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Consolidated Statements Of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]      
Net Sales [1],[2] $ 1,334,388 $ 1,307,787 $ 1,222,925
Cost of Sales 976,352 981,589 919,419
Gross Profit 358,036 326,198 303,506
Selling, General and Administrative Expenses 180,945 149,811 129,906
Change in Contingent Consideration 257 (16,180) 2,052
Restructuring and Impairment Charges 886 1,643 0
Operating Income [1] 175,948 190,924 171,548
Other, Net 3,129 4,618 2,655
Income Before Income Taxes 179,077 195,542 174,203
Taxes Based on Income 42,094 44,993 38,889
Net Income $ 136,983 [3],[4],[5] $ 150,549 [6],[7] $ 135,314
Net Income Per Common Share:      
Basic (in dollars per share) $ 4.98 $ 5.48 $ 4.93
Diluted (in dollars per share) $ 4.97 [3],[4],[5],[8] $ 5.46 [6],[7],[8] $ 4.92
Weighted Average Common Shares Outstanding:      
Basic (in shares) 27,448 27,438 27,403
Diluted (in shares) 27,496 27,537 27,459
[1]
All intercompany transactions have been eliminated.
[2]
Net sales and long-lived assets are predominately domestic.
[3]
Included in net income were after-tax expenditures for Project Ascent of $2.1 million in the first quarter, or approximately $0.08 per diluted share; $3.7 million in the second quarter, or approximately $0.14 per diluted share; $3.7 million in the third quarter, or approximately $0.13 per diluted share; and $4.2 million in the fourth quarter, or approximately $0.15 per diluted share. The after-tax expense for the fiscal year was $13.7 million, or approximately $0.50 per diluted share.
[4]
Included in the first quarter and fiscal year net income were after-tax restructuring and impairment charges of $0.7 million, or approximately $0.02 per diluted share.
[5]
Included in the third quarter and fourth quarter net income were after-tax expenses totaling $4.2 million and $3.5 million, respectively, or approximately $0.15 and $0.13 per diluted share, respectively, related to certain costs attributed to the impacts of COVID-19, including the temporary increase in pay for our front-line employees, the fourth quarter write-off of engineering costs for a canceled dressing plant expansion project and changes in the Foodservice inventory reserve. The after-tax expense for the fiscal year was $7.7 million, or approximately $0.28 per diluted share.
[6]
Included in the fourth quarter and fiscal year net income were after-tax expenditures for Project Ascent of $1.4 million, or approximately $0.05 per diluted share, and after-tax restructuring and impairment charges of $1.3 million, or approximately $0.05 per diluted share.
[7]
Included in the second quarter and fourth quarter net income was an after-tax benefit of $7.4 million and $5.7 million, respectively, or approximately $0.27 and $0.21 per diluted share, respectively, related to the reduction in the fair value of Angelic’s contingent consideration liability. The after-tax benefit for the fiscal year was $13.1 million, or approximately $0.48 per diluted share.
[8]
Diluted net income per common share amounts are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly net income per common share amounts may not agree with the fiscal year.