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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities:      
Net income $ 136,983 [1],[2],[3] $ 150,549 [4],[5] $ 135,314
Impacts of noncash items:      
Depreciation and amortization 37,963 31,848 26,896
Change in contingent consideration 257 (16,180) 2,052
Deferred income taxes and other changes 11,402 7,336 (8,502)
Stock-based compensation expense 6,115 5,972 5,039
Restructuring and impairment charges (268) 1,643 0
Loss (gain) on sale of property 315 (13) (10)
Pension plan activity (578) (749) (434)
Changes in operating assets and liabilities:      
Receivables (10,913) (748) (3,040)
Inventories 1,024 6,282 (14,485)
Other current assets (14,267) (3,085) 2,164
Accounts payable and accrued liabilities 2,736 14,743 15,720
Net cash provided by operating activities 170,769 197,598 160,714
Cash Flows From Investing Activities:      
Payments for property additions (82,642) (70,880) (31,025)
Cash paid for acquisitions, net of cash acquired 0 (55,364) (318)
Proceeds from sale of property 129 169 38
Other-net (752) (786) (147)
Net cash used in investing activities (83,265) (126,861) (31,452)
Cash Flows From Financing Activities:      
Payment of dividends (75,644) (70,110) (64,531)
Purchase of treasury stock (5,459) (7,411) (1,102)
Tax withholdings for stock-based compensation (3,806) (2,360) (981)
Other-net (610) (320) 0
Net cash used in financing activities (85,519) (80,201) (66,614)
Net change in cash and equivalents 1,985 (9,464) 62,648
Cash and equivalents at beginning of year 196,288 205,752 143,104
Cash and equivalents at end of year $ 198,273 $ 196,288 $ 205,752
[1]
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.
[2]
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.
[3]
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.
[4]
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.
[5]
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.