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v3.20.2

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.

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