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Consolidated Statements Of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock Outstanding [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Treasury Stock [Member]
Balance (in shares) at Jun. 30, 2017   27,448,000      
Balance at Jun. 30, 2017 $ 575,977 $ 115,174 $ 1,206,671 $ (8,936) $ (736,932)
Net income 135,314   135,314    
Net pension and postretirement benefit (losses) gains, net of tax effect 2,566     2,566  
Tax Cuts and Jobs Act of 2017, Reclassification from accumulated other comprehensive loss to retained earnings 0   1,889 (1,889)  
Cash dividends - common stock (64,531)   (64,531)    
Purchase of treasury stock (in shares)   (9,000)      
Purchase of treasury stock (1,102)       (1,102)
Stock-based plans (in shares)   49,000      
Stock-based plans (981) $ (981)      
Stock-based compensation expense 5,039 $ 5,039      
Balance (in shares) at Jun. 30, 2018   27,488,000      
Balance at Jun. 30, 2018 652,282 $ 119,232 1,279,343 (8,259) (738,034)
Net income 150,549 [1],[2]   150,549    
Net pension and postretirement benefit (losses) gains, net of tax effect (2,049)     (2,049)  
Cash dividends - common stock (70,110)   (70,110)    
Purchase of treasury stock (in shares)   (48,000)      
Purchase of treasury stock (7,411)       (7,411)
Stock-based plans (in shares)   51,000      
Stock-based plans (2,360) $ (2,360)      
Stock-based compensation expense $ 5,972 $ 5,972      
Balance (in shares) at Jun. 30, 2019 27,491,497 27,491,000      
Balance at Jun. 30, 2019 $ 726,873 $ 122,844 1,359,782 (10,308) (745,445)
Net income 136,983 [3],[4],[5]   136,983    
Net pension and postretirement benefit (losses) gains, net of tax effect (1,762)     (1,762)  
Cash dividends - common stock (75,644)   (75,644)    
Purchase of treasury stock (in shares)   (38,000)      
Purchase of treasury stock (5,459)       (5,459)
Stock-based plans (in shares)   71,000      
Stock-based plans (3,806) $ (3,806)      
Stock-based compensation expense $ 6,115 $ 6,115      
Balance (in shares) at Jun. 30, 2020 27,523,935 27,524,000      
Balance at Jun. 30, 2020 $ 783,300 $ 125,153 $ 1,421,121 $ (12,070) $ (750,904)
[1]
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.
[2]
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.
[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.