Cover
Cover - shares shares in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Jan. 12, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
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 | 27,521 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000057515 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --06-30 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Current Assets: | ||
Cash and equivalents | $ 133,848 | $ 88,473 |
Receivables | 100,188 | 114,967 |
Inventories: | ||
Raw materials | 47,336 | 40,761 |
Finished goods | 110,856 | 117,504 |
Total inventories | 158,192 | 158,265 |
Other current assets | 13,171 | 12,758 |
Total current assets | 405,399 | 374,463 |
Property, Plant and Equipment: | ||
Property, plant and equipment-gross | 879,747 | 853,709 |
Less accumulated depreciation | 389,356 | 371,503 |
Property, plant and equipment-net | 490,391 | 482,206 |
Other Assets: | ||
Goodwill | 208,371 | 208,371 |
Other intangible assets-net | 4,576 | 4,840 |
Operating lease right-of-use assets | 20,976 | 24,743 |
Other noncurrent assets | 19,212 | 18,371 |
Total | 1,148,925 | 1,112,994 |
Current Liabilities: | ||
Accounts payable | 104,114 | 111,758 |
Accrued liabilities | 59,262 | 56,994 |
Total current liabilities | 163,376 | 168,752 |
Noncurrent Operating Lease Liabilities | 13,323 | 16,967 |
Other Noncurrent Liabilities | 15,723 | 17,683 |
Deferred Income Taxes | 48,177 | 47,325 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Preferred stock-authorized 3,050,000 shares; outstanding-none | ||
Common stock-authorized 75,000,000 shares; outstanding-December-27,521,158 shares; June-27,527,550 shares | 149,290 | 143,870 |
Retained earnings | 1,551,143 | 1,503,963 |
Accumulated other comprehensive loss | (9,214) | (9,365) |
Common stock in treasury, at cost | (782,893) | (776,201) |
Total shareholders' equity | 908,326 | 862,267 |
Total | $ 1,148,925 | $ 1,112,994 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2023 | Jun. 30, 2023 |
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 | 27,521,158 | 27,527,550 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Net Sales | $ 485,916 | $ 477,394 | $ 947,488 | $ 902,931 |
Cost of Sales | 364,448 | 375,292 | 717,298 | 701,774 |
Gross Profit | 121,468 | 102,102 | 230,190 | 201,157 |
Selling, General and Administrative Expenses | 55,714 | 50,775 | 107,661 | 100,532 |
Operating Income | 65,754 | 51,327 | 122,529 | 100,625 |
Other, Net | 1,425 | 478 | 2,282 | 208 |
Income Before Income Taxes | 67,179 | 51,805 | 124,811 | 100,833 |
Taxes Based on Income | 15,695 | 11,832 | 29,376 | 23,268 |
Net Income | $ 51,484 | $ 39,973 | $ 95,435 | $ 77,565 |
Net Income Per Common Share: | ||||
Basic (in dollars per share) | $ 1.87 | $ 1.45 | $ 3.47 | $ 2.82 |
Diluted (in dollars per share) | $ 1.87 | $ 1.45 | $ 3.47 | $ 2.81 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 27,425 | 27,471 | 27,437 | 27,460 |
Diluted (in shares) | 27,440 | 27,493 | 27,457 | 27,476 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 51,484 | $ 39,973 | $ 95,435 | $ 77,565 |
Defined Benefit Pension and Postretirement Benefit Plans: | ||||
Amortization of loss, before tax | 143 | 171 | 287 | 340 |
Amortization of prior service credit, before tax | (45) | (46) | (90) | (91) |
Total Other Comprehensive Income, Before Tax | 98 | 125 | 197 | 249 |
Tax Attributes of Items in Other Comprehensive Income: | ||||
Amortization of loss, tax | (33) | (40) | (67) | (80) |
Amortization of prior service credit, tax | 10 | 10 | 21 | 21 |
Total Tax Expense | (23) | (30) | (46) | (59) |
Other Comprehensive Income, Net of Tax | 75 | 95 | 151 | 190 |
Comprehensive Income | $ 51,559 | $ 40,068 | $ 95,586 | $ 77,755 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows From Operating Activities: | ||
Net income | $ 95,435 | $ 77,565 |
Impacts of noncash items: | ||
Depreciation and amortization | 27,525 | 23,012 |
Deferred income taxes and other changes | 2,272 | 1,854 |
Stock-based compensation expense | 5,423 | 5,264 |
Pension plan activity | 96 | (330) |
Changes in operating assets and liabilities: | ||
Receivables | 14,779 | 8,577 |
Inventories | 73 | 5,289 |
Other current assets | (413) | (517) |
Accounts payable and accrued liabilities | (3,667) | 19,726 |
Net cash provided by operating activities | 141,523 | 140,440 |
Cash Flows From Investing Activities: | ||
Payments for property additions | (37,136) | (56,486) |
Proceeds from sale of property | 0 | 1,159 |
Other-net | (3,080) | (449) |
Net cash used in investing activities | (40,216) | (55,776) |
Cash Flows From Financing Activities: | ||
Payment of dividends | (48,255) | (45,529) |
Purchase of treasury stock | (6,692) | (209) |
Tax withholdings for stock-based compensation | (3) | (2,418) |
Principal payments for finance leases | (982) | (1,304) |
Net cash used in financing activities | (55,932) | (49,460) |
Net change in cash and equivalents | 45,375 | 35,204 |
Cash and equivalents at beginning of year | 88,473 | 60,283 |
Cash and equivalents at end of period | 133,848 | 95,487 |
Supplemental Disclosure of Operating Cash Flows: | ||
Net cash payments for income taxes | $ 14,278 | $ 22,977 |
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, 2022 | 27,520,000 | ||||
Balance at Jun. 30, 2022 | $ 844,687 | $ 137,814 | $ 1,485,045 | $ (11,172) | $ (767,000) |
Net income | 37,592 | 37,592 | |||
Net pension and postretirement benefit gains, net of tax effect | 95 | 95 | |||
Cash dividends - common stock | (22,067) | (22,067) | |||
Purchase of treasury stock (in shares) | 0 | ||||
Purchase of treasury stock | (84) | (84) | |||
Stock-based plans (in shares) | 34,000 | ||||
Stock-based plans | (617) | $ (617) | |||
Stock-based compensation expense | 2,465 | $ 2,465 | |||
Balance (in shares) at Sep. 30, 2022 | 27,554,000 | ||||
Balance at Sep. 30, 2022 | 862,071 | $ 139,662 | 1,500,570 | (11,077) | (767,084) |
Balance (in shares) at Jun. 30, 2022 | 27,520,000 | ||||
Balance at Jun. 30, 2022 | 844,687 | $ 137,814 | 1,485,045 | (11,172) | (767,000) |
Net income | 77,565 | ||||
Net pension and postretirement benefit gains, net of tax effect | 190 | ||||
Balance (in shares) at Dec. 31, 2022 | 27,571,000 | ||||
Balance at Dec. 31, 2022 | 879,550 | $ 140,660 | 1,517,081 | (10,982) | (767,209) |
Balance (in shares) at Sep. 30, 2022 | 27,554,000 | ||||
Balance at Sep. 30, 2022 | 862,071 | $ 139,662 | 1,500,570 | (11,077) | (767,084) |
Net income | 39,973 | 39,973 | |||
Net pension and postretirement benefit gains, net of tax effect | 95 | 95 | |||
Cash dividends - common stock | (23,462) | (23,462) | |||
Purchase of treasury stock (in shares) | (1,000) | ||||
Purchase of treasury stock | (125) | (125) | |||
Stock-based plans (in shares) | 18,000 | ||||
Stock-based plans | (1,801) | $ (1,801) | |||
Stock-based compensation expense | 2,799 | $ 2,799 | |||
Balance (in shares) at Dec. 31, 2022 | 27,571,000 | ||||
Balance at Dec. 31, 2022 | $ 879,550 | $ 140,660 | 1,517,081 | (10,982) | (767,209) |
Balance (in shares) at Jun. 30, 2023 | 27,527,550 | 27,528,000 | |||
Balance at Jun. 30, 2023 | $ 862,267 | $ 143,870 | 1,503,963 | (9,365) | (776,201) |
Net income | 43,951 | 43,951 | |||
Net pension and postretirement benefit gains, net of tax effect | 76 | 76 | |||
Cash dividends - common stock | (23,445) | (23,445) | |||
Purchase of treasury stock (in shares) | (40,000) | ||||
Purchase of treasury stock | (6,650) | (6,650) | |||
Stock-based plans (in shares) | 29,000 | ||||
Stock-based plans | 0 | $ 0 | |||
Stock-based compensation expense | 2,569 | $ 2,569 | |||
Balance (in shares) at Sep. 30, 2023 | 27,517,000 | ||||
Balance at Sep. 30, 2023 | $ 878,768 | $ 146,439 | 1,524,469 | (9,289) | (782,851) |
Balance (in shares) at Jun. 30, 2023 | 27,527,550 | 27,528,000 | |||
Balance at Jun. 30, 2023 | $ 862,267 | $ 143,870 | 1,503,963 | (9,365) | (776,201) |
Net income | 95,435 | ||||
Net pension and postretirement benefit gains, net of tax effect | $ 151 | ||||
Balance (in shares) at Dec. 31, 2023 | 27,521,158 | 27,521,000 | |||
Balance at Dec. 31, 2023 | $ 908,326 | $ 149,290 | 1,551,143 | (9,214) | (782,893) |
Balance (in shares) at Sep. 30, 2023 | 27,517,000 | ||||
Balance at Sep. 30, 2023 | 878,768 | $ 146,439 | 1,524,469 | (9,289) | (782,851) |
Net income | 51,484 | 51,484 | |||
Net pension and postretirement benefit gains, net of tax effect | 75 | 75 | |||
Cash dividends - common stock | (24,810) | (24,810) | |||
Purchase of treasury stock (in shares) | 0 | ||||
Purchase of treasury stock | (42) | (42) | |||
Stock-based plans (in shares) | 4,000 | ||||
Stock-based plans | (3) | $ (3) | |||
Stock-based compensation expense | $ 2,854 | $ 2,854 | |||
Balance (in shares) at Dec. 31, 2023 | 27,521,158 | 27,521,000 | |||
Balance at Dec. 31, 2023 | $ 908,326 | $ 149,290 | $ 1,551,143 | $ (9,214) | $ (782,893) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Tax effect included in net pension and postretirement benefit gains | $ 23 | $ 23 | $ 30 | $ 29 |
Common stock, dividends per share (in dollars per share) | $ 0.90 | $ 0.85 | $ 0.85 | $ 0.80 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2023 | |
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 2023 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, 2024 refers to fiscal 2024, which is the period from July 1, 2023 to June 30, 2024. Property, Plant and Equipment Property, plant and equipment are recorded at cost, except for those acquired as part of a business combination, which are recorded at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: December 31, 2023 2022 Construction in progress in Accounts Payable $ 6,408 $ 15,062 Accrued Compensation and Employee Benefits Accrued compensation and employee benefits included in Accrued Liabilities was $20.1 million and $26.3 million at December 31, 2023 and June 30, 2023, respectively. Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock, stock-settled stock appreciation rights and performance units) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock, stock-settled stock appreciation rights and performance units. Basic and diluted net income per common share were calculated as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income $ 51,484 $ 39,973 $ 95,435 $ 77,565 Net income available to participating securities (157) (118) (292) (232) Net income available to common shareholders $ 51,327 $ 39,855 $ 95,143 $ 77,333 Weighted average common shares outstanding – basic 27,425 27,471 27,437 27,460 Incremental share effect from: Nonparticipating restricted stock 3 2 3 3 Stock-settled stock appreciation rights (1) 7 18 9 9 Performance units 5 2 8 4 Weighted average common shares outstanding – diluted 27,440 27,493 27,457 27,476 Net income per common share – basic $ 1.87 $ 1.45 $ 3.47 $ 2.82 Net income per common share – diluted $ 1.87 $ 1.45 $ 3.47 $ 2.81 (1) Excludes the impact of the following weighted average stock-settled stock appreciation rights outstanding with an antidilutive effect: 0.1 million for the three months ended December 31, 2023 and 2022; and 0.1 million and 0.2 million for the six months ended December 31, 2023 and 2022, respectively. Accumulated Other Comprehensive Loss The following table presents the amounts reclassified out of accumulated other comprehensive loss by component: Three Months Ended Six Months Ended 2023 2022 2023 2022 Accumulated other comprehensive loss at beginning of period $ (9,289) $ (11,077) $ (9,365) $ (11,172) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 158 182 317 363 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (15) (11) (30) (23) Amortization of prior service credit (45) (46) (90) (91) Total other comprehensive income, before tax 98 125 197 249 Total tax expense (23) (30) (46) (59) Other comprehensive income, net of tax 75 95 151 190 Accumulated other comprehensive loss at end of period $ (9,214) $ (10,982) $ (9,214) $ (10,982) Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2023 Annual Report on Form 10-K. Recent Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance related to the disclosure requirements for reportable segments. The new guidance requires enhanced disclosures about significant segment expenses. Additionally, all current annual disclosures about a reportable segment’s profit or loss and assets will also be required in interim periods. The new guidance also requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments should be applied retrospectively to all prior periods presented in the financial statements. This guidance will be effective for our annual disclosures in fiscal 2025 and for our interim-period disclosures in fiscal 2026. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations. In December 2023, the FASB issued new accounting guidance related to the disclosure requirements for income taxes. The new guidance requires annual disclosures in the rate reconciliation table to be presented using both percentages and reporting currency amounts, and this table must include disclosure of specific categories. Additional information will also be required for reconciling items that meet a quantitative threshold. The new guidance also requires enhanced disclosures of income taxes paid, including the amount of income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions that exceed a quantitative threshold. The amendments should be applied on a prospective basis, but retrospective application is permitted. This guidance will be effective for our annual disclosures in fiscal 2026. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt At December 31, 2023 and June 30, 2023, 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 SOFR or an alternate base rate defined in the Facility. We must also pay facility fees that are tied to our then-applicable consolidated leverage ratio. Loans may be used for general corporate purposes. Due to the nature of its terms, when we have outstanding borrowings under the Facility, they will be classified as long-term debt. The Facility contains certain restrictive covenants, including limitations on indebtedness, asset sales and acquisitions. There are two principal financial covenants: an interest expense test that requires us to maintain an interest coverage ratio not less than 2.5 to 1 at the end of each fiscal quarter; and an indebtedness test that requires us to maintain a consolidated leverage ratio not greater than 3.5 to 1, subject to certain exceptions. The interest coverage ratio is calculated by dividing Consolidated EBIT by Consolidated Interest Expense, and the leverage ratio is calculated by dividing Consolidated Net Debt by Consolidated EBITDA. All financial terms used in the covenant calculations are defined more specifically in the Facility. At December 31, 2023 and June 30, 2023, we had no borrowings outstanding under the Facility. At December 31, 2023 and June 30, 2023, we had $2.2 million and $2.8 million, respectively, of standby letters of credit outstanding, which reduced the amount available for borrowing under the Facility. We paid no interest for the three and six months ended December 31, 2023 and 2022. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies At December 31, 2023, we were a party to various claims and litigation matters arising in the ordinary course of business. Such matters did not have a material effect on the current-year results of operations and, in our opinion, their ultimate disposition is not expected to have a material effect on our consolidated financial statements. We have a lease commitment with fixed cash payments totaling $42.8 million for a warehouse lease that had not commenced as of December 31, 2023. In accordance with accounting guidance for leases, this commitment is properly excluded from the Condensed Consolidated Balance Sheet as of December 31, 2023. A right-of-use asset and lease liability will be recorded based on the present value of the lease payments when the lease commences. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill attributable to the Retail and Foodservice segments was $157.4 million and $51.0 million, respectively, at December 31, 2023 and June 30, 2023. The following table summarizes our identifiable other intangible assets: December 31, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 4,100 $ 4,100 Accumulated amortization (307) (181) Net carrying value $ 3,793 $ 3,919 Customer Relationships (10-year life) Gross carrying value $ 287 $ 287 Accumulated amortization (205) (190) Net carrying value $ 82 $ 97 Technology / Know-how (10-year life) Gross carrying value $ 2,450 $ 2,450 Accumulated amortization (1,749) (1,626) Net carrying value $ 701 $ 824 Total net carrying value $ 4,576 $ 4,840 Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Amortization expense $ 132 $ 628 $ 264 $ 1,257 Total annual amortization expense for each of the next five years is estimated to be as follows: 2025 $ 527 2026 $ 527 2027 $ 343 2028 $ 251 2029 $ 251 |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Accrued federal income taxes of $9.0 million and accrued state and local income taxes of $1.2 million were included in Accrued Liabilities at December 31, 2023. Prepaid federal income taxes of $3.3 million and prepaid state and local income taxes of $0.8 million were included in Other Current Assets at June 30, 2023. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information Our financial results are presented as two reportable segments: Retail and Foodservice. Costs that are directly attributable to either Retail or Foodservice are charged directly to the appropriate segment. Costs that are deemed to be indirect, excluding corporate expenses and other unusual significant transactions, are allocated to the two reportable segments using a reasonable methodology that is consistently applied. Retail - The vast majority of the products we sell in the Retail segment are sold through sales personnel, food brokers and distributors in the United States. We have 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 dressings, slaw dressing, sauces and croutons. Within the frozen food section of the grocery store, we sell yeast rolls and garlic breads. 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 national chain restaurant accounts. We also manufacture and sell various branded Foodservice products to distributors. As many of our products are similar between our two segments, our procurement, manufacturing, warehousing and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. Consequently, we do not prepare, and our Chief Operating Decision Maker does not review, separate balance sheets for the reportable segments. As such, our external reporting does not include the presentation of identifiable assets by reportable segment. The composition of our identifiable assets at December 31, 2023 is generally consistent with that of June 30, 2023. We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Sales Retail $ 263,992 $ 258,763 $ 506,176 $ 481,979 Foodservice 221,924 218,631 441,312 420,952 Total $ 485,916 $ 477,394 $ 947,488 $ 902,931 Operating Income Retail $ 59,521 $ 49,352 $ 112,645 $ 92,252 Foodservice 27,145 26,696 53,778 58,625 Corporate Expenses (20,912) (24,721) (43,894) (50,252) Total $ 65,754 $ 51,327 $ 122,529 $ 100,625 The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended Six Months Ended 2023 2022 2023 2022 Retail Shelf-stable dressings, sauces and croutons $ 95,168 $ 94,711 $ 193,749 $ 185,749 Frozen breads 121,696 117,424 201,326 190,282 Refrigerated dressings, dips and other 47,128 46,628 111,101 105,948 Total Retail net sales $ 263,992 $ 258,763 $ 506,176 $ 481,979 Foodservice Dressings and sauces $ 162,730 $ 160,855 $ 328,001 $ 311,915 Frozen breads and other 59,194 57,776 113,311 109,037 Total Foodservice net sales $ 221,924 $ 218,631 $ 441,312 $ 420,952 Total net sales $ 485,916 $ 477,394 $ 947,488 $ 902,931 The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended Six Months Ended 2023 2022 2023 2022 Foodservice National accounts $ 170,884 $ 171,814 $ 342,470 $ 332,006 Branded and other 51,040 46,817 98,842 88,946 Total Foodservice net sales $ 221,924 $ 218,631 $ 441,312 $ 420,952 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation There have been no changes to our stock-based compensation plan as disclosed in our 2023 Annual Report on Form 10-K. Our stock-settled stock appreciation rights (“SSSARs”) compensation expense was $0.3 million and $0.7 million for the three months ended December 31, 2023 and 2022, respectively. Year-to-date SSSARs compensation expense was $0.6 million for the current-year period compared to $1.4 million for the prior-year period. At December 31, 2023, there was $0.2 million of unrecognized compensation expense related to SSSARs that we will recognize over the three months ending March 31, 2024. Our restricted stock compensation expense was $1.5 million for the three months ended December 31, 2023 and 2022. Year-to-date restricted stock compensation expense was $2.7 million for the current-year period compared to $2.8 million for the prior-year period. At December 31, 2023, there was $8.2 million of unrecognized compensation expense related to restricted stock that we will recognize over a weighted-average period of 2 years. Our performance units compensation expense was $1.0 million and $0.6 million for the three months ended December 31, 2023 and 2022, respectively. Year-to-date performance units compensation expense was $2.1 million for the current-year period compared to $1.1 million for the prior-year period. At December 31, 2023, there was $6.5 million of unrecognized compensation expense related to performance units that we will recognize over a weighted-average period of 2 years. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Dec. 31, 2023 | |
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 2023 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, 2024 refers to fiscal 2024, which is the period from July 1, 2023 to June 30, 2024. |
Property, Plant And Equipment | Property, Plant and Equipment |
Earnings Per Share | Earnings Per Share Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock, stock-settled stock appreciation rights and performance units) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock, stock-settled stock appreciation rights and performance units. |
Recent Accounting Standards | Recent Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance related to the disclosure requirements for reportable segments. The new guidance requires enhanced disclosures about significant segment expenses. Additionally, all current annual disclosures about a reportable segment’s profit or loss and assets will also be required in interim periods. The new guidance also requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments should be applied retrospectively to all prior periods presented in the financial statements. This guidance will be effective for our annual disclosures in fiscal 2025 and for our interim-period disclosures in fiscal 2026. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations. In December 2023, the FASB issued new accounting guidance related to the disclosure requirements for income taxes. The new guidance requires annual disclosures in the rate reconciliation table to be presented using both percentages and reporting currency amounts, and this table must include disclosure of specific categories. Additional information will also be required for reconciling items that meet a quantitative threshold. The new guidance also requires enhanced disclosures of income taxes paid, including the amount of income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions that exceed a quantitative threshold. The amendments should be applied on a prospective basis, but retrospective application is permitted. This guidance will be effective for our annual disclosures in fiscal 2026. As the guidance only relates to disclosures, there will be no impact on our financial position or results of operations. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule Of Construction In Progress In Accounts Payable | Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: December 31, 2023 2022 Construction in progress in Accounts Payable $ 6,408 $ 15,062 |
Schedule Of Basic And Diluted Net Income Per Common Share Calculations | Basic and diluted net income per common share were calculated as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income $ 51,484 $ 39,973 $ 95,435 $ 77,565 Net income available to participating securities (157) (118) (292) (232) Net income available to common shareholders $ 51,327 $ 39,855 $ 95,143 $ 77,333 Weighted average common shares outstanding – basic 27,425 27,471 27,437 27,460 Incremental share effect from: Nonparticipating restricted stock 3 2 3 3 Stock-settled stock appreciation rights (1) 7 18 9 9 Performance units 5 2 8 4 Weighted average common shares outstanding – diluted 27,440 27,493 27,457 27,476 Net income per common share – basic $ 1.87 $ 1.45 $ 3.47 $ 2.82 Net income per common share – diluted $ 1.87 $ 1.45 $ 3.47 $ 2.81 (1) Excludes the impact of the following weighted average stock-settled stock appreciation rights outstanding with an antidilutive effect: 0.1 million for the three months ended December 31, 2023 and 2022; and 0.1 million and 0.2 million for the six months ended December 31, 2023 and 2022, respectively. |
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 Six Months Ended 2023 2022 2023 2022 Accumulated other comprehensive loss at beginning of period $ (9,289) $ (11,077) $ (9,365) $ (11,172) Defined Benefit Pension Plan Items: Amortization of unrecognized net loss 158 182 317 363 Postretirement Benefit Plan Items: Amortization of unrecognized net gain (15) (11) (30) (23) Amortization of prior service credit (45) (46) (90) (91) Total other comprehensive income, before tax 98 125 197 249 Total tax expense (23) (30) (46) (59) Other comprehensive income, net of tax 75 95 151 190 Accumulated other comprehensive loss at end of period $ (9,214) $ (10,982) $ (9,214) $ (10,982) |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary Of Other Intangible Assets | The following table summarizes our identifiable other intangible assets: December 31, June 30, Tradenames (20 to 30-year life) Gross carrying value $ 4,100 $ 4,100 Accumulated amortization (307) (181) Net carrying value $ 3,793 $ 3,919 Customer Relationships (10-year life) Gross carrying value $ 287 $ 287 Accumulated amortization (205) (190) Net carrying value $ 82 $ 97 Technology / Know-how (10-year life) Gross carrying value $ 2,450 $ 2,450 Accumulated amortization (1,749) (1,626) Net carrying value $ 701 $ 824 Total net carrying value $ 4,576 $ 4,840 |
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 Six Months Ended 2023 2022 2023 2022 Amortization expense $ 132 $ 628 $ 264 $ 1,257 |
Estimated Annual Amortization Expense | Total annual amortization expense for each of the next five years is estimated to be as follows: 2025 $ 527 2026 $ 527 2027 $ 343 2028 $ 251 2029 $ 251 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary Of Financial Information Attributable To Reportable Segments | We evaluate our Retail and Foodservice segments based on net sales and operating income which follow: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Sales Retail $ 263,992 $ 258,763 $ 506,176 $ 481,979 Foodservice 221,924 218,631 441,312 420,952 Total $ 485,916 $ 477,394 $ 947,488 $ 902,931 Operating Income Retail $ 59,521 $ 49,352 $ 112,645 $ 92,252 Foodservice 27,145 26,696 53,778 58,625 Corporate Expenses (20,912) (24,721) (43,894) (50,252) Total $ 65,754 $ 51,327 $ 122,529 $ 100,625 |
Disaggregation Of Net Sales By Class Of Similar Products | The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments: Three Months Ended Six Months Ended 2023 2022 2023 2022 Retail Shelf-stable dressings, sauces and croutons $ 95,168 $ 94,711 $ 193,749 $ 185,749 Frozen breads 121,696 117,424 201,326 190,282 Refrigerated dressings, dips and other 47,128 46,628 111,101 105,948 Total Retail net sales $ 263,992 $ 258,763 $ 506,176 $ 481,979 Foodservice Dressings and sauces $ 162,730 $ 160,855 $ 328,001 $ 311,915 Frozen breads and other 59,194 57,776 113,311 109,037 Total Foodservice net sales $ 221,924 $ 218,631 $ 441,312 $ 420,952 Total net sales $ 485,916 $ 477,394 $ 947,488 $ 902,931 |
Disaggregation Of Foodservice Net Sales By Type Of Customer | The following table provides an additional disaggregation of Foodservice net sales by type of customer: Three Months Ended Six Months Ended 2023 2022 2023 2022 Foodservice National accounts $ 170,884 $ 171,814 $ 342,470 $ 332,006 Branded and other 51,040 46,817 98,842 88,946 Total Foodservice net sales $ 221,924 $ 218,631 $ 441,312 $ 420,952 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Jun. 30, 2023 |
Accounting Policies [Abstract] | ||
Accrued compensation and employee benefits | $ 20.1 | $ 26.3 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Construction In Progress In Accounts Payable) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Construction in progress in Accounts Payable | $ 6,408 | $ 15,062 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Net Income Per Common Share Calculations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||||
Net income | $ 51,484 | $ 43,951 | $ 39,973 | $ 37,592 | $ 95,435 | $ 77,565 |
Net income available to participating securities | (157) | (118) | (292) | (232) | ||
Net income available to common shareholders | $ 51,327 | $ 39,855 | $ 95,143 | $ 77,333 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average common shares outstanding - basic (in shares) | 27,425 | 27,471 | 27,437 | 27,460 | ||
Weighted average common shares outstanding - diluted (in shares) | 27,440 | 27,493 | 27,457 | 27,476 | ||
Net income per common share – basic | $ 1.87 | $ 1.45 | $ 3.47 | $ 2.82 | ||
Net income per common share – diluted | $ 1.87 | $ 1.45 | $ 3.47 | $ 2.81 | ||
Nonparticipating Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incremental share effect from awards with forfeitable dividends (in shares) | 3 | 2 | 3 | 3 | ||
Stock Settled Stock Appreciation Rights SARS [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incremental share effect from stock-settled stock appreciation rights (in shares) | 7 | 18 | 9 | 9 | ||
Weighted average number of antidilutive securities (in rights outstanding) | 100 | 100 | 100 | 200 | ||
Performance Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incremental share effect from awards with forfeitable dividends (in shares) | 5 | 2 | 8 | 4 |
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 | 6 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Accumulated other comprehensive loss at beginning of period | $ (9,289) | $ (9,365) | $ (11,077) | $ (11,172) | $ (9,365) | $ (11,172) |
Total other comprehensive income, before tax | 98 | 125 | 197 | 249 | ||
Total tax expense | (23) | (23) | (30) | (29) | (46) | (59) |
Other comprehensive income, net of tax | 75 | 76 | 95 | 95 | 151 | 190 |
Accumulated other comprehensive loss at end of period | (9,214) | $ (9,289) | (10,982) | $ (11,077) | (9,214) | (10,982) |
Defined Benefit Pension Plan [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amortization of unrecognized net (gain) loss | 158 | 182 | 317 | 363 | ||
Postretirement Benefit Plan [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amortization of unrecognized net (gain) loss | (15) | (11) | (30) | (23) | ||
Amortization of prior service credit | $ (45) | $ (46) | $ (90) | $ (91) |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
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% | ||||
Maximum leverage ratio | 350% | ||||
Line of credit facility, amount outstanding | 0 | $ 0 | 0 | ||
Standby letters of credit, amount outstanding | 2,200,000 | 2,200,000 | $ 2,800,000 | ||
Interest paid | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment for lease not yet commenced | $ 42.8 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Goodwill [Line Items] | ||
Goodwill | $ 208,371 | $ 208,371 |
Retail [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 157,400 | 157,400 |
Foodservice [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 51,000 | $ 51,000 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Summary Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying value | $ 4,576 | $ 4,840 |
Tradenames (20 to 30-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 4,100 | 4,100 |
Accumulated amortization | (307) | (181) |
Net carrying value | 3,793 | 3,919 |
Customer Relationships (10-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 287 | 287 |
Accumulated amortization | (205) | (190) |
Net carrying value | $ 82 | 97 |
Finite-lived other intangible assets useful life (in years) | 10 years | |
Technology / Know-how (10-year life) [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 2,450 | 2,450 |
Accumulated amortization | (1,749) | (1,626) |
Net carrying value | $ 701 | $ 824 |
Finite-lived other intangible assets useful life (in years) | 10 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 | |
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 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 132 | $ 628 | $ 264 | $ 1,257 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Estimated Annual Amortization Expense) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2025 | $ 527 |
2026 | 527 |
2027 | 343 |
2028 | 251 |
2029 | $ 251 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Jun. 30, 2023 |
Federal [Member] | ||
Income Tax Authority [Line Items] | ||
Prepaid income taxes | $ 3.3 | |
Accrued income taxes | $ 9 | |
State and Local [Member] | ||
Income Tax Authority [Line Items] | ||
Prepaid income taxes | $ 0.8 | |
Accrued income taxes | $ 1.2 |
Business Segment Information (S
Business Segment Information (Summary Of Financial Information Attributable To Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 485,916 | $ 477,394 | $ 947,488 | $ 902,931 |
Operating Income | 65,754 | 51,327 | 122,529 | 100,625 |
Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 263,992 | 258,763 | 506,176 | 481,979 |
Operating Income | 59,521 | 49,352 | 112,645 | 92,252 |
Foodservice [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 221,924 | 218,631 | 441,312 | 420,952 |
Operating Income | 27,145 | 26,696 | 53,778 | 58,625 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | $ (20,912) | $ (24,721) | $ (43,894) | $ (50,252) |
Business Segment Information (D
Business Segment Information (Disaggregation Of Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 485,916 | $ 477,394 | $ 947,488 | $ 902,931 |
Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 263,992 | 258,763 | 506,176 | 481,979 |
Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 221,924 | 218,631 | 441,312 | 420,952 |
Shelf-stable dressings, sauces and croutons [Member] | Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 95,168 | 94,711 | 193,749 | 185,749 |
Frozen breads [Member] | Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 121,696 | 117,424 | 201,326 | 190,282 |
Refrigerated dressings, dips and other [Member] | Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 47,128 | 46,628 | 111,101 | 105,948 |
Dressings and sauces [Member] | Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 162,730 | 160,855 | 328,001 | 311,915 |
Frozen breads and other [Member] | Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 59,194 | $ 57,776 | $ 113,311 | $ 109,037 |
Business Segment Information _2
Business Segment Information (Disaggregation Of Foodservice Net Sales By Type Of Customer) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 485,916 | $ 477,394 | $ 947,488 | $ 902,931 |
Foodservice [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 221,924 | 218,631 | 441,312 | 420,952 |
Foodservice [Member] | National accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 170,884 | 171,814 | 342,470 | 332,006 |
Foodservice [Member] | Branded and other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 51,040 | $ 46,817 | $ 98,842 | $ 88,946 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Settled Stock Appreciation Rights SARS [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0.3 | $ 0.7 | $ 0.6 | $ 1.4 |
Unrecognized compensation expense | 0.2 | 0.2 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 1.5 | 1.5 | 2.7 | 2.8 |
Unrecognized compensation expense | 8.2 | $ 8.2 | ||
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 years | |||
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 1 | $ 0.6 | $ 2.1 | $ 1.1 |
Unrecognized compensation expense | $ 6.5 | $ 6.5 | ||
Weighted-average period over which remaining compensation expense will be recognized (in years) | 2 years |