Annual report pursuant to Section 13 and 15(d)

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

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

12 Months Ended

Jun. 30, 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 $1.28 in each of the full fiscal years ended June 30, 2020, June 30, 2019, and June 30, 2018. During the years ended June 30, 2020 and June 30, 2019, the Company repurchased 279,381 shares at an average share price of $179.37 and 95,000 shares at an average share price of $162.15, respectively. The Company's accounting policy is to record the portion of share repurchases in excess of the par value entirely in retained earnings. During fiscal year 2020, the Company recorded ($0.4) million within the Consolidated Statements of Shareholders' Equity for the surrender and retirement of stock to exercise option due to net settlement stock options exercises.

Accumulated Other Comprehensive Income (loss)

Changes in accumulated other comprehensive income (loss), net of tax, at June 30 consists of (in thousands):

	Unrealized Gains (Losses) on Available- for-Sale Investments			Foreign Currency Translation Adjustments			Unrealized Gains (Losses) on Derivatives Instruments			Total
Balance June 30, 2017	$	18,989		$	(67,924	)	$	-		$	(48,935	)
Other comprehensive income (loss) before reclassifications		18,108			(1,572	)		-			16,536
Amounts reclassified from accumulated other comprehensive loss to income		(12,415	)		-			-			(12,415	)
Balance June 30, 2018	$	24,682		$	(69,496	)	$	-		$	(44,814	)
Cumulative effect adjustment for adoption for ASU 2018-02		2,371			-			-			2,371
Cumulative effect adjustment for adoption for ASU 2016-01		(27,053	)		-			-			(27,053	)
Other comprehensive income (loss) before reclassifications		-			(4,487	)		(9,537	)		(14,024	)
Balance June 30, 2019	$	-		$	(73,983	)	$	(9,537	)	$	(83,521	)
Other comprehensive income (loss) before reclassifications		-			(9,963	)		(7,179	)		(17,142	)
Reclassification from loss on derivatives to interest expense, net of taxes⁽¹⁾		-			-			3,464			3,464
Balance June 30, 2020	$	-		$	(83,946	)	$	(13,253	)	$	(97,199	)

⁽¹⁾ Gains (losses) on the interest swap will be reclassified into interest expense as payments on the derivative agreement are made.The Company reclassified ($4,503) to interest expense and a related tax benefit tax of $1,040 during fiscal 2020. Approximately $7,035 of the $13,253 will be reclassified in the 12 months subsequent to June 30, 2020. The Company had deferred tax benefits of $4,058 and $2,921 included in the accumulated other comprehensive income loss as of June 30, 2020 and June 30, 2019, respectively.