XML 39 R7.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Summary Of Significant Accounting Policies | 6 Months Ended
--- | ---
Dec. 31, 2014
Accounting Policies [Abstract] |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements 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. The results of operations for any interim period are not necessarily indicative of results for the full year. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto contained in our 2014 Annual Report on Form 10-K. Prior-year results reflect the classification of the sold candle manufacturing and marketing operations as discontinued operations. 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, 2015 refers to fiscal 2015, which is the period from July 1, 2014 to June 30, 2015. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. 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,
| 2014 |  | 2013
Construction in progress in accounts payable | $ | 1,055 |  |  | $ | 68 |
Accrued Distribution Accrued distribution costs included in accrued liabilities were approximately $8.3 million and $6.4 million at December 31, 2014 and June 30, 2014, 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 and stock-settled stock appreciation rights) 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 and stock-settled stock appreciation rights. Basic and diluted income per common share from continuing operations were calculated as follows:
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2014 |  | 2013 |  | 2014 |  | 2013
Income from continuing operations | $ | 32,954 |  |  | $ | 37,133 |  |  | $ | 55,715 |  |  | $ | 61,185 |
Income from continuing operations available to participating securities | (57 | ) |  | (51 | ) |  | (95 | ) |  | (83 | )
Income from continuing operations available to common shareholders | $ | 32,897 |  |  | $ | 37,082 |  |  | $ | 55,620 |  |  | $ | 61,102 |
Weighted average common shares outstanding – basic | 27,294 |  |  | 27,244 |  |  | 27,290 |  |  | 27,256 |
Incremental share effect from: |  |  |  |  |  |  |
Nonparticipating restricted stock | 3 |  |  | 3 |  |  | 4 |  |  | 4 |
Stock-settled stock appreciation rights | 26 |  |  | 52 |  |  | 25 |  |  | 46 |
Weighted average common shares outstanding – diluted | 27,323 |  |  | 27,299 |  |  | 27,319 |  |  | 27,306 |
Income per common share from continuing operations – basic | $ | 1.21 |  |  | $ | 1.36 |  |  | $ | 2.04 |  |  | $ | 2.24 |
Income per common share from continuing operations – diluted | $ | 1.20 |  |  | $ | 1.36 |  |  | $ | 2.04 |  |  | $ | 2.24 |
Reclassifications Out of 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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Accumulated other comprehensive loss at beginning of period | $ | (7,998 | ) |  | $ | (8,324 | ) |  | $ | (8,061 | ) |  | $ | (8,391 | )
Defined Benefit Pension Plan Items: |  |  |  |  |  |  |
Amortization of unrecognized net loss (1) | 107 |  |  | 115 |  |  | 214 |  |  | 230 |
Postretirement Benefit Plan Items: |  |  |  |  |  |  |
Amortization of unrecognized net gain (1) | (7 | ) |  | (7 | ) |  | (14 | ) |  | (14 | )
Amortization of prior service asset (1) | (1 | ) |  | (1 | ) |  | (2 | ) |  | (2 | )
Total other comprehensive income, before tax | 99 |  |  | 107 |  |  | 198 |  |  | 214 |
Total tax expense | (37 | ) |  | (39 | ) |  | (73 | ) |  | (79 | )
Other comprehensive income, net of tax | 62 |  |  | 68 |  |  | 125 |  |  | 135 |
Accumulated other comprehensive loss at end of period | $ | (7,936 | ) |  | $ | (8,256 | ) |  | $ | (7,936 | ) |  | $ | (8,256 | )
(1) Included in the computation of net periodic benefit income/cost. See Notes 6 and 7 for additional information. Significant Accounting Policies There were no changes to our Significant Accounting Policies from those disclosed in our 2014 Annual Report on Form 10-K. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 14-09”) which creates a comprehensive set of guidelines for the recognition of revenue under the principle: “Recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” The requirements of ASU 14-09 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and will require either retrospective application to each prior period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. We are currently evaluating the impact this ASU will have on our financial position and results of operations.

X
- Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 + Details
Name: | us-gaap_SignificantAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration