Cover Page
Cover Page - shares | 9 Months Ended | |
Mar. 31, 2021 | Apr. 29, 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 | 0-22818 | |
Entity Registrant Name | THE HAIN CELESTIAL GROUP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-3240619 | |
Entity Address, Address Line One | 1111 Marcus Avenue | |
Entity Address, City or Town | Lake Success | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11042 | |
City Area Code | 516 | |
Local Phone Number | 587-5000 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | HAIN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 99,720,275 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000910406 | |
Current Fiscal Year End Date | --06-30 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 53,014 | $ 37,771 |
Accounts receivable, less allowance for doubtful accounts of $1,178 and $638, respectively | 190,737 | 170,969 |
Inventories | 313,898 | 248,170 |
Prepaid expenses and other current assets | 38,648 | 95,690 |
Assets held for sale | 0 | 8,334 |
Total current assets | 596,297 | 560,934 |
Property, plant and equipment, net | 311,342 | 289,256 |
Goodwill | 877,723 | 861,958 |
Trademarks and other intangible assets, net | 324,791 | 346,462 |
Investments and joint ventures | 17,342 | 17,439 |
Operating lease right-of-use assets | 90,130 | 88,165 |
Other assets | 22,263 | 24,238 |
Total assets | 2,239,888 | 2,188,452 |
Current liabilities: | ||
Accounts payable | 210,223 | 171,009 |
Accrued expenses and other current liabilities | 120,498 | 124,045 |
Current portion of long-term debt | 699 | 1,656 |
Liabilities related to assets held for sale | 0 | 3,567 |
Total current liabilities | 331,420 | 300,277 |
Long-term debt, less current portion | 255,540 | 281,118 |
Deferred income taxes | 36,103 | 51,849 |
Operating lease liabilities, noncurrent portion | 83,564 | 82,962 |
Other noncurrent liabilities | 31,579 | 28,692 |
Total liabilities | 738,206 | 744,898 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock - $.01 par value, authorized 5,000 shares; issued and outstanding: none | 0 | 0 |
Common stock - $.01 par value, authorized 150,000 shares; issued: 109,466 and 109,123 shares, respectively; outstanding: 99,706 and 101,885 shares, respectively | 1,096 | 1,092 |
Additional paid-in capital | 1,183,759 | 1,171,875 |
Retained earnings | 650,740 | 614,171 |
Accumulated other comprehensive loss | (77,682) | (171,392) |
Total stockholders' equity including treasury stock | 1,757,913 | 1,615,746 |
Less: Treasury stock, at cost, 9,753 and 7,238 shares, respectively | (256,231) | (172,192) |
Total stockholders’ equity | 1,501,682 | 1,443,554 |
Total liabilities and stockholders’ equity | $ 2,239,888 | $ 2,188,452 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,178 | $ 638 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (shares) | 109,466,000 | 109,123,000 |
Common stock, shares, outstanding (shares) | 99,706,000 | 101,885,000 |
Treasury stock, shares (shares) | 9,753,000 | 7,238,000 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - 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 | $ 492,604 | $ 553,297 | $ 1,519,649 | $ 1,542,157 |
Cost of sales | 362,698 | 420,902 | 1,140,614 | 1,206,324 |
Gross profit | 129,906 | 132,395 | 379,035 | 335,833 |
Selling, general and administrative expenses | 74,223 | 85,447 | 236,995 | 245,205 |
Amortization of acquired intangible assets | 2,145 | 3,174 | 6,771 | 9,446 |
Productivity and transformation costs | 4,553 | 11,514 | 12,371 | 37,949 |
Proceeds from insurance claim | (592) | (400) | (592) | (2,962) |
Long-lived asset and intangibles impairment | 0 | 13,525 | 57,676 | 15,414 |
Operating income | 49,577 | 19,135 | 65,814 | 30,781 |
Interest and other financing expense, net | 2,030 | 4,037 | 6,820 | 15,068 |
Other expense (income), net | 1,566 | (260) | (852) | 2,312 |
Income from continuing operations before income taxes and equity in net (income) loss of equity-method investees | 45,981 | 15,358 | 59,846 | 13,401 |
Provision (benefit) for income taxes | 11,797 | (10,242) | 33,197 | (9,753) |
Equity in net (income) loss of equity-method investees | (70) | 564 | 1,025 | 1,219 |
Net income from continuing operations | 34,254 | 25,036 | 25,624 | 21,935 |
Net (loss) income from discontinued operations, net of tax | 0 | (697) | 11,255 | (105,581) |
Net income (loss) | $ 34,254 | $ 24,339 | $ 36,879 | $ (83,646) |
Net income (loss) per common share: | ||||
Basic net income (loss) per common share from continuing operations (USD per share) | $ 0.34 | $ 0.24 | $ 0.25 | $ 0.21 |
Basic net (loss) income per common share from discontinued operations (USD per share) | 0 | (0.01) | 0.11 | (1.01) |
Basic net income (loss) per common share (USD per share) | 0.34 | 0.23 | 0.36 | (0.80) |
Diluted net income (loss) per common share from continuing operations (USD per share) | 0.34 | 0.24 | 0.25 | 0.21 |
Diluted net (loss) income per common share from discontinued operations (USD per share) | 0 | (0.01) | 0.11 | (1.01) |
Diluted income (loss) per common share (USD per share) | $ 0.34 | $ 0.23 | $ 0.36 | $ (0.80) |
Shares used in the calculation of net income (loss) per common share: | ||||
Basic (shares) | 99,831 | 104,032 | 100,502 | 104,192 |
Diluted (shares) | 101,596 | 104,337 | 101,385 | 104,489 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - 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 | $ 34,254 | $ 24,339 | $ 36,879 | $ (83,646) |
Pre-tax amount | ||||
Foreign currency translation adjustments before reclassifications | 1,672 | (52,315) | 80,491 | (42,602) |
Reclassification of currency translation adjustment included in Net income from continuing operations, net of tax | 14,725 | 0 | 15,906 | 95,120 |
Change in deferred gains (losses) on cash flow hedging instruments | 322 | 134 | 474 | 108 |
Change in deferred gains (losses) on net investment hedging instruments | 3,810 | 0 | (3,875) | 0 |
Total other comprehensive income (loss) | 20,529 | (52,181) | 92,996 | 52,626 |
Tax (expense) benefit | ||||
Foreign currency translation adjustments before reclassifications | 0 | 0 | 0 | 0 |
Reclassification of currency translation adjustment included in Net income from continuing operations, net of tax | 0 | 0 | 0 | 0 |
Change in deferred gains (losses) on cash flow hedging instruments | (68) | (25) | (100) | (25) |
Change in deferred gains (losses) on net investment hedging instruments | (800) | 0 | 814 | 0 |
Total other comprehensive income (loss) | (868) | (25) | 714 | (25) |
After-tax amount | ||||
Foreign currency translation adjustments before reclassifications | 1,672 | (52,315) | 80,491 | (42,602) |
Reclassification of currency translation adjustment included in Net income from continuing operations, net of tax | 14,725 | 0 | 15,906 | 95,120 |
Change in deferred gains (losses) on cash flow hedging instruments | 254 | 109 | 374 | 83 |
Change in deferred gains (losses) on net investment hedging instruments | 3,010 | 0 | (3,061) | 0 |
Total other comprehensive income (loss) | 19,661 | (52,206) | 93,710 | 52,601 |
Total comprehensive income (loss) | $ 53,915 | $ (27,867) | $ 130,589 | $ (31,045) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Jun. 30, 2019 | $ 1,519,319 | $ (439) | $ 1,088 | $ 1,158,257 | $ 695,017 | $ (439) | $ (110,039) | $ (225,004) |
Beginning balance (shares) at Jun. 30, 2019 | 108,833 | 4,614 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | (107,021) | (107,021) | ||||||
Other comprehensive income (loss) | 56,110 | 56,110 | ||||||
Issuance of common stock pursuant to stock-based compensation plans | 0 | $ 1 | (1) | |||||
Issuance of common stock pursuant to stock-based compensation plans (shares) | 40 | |||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans | (312) | $ (312) | ||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock based compensation plans (shares) | 17 | |||||||
Stock-based compensation expense | 3,281 | 3,281 | ||||||
Ending balance at Sep. 30, 2019 | 1,470,938 | $ 1,089 | 1,161,537 | 587,557 | $ (110,351) | (168,894) | ||
Ending balance (shares) at Sep. 30, 2019 | 108,873 | 4,631 | ||||||
Beginning balance at Jun. 30, 2019 | 1,519,319 | (439) | $ 1,088 | 1,158,257 | 695,017 | (439) | $ (110,039) | (225,004) |
Beginning balance (shares) at Jun. 30, 2019 | 108,833 | 4,614 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | (83,646) | |||||||
Ending balance at Mar. 31, 2020 | 1,439,048 | $ 1,092 | 1,168,378 | 610,932 | $ (168,951) | (172,403) | ||
Ending balance (shares) at Mar. 31, 2020 | 109,089 | 7,117 | ||||||
Beginning balance at Jun. 30, 2019 | 1,519,319 | (439) | $ 1,088 | 1,158,257 | 695,017 | (439) | $ (110,039) | (225,004) |
Beginning balance (shares) at Jun. 30, 2019 | 108,833 | 4,614 | ||||||
Ending balance at Jun. 30, 2020 | $ 1,443,554 | (310) | $ 1,092 | 1,171,875 | 614,171 | (310) | $ (172,192) | (171,392) |
Ending balance (shares) at Jun. 30, 2020 | 109,123 | 109,123 | 7,238 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Accounting Standards Update | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Beginning balance at Sep. 30, 2019 | $ 1,470,938 | $ 1,089 | 1,161,537 | 587,557 | $ (110,351) | (168,894) | ||
Beginning balance (shares) at Sep. 30, 2019 | 108,873 | 4,631 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | (964) | (964) | ||||||
Other comprehensive income (loss) | 48,697 | 48,697 | ||||||
Issuance of common stock pursuant to stock-based compensation plans | 0 | $ 2 | (2) | |||||
Issuance of common stock pursuant to stock-based compensation plans (shares) | 146 | |||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans | (671) | $ (671) | ||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock based compensation plans (shares) | 27 | |||||||
Stock-based compensation expense | 3,083 | 3,083 | ||||||
Ending balance at Dec. 31, 2019 | 1,521,083 | $ 1,091 | 1,164,618 | 586,593 | $ (111,022) | (120,197) | ||
Ending balance (shares) at Dec. 31, 2019 | 109,019 | 4,658 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 24,339 | 24,339 | ||||||
Other comprehensive income (loss) | (52,206) | (52,206) | ||||||
Issuance of common stock pursuant to stock-based compensation plans | 0 | $ 1 | (1) | |||||
Issuance of common stock pursuant to stock-based compensation plans (shares) | 70 | |||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans | (523) | $ (523) | ||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock based compensation plans (shares) | 20 | |||||||
Repurchases of common stock | (57,406) | $ (57,406) | ||||||
Repurchases of common stock (shares) | 2,439 | |||||||
Stock-based compensation expense | 3,761 | 3,761 | ||||||
Ending balance at Mar. 31, 2020 | 1,439,048 | $ 1,092 | 1,168,378 | 610,932 | $ (168,951) | (172,403) | ||
Ending balance (shares) at Mar. 31, 2020 | 109,089 | 7,117 | ||||||
Beginning balance at Jun. 30, 2020 | $ 1,443,554 | (310) | $ 1,092 | 1,171,875 | 614,171 | (310) | $ (172,192) | (171,392) |
Beginning balance (shares) at Jun. 30, 2020 | 109,123 | 109,123 | 7,238 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | $ 485 | 485 | ||||||
Other comprehensive income (loss) | 31,005 | 31,005 | ||||||
Issuance of common stock pursuant to stock-based compensation plans | 0 | $ 1 | (1) | |||||
Issuance of common stock pursuant to stock-based compensation plans (shares) | 54 | |||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans | (468) | $ (468) | ||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock based compensation plans (shares) | 20 | |||||||
Repurchases of common stock | (42,052) | $ (42,052) | ||||||
Repurchases of common stock (shares) | 1,281 | |||||||
Stock-based compensation expense | 4,367 | 4,367 | ||||||
Ending balance at Sep. 30, 2020 | 1,436,581 | $ 1,093 | 1,176,241 | 614,346 | $ (214,712) | (140,387) | ||
Ending balance (shares) at Sep. 30, 2020 | 109,177 | 8,539 | ||||||
Beginning balance at Jun. 30, 2020 | $ 1,443,554 | $ (310) | $ 1,092 | 1,171,875 | 614,171 | $ (310) | $ (172,192) | (171,392) |
Beginning balance (shares) at Jun. 30, 2020 | 109,123 | 109,123 | 7,238 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | $ 36,879 | |||||||
Ending balance at Mar. 31, 2021 | $ 1,501,682 | $ 1,096 | 1,183,759 | 650,740 | $ (256,231) | (77,682) | ||
Ending balance (shares) at Mar. 31, 2021 | 109,466 | 109,466 | 9,753 | |||||
Beginning balance at Sep. 30, 2020 | $ 1,436,581 | $ 1,093 | 1,176,241 | 614,346 | $ (214,712) | (140,387) | ||
Beginning balance (shares) at Sep. 30, 2020 | 109,177 | 8,539 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 2,140 | 2,140 | ||||||
Other comprehensive income (loss) | 43,044 | 43,044 | ||||||
Issuance of common stock pursuant to stock-based compensation plans | 0 | $ 2 | (2) | |||||
Issuance of common stock pursuant to stock-based compensation plans (shares) | 162 | |||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans | (1,255) | $ (1,255) | ||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock based compensation plans (shares) | 38 | |||||||
Repurchases of common stock | (29,684) | $ (29,684) | ||||||
Repurchases of common stock (shares) | 923 | |||||||
Stock-based compensation expense | 3,823 | 3,823 | ||||||
Ending balance at Dec. 31, 2020 | 1,454,649 | $ 1,095 | 1,180,062 | 616,486 | $ (245,651) | (97,343) | ||
Ending balance (shares) at Dec. 31, 2020 | 109,339 | 9,500 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 34,254 | 34,254 | ||||||
Other comprehensive income (loss) | 19,661 | 19,661 | ||||||
Issuance of common stock pursuant to stock-based compensation plans | 0 | $ 1 | (1) | |||||
Issuance of common stock pursuant to stock-based compensation plans (shares) | 127 | |||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock-based compensation plans | (2,018) | $ (2,018) | ||||||
Shares withheld for payment of employee payroll taxes due on shares issued under stock based compensation plans (shares) | 49 | |||||||
Repurchases of common stock | (8,562) | $ (8,562) | ||||||
Repurchases of common stock (shares) | 204 | |||||||
Stock-based compensation expense | 3,698 | 3,698 | ||||||
Ending balance at Mar. 31, 2021 | $ 1,501,682 | $ 1,096 | $ 1,183,759 | $ 650,740 | $ (256,231) | $ (77,682) | ||
Ending balance (shares) at Mar. 31, 2021 | 109,466 | 109,466 | 9,753 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 |
Statement of Stockholders' Equity [Abstract] | ||||||||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 36,879 | $ (83,646) |
Net income (loss) from discontinued operations | 11,255 | (105,581) |
Net income from continuing operations | 25,624 | 21,935 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations: | ||
Depreciation and amortization | 37,768 | 40,069 |
Deferred income taxes | 3,216 | (9,035) |
Equity in net loss of equity-method investees | 1,025 | 1,219 |
Stock-based compensation, net | 11,888 | 9,581 |
Long-lived asset and intangibles impairment | 57,676 | 15,414 |
Other non-cash items, net | 494 | 2,335 |
(Decrease) increase in cash attributable to changes in operating assets and liabilities: | ||
Accounts receivable | (20,721) | (30,870) |
Inventories | (60,304) | 47,280 |
Other current assets | 56,487 | 10,302 |
Other assets and liabilities | (952) | (1,166) |
Accounts payable and accrued expenses | 34,316 | (42,972) |
Net cash provided by operating activities from continuing operations | 146,517 | 64,092 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (53,062) | (46,961) |
Proceeds from sale of businesses, net and other | 27,094 | 14,428 |
Net cash used in investing activities from continuing operations | (25,968) | (32,533) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings under bank revolving credit facility | 206,000 | 197,000 |
Repayments under bank revolving credit facility | (231,000) | (254,500) |
Repayments under term loan | 0 | (206,250) |
Proceeds from discontinued operations entities | 0 | 305,247 |
Repayments of other debt, net | (1,917) | (1,502) |
Share repurchases | (80,298) | (57,406) |
Shares withheld for payment of employee payroll taxes | (3,741) | (1,506) |
Net cash used in financing activities from continuing operations | (110,956) | (18,917) |
Effect of exchange rate changes on cash from continuing operations | 5,650 | (2,110) |
CASH FLOWS FROM DISCONTINUED OPERATIONS | ||
Cash used in operating activities | 0 | (6,146) |
Cash provided by investing activities | 0 | 297,592 |
Cash used in financing activities | 0 | (299,418) |
Effect of exchange rate changes on cash from discontinued operations | 0 | (537) |
Net cash flows used in discontinued operations | 0 | (8,509) |
Net increase in cash and cash equivalents | 15,243 | 2,023 |
Cash and cash equivalents at beginning of period | 37,771 | 39,526 |
Cash and cash equivalents at end of period | $ 53,014 | $ 41,549 |
BUSINESS
BUSINESS | 9 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS | BUSINESS The Hain Celestial Group, Inc., a Delaware corporation (collectively, along with its subsidiaries, the “Company,” and herein referred to as “Hain Celestial,” “we,” “us” and “our”), was founded in 1993 and is headquartered in Lake Success, New York. The Company’s mission has continued to evolve since its founding, with health and wellness being the core tenet — To Create and Inspire A Healthier Way of Life TM and be the leading marketer, manufacturer and seller of organic and natural products by anticipating and exceeding consumer expectations in providing quality, innovation, value and convenience. The Company is committed to growing sustainably while continuing to implement environmentally sound business practices and manufacturing processes. Hain Celestial sells its products through specialty and natural food distributors, supermarkets, natural food stores, mass-market and e-commerce retailers, food service channels and club, drug and convenience stores in over 75 countries worldwide. The Company manufactures, markets, distributes and sells organic and natural products under brand names, with ma ny recognized brands in the various market categories it serves, including Celestial Seasonings ® , Clarks™, Cully & Sully ® , Earth’s Best ® , Ella’s Kitchen ® , Farmhouse Fare™, Frank Cooper’s ® , GG UniqueFiber ® , Gale’s ® , Garden of Eatin’ ® , Hain Pure Foods ® , Hartley’s ® , Health Valley ® , Imagine ® , Joya ® , Lima ® , Linda McCartney's ® ™ (under license), MaraNatha ® , Natumi ® , New Covent Garden Soup Co. ® , Robertson’s ® , Sensible Portions ® , Spectrum ® , Sun-Pat ® , Terra ® , The Greek Gods ® , William’s™, Yorkshire Provender ® and Yves Veggie Cuisine ® . The Company’s personal care products are marketed under the Alba Botanica ® , Avalon Organics ® , Earth’s Best ® , JASON ® , Live Clean ® , One Step ® and Queen Helene ® brands. The Company continues to execute the four key pillars of its strategy: (1) simplify its portfolio; (2) strengthen its capabilities; (3) expand profit margins and cash flow; and (4) reinvigorate profitable topline growth. The Company has executed this strategy, with a focus on discontinuing uneconomic investment, realigning resources to coincide with brand importance, reducing unproductive stock-keeping units (“SKUs”) and brands and reassessing current pricing architecture. As part of this initiative, the Company reviewed its product portfolio within North America and d ivided it into “Get Bigger” and “Get Better” brand categories. • The Company’s “Get Bigger” brands represent its strongest brands with higher margins, which compete in categories with strong growth potential. The Company has concentrated its investment in marketing, innovation and other resources to prioritize spending for these brands, in an effort to reinvigorate profitable topline growth, optimize assortment and increase share of distribution. • The Company’s “Get Better” brands are the brands in which the Company is primarily focused on simplification and expansion of profit margin. Some of these brands have historically been low margin, non-strategic brands that added complexity with minimal benefit to the Company’s operations. In addition, as part of the Company’s overall strategy, the Company may seek to dispose of businesses and brands that are less profitable or are otherwise less of a strategic fit within its core portfolio. During fiscal 2019, for example, the Company divested its Hain Pure Protein reportable segment and its WestSoy ® tofu, seitan and tempeh businesses. In fiscal 2020, the Company divested its Tilda business and its Arrowhead Mills ® , SunSpire ® , Europe's Best ® , Casbah ® , Rudi’s Gluten-Free Bakery ™ , Rudi’s Organic Bakery ® and Fountain of Truth ™ brands. In fiscal 2021, the Company divested Danival ® , its U.K. fruit business, primarily consisting of the Orchard House ® Foods Limited business and associated brands, and subsequent to the quarter ended March 31, 2021, the Company completed the sale of both WestSoy ® and Dream ® . Productivity and Transformation Costs In fiscal 2019, the Company announced an initiative that sought to identify areas of cost savings and operating efficiencies to expand profit margins and cash flow. As part of this initiative, during fiscal 2020, the Company began the integration of its United States and Canada operations in alignment with the North America reportable segment structure. In addition, during fiscal 2021, the Company initiated cost reduction programs for its international businesses in the United Kingdom and Europe. The Company will carry out additional productivity initiatives under this strategy in fiscal 2021. Productivity and transformation costs include costs such as consulting and severance costs relating to streamlining the Company’s manufacturing plants, co-packers and supply chain, eliminating served categories or brands within those categories, and product rationalization initiatives which are aimed at eliminating slow moving SKUs. Discontinued Operations On August 27, 2019, the Company and Ebro Foods S.A. entered into, and consummated the transactions contemplated by, an agreement relating to the sale and purchase of the Tilda Group Entities and certain other assets. On February 15, 2019, the Company completed the sale of substantially all of the assets used primarily for the Plainville Farms business, a component of the Company’s Hain Pure Protein Corporation (“HPPC”) operating segment. On June 28, 2019, the Company completed the sale of the remainder of HPPC and Empire Kosher which included the FreeBird and Empire Kosher businesses. These dispositions were undertaken to reduce complexity in the Company’s operations and simplify the Company’s brand portfolio, in addition to allowing additional flexibility to focus on opportunities for growth and innovation in the Company’s more profitable and faster growing core businesses. Collectively, these dispositions were reported in the aggregate as the Hain Pure Protein reportable segment. These dispositions represented strategic shifts that had a major impact on the Company’s operations and financial results, and therefore, the Company is presenting the operating results and cash flows of the Tilda operating segment and the Hain Pure Protein reportable segment within discontinued operations in the current and prior peri ods. Se e Note 4, Dispositions , for additional information. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The Company’s unaudited consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Investments in affiliated companies in which the Company exerts significant influence, but which it does not control, are accounted for under the equity method of accounting. As such, consolidated net loss includes the Company's equity in the current earnings or losses of such companies. The Company's unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP and should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2020 (the “Form 10-K”). The amounts as of and for the periods ended June 30, 2020 are derived from the Company’s audited annual financial statements. The unaudited consolidated financial statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair presentation for interim periods. Operating results for the nine months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. Please refer to the Notes to the Consolidated Financial Statements as of June 30, 2020 and for the fiscal year then ended included in the Form 10-K for information not included in these condensed notes. All amounts in the unaudited consolidated financial statements, notes and tables have been rounded to the nearest thousand, except par values and per share amounts, unless otherwise indicated. Reclassifications Certain prior year amounts have been reclassified to conform with current year presentation. Significant Accounting Policies The Company's significant accounting policies are described in Note 2, Summary of Significant Accounting Policies and Practices , in the Notes to the Consolidated Financial Statements in the Form 10-K. Included herein are certain updates to those policies. Valuation of Accounts Receivable The Company maintains an allowance for expected uncollectible accounts receivable which is recorded as an offset to trade accounts receivable on the Consolidated Balance Sheets. Effective July 1, 2020, collectability of accounts receivable is assessed by applying a historical loss-rate methodology in accordance with Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses , adjusted as necessary based on the Company's review of accounts receivable on an individual basis, specifically identifying customers with known disputes or collectability issues, and experience with trade receivable aging categories. The Company also considers market conditions and current and expected future economic conditions to inform adjustments to historical loss data. Changes to the allowance, if any, are classified as bad debt provisions in the Consolidated Statements of Operations. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instrum ents , which requires measurement and recognition of expected versus incurred credit losses for most financial assets. The ASU applies to trade and other receivables recorded on the Consolidated Balance Sheets. The Company adopted the standard on July 1, 2020 using the modified retrospective transition method, recognizing an adjustment to beginning retained earnings of $310 reflecting the cumulative impact of adoption. The adoption did not materially impact the Company's results of operations or financial position, and as a result, comparisons between periods were not materially affected by the adoption of ASU 2016-13 In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which removes the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The Company adopted ASU 2017-04 on July 1, 2020, and the adoption of this standard did not have an impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which modifies the disclosure requirements for fair value measurement by removing, modifying or adding certain disclosures. The new guidance is effective for annual periods beginning after December 15, 2019, and for interim periods within those fiscal years. The Company adopted ASU 2018-13 on July 1, 2020, and the adoption of this standard did not have an impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amended guidance is effective for annual periods beginning after December 15, 2019, and for interim periods within those fiscal years. The Company adopted ASU 2018-15 on July 1, 2020, and the adoption of this standard did not have an impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Effective In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies various aspects related to accounting for income taxes and eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for annual periods beginning after December 15, 2021, and for interim periods within those fiscal years. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. ASU 2020-04 is currently effective and upon adoption may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The Company is currently assessing the impact that these standards will have on its consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements - Disclosures . This ASU improves consistency by amending the codification to include all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Numerator: Net income from continuing operations $ 34,254 $ 25,036 $ 25,624 $ 21,935 Net (loss) income from discontinued operations — (697) 11,255 (105,581) Net income (loss) $ 34,254 $ 24,339 $ 36,879 $ (83,646) Denominator: Basic weighted average shares outstanding 99,831 104,032 100,502 104,192 Effect of dilutive stock options, unvested restricted stock and unvested restricted share units 1,765 305 883 297 Diluted weighted average shares outstanding 101,596 104,337 101,385 104,489 Basic net income (loss) per common share: Continuing operations $ 0.34 $ 0.24 $ 0.25 $ 0.21 Discontinued operations — (0.01) 0.11 (1.01) Basic net income (loss) per common share $ 0.34 $ 0.23 $ 0.36 $ (0.80) Diluted net income (loss) per common share: Continuing operations $ 0.34 $ 0.24 $ 0.25 $ 0.21 Discontinued operations — (0.01) 0.11 (1.01) Diluted net income (loss) per common share $ 0.34 $ 0.23 $ 0.36 $ (0.80) Basic net income (loss) per share excludes the dilutive effects of stock options, unvested restricted stock and unvested restricted share units. There were 4 and 512 restricted stock awards and stock options excluded from our calculation of diluted net income per share for the three months ended March 31, 2021 and 2020, respectively, as such awards were anti-dilutive. Additionally, there were 23 and 2,616 stock-based awards excluded for the three months ended March 31, 2021 and 2020, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods. There were 182 and 450 restricted stock awards and stock options excluded from the calculation of diluted net income (loss) per share for the nine months ended March 31, 2021 and March 31, 2020, respectively, as such awards were anti-dilutive. Additionally, there were 957 and 2,685 stock-based awards excluded for the nine months ended March 31, 2021 and 2020, respectively, as such awards were contingently issuable based on market or performance conditions, and such conditions had not been achieved during the respective periods. Share Repurchase Program On June 21, 2017, the Company's Board of Directors authorized the repurchase of up to $250,000 of the Company’s issued and outstanding common stock. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The authorization does not have a stated expiration date. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations. During the three months ended March 31, 2021, the Company repurchased 204 shares under the repurchase program for a total of $8,562, excluding commissions, at an average price of $41.86 per share. During the nine months ended March 31, 2021, the Company repurchased 2,408 shares under the repurchase program for a total of $80,255, excluding commissions, at an average price of $33.33 per share. As of March 31, 2021, the Company had $109,495 of remaining authorization under the share repurchase program. |
DISPOSITIONS
DISPOSITIONS | 9 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS | DISPOSITIONS Fruit In August 2020, the Company's Board of Directors approved a plan to sell its prepared fresh fruit, fresh fruit drinks and fresh fruit desserts division ("Fruit"), primarily consisting of the Orchard House Foods Limited business and associated brands. This decision supported the Company's overall strategy as the Fruit business did not align, and had limited synergies, with the rest of the Company's businesses. The sale was completed on January 13, 2021 (the "Closing Date") for total cash consideration of $38,547 of which $2,056 was due as of March 31, 2021 and was subsequently collected in April 2021. Fruit operated in the United Kingdom and was included in the Company's International reportable segment, comprising 4.9% and 8.6% of the Company's net sales during the nine months ended March 31, 2021 and 2020, respectively. The Company determined that the held for sale criteria was met and classified the assets and liabilities of the Fruit business as held for sale as of September 30 and December 31, 2020, recognizing a pre-tax non-cash loss to reduce the carrying value to its estimated fair value, less costs to sell of $56,093 during the six months ended December 31, 2020. At the Closing Date, the assets and liabilities of the Fruit business consisted of the following: January 13, 2021 ASSETS Cash and cash equivalents $ 13,559 Accounts receivable, less allowance for doubtful accounts 14,057 Inventories 5,028 Prepaid expenses and other current assets 2,728 Property, plant and equipment, net 25,039 Goodwill 14,362 Other intangible assets, net 36,171 Operating lease right-of-use assets 5,623 Allowance for reduction of assets held for sale (58,444) Total assets $ 58,123 LIABILITIES Accounts payable $ 14,428 Accrued expenses and other current liabilities 4,229 Operating lease liabilities 5,039 Deferred tax liabilities 7,298 Other liabilities 1,942 Total liabilities $ 32,936 The Company deconsolidated the net assets of the Fruit business during the three months ended March 31, 2021, recognizing a pre-tax loss on sale of $1,904. Danival The Company entered into a definitive stock purchase agreement on June 30, 2020 for the sale of its Danival business, a component of the International reportable segment, and the transaction closed on July 21, 2020. As of June 30, 2020, the Company determined the held for sale criteria was met, resulting in assets held for sale of $8,334 and related liabilities held for sale of $3,567 being included in the Company's Consolidated Balance Sheet as of June 30, 2020. These assets and liabilities were previously presented within Prepaid and other current assets and Accrued expenses and other liabilities, respectively, in the Form 10-K and have been reclassified to conform to current year presentation. The Company deconsolidated the net assets of the Danival business upon the closing of the sale during the quarter ended September 30, 2020. Discontinued Operations Sale of Tilda Business On August 27, 2019, the Company sold the entities comprising its Tilda operating segment (the “Tilda Group Entities”) and certain other assets of the Tilda business to Ebro Foods S.A. (the "Purchaser") for an aggregate price of $342,000 in cash, subject to customary post-closing adjustments based on the balance sheets of the Tilda business. The other assets sold in the transaction consisted of raw materials, consumables, packaging, and finished and unfinished goods related to the Tilda business held by other Company entities that are not Tilda Group Entities. In January 2020, the Company and the Purchaser agreed to fully resolve all matters relating to post-closing adjustments to the sale price, resulting in a final aggregate sale price of $341,800. The Company used the proceeds from the sale to pay down the remaining outstanding borrowings under its term loan and a portion of its revolving credit facility. The Company also entered into certain ancillary agreements with the Purchaser and certain of the Tilda Group Entities in connection with the Sale and Purchase Agreement, including a transitional services agreement (the "TSA") pursuant to which the Company and the Purchaser provided transitional services to one another, and business transfer agreements pursuant to which the applicable Tilda Group Entities transferred certain non-Tilda assets and liabilities in India and the United Arab Emirates to subsidiaries of the Company to be formed in those countries. Additionally, the Company distributed certain Tilda products in the United States, Canada and Europe through the expiration of the TSA, which expired during the second quarter of fiscal 2020. The disposition of the Tilda operating segment represented a strategic shift that had a major impact on the Company’s operations and financial results and has been accounted for as discontinued operations. The following table presents the major classes of Tilda’s results within “Net income (loss) from discontinued operations, net of tax” in the Consolidated Statements of Operations: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Net sales $ — $ — $ — $ 30,399 Cost of sales — — — 26,648 Gross profi t — — — 3,751 Selling, general and administrative expense — — — 5,185 Other expense — — 75 1,172 Interest expense (1) — — — 2,432 Translation loss (2) — — — 95,120 Gain on sale of discontinued operations — 540 — (9,630) Net loss from discontinued operations before income taxes — (540) (75) (90,528) (Benefit) provision for income taxes (3) — (965) (11,320) 12,900 Net income (loss) from discontinued operations, net of tax $ — $ 425 $ 11,245 $ (103,428) (1) Interest expense was allocated to discontinued operations based on borrowings repaid with proceeds from the sale of Tilda. (2) At the completion of the sale of Tilda, the Company reclassified $95,120 of related cumulative translation losses from Accumulated other comprehensive loss to discontinued operations, net of tax. (3) Includes $11,320 of tax benefit related to the legal entity reorganization for the nine months ended March 31, 2021, as well as a tax benefit related to the gain on the sale of Tilda of $750 and tax expense of $14,500 for the three and nine months ended March 31, 2020, respectively. There were no assets or liabilities from discontinued operations associated with Tilda as of March 31, 2021 or June 30, 2020. Sale of Hain Pure Protein Reportable Segment In March 2018, the Company’s Board of Directors approved a plan to sell all of the operations of the HPPC operating segment, which included the Plainville Farms and FreeBird businesses, and the EK Holdings, Inc. (“Empire Kosher” or “Empire”) operating segment, which were reported in the aggregate as the Hain Pure Protein reportable segment. Collectively, these dispositions represented a strategic shift that had a major impact on the Company’s operations and financial results and have been accounted for as discontinued operations. The Company is presenting the operating results and cash flows of HPPC within discontinued operations in the nine months ended March 31, 2021 and in the comparable prior year period. Sale of Plainville Farms Business ("Plainville") On February 15, 2019, the Company completed the sale of substantially all of the assets used primarily for Plainville (a component of HPPC), which included $25,000 in cash to the purchaser, for a nominal purchase price. In addition, the purchaser assumed the current liabilities of Plainville as of the closing date. As a condition to consummating the sale, the Company entered into a Contingent Funding and Earnout Agreement, which provided for the issuance by the Company of an irrevocable stand-by letter of credit (the “Letter of Credit”) of $10,000 which expired nineteen months after issuance, during the first quarter of fiscal 2021. The Company was entitled to receive an earnout not to exceed, in the aggregate, 120% of the maximum amount that the purchaser draws on the Letter of Credit at any point from the date of issuance through the expiration of the Letter of Credit. Earnout payments are based on a specified percentage of annual free cash flow achieved for all fiscal years ending on or prior to June 30, 2026. If a subsequent change in control of Plainville occurs prior to June 30, 2026, the purchaser will pay the Company 120% of the difference between the amount drawn on the Letter of Credit less the sum of all earnout payments made prior to such time up to the net proceeds received by the pu rchaser. At March 31, 2021, the Company had not recorded an asset associated with the earnout. Sale of HPPC and Empire Kosher On June 28, 2019, the Company completed the sale of the remainder of HPPC and EK Holdings, which included the FreeBird and Empire Kosher businesses. The purchase price, net of estimated customary adjustments based on the closing balance sheet of HPPC, was $77,714. The Company used the proceeds from the sale to pay down a portion of its outstanding borrowings under its term loan. The following table presents the major classes of Hain Pure Protein’s results within “Net loss (income) from discontinued operations, net of tax” in the Consolidated Statements of Operations: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Net sales $ — $ — $ — $ — Cost of sales — — — — Gross profit (loss) — — — — Selling, general and administrative expense — — — — Asset impairments — — — — Other income — — (10) — Loss on sale of discontinued operations (1) — 1,781 — 3,205 Net (loss) income from discontinued operations before income taxes — (1,781) 10 (3,205) Benefit for income taxes — (659) — (1,052) Net (loss) income from discontinued operations, net of tax $ — $ (1,122) $ 10 $ (2,153) (1) Primarily relates to preliminary closing balance sheet adjustments. There were no assets or liabilities from discontinued operations associated with HPPC at March 31, 2021 or June 30, 2020. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: March 31, June 30, Finished goods $ 213,411 $ 158,162 Raw materials, work-in-progress and packaging 100,487 90,008 $ 313,898 $ 248,170 At each period end, inventory is reviewed to ensure that it is recorded at the lower of cost or net realizable value. Inventory write-downs for the three months ended March 31, 2021 and March 31, 2020 were $0 and $1,362 , respectively. Inventory write-downs for the nine months ended March 31, 2021 and March 31, 2020 were $311 and $5,278, respectively. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 9 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following: March 31, June 30, Land $ 14,561 $ 13,866 Buildings and improvements 73,240 74,325 Machinery and equipment 317,270 288,466 Computer hardware and software 61,661 60,391 Furniture and fixtures 23,272 20,044 Leasehold improvements 39,009 40,876 Construction in progress 34,980 16,489 563,993 514,457 Less: accumulated depreciation and amortization 252,651 225,201 $ 311,342 $ 289,256 Depreciation expense for the three months ended March 31, 2021 and 2020 was $9,118 and $7,789, respectively. Depreciation expense for the nine months ended March 31, 2021 and 2020 was $26,302 and $23,518 , respectively. As of December 31, 2020, the Company reclassified $24,971 of Property, plant and equipment, net to Assets held for sale as part of the held for sale accounting related to the Company's Fruit business (see Note 4, Dispositions , for more information related to the held for sale assets). There was an impairment charge of $1,333 recorded during the nine months ended March 31, 2021 and no impairment charge recorded during the nine months ended March 31, 2020. |
LEASES
LEASES | 9 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases office space, warehouse and distribution facilities, manufacturing equipment and vehicles primarily in North America and Europe. The Company determines if an arrangement is or contains a lease at inception. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements generally do not contain residual value guarantees or material restrictive covenants. A limited number of lease agreements include rental payments adjusted periodically for inflation. Some of the Company’s leases contain variable lease payments, which are expensed as incurred unless those payments are based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index changes are recorded as variable lease expense in the period incurred. The Company does not have any related party leases, and sublease transactions are de minimis. The components of lease expenses for the three and nine months ended March 31, 2021 were as follows: Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Operating lease expenses $ 4,129 $ 4,545 $ 12,290 $ 14,034 Finance lease expenses 72 272 318 761 Variable lease expenses 247 633 1,204 1,873 Short-term lease expenses 458 490 1,701 1,349 Total lease expenses $ 4,906 $ 5,940 $ 15,513 $ 18,017 Supplemental balance sheet information related to leases was as follows: Leases Classification March 31, 2021 June 30, 2020 Assets Operating lease ROU assets, net Operating lease right-of-use assets $ 90,130 $ 88,165 Finance lease ROU assets, net Property, plant and equipment, net 615 691 Total leased assets $ 90,745 $ 88,856 Liabilities Current Operating Accrued expenses and other current liabilities $ 11,086 $ 12,338 Finance Current portion of long-term debt 245 308 Non-current Operating Operating lease liabilities, noncurrent portion 83,564 82,962 Finance Long-term debt, less current portion 376 316 Total lease liabilities $ 95,271 $ 95,924 Additional information related to leases is as follows: Nine Months Ended March 31, 2021 March 31, 2020 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,954 $ 12,856 Operating cash flows from finance leases $ 13 $ 18 Financing cash flows from finance leases $ 285 $ 372 ROU assets obtained in exchange for lease obligations (a) : Operating leases $ 18,349 $ 94,389 Finance leases $ 671 $ 1,092 Weighted average remaining lease term: Operating leases 10.0 years 8.4 years Finance leases 4.1 years 2.3 years Weighted average discount rate: Operating leases 3.2 % 2.7 % Finance leases 3.9 % 2.9 % (a) ROU assets obtained in exchange for lease obligations includes leases which commenced, were modified or terminated. The balance for the nine months ended March 31, 2020 also included $87,414 relating to the impact of the adoption of ASU 2016-02 effective July 1, 2019. Maturities of lease liabilities as of March 31, 2021 were as follows: Fiscal Year Operating leases Finance leases Total 2021 (remainder of year) $ 2,665 $ 71 $ 2,736 2022 14,358 246 14,604 2023 13,596 133 13,729 2024 11,878 51 11,929 2025 10,663 51 10,714 Thereafter 60,084 127 60,211 Total lease payments 113,244 679 113,923 Less: Imputed interest 18,594 58 18,652 Total lease liabilities $ 94,650 $ 621 $ 95,271 Maturities of lease liabilities as of June 30, 2020 were as follows: Fiscal Year Operating leases Finance leases Total 2021 $ 14,781 $ 308 $ 15,089 2022 13,798 205 14,003 2023 12,833 95 12,928 2024 10,941 18 10,959 2025 9,521 6 9,527 Thereafter 51,545 — 51,545 Total lease payments 113,419 632 114,051 Less: Imputed interest 18,119 8 18,127 Total lease liabilities $ 95,300 $ 624 $ 95,924 |
LEASES | LEASES The Company leases office space, warehouse and distribution facilities, manufacturing equipment and vehicles primarily in North America and Europe. The Company determines if an arrangement is or contains a lease at inception. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements generally do not contain residual value guarantees or material restrictive covenants. A limited number of lease agreements include rental payments adjusted periodically for inflation. Some of the Company’s leases contain variable lease payments, which are expensed as incurred unless those payments are based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index changes are recorded as variable lease expense in the period incurred. The Company does not have any related party leases, and sublease transactions are de minimis. The components of lease expenses for the three and nine months ended March 31, 2021 were as follows: Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Operating lease expenses $ 4,129 $ 4,545 $ 12,290 $ 14,034 Finance lease expenses 72 272 318 761 Variable lease expenses 247 633 1,204 1,873 Short-term lease expenses 458 490 1,701 1,349 Total lease expenses $ 4,906 $ 5,940 $ 15,513 $ 18,017 Supplemental balance sheet information related to leases was as follows: Leases Classification March 31, 2021 June 30, 2020 Assets Operating lease ROU assets, net Operating lease right-of-use assets $ 90,130 $ 88,165 Finance lease ROU assets, net Property, plant and equipment, net 615 691 Total leased assets $ 90,745 $ 88,856 Liabilities Current Operating Accrued expenses and other current liabilities $ 11,086 $ 12,338 Finance Current portion of long-term debt 245 308 Non-current Operating Operating lease liabilities, noncurrent portion 83,564 82,962 Finance Long-term debt, less current portion 376 316 Total lease liabilities $ 95,271 $ 95,924 Additional information related to leases is as follows: Nine Months Ended March 31, 2021 March 31, 2020 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,954 $ 12,856 Operating cash flows from finance leases $ 13 $ 18 Financing cash flows from finance leases $ 285 $ 372 ROU assets obtained in exchange for lease obligations (a) : Operating leases $ 18,349 $ 94,389 Finance leases $ 671 $ 1,092 Weighted average remaining lease term: Operating leases 10.0 years 8.4 years Finance leases 4.1 years 2.3 years Weighted average discount rate: Operating leases 3.2 % 2.7 % Finance leases 3.9 % 2.9 % (a) ROU assets obtained in exchange for lease obligations includes leases which commenced, were modified or terminated. The balance for the nine months ended March 31, 2020 also included $87,414 relating to the impact of the adoption of ASU 2016-02 effective July 1, 2019. Maturities of lease liabilities as of March 31, 2021 were as follows: Fiscal Year Operating leases Finance leases Total 2021 (remainder of year) $ 2,665 $ 71 $ 2,736 2022 14,358 246 14,604 2023 13,596 133 13,729 2024 11,878 51 11,929 2025 10,663 51 10,714 Thereafter 60,084 127 60,211 Total lease payments 113,244 679 113,923 Less: Imputed interest 18,594 58 18,652 Total lease liabilities $ 94,650 $ 621 $ 95,271 Maturities of lease liabilities as of June 30, 2020 were as follows: Fiscal Year Operating leases Finance leases Total 2021 $ 14,781 $ 308 $ 15,089 2022 13,798 205 14,003 2023 12,833 95 12,928 2024 10,941 18 10,959 2025 9,521 6 9,527 Thereafter 51,545 — 51,545 Total lease payments 113,419 632 114,051 Less: Imputed interest 18,119 8 18,127 Total lease liabilities $ 95,300 $ 624 $ 95,924 |
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 ASSETS Goodwill The following table provides the changes in the carrying value of goodwill by reportable segment: North America International Total Balance as of June 30, 2020 (a) $ 606,055 $ 255,903 $ 861,958 Reclassification of goodwill to assets held for sale — (14,362) (14,362) Translation and other adjustments, net 2,642 27,484 30,127 Balance as of March 31, 2021 (a) $ 608,697 $ 269,025 $ 877,723 (a) The total carrying value of goodwill is reflected net of $134,277 of accumulated impairment charges, of which $97,358 related to the Company’s United Kingdom operating segment, $29,219 related to the Company’s Europe operating segment and $7,700 related to the Company’s former Hain Ventures operating segment, whose goodwill and accumulated impairment charges were reallocated within the North America reportable segment to the United States and Canada operating segments on a relative fair value basis. As of September 30 and December 31, 2020, Fruit, a part of the International reportable segment, was classified as held for sale and therefore, goodwill associated with Fruit was reclassified to Assets held for sale within the Consolidated Balance Sheet as of December 31, 2020. See Note 4, Dispositions , for more information. Fruit was a component of the Company's Hain Daniels reporting unit. The decision to sell the business was a triggering event requiring an interim goodwill impairment test for the Hain Daniels reporting unit. No impairment was recorded during the nine months ended March 31, 2021. Other Intangible Assets The following table includes the gross carrying amount and accumulated amortization, where applicable, for intangible assets, excluding goodwill: March 31, June 30, Non-amortized intangible assets: Trademarks and tradenames (a) $ 280,690 $ 278,103 Amortized intangible assets: Other intangibles 148,422 184,854 Less: accumulated amortization (104,321) (116,495) Net carrying amount $ 324,791 $ 346,462 (a) The gross carrying value of trademarks and tradenames is reflected net of $93,273 of accumulated impairment charges as of both March 31, 2021 and June 30, 2020. There were no events or circumstances that warranted an interim impairment test for indefinite-lived intangible assets during the nine months ended March 31, 2021 or 2020. During the nine months ended March 31, 2021, the Company reclassified certain of its indefinite-lived intangible assets consisting of trademarks and tradenames to definite-lived intangible assets and began amortization of these assets. The annualized amortization expense of these assets is $914 and will amortize over an estimated useful life of 10 years. Amortized intangible assets, which are deemed to have a finite life, primarily consist of customer relationships and certain trademarks and tradenames and are amortized over their estimated useful lives of 3 to 25 years. Amortization expense included in continuing operations was as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Amortization of acquired intangibles $ 2,145 $ 3,174 $ 6,771 $ 9,446 |
DEBT AND BORROWINGS
DEBT AND BORROWINGS | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT AND BORROWINGS | DEBT AND BORROWINGS Debt and borrowings consisted of the following: March 31, June 30, Revolving credit facility $ 255,000 $ 280,000 Other borrowings 1,239 2,774 256,239 282,774 Short-term borrowings and current portion of long-term debt 699 1,656 Long-term debt, less current portion $ 255,540 $ 281,118 Credit Agreement On February 6, 2018, the Company entered into the Third Amended and Restated Credit Agreement (as amended, the “Credit Agreement”). The Credit Agreement provides for a $1,000,000 revolving credit facility through February 6, 2023 and provided for a $300,000 term loan. Under the Credit Agreement, the revolving credit facility may be increased by an additional uncommitted $400,000, provided certain conditions are met. Borrowings under the Credit Agreement may be used to provide working capital, finance capital expenditures and permitted acquisitions, refinance certain existing indebtedness and for other lawful corporate purposes. The Credit Agreement provides for multicurrency borrowings in Euros, Pounds Sterling and Canadian dollars as well as other currencies which may be designated. In addition, certain wholly-owned foreign subsidiaries of the Company may be designated as co-borrowers. The Credit Agreement contains restrictive covenants, which are usual and customary for facilities of its type, and include, with specified exceptions, limitations on the Company’s ability to engage in certain business activities, incur debt, have liens, make capital expenditures, pay dividends or make other distributions, enter into affiliate transactions, consolidate, merge or acquire or dispose of assets, and make certain investments, acquisitions and loans. The Credit Agreement also requires the Company to satisfy certain financial covenants. Obligations under the Credit Agreement are guaranteed by certain existing and future domestic subsidiaries of the Company. As of March 31, 2021, there were $255,000 of borro wings outstanding under the revolving credit f acility and $6,394 let ters of credit outstanding under the Credit Agreement. In the nine months ended March 31, 2020, the Company used the proceeds from the sale of Tilda, net of transaction costs, to prepay the entire principal amount of term loan outstanding under its credit facility and to partially pay down its revolving credit facility. In connection with the prepayment, the Company wrote off unamortized deferred debt issuance costs of $973, recorded in Interest and other financing expense, net in the Consolidated Statements of Operations. On May 8, 2019, the Company entered into the Third Amendment to the Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), whereby, among other things, its allowable consolidated leverage ratio (as defined in the Credit Agreement) and interest coverage ratio (as defined in the Credit Agreement) were adjusted. The Company’s allowable consolidated leverage ratio is no more than 3.75 to 1.0 from March 31, 2021 and thereafter. Additionally, the Company’s required consolidated interest coverage ratio was no less than 3.75 to 1 through March 31, 2021 and no less than 4.0 to 1 thereafter. The Amended Credit Agreement also required that the Company and the subsidiary guarantors enter into a Security and Pledge Agreement pursuant to which all of the obligations under the Amended Credit Agreement are secured by liens on assets of the Company and its material domestic subsidiaries, including stock of each of their direct subsidiaries and intellectual property, subject to agreed upon exceptions. As of March 31, 2021, $738,606 was available under the Amended Credit Agreement, and the Company was in compliance with all associated covenants, as amended by the Amended Credit Agreement. The Amended Credit Agreement provides that loans will bear interest at rates based on (a) the Eurocurrency Rate, as defined in the Credit Agreement, plus a rate ranging from 0.875% to 2.50% per annum; or (b) the Base Rate, as defined in the Credit Agreement, plus a rate ranging from 0.00% to 1.50% per annum, the relevant rate being the Applicable Rate. The Applicable Rate will be determined in accordance with a leverage-based pricing grid, as set forth in the Amended Credit Agreement. Swing Line loans and Global Swing Line loans denominated in U.S. dollars will bear interest at the Base Rate plus the Applicable Rate, and Global Swing Line loans denominated in foreign currencies shall bear interest based on the overnight Eurocurrency Rate for loans denominated in such currency plus the Applicable Rate. The weighted average interest rate on outstanding borrowings under the Amended Credit Agreement at March 31, 2021 was 1.11% |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES In general, the Company uses an estimated annual effective tax rate, which is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability on the effective tax rates from quarter to quarter. The Company’s effective tax rate may change from period-to-period based on recurring and non-recurring factors including the geographical mix of earnings, enacted tax legislation, state and local income taxes and tax audit settlements. The effective income tax rate from continuing operations was an expense of 25.7% and a benefit of 66.7% for the three months ended March 31, 2021 and 2020, respectively. The effective income tax rate from continuing operations was an expense of 55.5% and a benefit of 72.8% for the nine months ended March 31, 2021 and 2020, respectively. The effective income tax rates from continuing operations for the nine months ended March 31, 2021 were impacted by various discrete items including the tax impact of the Fruit impairment and disposal, the enacted change in the United Kingdom's corporate income tax rate to 19% and a legal entity reorganization completed during the quarter ended September 30, 2020. In addition, the effective income tax rates from continuing operations for the three and nine months ended March 31, 2021 and 2020 were impacted by provisions in the Tax Cuts and Jobs Act (the "Tax Act"), primarily related to Global Intangible Low Taxed Income ("GILTI") and limitations on the deductibility of executive compensation. The effective income tax rates in each period were also impacted by the geographical mix of earnings and state valuation allowance. Through the nine months ended March 31, 2021 , the Company received $53,817 including $1,317 of interest from the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") tax loss carryback refund claims. There were no discontinued operations for the three months ended March 31, 2021 and an income tax benefit from discontinued operations of $11,320 for the nine months ended March 31, 2021. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss ("AOCL"): Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Foreign currency translation adjustments: Other comprehensive income (loss) before reclassifications (1) $ 1,672 $ (52,315) $ 80,491 $ (42,602) Amounts reclassified into income (2) 14,725 — 15,906 95,120 Deferred gains (losses) on cash flow hedging instruments: Amount of gain (loss) gain recognized in AOCL on derivatives (3) 1,168 (621) — Amount of (loss) gain reclassified from AOCL into (expense) income (3) (914) 109 995 83 Deferred gains (losses) on net investment hedging instruments: Amount of gain (loss) recognized in AOCL on derivatives (3) 3,107 — (2,763) — Amount of loss reclassified from AOCL into expense (3) (97) — (298) — Net change in AOCL $ 19,661 $ (52,206) $ 93,710 $ 52,601 (1) Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature and were a net gain of $0 and $453 for the three months ended March 31, 2021 and 2020, respectively. Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature and were a net loss of $0 and $703 for the nine months ended March 31, 2021 and 2020, respectively. (2) Foreign currency translation gains or losses of foreign subsidiaries related to divested businesses are reclassified into income once the liquidation of the respective foreign subsidiaries is substantially complete. At the completion of the sales of Danival and Fruit, the Company reclassified $15,906 of translation losses from accumulated comprehensive loss to the Company's results of operations. At the completion of the sale of Tilda, the Company reclassified $95,120 of translation losses from accumulated comprehensive loss to the Company’s results of discontinued operations. (3) See Note 15, Derivatives and Hedging Activities, for the amounts reclassified into income for deferred gains (losses) on cash flow hedging instruments recorded in the Consolidated Statements of Operations in the three and nine months ended March 31, 2021 and 2020. |
STOCK-BASED COMPENSATION AND IN
STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS | 9 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS | STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS The Company has one stockholder approved plan, the Amended and Restated 2002 Long-Term Incentive and Stock Award Plan (the "2002 Plan"), under which the Company’s officers, senior management, other key employees, consultants and directors may be granted equity-based awards. The Company also grants shares under its 2019 Equity Inducement Award Program (the "2019 Inducement Program") to induce selected individuals to become employees of the Company. The 2002 Plan and 2019 Inducement Program are collectively referred to as the "Stock Award Plans." In conjunction with the Stock Award Plans, the Company maintains a long-term incentive program (the “LTI Program”) that provides for performance and market equity awards that can be earned over defined performance periods. The Company's plans are described in Note 15, Stock-Based Compensation and Incentive Performance Plans , in the Notes to the Consolidated Financial Statements in the Form 10-K. Compensation cost and related income tax benefits recognized in the Consolidated Statements of Operations for stock-based compensation plans were as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Selling, general and administrative expense $ 3,698 $ 3,761 $ 11,888 $ 9,581 Discontinued operations — — — 544 Total compensation cost recognized for stock-based compensation plans $ 3,698 $ 3,761 $ 11,888 $ 10,125 Related income tax benefit $ 441 $ 630 $ 1,447 $ 1,300 Restricted Stock Awards of restricted stock are either restricted stock awards ("RSAs") or restricted stock units ("RSUs") that are issued at no cost to the recipient. Performance-based or market-based RSUs are issued in the form of performance share units ("PSUs"). A summary of the restricted stock activity (including all RSAs, RSUs and PSUs) for the nine months ended March 31, 2021 is as follows: Number of Shares and Units Weighted Average Grant Date Fair Value (per share) Non-vested RSAs, RSUs and PSUs outstanding at June 30, 2020 2,049 $ 15.85 Granted 206 $ 35.45 Vested (333) $ 23.58 Forfeited (109) $ 16.50 Non-vested RSAs, RSUs and PSUs outstanding at March 31, 2021 1,813 $ 16.59 At March 31, 2021 and June 30, 2020, the table above includes a total of 1,389 and 1,384 shares (including an inducement grant of 350 shares made to the Company's CEO as previously disclosed), respectively, that represent the target number of shares that may be earned based on pre-defined market conditions and are eligible to vest ranging from zero to 300% of target. Vested shares during the current period include a total of 20 shares under the 2018-2020 LTIP that actually vested at 150% of target based on achievement of the maximum relative TSR target. Nine Months Ended March 31, 2021 2020 Fair value of RSAs, RSUs and PSUs granted $ 7,298 $ 16,634 Fair value of shares vested $ 12,266 $ 5,848 Tax benefit recognized from restricted shares vesting $ 1,786 $ (102) At March 31, 2021, there was $13,091 of unrecognized stock-based compensation expense related to non-vested restricted stock awards which is expected to be recognized over a weighted average period of 1.2 years. |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS | INVESTMENTS On October 27, 2015, the Company acquired a minority equity interest in Chop’t Creative Salad Company LLC, predecessor to Chop't Holdings, LLC (“Chop’t”). Chop’t develops and operates fast-casual, fresh salad restaurants in the Northeast and Mid-Atlantic United States. The investment is being accounted for as an equity method investment due to the Company’s representation on the Board of Directors of Chop’t. At March 31, 2021 and June 30, 2020, the carrying value of the Company’s investment in Chop’t was $11,098 and $12,793, respectively, and is included in the Consolidated Balance Sheets as a component of Investments and joint ventures. The Company also holds the following investments: (a) Hutchison Hain Organic Holdings Limited, a joint venture with Hutchison China Meditech Ltd., accounted for under the equity method of accounting, (b) Hain Future Natural Products Private Ltd., a joint venture with Future Consumer Ltd, accounted for under the equity method of accounting, and (c) Yeo Hiap Seng Limited, in which the Company holds a less than 1% eq uity ownership interest. The carrying value of these combined investments was $6,244 and $4,646 as of March 31, 2021 and June 30, 2020, respectively, and is included in the Consolidated Balance Sheets as a component of Investments and joint ventures. |
FINANCIAL INSTRUMENTS MEASURED
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE | FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE The Company’s financial assets and liabilities measured at fair value are required to be grouped in one of three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are: • Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and • Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table presents assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Derivative financial instruments $ 682 $ — $ 682 $ — Equity investment 618 618 — — Total $ 1,300 $ 618 $ 682 $ — Liabilities: Derivative financial instruments 10,831 — 10,831 — Total $ 10,831 $ — $ 10,831 $ — The following table presents assets and liabilities measured at fair value on a recurring basis as of June 30, 2020: Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Cash equivalents $ 7 $ 7 $ — $ — Derivative financial instruments 1,014 — 1,014 — Equity investment 562 562 — — Total $ 1,583 $ 569 $ 1,014 $ — Liabilities: Derivative financial instruments 6,405 — 6,405 — Total $ 6,405 $ — $ 6,405 $ — The equity investment consists of the Company’s less than 1% investment in Yeo Hiap Seng Limited, a food and beverage manufacturer and distributor based in Singapore. Fair value is measured using the market approach based on quoted prices. The Company utilizes the income approach to measure fair value for its foreign currency forward contracts. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices. There were no transfers of financial instruments between the three levels of fair value hierarchy during the nine months ended March 31, 2021 or 2020. The carrying amount of cash and cash equivalents, accounts receivable, net, accounts payable and certain accrued expenses and other current liabilities approximate fair value due to the short-term maturities of these financial instruments. The Company’s debt approximates fair value due to the debt bearing fluctuating market interest rates (see Note 9, Debt and Borrowings ). In addition to the instruments named above, the Company makes fair value measurements in connection with its assets and liabilities classified as held for sale, as these balances represent the estimated fair value, less costs to sell (See Note 4, Dispositions ). The Company also makes fair value measurements in connection with its interim and annual goodwill and tradename impairment testing. These measurements fall into Level 3 of the fair value hierarchy (See Note 8, Goodwill and Other Intangible Assets ). Derivative Instruments The Company uses interest rate swaps to manage its interest rate risk and cross-currency swaps and foreign currency exchange contracts to manage its exposure to fluctuations in foreign currency exchange rates. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. In accordance with the provisions of ASC 820, Fair Value Measurements , the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the derivatives held as of March 31, 2021 and June 30, 2020 were classified as Level 2 of the fair value hierarchy. The fair value estimates presented in the fair value hierarchy tables above are based on information available to management as of March 31, 2021 and June 30, 2020. These estimates are not necessarily indicative of the amounts we could ultimately realize. |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 9 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s receivables and borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments to protect the value or fix the amount of certain assets and liabilities in terms of its functional currency, the U.S. dollar. Accordingly, the Company uses derivative financial instruments to manage and mitigate such risks. The Company does not use derivatives for speculative or trading purposes. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the three and nine months ended March 31, 2021, such derivatives were used to hedge the variable cash flows associated with existing variable rate debt. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCL and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in AOCL related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate deb t. During the remaining three months of fiscal 2021, the Company estimates that an additional $174 will be reclassified as an increase to interest expense. As of March 31, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swap 4 $230,000 Cash Flow Hedges of Foreign Exchange Risk The Company is exposed to fluctuations in various foreign currencies against its functional currency, the U.S. Dollar. The Company uses foreign currency derivatives including cross-currency swaps to manage its exposure to fluctuations in the USD-EUR exchange rates. Cross-currency swaps involve exchanging fixed-rate interest payments for fixed-rate interest receipts, both of which will occur at the USD-EUR forward exchange rates in effect upon entering into the instr ument. The Company, at times, also uses forward contracts to manage its exposure to fluctuations in the GBP-EUR exchange rates. The Company designates these derivatives as cash flow hedges of foreign exchange risks. For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in AOCL and subsequently reclassified in the period(s) during which the hedged transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction . During the remaining three months of fiscal 2021, the Company estimates that an additional $82 relating to cross-currency swaps will be reclassified as an increase to interest income. As of March 31, 2021, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks: Foreign Currency Derivative Number of Instruments Notional Sold Notional Purchased Cross-currency swap 1 €24,700 $26,775 Net Investment Hedges The Company is exposed to fluctuations in foreign exchange rates on investments it holds in its European foreign entities and their exposure to the Euro. The Company uses fixed-to-fixed cross-currency swaps to hedge its exposure to changes in the foreign exchange rate on its foreign investment in Europe. Currency forward agreements involve fixing the USD-EUR exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in U.S. Dollars for their fair value at or close to their settlement date. Cross-currency swaps involve the receipt of functional-currency-fixed-rate amounts from a counterparty in exchange for the Company making foreign-currency fixed-rate payments over the life of the agreement. For derivatives designated as net investment hedges, the gain or loss on the derivative is reported in AOCL as part of the cumulative translation adjustment. Amounts are reclassified out of AOCL into earnings when the hedged net investment is either sold or substantially liquidated. As of March 31, 2021, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations: Foreign Currency Derivative Number of Instruments Notional Sold Notional Purchased Cross-currency swap 2 €76,969 $83,225 Non-Designated Hedges Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements and/or the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of March 31, 2021, the Company had no outstanding derivatives that were not designated as hedges in qualifying hedging relationships. Designated Hedges The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of March 31, 2021: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets $ 9 Accrued expenses and other current liabilities / Other noncurrent liabilities $ 313 Cross-currency swaps Prepaid expenses and other current assets 673 Other noncurrent liabilities 10,518 Total derivatives designated as hedging instruments $ 682 $ 10,831 The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of June 30, 2020: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets $ — Accrued expenses and other current liabilities / Other noncurrent liabilities $ 856 Cross-currency swaps Prepaid expenses and other current assets 746 Other noncurrent liabilities 5,475 Foreign currency forward contracts Prepaid expenses and other current assets 75 Other noncurrent liabilities — Total derivatives designated as hedging instruments $ 821 $ 6,331 Derivatives not designated as hedging instruments: Foreign currency forward contracts Prepaid expenses and other current assets 193 Accrued expenses and other current liabilities 74 Total derivative instruments $ 1,014 $ 6,405 The following table presents the pre-tax effect of cash flow hedge accounting on AOCL as of the three months ended March 31, 2021 and 2020: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Interest rate swaps $ 217 $ — Interest and other financing expense, net $ (82) $ — Cross-currency swaps 1,262 — Interest and other financing expense, net / Other expense (income), net 1,239 — Foreign currency forward contracts — 134 Cost of sales — $ — Total $ 1,479 $ 134 $ 1,157 $ — The following table presents the pre-tax effect of cash flow hedge accounting on AOCL as of the nine months ended March 31, 2021 and 2020: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Nine Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Interest rate swaps $ 341 $ — Interest and other financing expense, net $ (212) $ — Cross-currency swaps (1,124) — Interest and other financing expense, net / Other expense (income), net (1,120) — Foreign currency forward contracts (2) 128 Cost of sales 73 26 Total $ (785) $ 128 $ (1,259) $ 26 The following table presents the pre-tax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the three months ended of March 31, 2021 and 2020: Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Cost of sales Interest and other financing expense, net Other expense/income, net Cost of sales Interest and other financing expense, net Other expense/income, net The effects of cash flow hedging: (Loss) gain on cash flow hedging relationships Interest rate swaps Amount of (loss) reclassified from AOCL into expense $ — $ (82) $ — $ — $ — $ — Cross-currency swaps Amount of gain reclassified from AOCL into income $ — $ 39 $ 1,200 $ — $ — $ — Foreign currency forward contracts Amount of gain reclassified from AOCL into income $ — $ — $ — $ — $ — $ — The following table presents the pre-tax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the nine months ended of March 31, 2021 and 2020: Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships Nine Months Ended March 31, 2021 Nine Months Ended March 31, 2020 Cost of sales Interest and other financing expense, net Other expense (income), net Cost of sales Interest and other financing expense, net Other expense (income), net The effects of cash flow hedging: (Loss) gain on cash flow hedging relationships Interest rate swaps Amount of (loss) gain reclassified from AOCL into expense $ — $ (212) $ — $ — $ — $ — Cross-currency swaps Amount of gain (loss) reclassified from AOCL into income (expense) $ — $ 120 $ (1,240) $ — $ — $ — Foreign currency forward contracts Amount of gain reclassified from AOCL into income $ 73 $ — $ — $ 26 $ — $ — The following table presents the pre-tax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020: Derivatives in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Cross-currency swaps $ 3,933 $ — Interest and other financing expense, net $ 123 $ — The following table presents the pre-tax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the nine months ended March 31, 2021 and 2020: Derivatives in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Nine Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Cross-currency swaps $ (3,498) $ — Interest and other financing expense, net $ 377 $ — Non-Designated Hedges The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements Operations for the three months ended March 31, 2021 and 2020: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2021 2020 Foreign currency forward contracts Other (income) expense, net $ — $ (336) The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements Operations for the nine months ended March 31, 2021 and 2020: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivatives Nine Months Ended March 31, 2021 2020 Foreign currency forward contracts Other (income) expense, net $ (399) $ (505) Credit-Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision providing that upon certain defaults by the Company on any of its indebtedness, the Company could also be declared in default on its derivative obligations. |
TERMINATION BENEFITS RELATED TO
TERMINATION BENEFITS RELATED TO PRODUCTIVITY AND TRANSFORMATION INITIATIVES | 9 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
TERMINATION BENEFITS RELATED TO PRODUCTIVITY AND TRANSFORMATION INITIATIVES | TERMINATION BENEFITS RELATED TO PRODUCTIVITY AND TRANSFORMATION INITIATIVES As a part of the ongoing productivity and transformation initiatives related to the Company’s strategic objective to expand profit margins and cash flow, the Company initiated a reduction in workforce at targeted locations in the United States as well as at certain locations internationally. The reduction in workforce associated with these initiatives are expected to result in charges throughout fiscal 2021. The following table displays the termination benefits and personnel realignment activities and liability balances relating to the reduction in workforce for the period ended as of March 31, 2021: Balance at June 30, 2020 Charges (reversals) Amounts Paid Foreign Currency Translation & Other Adjustments Balance at March 31, 2021 Termination benefits and personnel realignment $ 11,541 $ 3,488 $ (10,051) $ 59 $ 5,037 The liability balance as of March 31, 2021 and June 30, 2020 is included within Accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheets. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Securities Class Actions Filed in Federal Court On August 17, 2016, three securities class action complaints were filed in the Eastern District of New York against the Company alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The three complaints are: (1) Flora v. The Hain Celestial Group, Inc., et al. (the “Flora Complaint”); (2) Lynn v. The Hain Celestial Group, Inc., et al. (the “Lynn Complaint”); and (3) Spadola v. The Hain Celestial Group, Inc., et al. (the “Spadola Complaint” and, together with the Flora and Lynn Complaints, the “Securities Complaints”). On June 5, 2017, the court issued an order for consolidation, appointment of Co-Lead Plaintiffs and approval of selection of co-lead counsel. Pursuant to this order, the Securities Complaints were consolidated under the caption In re The Hain Celestial Group, Inc. Securities Litigation (the “Consolidated Securities Action”), and Rosewood Funeral Home and Salamon Gimpel were appointed as Co-Lead Plaintiffs. On June 21, 2017, the Company received notice that plaintiff Spadola voluntarily dismissed his claims without prejudice to his ability to participate in the Consolidated Securities Action as an absent class member. The Co-Lead Plaintiffs in the Consolidated Securities Action filed a Consolidated Amended Complaint on August 4, 2017 and a Corrected Consolidated Amended Complaint on September 7, 2017 on behalf of a purported class consisting of all persons who purchased or otherwise acquired Hain Celestial securities between November 5, 2013 and February 10, 2017 (the “Amended Complaint”). The Amended Complaint named as defendants the Company and certain of its former officers (collectively, “Defendants”) and asserted violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegedly materially false or misleading statements and omissions in public statements, press releases and SEC filings regarding the Company’s business, prospects, financial results and internal controls. Defendants filed a motion to dismiss the Amended Complaint on October 3, 2017 which the Court granted on March 29, 2019, dismissing the case in its entirety, without prejudice to replead. Co-Lead Plaintiffs filed a Second Amended Consolidated Class Action Complaint on May 6, 2019 (the “Second Amended Complaint”). The Second Amended Complaint again named as defendants the Company and certain of its former officers and asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegations similar to those in the Amended Complaint, including materially false or misleading statements and omissions in public statements, press releases and SEC filings regarding the Company’s business, prospects, financial results and internal controls. Defendants filed a motion to dismiss the Second Amended Complaint on June 20, 2019. Co-Lead Plaintiffs filed an opposition on August 5, 2019, and Defendants submitted a reply on September 3, 2019. On April 6, 2020, the Court granted Defendants' motion to dismiss the Second Amended Complaint in its entirety, with prejudice. Co-Lead Plaintiffs filed a notice of appeal on May 5, 2020 indicating their intent to appeal the Court’s decision dismissing the Second Amended Complaint to the United States Court of Appeals for the Second Circuit. Co-Lead Plaintiffs filed their appellate brief on August 18, 2020. Defendants filed their opposition brief on November 17, 2020, and Plaintiffs filed their reply brief on December 8, 2020. Accordingly, Co-Lead Plaintiffs’ appeal is fully briefed. Oral argument has not yet been scheduled. Additional Stockholder Class Action and Derivative Complaints Filed in Federal Court On April 19, 2017 and April 26, 2017, two class action and stockholder derivative complaints were filed in the Eastern District of New York against the former Board of Directors and certain former officers of the Company under the captions Silva v. Simon, et al. (the “Silva Complaint”) and Barnes v. Simon, et al. (the “Barnes Complaint”), respectively. Both the Silva Complaint and the Barnes Complaint allege violation of securities law, breach of fiduciary duty, waste of corporate assets and unjust enrichment. On May 23, 2017, an additional stockholder filed a complaint under seal in the Eastern District of New York against the former Board of Directors and certain former officers of the Company. The complaint alleged that the Company’s former directors and certain former officers made materially false and misleading statements in press releases and SEC filings regarding the Company’s business, prospects and financial results. The complaint also alleged that the Company violated its by-laws and Delaware law by failing to hold its 2016 Annual Stockholders Meeting and includes claims for breach of fiduciary duty, unjust enrichment and corporate waste. On August 9, 2017, the Court granted an order to unseal this case and reveal Gary Merenstein as the plaintiff (the “Merenstein Complaint”). On August 10, 2017, the court granted the parties' stipulation to consolidate the Barnes Complaint, the Silva Complaint and the Merenstein Complaint under the caption In re The Hain Celestial Group, Inc. Stockholder Class and Derivative Litigation (the “Consolidated Stockholder Class and Derivative Action”) and to appoint Robbins Arroyo LLP and Scott+Scott as Co-Lead Counsel, with the Law Offices of Thomas G. Amon as Liaison Counsel for Plaintiffs. On September 14, 2017, a related complaint was filed under the caption Oliver v. Berke, et al. (the “Oliver Complaint”), and on October 6, 2017, the Oliver Complaint was consolidated with the Consolidated Stockholder Class and Derivative Action. The Plaintiffs filed their consolidated amended complaint under seal on October 26, 2017. On December 20, 2017, the parties agreed to stay Defendants’ time to answer, move, or otherwise respond to the consolidated amended complaint through and including 30 days after a decision was rendered on the motion to dismiss the Amended Complaint in the Consolidated Securities Action, described above. On March 29, 2019, the Court in the Consolidated Securities Action granted Defendants’ motion, dismissing the Amended Complaint in its entirety, without prejudice to replead. Co-Lead Plaintiffs in the Consolidated Securities Action filed the Second Amended Complaint on May 6, 2019. The parties to the Consolidated Stockholder Class and Derivative Action agreed to continue the stay of Defendants’ time to answer, move, or otherwise respond to the consolidated amended complaint through 30 days after a decision on Defendants' motion to dismiss the Second Amended Complaint in the Consolidated Securities Action. On April 6, 2020, the Court granted Defendants’ motion to dismiss the Second Amended Complaint in the Consolidated Securities Action, with prejudice. Pursuant to the terms of the stay, Defendants in the Consolidated Stockholder Class and Derivative Action had until May 6, 2020 to answer, move, or otherwise respond to the complaint in this matter. This deadline was extended, and Defendants moved to dismiss the Consolidated Stockholder Class and Derivative Action Complaint on June 23, 2020, with Plaintiffs’ opposition due August 7, 2020. On July 24, 2020, Plaintiffs made a stockholder litigation demand on the current Board containing overlapping factual allegations to those set forth in the Consolidated Stockholder Class and Derivative Action. On August 10, 2020, the Court vacated the briefing schedule on Defendants’ pending motion to dismiss in order to give the Board of Directors time to consider the demand. On each of September 8 and October 8, 2020, the Court extended its stay of any applicable deadlines for 30 days to give the Board of Directors additional time to complete its evaluation of the demand. On November 3, 2020, Plaintiffs were informed that the Board of Directors had finished investigating and resolved, among other things, that the demand should be rejected. On November 6, 2020, Plaintiffs and Defendants notified the Court that Plaintiffs were evaluating the rejection of the demand, sought certain additional information and were assessing next steps, and requested that the Court extend the stay for an additional 30 days, to on or around December 7, 2020. Since that time, Plaintiffs and Defendants have filed a number of joint status reports, requesting that the Court stay applicable deadlines to allow for the production of certain materials by the Board of Directors for review by Plaintiffs. The current stay ordered by the Court is set to expire on May 7, 2021. Baby Food Litigation Since the beginning of the quarter ended March 31, 2021, approximately 25 pending consumer class actions have been brought against the Company alleging that the Company’s Earth’s Best baby food products (the “Products”) contain unsafe and undisclosed levels of various naturally-occurring heavy metals, namely lead, arsenic, cadmium and mercury. These lawsuits generally allege that the Company violated various state consumer protection laws and make other state and common law warranty and unjust enrichment claims related to the alleged failure to disclose the presence of these metals and that consumers would have allegedly either not purchased the Products or would have paid less for them had the Company made adequate disclosures. These putative class actions seek to certify a nationwide class of consumers as well as various state subclasses. One of the consumer class actions (Jenna Johnson et. al. v. Beech Nut Nutrition Co., et. al.) filed in the U.S. District Court of Kansas also alleges civil RICO claims that the Company conspired with other baby food manufacturers to conceal the presence of these heavy metals in our respective products. These actions have been filed against all of the major baby food manufacturers in federal courts across the country, although the majority of cases against the Company have been filed in the U.S. District Court for the Eastern District of New York. The Company denies the allegations in these lawsuits and contends that its baby foods are safe and properly labeled. The claims raised in these lawsuits were brought in the wake of a highly-publicized report issued by the U.S. House of Representatives Subcommittee on Economic and Consumer Policy on Oversight and Reform, dated February 4, 2021 (the “House Report”), addressing the presence of heavy metals in baby foods made by certain manufacturers, including the Company. Since the publishing of the House Report, the Company has also received information requests with respect to the advertising and quality of its baby foods from certain governmental authorities, as such authorities investigate the claims made in the House Report. The Company is fully cooperating with these requests and is providing documents and other requested information. On March 8, 2021, the plaintiffs in one of the lawsuits (Albano v. Hain Celestial Group) filed a petition before the U.S. Judicial Panel on Multidistrict Litigation (“JPML”) seeking to centralize all of the consumer class action lawsuits against all of the baby food manufacturers into single multidistrict proceeding in the U.S. District Court for the Eastern District of New York. On April 13, 2021, the Company and other baby food manufacturers, as well as numerous plaintiffs in the other lawsuits, filed responses to the Albano petition. The JPML has set a hearing and oral argument on the petition for May 27, 2021. The JPML is expected to decide by early June 2021 as to whether these lawsuits will be consolidated before a single court and, if so, where. In addition to the consumer class actions discussed above, since the beginning of the quarter ended March 31, 2021, the Company has also been named in approximately six pending lawsuits in state and federal courts alleging some form of personal injury from the ingestion of the Company's Products, purportedly due to unsafe and undisclosed levels of various naturally occurring heavy metals. Six of these cases make individual claims of injury, generally related to neurological development disorders such as autism and attention deficit hyperactivity disorder. Two of the lawsuits seek relief on behalf of a class of allegedly injured persons, including damages for medical monitoring for potential injuries that may develop later. The Company denies that its Products led to any of these injuries and will defend the cases vigorously. Other In addition to the litigation described above, the Company is and may be a defendant in lawsuits from time to time in the normal course of business. While the results of litigation and claims cannot be predicted with certainty, the Company believes the reasonably possible losses of such matters, individually and in the aggregate, are not material. Additionally, the Company |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION In accordance with ASC 280, Segment Reporting , the Company, based on economic similarity, defines its operating segments as the following five segments: the United States, United Kingdom (Hain Daniels), Ella's Kitchen UK, Europe and Canada. Similarly, under the same guidance, the Company operates under two reportable segments: North America and International. Net sales and operating income are the primary measures used by the Company’s chief operating decision maker ("CODM") to evaluate segment operating performance and to decide how to allocate resources to segments. The CODM is the Company’s CEO. Expenses related to certain centralized administration functions that are not specifically related to an operating segment are included in Corporate and Other expenses. Corporate and Other expenses are comprised mainly of the compensation and related expenses of certain of the Company’s senior executive officers and other selected employees who perform duties related to the entire enterprise, as well as expenses for certain professional fees, facilities and other items which benefit the Company as a whole. Additionally, certain Productivity and transformation costs are included in Corporate and Other. Expenses that are managed centrally, but can be attributed to a segment, such as employee benefits and certain facility costs, are allocated based on reasonable allocation methods. Information about total assets by segment is not disclosed because such information is not reported to or used by the Company’s CODM for purposes of assessing segment performance or allocating resources. The following tables set forth financial information about each of the Company’s reportable segments. Transactions between reportable segments were insignificant for all periods presented. Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Net Sales: North America $ 287,500 $ 320,440 $ 850,780 $ 872,834 International 205,104 232,857 668,869 669,323 $ 492,604 $ 553,297 $ 1,519,649 $ 1,542,157 Operating Income (Loss): North America $ 39,492 $ 28,873 $ 105,188 $ 64,067 International 26,774 18,660 8,144 40,666 66,266 47,533 113,332 104,733 Corporate and Other (a) (16,689) (28,398) (47,518) (73,952) $ 49,577 $ 19,135 $ 65,814 $ 30,781 (a) In addition to general Corporate and Other expenses as described above, for the three months ended March 31, 2021, Corporate and Other included $2,804 of Productivity and transformation costs. For the three months ended March 31, 2020, Corporate and Other included $5,572 of Productivity and transformation costs and tradename impairment charges of $7,650 (related to North America). For the nine months ended March 31, 2021, Corporate and Other included $6,343 of Productivity and transformation costs. For the nine months ended March 31, 2020, Corporate and Other included $26,142 of Productivity and transformation costs and tradename impairment charges of $9,539 ($4,007 related to North America; $5,532 related to International), partially offset by a benefit of $2,962 of proceeds from insurance claim. The Company's net sales by product category are as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Grocery $ 322,107 $ 373,723 $ 1,030,544 $ 1,081,497 Snacks 79,768 79,252 235,641 227,925 Personal Care 50,446 66,950 144,057 138,880 Tea 40,283 33,372 109,407 93,855 Total $ 492,604 $ 553,297 $ 1,519,649 $ 1,542,157 The Company’s net sales by geographic region, which are generally based on the location of the Company’s subsidiaries, were as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 United States $ 251,887 $ 279,534 $ 735,947 $ 758,759 United Kingdom 139,094 169,024 475,739 501,619 All Other 101,623 104,739 307,963 281,779 Total $ 492,604 $ 553,297 $ 1,519,649 $ 1,542,157 The Company’s long-lived assets, which primarily represent net property, plant and equipment, operating lease right-of-use assets and noncurrent other assets by geographic area were as follows: March 31, June 30, United States $ 165,516 $ 146,633 United Kingdom 148,929 149,943 All Other 109,290 105,303 Total $ 423,735 $ 401,879 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS On April 15, 2021, the Company completed the divestiture of its North America non-dairy beverages brands, Dream ® and WestSoy ® , for $33,000 subject to customary post-closing adjustments. The purchaser in this transaction was SunOpta Inc. (“SunOpta”). The non-employee chair of the Company's Board of Directors is also the chair of the board of SunOpta. SunOpta is also one of the Company’s suppliers, for which the Company incurs expenses in the ordinary course of business. The Company incurred expenses of $3,649 and $2,513 in the three months ended March 31, 2021 and 2020, respectively, to SunOpta and its affiliated entities. For the nine months ended March 31, 2021 and 2020, the Company incurred expenses of $12,806 and $13,106, respectively, to SunOpta and its affiliated entities. A former member of the Company's Board of Directors is a partner in a law firm which provides legal services to the Company. The Company incurred expenses of $259 and $1,141 in the three months ended March 31, 2021 and 2020 , respectively, and $1,476 and $3,629 in the nine months ended March 31, 2021 and 2020 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The Company’s unaudited consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Investments in affiliated companies in which the Company exerts significant influence, but which it does not control, are accounted for under the equity method of accounting. As such, consolidated net loss includes the Company's equity in the current earnings or losses of such companies. The Company's unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP and should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2020 (the “Form 10-K”). The amounts as of and for the periods ended June 30, 2020 are derived from the Company’s audited annual financial statements. The unaudited consolidated financial statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair presentation for interim periods. Operating results for the nine months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. Please refer to the Notes to the Consolidated Financial Statements as of June 30, 2020 and for the fiscal year then ended included in the Form 10-K for information not included in these condensed notes. All amounts in the unaudited consolidated financial statements, notes and tables have been rounded to the nearest thousand, except par values and per share amounts, unless otherwise indicated. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with current year presentation. |
Significant Accounting Policies | Significant Accounting Policies The Company's significant accounting policies are described in Note 2, Summary of Significant Accounting Policies and Practices , in the Notes to the Consolidated Financial Statements in the Form 10-K. Included herein are certain updates to those policies. Valuation of Accounts Receivable The Company maintains an allowance for expected uncollectible accounts receivable which is recorded as an offset to trade accounts receivable on the Consolidated Balance Sheets. Effective July 1, 2020, collectability of accounts receivable is assessed by applying a historical loss-rate methodology in accordance with Accounting Standards Codification ("ASC") Topic 326, Financial Instruments - Credit Losses |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Effective | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instrum ents , which requires measurement and recognition of expected versus incurred credit losses for most financial assets. The ASU applies to trade and other receivables recorded on the Consolidated Balance Sheets. The Company adopted the standard on July 1, 2020 using the modified retrospective transition method, recognizing an adjustment to beginning retained earnings of $310 reflecting the cumulative impact of adoption. The adoption did not materially impact the Company's results of operations or financial position, and as a result, comparisons between periods were not materially affected by the adoption of ASU 2016-13 In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which removes the second step of the goodwill impairment test that requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The Company adopted ASU 2017-04 on July 1, 2020, and the adoption of this standard did not have an impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which modifies the disclosure requirements for fair value measurement by removing, modifying or adding certain disclosures. The new guidance is effective for annual periods beginning after December 15, 2019, and for interim periods within those fiscal years. The Company adopted ASU 2018-13 on July 1, 2020, and the adoption of this standard did not have an impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amended guidance is effective for annual periods beginning after December 15, 2019, and for interim periods within those fiscal years. The Company adopted ASU 2018-15 on July 1, 2020, and the adoption of this standard did not have an impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Effective In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies various aspects related to accounting for income taxes and eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating taxes during the quarters and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for annual periods beginning after December 15, 2021, and for interim periods within those fiscal years. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. ASU 2020-04 is currently effective and upon adoption may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The Company is currently assessing the impact that these standards will have on its consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements - Disclosures . This ASU improves consistency by amending the codification to include all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Numerator: Net income from continuing operations $ 34,254 $ 25,036 $ 25,624 $ 21,935 Net (loss) income from discontinued operations — (697) 11,255 (105,581) Net income (loss) $ 34,254 $ 24,339 $ 36,879 $ (83,646) Denominator: Basic weighted average shares outstanding 99,831 104,032 100,502 104,192 Effect of dilutive stock options, unvested restricted stock and unvested restricted share units 1,765 305 883 297 Diluted weighted average shares outstanding 101,596 104,337 101,385 104,489 Basic net income (loss) per common share: Continuing operations $ 0.34 $ 0.24 $ 0.25 $ 0.21 Discontinued operations — (0.01) 0.11 (1.01) Basic net income (loss) per common share $ 0.34 $ 0.23 $ 0.36 $ (0.80) Diluted net income (loss) per common share: Continuing operations $ 0.34 $ 0.24 $ 0.25 $ 0.21 Discontinued operations — (0.01) 0.11 (1.01) Diluted net income (loss) per common share $ 0.34 $ 0.23 $ 0.36 $ (0.80) |
DISPOSITIONS (Tables)
DISPOSITIONS (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations | At the Closing Date, the assets and liabilities of the Fruit business consisted of the following: January 13, 2021 ASSETS Cash and cash equivalents $ 13,559 Accounts receivable, less allowance for doubtful accounts 14,057 Inventories 5,028 Prepaid expenses and other current assets 2,728 Property, plant and equipment, net 25,039 Goodwill 14,362 Other intangible assets, net 36,171 Operating lease right-of-use assets 5,623 Allowance for reduction of assets held for sale (58,444) Total assets $ 58,123 LIABILITIES Accounts payable $ 14,428 Accrued expenses and other current liabilities 4,229 Operating lease liabilities 5,039 Deferred tax liabilities 7,298 Other liabilities 1,942 Total liabilities $ 32,936 The following table presents the major classes of Tilda’s results within “Net income (loss) from discontinued operations, net of tax” in the Consolidated Statements of Operations: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Net sales $ — $ — $ — $ 30,399 Cost of sales — — — 26,648 Gross profi t — — — 3,751 Selling, general and administrative expense — — — 5,185 Other expense — — 75 1,172 Interest expense (1) — — — 2,432 Translation loss (2) — — — 95,120 Gain on sale of discontinued operations — 540 — (9,630) Net loss from discontinued operations before income taxes — (540) (75) (90,528) (Benefit) provision for income taxes (3) — (965) (11,320) 12,900 Net income (loss) from discontinued operations, net of tax $ — $ 425 $ 11,245 $ (103,428) (1) Interest expense was allocated to discontinued operations based on borrowings repaid with proceeds from the sale of Tilda. (2) At the completion of the sale of Tilda, the Company reclassified $95,120 of related cumulative translation losses from Accumulated other comprehensive loss to discontinued operations, net of tax. (3) Includes $11,320 of tax benefit related to the legal entity reorganization for the nine months ended March 31, 2021, as well as a tax benefit related to the gain on the sale of Tilda of $750 and tax expense of $14,500 for the three and nine months ended March 31, 2020, respectively. Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Net sales $ — $ — $ — $ — Cost of sales — — — — Gross profit (loss) — — — — Selling, general and administrative expense — — — — Asset impairments — — — — Other income — — (10) — Loss on sale of discontinued operations (1) — 1,781 — 3,205 Net (loss) income from discontinued operations before income taxes — (1,781) 10 (3,205) Benefit for income taxes — (659) — (1,052) Net (loss) income from discontinued operations, net of tax $ — $ (1,122) $ 10 $ (2,153) (1) Primarily relates to preliminary closing balance sheet adjustments. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consisted of the following: March 31, June 30, Finished goods $ 213,411 $ 158,162 Raw materials, work-in-progress and packaging 100,487 90,008 $ 313,898 $ 248,170 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following: March 31, June 30, Land $ 14,561 $ 13,866 Buildings and improvements 73,240 74,325 Machinery and equipment 317,270 288,466 Computer hardware and software 61,661 60,391 Furniture and fixtures 23,272 20,044 Leasehold improvements 39,009 40,876 Construction in progress 34,980 16,489 563,993 514,457 Less: accumulated depreciation and amortization 252,651 225,201 $ 311,342 $ 289,256 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease Expenses and Other Information | The components of lease expenses for the three and nine months ended March 31, 2021 were as follows: Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Operating lease expenses $ 4,129 $ 4,545 $ 12,290 $ 14,034 Finance lease expenses 72 272 318 761 Variable lease expenses 247 633 1,204 1,873 Short-term lease expenses 458 490 1,701 1,349 Total lease expenses $ 4,906 $ 5,940 $ 15,513 $ 18,017 Additional information related to leases is as follows: Nine Months Ended March 31, 2021 March 31, 2020 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,954 $ 12,856 Operating cash flows from finance leases $ 13 $ 18 Financing cash flows from finance leases $ 285 $ 372 ROU assets obtained in exchange for lease obligations (a) : Operating leases $ 18,349 $ 94,389 Finance leases $ 671 $ 1,092 Weighted average remaining lease term: Operating leases 10.0 years 8.4 years Finance leases 4.1 years 2.3 years Weighted average discount rate: Operating leases 3.2 % 2.7 % Finance leases 3.9 % 2.9 % (a) ROU assets obtained in exchange for lease obligations includes leases which commenced, were modified or terminated. The balance for the nine months ended March 31, 2020 also included $87,414 relating to the impact of the adoption of ASU 2016-02 effective July 1, 2019. |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: Leases Classification March 31, 2021 June 30, 2020 Assets Operating lease ROU assets, net Operating lease right-of-use assets $ 90,130 $ 88,165 Finance lease ROU assets, net Property, plant and equipment, net 615 691 Total leased assets $ 90,745 $ 88,856 Liabilities Current Operating Accrued expenses and other current liabilities $ 11,086 $ 12,338 Finance Current portion of long-term debt 245 308 Non-current Operating Operating lease liabilities, noncurrent portion 83,564 82,962 Finance Long-term debt, less current portion 376 316 Total lease liabilities $ 95,271 $ 95,924 |
Maturities of Lease Liabilities | Maturities of lease liabilities as of March 31, 2021 were as follows: Fiscal Year Operating leases Finance leases Total 2021 (remainder of year) $ 2,665 $ 71 $ 2,736 2022 14,358 246 14,604 2023 13,596 133 13,729 2024 11,878 51 11,929 2025 10,663 51 10,714 Thereafter 60,084 127 60,211 Total lease payments 113,244 679 113,923 Less: Imputed interest 18,594 58 18,652 Total lease liabilities $ 94,650 $ 621 $ 95,271 Maturities of lease liabilities as of June 30, 2020 were as follows: Fiscal Year Operating leases Finance leases Total 2021 $ 14,781 $ 308 $ 15,089 2022 13,798 205 14,003 2023 12,833 95 12,928 2024 10,941 18 10,959 2025 9,521 6 9,527 Thereafter 51,545 — 51,545 Total lease payments 113,419 632 114,051 Less: Imputed interest 18,119 8 18,127 Total lease liabilities $ 95,300 $ 624 $ 95,924 |
Maturities of Lease Liabilities | Maturities of lease liabilities as of March 31, 2021 were as follows: Fiscal Year Operating leases Finance leases Total 2021 (remainder of year) $ 2,665 $ 71 $ 2,736 2022 14,358 246 14,604 2023 13,596 133 13,729 2024 11,878 51 11,929 2025 10,663 51 10,714 Thereafter 60,084 127 60,211 Total lease payments 113,244 679 113,923 Less: Imputed interest 18,594 58 18,652 Total lease liabilities $ 94,650 $ 621 $ 95,271 Maturities of lease liabilities as of June 30, 2020 were as follows: Fiscal Year Operating leases Finance leases Total 2021 $ 14,781 $ 308 $ 15,089 2022 13,798 205 14,003 2023 12,833 95 12,928 2024 10,941 18 10,959 2025 9,521 6 9,527 Thereafter 51,545 — 51,545 Total lease payments 113,419 632 114,051 Less: Imputed interest 18,119 8 18,127 Total lease liabilities $ 95,300 $ 624 $ 95,924 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Carrying Amount Of Goodwill | The following table provides the changes in the carrying value of goodwill by reportable segment: North America International Total Balance as of June 30, 2020 (a) $ 606,055 $ 255,903 $ 861,958 Reclassification of goodwill to assets held for sale — (14,362) (14,362) Translation and other adjustments, net 2,642 27,484 30,127 Balance as of March 31, 2021 (a) $ 608,697 $ 269,025 $ 877,723 |
Other Intangible Assets | The following table includes the gross carrying amount and accumulated amortization, where applicable, for intangible assets, excluding goodwill: March 31, June 30, Non-amortized intangible assets: Trademarks and tradenames (a) $ 280,690 $ 278,103 Amortized intangible assets: Other intangibles 148,422 184,854 Less: accumulated amortization (104,321) (116,495) Net carrying amount $ 324,791 $ 346,462 (a) The gross carrying value of trademarks and tradenames is reflected net of $93,273 of accumulated impairment charges as of both March 31, 2021 and June 30, 2020. |
Other Intangible Assets | The following table includes the gross carrying amount and accumulated amortization, where applicable, for intangible assets, excluding goodwill: March 31, June 30, Non-amortized intangible assets: Trademarks and tradenames (a) $ 280,690 $ 278,103 Amortized intangible assets: Other intangibles 148,422 184,854 Less: accumulated amortization (104,321) (116,495) Net carrying amount $ 324,791 $ 346,462 (a) The gross carrying value of trademarks and tradenames is reflected net of $93,273 of accumulated impairment charges as of both March 31, 2021 and June 30, 2020. |
Finite-lived Intangible Assets Amortization Expense | Amortization expense included in continuing operations was as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Amortization of acquired intangibles $ 2,145 $ 3,174 $ 6,771 $ 9,446 |
DEBT AND BORROWINGS (Tables)
DEBT AND BORROWINGS (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt And Borrowings | Debt and borrowings consisted of the following: March 31, June 30, Revolving credit facility $ 255,000 $ 280,000 Other borrowings 1,239 2,774 256,239 282,774 Short-term borrowings and current portion of long-term debt 699 1,656 Long-term debt, less current portion $ 255,540 $ 281,118 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following table presents the changes in accumulated other comprehensive loss ("AOCL"): Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Foreign currency translation adjustments: Other comprehensive income (loss) before reclassifications (1) $ 1,672 $ (52,315) $ 80,491 $ (42,602) Amounts reclassified into income (2) 14,725 — 15,906 95,120 Deferred gains (losses) on cash flow hedging instruments: Amount of gain (loss) gain recognized in AOCL on derivatives (3) 1,168 (621) — Amount of (loss) gain reclassified from AOCL into (expense) income (3) (914) 109 995 83 Deferred gains (losses) on net investment hedging instruments: Amount of gain (loss) recognized in AOCL on derivatives (3) 3,107 — (2,763) — Amount of loss reclassified from AOCL into expense (3) (97) — (298) — Net change in AOCL $ 19,661 $ (52,206) $ 93,710 $ 52,601 (1) Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature and were a net gain of $0 and $453 for the three months ended March 31, 2021 and 2020, respectively. Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature and were a net loss of $0 and $703 for the nine months ended March 31, 2021 and 2020, respectively. (2) Foreign currency translation gains or losses of foreign subsidiaries related to divested businesses are reclassified into income once the liquidation of the respective foreign subsidiaries is substantially complete. At the completion of the sales of Danival and Fruit, the Company reclassified $15,906 of translation losses from accumulated comprehensive loss to the Company's results of operations. At the completion of the sale of Tilda, the Company reclassified $95,120 of translation losses from accumulated comprehensive loss to the Company’s results of discontinued operations. (3) See Note 15, Derivatives and Hedging Activities, for the amounts reclassified into income for deferred gains (losses) on cash flow hedging instruments recorded in the Consolidated Statements of Operations in the three and nine months ended March 31, 2021 and 2020. |
STOCK-BASED COMPENSATION AND _2
STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Compensation Cost And Related Income Tax Benefits Recognized | Compensation cost and related income tax benefits recognized in the Consolidated Statements of Operations for stock-based compensation plans were as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Selling, general and administrative expense $ 3,698 $ 3,761 $ 11,888 $ 9,581 Discontinued operations — — — 544 Total compensation cost recognized for stock-based compensation plans $ 3,698 $ 3,761 $ 11,888 $ 10,125 Related income tax benefit $ 441 $ 630 $ 1,447 $ 1,300 |
Non-Vested Restricted Stock And Restricted Share Unit Awards | A summary of the restricted stock activity (including all RSAs, RSUs and PSUs) for the nine months ended March 31, 2021 is as follows: Number of Shares and Units Weighted Average Grant Date Fair Value (per share) Non-vested RSAs, RSUs and PSUs outstanding at June 30, 2020 2,049 $ 15.85 Granted 206 $ 35.45 Vested (333) $ 23.58 Forfeited (109) $ 16.50 Non-vested RSAs, RSUs and PSUs outstanding at March 31, 2021 1,813 $ 16.59 |
Restricted Stock Grant Information | Nine Months Ended March 31, 2021 2020 Fair value of RSAs, RSUs and PSUs granted $ 7,298 $ 16,634 Fair value of shares vested $ 12,266 $ 5,848 Tax benefit recognized from restricted shares vesting $ 1,786 $ (102) |
FINANCIAL INSTRUMENTS MEASURE_2
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Derivative financial instruments $ 682 $ — $ 682 $ — Equity investment 618 618 — — Total $ 1,300 $ 618 $ 682 $ — Liabilities: Derivative financial instruments 10,831 — 10,831 — Total $ 10,831 $ — $ 10,831 $ — The following table presents assets and liabilities measured at fair value on a recurring basis as of June 30, 2020: Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Cash equivalents $ 7 $ 7 $ — $ — Derivative financial instruments 1,014 — 1,014 — Equity investment 562 562 — — Total $ 1,583 $ 569 $ 1,014 $ — Liabilities: Derivative financial instruments 6,405 — 6,405 — Total $ 6,405 $ — $ 6,405 $ — |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | As of March 31, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swap 4 $230,000 As of March 31, 2021, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks: Foreign Currency Derivative Number of Instruments Notional Sold Notional Purchased Cross-currency swap 1 €24,700 $26,775 As of March 31, 2021, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations: Foreign Currency Derivative Number of Instruments Notional Sold Notional Purchased Cross-currency swap 2 €76,969 $83,225 |
Derivative Financial Instruments and Classification on Consolidated Balance Sheets | The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of March 31, 2021: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets $ 9 Accrued expenses and other current liabilities / Other noncurrent liabilities $ 313 Cross-currency swaps Prepaid expenses and other current assets 673 Other noncurrent liabilities 10,518 Total derivatives designated as hedging instruments $ 682 $ 10,831 The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of June 30, 2020: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate swaps Prepaid expenses and other current assets $ — Accrued expenses and other current liabilities / Other noncurrent liabilities $ 856 Cross-currency swaps Prepaid expenses and other current assets 746 Other noncurrent liabilities 5,475 Foreign currency forward contracts Prepaid expenses and other current assets 75 Other noncurrent liabilities — Total derivatives designated as hedging instruments $ 821 $ 6,331 Derivatives not designated as hedging instruments: Foreign currency forward contracts Prepaid expenses and other current assets 193 Accrued expenses and other current liabilities 74 Total derivative instruments $ 1,014 $ 6,405 |
Pre-Tax Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss | The following table presents the pre-tax effect of cash flow hedge accounting on AOCL as of the three months ended March 31, 2021 and 2020: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Interest rate swaps $ 217 $ — Interest and other financing expense, net $ (82) $ — Cross-currency swaps 1,262 — Interest and other financing expense, net / Other expense (income), net 1,239 — Foreign currency forward contracts — 134 Cost of sales — $ — Total $ 1,479 $ 134 $ 1,157 $ — The following table presents the pre-tax effect of cash flow hedge accounting on AOCL as of the nine months ended March 31, 2021 and 2020: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Nine Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Interest rate swaps $ 341 $ — Interest and other financing expense, net $ (212) $ — Cross-currency swaps (1,124) — Interest and other financing expense, net / Other expense (income), net (1,120) — Foreign currency forward contracts (2) 128 Cost of sales 73 26 Total $ (785) $ 128 $ (1,259) $ 26 |
Pre-Tax Effect of Derivative Financial Instruments Electing Cash Flow Hedge Accounting on Consolidated Statements of Operations | The following table presents the pre-tax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the three months ended of March 31, 2021 and 2020: Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Cost of sales Interest and other financing expense, net Other expense/income, net Cost of sales Interest and other financing expense, net Other expense/income, net The effects of cash flow hedging: (Loss) gain on cash flow hedging relationships Interest rate swaps Amount of (loss) reclassified from AOCL into expense $ — $ (82) $ — $ — $ — $ — Cross-currency swaps Amount of gain reclassified from AOCL into income $ — $ 39 $ 1,200 $ — $ — $ — Foreign currency forward contracts Amount of gain reclassified from AOCL into income $ — $ — $ — $ — $ — $ — The following table presents the pre-tax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the nine months ended of March 31, 2021 and 2020: Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships Nine Months Ended March 31, 2021 Nine Months Ended March 31, 2020 Cost of sales Interest and other financing expense, net Other expense (income), net Cost of sales Interest and other financing expense, net Other expense (income), net The effects of cash flow hedging: (Loss) gain on cash flow hedging relationships Interest rate swaps Amount of (loss) gain reclassified from AOCL into expense $ — $ (212) $ — $ — $ — $ — Cross-currency swaps Amount of gain (loss) reclassified from AOCL into income (expense) $ — $ 120 $ (1,240) $ — $ — $ — Foreign currency forward contracts Amount of gain reclassified from AOCL into income $ 73 $ — $ — $ 26 $ — $ — |
Pre-Tax Effect of Net Investment Hedges on Accumulated Other Comprehensive Loss and the Consolidated Statements of Operations | The following table presents the pre-tax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020: Derivatives in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Cross-currency swaps $ 3,933 $ — Interest and other financing expense, net $ 123 $ — The following table presents the pre-tax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the nine months ended March 31, 2021 and 2020: Derivatives in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Nine Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Cross-currency swaps $ (3,498) $ — Interest and other financing expense, net $ 377 $ — Non-Designated Hedges |
Pre-Tax Effect of Derivative Financial Instruments Not Designated as Hedging Instruments on the Consolidated Statements of Operations | The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements Operations for the three months ended March 31, 2021 and 2020: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2021 2020 Foreign currency forward contracts Other (income) expense, net $ — $ (336) The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements Operations for the nine months ended March 31, 2021 and 2020: Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivatives Nine Months Ended March 31, 2021 2020 Foreign currency forward contracts Other (income) expense, net $ (399) $ (505) |
TERMINATION BENEFITS RELATED _2
TERMINATION BENEFITS RELATED TO PRODUCTIVITY AND TRANSFORMATION INITIATIVES (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activity and Liability Balances | The following table displays the termination benefits and personnel realignment activities and liability balances relating to the reduction in workforce for the period ended as of March 31, 2021: Balance at June 30, 2020 Charges (reversals) Amounts Paid Foreign Currency Translation & Other Adjustments Balance at March 31, 2021 Termination benefits and personnel realignment $ 11,541 $ 3,488 $ (10,051) $ 59 $ 5,037 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables set forth financial information about each of the Company’s reportable segments. Transactions between reportable segments were insignificant for all periods presented. Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Net Sales: North America $ 287,500 $ 320,440 $ 850,780 $ 872,834 International 205,104 232,857 668,869 669,323 $ 492,604 $ 553,297 $ 1,519,649 $ 1,542,157 Operating Income (Loss): North America $ 39,492 $ 28,873 $ 105,188 $ 64,067 International 26,774 18,660 8,144 40,666 66,266 47,533 113,332 104,733 Corporate and Other (a) (16,689) (28,398) (47,518) (73,952) $ 49,577 $ 19,135 $ 65,814 $ 30,781 (a) In addition to general Corporate and Other expenses as described above, for the three months ended March 31, 2021, Corporate and Other included $2,804 of Productivity and transformation costs. For the three months ended March 31, 2020, Corporate and Other included $5,572 of Productivity and transformation costs and tradename impairment charges of $7,650 (related to North America). For the nine months ended March 31, 2021, Corporate and Other included $6,343 of Productivity and transformation costs. For the nine months ended March 31, 2020, Corporate and Other included $26,142 of Productivity and transformation costs and tradename impairment charges of $9,539 ($4,007 related to North America; $5,532 related to International), partially offset by a benefit of $2,962 of proceeds from insurance claim. The Company's net sales by product category are as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Grocery $ 322,107 $ 373,723 $ 1,030,544 $ 1,081,497 Snacks 79,768 79,252 235,641 227,925 Personal Care 50,446 66,950 144,057 138,880 Tea 40,283 33,372 109,407 93,855 Total $ 492,604 $ 553,297 $ 1,519,649 $ 1,542,157 |
Net Sales Geographic Area | The Company’s net sales by geographic region, which are generally based on the location of the Company’s subsidiaries, were as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 United States $ 251,887 $ 279,534 $ 735,947 $ 758,759 United Kingdom 139,094 169,024 475,739 501,619 All Other 101,623 104,739 307,963 281,779 Total $ 492,604 $ 553,297 $ 1,519,649 $ 1,542,157 |
Schedule of Long-lived Assets | The Company’s long-lived assets, which primarily represent net property, plant and equipment, operating lease right-of-use assets and noncurrent other assets by geographic area were as follows: March 31, June 30, United States $ 165,516 $ 146,633 United Kingdom 148,929 149,943 All Other 109,290 105,303 Total $ 423,735 $ 401,879 |
BUSINESS (Details)
BUSINESS (Details) | Mar. 31, 2021country |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of countries in which entity operates (more than) | 75 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of adoption of accounting standard | $ 1,443,554 | $ 1,519,319 | $ 1,501,682 | $ 1,454,649 | $ 1,436,581 | $ 1,439,048 | $ 1,521,083 | $ 1,470,938 | |
Accounting Standards Update | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||||||
Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of adoption of accounting standard | $ 614,171 | $ 695,017 | $ 650,740 | $ 616,486 | $ 614,346 | $ 610,932 | $ 586,593 | $ 587,557 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of adoption of accounting standard | (310) | (439) | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of adoption of accounting standard | $ (310) | $ (439) |
EARNINGS (LOSS) PER SHARE (Comp
EARNINGS (LOSS) PER SHARE (Computation Of Basic And Diluted Earnings Per Share) (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 | |
Earnings Per Share [Abstract] | ||||||||
Net income from continuing operations | $ 34,254 | $ 25,036 | $ 25,624 | $ 21,935 | ||||
Net (loss) income from discontinued operations, net of tax | 0 | (697) | 11,255 | (105,581) | ||||
Net income (loss) | $ 34,254 | $ 2,140 | $ 485 | $ 24,339 | $ (964) | $ (107,021) | $ 36,879 | $ (83,646) |
Denominator: | ||||||||
Basic weighted average shares outstanding (shares) | 99,831 | 104,032 | 100,502 | 104,192 | ||||
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units (shares) | 1,765 | 305 | 883 | 297 | ||||
Diluted weighted average shares outstanding (shares) | 101,596 | 104,337 | 101,385 | 104,489 | ||||
Basic net income (loss) per common share: | ||||||||
Basic net income (loss) per common share from continuing operations (USD per share) | $ 0.34 | $ 0.24 | $ 0.25 | $ 0.21 | ||||
Basic net (loss) income per common share from discontinued operations (USD per share) | 0 | (0.01) | 0.11 | (1.01) | ||||
Basic net income (loss) per common share (USD per share) | 0.34 | 0.23 | 0.36 | (0.80) | ||||
Diluted net income (loss) per common share: | ||||||||
Diluted net income (loss) per common share from continuing operations (USD per share) | 0.34 | 0.24 | 0.25 | 0.21 | ||||
Diluted net (loss) income per common share from discontinued operations (USD per share) | 0 | (0.01) | 0.11 | (1.01) | ||||
Diluted income (loss) per common share (USD per share) | $ 0.34 | $ 0.23 | $ 0.36 | $ (0.80) |
EARNINGS (LOSS) PER SHARE (Narr
EARNINGS (LOSS) PER SHARE (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 21, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Authorized amount | $ 250,000,000 | ||||
Number of shares repurchased (in shares) | 204 | 2,408 | |||
Shares repurchased (shares) | $ 8,562,000 | $ 80,255,000 | |||
Average cost (USD per share) | $ 41.86 | $ 33.33 | |||
Remaining authorized repurchase amount | $ 109,495,000 | $ 109,495,000 | |||
Restricted Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share (shares) | 4 | 512 | 182 | 450 | |
Stock Based Awards | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share (shares) | 23 | 2,616 | 957 | 2,685 |
DISPOSITIONS (Narrative) (Detai
DISPOSITIONS (Narrative) (Details) - USD ($) | Aug. 27, 2019 | Jun. 28, 2019 | Feb. 15, 2019 | Jan. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jan. 13, 2021 | Jun. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Assets held for sale | $ 0 | $ 0 | $ 8,334,000 | ||||||
Liabilities related to assets held for sale | 0 | $ 0 | 3,567,000 | ||||||
Operating Segments | Sales | International | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Concentration risk, percentage | 4.90% | 8.60% | |||||||
Fruit Business | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash consideration to be received for sale of business | 38,547,000 | $ 38,547,000 | |||||||
Consideration receivable for sale of business | 2,056,000 | 2,056,000 | |||||||
Pre-tax loss (gain) from reducing the carrying value to estimated fair value | 56,093,000 | ||||||||
Pre-tax loss on sale of business assets | 1,904,000 | ||||||||
Assets held for sale | $ 58,123,000 | ||||||||
Liabilities related to assets held for sale | $ 32,936,000 | ||||||||
Tilda | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture | $ 342,000,000 | $ 341,800,000 | |||||||
Assets from discontinued operations | 0 | 0 | 0 | ||||||
Liabilities held for sale | 0 | 0 | 0 | ||||||
Hain Pure Protein | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Assets from discontinued operations | 0 | 0 | 0 | ||||||
Liabilities held for sale | $ 0 | $ 0 | $ 0 | ||||||
Plainville Farms | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture | $ 25,000,000 | ||||||||
Letter of credit | $ 10,000,000 | ||||||||
Expiration period (in months) | 19 months | ||||||||
Percent of maximum draw | 120.00% | ||||||||
HPPC and EK Holdings | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture | $ 77,714,000 |
DISPOSITIONS (Assets and Liabil
DISPOSITIONS (Assets and Liabilities Held for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jan. 13, 2021 | Jun. 30, 2020 |
ASSETS | |||
Total assets | $ 0 | $ 8,334 | |
LIABILITIES | |||
Total liabilities | $ 0 | $ 3,567 | |
Fruit Business | Disposed of by Sale | |||
ASSETS | |||
Cash and cash equivalents | $ 13,559 | ||
Accounts receivable, less allowance for doubtful accounts | 14,057 | ||
Inventories | 5,028 | ||
Prepaid expenses and other current assets | 2,728 | ||
Property, plant and equipment, net | 25,039 | ||
Goodwill | 14,362 | ||
Operating lease right-of-use assets | 5,623 | ||
Allowance for reduction of assets held for sale | (58,444) | ||
Total assets | 58,123 | ||
LIABILITIES | |||
Accounts payable | 14,428 | ||
Accrued expenses and other current liabilities | 4,229 | ||
Operating lease liabilities | 5,039 | ||
Deferred tax liabilities | 7,298 | ||
Other liabilities | 1,942 | ||
Total liabilities | 32,936 | ||
Fruit Business | Disposed of by Sale | Customer-Related Intangible Assets | |||
ASSETS | |||
Other intangible assets, net | $ 36,171 |
DISPOSITIONS (Statements of Ope
DISPOSITIONS (Statements of Operations Tilda) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net (loss) income from discontinued operations, net of tax | $ 0 | $ (697,000) | $ 11,255,000 | $ (105,581,000) |
Tax expense (benefit) from tax gain on sale | (1,624,000) | 11,848,000 | ||
Foreign currency translation adjustments | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Amounts reclassified into income | (14,725,000) | 0 | (15,906,000) | (95,120,000) |
Tilda | Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 0 | 0 | 0 | 30,399,000 |
Cost of sales | 0 | 0 | 0 | 26,648,000 |
Gross profit | 0 | 0 | 0 | 3,751,000 |
Selling, general and administrative expense | 0 | 0 | 0 | 5,185,000 |
Other expense | 0 | 0 | 75,000 | 1,172,000 |
Interest expense | 0 | 0 | 0 | 2,432,000 |
Translation loss | 0 | 0 | 0 | 95,120,000 |
Gain on sale of discontinued operations | 0 | 540,000 | 0 | (9,630,000) |
Net loss from discontinued operations before income taxes | 0 | (540,000) | (75,000) | (90,528,000) |
(Benefit) provision for income taxes | 0 | (965,000) | (11,320,000) | 12,900,000 |
Net (loss) income from discontinued operations, net of tax | 0 | 425,000 | 11,245,000 | (103,428,000) |
Tax expense (benefit) from tax gain on sale | (750,000) | 14,500,000 | ||
Hain Pure Protein | Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expense | 0 | 0 | 0 | 0 |
Gain on sale of discontinued operations | 0 | 1,781,000 | 0 | 3,205,000 |
Net loss from discontinued operations before income taxes | 0 | (1,781,000) | 10,000 | (3,205,000) |
(Benefit) provision for income taxes | 0 | (659,000) | 0 | (1,052,000) |
Net (loss) income from discontinued operations, net of tax | $ 0 | $ (1,122,000) | $ 10,000 | $ (2,153,000) |
DISPOSITIONS (Statements of O_2
DISPOSITIONS (Statements of Operations Hain Pure Protein) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net (loss) income from discontinued operations, net of tax | $ 0 | $ (697) | $ 11,255 | $ (105,581) |
Disposed of by Sale | Hain Pure Protein | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expense | 0 | 0 | 0 | 0 |
Asset impairments | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | (10) | 0 |
Loss on sale of discontinued operations | 0 | 1,781 | 0 | 3,205 |
Net (loss) income from discontinued operations before income taxes | 0 | (1,781) | 10 | (3,205) |
Benefit for income taxes | 0 | (659) | 0 | (1,052) |
Net (loss) income from discontinued operations, net of tax | $ 0 | $ (1,122) | $ 10 | $ (2,153) |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |||||
Finished goods | $ 213,411 | $ 213,411 | $ 158,162 | ||
Raw materials, work-in-progress and packaging | 100,487 | 100,487 | 90,008 | ||
Total inventories | 313,898 | 313,898 | $ 248,170 | ||
Inventory write-down | $ 0 | $ 1,362 | $ 311 | $ 5,278 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | $ 563,993,000 | $ 563,993,000 | $ 514,457,000 | |||
Less: accumulated depreciation and amortization | 252,651,000 | 252,651,000 | 225,201,000 | |||
Property, plant and equipment, net | 311,342,000 | 311,342,000 | 289,256,000 | |||
Depreciation | 9,118,000 | $ 7,789,000 | 26,302,000 | $ 23,518,000 | ||
Impairment charge | 1,333,000 | $ 0 | ||||
Discontinued Operations, Held-for-sale | Fruit Business | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Disposal group, Property, plant and equipment | $ 24,971,000 | |||||
Land | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 14,561,000 | 14,561,000 | 13,866,000 | |||
Buildings and improvements | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 73,240,000 | 73,240,000 | 74,325,000 | |||
Machinery and equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 317,270,000 | 317,270,000 | 288,466,000 | |||
Computer hardware and software | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 61,661,000 | 61,661,000 | 60,391,000 | |||
Furniture and fixtures | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 23,272,000 | 23,272,000 | 20,044,000 | |||
Leasehold improvements | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 39,009,000 | 39,009,000 | 40,876,000 | |||
Construction in progress | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | $ 34,980,000 | $ 34,980,000 | $ 16,489,000 |
LEASES (Lease Expense) (Details
LEASES (Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||||
Operating lease expenses | $ 4,129 | $ 4,545 | $ 12,290 | $ 14,034 |
Finance lease expenses | 72 | 272 | 318 | 761 |
Variable lease expenses | 247 | 633 | 1,204 | 1,873 |
Short-term lease expenses | 458 | 490 | 1,701 | 1,349 |
Total lease expenses | $ 4,906 | $ 5,940 | $ 15,513 | $ 18,017 |
LEASES (Supplemental Balance Sh
LEASES (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 |
Leases [Abstract] | |||
Operating lease ROU assets, net | $ 90,130 | $ 88,165 | |
Finance lease ROU assets, net | 615 | 691 | |
Total leased assets | 90,745 | 88,856 | |
Current operating lease liabilities | 11,086 | 12,338 | |
Current finance lease liabilities | 245 | 308 | |
Non-current operating lease liabilities | 83,564 | 82,962 | |
Non-current finance lease liabilities | 376 | 316 | |
Total lease liabilities | $ 95,271 | $ 95,924 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:DebtCurrent | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Non-current operating lease liabilities | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, less current portion |
LEASES (Other Information) (Det
LEASES (Other Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 12,954 | $ 12,856 |
Operating cash flows from finance leases | 13 | 18 |
Financing cash flows from finance leases | 285 | 372 |
ROU assets obtained in exchange for lease obligation: | ||
Right-of-use assets obtained in exchange for lease obligations, Operating leases | 18,349 | 94,389 |
Right-of-use assets obtained in exchange for lease obligations, Finance leases | $ 671 | $ 1,092 |
Weighted average remaining lease term: | ||
Weighted average remaining lease terms, Operating leases (in years) | 10 years | 8 years 4 months 24 days |
Weighted average remaining lease terms, Finance leases (in years) | 4 years 1 month 6 days | 2 years 3 months 18 days |
Weighted average discount rate: [Abstract] | ||
Weighted average discount rates, Operating leases | 3.20% | 2.70% |
Weighted average discount rates, Finance leases | 3.90% | 2.90% |
Cumulative Effect, Period of Adoption, Adjustment | ||
Weighted average discount rate: [Abstract] | ||
Leases, ROU assets | $ 87,414 |
LEASES (Maturities of Lease Lia
LEASES (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Operating leases | ||
Remainder of year | $ 2,665 | |
Year One | 14,358 | $ 14,781 |
Year Two | 13,596 | 13,798 |
Year Three | 11,878 | 12,833 |
Year Four | 10,663 | 10,941 |
Year Five | 9,521 | |
After Year Four, Thereafter | 60,084 | |
After Year Five, Thereafter | 51,545 | |
Total lease payments | 113,244 | 113,419 |
Less: Imputed interest | 18,594 | 18,119 |
Total lease liabilities | 94,650 | 95,300 |
Finance leases | ||
Remainder of year | 71 | |
Year One | 246 | 308 |
Year Two | 133 | 205 |
Year Three | 51 | 95 |
Year Four | 51 | 18 |
Year Five | 6 | |
After Year Four, Thereafter | 127 | |
After Year Five, Thereafter | 0 | |
Total lease payments | 679 | 632 |
Less: Imputed interest | 58 | 8 |
Total lease liabilities | 621 | 624 |
Total | ||
Remainder of year | 2,736 | |
Year One | 14,604 | 15,089 |
Year Two | 13,729 | 14,003 |
Year Three | 11,929 | 12,928 |
Year Four | 10,714 | 10,959 |
Year Five | 9,527 | |
After Year Four, Thereafter | 60,211 | |
After Year Five, Thereafter | 51,545 | |
Total lease payments | 113,923 | 114,051 |
Less: Imputed interest | 18,652 | 18,127 |
Total lease liabilities | $ 95,271 | $ 95,924 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Changes In Carrying Amount Of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill | |
Goodwill | $ 861,958 |
Reclassification of goodwill to assets held for sale | (14,362) |
Translation and other adjustments, net | 30,127 |
Goodwill | 877,723 |
Accumulated impairment losses | 134,277 |
North America | |
Goodwill | |
Goodwill | 606,055 |
Reclassification of goodwill to assets held for sale | 0 |
Translation and other adjustments, net | 2,642 |
Goodwill | 608,697 |
International | |
Goodwill | |
Goodwill | 255,903 |
Reclassification of goodwill to assets held for sale | (14,362) |
Translation and other adjustments, net | 27,484 |
Goodwill | 269,025 |
United Kingdom | |
Goodwill | |
Accumulated impairment losses | 97,358 |
Europe | |
Goodwill | |
Accumulated impairment losses | 29,219 |
Cultivate | Operating Segments | |
Goodwill | |
Accumulated impairment losses | $ 7,700 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Trademarks and Tradenames | |
Finite-Lived Intangible Assets [Line Items] | |
Annualized amortization expense | $ 914 |
Estimated useful lives (in years) | 10 years |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives (in years) | 3 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives (in years) | 25 years |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Components Of Trademarks And Other Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks and tradenames | $ 280,690 | $ 278,103 |
Other intangibles | 148,422 | 184,854 |
Less: accumulated amortization | (104,321) | (116,495) |
Net carrying amount | 324,791 | 346,462 |
Trademarks and Tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Accumulated impairment charge | $ 93,273 | $ 93,273 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS (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 of acquired intangibles | $ 2,145 | $ 3,174 | $ 6,771 | $ 9,446 |
DEBT AND BORROWINGS (Components
DEBT AND BORROWINGS (Components Of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Line of Credit Facility [Line Items] | ||
Other borrowings | $ 1,239 | $ 2,774 |
Long-term debt | 256,239 | 282,774 |
Short-term borrowings and current portion of long-term debt | 699 | 1,656 |
Long-term debt, less current portion | 255,540 | 281,118 |
Amended Credit Agreement | Unsecured revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $ 255,000 | $ 280,000 |
DEBT AND BORROWINGS (Credit Agr
DEBT AND BORROWINGS (Credit Agreement) (Details) - Amended Credit Agreement | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Feb. 06, 2018USD ($) | |
Unsecured revolving credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility | $ 1,000,000,000 | ||||
Line of credit facility outstanding | $ 255,000,000 | $ 280,000,000 | |||
Letters of credit outstanding | $ 6,394,000 | ||||
Write off of unamortized issuance costs | $ 973,000 | ||||
Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility | 300,000,000 | ||||
Additional borrowing capacity | $ 400,000,000 | ||||
Consolidated leverage ratio | 3.75 | ||||
Interest coverage ratio | 3.75 | ||||
Available borrowing capacity | $ 738,606,000 | ||||
Weighted average interest rate | 1.11% | ||||
Term Loan | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee percentage | 0.20% | ||||
Term Loan | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee percentage | 0.45% | ||||
Term Loan | Forecast | |||||
Line of Credit Facility [Line Items] | |||||
Interest coverage ratio | 4 | ||||
Term Loan | Eurocurrency Rate | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.875% | ||||
Term Loan | Eurocurrency Rate | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.50% | ||||
Term Loan | Base Rate | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.00% | ||||
Term Loan | Base Rate | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.50% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax [Line Items] | ||||
Effective income tax rate reconciliation (as a percent) | 25.70% | (66.70%) | 55.50% | (72.80%) |
Income tax refund, CARES Act | $ 53,817,000 | |||
Interest on refund received, CARES Act | 1,317,000 | |||
Tax expense (benefit) from tax gain on sale | $ (1,624,000) | $ 11,848,000 | ||
Tilda | Disposed of by Sale | ||||
Income Tax [Line Items] | ||||
Tax expense (benefit) from tax gain on sale | (750,000) | 14,500,000 | ||
(Benefit) provision for income taxes | $ 0 | $ (965,000) | $ (11,320,000) | $ 12,900,000 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income (loss) | $ 19,661 | $ (52,206) | $ 93,710 | $ 52,601 |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 1,672 | (52,315) | 80,491 | (42,602) |
Amounts reclassified into income (expense) | 14,725 | 0 | 15,906 | 95,120 |
Deferred gains (losses) on cash flow hedging instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 1,168 | (621) | 0 | |
Amounts reclassified into income (expense) | (914) | 109 | 995 | 83 |
Deferred gains (losses) on net investment hedging instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | 3,107 | 0 | (2,763) | 0 |
Amounts reclassified into income (expense) | (97) | 0 | (298) | 0 |
Intra-entity foreign currency transactions | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | $ 0 | $ 453 | $ 0 | $ 703 |
STOCK-BASED COMPENSATION AND _3
STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021USD ($)planshares | Jun. 30, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shareholder-approved plans | plan | 1 | |
RSAs, RSUs, and PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant (in shares) | 1,389,000 | 1,384,000 |
Vested restricted stock, restricted share units, and performance units (in shares) | 333,000 | |
RSAs, RSUs, and PSUs | CEO | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant (in shares) | 350,000 | |
RSAs, RSUs, and PSUs | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percent of targeted award | 0.00% | |
RSAs, RSUs, and PSUs | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percent of targeted award | 300.00% | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ | $ 13,091 | |
Period for recognition (in years) | 1 year 2 months 12 days | |
Long Term Incentive Plan 2018-2020 | RSAs, RSUs, and PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percent of targeted award | 150.00% | |
Vested restricted stock, restricted share units, and performance units (in shares) | 20,000 |
STOCK-BASED COMPENSATION AND _4
STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS (Compensation Cost And Related Income Tax Benefits Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total compensation cost recognized for stock-based compensation plans | $ 3,698 | $ 3,761 | $ 11,888 | $ 10,125 |
Related income tax benefit | 441 | 630 | 1,447 | 1,300 |
Selling, general and administrative expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 3,698 | 3,761 | 11,888 | 9,581 |
Discontinued operations | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 | $ 544 |
STOCK-BASED COMPENSATION AND _5
STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS (Non-Vested Restricted Stock And Restricted Share Unit Awards) (Details) - RSAs, RSUs, and PSUs | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares and Units | |
Non-vested restricted stock, restricted share units, and performance units, beginning balance (shares) | 2,049,000 |
Granted (shares) | 206,000 |
Vested (shares) | (333,000) |
Forfeited (shares) | (109,000) |
Non-vested restricted stock, restricted share units, and performance units, ending balance (shares) | 1,813,000 |
Weighted Average Grant Date Fair Value (per share) | |
Non-vested restricted stock, restricted share units, and performance units beginning balance (USD per share) | $ / shares | $ 15.85 |
Granted (USD per share) | $ / shares | 35.45 |
Vested (USD per share) | $ / shares | 23.58 |
Forfeited (USD per share) | $ / shares | 16.50 |
Non-vested restricted stock, restricted share units, and performance units ending balance (USD per share) | $ / shares | $ 16.59 |
Long Term Incentive Plan 2018-2020 | |
Number of Shares and Units | |
Vested (shares) | (20,000) |
STOCK-BASED COMPENSATION AND _6
STOCK-BASED COMPENSATION AND INCENTIVE PERFORMANCE PLANS (Restricted Stock Grant Information) (Details) - RSAs, RSUs, and PSUs - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of RSAs, RSUs and PSUs granted | $ 7,298 | $ 16,634 |
Fair value of shares vested | 12,266 | 5,848 |
Tax benefit recognized from restricted shares vesting | $ 1,786 | $ (102) |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Chop't | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 11,098 | $ 12,793 |
Yeo Hiap Seng Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage, less than | 1.00% | |
HHO, Hain Future, and Yeo Hiap Seng Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 6,244 | $ 4,646 |
FINANCIAL INSTRUMENTS MEASURE_3
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Assets: | ||
Cash equivalents | $ 7 | |
Derivative financial instruments | $ 682 | 1,014 |
Equity investment | 618 | 562 |
Assets total | 1,300 | 1,583 |
Liabilities: | ||
Derivative financial instruments | 10,831 | 6,405 |
Liabilities total | 10,831 | 6,405 |
Quoted prices in active markets (Level 1) | ||
Assets: | ||
Cash equivalents | 7 | |
Derivative financial instruments | 0 | 0 |
Equity investment | 618 | 562 |
Assets total | 618 | 569 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Liabilities total | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | |
Derivative financial instruments | 682 | 1,014 |
Equity investment | 0 | 0 |
Assets total | 682 | 1,014 |
Liabilities: | ||
Derivative financial instruments | 10,831 | 6,405 |
Liabilities total | 10,831 | 6,405 |
Significant unobservable inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | |
Derivative financial instruments | 0 | 0 |
Equity investment | 0 | 0 |
Assets total | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Liabilities total | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS MEASURE_4
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE (Narrative) (Details) | Mar. 31, 2021 |
Yeo Hiap Seng Limited | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Ownership percentage, less than | 1.00% |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES (Details) € in Thousands | 3 Months Ended | ||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($)instrument | Mar. 31, 2021EUR (€)instrument | |
Interest Rate Swap | Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of instruments | instrument | 4 | 4 | |
Notional amount | $ 230,000,000 | ||
Cross-currency swap | Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of instruments | instrument | 1 | 1 | |
Cross-currency swap | Cash Flow Hedging | Short | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | € | € 24,700 | ||
Cross-currency swap | Cash Flow Hedging | Long | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 26,775,000 | ||
Cross-currency swap | Net Investment Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of instruments | instrument | 2 | 2 | |
Cross-currency swap | Net Investment Hedging | Short | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | € | € 76,969 | ||
Cross-currency swap | Net Investment Hedging | Long | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 83,225,000 | ||
Foreign currency forward contracts | Not Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 0 | ||
Forecast | Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Other comprehensive income (loss), cash flow hedge, reclassification | $ (174,000) | ||
Forecast | Cross-currency swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Other comprehensive income (loss), cash flow hedge, reclassification | $ (82,000) |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES (Balance Sheet Location) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 1,014 | |
Derivative liability, fair value | 6,405 | |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 682 | 821 |
Derivative liability, fair value | 10,831 | 6,331 |
Prepaid expenses and other current assets | Interest Rate Swap | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 9 | 0 |
Prepaid expenses and other current assets | Cross-currency swap | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 673 | 746 |
Prepaid expenses and other current assets | Foreign currency forward contracts | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 75 | |
Prepaid expenses and other current assets | Foreign currency forward contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 193 | |
Accrued expenses and other current liabilities / Other noncurrent liabilities | Interest Rate Swap | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 313 | 856 |
Other noncurrent liabilities | Cross-currency swap | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $ 10,518 | 5,475 |
Other noncurrent liabilities | Foreign currency forward contracts | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 0 | |
Accrued expenses and other current liabilities | Foreign currency forward contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $ 74 |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITIES (Cash Flow Hedges and Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 1,479 | $ 134 | $ (785) | $ 128 |
Other (income) expense, net | (1,566) | 260 | 852 | (2,312) |
Cost of sales | 362,698 | 420,902 | 1,140,614 | 1,206,324 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCL into Income | 1,157 | 0 | (1,259) | 26 |
Interest Rate Swap | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 217 | 0 | 341 | 0 |
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest expense | (82) | 0 | (212) | 0 |
Cross-currency swap | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 1,262 | 0 | (1,124) | 0 |
Cross-currency swap | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other (income) expense, net | 1,239 | 0 | (1,120) | 0 |
Foreign currency forward contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 0 | 134 | (2) | 128 |
Foreign currency forward contracts | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Cost of sales | $ 0 | $ 0 | $ 73 | $ 26 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITIES (Pre-Tax Effect of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCL into Income | $ 45,981 | $ 15,358 | $ 59,846 | $ 13,401 |
Interest Rate Swap | Cost of sales | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCL into Income | 0 | 0 | 0 | 0 |
Interest Rate Swap | Interest and other financing expense, net | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCL into Income | (82) | 0 | (212) | 0 |
Interest Rate Swap | Other expense/income, net | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCL into Income | 0 | $ 0 | 0 | 0 |
Cross-currency swap | Interest and other financing expense, net | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCL into Income | 39 | 120 | ||
Cross-currency swap | Other expense/income, net | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCL into Income | $ 1,200 | (1,240) | ||
Foreign currency forward contracts | Cost of sales | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCL into Income | $ 73 | $ 26 |
DERIVATIVES AND HEDGING ACTIV_7
DERIVATIVES AND HEDGING ACTIVITIES (Net Investment Hedges and Accumulated Other Comprehensive Loss) (Details) - Cross-currency swap - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 3,933 | $ 0 | $ (3,498) | $ 0 |
Net Investment Hedging | Interest and other financing expense, net | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | $ 123 | $ 0 | $ 377 | $ 0 |
DERIVATIVES AND HEDGING ACTIV_8
DERIVATIVES AND HEDGING ACTIVITIES (Not Designated as Hedging Instruments and Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Foreign currency forward contracts | Not Designated as Hedging Instrument | Other expense/income, net | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 0 | $ (336) | $ (399) | $ (505) |
TERMINATION BENEFITS RELATED _3
TERMINATION BENEFITS RELATED TO PRODUCTIVITY AND TRANSFORMATION INITIATIVES (Details) - Termination benefits and personnel realignment - Productivity and Transformation Costs Initiative $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 11,541 |
Charges (reversals) | 3,488 |
Amounts Paid | (10,051) |
Foreign Currency Translation & Other Adjustments | 59 |
Restructuring reserve, ending balance | $ 5,037 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - complaint | Apr. 26, 2017 | Aug. 17, 2016 | Mar. 31, 2021 |
Securities Complaints | |||
Loss Contingencies [Line Items] | |||
Number of complaints | 3 | ||
Barnes Complaint | |||
Loss Contingencies [Line Items] | |||
Number of complaints | 2 | ||
Baby Food Litigation | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Number of complaints | 25 | ||
Baby Food Litigation, Personal Injury | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Number of complaints alleging injury | 6 | ||
Number of complaints seeking relief | 2 |
SEGMENT INFORMATION (Segment Da
SEGMENT INFORMATION (Segment Data) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 5 | |||
Number of reportable segments | segment | 2 | |||
Net sales | $ 492,604 | $ 553,297 | $ 1,519,649 | $ 1,542,157 |
Operating Income | 49,577 | 19,135 | 65,814 | 30,781 |
Productivity and transformation costs | 4,553 | 11,514 | 12,371 | 37,949 |
Long-lived asset impairment | 9,539 | |||
Proceeds from insurance claims | (2,962) | |||
North America | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived asset impairment | 4,007 | |||
North America | Trademarks and Tradenames | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived asset impairment | 7,650 | |||
International | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived asset impairment | 5,532 | |||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 492,604 | 553,297 | 1,519,649 | 1,542,157 |
Operating Income | 66,266 | 47,533 | 113,332 | 104,733 |
Operating Segments | North America | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 287,500 | 320,440 | 850,780 | 872,834 |
Operating Income | 39,492 | 28,873 | 105,188 | 64,067 |
Operating Segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 205,104 | 232,857 | 668,869 | 669,323 |
Operating Income | 26,774 | 18,660 | 8,144 | 40,666 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | (16,689) | (28,398) | (47,518) | (73,952) |
Productivity and transformation costs | $ 2,804 | $ 5,572 | $ 6,343 | $ 26,142 |
SEGMENT INFORMATION (Net Sales)
SEGMENT INFORMATION (Net Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 492,604 | $ 553,297 | $ 1,519,649 | $ 1,542,157 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 251,887 | 279,534 | 735,947 | 758,759 |
United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 139,094 | 169,024 | 475,739 | 501,619 |
All Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 101,623 | 104,739 | 307,963 | 281,779 |
Grocery | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 322,107 | 373,723 | 1,030,544 | 1,081,497 |
Snacks | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 79,768 | 79,252 | 235,641 | 227,925 |
Personal Care | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 50,446 | 66,950 | 144,057 | 138,880 |
Tea | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 40,283 | $ 33,372 | $ 109,407 | $ 93,855 |
SEGMENT INFORMATION (Long-lived
SEGMENT INFORMATION (Long-lived Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 423,735 | $ 401,879 |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 165,516 | 146,633 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 148,929 | 149,943 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 109,290 | $ 105,303 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | Apr. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Dream WestSoy | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from divestiture | $ 33,000 | ||||
Director | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | $ 3,649 | $ 2,513 | $ 12,806 | $ 13,106 | |
Former Director | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | $ 259 | $ 1,141 | $ 1,476 | $ 3,629 |