Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Mar. 31, 2020

Comprehensive Income (Loss) Note [Text Block]

Note 8. Supplemental Equity and Accumulated Other Comprehensive Income (Loss):

Supplemental Equity

The Company has declared cash dividends per share of $0.32 and $0.96 in both the three and nine month periods ended March 31, 2020 and 2019, respectively.

Consolidated Changes in Equity (amounts in thousands)

													Accumulated
							Additional						Other
	Common Stock						Paid-in			Retained			Comprehensive
	Shares			Amount			Capital			Earnings			Income(Loss)			Total
Balances at June 30, 2019		37,934		$	379		$	316,797		$	931,934		$	(83,521	)	$	1,165,589
Cumulative effect adjustments due to adoption of new accounting standards and other											(879	)					(879	)
Net earnings											14,398						14,398
Other comprehensive income (loss)														(8,106	)		(8,106	)
Common stock issued for exercise of options		94			1			7,854									7,855
Common stock issued for restricted stock awards		50			0			(0	)		(1,926	)					(1,926	)
Cash dividends											(12,169	)					(12,169	)
Stock-based compensation expense								8,267									8,267
Common stock issued to employee stock purchase plan		6			0			1,096									1,096
Employee stock purchase plan expense								99									99
Balances at September 30, 2019		38,084		$	381		$	334,112		$	931,358		$	(91,627	)	$	1,174,224
Net earnings											119,622						119,622
Other comprehensive income (loss)														13,275			13,275
Common stock issued for exercise of options		195			2			18,293									18,295
Common stock issued for restricted stock awards		4			0			(0	)								0
Cash dividends											(12,197	)					(12,197	)
Stock-based compensation expense								10,017									10,017
Common stock issued to employee stock purchase plan
Employee stock purchase plan								112									112
Balance at December 31, 2019		38,283		$	383		$	362,534		$	1,038,783		$	(78,352	)	$	1,323,348
Net earnings											36,432						36,432
Other comprehensive income (loss)														(25,105	)		(25,105	)
Share repurchases		(279	)		(3	)		0			(50,109	)					(50,112	)
Common stock issued for exercise of options		100			1			10,026									10,027
Common stock issued for restricted stock awards		1			0			(0	)		(114	)					(114	)
Cash dividends											(12,279	)					(12,279	)
Stock-based compensation expense								7,745									7,745
Common stock issued to employee stock purchase plan		8			0			1,216									1,216
Employee stock purchase plan								110									110
Balance at March 31, 2020		38,112		$	381		$	381,632		$	1,012,713		$	(103,458	)	$	1,291,268

												Accumulated
							Additional					Other
	Common Stock						Paid-in		Retained			Comprehensive
	Shares			Amount			Capital		Earnings			Income(Loss)			Total
Balances at June 30, 2018		37,608		$	376		$	246,568	$	876,931		$	(44,814	)	$	1,079,061
Cumulative effect adjustments due to adoption of new accounting standards and other										25,276			(24,682	)		594
Net earnings										17,403						17,403
Other comprehensive income (loss)													(1,136	)		(1,136	)
Common stock issued for exercise of options		166			2			15,609								15,611
Common stock issued for restricted stock awards		24			0					(2,405	)					(2,405	)
Cash dividends										(12,066	)					(12,066	)
Stock-based compensation expense								11,327								11,327
Common stock issued to employee stock purchase plan		5			0			842								842
Employee stock purchase plan expense								238								238
Balances at September 30, 2018		37,803		$	378		$	274,584	$	905,139		$	(70,632	)	$	1,109,469
Net earnings										17,556						17,556
Other comprehensive income (loss)													(12,379	)		(12,379	)
Share repurchases		(95	)		(1	)				(15,404	)					(15,404	)
Common stock issued for exercise of options		24						2,408								2,408
Common stock issued for restricted stock awards		3			0											-
Cash dividends										(12,086	)					-
Stock-based compensation expense								6,784								6,784
Common stock issued to employee stock purchase plan		0			0											-
Employee stock purchase plan expense								77								77
Balances at December 31, 2018		37,735		$	377		$	283,854	$	895,205		$	(83,011	)	$	1,096,425
Net earnings										44,654						44,654
Other comprehensive income (loss)													3,378			3,378
Share repurchases																-
Common stock issued for exercise of options		73			1			7,336								7,337
Common stock issued for restricted stock awards		1			0											-
Cash dividends										(12,086	)					(12,086	)
Stock-based compensation expense								5,640								5,640
Common stock issued to employee stock purchase plan		4			0			834								834
Employee stock purchase plan expense								84								84
Balances at March 31, 2019		37,813		$	378		$	297,748	$	927,773		$	(79,633	)	$	1,146,266

Accumulated Other Comprehensive Income

The components of other comprehensive income (loss) consist of changes in foreign currency translation adjustments and changes in net unrealized gains (losses) on derivative instruments designated as cash flow hedges entered into in the second quarter of fiscal 2019. During the 9 months ended March 31, 2020, the company reclassified $1.6 million, net of taxes, from comprehensive income into income relating to cash payments made on the cash flow derivative instrument. The Company did not reclassify any gains (losses) from accumulated other comprehensive income (loss) to earnings during the nine months ended March 31, 2019.

The accumulated balances related to each component of other comprehensive income (loss), net of tax, are summarized as follows:

	Gains (Losses) on Derivative Instruments			Foreign Currency Translation Adjustments			Total
Balance as of June 30, 2019	$	(9,537	)	$	(73,983	)	$	(83,521	)
Other comprehensive income (loss), net of tax before reclassifications		(6,413	)		(15,138	)		(21,551	)
Reclassification of loss on derivatives to interest expense, net of taxes ⁽³⁾		1,614			-			1,614
Balance as of March 31, 2020⁽¹⁾⁽³⁾	$	(14,336	)	$	(89,121	)	$	(103,458	)

	Gains (Losses) on Derivative Instruments			Foreign Currency Translation Adjustments			Total
Balance as of June 30, 2018⁽²⁾	$	-		$	(69,496	)	$	(69,496	)
Other comprehensive income (loss), net of tax before reclassifications		(5,769	)		(4,368	)		(10,137	)
Balance as of March 31, 2019 ⁽³⁾	$	(5,769	)	$	(73,864	)	$	(79,633	)

(1) The gain (loss) on the interest rate swap will be reclassified into interest expense as payments on the derivative agreement are made. Approximately ($7,487) of the ($14,336) will be reclassified into earnings in the 12 months subsequent to March 31, 2020.

(2) As previously disclosed in our 10-K/A, unrealized gains of $24,682 on available-for-sale investments with readily determinable fair vales were included in the June 30, 2018 Consolidated Balance Sheet and were reclassified into retained earnings at the beginning of fiscal 2019 upon our adoption of ASU 2016-01 and ASU 2018-02. The amounts presented in accumulated other comprehensive income as of June 30, 2018 exclude these unrealized gains subsequently reclassified into retained earnings.

(3) The Company reclassified ($2,102) to interest expense and a related tax benefit tax of $488 during the nine months ended March 31, 2020. The Company had deferred tax benefits of $4,390 and $1,792 included in the accumulated other comprehensive income loss as of March 31, 2020 and March 31, 2019, respectively.