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Summary Of Significant Accounting Policies
 6 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Lancaster Colony Corporation and our wholly-owned subsidiaries, collectively referred to as “we,” “us,” “our,” “registrant” or the “Company” and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and SEC Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the interim condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results of operations and financial position for such periods. All such adjustments reflected in the interim condensed consolidated financial statements are considered to be of a normal recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our 2021 Annual Report on Form 10-K. Unless otherwise noted, the term “year” and references to a particular year pertain to our fiscal year, which begins on July 1 and ends on June 30; for example, 2022 refers to fiscal 2022, which is the period from July 1, 2021 to June 30, 2022.
Deferred Software Costs
We capitalize certain costs related to hosting arrangements that are service contracts (cloud computing arrangements). Capitalized costs are included in Other Current Assets or Other Noncurrent Assets and are amortized on a straight-line basis over the estimated useful life. For the six months ended December 31, 2021 and 2020, we capitalized $1.1 million and $2.8 million, respectively, of deferred software costs related to cloud computing arrangements.
Property, Plant and Equipment
Property, plant and equipment are recorded at cost, except for those acquired as part of a business combination, which are recorded at fair value at the time of purchase. We use the straight-line method of computing depreciation for financial reporting purposes based on the estimated useful lives of the corresponding assets. Purchases of property, plant and equipment included in Accounts Payable and excluded from the property additions and the change in accounts payable in the Condensed Consolidated Statements of Cash Flows were as follows: 
 December 31,
 20212020
Construction in progress in Accounts Payable$26,080 $3,415 
Accrued Compensation and Employee Benefits
Accrued compensation and employee benefits included in Accrued Liabilities was $14.9 million and $32.5 million at December 31, 2021 and June 30, 2021, respectively.
Earnings Per Share
Earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock and common stock equivalents (restricted stock, stock-settled stock appreciation rights and performance units) outstanding during each period. Unvested shares of restricted stock granted to employees are considered participating securities since employees receive nonforfeitable dividends prior to vesting and, therefore, are included in the earnings allocation in computing EPS under the two-class method. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing income available to common shareholders by the diluted weighted average number of common shares outstanding during the period, which includes the dilutive potential common shares associated with nonparticipating restricted stock, stock-settled stock appreciation rights and performance units.
Basic and diluted net income per common share were calculated as follows:
Three Months Ended 
December 31,		Six Months Ended 
December 31,
 2021202020212020
Net income$34,370 $44,630 $65,025 $81,709 
Net income available to participating securities(98)(94)(185)(173)
Net income available to common shareholders$34,272 $44,536 $64,840 $81,536 
Weighted average common shares outstanding – basic27,443 27,479 27,451 27,470 
Incremental share effect from:
Nonparticipating restricted stock2 2 3 3 
Stock-settled stock appreciation rights19 37 34 34 
Performance units— — 2 — 
Weighted average common shares outstanding – diluted27,464 27,518 27,490 27,507 
Net income per common share – basic$1.25 $1.62 $2.36 $2.97 
Net income per common share – diluted$1.25 $1.62 $2.36 $2.96 
Accumulated Other Comprehensive Loss
The following table presents the amounts reclassified out of accumulated other comprehensive loss by component:
Three Months Ended 
December 31,		Six Months Ended 
December 31,
2021202020212020
Accumulated other comprehensive loss at beginning of period$(8,211)$(11,976)$(8,253)$(12,070)
Defined Benefit Pension Plan Items:
Amortization of unrecognized net loss107 173 214 346 
Postretirement Benefit Plan Items:
Amortization of unrecognized net gain(7)(5)(14)(10)
Amortization of prior service credit(46)(46)(91)(91)
Total other comprehensive income, before tax54 122 109 245 
Total tax expense(13)(28)(26)(57)
Other comprehensive income, net of tax41 94 83 188 
Accumulated other comprehensive loss at end of period$(8,170)$(11,882)$(8,170)$(11,882)
Significant Accounting Policies
There were no changes to our Significant Accounting Policies from those disclosed in our 2021 Annual Report on Form 10-K.
Recent Accounting Standards
There are no recently issued or adopted accounting standards that will impact our consolidated financial statements.