for the technology / know-how with a 10 -year life and $0.6 million for the non-compete agreements with a 5 -year life. Pro forma results of operations have not been presented herein as the acquisition was not considered material to our 2015 results of operations. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On January 30, 2014, we sold effectively all of the net operating assets of our candle manufacturing and marketing operations for $28 million in cash. Net proceeds from the sale, after post-closing adjustments and transaction costs, totaled $25.6 million . The transaction resulted in a pretax loss of $44.0 million and a tax benefit of $15.0 million , which were recorded in the year ended June 30, 2014. The financial results of these operations for 2014 are reported as discontinued operations. The discontinued operations, previously included in our Glassware and Candles segment, had net sales of $89.4 million and a pretax loss of $39.4 million , including the pretax loss on sale, for the year ended June 30, 2014. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt At June 30, 2015 , we had an unsecured credit facility under which we could borrow, on a revolving credit basis, up to a maximum of $120 million at any one time, with potential to expand the total credit availability to $200 million subject to us obtaining consent of the issuing banks and certain other conditions. On April 8, 2016, we entered into a new unsecured revolving credit facility (āNew Credit Facilityā), which replaced the facility discussed above. The material terms and covenants of the New Credit Facility are substantially similar to our previous credit facility. The New Credit Facility provides that we may borrow, on a revolving credit basis, up to a maximum of $150 million at any one time, with potential to expand the total credit availability to $225 million subject to us obtaining consent of the issuing banks and certain other conditions. The New Credit Facility expires on April 8, 2021 , and all outstanding amounts are then due and payable. Interest is variable based upon formulas tied to LIBOR or an alternative base rate defined in the New Credit Facility, at our option. We must also pay facility fees that are tied to our then-applicable consolidated leverage ratio. Loans may be used for general corporate purposes. Due to the nature of its terms, when we have outstanding borrowings under the New Credit Facility, they will be classified as long-term debt. At June 30, 2016 and 2015 , we had no borrowings outstanding under these facilities. At June 30, 2016 , we had $4.7 million of standby letters of credit outstanding, which reduced the amount available for borrowing on the New Credit Facility. We paid no interest in 2016 and 2015 . The New Credit Facility contains certain restrictive covenants, including limitations on indebtedness, asset sales and acquisitions. There are two principal financial covenants: an interest expense test that requires us to maintain an interest coverage ratio not less than 2.5 to 1 at the end of each fiscal quarter; and an indebtedness test that requires us to maintain a consolidated leverage ratio not greater than 3 to 1 at all times. The interest coverage ratio is calculated by dividing Consolidated EBIT by Consolidated Interest Expense, and the leverage ratio is calculated by dividing Consolidated Debt by Consolidated EBITDA. All financial terms used in the covenant calculations are defined more specifically in the New Credit Facility. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment, which expire at various dates through fiscal year 2027 . Certain of these leases contain renewal options, some provide options to purchase during the lease term and some require contingent rentals. The future minimum rental commitments due under these leases are summarized as follows: 2017 $ 4,810 2018 $ 4,277 2019 $ 4,337 2020 $ 2,472 2021 $ 1,618 Thereafter $ 5,789 Total rent expense, including short-term cancelable leases, during the years ended June 30 is summarized as follows: 2016 2015 2014 Operating leases: Minimum rentals $ 5,298 $ 5,036 $ 5,079 Contingent rentals 11 6 86 Short-term cancelable leases 1,611 900 793 Total $ 6,920 $ 5,942 $ 5,958 |
Contingencies
Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies In addition to the items discussed below, at June 30, 2016 , we were a party to various claims and litigation matters arising in the ordinary course of business. Such matters did not have a material effect on the current-year results of operations and, in our opinion, their ultimate disposition will not have a material effect on our consolidated financial statements. 21% of our employees are represented under various collective bargaining contracts. We are currently renegotiating the labor contract for our Bedford Heights, Ohio plant facility, which produces various garlic bread products. This labor contract expired on April 30, 2016. 7% of our employees are represented under this collective bargaining contract. The labor contract for one of our Columbus, Ohio plant facilities, which produces various dressing products, will expire on March 5, 2017. 9% of our employees are represented under this collective bargaining contract. While we believe that labor relations with employees under collective bargaining contracts are satisfactory, a prolonged labor dispute could have a material effect on our business and results of operations. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill attributable to the Specialty Foods segment was $143.8 million at June 30, 2016 and 2015 . The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment, at June 30. 2016 2015 Tradename (30-year life) Gross carrying value $ 34,500 $ 34,500 Accumulated amortization (1,485 ) (365 ) Net carrying value $ 33,015 $ 34,135 Trademarks (40-year life) Gross carrying value $ 370 $ 370 Accumulated amortization (232 ) (223 ) Net carrying value $ 138 $ 147 Customer Relationships (10 to 15-year life) Gross carrying value $ 18,020 $ 18,020 Accumulated amortization (10,148 ) (8,882 ) Net carrying value $ 7,872 $ 9,138 Technology / Know-how (10-year life) Gross carrying value $ 3,900 $ 3,900 Accumulated amortization (504 ) (114 ) Net carrying value $ 3,396 $ 3,786 Non-compete Agreements (5-year life) Gross carrying value $ 600 $ 600 Accumulated amortization (155 ) (35 ) Net carrying value $ 445 $ 565 Total net carrying value $ 44,866 $ 47,771 Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows in each of the years ended June 30: 2016 2015 2014 Amortization expense $ 2,905 $ 1,605 $ 946 Total annual amortization expense for each of the next five years is estimated to be as follows: 2017 $ 2,764 2018 $ 2,764 2019 $ 2,764 2020 $ 2,729 2021 $ 2,644 |
Liabilities
Liabilities | 12 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Liabilities | Liabilities Accrued liabilities at June 30 were composed of: 2016 2015 Compensation and employee benefits $ 21,565 $ 21,969 Distribution 4,450 5,445 Other taxes 1,266 1,182 Marketing 1,107 1,830 Other 4,684 5,395 Total accrued liabilities $ 33,072 $ 35,821 Other noncurrent liabilities at June 30 were composed of: 2016 2015 Workers compensation $ 9,534 $ 8,477 Gross tax contingency reserve 1,599 1,487 Pension benefit liability 8,613 5,070 Postretirement benefit liability 939 2,806 Deferred compensation and accrued interest 4,655 4,411 Other 1,358 1,403 Total other noncurrent liabilities $ 26,698 $ 23,654 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We file a consolidated federal income tax return. Taxes based on income from continuing operations for the years ended June 30 have been provided as follows: 2016 2015 2014 Currently payable: Federal $ 57,116 $ 47,601 $ 48,718 State and local 6,502 5,229 4,526 Total current provision 63,618 52,830 53,244 Deferred federal, state and local (benefit) provision (749 ) 36 (951 ) Total taxes based on income $ 62,869 $ 52,866 $ 52,293 Certain tax benefits recorded directly to common stock for each of the years ended June 30 were as follows: 2016 2015 2014 Tax benefits recorded directly to common stock $ 1,417 $ 563 $ 1,020 For the years ended June 30, our effective tax rate varied from the statutory federal income tax rate as a result of the following factors: 2016 2015 2014 Statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 2.3 2.2 2.0 ESOP dividend deduction (0.4 ) (0.2 ) (0.2 ) Domestic manufacturing deduction for qualified income (3.0 ) (3.0 ) (3.0 ) Other 0.2 0.2 0.3 Effective rate 34.1 % 34.2 % 34.1 % As referenced in Note 1, we adopted new accounting guidance for deferred taxes effective December 31, 2015. Our net deferred tax liability for all periods presented in the Consolidated Balance Sheets has been classified as noncurrent. The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30 were comprised of: 2016 2015 Deferred tax assets: Inventories $ 1,034 $ 1,179 Employee medical and other benefits 12,533 11,135 Receivable and other allowances 5,626 5,652 Other accrued liabilities 1,740 2,229 Total deferred tax assets 20,933 20,195 Deferred tax liabilities: Property, plant and equipment (21,573 ) (22,968 ) Intangible assets (14,555 ) (15,223 ) Goodwill (6,117 ) (4,869 ) Other (121 ) (75 ) Total deferred tax liabilities (42,366 ) (43,135 ) Net deferred tax liability $ (21,433 ) $ (22,940 ) Prepaid federal income taxes of $4.3 million and $3.8 million were included in Other Current Assets at June 30, 2016 and 2015 , respectively. Prepaid state and local income taxes of $0.5 million and $0.6 million were included in Other Current Assets at June 30, 2016 and 2015 , respectively. Cash payments for income taxes for each of the years ended June 30 were as follows: 2016 2015 2014 Cash payments for income taxes $ 62,901 $ 43,027 $ 37,277 The gross tax contingency reserve at June 30, 2016 was $1.6 million and consisted of estimated tax liabilities of $1.0 million and interest and penalties of $0.6 million . The unrecognized tax benefits recorded as the gross tax contingency reserve noted in the following table for June 30, 2016 and 2015 would affect our effective tax rate, if recognized. The following table sets forth changes in our total gross tax contingency reserve (including interest and penalties): 2016 2015 Balance, beginning of year $ 1,487 $ 963 Tax positions related to the current year: Additions 54 54 Reductions ā ā Tax positions related to prior years: Additions 121 516 Reductions (63 ) (46 ) Settlements ā ā Balance, end of year $ 1,599 $ 1,487 We have not classified any of the gross tax contingency reserve at June 30, 2016 as a current liability as none of these amounts are expected to be resolved within the next 12 months. Consequently, the entire liability of $1.6 million was included in other noncurrent liabilities. We expect that the amount of these liabilities will change within the next 12 months; however, we do not expect the change to have a significant effect on our financial position or results of operations. We recognize interest and penalties related to these tax liabilities in income tax expense. For each of the years ended June 30, we recognized the change in the accrual for net tax-related interest and penalties as follows: 2016 2015 Expense recognized for net tax-related interest and penalties $ 92 $ 87 We had accrued interest and penalties at June 30 as follows: 2016 2015 Accrued interest and penalties included in the gross tax contingency reserve $ 571 $ 479 We file income tax returns in the U.S. and various state and local jurisdictions. With limited exceptions, we are no longer subject to examination of U.S. federal or state and local income taxes for years prior to 2013 . The American Jobs Creation Act provided a tax deduction calculated as a percentage of qualified income from manufacturing in the United States. The deduction percentage for 2016 was 9% . In accordance with FASB guidance, this deduction is treated as a special deduction, as opposed to a tax rate reduction and is properly reflected in the effective tax rate table. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information We operate our business in one reportable segment, āSpecialty Foods.ā Our management evaluates segment performance based on sales and operating income. The following table sets forth information with respect to the amount of net sales contributed by each class of similar products of our consolidated net sales in each of the years ended June 30: 2016 2015 2014 Specialty Foods Non-frozen $ 818,716 $ 741,726 $ 681,872 Frozen 372,393 362,788 359,203 Total $ 1,191,109 $ 1,104,514 $ 1,041,075 Our Corporate Expenses include various expenses of a general corporate nature, as well as costs related to certain divested or closed nonfood operations, including the expense associated with retirement plans applicable to those closed units, and therefore have not been allocated to the Specialty Foods segment. The following sets forth certain additional financial segment information of continuing operations for the years ended June 30 and certain items retained at the corporate level: 2016 2015 2014 Net Sales (1) (2) $ 1,191,109 $ 1,104,514 $ 1,041,075 Operating Income (2) Specialty Foods $ 196,592 $ 167,095 $ 165,383 Corporate Expenses (12,022 ) (12,234 ) (11,616 ) Total $ 184,570 $ 154,861 $ 153,767 Identifiable Assets (1) (3) Specialty Foods $ 515,553 $ 514,605 $ 405,416 Corporate 119,179 187,551 221,885 Total $ 634,732 $ 702,156 $ 627,301 Capital Expenditures Specialty Foods $ 16,652 $ 18,230 $ 15,578 Corporate 19 68 67 Total $ 16,671 $ 18,298 $ 15,645 Depreciation and Amortization Specialty Foods $ 24,001 $ 20,929 $ 18,785 Corporate 146 182 208 Total $ 24,147 $ 21,111 $ 18,993 (1) Net sales and long-lived assets are predominately domestic. (2) All intercompany transactions have been eliminated. (3) Segment identifiable assets include those assets used in its operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The decline in Corporate assets from June 30, 2015 to June 30, 2016 was due to the decrease in cash resulting from the payment of the December 2015 special dividend. Net sales attributable to McLane Company, Inc. (āMcLaneā), a wholesale distribution subsidiary of Berkshire Hathaway, Inc., and Wal-Mart Stores, Inc. (āWal-Martā) for each of the years ended June 30 were as follows: 2016 2015 2014 Net sales to McLane $ 232,241 $ 202,218 $ 186,817 As a percentage of consolidated net sales 19 % 18 % 18 % Net sales to Wal-Mart $ 189,417 $ 177,354 $ 175,388 As a percentage of consolidated net sales 16 % 16 % 17 % Accounts receivable attributable to Wal-Mart and McLane at June 30 as a percentage of consolidated accounts receivable were as follows: 2016 2015 Wal-Mart 25 % 26 % McLane 17 % 14 % |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Our shareholders previously approved the adoption of and subsequent amendments to the Lancaster Colony Corporation 2005 Stock Plan (the ā2005 Planā). The 2005 Plan reserved 2,000,000 common shares for issuance to our employees and directors. As the 2005 Plan expired in May 2015, we obtained shareholder approval of the Lancaster Colony Corporation 2015 Omnibus Incentive Plan (the ā2015 Planā) at our November 2015 Annual Meeting of Shareholders. The 2015 Plan did not affect any currently outstanding equity awards granted under the 2005 Plan. The 2015 Plan reserved 1,500,000 common shares for issuance to our employees and directors. All awards granted under these plans will be exercisable at prices not less than fair market value as of the date of the grant. The vesting period for awards granted under these plans varies as to the type of award granted, but generally these awards have a maximum term of five years . We recognize compensation expense over the requisite service period of the grant. Compensation expense is reflected in Cost of Sales or Selling, General and Administrative Expenses based on the granteesā salaries expense classification. We record tax benefits and excess tax benefits related to stock-settled stock appreciation rights (āSSSARsā) and restricted stock awards. These excess tax benefits are included in the financing section of the Consolidated Statements of Cash Flows. As needed, we estimate a forfeiture rate for our SSSARs and restricted stock grants based on historical experience. Stock-Settled Stock Appreciation Rights We use periodic grants of SSSARs as a vehicle for rewarding certain employees with long-term incentives for their efforts in helping to create long-term shareholder value. We calculate the fair value of SSSARs grants using the Black-Scholes option-pricing model. Our policy is to issue shares upon SSSARs exercise from new shares that had been previously authorized. In 2016 , 2015 and 2014 , we granted SSSARs to various employees under the terms of the plans. The following table summarizes information relating to these grants: 2016 2015 2014 SSSARs granted 240 149 146 Weighted average grant date fair value per right $ 12.23 $ 9.94 $ 11.84 Weighted average assumptions used in fair value calculations: Risk-free interest rate 0.86 % 0.86 % 0.75 % Dividend yield 1.93 % 2.02 % 1.97 % Volatility factor of the expected market price of our common stock 20.88 % 19.62 % 22.35 % Weighted average expected life in years 2.69 2.71 3.12 For these grants, the volatility factor was estimated based on actual historical volatility of our stock for a time period equal to the term of the SSSARs. The expected average life was determined based on historical exercise experience for this type of grant. The SSSARs we grant vest one-third on the first anniversary of the grant date, one-third on the second anniversary of the grant date and one-third on the third anniversary of the grant date. The following table summarizes our continuing operations SSSARs compensation expense and tax benefits recorded for each of the years ended June 30: 2016 2015 2014 Compensation expense $ 1,472 $ 1,288 $ 1,092 Tax benefits $ 515 $ 451 $ 382 Intrinsic value of exercises $ 3,788 $ 1,162 $ 2,692 Excess tax benefits $ 1,341 $ 410 $ 942 The total fair values of SSSARs vested for each of the years ended June 30 were as follows: 2016 2015 2014 Fair value of vested rights $ 1,192 $ 1,252 $ 1,145 The following table summarizes the activity relating to SSSARs granted under the plans for the year ended June 30, 2016 : Number of Rights Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at beginning of year 395 $ 84.24 Exercised (180 ) $ 79.11 Granted 240 $ 103.87 Forfeited (20 ) $ 88.72 Outstanding at end of year 435 $ 97.01 3.97 $ 13,302 Exercisable and vested at end of year 62 $ 84.26 2.52 $ 2,673 Vested and expected to vest at end of year 408 $ 96.74 3.93 $ 12,594 The following table summarizes information about the SSSARs outstanding by grant year at June 30, 2016 : Outstanding Exercisable Weighted Average Grant Years Range of Exercise Prices Number Outstanding Remaining Contractual Life in Years Exercise Price Number Exercisable Weighted Average Exercise Price 2016 $101.70-$112.62 240 4.68 $103.87 ā $ā 2015 $91.13 113 3.65 $91.13 20 $91.13 2014 $79.78-$89.29 64 2.65 $89.11 24 $89.07 2013 $72.67 7 1.66 $72.67 7 $72.67 2012 $63.50-$68.12 11 0.65 $68.12 11 $68.12 At June 30, 2016 , there was $3.1 million of unrecognized compensation expense related to SSSARs that we will recognize over a weighted-average period of 2 years. Restricted Stock We use periodic grants of restricted stock as a vehicle for rewarding our nonemployee directors and certain employees with long-term incentives for their efforts in helping to create long-term shareholder value. In 2016 , 2015 and 2014 , we granted shares of restricted stock to various employees under the terms of the plans. The following table summarizes information relating to these grants: 2016 2015 2014 Employees Restricted stock granted 28 9 24 Grant date fair value $ 2,923 $ 845 $ 2,190 Weighted average grant date fair value per award $ 102.89 $ 91.13 $ 89.21 The restricted stock under these employee grants vests on the third anniversary of the grant date. Under the terms of our grants, employees receive dividends on unforfeited restricted stock regardless of their vesting status. In 2016 , 2015 and 2014 , 6,000 , 20,000 and 6,000 shares, respectively, of employee restricted stock vested. In 2016 , 2015 and 2014 , we also granted shares of restricted stock to our nonemployee directors under the terms of the plans. The following table summarizes information relating to each of these grants: 2016 2015 2014 Nonemployee directors Restricted stock granted 6 7 6 Grant date fair value $ 639 $ 639 $ 490 Weighted average grant date fair value per award $ 112.05 $ 92.92 $ 84.42 The 2016 grant vests over a one -year period, and all of these shares are expected to vest. Dividends earned on the stock during the vesting period will be paid to the directors at the time the stock vests. In 2016 , 2015 and 2014 , 7,000 , 6,000 and 7,000 shares, respectively, of nonemployee director restricted stock vested, and the directors were paid the related dividends. The following table summarizes our continuing operations restricted stock compensation expense and tax benefits recorded for each of the years ended June 30: 2016 2015 2014 Compensation expense $ 1,854 $ 1,752 $ 1,434 Tax benefits $ 649 $ 613 $ 502 Excess tax benefits $ 76 $ 153 $ 78 The total fair values of restricted stock vested for each of the years ended June 30 were as follows: 2016 2015 2014 Fair value of vested shares $ 1,124 $ 1,836 $ 931 The following table summarizes the activity relating to restricted stock granted under the plans for the year ended June 30, 2016 : Number of Shares Weighted Average Grant Date Fair Value Unvested restricted stock at beginning of year 45 $ 87.71 Granted 34 $ 104.43 Vested (13 ) $ 83.59 Forfeited (3 ) $ 86.48 Unvested restricted stock at end of year 63 $ 97.71 At June 30, 2016 , there was $3.5 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of 2 years. |
Pension Benefits
Pension Benefits | 12 Months Ended |
Jun. 30, 2016 | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension Benefits | Pension Benefits Defined Benefit Pension Plans We sponsor multiple defined benefit pension plans that covered certain workers under collective bargaining contracts. However, as a result of prior-yearsā restructuring activities, for all periods presented, we no longer have any active employees continuing to accrue service cost or otherwise eligible to receive plan benefits. Benefits being paid under the plans are primarily based on negotiated rates and years of service. We contribute to these plans at least the minimum amount required by regulation. At the end of the year, we discount our plan liabilities using an assumed discount rate. In estimating this rate, we, along with our third-party actuaries, review the timing of future benefit payments, bond indices, consider yield curve analysis results and the past history of discount rates. The actuarial present value of benefit obligations summarized below was based on the following assumption: 2016 2015 Weighted-average assumption as of June 30 Discount rate 3.39 % 4.12 % The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions: 2016 2015 2014 Discount rate 4.12 % 4.02 % 4.57 % Expected long-term return on plan assets 7.00 % 7.00 % 7.00 % In determining the long-term expected return on plan assets, we consider our related investment guidelines, our expectations of long-term rates of return by asset category, our target asset allocation weighting and historical rates of return and volatility for equity and fixed income investments. The investment strategy for plan assets is to control and manage investment risk through diversification among asset classes, investment managers/funds and investment styles. The plansā investment guidelines have been designed to meet the intended objective that plan assets earn at least nominal returns equal to or in excess of the plansā liability growth rate. In consideration of the current average age of the plansā participants, the investment guidelines are based upon an investment horizon of at least 10 years. The target and actual asset allocations for our plans at June 30 by asset category were as follows: Target Percentage of Plan Assets at June 30 Actual Percentage of Plan Assets 2016 2016 2015 Cash and equivalents 0%-10% 2 % 2 % Equity securities 30%-70% 50 49 Fixed income 30%-70% 48 49 Total 100 % 100 % Our target asset allocations are maintained through ongoing review and periodic rebalancing of equity and fixed income investments with assistance from an independent outside investment consultant. Also, the plan assets are diversified among asset classes, asset managers or funds and investment styles to avoid concentrations of risk. We expect that a modest allocation to cash will exist within the plans because each investment manager is likely to hold limited cash in a portfolio. We categorize our plan assets within a three-level fair value hierarchy as follows: Level 1 ā Quoted market prices in active markets for identical assets. Level 2 ā Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3 ā Unobservable inputs that are not corroborated by market data. The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30: June 30, 2016 Asset Category Level 1 Level 2 Level 3 Total Cash and equivalents $ 557 $ ā $ ā $ 557 Money market funds 267 ā ā 267 U.S. government obligations ā 4,785 ā 4,785 Municipal obligations ā 139 ā 139 Corporate obligations ā 2,927 ā 2,927 Mortgage obligations ā 1,998 ā 1,998 Mutual funds fixed income 7,135 ā ā 7,135 Mutual funds equity 17,874 ā ā 17,874 Total $ 25,833 $ 9,849 $ ā $ 35,682 June 30, 2015 Asset Category Level 1 Level 2 Level 3 Total Cash and equivalents $ 522 $ ā $ ā $ 522 Money market funds 181 ā ā 181 U.S. government obligations ā 4,266 ā 4,266 Municipal obligations ā 161 ā 161 Corporate obligations ā 3,174 ā 3,174 Mortgage obligations ā 1,857 ā 1,857 Mutual funds fixed income 8,820 ā ā 8,820 Mutual funds equity 18,165 ā ā 18,165 Total $ 27,688 $ 9,458 $ ā $ 37,146 The plan assets classified at Level 1 include money market funds and mutual funds. Quoted market prices in active markets for identical assets are available for investments in this category. The plan assets classified at Level 2 include fixed income securities consisting of government securities, municipal obligations, corporate obligations and mortgage obligations. For these types of securities, market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually at the measurement date. For these assets, we obtain pricing information from an independent pricing service. The pricing service uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing service are derived from market observable sources including as applicable: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Relevant information with respect to our pension benefits as of June 30 can be summarized as follows: 2016 2015 Change in benefit obligation Benefit obligation at beginning of year $ 42,042 $ 41,233 Interest cost 1,685 1,612 Actuarial loss 2,683 1,414 Benefits paid (2,258 ) (2,217 ) Benefit obligation at end of year $ 44,152 $ 42,042 2016 2015 Change in plan assets Fair value of plan assets at beginning of year $ 37,146 $ 38,725 Actual return on plan assets 794 638 Employer contributions ā ā Benefits paid (2,258 ) (2,217 ) Fair value of plan assets at end of year $ 35,682 $ 37,146 2016 2015 Reconciliation of funded status Net accrued benefit cost $ (8,470 ) $ (4,896 ) 2016 2015 Amounts recognized in the Consolidated Balance Sheets consist of Prepaid benefit cost (noncurrent assets) $ 143 $ 174 Accrued benefit liability (noncurrent liabilities) (8,613 ) (5,070 ) Net amount recognized $ (8,470 ) $ (4,896 ) 2016 2015 Accumulated benefit obligation $ 44,152 $ 42,042 The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date: 2016 2015 Benefit obligations $ 41,301 $ 38,980 Fair value of plan assets at end of year $ 32,688 $ 33,910 Amounts recognized in accumulated other comprehensive loss at June 30 were as follows: 2016 2015 Net actuarial loss $ 20,434 $ 16,564 Income taxes (7,550 ) (6,120 ) Total $ 12,884 $ 10,444 The amount in accumulated other comprehensive loss expected to be recognized as a component of net periodic benefit cost during the next fiscal year is as follows: 2017 Net actuarial loss $ 715 The following table summarizes the components of net periodic benefit income for our pension plans at June 30: 2016 2015 2014 Components of net periodic benefit income Interest cost $ 1,685 $ 1,612 $ 1,754 Expected return on plan assets (2,520 ) (2,632 ) (2,457 ) Amortization of unrecognized net loss 539 429 460 Net periodic benefit income $ (296 ) $ (591 ) $ (243 ) We have not yet finalized our anticipated funding level for 2017 , but based on initial estimates, we do not expect to make any contributions to our pension plans during 2017 . Benefit payments estimated for future years are as follows: 2017 $ 2,325 2018 $ 2,333 2019 $ 2,352 2020 $ 2,394 2021 $ 2,424 2022 - 2026 $ 12,664 |
Postretirement Benefits
Postretirement Benefits | 12 Months Ended |
Jun. 30, 2016 | |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Postretirement Benefits | Postretirement Benefits Postretirement Medical and Life Insurance Benefit Plans We and certain of our operating subsidiaries provide multiple postretirement medical and life insurance benefit plans. We recognize the cost of benefits as the employees render service. Postretirement benefits are funded as incurred. At the end of the year, we discount our plan liabilities using an assumed discount rate. In estimating this rate, we, along with our third-party actuaries, review the projected timing of future benefit payments, bond indices, consider yield curve analysis results and the past history of discount rates. In the quarter ended December 31, 2015, we terminated the medical benefits offered under the plans. The reduction in these benefits was accounted for as a negative plan amendment and resulted in the subsequent remeasurement of our benefit obligation. The remeasurement reduced the net periodic benefit cost for 2016 compared to the amount expected prior to the remeasurement. Additional disclosures for postretirement benefits have not been presented herein as these disclosures are no longer considered material following the termination of medical benefits described above. |
Defined Contribution And Other
Defined Contribution And Other Employee Plans | 12 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Contribution And Other Employee Plans | Defined Contribution and Other Employee Plans Defined Contribution Plans We sponsored four defined contribution plans established pursuant to Section 401(k) of the Internal Revenue Code during 2016 . Contributions are determined under various formulas, and we contributed to two of the plans in 2016 . Costs related to such plans for each of the years ended June 30 were as follows: 2016 2015 2014 Costs related to defined contribution plans $ 992 $ 888 $ 808 Multiemployer Plans Certain of our subsidiaries participate in multiemployer plans that provide pension benefits to retiree workers under collective bargaining contracts at such locations. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining contract, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: (1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (3) if we choose to stop participating in any of our multiemployer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. Our participation in these plans for the annual period ended June 30, 2016 is reflected in the following table. All information in the table is as of December 31 of the relevant year, except contributions which are based on our fiscal year, or except as otherwise noted. The EIN-PN column provides the Employer Identification Number (āEINā) and the Plan Number (āPNā). The pension protection act zone status is based on information that we received from the plan. Among other factors, generally, plans in critical status (red zone) are less than 65 percent funded, plans in endangered or seriously endangered status (yellow zone or orange zone, respectively) are less than 80 percent funded, and plans at least 80 percent funded are said to be in the green zone. The FIP/RP status pending/implemented column indicates plans for which a funding improvement plan (āFIPā) or a rehabilitation plan (āRPā) is either pending or has been implemented by the trustees of each plan. There have been no significant changes that affect the comparability of 2016 , 2015 or 2014 contributions. Pension Protection Act Zone Status Fiscal Year Contributions Plan Name EIN/PN 2015 2014 FIP/RP Status Pending / Implemented 2016 2015 2014 Surcharge Imposed Expiration Date of Collective Bargaining Agreement Cleveland Bakers and Teamsters Pension Fund 34-0904419-001 Red Red Yes, $ 1,605 $ 1,501 $ 1,332 No 4/30/2016 Western Conference of Teamsters Pension Plan 91-6145047-001 Green Green No 420 440 397 No 12/15/2018 Total contributions to multiemployer plans $ 2,025 $ 1,941 $ 1,729 Our contributions to the Cleveland Bakers and Teamsters Pension Fund exceeded 5% of the total contributions to the plan in the plan years ended December 31, 2014 , 2013 and 2012 . In addition to pension benefits provided under these two multiemployer plans, we also contribute amounts for health and welfare benefits that are defined by each plan. These benefits are not vested. The contributions required by our participation in these plans for each of the years ended June 30 were as follows: 2016 2015 2014 Multiemployer health and welfare plan contributions $ 3,559 $ 3,796 $ 3,367 Deferred Compensation Plan We offer a deferred compensation plan for select employees who may elect to defer a certain percentage of annual compensation. We do not match any contributions. Each participant earns interest based upon the prime rate of interest, adjusted semi-annually, on their respective deferred compensation balance. Participants are paid out upon retirement or termination. The following table summarizes our liability for total deferred compensation and accrued interest at June 30: 2016 2015 Liability for deferred compensation and accrued interest $ 4,655 $ 4,411 Deferred compensation expense for each of the years ended June 30 was as follows: 2016 2015 2014 Deferred compensation expense $ 151 $ 136 $ 131 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Selected Quarterly Financial Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2016 Net Sales $ 294,085 $ 324,769 $ 287,765 $ 284,490 $ 1,191,109 Gross Profit $ 67,967 $ 83,594 $ 72,924 $ 75,144 $ 299,629 Net Income $ 27,628 $ 34,511 $ 29,011 $ 30,614 $ 121,764 Diluted Net Income Per Common Share (1) $ 1.01 $ 1.25 $ 1.06 $ 1.12 $ 4.44 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2015 Net Sales $ 259,987 $ 303,411 $ 263,400 $ 277,716 $ 1,104,514 Gross Profit $ 57,424 $ 78,653 $ 56,625 $ 64,990 $ 257,692 Net Income $ 22,761 $ 32,954 $ 20,403 $ 25,568 $ 101,686 Diluted Net Income Per Common Share (1) $ 0.83 $ 1.20 $ 0.75 $ 0.93 $ 3.72 (1) Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Jun. 30, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | LANCASTER COLONY CORPORATION AND SUBSIDIARIES SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS For each of the three years in the period ended June 30, 2016 Column A Column B Column C Column D Column E Description Balance at Beginning of Year Additions Charged to Costs and Expenses Additions Charged to Other Accounts (A) Deductions (B) Balance at End of Year Reserves deducted from asset to which they apply - Allowance for doubtful accounts (amounts in thousands): Year Ended June 30, 2014 $ 340 $ 96 $ ā $ 4 $ 432 Year Ended June 30, 2015 $ 432 $ (263 ) $ 41 $ 4 $ 206 Year Ended June 30, 2016 $ 206 $ (10 ) $ ā $ 71 $ 125 Notes: (A) Represents balance acquired in 2015 acquisition of Flatout. (B) Represents uncollectible accounts written-off net of recoveries. |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as āwe,ā āus,ā āour,ā āregistrant,ā or the āCompany.ā Intercompany transactions and accounts have been eliminated in consolidation. Our fiscal year begins on July 1 and ends on June 30. Unless otherwise noted, references to āyearā pertain to our fiscal year; for example, 2016 refers to fiscal 2016 , which is the period from July 1, 2015 to June 30, 2016 . |
Discontinued Operations | Discontinued Operations On January 30, 2014, we sold effectively all of the net operating assets of our candle manufacturing and marketing operations. The financial results of these operations for 2014 are reported as discontinued operations. |
Use Of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (āGAAPā) requires that we make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates included in these consolidated financial statements include allowances for customer deductions, net realizable value of inventories, useful lives for the calculation of depreciation and amortization, distribution accruals, pension and postretirement assumptions and self-insurance accruals. Actual results could differ from these estimates. |
Cash And Equivalents | Cash and Equivalents We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The carrying amounts of our cash and equivalents, including money market funds and commercial paper, approximate fair value due to their short maturities and are considered level 1 investments, which have quoted market prices in active markets for identical assets. As a result of our cash management system, checks issued but not presented to the banks for payment may create negative book cash balances. When such negative balances exist, they are included in Accrued Liabilities. |
Receivables And Related Allowances | Receivables and Related Allowances We evaluate the adequacy of our allowances for customer deductions considering several factors including historical experience, specific trade programs and existing customer relationships. We also provide an allowance for doubtful accounts based on the aging of accounts receivable balances, historical write-off experience and on-going reviews of our trade receivables. Measurement of potential losses requires credit review of existing customer relationships, consideration of historical loss experience, including the need to adjust for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates and the economic health of customers. |
Credit Risk | Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and equivalents and trade accounts receivable. By policy, we limit the amount of credit exposure to any one institution or issuer. Our concentration of credit risk with respect to trade accounts receivable is mitigated by our credit evaluation process and by having a large and diverse customer base. However, see Note 10 with respect to our accounts receivable with Wal-Mart Stores, Inc. and McLane Company, Inc., a wholesale distribution subsidiary of Berkshire Hathaway, Inc. |
Inventories | Inventories Inventories are valued at the lower of cost or market and are costed by various methods that approximate actual cost on a first-in, first-out basis. Due to the nature of our business, work in process inventory is not a material component of inventory. When necessary, we provide allowances to adjust the carrying value of our inventory to the lower of cost or net realizable value, including any costs to sell or dispose. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates about the future demand for our products. The estimates as to future demand used in the valuation of inventory are subject to the ongoing success of our products and may differ from actual due to factors such as changes in customer and consumer demand. |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation, except for those acquired as part of a business combination, which are stated at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Estimated useful lives for buildings and improvements range generally from 10 to 40 years while machinery and equipment range generally from 3 to 15 years. For tax purposes, we generally compute depreciation using accelerated methods. |
Long-Lived Assets | Long-Lived Assets We monitor the recoverability of the carrying value of our long-lived assets by periodically considering whether indicators of impairment are present. If such indicators are present, we determine if the assets are recoverable by comparing the sum of the undiscounted future cash flows to the assetsā carrying amounts. Our cash flows are based on historical results adjusted to reflect our best estimate of future market and operating conditions. If the carrying amounts are greater, then the assets are not recoverable. In that instance, we compare the carrying amounts to the fair value to determine the amount of the impairment to be recorded. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is not amortized. It is evaluated annually at April 30, by applying impairment testing procedures, as appropriate. Other intangible assets are amortized on a straight-line basis over their estimated useful lives to Selling, General and Administrative Expenses. We evaluate the future economic benefit of the recorded goodwill and other intangible assets when events or circumstances indicate potential recoverability concerns. Carrying amounts are adjusted appropriately when determined to have been impaired. |
Accrued Distribution | Accrued Distribution We incur various freight and other related costs associated with shipping products to our customers and warehouses. We provide accruals for unbilled shipments from carriers utilizing historical or projected freight rates and other relevant information. |
Accruals For Self-Insurance | Accruals for Self-Insurance Self-insurance accruals are made for certain claims associated with employee health care, workersā compensation and general liability insurance. These accruals include estimates that are primarily based on historical loss development factors. |
Shareholders' Equity | Shareholdersā Equity We are authorized to issue 3,050,000 shares of preferred stock consisting of 750,000 shares of Class A Participating Preferred Stock with $1.00 par value, 1,150,000 shares of Class B Voting Preferred Stock without par value and 1,150,000 shares of Class C Nonvoting Preferred Stock without par value. Our Board of Directors approved a share repurchase authorization of 2,000,000 shares in November 2010. |
Revenue Recognition | Revenue Recognition We recognize revenue upon transfer of title and risk of loss, provided that evidence of an arrangement exists, pricing is fixed or determinable, and collectability is probable. Net sales are recorded net of estimated sales discounts, returns, trade promotions and certain other sales incentives, including coupon redemptions and rebates. |
Advertising Expense | Advertising Expense We expense advertising as it is incurred. |
Distribution Costs | Distribution Costs Distribution fees billed to customers are included in Net Sales, while our distribution costs incurred are included in Cost of Sales. |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans We account for our stock-based employee compensation plans in accordance with GAAP for stock-based compensation, which requires the measurement and recognition of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of the employee services is recognized as compensation expense over the period that an employee provides service in exchange for the award, which is typically the vesting period. |
Income Taxes | Income Taxes Our income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect managementās best assessment of estimated future taxes to be paid. We are subject to income taxes in numerous domestic jurisdictions. Our annual tax rate is determined based on our income, statutory tax rates and the permanent tax impacts of items treated differently for tax purposes than for financial reporting purposes. Tax law requires certain items be included in the tax return at different times than the items are reflected in the financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Realization of certain deferred tax assets is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Although realization is not assured, management believes it is more likely than not that our deferred tax assets will be realized and thus we have not recorded any valuation allowance for the years ended June 30, 2016 or 2015 . In accordance with accounting literature related to uncertainty in income taxes, tax benefits and liabilities from uncertain tax positions that are recognized in the financial statements are measured based on the largest attribute that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on our results of operations, cash flows or financial position. |
Earnings Per Share | Earnings Per Share Earnings per share (āEPSā) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock and stock-settled stock appreciation rights) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock and stock-settled stock appreciation rights. |
Comprehensive Income And Accumulated Other Comprehensive Income (Loss) | Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income is composed of two subsets ā net income and other comprehensive income (loss). Included in other comprehensive income (loss) are pension and postretirement benefits adjustments. |
Recently Issued And Recently Adopted Accounting Standards | Recently Issued Accounting Standards In July 2015, the Financial Accounting Standards Board (āFASBā) issued new accounting guidance which requires entities to measure most inventory āat the lower of cost or net realizable value,ā thereby simplifying current guidance. Under current guidance an entity must measure inventory at the lower of cost or market, where market is defined as one of three different measures, one of which is net realizable value. We will adopt this guidance on a prospective basis in fiscal 2017 including interim periods. We do not believe it will have a material impact on our consolidated financial statements. In March 2016, the FASB issued new accounting guidance to simplify the accounting for stock-based compensation. The amendments include changes to the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance will be effective for us in fiscal 2018 including interim periods. The transition method that will be applied on adoption varies for each of the amendments. We are currently evaluating the impact of this guidance. In May 2014, the FASB issued new accounting guidance for the recognition of revenue under the principle: āRecognize revenue to depict the transfer of 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.ā The guidance will be effective for us in fiscal 2019 including interim periods and will require either retrospective application to each prior period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. The FASB issued subsequent clarifications of this new accounting guidance in 2016. We are currently evaluating the impact of this guidance. In February 2016, the FASB issued new accounting guidance to require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The updated guidance retains the two classifications of a lease as either an operating or finance lease (previously referred to as a capital lease). Both lease classifications require the lessee to record a right-of-use asset and a lease liability based upon the present value of the lease payments. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The updated guidance requires expanded qualitative and quantitative disclosures, including additional information about the amounts recorded in the consolidated financial statements. The guidance will be effective for us in fiscal 2020 including interim periods using a modified retrospective approach. We are currently evaluating the impact of this guidance. Recently Adopted Accounting Standards In November 2015, the FASB issued new accounting guidance which requires deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will only have one net noncurrent deferred tax asset or liability. This guidance may be applied on either a prospective or retrospective basis and is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. We adopted this guidance effective December 31, 2015 using a retrospective basis of adoption. With the adoption, our net deferred tax liability for all periods presented in the Consolidated Balance Sheets has been classified as noncurrent. For June 30, 2015, the reclassification of $12.8 million of current deferred tax assets to noncurrent liabilities caused the Other Current Assets line to change from $20.5 million to $7.7 million and the Deferred Income Taxes line to change from $35.7 million to $22.9 million . As this guidance only relates to balance sheet classification, there was no impact on the Consolidated Statements of Income. In September 2015, the FASB issued new accounting guidance which allows entities to prospectively reflect adjustments made to provisional amounts recognized for a business combination during the measurement period. Under the current guidance these adjustments need to be reflected retrospectively as if the accounting had been completed at the acquisition date. The guidance will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 but can be adopted early if financial statements have not been issued. We adopted this guidance effective July 1, 2015, and it did not have a material impact on our consolidated financial statements. |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule Of Construction In Progress In Accounts Payable | Purchases of property, plant and equipment included in accounts payable and excluded from the property additions and the change in accounts payable in the Consolidated Statements of Cash Flows at June 30 were as follows: 2016 2015 2014 Construction in progress in accounts payable $ 1,000 $ 189 $ 2,755 |
Schedule Of Depreciation Expense | The following table sets forth depreciation expense in each of the years ended June 30: 2016 2015 2014 Depreciation expense $ 20,114 $ 18,867 $ 17,419 |
Schedule Of Advertising Expense As A Percentage Of Net Sales | The following table summarizes advertising expense as a percentage of net sales in each of the years ended June 30: 2016 2015 2014 Advertising expense as a percentage of net sales 3 % 2 % 2 % |
Schedule Of Basic And Diluted Income Per Common Share From Continuing Operations Calculations | Basic and diluted income per common share from continuing operations were calculated as follows: 2016 2015 2014 Income from continuing operations $ 121,764 $ 101,686 $ 100,986 Income from continuing operations available to participating securities (242 ) (143 ) (174 ) Income from continuing operations available to common shareholders $ 121,522 $ 101,543 $ 100,812 Weighted average common shares outstanding - basic 27,336 27,300 27,264 Incremental share effect from: Nonparticipating restricted stock 3 3 3 Stock-settled stock appreciation rights 34 24 41 Weighted average common shares outstanding - diluted 27,373 27,327 27,308 Income per common share from continuing operations - basic $ 4.45 $ 3.72 $ 3.70 Income per common share from continuing operations - diluted $ 4.44 $ 3.72 $ 3.69 |
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss | The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: 2016 2015 Accumulated other comprehensive loss at beginning of year $ (10,057 ) $ (8,061 ) Defined Benefit Pension Plan Items: Net loss arising during the period (4,409 ) (3,408 ) Amortization of unrecognized net loss (1) 539 429 Postretirement Benefit Plan Items: Net gain (loss) arising during the period (2) 209 (155 ) Prior service credit arising during the period (2) 1,770 ā Amortization of unrecognized net gain (1) (34 ) (28 ) Amortization of prior service credit (1) (126 ) (5 ) Total other comprehensive loss, before tax (2,051 ) (3,167 ) Total tax benefit 758 1,171 Other comprehensive loss, net of tax (1,293 ) (1,996 ) Accumulated other comprehensive loss at end of year $ (11,350 ) $ (10,057 ) (1) Included in the computation of net periodic benefit income/cost. See Notes 12 and 13 for additional information. (2) Includes a negative plan amendment and subsequent remeasurement. See Note 13 for additional information. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule Of Purchase Price Allocation | The following purchase price allocation was based on the fair value of the net assets acquired: Balance Sheet Captions Allocation Receivables $ 2,479 Inventories 3,749 Other current assets 212 Property, plant and equipment 6,937 Goodwill (not tax deductible) 53,948 Other intangible assets 44,000 Current liabilities (2,445 ) Deferred tax liabilities (16,651 ) Net assets acquired $ 92,229 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Rental Commitments Due | We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment, which expire at various dates through fiscal year 2027 . Certain of these leases contain renewal options, some provide options to purchase during the lease term and some require contingent rentals. The future minimum rental commitments due under these leases are summarized as follows: 2017 $ 4,810 2018 $ 4,277 2019 $ 4,337 2020 $ 2,472 2021 $ 1,618 Thereafter $ 5,789 |
Schedule Of Rent Expense | Total rent expense, including short-term cancelable leases, during the years ended June 30 is summarized as follows: 2016 2015 2014 Operating leases: Minimum rentals $ 5,298 $ 5,036 $ 5,079 Contingent rentals 11 6 86 Short-term cancelable leases 1,611 900 793 Total $ 6,920 $ 5,942 $ 5,958 |
Goodwill And Other Intangible30
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary Of Other Intangible Assets | The following table summarizes our identifiable other intangible assets, all included in the Specialty Foods segment, at June 30. 2016 2015 Tradename (30-year life) Gross carrying value $ 34,500 $ 34,500 Accumulated amortization (1,485 ) (365 ) Net carrying value $ 33,015 $ 34,135 Trademarks (40-year life) Gross carrying value $ 370 $ 370 Accumulated amortization (232 ) (223 ) Net carrying value $ 138 $ 147 Customer Relationships (10 to 15-year life) Gross carrying value $ 18,020 $ 18,020 Accumulated amortization (10,148 ) (8,882 ) Net carrying value $ 7,872 $ 9,138 Technology / Know-how (10-year life) Gross carrying value $ 3,900 $ 3,900 Accumulated amortization (504 ) (114 ) Net carrying value $ 3,396 $ 3,786 Non-compete Agreements (5-year life) Gross carrying value $ 600 $ 600 Accumulated amortization (155 ) (35 ) Net carrying value $ 445 $ 565 Total net carrying value $ 44,866 $ 47,771 |
Schedule Of Amortization Expense | Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows in each of the years ended June 30: 2016 2015 2014 Amortization expense $ 2,905 $ 1,605 $ 946 |
Estimated Annual Amortization Expense | Total annual amortization expense for each of the next five years is estimated to be as follows: 2017 $ 2,764 2018 $ 2,764 2019 $ 2,764 2020 $ 2,729 2021 $ 2,644 |
Liabilities (Tables)
Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities at June 30 were composed of: 2016 2015 Compensation and employee benefits $ 21,565 $ 21,969 Distribution 4,450 5,445 Other taxes 1,266 1,182 Marketing 1,107 1,830 Other 4,684 5,395 Total accrued liabilities $ 33,072 $ 35,821 |
Schedule Of Other Noncurrent Liabilities | Other noncurrent liabilities at June 30 were composed of: 2016 2015 Workers compensation $ 9,534 $ 8,477 Gross tax contingency reserve 1,599 1,487 Pension benefit liability 8,613 5,070 Postretirement benefit liability 939 2,806 Deferred compensation and accrued interest 4,655 4,411 Other 1,358 1,403 Total other noncurrent liabilities $ 26,698 $ 23,654 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Taxes Based On Income | Taxes based on income from continuing operations for the years ended June 30 have been provided as follows: 2016 2015 2014 Currently payable: Federal $ 57,116 $ 47,601 $ 48,718 State and local 6,502 5,229 4,526 Total current provision 63,618 52,830 53,244 Deferred federal, state and local (benefit) provision (749 ) 36 (951 ) Total taxes based on income $ 62,869 $ 52,866 $ 52,293 |
Tax Benefits Recorded Directly To Common Stock | Certain tax benefits recorded directly to common stock for each of the years ended June 30 were as follows: 2016 2015 2014 Tax benefits recorded directly to common stock $ 1,417 $ 563 $ 1,020 |
Reconciliation Of The Effective Income Tax Rate | For the years ended June 30, our effective tax rate varied from the statutory federal income tax rate as a result of the following factors: 2016 2015 2014 Statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes 2.3 2.2 2.0 ESOP dividend deduction (0.4 ) (0.2 ) (0.2 ) Domestic manufacturing deduction for qualified income (3.0 ) (3.0 ) (3.0 ) Other 0.2 0.2 0.3 Effective rate 34.1 % 34.2 % 34.1 % |
Schedule Of Deferred Tax Assets And Liabilities | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30 were comprised of: 2016 2015 Deferred tax assets: Inventories $ 1,034 $ 1,179 Employee medical and other benefits 12,533 11,135 Receivable and other allowances 5,626 5,652 Other accrued liabilities 1,740 2,229 Total deferred tax assets 20,933 20,195 Deferred tax liabilities: Property, plant and equipment (21,573 ) (22,968 ) Intangible assets (14,555 ) (15,223 ) Goodwill (6,117 ) (4,869 ) Other (121 ) (75 ) Total deferred tax liabilities (42,366 ) (43,135 ) Net deferred tax liability $ (21,433 ) $ (22,940 ) |
Cash Payments For Income Taxes | Cash payments for income taxes for each of the years ended June 30 were as follows: 2016 2015 2014 Cash payments for income taxes $ 62,901 $ 43,027 $ 37,277 |
Reconciliation Of Gross Tax Contingency Reserve | The following table sets forth changes in our total gross tax contingency reserve (including interest and penalties): 2016 2015 Balance, beginning of year $ 1,487 $ 963 Tax positions related to the current year: Additions 54 54 Reductions ā ā Tax positions related to prior years: Additions 121 516 Reductions (63 ) (46 ) Settlements ā ā Balance, end of year $ 1,599 $ 1,487 |
Net Tax-Related Interest And Penalties Recognized | For each of the years ended June 30, we recognized the change in the accrual for net tax-related interest and penalties as follows: 2016 2015 Expense recognized for net tax-related interest and penalties $ 92 $ 87 |
Accrued Interest And Penalties | We had accrued interest and penalties at June 30 as follows: 2016 2015 Accrued interest and penalties included in the gross tax contingency reserve $ 571 $ 479 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Net Sales By Class Of Similar Products | The following table sets forth information with respect to the amount of net sales contributed by each class of similar products of our consolidated net sales in each of the years ended June 30: 2016 2015 2014 Specialty Foods Non-frozen $ 818,716 $ 741,726 $ 681,872 Frozen 372,393 362,788 359,203 Total $ 1,191,109 $ 1,104,514 $ 1,041,075 |
Summary Of Financial Information Attributable To Reportable Segments | The following sets forth certain additional financial segment information of continuing operations for the years ended June 30 and certain items retained at the corporate level: 2016 2015 2014 Net Sales (1) (2) $ 1,191,109 $ 1,104,514 $ 1,041,075 Operating Income (2) Specialty Foods $ 196,592 $ 167,095 $ 165,383 Corporate Expenses (12,022 ) (12,234 ) (11,616 ) Total $ 184,570 $ 154,861 $ 153,767 Identifiable Assets (1) (3) Specialty Foods $ 515,553 $ 514,605 $ 405,416 Corporate 119,179 187,551 221,885 Total $ 634,732 $ 702,156 $ 627,301 Capital Expenditures Specialty Foods $ 16,652 $ 18,230 $ 15,578 Corporate 19 68 67 Total $ 16,671 $ 18,298 $ 15,645 Depreciation and Amortization Specialty Foods $ 24,001 $ 20,929 $ 18,785 Corporate 146 182 208 Total $ 24,147 $ 21,111 $ 18,993 (1) Net sales and long-lived assets are predominately domestic. (2) All intercompany transactions have been eliminated. (3) Segment identifiable assets include those assets used in its operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The decline in Corporate assets from June 30, 2015 to June 30, 2016 was due to the decrease in cash resulting from the payment of the December 2015 special dividend. |
Net Sales To Major Customers | Net sales attributable to McLane Company, Inc. (āMcLaneā), a wholesale distribution subsidiary of Berkshire Hathaway, Inc., and Wal-Mart Stores, Inc. (āWal-Martā) for each of the years ended June 30 were as follows: 2016 2015 2014 Net sales to McLane $ 232,241 $ 202,218 $ 186,817 As a percentage of consolidated net sales 19 % 18 % 18 % Net sales to Wal-Mart $ 189,417 $ 177,354 $ 175,388 As a percentage of consolidated net sales 16 % 16 % 17 % |
Percentage Of Receivables Due From Major Customers | Accounts receivable attributable to Wal-Mart and McLane at June 30 as a percentage of consolidated accounts receivable were as follows: 2016 2015 Wal-Mart 25 % 26 % McLane 17 % 14 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Stock Settled Stock Appreciation Rights SARS [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation Grant Details | In 2016 , 2015 and 2014 , we granted SSSARs to various employees under the terms of the plans. The following table summarizes information relating to these grants: 2016 2015 2014 SSSARs granted 240 149 146 Weighted average grant date fair value per right $ 12.23 $ 9.94 $ 11.84 Weighted average assumptions used in fair value calculations: Risk-free interest rate 0.86 % 0.86 % 0.75 % Dividend yield 1.93 % 2.02 % 1.97 % Volatility factor of the expected market price of our common stock 20.88 % 19.62 % 22.35 % Weighted average expected life in years 2.69 2.71 3.12 |
Compensation Expense And Tax Benefits Recorded | The following table summarizes our continuing operations SSSARs compensation expense and tax benefits recorded for each of the years ended June 30: 2016 2015 2014 Compensation expense $ 1,472 $ 1,288 $ 1,092 Tax benefits $ 515 $ 451 $ 382 Intrinsic value of exercises $ 3,788 $ 1,162 $ 2,692 Excess tax benefits $ 1,341 $ 410 $ 942 |
Fair Value Of Awards Vested | The total fair values of SSSARs vested for each of the years ended June 30 were as follows: 2016 2015 2014 Fair value of vested rights $ 1,192 $ 1,252 $ 1,145 |
Stock-Settled Stock Appreciation Rights Activity | The following table summarizes the activity relating to SSSARs granted under the plans for the year ended June 30, 2016 : Number of Rights Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at beginning of year 395 $ 84.24 Exercised (180 ) $ 79.11 Granted 240 $ 103.87 Forfeited (20 ) $ 88.72 Outstanding at end of year 435 $ 97.01 3.97 $ 13,302 Exercisable and vested at end of year 62 $ 84.26 2.52 $ 2,673 Vested and expected to vest at end of year 408 $ 96.74 3.93 $ 12,594 |
Stock-Settled Stock Appreciation Rights Outstanding By Grant Year | The following table summarizes information about the SSSARs outstanding by grant year at June 30, 2016 : Outstanding Exercisable Weighted Average Grant Years Range of Exercise Prices Number Outstanding Remaining Contractual Life in Years Exercise Price Number Exercisable Weighted Average Exercise Price 2016 $101.70-$112.62 240 4.68 $103.87 ā $ā 2015 $91.13 113 3.65 $91.13 20 $91.13 2014 $79.78-$89.29 64 2.65 $89.11 24 $89.07 2013 $72.67 7 1.66 $72.67 7 $72.67 2012 $63.50-$68.12 11 0.65 $68.12 11 $68.12 |
Employee Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation Grant Details | In 2016 , 2015 and 2014 , we granted shares of restricted stock to various employees under the terms of the plans. The following table summarizes information relating to these grants: 2016 2015 2014 Employees Restricted stock granted 28 9 24 Grant date fair value $ 2,923 $ 845 $ 2,190 Weighted average grant date fair value per award $ 102.89 $ 91.13 $ 89.21 |
Director Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation Grant Details | In 2016 , 2015 and 2014 , we also granted shares of restricted stock to our nonemployee directors under the terms of the plans. The following table summarizes information relating to each of these grants: 2016 2015 2014 Nonemployee directors Restricted stock granted 6 7 6 Grant date fair value $ 639 $ 639 $ 490 Weighted average grant date fair value per award $ 112.05 $ 92.92 $ 84.42 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation Expense And Tax Benefits Recorded | The following table summarizes our continuing operations restricted stock compensation expense and tax benefits recorded for each of the years ended June 30: 2016 2015 2014 Compensation expense $ 1,854 $ 1,752 $ 1,434 Tax benefits $ 649 $ 613 $ 502 Excess tax benefits $ 76 $ 153 $ 78 |
Fair Value Of Awards Vested | The total fair values of restricted stock vested for each of the years ended June 30 were as follows: 2016 2015 2014 Fair value of vested shares $ 1,124 $ 1,836 $ 931 |
Restricted Stock Activity | The following table summarizes the activity relating to restricted stock granted under the plans for the year ended June 30, 2016 : Number of Shares Weighted Average Grant Date Fair Value Unvested restricted stock at beginning of year 45 $ 87.71 Granted 34 $ 104.43 Vested (13 ) $ 83.59 Forfeited (3 ) $ 86.48 Unvested restricted stock at end of year 63 $ 97.71 |
Pension Benefits (Tables)
Pension Benefits (Tables) - Pension Benefits [Member] | 12 Months Ended |
Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount Rate | The actuarial present value of benefit obligations summarized below was based on the following assumption: 2016 2015 Weighted-average assumption as of June 30 Discount rate 3.39 % 4.12 % |
Net Periodic Benefit Costs Assumptions | The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions: 2016 2015 2014 Discount rate 4.12 % 4.02 % 4.57 % Expected long-term return on plan assets 7.00 % 7.00 % 7.00 % |
Target And Actual Asset Allocations | The target and actual asset allocations for our plans at June 30 by asset category were as follows: Target Percentage of Plan Assets at June 30 Actual Percentage of Plan Assets 2016 2016 2015 Cash and equivalents 0%-10% 2 % 2 % Equity securities 30%-70% 50 49 Fixed income 30%-70% 48 49 Total 100 % 100 % |
Summary Of The Fair Values And Levels Within The Fair Value Hierarchy Of Plan Assets | The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30: June 30, 2016 Asset Category Level 1 Level 2 Level 3 Total Cash and equivalents $ 557 $ ā $ ā $ 557 Money market funds 267 ā ā 267 U.S. government obligations ā 4,785 ā 4,785 Municipal obligations ā 139 ā 139 Corporate obligations ā 2,927 ā 2,927 Mortgage obligations ā 1,998 ā 1,998 Mutual funds fixed income 7,135 ā ā 7,135 Mutual funds equity 17,874 ā ā 17,874 Total $ 25,833 $ 9,849 $ ā $ 35,682 June 30, 2015 Asset Category Level 1 Level 2 Level 3 Total Cash and equivalents $ 522 $ ā $ ā $ 522 Money market funds 181 ā ā 181 U.S. government obligations ā 4,266 ā 4,266 Municipal obligations ā 161 ā 161 Corporate obligations ā 3,174 ā 3,174 Mortgage obligations ā 1,857 ā 1,857 Mutual funds fixed income 8,820 ā ā 8,820 Mutual funds equity 18,165 ā ā 18,165 Total $ 27,688 $ 9,458 $ ā $ 37,146 |
Schedule Of Change In Benefit Obligation | 2016 2015 Change in benefit obligation Benefit obligation at beginning of year $ 42,042 $ 41,233 Interest cost 1,685 1,612 Actuarial loss 2,683 1,414 Benefits paid (2,258 ) (2,217 ) Benefit obligation at end of year $ 44,152 $ 42,042 |
Schedule Of Change In Plan Assets | 2016 2015 Change in plan assets Fair value of plan assets at beginning of year $ 37,146 $ 38,725 Actual return on plan assets 794 638 Employer contributions ā ā Benefits paid (2,258 ) (2,217 ) Fair value of plan assets at end of year $ 35,682 $ 37,146 |
Schedule Of Reconciliation Of Funded Status | 2016 2015 Reconciliation of funded status Net accrued benefit cost $ (8,470 ) $ (4,896 ) |
Schedule Of Amounts Recognized In The Consolidated Balance Sheets | 2016 2015 Amounts recognized in the Consolidated Balance Sheets consist of Prepaid benefit cost (noncurrent assets) $ 143 $ 174 Accrued benefit liability (noncurrent liabilities) (8,613 ) (5,070 ) Net amount recognized $ (8,470 ) $ (4,896 ) |
Schedule Of Accumulated Benefit Obligation | 2016 2015 Accumulated benefit obligation $ 44,152 $ 42,042 |
Plans With Benefit Obligations In Excess Of The Fair Value Of Plan Assets | The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date: 2016 2015 Benefit obligations $ 41,301 $ 38,980 Fair value of plan assets at end of year $ 32,688 $ 33,910 |
Amounts Recognized In Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss at June 30 were as follows: 2016 2015 Net actuarial loss $ 20,434 $ 16,564 Income taxes (7,550 ) (6,120 ) Total $ 12,884 $ 10,444 |
Amounts In Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost During Next Fiscal Year | The amount in accumulated other comprehensive loss expected to be recognized as a component of net periodic benefit cost during the next fiscal year is as follows: 2017 Net actuarial loss $ 715 |
Components Of Net Periodic Benefit Income | The following table summarizes the components of net periodic benefit income for our pension plans at June 30: 2016 2015 2014 Components of net periodic benefit income Interest cost $ 1,685 $ 1,612 $ 1,754 Expected return on plan assets (2,520 ) (2,632 ) (2,457 ) Amortization of unrecognized net loss 539 429 460 Net periodic benefit income $ (296 ) $ (591 ) $ (243 ) |
Benefit Payments Estimated For Future Years | Benefit payments estimated for future years are as follows: 2017 $ 2,325 2018 $ 2,333 2019 $ 2,352 2020 $ 2,394 2021 $ 2,424 2022 - 2026 $ 12,664 |
Defined Contribution And Othe36
Defined Contribution And Other Employee Plans (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Multiemployer Plans [Line Items] | |
Schedule Of Costs Related To Defined Contribution Plans | We sponsored four defined contribution plans established pursuant to Section 401(k) of the Internal Revenue Code during 2016 . Contributions are determined under various formulas, and we contributed to two of the plans in 2016 . Costs related to such plans for each of the years ended June 30 were as follows: 2016 2015 2014 Costs related to defined contribution plans $ 992 $ 888 $ 808 |
Schedule Of Liability For Deferred Compensation And Accrued Interest | The following table summarizes our liability for total deferred compensation and accrued interest at June 30: 2016 2015 Liability for deferred compensation and accrued interest $ 4,655 $ 4,411 |
Schedule Of Deferred Compensation Expense | Deferred compensation expense for each of the years ended June 30 was as follows: 2016 2015 2014 Deferred compensation expense $ 151 $ 136 $ 131 |
Multiemployer Plans, Pension [Member] | |
Multiemployer Plans [Line Items] | |
Schedule Of Multiemployer Plans | Pension Protection Act Zone Status Fiscal Year Contributions Plan Name EIN/PN 2015 2014 FIP/RP Status Pending / Implemented 2016 2015 2014 Surcharge Imposed Expiration Date of Collective Bargaining Agreement Cleveland Bakers and Teamsters Pension Fund 34-0904419-001 Red Red Yes, $ 1,605 $ 1,501 $ 1,332 No 4/30/2016 Western Conference of Teamsters Pension Plan 91-6145047-001 Green Green No 420 440 397 No 12/15/2018 Total contributions to multiemployer plans $ 2,025 $ 1,941 $ 1,729 |
Multiemployer Plans, Postretirement Benefit [Member] | |
Multiemployer Plans [Line Items] | |
Schedule Of Multiemployer Plans | In addition to pension benefits provided under these two multiemployer plans, we also contribute amounts for health and welfare benefits that are defined by each plan. These benefits are not vested. The contributions required by our participation in these plans for each of the years ended June 30 were as follows: 2016 2015 2014 Multiemployer health and welfare plan contributions $ 3,559 $ 3,796 $ 3,367 |
Selected Quarterly Financial 37
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2016 Net Sales $ 294,085 $ 324,769 $ 287,765 $ 284,490 $ 1,191,109 Gross Profit $ 67,967 $ 83,594 $ 72,924 $ 75,144 $ 299,629 Net Income $ 27,628 $ 34,511 $ 29,011 $ 30,614 $ 121,764 Diluted Net Income Per Common Share (1) $ 1.01 $ 1.25 $ 1.06 $ 1.12 $ 4.44 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2015 Net Sales $ 259,987 $ 303,411 $ 263,400 $ 277,716 $ 1,104,514 Gross Profit $ 57,424 $ 78,653 $ 56,625 $ 64,990 $ 257,692 Net Income $ 22,761 $ 32,954 $ 20,403 $ 25,568 $ 101,686 Diluted Net Income Per Common Share (1) $ 0.83 $ 1.20 $ 0.75 $ 0.93 $ 3.72 (1) Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Nov. 30, 2010 | |
Summary Of Accounting Policies [Line Items] | |||
Preferred stock, shares authorized (in shares) | 3,050,000 | 3,050,000 | |
Shares authorized for repurchase (in shares) | 2,000,000 | ||
Shares remaining authorized for future purchase (in shares) | 1,418,152 | ||
Other current assets | $ 7,644 | $ 7,672 | |
Deferred income taxes liability | $ 21,433 | 22,940 | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Other current assets | (12,800) | ||
Deferred income taxes liability | (12,800) | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Scenario, Previously Reported [Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Other current assets | 20,500 | ||
Deferred income taxes liability | $ 35,700 | ||
Class A Participating Preferred Stock[Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Preferred stock, shares authorized (in shares) | 750,000 | ||
Preferred stock, par value (in dollars per share) | $ 1 | ||
Class B Voting Preferred Stock[Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,150,000 | ||
Preferred stock, par value (in dollars per share) | $ 0 | ||
Class C Nonvoting Preferred Stock [Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,150,000 | ||
Preferred stock, par value (in dollars per share) | $ 0 | ||
Buildings And Improvements [Member] | Minimum [Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 10 years | ||
Buildings And Improvements [Member] | Maximum [Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Machinery And Equipment [Member] | Minimum [Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 3 years | ||
Machinery And Equipment [Member] | Maximum [Member] | |||
Summary Of Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 15 years |
Summary Of Significant Accoun39
Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Construction in progress in accounts payable | $ 1,000 | $ 189 | $ 2,755 |
Summary Of Significant Accoun40
Summary Of Significant Accounting Policies (Schedule Of Depreciation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 20,114 | $ 18,867 | $ 17,419 |
Summary Of Significant Accoun41
Summary Of Significant Accounting Policies (Schedule Of Advertising Expense As A Percentage Of Net Sales) (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Advertising expense as a percentage of net sales | 3.00% | 2.00% | 2.00% |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Income Per Common Share From Continuing Operations Calculations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Income from continuing operations | $ 121,764 | $ 101,686 | $ 100,986 |
Income from continuing operations available to participating securities | (242) | (143) | (174) |
Income from continuing operations available to common shareholders | $ 121,522 | $ 101,543 | $ 100,812 |
Weighted average common shares outstanding - basic (in shares) | 27,336 | 27,300 | 27,264 |
Incremental share effect from: | |||
Nonparticipating restricted stock (in shares) | 3 | 3 | 3 |
Stock-settled stock appreciation rights (in shares) | 34 | 24 | 41 |
Weighted average common shares outstanding - diluted (in shares) | 27,373 | 27,327 | 27,308 |
Income per common share from continuing operations - basic (in dollars per share) | $ 4.45 | $ 3.72 | $ 3.70 |
Income per common share from continuing operations - diluted (in dollars per share) | $ 4.44 | $ 3.72 | $ 3.69 |
Summary Of Significant Accoun43
Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive loss at beginning of year | $ (10,057) | $ (8,061) | ||||
Net gain (loss) arising during the period | (4,200) | (3,563) | $ 96 | |||
Total other comprehensive loss, before tax | (2,051) | (3,167) | 524 | |||
Total tax benefit | 758 | 1,171 | (194) | |||
Other comprehensive loss, net of tax | (1,293) | (1,996) | 330 | |||
Accumulated other comprehensive loss at end of year | (11,350) | (10,057) | (8,061) | |||
Pension Benefits [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive loss at beginning of year | (10,444) | |||||
Net gain (loss) arising during the period | (4,409) | (3,408) | ||||
Amortization of unrecognized net loss (gain) | 539 | [1] | 429 | [1] | $ 460 | |
Accumulated other comprehensive loss at end of year | (12,884) | (10,444) | ||||
Postretirement Benefits [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net gain (loss) arising during the period | [2] | 209 | (155) | |||
Prior service credit arising during the period | [2] | 1,770 | 0 | |||
Amortization of unrecognized net loss (gain) | [1] | (34) | (28) | |||
Amortization of prior service credit | [1] | $ (126) | $ (5) | |||
[1] | Included in the computation of net periodic benefit income/cost. See Notes 12 and 13 for additional information. | |||||
[2] | Includes a negative plan amendment and subsequent remeasurement. See Note 13 for additional information. |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Thousands | Mar. 13, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | $ 12 | $ 92,217 | $ 0 | |
Flatout [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price, net of cash acquired | $ 92,200 | |||
Flatout [Member] | Tradename [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 34,500 | |||
Finite-lived intangible assets acquired, useful life (in years) | 30 years | |||
Flatout [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 5,000 | |||
Finite-lived intangible assets acquired, useful life (in years) | 10 years | |||
Flatout [Member] | Technology / Know-how [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 3,900 | |||
Finite-lived intangible assets acquired, useful life (in years) | 10 years | |||
Flatout [Member] | Non-compete Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 600 | |||
Finite-lived intangible assets acquired, useful life (in years) | 5 years |
Acquisition (Schedule Of Purcha
Acquisition (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Business Acquisition [Line Items] | ||
Goodwill | $ 143,788 | $ 143,788 |
Flatout [Member] | ||
Business Acquisition [Line Items] | ||
Receivables | 2,479 | |
Inventories | 3,749 | |
Other current assets | 212 | |
Property, plant and equipment | 6,937 | |
Goodwill | 53,948 | |
Other intangible assets | 44,000 | |
Current liabilities | (2,445) | |
Deferred tax liabilities | (16,651) | |
Net assets acquired | $ 92,229 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | Jan. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Cash proceeds from sale of candle operations | $ 28,000 | |||
Net proceeds from sale of candle operations | $ 25,600 | $ 0 | $ 0 | $ 25,610 |
Pretax loss from sale of candle operations | $ 0 | $ 0 | 44,033 | |
Tax benefit from the loss on sale of candle operations | 15,000 | |||
Net sales of discontinued operations | 89,400 | |||
Pretax loss from discontinued operations | $ 39,400 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Debt Disclosure [Abstract] | ||
Maximum borrowing capacity | $ 150,000,000 | $ 120,000,000 |
Maximum borrowing capacity on obtaining consent of the issuing bank | $ 225,000,000 | 200,000,000 |
Line of credit facility, expiration date | Apr. 8, 2021 | |
Line of credit facility, amount outstanding | $ 0 | 0 |
Standby letters of credit, amount outstanding | 4,700,000 | |
Interest paid | $ 0 | $ 0 |
Minimum interest coverage ratio | 250.00% | |
Maximum leverage ratio | 300.00% |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
End range of operating lease expirations | 2,027 |
Commitments (Schedule Of Future
Commitments (Schedule Of Future Minimum Rental Commitments Due) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 4,810 |
2,018 | 4,277 |
2,019 | 4,337 |
2,020 | 2,472 |
2,021 | 1,618 |
Thereafter | $ 5,789 |
Commitments (Schedule Of Rent E
Commitments (Schedule Of Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Minimum rentals | $ 5,298 | $ 5,036 | $ 5,079 |
Contingent rentals | 11 | 6 | 86 |
Short-term cancelable leases | 1,611 | 900 | 793 |
Total | $ 6,920 | $ 5,942 | $ 5,958 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2016 | |
Workforce Subject to Collective Bargaining Arrangements [Member] | |
Concentration Risk [Line Items] | |
Percentage of employees represented under collective bargaining contracts | 21.00% |
Workforce Subject To Collective Bargaining Arrangements That Have Expired [Member] | |
Concentration Risk [Line Items] | |
Percentage of employees represented under collective bargaining contracts | 7.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | |
Concentration Risk [Line Items] | |
Percentage of employees represented under collective bargaining contracts | 9.00% |
Goodwill And Other Intangible52
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 143,788 | $ 143,788 |
Goodwill And Other Intangible53
Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying value | $ 44,866 | $ 47,771 |
Tradename (30-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 34,500 | 34,500 |
Accumulated amortization | (1,485) | (365) |
Net carrying value | $ 33,015 | 34,135 |
Finite-lived other intangible assets useful life (in years) | 30 years | |
Trademarks (40-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 370 | 370 |
Accumulated amortization | (232) | (223) |
Net carrying value | $ 138 | 147 |
Finite-lived other intangible assets useful life (in years) | 40 years | |
Customer Relationships (10 to 15-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 18,020 | 18,020 |
Accumulated amortization | (10,148) | (8,882) |
Net carrying value | 7,872 | 9,138 |
Technology / Know-how (10-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 3,900 | 3,900 |
Accumulated amortization | (504) | (114) |
Net carrying value | $ 3,396 | 3,786 |
Finite-lived other intangible assets useful life (in years) | 10 years | |
Non-compete Agreements (5-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 600 | 600 |
Accumulated amortization | (155) | (35) |
Net carrying value | $ 445 | $ 565 |
Finite-lived other intangible assets useful life (in years) | 5 years | |
Minimum [Member] | Customer Relationships (10 to 15-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived other intangible assets useful life (in years) | 10 years | |
Maximum [Member] | Customer Relationships (10 to 15-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived other intangible assets useful life (in years) | 15 years |
Goodwill And Other Intangible54
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 2,905 | $ 1,605 | $ 946 |
Goodwill And Other Intangible55
Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 2,764 |
2,018 | 2,764 |
2,019 | 2,764 |
2,020 | 2,729 |
2,021 | $ 2,644 |
Liabilities (Schedule Of Accrue
Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Payables and Accruals [Abstract] | ||
Compensation and employee benefits | $ 21,565 | $ 21,969 |
Distribution | 4,450 | 5,445 |
Other taxes | 1,266 | 1,182 |
Marketing | 1,107 | 1,830 |
Other | 4,684 | 5,395 |
Total accrued liabilities | $ 33,072 | $ 35,821 |
Liabilities (Schedule Of Other
Liabilities (Schedule Of Other Noncurrent Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Workers compensation | $ 9,534 | $ 8,477 |
Gross tax contingency reserve | 1,599 | 1,487 |
Deferred compensation and accrued interest | 4,655 | 4,411 |
Other | 1,358 | 1,403 |
Total other noncurrent liabilities | 26,698 | 23,654 |
Pension Benefits [Member] | ||
Accrued benefit liability | 8,613 | 5,070 |
Postretirement Benefits [Member] | ||
Accrued benefit liability | $ 939 | $ 2,806 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Authority [Line Items] | |||
Gross tax contingency reserve | $ 1,599,000 | $ 1,487,000 | $ 963,000 |
Accrued tax liabilities included in the gross tax contingency reserve | 1,000,000 | ||
Accrued interest and penalties included in the gross tax contingency reserve | 571,000 | 479,000 | |
Gross tax contingency reserve, classified as current liabilities | 0 | ||
Gross tax contingency reserve, classified as noncurrent liabilities | $ 1,599,000 | 1,487,000 | |
Qualified manufacturing activities deduction percentage | 9.00% | ||
Federal [Member] | |||
Income Tax Authority [Line Items] | |||
Prepaid income taxes | $ 4,300,000 | 3,800,000 | |
State and Local [Member] | |||
Income Tax Authority [Line Items] | |||
Prepaid income taxes | $ 500,000 | $ 600,000 |
Income Taxes (Schedule Of Taxes
Income Taxes (Schedule Of Taxes Based On Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Currently payable, Federal | $ 57,116 | $ 47,601 | $ 48,718 |
Currently payable, State and local | 6,502 | 5,229 | 4,526 |
Total current provision | 63,618 | 52,830 | 53,244 |
Deferred federal, state and local (benefit) provision | (749) | 36 | (951) |
Total taxes based on income | $ 62,869 | $ 52,866 | $ 52,293 |
Income Taxes (Tax Benefits Reco
Income Taxes (Tax Benefits Recorded Directly To Common Stock) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Tax benefits recorded directly to common stock | $ 1,417 | $ 563 | $ 1,020 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 2.30% | 2.20% | 2.00% |
ESOP dividend deduction | (0.40%) | (0.20%) | (0.20%) |
Domestic manufacturing deduction for qualified income | (3.00%) | (3.00%) | (3.00%) |
Other | 0.20% | 0.20% | 0.30% |
Effective rate | 34.10% | 34.20% | 34.10% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, Inventories | $ 1,034 | $ 1,179 |
Deferred tax assets, Employee medical and other benefits | 12,533 | 11,135 |
Deferred tax assets, Receivable and other allowances | 5,626 | 5,652 |
Deferred tax assets, Other accrued liabilities | 1,740 | 2,229 |
Total deferred tax assets | 20,933 | 20,195 |
Deferred tax liabilities, Property, plant and equipment | (21,573) | (22,968) |
Deferred tax liabilities, Intangible assets | (14,555) | (15,223) |
Deferred tax liabilities, Goodwill | (6,117) | (4,869) |
Deferred tax liabilities, Other | (121) | (75) |
Total deferred tax liabilities | (42,366) | (43,135) |
Net deferred tax liability | $ (21,433) | $ (22,940) |
Income Taxes (Cash Payments For
Income Taxes (Cash Payments For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Cash payments for income taxes | $ 62,901 | $ 43,027 | $ 37,277 |
Income Taxes (Reconciliation 64
Income Taxes (Reconciliation Of Gross Tax Contingency Reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Balance, beginning of year | $ 1,487 | $ 963 |
Tax positions related to the current year, Additions | 54 | 54 |
Tax positions related to the current year, Reductions | 0 | 0 |
Tax positions related to prior years, Additions | 121 | 516 |
Tax positions related to prior years, Reductions | (63) | (46) |
Tax positions related to prior years, Settlements | 0 | 0 |
Balance, end of year | $ 1,599 | $ 1,487 |
Income Taxes (Net Tax-Related I
Income Taxes (Net Tax-Related Interest And Penalties Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Expense recognized for net tax-related interest and penalties | $ 92 | $ 87 |
Income Taxes (Accrued Interest
Income Taxes (Accrued Interest And Penalties) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
Accrued interest and penalties included in the gross tax contingency reserve | $ 571 | $ 479 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2016segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Business Segment Information (S
Business Segment Information (Segment Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | $ 284,490 | $ 287,765 | $ 324,769 | $ 294,085 | $ 277,716 | $ 263,400 | $ 303,411 | $ 259,987 | $ 1,191,109 | $ 1,104,514 | $ 1,041,075 | |
Specialty Foods [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | [1],[2] | 1,191,109 | 1,104,514 | 1,041,075 | ||||||||
Non Frozen [Member] | Specialty Foods [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 818,716 | 741,726 | 681,872 | |||||||||
Frozen [Member] | Specialty Foods [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | $ 372,393 | $ 362,788 | $ 359,203 | |||||||||
[1] | All intercompany transactions have been eliminated. | |||||||||||
[2] | Net sales and long-lived assets are predominately domestic. |
Business Segment Information 69
Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | $ 284,490 | $ 287,765 | $ 324,769 | $ 294,085 | $ 277,716 | $ 263,400 | $ 303,411 | $ 259,987 | $ 1,191,109 | $ 1,104,514 | $ 1,041,075 | |
Operating Income | [1] | 184,570 | 154,861 | 153,767 | ||||||||
Identifiable Assets | [2],[3] | 634,732 | 702,156 | 634,732 | 702,156 | 627,301 | ||||||
Capital Expenditures | 16,671 | 18,298 | 15,961 | |||||||||
Depreciation and Amortization | 24,147 | 21,111 | 20,407 | |||||||||
Specialty Foods [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | [1],[2] | 1,191,109 | 1,104,514 | 1,041,075 | ||||||||
Operating Income | [1] | 196,592 | 167,095 | 165,383 | ||||||||
Identifiable Assets | [2],[3] | 515,553 | 514,605 | 515,553 | 514,605 | 405,416 | ||||||
Capital Expenditures | 16,652 | 18,230 | 15,578 | |||||||||
Depreciation and Amortization | 24,001 | 20,929 | 18,785 | |||||||||
Corporate [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Income | [1] | (12,022) | (12,234) | (11,616) | ||||||||
Identifiable Assets | [2],[3] | $ 119,179 | $ 187,551 | 119,179 | 187,551 | 221,885 | ||||||
Capital Expenditures | 19 | 68 | 67 | |||||||||
Depreciation and Amortization | 146 | 182 | 208 | |||||||||
Continuing Operations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital Expenditures | 16,671 | 18,298 | 15,645 | |||||||||
Depreciation and Amortization | $ 24,147 | $ 21,111 | $ 18,993 | |||||||||
[1] | All intercompany transactions have been eliminated. | |||||||||||
[2] | Net sales and long-lived assets are predominately domestic. | |||||||||||
[3] | Segment identifiable assets include those assets used in its operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The decline in Corporate assets from JuneĀ 30, 2015 to June 30, 2016 was due to the decrease in cash resulting from the payment of the December 2015 special dividend. |
Business Segment Information 70
Business Segment Information (Net Sales To Major Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 284,490 | $ 287,765 | $ 324,769 | $ 294,085 | $ 277,716 | $ 263,400 | $ 303,411 | $ 259,987 | $ 1,191,109 | $ 1,104,514 | $ 1,041,075 |
McLane Company Inc [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | 232,241 | 202,218 | 186,817 | ||||||||
Wal-Mart Stores, Inc. [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales | $ 189,417 | $ 177,354 | $ 175,388 | ||||||||
Customer Concentration Risk [Member] | McLane Company Inc [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales as a percentage of consolidated net sales | 19.00% | 18.00% | 18.00% | ||||||||
Customer Concentration Risk [Member] | Wal-Mart Stores, Inc. [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net sales as a percentage of consolidated net sales | 16.00% | 16.00% | 17.00% |
Business Segment Information (P
Business Segment Information (Percentage Of Receivables Due From Major Customers) (Details) - Credit Concentration Risk [Member] | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Wal-Mart Stores, Inc. [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable as a percentage of consolidated accounts receivable | 25.00% | 26.00% |
McLane Company Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable as a percentage of consolidated accounts receivable | 17.00% | 14.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Settled Stock Appreciation Rights SARS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Unrecognized compensation expense | $ 3.1 | ||
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 years | ||
Employee Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Number vested (in shares) | 6,000 | 20,000 | 6,000 |
Director Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Number vested (in shares) | 7,000 | 6,000 | 7,000 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 3.5 | ||
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 years | ||
Number vested (in shares) | 13,000 | ||
2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares reserved for issuance to employees and directors (in shares) | 2,000,000 | ||
2005 Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term of stock awards granted (in years) | 5 years | ||
2015 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares reserved for issuance to employees and directors (in shares) | 1,500,000 | ||
2015 Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum term of stock awards granted (in years) | 5 years |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Grant Details) (Details) - Stock Settled Stock Appreciation Rights SARS [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
SSSARs granted (in rights) | 240 | 149 | 146 |
Weighted average grant date fair value per award (in dollars per share) | $ 12.23 | $ 9.94 | $ 11.84 |
Weighted average assumptions used in fair value calculations: | |||
Risk-free interest rate | 0.86% | 0.86% | 0.75% |
Dividend yield | 1.93% | 2.02% | 1.97% |
Volatility factor of the expected market price of our common stock | 20.88% | 19.62% | 22.35% |
Weighted average expected life in years | 2 years 8 months 9 days | 2 years 8 months 16 days | 3 years 1 month 13 days |
Stock-Based Compensation (Sto74
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Compensation Expense And Tax Benefits Recorded) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Excess tax benefits | $ 1,417 | $ 563 | $ 1,020 |
Stock Settled Stock Appreciation Rights SARS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1,472 | 1,288 | 1,092 |
Tax benefits | 515 | 451 | 382 |
Intrinsic value of exercises | 3,788 | 1,162 | 2,692 |
Excess tax benefits | $ 1,341 | $ 410 | $ 942 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Of Stock-Settled Stock Appreciation Rights Vested) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Settled Stock Appreciation Rights SARS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested rights | $ 1,192 | $ 1,252 | $ 1,145 |
Stock-Based Compensation (Sto76
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Activity) (Details) - Stock Settled Stock Appreciation Rights SARS [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Rights | |||
Number of Rights, Outstanding at beginning of year (in rights) | 395 | ||
Number of Rights, Exercised (in rights) | (180) | ||
Number of Rights, Granted (in rights) | 240 | 149 | 146 |
Number of Rights, Forfeited (in rights) | (20) | ||
Number of Rights, Outstanding at end of year (in rights) | 435 | 395 | |
Number of Rights, Exercisable and vested at end of year (in rights) | 62 | ||
Number of Rights, Vested and expected to vest at end of year (in rights) | 408 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share) | $ 84.24 | ||
Weighted Average Exercise Price, Exercised (in dollars per share) | 79.11 | ||
Weighted Average Exercise Price, Granted (in dollars per share) | 103.87 | ||
Weighted Average Exercise Price, Forfeited (in dollars per share) | 88.72 | ||
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | 97.01 | $ 84.24 | |
Weighted Average Exercise Price, Exercisable and vested at end of year (in dollars per share) | 84.26 | ||
Weighted Average Exercise Price, Vested and expected to vest at end of year (in dollars per share) | $ 96.74 | ||
Weighted Average Remaining Contractual Life in Years, Outstanding at end of year | 3 years 11 months 19 days | ||
Weighted Average Remaining Contractual Life in Years, Exercisable and vested at end of year | 2 years 6 months 7 days | ||
Weighted Average Remaining Contractual Life in Years, Vested and expected to vest at end of year | 3 years 11 months 5 days | ||
Aggregate Intrinsic Value, Outstanding at end of year | $ 13,302 | ||
Aggregate Intrinsic Value, Exercisable and vested at end of year | 2,673 | ||
Aggregate Intrinsic Value, Vested and expected to vest at end of year | $ 12,594 |
Stock-Based Compensation (Sto77
Stock-Based Compensation (Stock-Settled Stock Appreciation Rights Outstanding By Grant Year) (Details) - Stock Settled Stock Appreciation Rights SARS [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 435 | 395 |
Outstanding, Weighted Average Remaining Contractual Life in Years | 3 years 11 months 19 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 97.01 | $ 84.24 |
Exercisable, Number Exercisable (in rights) | 62 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 84.26 | |
Year2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 240 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 4 years 8 months 5 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 103.87 | |
Exercisable, Number Exercisable (in rights) | 0 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 | |
Year2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | $ 91.13 | |
Outstanding, Number Outstanding (in rights) | 113 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 3 years 7 months 24 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 91.13 | |
Exercisable, Number Exercisable (in rights) | 20 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 91.13 | |
Year2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 64 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 2 years 7 months 24 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 89.11 | |
Exercisable, Number Exercisable (in rights) | 24 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 89.07 | |
Year2013 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | $ 72.67 | |
Outstanding, Number Outstanding (in rights) | 7 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 1 year 7 months 28 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 72.67 | |
Exercisable, Number Exercisable (in rights) | 7 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 72.67 | |
Year2012 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number Outstanding (in rights) | 11 | |
Outstanding, Weighted Average Remaining Contractual Life in Years | 7 months 24 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 68.12 | |
Exercisable, Number Exercisable (in rights) | 11 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 68.12 | |
Minimum [Member] | Year2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 101.70 | |
Minimum [Member] | Year2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 79.78 | |
Minimum [Member] | Year2012 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 63.50 | |
Maximum [Member] | Year2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 112.62 | |
Maximum [Member] | Year2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | 89.29 | |
Maximum [Member] | Year2012 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Exercise Price (in dollars per share) | $ 68.12 |
Stock-Based Compensation (Emplo
Stock-Based Compensation (Employee Restricted Stock Grant Details) (Details) - Employee Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (in shares) | 28 | 9 | 24 |
Grant date fair value | $ 2,923 | $ 845 | $ 2,190 |
Weighted average grant date fair value per award (in dollars per share) | $ 102.89 | $ 91.13 | $ 89.21 |
Stock-Based Compensation (Nonem
Stock-Based Compensation (Nonemployee Director Restricted Stock Grant Details) (Details) - Director Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted (in shares) | 6 | 7 | 6 |
Grant date fair value | $ 639 | $ 639 | $ 490 |
Weighted average grant date fair value per award (in dollars per share) | $ 112.05 | $ 92.92 | $ 84.42 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Compensation Expense And Tax Benefits Recorded) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Excess tax benefits | $ 1,417 | $ 563 | $ 1,020 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1,854 | 1,752 | 1,434 |
Tax benefits | 649 | 613 | 502 |
Excess tax benefits | $ 76 | $ 153 | $ 78 |
Stock-Based Compensation (Fai81
Stock-Based Compensation (Fair Value Of Restricted Stock Vested) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested shares | $ 1,124 | $ 1,836 | $ 931 |
Stock-Based Compensation (Res82
Stock-Based Compensation (Restricted Stock Activity) (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Number of Shares | |
Number of Shares, Unvested restricted stock at beginning of year | shares | 45 |
Number of Shares, Granted | shares | 34 |
Number of Shares, Vested | shares | (13) |
Number of Shares, Forfeited | shares | (3) |
Number of Shares, Unvested restricted stock at end of year | shares | 63 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value, Unvested restricted stock at beginning of year | $ / shares | $ 87.71 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 104.43 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 83.59 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 86.48 |
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of year | $ / shares | $ 97.71 |
Pension Benefits (Narrative) (D
Pension Benefits (Narrative) (Details) - Pension Benefits [Member] | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Minimum length of investment horizon (in years) | 10 years |
Estimated employer contributions to pension plans in next fiscal year | $ 0 |
Pension Benefits (Discount Rate
Pension Benefits (Discount Rate) (Details) | Jun. 30, 2016 | Jun. 30, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.39% | 4.12% |
Pension Benefits (Net Periodic
Pension Benefits (Net Periodic Benefit Costs Assumptions) (Details) - Pension Benefits [Member] | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.12% | 4.02% | 4.57% |
Expected long-term return on plan assets | 7.00% | 7.00% | 7.00% |
Pension Benefits (Target And Ac
Pension Benefits (Target And Actual Asset Allocations) (Details) - Pension Benefits [Member] | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Percentage of Plan Assets | 100.00% | 100.00% |
Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Percentage of Plan Assets, minimum | 0.00% | |
Target Percentage of Plan Assets, maximum | 10.00% | |
Actual Percentage of Plan Assets | 2.00% | 2.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Percentage of Plan Assets, minimum | 30.00% | |
Target Percentage of Plan Assets, maximum | 70.00% | |
Actual Percentage of Plan Assets | 50.00% | 49.00% |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Percentage of Plan Assets, minimum | 30.00% | |
Target Percentage of Plan Assets, maximum | 70.00% | |
Actual Percentage of Plan Assets | 48.00% | 49.00% |
Pension Benefits (Summary Of Th
Pension Benefits (Summary Of The Fair Values And Levels Within The Fair Value Hierarchy Of Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 35,682 | $ 37,146 | $ 38,725 |
Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 557 | 522 | |
Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 267 | 181 | |
U.S. Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,785 | 4,266 | |
Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 139 | 161 | |
Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,927 | 3,174 | |
Mortgage Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,998 | 1,857 | |
Mutual Funds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,135 | 8,820 | |
Mutual Funds Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,874 | 18,165 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25,833 | 27,688 | |
Level 1 [Member] | Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 557 | 522 | |
Level 1 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 267 | 181 | |
Level 1 [Member] | U.S. Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Mortgage Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Mutual Funds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,135 | 8,820 | |
Level 1 [Member] | Mutual Funds Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,874 | 18,165 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,849 | 9,458 | |
Level 2 [Member] | Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | U.S. Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,785 | 4,266 | |
Level 2 [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 139 | 161 | |
Level 2 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,927 | 3,174 | |
Level 2 [Member] | Mortgage Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,998 | 1,857 | |
Level 2 [Member] | Mutual Funds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Mutual Funds Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | U.S. Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mortgage Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mutual Funds Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mutual Funds Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension Benefits (Schedule Of C
Pension Benefits (Schedule Of Change In Benefit Obligation) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 42,042 | $ 41,233 | |
Interest cost | 1,685 | 1,612 | $ 1,754 |
Actuarial loss | 2,683 | 1,414 | |
Benefits paid | (2,258) | (2,217) | |
Benefit obligation at end of year | $ 44,152 | $ 42,042 | $ 41,233 |
Pension Benefits (Schedule Of89
Pension Benefits (Schedule Of Change In Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 37,146 | $ 38,725 |
Actual return on plan assets | 794 | 638 |
Employer contributions | 0 | 0 |
Benefits paid | (2,258) | (2,217) |
Fair value of plan assets at end of year | $ 35,682 | $ 37,146 |
Pension Benefits (Schedule Of R
Pension Benefits (Schedule Of Reconciliation Of Funded Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net accrued benefit cost | $ (8,470) | $ (4,896) |
Pension Benefits (Schedule Of A
Pension Benefits (Schedule Of Amounts Recognized In The Consolidated Balance Sheets) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost (noncurrent assets) | $ 143 | $ 174 |
Accrued benefit liability (noncurrent liabilities) | (8,613) | (5,070) |
Net amount recognized | $ (8,470) | $ (4,896) |
Pension Benefits (Schedule Of92
Pension Benefits (Schedule Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 44,152 | $ 42,042 |
Pension Benefits (Plans With Be
Pension Benefits (Plans With Benefit Obligations In Excess Of The Fair Value Of Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligations | $ 41,301 | $ 38,980 |
Fair value of plan assets at end of year | $ 32,688 | $ 33,910 |
Pension Benefits (Amounts Recog
Pension Benefits (Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 11,350 | $ 10,057 | $ 8,061 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 20,434 | 16,564 | |
Income taxes | (7,550) | (6,120) | |
Total | $ 12,884 | $ 10,444 |
Pension Benefits (Amounts In Ac
Pension Benefits (Amounts In Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost During Next Fiscal Year) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $ 715 |
Pension Benefits (Components Of
Pension Benefits (Components Of Net Periodic Benefit Income) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | $ 1,685 | $ 1,612 | $ 1,754 | ||
Expected return on plan assets | (2,520) | (2,632) | (2,457) | ||
Amortization of unrecognized net loss | 539 | [1] | 429 | [1] | 460 |
Net periodic benefit income | $ (296) | $ (591) | $ (243) | ||
[1] | Included in the computation of net periodic benefit income/cost. See Notes 12 and 13 for additional information. |
Pension Benefits (Benefit Payme
Pension Benefits (Benefit Payments Estimated For Future Years) (Details) - Pension Benefits [Member] $ in Thousands | Jun. 30, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 2,325 |
2,018 | 2,333 |
2,019 | 2,352 |
2,020 | 2,394 |
2,021 | 2,424 |
2022 - 2026 | $ 12,664 |
Defined Contribution And Othe98
Defined Contribution And Other Employee Plans (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2016 | |
Cleveland Bakers And Teamsters Pension Fund [Member] | Multiemployer Plans, Pension [Member] | |
Multiemployer Plans [Line Items] | |
Employer's contributions represent more than five percent of total contributions | true |
Defined Contribution And Othe99
Defined Contribution And Other Employee Plans (Schedule Of Costs Related To Defined Contribution Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Costs related to defined contribution plans | $ 992 | $ 888 | $ 808 |
Defined Contribution And Oth100
Defined Contribution And Other Employee Plans (Schedule Of Multiemployer Pension Plans) (Details) - Multiemployer Plans, Pension [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 2,025 | $ 1,941 | $ 1,729 |
Cleveland Bakers And Teamsters Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 340,904,419 | ||
PN | 1 | ||
Pension Protection Act Zone Status | Red | Red | |
Pension Protection Act Zone Status, Date | Dec. 31, 2014 | Dec. 31, 2013 | |
FIP/RP Status Pending/Implemented | Implemented | ||
Multiemployer Plan, Period Contributions | $ 1,605 | $ 1,501 | $ 1,332 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Apr. 30, 2016 | ||
Western Conference Of Teamsters Pension Trust [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 916,145,047 | ||
PN | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2014 | Dec. 31, 2013 | |
FIP/RP Status Pending/Implemented | No | ||
Multiemployer Plan, Period Contributions | $ 420 | $ 440 | $ 397 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Dec. 15, 2018 |
Defined Contribution And Oth101
Defined Contribution And Other Employee Plans (Schedule Of Multiemployer Health And Welfare Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Multiemployer Plans, Postretirement Benefit [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer health and welfare plan contributions | $ 3,559 | $ 3,796 | $ 3,367 |
Defined Contribution And Oth102
Defined Contribution And Other Employee Plans (Schedule Of Liability For Deferred Compensation And Accrued Interest) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Liability for deferred compensation and accrued interest | $ 4,655 | $ 4,411 |
Defined Contribution And Oth103
Defined Contribution And Other Employee Plans (Schedule Of Deferred Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Deferred compensation expense | $ 151 | $ 136 | $ 131 |
Selected Quarterly Financial104
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Net Sales | $ 284,490 | $ 287,765 | $ 324,769 | $ 294,085 | $ 277,716 | $ 263,400 | $ 303,411 | $ 259,987 | $ 1,191,109 | $ 1,104,514 | $ 1,041,075 | ||||||||||
Gross Profit | 75,144 | 72,924 | 83,594 | 67,967 | 64,990 | 56,625 | 78,653 | 57,424 | 299,629 | 257,692 | 248,568 | ||||||||||
Net Income | $ 30,614 | $ 29,011 | $ 34,511 | $ 27,628 | $ 25,568 | $ 20,403 | $ 32,954 | $ 22,761 | $ 121,764 | $ 101,686 | $ 74,986 | ||||||||||
Diluted Net Income Per Common Share (in dollars per share) | $ 1.12 | [1] | $ 1.06 | [1] | $ 1.25 | [1] | $ 1.01 | [1] | $ 0.93 | [1] | $ 0.75 | [1] | $ 1.20 | [1] | $ 0.83 | [1] | $ 4.44 | [1] | $ 3.72 | [1] | $ 2.74 |
[1] | Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year. |
Valuation And Qualifying Acc105
Valuation And Qualifying Accounts (Schedule Of Valuation And Qualifying Accounts) (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for Doubtful Accounts, Balance at Beginning of Year | $ 206 | $ 432 | $ 340 | |
Allowance for Doubtful Accounts, Additions Charged to Costs and Expenses | (10) | (263) | 96 | |
Allowance for Doubtful Accounts, Additions Charged to Other Accounts | [1] | 0 | 41 | 0 |
Allowance for Doubtful Accounts, Deductions | [2] | 71 | 4 | 4 |
Allowance for Doubtful Accounts, Balance at End of Year | $ 125 | $ 206 | $ 432 | |
[1] | Represents balance acquired in 2015 acquisition of Flatout. | |||
[2] | Represents uncollectible accounts written-off net of recoveries. |