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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Jun. 30, 2016
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) A summary of the Company’s consolidated quarterly results of operations is as follows. The sum of the net income per share from continuing operations for each of the four quarters may not equal the net income per share for the full year, as presented, due to rounding. The Quarterly Financial Data reflects revisions to prior year balances due to the immaterial error corrections discussed in Note 1, Description of Business and Basis of Presentation, and Note 2, Correction of Immaterial Errors to Prior Period Financial Statements, in the Consolidated Financial Statements. See below for a reconciliation of the Company’s fiscal 2016 and 2015 quarterly consolidated statements of income from the previously reported amounts to the revised amounts.
| Three Months Ended
| June 30, 2016 |  | March 31, 2016 |  | December 31, 2015 |  | September 30, 2015
Net sales | $ | 737,547 |  |  | $ | 736,663 |  |  | $ | 743,437 |  |  | $ | 667,727 |
Gross profit | $ | 150,081 |  |  | $ | 159,908 |  |  | $ | 166,261 |  |  | $ | 137,881 |
Operating income (loss) | $ | (65,138 | ) |  | $ | 71,148 |  |  | $ | 90,078 |  |  | $ | 54,272 |
Income before income taxes and equity in earnings of equity-method investees | $ | (77,572 | ) |  | $ | 72,863 |  |  | $ | 80,713 |  |  | $ | 42,404 |
Net income (loss) | $ | (88,597 | ) |  | $ | 48,788 |  |  | $ | 58,080 |  |  | $ | 29,158 |
Net income (loss) per common share: |  |  |  |  |  |  |
Basic | $ | (0.86 | ) |  | $ | 0.47 |  |  | $ | 0.56 |  |  | $ | 0.28 |
Diluted | $ | (0.86 | ) |  | $ | 0.47 |  |  | $ | 0.56 |  |  | $ | 0.28 |
The quarter ended June 30, 2016 was impacted by goodwill impairment charges recorded of $84,548 in the United Kingdom, impairment charges of $39,724 ($30,772 net of tax) related to indefinite-lived intangible assets (tradenames), as well as a $3,476 ($2,855 net of tax) impairment charge related to long-lived assets associated with the divestiture of certain portions of our own-label juice business in connection with our acquisition of Orchard House in the United Kingdom. The quarter ended March 31, 2016 was impacted by a $9,013 ($6,231 net of tax) gain on fire insurance recovery as a result of fixed assets purchased with insurance proceeds that exceeded the net book value of fixed assets destroyed in the fire that occurred at our Tilda rice milling facility in the second quarter of fiscal 2015.
| Three Months Ended
| June 30, 2015 |  | March 31, 2015 |  | December 31, 2014 |  | September 30, 2014
Net sales | $ | 680,565 |  |  | $ | 652,351 |  |  | $ | 679,759 |  |  | $ | 596,938 |
Gross profit | $ | 155,725 |  |  | $ | 149,609 |  |  | $ | 150,359 |  |  | $ | 107,162 |
Operating income | $ | 77,339 |  |  | $ | 68,154 |  |  | $ | 67,997 |  |  | $ | 20,372 |
Income before income taxes and equity in earnings of equity-method investees | $ | 76,265 |  |  | $ | 59,514 |  |  | $ | 59,183 |  |  | $ | 17,907 |
Net income | $ | 72,152 |  |  | $ | 38,001 |  |  | $ | 39,653 |  |  | $ | 15,155 |
Net income per common share: |  |  |  |  |  |  |
Basic | $ | 0.70 |  |  | $ | 0.37 |  |  | $ | 0.39 |  |  | $ | 0.15 |
Diluted | $ | 0.69 |  |  | $ | 0.37 |  |  | $ | 0.38 |  |  | $ | 0.15 |
The quarter ended June 30, 2015 was impacted by a $20,670 (after-tax) gain related to a tax restructuring, offset by $5,725 ($3,550 net of tax) for charges related to a legal settlement and $1,798 ($1,115 net of tax) for charges pertaining to the voluntary nut butter recall. The quarters ended March 31, 2015, December 31, 2014, and September 30, 2014 were impacted by $742 ($460 net of tax), $7,267 ($4,506 after-tax) and $24,844 ($15,403 after-tax), respectively, for charges pertaining to the voluntary nut butter recall. The quarter ended September 30, 2014 was impacted by a $6,747 gain ($4,183 after-tax) related to a pre-existing ownership interests in HPPC. REVISED QUARTERLY CONSOLIDATED STATEMENTS OF INCOME The following tables reconcile the Company’s fiscal 2016 and 2015 quarterly consolidated statements of income from the previously reported amounts to the revised amounts:
| Three Months Ended
| March 31, 2016 |  | December 31, 2015 |  | September 30, 2015
| As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Net sales | $ | 749,862 |  |  | $ | (13,199 | ) |  | $ | 736,663 |  |  | $ | 752,589 |  |  | $ | (9,152 | ) |  | $ | 743,437 |  |  | $ | 687,188 |  |  | $ | (19,461 | ) |  | $ | 667,727 |
Cost of sales | 576,653 |  |  | 102 |  |  | 576,755 |  |  | 575,026 |  |  | 2,150 |  |  | 577,176 |  |  | 535,141 |  |  | (5,295 | ) |  | 529,846 |
Gross profit | 173,209 |  |  | (13,301 | ) |  | 159,908 |  |  | 177,563 |  |  | (11,302 | ) |  | 166,261 |  |  | 152,047 |  |  | (14,166 | ) |  | 137,881 |
Selling, general and administrative expenses | 93,915 |  |  | (15,025 | ) |  | 78,890 |  |  | 82,607 |  |  | (13,626 | ) |  | 68,981 |  |  | 86,254 |  |  | (10,704 | ) |  | 75,550 |
Amortization of acquired intangibles | 4,586 |  |  | (33 | ) |  | 4,553 |  |  | 4,736 |  |  | (32 | ) |  | 4,704 |  |  | 4,672 |  |  | (33 | ) |  | 4,639 |
Acquisition related expenses, restructuring and integration charges | 5,701 |  |  | (384 | ) |  | 5,317 |  |  | 2,498 |  |  | — |  |  | 2,498 |  |  | 3,653 |  |  | (233 | ) |  | 3,420 |
Operating income | 69,007 |  |  | 2,141 |  |  | 71,148 |  |  | 87,722 |  |  | 2,356 |  |  | 90,078 |  |  | 57,468 |  |  | (3,196 | ) |  | 54,272 |
Interest and other financing expense, net | 6,920 |  |  | — |  |  | 6,920 |  |  | 6,131 |  |  | — |  |  | 6,131 |  |  | 6,467 |  |  | — |  |  | 6,467 |
Other (income)/ expense, net | 378 |  |  | — |  |  | 378 |  |  | 3,234 |  |  | — |  |  | 3,234 |  |  | 5,401 |  |  | — |  |  | 5,401 |
Gain on fire insurance recovery | (9,013 | ) |  | — |  |  | (9,013 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income before income taxes and equity in earnings of equity- method investees | 70,722 |  |  | 2,141 |  |  | 72,863 |  |  | 78,357 |  |  | 2,356 |  |  | 80,713 |  |  | 45,600 |  |  | (3,196 | ) |  | 42,404 |
Provision for income taxes | 21,576 |  |  | 2,338 |  |  | 23,914 |  |  | 21,379 |  |  | 1,223 |  |  | 22,602 |  |  | 14,382 |  |  | (1,052 | ) |  | 13,330 |
Equity in net income of equity-method investees | 161 |  |  | — |  |  | 161 |  |  | 31 |  |  | — |  |  | 31 |  |  | (84 | ) |  | — |  |  | (84 | )
Net income | $ | 48,985 |  |  | $ | (197 | ) |  | $ | 48,788 |  |  | $ | 56,947 |  |  | $ | 1,133 |  |  | $ | 58,080 |  |  | $ | 31,302 |  |  | $ | (2,144 | ) |  | $ | 29,158 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.47 |  |  | $ | — |  |  | $ | 0.47 |  |  | $ | 0.55 |  |  | $ | 0.01 |  |  | $ | 0.56 |  |  | $ | 0.30 |  |  | $ | (0.02 | ) |  | $ | 0.28 |
Diluted | $ | 0.47 |  |  | $ | — |  |  | $ | 0.47 |  |  | $ | 0.55 |  |  | $ | 0.01 |  |  | $ | 0.56 |  |  | $ | 0.30 |  |  | $ | (0.02 | ) |  | $ | 0.28 |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 103,265 |  |  | 103,265 |  |  | 103,265 |  |  | 103,017 |  |  | 103,017 |  |  | 103,017 |  |  | 102,807 |  |  | 102,807 |  |  | 102,807 |
Diluted | 104,087 |  |  | 104,087 |  |  | 104,087 |  |  | 104,161 |  |  | 104,161 |  |  | 104,161 |  |  | 104,258 |  |  | 104,258 |  |  | 104,258 |
* Net income/(loss) per common share may not add in certain periods due to rounding
| Three Months Ended
| June 30, 2015 |  | March 31, 2015
| As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Net sales | $ | 698,136 |  |  | $ | (17,571 | ) |  | $ | 680,565 |  |  | $ | 662,739 |  |  | $ | (10,388 | ) |  | $ | 652,351 |
Cost of sales | 530,439 |  |  | (5,599 | ) |  | 524,840 |  |  | 504,990 |  |  | (2,248 | ) |  | 502,742 |
Gross profit | 167,697 |  |  | (11,972 | ) |  | 155,725 |  |  | 157,749 |  |  | (8,140 | ) |  | 149,609 |
Selling, general and administrative expenses | 85,904 |  |  | (14,567 | ) |  | 71,337 |  |  | 83,068 |  |  | (10,558 | ) |  | 72,510 |
Amortization of acquired intangibles | 4,494 |  |  | (32 | ) |  | 4,462 |  |  | 4,679 |  |  | (32 | ) |  | 4,647 |
Tradename impairment | — |  |  | — |  |  | — |  |  | 5,510 |  |  | (5,510 | ) |  | — |
Acquisition related expenses, restructuring and integration charges | 2,587 |  |  | — |  |  | 2,587 |  |  | 4,298 |  |  | — |  |  | 4,298 |
Operating income | 74,712 |  |  | 2,627 |  |  | 77,339 |  |  | 60,194 |  |  | 7,960 |  |  | 68,154 |
Interest and other financing expense, net | 6,420 |  |  | — |  |  | 6,420 |  |  | 6,298 |  |  | — |  |  | 6,298 |
Other (income)/expense, net | (3,968 | ) |  | — |  |  | (3,968 | ) |  | 3,886 |  |  | — |  |  | 3,886 |
Gain on sale of business | (1,378 | ) |  | — |  |  | (1,378 | ) |  | (1,544 | ) |  | — |  |  | (1,544 | )
Income before income taxes and equity in earnings of equity-method investees | 73,638 |  |  | 2,627 |  |  | 76,265 |  |  | 51,554 |  |  | 7,960 |  |  | 59,514 |
Provision for income taxes | 2,740 |  |  | 1,547 |  |  | 4,287 |  |  | 18,147 |  |  | 3,353 |  |  | 21,500 |
Equity in net income (loss) of equity-method investees | (174 | ) |  | — |  |  | (174 | ) |  | 13 |  |  | — |  |  | 13 |
Net income | $ | 71,072 |  |  | $ | 1,080 |  |  | $ | 72,152 |  |  | $ | 33,394 |  |  | $ | 4,607 |  |  | $ | 38,001 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.69 |  |  | $ | 0.01 |  |  | $ | 0.70 |  |  | $ | 0.33 |  |  | $ | 0.05 |  |  | $ | 0.37 |
Diluted | $ | 0.68 |  |  | $ | 0.01 |  |  | $ | 0.69 |  |  | $ | 0.32 |  |  | $ | 0.04 |  |  | $ | 0.37 |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | 102,610 |  |  | 102,610 |  |  | 102,610 |  |  | 102,252 |  |  | 102,252 |  |  | 102,252 |
Diluted | 104,005 |  |  | 104,005 |  |  | 104,005 |  |  | 103,796 |  |  | 103,796 |  |  | 103,796 |
* Net income/(loss) per common share may not add in certain periods due to rounding
| Three Months Ended
| December 31, 2014 |  | September 31, 2014
| As Reported |  | Adjustment |  | As Revised |  | As Reported |  | Adjustment |  | As Revised
Net sales | $ | 696,383 |  |  | $ | (16,624 | ) |  | $ | 679,759 |  |  | $ | 631,257 |  |  | $ | (34,319 | ) |  | $ | 596,938 |
Cost of sales | 529,056 |  |  | 344 |  |  | 529,400 |  |  | 505,413 |  |  | (15,637 | ) |  | 489,776 |
Gross profit | 167,327 |  |  | (16,968 | ) |  | 150,359 |  |  | 125,844 |  |  | (18,682 | ) |  | 107,162 |
Selling, general and administrative expenses | 88,621 |  |  | (10,377 | ) |  | 78,244 |  |  | 90,924 |  |  | (10,189 | ) |  | 80,735 |
Amortization of acquired intangibles | 4,303 |  |  | (36 | ) |  | 4,267 |  |  | 4,509 |  |  | (38 | ) |  | 4,471 |
Tradename impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Acquisition related expenses, restructuring and integration charges | 391 |  |  | (540 | ) |  | (149 | ) |  | 1,584 |  |  | — |  |  | 1,584 |
Operating income | 74,012 |  |  | (6,015 | ) |  | 67,997 |  |  | 28,827 |  |  | (8,455 | ) |  | 20,372 |
Interest and other financing expense, net | 6,542 |  |  | — |  |  | 6,542 |  |  | 6,762 |  |  | (49 | ) |  | 6,713 |
Other expense, net | 2,272 |  |  | — |  |  | 2,272 |  |  | 2,499 |  |  | — |  |  | 2,499 |
Gain on sale of business | — |  |  | — |  |  | — |  |  | (5,334 | ) |  | (1,413 | ) |  | (6,747 | )
Income before income taxes and equity in earnings of equity-method investees | 65,198 |  |  | (6,015 | ) |  | 59,183 |  |  | 24,900 |  |  | (6,993 | ) |  | 17,907 |
Provision for income taxes | 20,931 |  |  | (1,093 | ) |  | 19,838 |  |  | 6,065 |  |  | (3,154 | ) |  | 2,911 |
Equity in net loss of equity-method investees | (308 | ) |  | — |  |  | (308 | ) |  | (20 | ) |  | (139 | ) |  | (159 | )
Net income | $ | 44,575 |  |  | $ | (4,922 | ) |  | $ | 39,653 |  |  | $ | 18,855 |  |  | $ | (3,700 | ) |  | $ | 15,155 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.44 |  |  | $ | (0.05 | ) |  | $ | 0.39 |  |  | $ | 0.19 |  |  | $ | (0.04 | ) |  | $ | 0.15 |
Diluted | $ | 0.43 |  |  | $ | (0.05 | ) |  | $ | 0.38 |  |  | $ | 0.18 |  |  | $ | (0.04 | ) |  | $ | 0.15 |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | 101,267 |  |  | 101,267 |  |  | 101,267 |  |  | 100,682 |  |  | 100,682 |  |  | 100,682 |
Diluted | 103,226 |  |  | 103,226 |  |  | 103,226 |  |  | 102,656 |  |  | 102,656 |  |  | 102,656 |
* Net income/(loss) per common share may not add in certain periods due to rounding

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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