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2312301 - Disclosure - Pension Benefits (Tables)
(http://www.lancastercolony.com/role/PensionBenefitsTables)
TableSchedule of Defined Benefit Plans Disclosures [Table]
Slicers (applies to each fact value in each table cell)
Defined Benefit Plan Disclosure [Line Items]Period [Axis]
2015-07-01 - 2016-06-30
Discount Rate
The actuarial present value of benefit obligations summarized below was based on the following assumption:
 
2016
 
2015
Weighted-average assumption as of June 30
 
 
 
Discount rate
3.39
%
 
4.12
%
 
 
Net Periodic Benefit Costs Assumptions
The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions:
 
2016
 
2015
 
2014
Discount rate
4.12
%
 
4.02
%
 
4.57
%
Expected long-term return on plan assets
7.00
%
 
7.00
%
 
7.00
%
 
 
Target And Actual Asset Allocations
The target and actual asset allocations for our plans at June 30 by asset category were as follows:
 
Target Percentage
of Plan Assets at
June 30
 
Actual Percentage of Plan Assets
 
2016
 
2016
 
2015
Cash and equivalents
0%-10%
 
2
%
 
2
%
Equity securities
30%-70%
 
50

 
49

Fixed income
30%-70%
 
48

 
49

Total
 
 
100
%
 
100
%
 
 
Summary Of The Fair Values And Levels Within The Fair Value Hierarchy Of Plan Assets
The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30:
 
June 30, 2016
Asset Category
Level 1
 
Level 2
 
Level 3
 
Total
Cash and equivalents
$
557

 
$

 
$

 
$
557

Money market funds
267

 

 

 
267

U.S. government obligations

 
4,785

 

 
4,785

Municipal obligations

 
139

 

 
139

Corporate obligations

 
2,927

 

 
2,927

Mortgage obligations

 
1,998

 

 
1,998

Mutual funds fixed income
7,135

 

 

 
7,135

Mutual funds equity
17,874

 

 

 
17,874

Total
$
25,833

 
$
9,849

 
$

 
$
35,682

 
 
 
 
 
 
 
 
 
June 30, 2015
Asset Category
Level 1
 
Level 2
 
Level 3
 
Total
Cash and equivalents
$
522

 
$

 
$

 
$
522

Money market funds
181

 

 

 
181

U.S. government obligations

 
4,266

 

 
4,266

Municipal obligations

 
161

 

 
161

Corporate obligations

 
3,174

 

 
3,174

Mortgage obligations

 
1,857

 

 
1,857

Mutual funds fixed income
8,820

 

 

 
8,820

Mutual funds equity
18,165

 

 

 
18,165

Total
$
27,688

 
$
9,458

 
$

 
$
37,146

 
 
Schedule Of Change In Benefit Obligation
 
2016
 
2015
Change in benefit obligation
 
 
 
Benefit obligation at beginning of year
$
42,042

 
$
41,233

Interest cost
1,685

 
1,612

Actuarial loss
2,683

 
1,414

Benefits paid
(2,258
)
 
(2,217
)
Benefit obligation at end of year
$
44,152

 
$
42,042

 
 
Schedule Of Change In Plan Assets
 
2016
 
2015
Change in plan assets
 
 
 
Fair value of plan assets at beginning of year
$
37,146

 
$
38,725

Actual return on plan assets
794

 
638

Employer contributions

 

Benefits paid
(2,258
)
 
(2,217
)
Fair value of plan assets at end of year
$
35,682

 
$
37,146

 
 
Schedule Of Reconciliation Of Funded Status
 
2016
 
2015
Reconciliation of funded status
 
 
 
Net accrued benefit cost
$
(8,470
)
 
$
(4,896
)
 
 
Schedule Of Amounts Recognized In The Consolidated Balance Sheets
 
2016
 
2015
Amounts recognized in the Consolidated Balance Sheets consist of
 
 
 
Prepaid benefit cost (noncurrent assets)
$
143

 
$
174

Accrued benefit liability (noncurrent liabilities)
(8,613
)
 
(5,070
)
Net amount recognized
$
(8,470
)
 
$
(4,896
)
 
 
Schedule Of Accumulated Benefit Obligation
 
2016
 
2015
Accumulated benefit obligation
$
44,152

 
$
42,042

 
 
Plans With Benefit Obligations In Excess Of The Fair Value Of Plan Assets
The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date:
 
2016
 
2015
Benefit obligations
$
41,301

 
$
38,980

Fair value of plan assets at end of year
$
32,688

 
$
33,910

 
 
Amounts Recognized In Accumulated Other Comprehensive Loss
Amounts recognized in accumulated other comprehensive loss at June 30 were as follows:
 
2016
 
2015
Net actuarial loss
$
20,434

 
$
16,564

Income taxes
(7,550
)
 
(6,120
)
Total
$
12,884

 
$
10,444

 
 
Amounts In Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost During Next Fiscal Year
The amount in accumulated other comprehensive loss expected to be recognized as a component of net periodic benefit cost during the next fiscal year is as follows:
 
2017
Net actuarial loss
$
715

 
 
Components Of Net Periodic Benefit Income
The following table summarizes the components of net periodic benefit income for our pension plans at June 30:
 
2016
 
2015
 
2014
Components of net periodic benefit income
 
 
 
 
 
Interest cost
$
1,685

 
$
1,612

 
$
1,754

Expected return on plan assets
(2,520
)
 
(2,632
)
 
(2,457
)
Amortization of unrecognized net loss
539

 
429

 
460

Net periodic benefit income
$
(296
)
 
$
(591
)
 
$
(243
)
 
 
Benefit Payments Estimated For Future Years
Benefit payments estimated for future years are as follows:
 
 
2017
$
2,325

2018
$
2,333

2019
$
2,352

2020
$
2,394

2021
$
2,424

2022 - 2026
$
12,664