Cover
Cover - shares shares in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Apr. 16, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-04065 | |
Entity Registrant Name | Lancaster Colony Corporation | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 13-1955943 | |
Entity Address, Address Line One | 380 Polaris Parkway | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Westerville | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43082 | |
City Area Code | (614) | |
Local Phone Number | 224-7141 | |
Title of 12(b) Security | Common Stock, without par value | |
Trading Symbol | LANC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,545 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000057515 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --06-30 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Current Assets: | ||
Cash and equivalents | $ 211,121 | $ 198,273 |
Receivables | 97,877 | 86,604 |
Inventories: | ||
Raw materials | 40,603 | 34,374 |
Finished goods | 62,443 | 50,674 |
Total inventories | 103,046 | 85,048 |
Other current assets | 16,216 | 15,687 |
Total current assets | 428,260 | 385,612 |
Property, Plant and Equipment: | ||
Land, buildings and improvements | 198,911 | 186,542 |
Machinery and equipment | 435,856 | 388,929 |
Total cost | 634,767 | 575,471 |
Less accumulated depreciation | 304,661 | 282,183 |
Property, plant and equipment-net | 330,106 | 293,288 |
Other Assets: | ||
Goodwill | 208,371 | 208,371 |
Other intangible assets-net | 59,969 | 65,216 |
Operating lease right-of-use assets | 22,350 | 22,977 |
Other noncurrent assets | 19,294 | 17,889 |
Total | 1,068,350 | 993,353 |
Current Liabilities: | ||
Accounts payable | 94,336 | 71,433 |
Accrued liabilities | 57,647 | 54,826 |
Total current liabilities | 151,983 | 126,259 |
Noncurrent Operating Lease Liabilities | 17,215 | 17,893 |
Other Noncurrent Liabilities | 31,369 | 31,661 |
Deferred Income Taxes | 36,670 | 34,240 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Preferred stock-authorized 3,050,000 shares; outstanding-none | ||
Common stock-authorized 75,000,000 shares; outstanding-March-27,544,735 shares; June-27,523,935 shares | 127,277 | 125,153 |
Retained earnings | 1,471,151 | 1,421,121 |
Accumulated other comprehensive loss | (11,788) | (12,070) |
Common stock in treasury, at cost | (755,527) | (750,904) |
Total shareholders' equity | 831,113 | 783,300 |
Total | $ 1,068,350 | $ 993,353 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 3,050,000 | 3,050,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares outstanding | 27,544,735 | 27,523,935 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
Net Sales | $ 357,249 | $ 321,363 | $ 1,081,501 | $ 1,013,534 |
Cost of Sales | 266,699 | 244,401 | 791,452 | 744,575 |
Gross Profit | 90,550 | 76,962 | 290,049 | 268,959 |
Selling, General and Administrative Expenses | 53,162 | 46,907 | 149,607 | 132,109 |
Change in Contingent Consideration | 0 | 65 | (5,687) | 192 |
Restructuring and Impairment Charges | 0 | 0 | 1,195 | 886 |
Operating Income | 37,388 | 29,990 | 144,934 | 135,772 |
Other, Net | (44) | 727 | (67) | 3,031 |
Income Before Income Taxes | 37,344 | 30,717 | 144,867 | 138,803 |
Taxes Based on Income | 8,447 | 8,288 | 34,261 | 32,205 |
Net Income | $ 28,897 | $ 22,429 | $ 110,606 | $ 106,598 |
Net Income Per Common Share: | ||||
Basic (in dollars per share) | $ 1.05 | $ 0.82 | $ 4.02 | $ 3.88 |
Diluted (in dollars per share) | $ 1.05 | $ 0.81 | $ 4.01 | $ 3.87 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 27,483 | 27,457 | 27,474 | 27,447 |
Diluted (in shares) | 27,526 | 27,501 | 27,513 | 27,502 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 28,897 | $ 22,429 | $ 110,606 | $ 106,598 |
Defined Benefit Pension and Postretirement Benefit Plans: | ||||
Amortization of loss, before tax | 167 | 136 | 503 | 409 |
Amortization of prior service credit, before tax | (45) | (45) | (136) | (136) |
Total Other Comprehensive Income, Before Tax | 122 | 91 | 367 | 273 |
Tax Attributes of Items in Other Comprehensive Income: | ||||
Amortization of loss, tax | (39) | (31) | (117) | (95) |
Amortization of prior service credit, tax | 11 | 10 | 32 | 31 |
Total Tax Expense | (28) | (21) | (85) | (64) |
Other Comprehensive Income, Net of Tax | 94 | 70 | 282 | 209 |
Comprehensive Income | $ 28,991 | $ 22,499 | $ 110,888 | $ 106,807 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities: | ||
Net income | $ 110,606 | $ 106,598 |
Impacts of noncash items: | ||
Depreciation and amortization | 32,569 | 27,672 |
Change in contingent consideration | (5,687) | 192 |
Deferred income taxes and other changes | 4,305 | 9,625 |
Stock-based compensation expense | 5,234 | 4,337 |
Restructuring and impairment charges | 1,195 | (268) |
Pension plan activity | (118) | (458) |
Changes in operating assets and liabilities: | ||
Receivables | (11,273) | (11,958) |
Inventories | (17,998) | (10,187) |
Other current assets | (2,968) | (15,590) |
Accounts payable and accrued liabilities | 22,834 | 9,175 |
Net cash provided by operating activities | 138,699 | 119,138 |
Cash Flows From Investing Activities: | ||
Payments for property additions | (55,601) | (72,006) |
Other-net | (561) | (389) |
Net cash used in investing activities | (56,162) | (72,395) |
Cash Flows From Financing Activities: | ||
Payment of dividends | (60,576) | (56,386) |
Purchase of treasury stock | (4,623) | (5,387) |
Tax withholdings for stock-based compensation | (3,110) | (2,960) |
Other-net | (1,380) | (500) |
Net cash used in financing activities | (69,689) | (65,233) |
Net change in cash and equivalents | 12,848 | (18,490) |
Cash and equivalents at beginning of year | 198,273 | 196,288 |
Cash and equivalents at end of period | 211,121 | 177,798 |
Supplemental Disclosure of Operating Cash Flows: | ||
Net cash payments for income taxes | $ 29,855 | $ 30,355 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Balance (in shares) at Jun. 30, 2019 | 27,491,000 | ||||
Balance at Jun. 30, 2019 | $ 726,873 | $ 122,844 | $ 1,359,782 | $ (10,308) | $ (745,445) |
Net income | 40,745 | 40,745 | |||
Net pension and postretirement benefit gains, net of tax effect | 70 | 70 | |||
Cash dividends - common stock | (17,869) | (17,869) | |||
Purchase of treasury stock (in shares) | (10,000) | ||||
Purchase of treasury stock | (1,465) | (1,465) | |||
Stock-based plans (in shares) | 4,000 | ||||
Stock-based plans | (125) | $ (125) | |||
Stock-based compensation expense | 1,436 | $ 1,436 | |||
Balance (in shares) at Sep. 30, 2019 | 27,485,000 | ||||
Balance at Sep. 30, 2019 | 749,665 | $ 124,155 | 1,382,658 | (10,238) | (746,910) |
Balance (in shares) at Jun. 30, 2019 | 27,491,000 | ||||
Balance at Jun. 30, 2019 | 726,873 | $ 122,844 | 1,359,782 | (10,308) | (745,445) |
Net income | 106,598 | ||||
Net pension and postretirement benefit gains, net of tax effect | 209 | ||||
Balance (in shares) at Mar. 31, 2020 | 27,516,000 | ||||
Balance at Mar. 31, 2020 | 773,284 | $ 124,221 | 1,409,994 | (10,099) | (750,832) |
Balance (in shares) at Sep. 30, 2019 | 27,485,000 | ||||
Balance at Sep. 30, 2019 | 749,665 | $ 124,155 | 1,382,658 | (10,238) | (746,910) |
Net income | 43,424 | 43,424 | |||
Net pension and postretirement benefit gains, net of tax effect | 69 | 69 | |||
Cash dividends - common stock | (19,245) | (19,245) | |||
Purchase of treasury stock (in shares) | 0 | ||||
Purchase of treasury stock | (7) | (7) | |||
Stock-based plans (in shares) | 26,000 | ||||
Stock-based plans | (2,571) | $ (2,571) | |||
Stock-based compensation expense | 1,423 | $ 1,423 | |||
Balance (in shares) at Dec. 31, 2019 | 27,511,000 | ||||
Balance at Dec. 31, 2019 | 772,758 | $ 123,007 | 1,406,837 | (10,169) | (746,917) |
Net income | 22,429 | 22,429 | |||
Net pension and postretirement benefit gains, net of tax effect | 70 | 70 | |||
Cash dividends - common stock | (19,272) | (19,272) | |||
Purchase of treasury stock (in shares) | (28,000) | ||||
Purchase of treasury stock | (3,915) | (3,915) | |||
Stock-based plans (in shares) | 33,000 | ||||
Stock-based plans | (264) | $ (264) | |||
Stock-based compensation expense | 1,478 | $ 1,478 | |||
Balance (in shares) at Mar. 31, 2020 | 27,516,000 | ||||
Balance at Mar. 31, 2020 | $ 773,284 | $ 124,221 | 1,409,994 | (10,099) | (750,832) |
Balance (in shares) at Jun. 30, 2020 | 27,523,935 | 27,524,000 | |||
Balance at Jun. 30, 2020 | $ 783,300 | $ 125,153 | 1,421,121 | (12,070) | (750,904) |
Net income | 37,079 | 37,079 | |||
Net pension and postretirement benefit gains, net of tax effect | 94 | 94 | |||
Cash dividends - common stock | (19,270) | (19,270) | |||
Purchase of treasury stock (in shares) | 0 | ||||
Purchase of treasury stock | (15) | (15) | |||
Stock-based plans (in shares) | 16,000 | ||||
Stock-based plans | (1,854) | $ (1,854) | |||
Stock-based compensation expense | 1,772 | $ 1,772 | |||
Balance (in shares) at Sep. 30, 2020 | 27,540,000 | ||||
Balance at Sep. 30, 2020 | $ 801,106 | $ 125,071 | 1,438,930 | (11,976) | (750,919) |
Balance (in shares) at Jun. 30, 2020 | 27,523,935 | 27,524,000 | |||
Balance at Jun. 30, 2020 | $ 783,300 | $ 125,153 | 1,421,121 | (12,070) | (750,904) |
Net income | 110,606 | ||||
Net pension and postretirement benefit gains, net of tax effect | $ 282 | ||||
Balance (in shares) at Mar. 31, 2021 | 27,544,735 | 27,545,000 | |||
Balance at Mar. 31, 2021 | $ 831,113 | $ 127,277 | 1,471,151 | (11,788) | (755,527) |
Balance (in shares) at Sep. 30, 2020 | 27,540,000 | ||||
Balance at Sep. 30, 2020 | 801,106 | $ 125,071 | 1,438,930 | (11,976) | (750,919) |
Net income | 44,630 | 44,630 | |||
Net pension and postretirement benefit gains, net of tax effect | 94 | 94 | |||
Cash dividends - common stock | (20,655) | (20,655) | |||
Purchase of treasury stock (in shares) | 0 | ||||
Purchase of treasury stock | (4) | (4) | |||
Stock-based plans (in shares) | 7,000 | ||||
Stock-based plans | (581) | $ (581) | |||
Stock-based compensation expense | 1,770 | $ 1,770 | |||
Balance (in shares) at Dec. 31, 2020 | 27,547,000 | ||||
Balance at Dec. 31, 2020 | 826,360 | $ 126,260 | 1,462,905 | (11,882) | (750,923) |
Net income | 28,897 | 28,897 | |||
Net pension and postretirement benefit gains, net of tax effect | 94 | 94 | |||
Cash dividends - common stock | (20,651) | (20,651) | |||
Purchase of treasury stock (in shares) | (26,000) | ||||
Purchase of treasury stock | (4,604) | (4,604) | |||
Stock-based plans (in shares) | 24,000 | ||||
Stock-based plans | (675) | $ (675) | |||
Stock-based compensation expense | $ 1,692 | $ 1,692 | |||
Balance (in shares) at Mar. 31, 2021 | 27,544,735 | 27,545,000 | |||
Balance at Mar. 31, 2021 | $ 831,113 | $ 127,277 | $ 1,471,151 | $ (11,788) | $ (755,527) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Tax effect included in net pension and postretirement benefit gains | $ 28 | $ 28 | $ 29 | $ 21 | $ 22 | $ 21 |
Common stock, dividends per share (in dollars per share) | $ 0.75 | $ 0.75 | $ 0.70 | $ 0.70 | $ 0.70 | $ 0.65 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant” or the “Company” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our 2020 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2021 refers to fiscal 2021, which is the period from July 1, 2020 to June 30, 2021. Deferred Software Costs We capitalize certain costs related to hosting arrangements that are service contracts (cloud computing arrangements). Capitalized costs are included in Other Current Assets or Other Noncurrent Assets and are amortized on a straight-line basis over the estimated useful life. For the nine months ended March 31, 2021 and 2020, we capitalized $3.2 million and $6.6 million, respectively, of deferred software costs related to cloud computing arrangements. Property, Plant and Equipment Property, plant and equipment are recorded at cost, except for those acquired as part of a business combination, which are recorded at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: March 31, 2021 2020 Construction in progress in Accounts Payable $ 3,791 $ 8,532 Accrued Compensation and Employee Benefits Accrued compensation and employee benefits included in Accrued Liabilities was $27.6 million and $32.8 million at March 31, 2021 and June 30, 2020, respectively. Accrued Distribution Accrued distribution included in Accrued Liabilities was $11.1 million and $7.1 million at March 31, 2021 and June 30, 2020, respectively. Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock 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 net income per common share were calculated as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income $ 28,897 $ 22,429 $ 110,606 $ 106,598 Net income available to participating securities (56) (48) (223) (216) Net income available to common shareholders $ 28,841 $ 22,381 $ 110,383 $ 106,382 Weighted average common shares outstanding – basic 27,483 27,457 27,474 27,447 Incremental share effect from: Nonparticipating restricted stock 2 1 2 2 Stock-settled stock appreciation rights 41 43 37 53 Weighted average common shares outstanding – diluted 27,526 27,501 27,513 27,502 Net income per common share – basic $ 1.05 $ 0.82 $ 4.02 $ 3.88 Net income per common share – diluted $ 1.05 $ 0.81 $ 4.01 $ 3.87 Accumulated Other Comprehensive Loss The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Accumulated other comprehensive loss at beginning of period $ (11,882) $ (10,169) $ (12,070) $ (10,308) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 172 143 518 429 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (5) (7) (15) (20) Amortization of prior service credit (45) (45) (136) (136) Total other comprehensive income, before tax 122 91 367 273 Total tax expense (28) (21) (85) (64) Other comprehensive income, net of tax 94 70 282 209 Accumulated other comprehensive loss at end of period $ (11,788) $ (10,099) $ (11,788) $ (10,099) Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2020 Annual Report on Form 10-K. Recently Issued Accounting Standards There were no recently issued accounting standards that will impact our consolidated financial statements. Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board issued new accounting guidance related to the disclosure requirements for fair value measurements. The guidance removes, modifies and adds disclosures related to fair value. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We adopted the new guidance on July 1, 2020. As the guidance only relates to disclosures, there was no impact on our financial position or results of operations. See fair value disclosures in Note 2. |
Fair Value
Fair Value | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. GAAP sets forth a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value. The three levels are as follows: Level 1 – defined as observable inputs, such as quoted market prices in active markets. Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3 – defined as unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. Our financial assets and liabilities subject to the three-level fair value hierarchy consist principally of cash and equivalents, accounts receivable, accounts payable, contingent consideration payable and defined benefit pension plan assets. The estimated fair value of cash and equivalents, accounts receivable and accounts payable approximates their carrying value. Our contingent consideration, which resulted from the earn-outs associated with our acquisitions of Bantam Bagels, LLC (“Bantam”) and Angelic Bakehouse, Inc. (“Angelic”), is measured at fair value on a recurring basis and is included in Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes our contingent consideration: Fair Value Measurements at March 31, 2021 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 3,470 $ 3,470 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 3,470 $ 3,470 Fair Value Measurements at June 30, 2020 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 9,157 $ 9,157 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 9,157 $ 9,157 Bantam Contingent Consideration This contingent consideration resulted from the earn-out associated with our October 19, 2018 acquisition of Bantam. In general, the terms of the acquisition specify the sellers will receive an earn-out based upon a pre-determined multiple of Bantam’s defined adjusted EBITDA for the twelve months ending December 31, 2023. The initial fair value of the contingent consideration was determined to be $8.0 million. The fair value is measured on a recurring basis using a Monte Carlo simulation that randomly changes revenue growth, forecasted adjusted EBITDA and other uncertain variables to estimate an expected value. We record the present value of this amount by applying a discount rate. As this fair value measurement is based on significant inputs not observable in the market, it represents a Level 3 measurement within the fair value hierarchy. Our September 30, 2020 fair value measurement resulted in a $5.7 million reduction in the fair value of Bantam’s contingent consideration based on changes in Bantam’s forecasted adjusted EBITDA for the twelve months ending December 31, 2023. The changes in forecasted adjusted EBITDA reflected the impact of a SKU rationalization by a Foodservice customer resulting in the loss of sales to that customer after November 30, 2020. This adjustment was recorded in our Foodservice segment. The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Bantam’s contingent consideration: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Contingent consideration at beginning of period $ 3,470 $ 9,027 $ 9,157 $ 8,900 Change in contingent consideration included in operating income — 65 (5,687) 192 Contingent consideration at end of period $ 3,470 $ 9,092 $ 3,470 $ 9,092 Angelic Contingent Consideration This contingent consideration resulted from the earn-out associated with our November 17, 2016 acquisition of Angelic. In general, the terms of the acquisition specify the sellers will receive an earn-out based upon a pre-determined multiple of the defined adjusted EBITDA of Angelic for fiscal 2021. The initial fair value of the contingent consideration was determined to be $13.9 million. The fair value is measured on a recurring basis using a present value approach, which incorporates factors such as revenue growth and forecasted adjusted EBITDA, to estimate an expected value. We record the present value of this amount by applying a discount rate. As this fair value measurement is based on significant inputs not observable in the market, it represents a Level 3 measurement within the fair value hierarchy. At March 31, 2021 and June 30, 2020, there was no liability recorded for Angelic’s contingent consideration based on current projections for Angelic’s forecasted adjusted EBITDA for fiscal 2021. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt At March 31, 2021 and June 30, 2020, we had an unsecured credit facility (“Facility”) under which we could borrow, on a revolving credit basis, up to a maximum of $150 million at any one time, with potential to expand the total credit availability to $225 million based on consent of the issuing banks and certain other conditions. The Facility expires on March 19, 2025, and all outstanding amounts are then due and payable. Interest is variable based upon formulas tied to LIBOR or an alternate base rate defined in the Facility. In the event that LIBOR becomes unavailable or is no longer deemed an appropriate reference rate, the Facility allows for the use of a benchmark replacement rate. We must also pay facility fees that are tied to our then-applicable consolidated leverage ratio. Loans may be used for general corporate purposes. Due to the nature of its terms, when we have outstanding borrowings under the Facility, they will be classified as long-term debt. The Facility contains certain restrictive covenants, including limitations on indebtedness, asset sales and acquisitions. There are two principal financial covenants: an interest expense test that requires us to maintain an interest coverage ratio not less than 2.5 to 1 at the end of each fiscal quarter; and an indebtedness test that requires us to maintain a consolidated leverage ratio not greater than 3.5 to 1, subject to certain exceptions. The interest coverage ratio is calculated by dividing Consolidated EBIT by Consolidated Interest Expense, and the leverage ratio is calculated by dividing Consolidated Net Debt by Consolidated EBITDA. All financial terms used in the covenant calculations are defined more specifically in the Facility. At March 31, 2021 and June 30, 2020, we had no borrowings outstanding under the Facility. At March 31, 2021 and June 30, 2020, we had $2.8 million of standby letters of credit outstanding, which reduced the amount available for borrowing under the Facility. We paid no interest for the three and nine months ended March 31, 2021 and 2020. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies At March 31, 2021, 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. A novel strain of coronavirus (“COVID-19”) was first identified in Wuhan, China in December 2019. On March 11, 2020, the World Health Organization designated COVID-19 as a global pandemic. In the U.S., state and local governments recommended or mandated actions to slow the transmission of COVID-19. We continue to monitor the situation and guidance from authorities, including federal, state and local public health departments. We also continue to review the carrying value of our assets and, as needed, have recorded additional reserves for inventory and receivables related to the impact of COVID-19 on our Foodservice segment. The future impact of COVID-19 on our results of operations, financial condition, and cash flows is contingent upon the duration and severity of the outbreak, the associated recommended or mandated actions imposed by U.S. state and local governments, and the resulting effects on consumer behavior. We have a significant remaining commitment of approximately $106 million related to a capacity expansion project at our dressing and sauce facility in Horse Cave, Kentucky. Our acquisitions of Angelic and Bantam included provisions for contingent consideration for the earn-outs associated with these transactions. See further discussion in Note 2. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible AssetsGoodwill attributable to the Retail and Foodservice segments was $157.4 million and $51.0 million, respectively, at March 31, 2021 and June 30, 2020. The following table summarizes our identifiable other intangible assets: March 31, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 62,531 $ 63,121 Accumulated amortization (11,781) (9,925) Net carrying value $ 50,750 $ 53,196 Customer Relationships (2 to 15-year life) Gross carrying value $ 17,507 $ 17,507 Accumulated amortization (12,561) (11,094) Net carrying value $ 4,946 $ 6,413 Technology / Know-how (10-year life) Gross carrying value $ 8,020 $ 8,950 Accumulated amortization (3,771) (3,396) Net carrying value $ 4,249 $ 5,554 Non-compete Agreements (5-year life) Gross carrying value $ 191 $ 791 Accumulated amortization (167) (738) Net carrying value $ 24 $ 53 Total net carrying value $ 59,969 $ 65,216 In the three months ended September 30, 2020, we recorded impairment charges of $1.2 million related to certain tradename and technology / know-how intangible assets for Bantam, which reflect the impact of a SKU rationalization by a Foodservice customer resulting in the loss of sales to that customer after November 30, 2020. The impairment charges represent the excess of the carrying value over the fair value of estimated discounted cash flows for the remaining useful lives of the intangible assets. The impairment charges are reflected in Restructuring and Impairment Charges in the Condensed Consolidated Statements of Income and were recorded in our Foodservice segment. We also reduced the remaining useful life for Bantam’s Foodservice customer relationship and have recorded accelerated amortization expense. Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Amortization expense $ 1,203 $ 1,269 $ 4,052 $ 3,817 Total annual amortization expense for each of the next five years is estimated to be as follows: 2022 $ 4,739 2023 $ 4,180 2024 $ 4,180 2025 $ 3,920 2026 $ 3,290 |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesPrepaid federal income taxes of $3.5 million and $5.3 million were included in Other Current Assets at March 31, 2021 and June 30, 2020, respectively. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information Our financial results are presented as two reportable segments: Retail and Foodservice. Costs that are directly attributable to either Retail or Foodservice are charged directly to the appropriate segment. Costs that are deemed to be indirect, excluding corporate expenses and other unusual significant transactions, are allocated to the two reportable segments using a reasonable methodology that is consistently applied. Our Chief Operating Decision Maker (“CODM”), in order to drive enhanced accountability and transparency throughout our organization, initiated a review of functional costs that have historically been part of the indirect costs allocated to our two reportable segments. This review was completed as part of our preparation for our upcoming enterprise resource planning system implementation. As a result of this review, our CODM identified certain support functions that would be more appropriately presented within corporate expenses to facilitate the management of the business, including assessing segment performance and allocating resources. These changes were effective July 1, 2020. All historical information has been retroactively conformed to the current presentation. These changes had no effect on previously reported consolidated net sales, operating income, net income or earnings per share. Retail - The vast majority of the products we sell in the Retail segment are sold through sales personnel, food brokers and distributors in the United States. We have placement of products in grocery produce departments through our refrigerated salad dressings, vegetable dips and fruit dips. Our flatbread products and sprouted grain bakery products are generally placed in the specialty bakery/deli section of the grocery store. We also have products typically marketed in the shelf-stable section of the grocery store, which include salad dressing, slaw dressing and croutons. Within the frozen food section of the grocery store, we sell yeast rolls, garlic breads and mini stuffed bagels. Foodservice - The vast majority of the products we sell in the Foodservice segment are sold through sales personnel, food brokers and distributors in the United States. Most of the products we sell in the Foodservice segment are custom-formulated and include salad dressings, sandwich and dipping sauces, frozen breads and yeast rolls. The majority of our Foodservice sales are products sold under private label to restaurants. We also manufacture and sell various branded Foodservice products to distributors. Finally, within this segment, we sold other roll products under a transitional co-packing arrangement resulting from the acquisition of Omni Baking Company LLC. This arrangement was terminated effective October 31, 2020. As many of our products are similar between our two segments, our procurement, manufacturing, warehousing and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. Consequently, we do not prepare, and our CODM does not review, separate balance sheets for the reportable segments. As such, our external reporting does not include the presentation of identifiable assets by reportable segment. The composition of our identifiable assets at March 31, 2021 is generally consistent with that of June 30, 2020. We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net Sales Retail $ 198,358 $ 169,414 $ 614,653 $ 521,701 Foodservice 158,891 151,949 466,848 491,833 Total $ 357,249 $ 321,363 $ 1,081,501 $ 1,013,534 Operating Income Retail $ 41,179 $ 34,150 $ 144,557 $ 116,628 Foodservice 21,088 12,765 66,845 66,660 Nonallocated Restructuring and Impairment Charges (1) — — — (886) Corporate Expenses (24,879) (16,925) (66,468) (46,630) Total $ 37,388 $ 29,990 $ 144,934 $ 135,772 (1) Reflects restructuring and impairment charges related to a plant closure that were not allocated to our two reportable segments due to their unusual nature. The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Retail Frozen breads $ 73,628 $ 68,682 $ 250,157 $ 221,084 Refrigerated dressings, dips and other 48,957 49,479 165,204 163,521 Shelf-stable dressings and croutons 75,773 51,253 199,292 137,096 Total Retail net sales $ 198,358 $ 169,414 $ 614,653 $ 521,701 Foodservice Dressings and sauces $ 120,925 $ 106,306 $ 347,101 $ 341,039 Frozen breads and other 37,966 40,339 116,040 131,300 Other roll products — 5,304 3,707 19,494 Total Foodservice net sales $ 158,891 $ 151,949 $ 466,848 $ 491,833 Total net sales $ 357,249 $ 321,363 $ 1,081,501 $ 1,013,534 The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Foodservice National accounts $ 124,323 $ 110,384 $ 359,228 $ 356,192 Branded and other 34,568 36,261 103,913 116,147 Other roll products — 5,304 3,707 19,494 Total Foodservice net sales $ 158,891 $ 151,949 $ 466,848 $ 491,833 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation There have been no changes to our stock-based compensation plans from those disclosed in our 2020 Annual Report on Form 10-K. Our stock-settled stock appreciation rights (“SSSARs”) compensation expense was $0.9 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively. Year-to-date SSSARs compensation expense was $2.6 million for the current-year period compared to $2.2 million for the prior-year period. At March 31, 2021, there was $7.7 million of unrecognized compensation expense related to SSSARs that we will recognize over a weighted-average period of 2 years. Our restricted stock compensation expense was $0.8 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively. Year-to-date restricted stock compensation expense was $2.6 million for the current-year period compared to $2.1 million for the prior-year period. At March 31, 2021, there was $6.1 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of 2 years. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant” or the “Company” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our 2020 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2021 refers to fiscal 2021, which is the period from July 1, 2020 to June 30, 2021. |
Deferred Software Costs | Deferred Software CostsWe capitalize certain costs related to hosting arrangements that are service contracts (cloud computing arrangements). Capitalized costs are included in Other Current Assets or Other Noncurrent Assets and are amortized on a straight-line basis over the estimated useful life. |
Property, Plant And Equipment | Property, Plant and EquipmentProperty, plant and equipment are recorded at cost, except for those acquired as part of a business combination, which are recorded at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. |
Earnings Per Share | Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock 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. |
Recently Issued And Recently Adopted Accounting Standards | Recently Issued Accounting Standards There were no recently issued accounting standards that will impact our consolidated financial statements. Recently Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board issued new accounting guidance related to the disclosure requirements for fair value measurements. The guidance removes, modifies and adds disclosures related to fair value. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We adopted the new guidance on July 1, 2020. As the guidance only relates to disclosures, there was no impact on our financial position or results of operations. See fair value disclosures in Note 2. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule Of Construction In Progress In Accounts Payable | Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: March 31, 2021 2020 Construction in progress in Accounts Payable $ 3,791 $ 8,532 |
Schedule Of Basic And Diluted Net Income Per Common Share Calculations | Basic and diluted net income per common share were calculated as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income $ 28,897 $ 22,429 $ 110,606 $ 106,598 Net income available to participating securities (56) (48) (223) (216) Net income available to common shareholders $ 28,841 $ 22,381 $ 110,383 $ 106,382 Weighted average common shares outstanding – basic 27,483 27,457 27,474 27,447 Incremental share effect from: Nonparticipating restricted stock 2 1 2 2 Stock-settled stock appreciation rights 41 43 37 53 Weighted average common shares outstanding – diluted 27,526 27,501 27,513 27,502 Net income per common share – basic $ 1.05 $ 0.82 $ 4.02 $ 3.88 Net income per common share – diluted $ 1.05 $ 0.81 $ 4.01 $ 3.87 |
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss | The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Accumulated other comprehensive loss at beginning of period $ (11,882) $ (10,169) $ (12,070) $ (10,308) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 172 143 518 429 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (5) (7) (15) (20) Amortization of prior service credit (45) (45) (136) (136) Total other comprehensive income, before tax 122 91 367 273 Total tax expense (28) (21) (85) (64) Other comprehensive income, net of tax 94 70 282 209 Accumulated other comprehensive loss at end of period $ (11,788) $ (10,099) $ (11,788) $ (10,099) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Business Acquisition [Line Items] | |
Schedule Of Contingent Consideration Measured At Fair Value On A Recurring Basis | Our contingent consideration, which resulted from the earn-outs associated with our acquisitions of Bantam Bagels, LLC (“Bantam”) and Angelic Bakehouse, Inc. (“Angelic”), is measured at fair value on a recurring basis and is included in Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. The following table summarizes our contingent consideration: Fair Value Measurements at March 31, 2021 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 3,470 $ 3,470 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 3,470 $ 3,470 Fair Value Measurements at June 30, 2020 Level 1 Level 2 Level 3 Total Contingent consideration - Bantam $ — $ — $ 9,157 $ 9,157 Contingent consideration - Angelic — — — — Total contingent consideration $ — $ — $ 9,157 $ 9,157 |
Bantam Bagels [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Contingent Consideration | The following table represents our Level 3 fair value measurements using significant other unobservable inputs for Bantam’s contingent consideration: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Contingent consideration at beginning of period $ 3,470 $ 9,027 $ 9,157 $ 8,900 Change in contingent consideration included in operating income — 65 (5,687) 192 Contingent consideration at end of period $ 3,470 $ 9,092 $ 3,470 $ 9,092 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary Of Other Intangible Assets | The following table summarizes our identifiable other intangible assets: March 31, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 62,531 $ 63,121 Accumulated amortization (11,781) (9,925) Net carrying value $ 50,750 $ 53,196 Customer Relationships (2 to 15-year life) Gross carrying value $ 17,507 $ 17,507 Accumulated amortization (12,561) (11,094) Net carrying value $ 4,946 $ 6,413 Technology / Know-how (10-year life) Gross carrying value $ 8,020 $ 8,950 Accumulated amortization (3,771) (3,396) Net carrying value $ 4,249 $ 5,554 Non-compete Agreements (5-year life) Gross carrying value $ 191 $ 791 Accumulated amortization (167) (738) Net carrying value $ 24 $ 53 Total net carrying value $ 59,969 $ 65,216 |
Schedule Of Amortization Expense | Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Amortization expense $ 1,203 $ 1,269 $ 4,052 $ 3,817 |
Estimated Annual Amortization Expense | Total annual amortization expense for each of the next five years is estimated to be as follows: 2022 $ 4,739 2023 $ 4,180 2024 $ 4,180 2025 $ 3,920 2026 $ 3,290 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary Of Financial Information Attributable To Reportable Segments | We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net Sales Retail $ 198,358 $ 169,414 $ 614,653 $ 521,701 Foodservice 158,891 151,949 466,848 491,833 Total $ 357,249 $ 321,363 $ 1,081,501 $ 1,013,534 Operating Income Retail $ 41,179 $ 34,150 $ 144,557 $ 116,628 Foodservice 21,088 12,765 66,845 66,660 Nonallocated Restructuring and Impairment Charges (1) — — — (886) Corporate Expenses (24,879) (16,925) (66,468) (46,630) Total $ 37,388 $ 29,990 $ 144,934 $ 135,772 (1) Reflects restructuring and impairment charges related to a plant closure that were not allocated to our two reportable segments due to their unusual nature. |
Disaggregation Of Net Sales By Class Of Similar Products | The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Retail Frozen breads $ 73,628 $ 68,682 $ 250,157 $ 221,084 Refrigerated dressings, dips and other 48,957 49,479 165,204 163,521 Shelf-stable dressings and croutons 75,773 51,253 199,292 137,096 Total Retail net sales $ 198,358 $ 169,414 $ 614,653 $ 521,701 Foodservice Dressings and sauces $ 120,925 $ 106,306 $ 347,101 $ 341,039 Frozen breads and other 37,966 40,339 116,040 131,300 Other roll products — 5,304 3,707 19,494 Total Foodservice net sales $ 158,891 $ 151,949 $ 466,848 $ 491,833 Total net sales $ 357,249 $ 321,363 $ 1,081,501 $ 1,013,534 |
Disaggregation Of Foodservice Net Sales By Type Of Customer | The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Foodservice National accounts $ 124,323 $ 110,384 $ 359,228 $ 356,192 Branded and other 34,568 36,261 103,913 116,147 Other roll products — 5,304 3,707 19,494 Total Foodservice net sales $ 158,891 $ 151,949 $ 466,848 $ 491,833 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | |||
Amount capitalized for deferred software costs related to cloud computing arrangements | $ 3.2 | $ 6.6 | |
Accrued compensation and employee benefits | 27.6 | $ 32.8 | |
Accrued distribution | $ 11.1 | $ 7.1 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Construction in progress in Accounts Payable | $ 3,791 | $ 8,532 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Net Income Per Common Share Calculations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||||||||
Net income | $ 28,897 | $ 44,630 | $ 37,079 | $ 22,429 | $ 43,424 | $ 40,745 | $ 110,606 | $ 106,598 |
Net income available to participating securities | (56) | (48) | (223) | (216) | ||||
Net income available to common shareholders | $ 28,841 | $ 22,381 | $ 110,383 | $ 106,382 | ||||
Weighted average common shares outstanding - basic (in shares) | 27,483 | 27,457 | 27,474 | 27,447 | ||||
Incremental share effect from: | ||||||||
Nonparticipating restricted stock (in shares) | 2 | 1 | 2 | 2 | ||||
Stock-settled stock appreciation rights (in shares) | 41 | 43 | 37 | 53 | ||||
Weighted average common shares outstanding - diluted (in shares) | 27,526 | 27,501 | 27,513 | 27,502 | ||||
Net income per common share - basic (in dollars per share) | $ 1.05 | $ 0.82 | $ 4.02 | $ 3.88 | ||||
Net income per common share - diluted (in dollars per share) | $ 1.05 | $ 0.81 | $ 4.01 | $ 3.87 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated other comprehensive loss at beginning of period | $ (11,882) | $ (12,070) | $ (10,169) | $ (10,308) | $ (12,070) | $ (10,308) | ||
Total other comprehensive income, before tax | 122 | 91 | 367 | 273 | ||||
Total tax expense | (28) | $ (28) | (29) | (21) | $ (22) | (21) | (85) | (64) |
Other comprehensive income, net of tax | 94 | 94 | $ 94 | 70 | 69 | $ 70 | 282 | 209 |
Accumulated other comprehensive loss at end of period | (11,788) | $ (11,882) | (10,099) | $ (10,169) | (11,788) | (10,099) | ||
Defined Benefit Pension Plan [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Amortization of unrecognized net (gain) loss | 172 | 143 | 518 | 429 | ||||
Postretirement Benefit Plan [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Amortization of unrecognized net (gain) loss | (5) | (7) | (15) | (20) | ||||
Amortization of prior service credit | $ (45) | $ (45) | $ (136) | $ (136) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Oct. 19, 2018 | Nov. 17, 2016 | |
Business Acquisition [Line Items] | ||||||||
Fair value of contingent consideration | $ 3,470,000 | $ 3,470,000 | $ 9,157,000 | |||||
Decrease (increase) in the fair value of contingent consideration | 0 | $ (65,000) | 5,687,000 | $ (192,000) | ||||
Bantam Bagels [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of contingent consideration | 3,470,000 | 3,470,000 | 9,157,000 | $ 8,000,000 | ||||
Decrease (increase) in the fair value of contingent consideration | 0 | $ 5,700,000 | $ (65,000) | 5,687,000 | $ (192,000) | |||
Angelic [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of contingent consideration | $ 0 | $ 0 | $ 0 | $ 13,900,000 |
Fair Value (Schedule Of Conting
Fair Value (Schedule Of Contingent Consideration Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 | Oct. 19, 2018 | Nov. 17, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | $ 3,470,000 | $ 9,157,000 | ||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 0 | 0 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 0 | 0 | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 3,470,000 | 9,157,000 | ||
Bantam Bagels [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 3,470,000 | 9,157,000 | $ 8,000,000 | |
Bantam Bagels [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 0 | 0 | ||
Bantam Bagels [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 0 | 0 | ||
Bantam Bagels [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 3,470,000 | 9,157,000 | ||
Angelic [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 0 | 0 | $ 13,900,000 | |
Angelic [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 0 | 0 | ||
Angelic [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 0 | 0 | ||
Angelic [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration | $ 0 | $ 0 |
Fair Value (Schedule Of Level 3
Fair Value (Schedule Of Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs For Contingent Consideration) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition [Line Items] | |||||
Change in contingent consideration included in operating income | $ 0 | $ 65 | $ (5,687) | $ 192 | |
Bantam Bagels [Member] | |||||
Business Acquisition [Line Items] | |||||
Contingent consideration at beginning of period | 3,470 | $ 9,157 | 9,027 | 9,157 | 8,900 |
Change in contingent consideration included in operating income | 0 | $ (5,700) | 65 | (5,687) | 192 |
Contingent consideration at end of period | $ 3,470 | $ 9,092 | $ 3,470 | $ 9,092 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |||||
Maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||
Maximum borrowing capacity on obtaining consent of the issuing bank | 225,000,000 | $ 225,000,000 | 225,000,000 | ||
Line of credit facility, expiration date | Mar. 19, 2025 | ||||
Minimum interest coverage ratio | 250.00% | ||||
Maximum leverage ratio | 350.00% | ||||
Line of credit facility, amount outstanding | 0 | $ 0 | 0 | ||
Standby letters of credit, amount outstanding | 2,800,000 | 2,800,000 | $ 2,800,000 | ||
Interest paid | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment related to a capacity expansion project | $ 106 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | |
Goodwill [Line Items] | |||
Goodwill | $ 208,371 | $ 208,371 | |
Impairment of intangible assets | $ 1,200 | ||
Retail [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 157,400 | 157,400 | |
Foodservice [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 51,000 | $ 51,000 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying value | $ 59,969 | $ 65,216 |
Tradenames (20 to 30-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 62,531 | 63,121 |
Accumulated amortization | (11,781) | (9,925) |
Net carrying value | 50,750 | 53,196 |
Customer Relationships (2 to 15-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 17,507 | 17,507 |
Accumulated amortization | (12,561) | (11,094) |
Net carrying value | 4,946 | 6,413 |
Technology / Know-how (10-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 8,020 | 8,950 |
Accumulated amortization | (3,771) | (3,396) |
Net carrying value | $ 4,249 | 5,554 |
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 | $ 191 | 791 |
Accumulated amortization | (167) | (738) |
Net carrying value | $ 24 | $ 53 |
Finite-lived other intangible assets useful life (in years) | 5 years | |
Minimum [Member] | Tradenames (20 to 30-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived other intangible assets useful life (in years) | 20 years | |
Minimum [Member] | Customer Relationships (2 to 15-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived other intangible assets useful life (in years) | 2 years | |
Maximum [Member] | Tradenames (20 to 30-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived other intangible assets useful life (in years) | 30 years | |
Maximum [Member] | Customer Relationships (2 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 Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 1,203 | $ 1,269 | $ 4,052 | $ 3,817 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 4,739 |
2023 | 4,180 |
2024 | 4,180 |
2025 | 3,920 |
2026 | $ 3,290 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Jun. 30, 2020 |
Federal [Member] | ||
Income Tax Authority [Line Items] | ||
Prepaid income taxes | $ 3.5 | $ 5.3 |
Business Segment Information (S
Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 357,249 | $ 321,363 | $ 1,081,501 | $ 1,013,534 |
Operating Income | 37,388 | 29,990 | 144,934 | 135,772 |
Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 198,358 | 169,414 | 614,653 | 521,701 |
Operating Income | 41,179 | 34,150 | 144,557 | 116,628 |
Foodservice [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 158,891 | 151,949 | 466,848 | 491,833 |
Operating Income | 21,088 | 12,765 | 66,845 | 66,660 |
Nonallocated Restructuring and Impairment Charges [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | 0 | 0 | 0 | (886) |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | $ (24,879) | $ (16,925) | $ (66,468) | $ (46,630) |
Business Segment Information (D
Business Segment Information (Disaggregation Of Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 357,249 | $ 321,363 | $ 1,081,501 | $ 1,013,534 |
Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 198,358 | 169,414 | 614,653 | 521,701 |
Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 158,891 | 151,949 | 466,848 | 491,833 |
Frozen breads [Member] | Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 73,628 | 68,682 | 250,157 | 221,084 |
Refrigerated dressings, dips and other [Member] | Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 48,957 | 49,479 | 165,204 | 163,521 |
Shelf-stable dressings and croutons [Member] | Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 75,773 | 51,253 | 199,292 | 137,096 |
Dressings and sauces [Member] | Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 120,925 | 106,306 | 347,101 | 341,039 |
Frozen breads and other [Member] | Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 37,966 | 40,339 | 116,040 | 131,300 |
Other roll products [Member] | Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 0 | $ 5,304 | $ 3,707 | $ 19,494 |
Business Segment Information _2
Business Segment Information (Disaggregation Of Foodservice Net Sales By Type Of Customer) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 357,249 | $ 321,363 | $ 1,081,501 | $ 1,013,534 |
Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 158,891 | 151,949 | 466,848 | 491,833 |
Foodservice [Member] | National accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 124,323 | 110,384 | 359,228 | 356,192 |
Foodservice [Member] | Branded and other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 34,568 | 36,261 | 103,913 | 116,147 |
Foodservice [Member] | Other roll products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 0 | $ 5,304 | $ 3,707 | $ 19,494 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Settled Stock Appreciation Rights SARS [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0.9 | $ 0.7 | $ 2.6 | $ 2.2 |
Unrecognized compensation expense | 7.7 | $ 7.7 | ||
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 0.8 | $ 0.7 | $ 2.6 | $ 2.1 |
Unrecognized compensation expense | $ 6.1 | $ 6.1 | ||
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 years |