XML 37 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY
 12 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY
STOCKHOLDERS’ EQUITY
In May 2018, the Board of Directors authorized the Company to repurchase up to $2,000 in shares of common stock on the open market, which replaced the prior open-market purchase program with an authorized aggregate purchase amount of up to $750.
As of June 30, 2018, the Company had two stock repurchase programs: an open-market purchase program with an authorized aggregate purchase amount of up to $2,000, which has no expiration date, and a program to offset the anticipated impact of dilution related to stock-based awards (the Evergreen Program), which has no authorization limit on the dollar amount and no expiration date.
Stock repurchases under the two stock repurchase programs were as follows during the fiscal years ended June 30:
 
2018
 
2017
 
2016
 
Amount
 
Shares
(in thousands)
 
Amount
 
Shares
(in thousands)
 
Amount
 
Shares
(in thousands)
Open-market purchase program
$
95

 
749

 
$
—

 
—

 
$
—

 
—

Evergreen Program
177

 
1,422

 
189

 
1,505

 
254

 
2,151


Dividends per share declared and paid, respectively, during the fiscal years ended June 30 were as follows:
 
2018
 
2017
 
2016
Dividends per share declared
$
3.60

 
$
3.24

 
$
3.11

Dividends per share paid
3.48

 
3.20

 
3.08



Accumulated Other Comprehensive Net (Losses) Income
Changes in Accumulated other comprehensive net (losses) income by component were as follows for the fiscal years ended June 30:
 
Foreign currency
translation adjustments
 
Net
unrealized
gains
(losses) on
derivatives
 
Pension and
postretirement
benefit
adjustments
 
Accumulated
other
comprehensive
(losses) income
Balance June 30, 2015
$
(300
)
 
$
(53
)
 
$
(149
)
 
$
(502
)
Other comprehensive income (loss) before
reclassifications
(43
)
 
(7
)
 
(38
)
 
(88
)
Amounts reclassified from Accumulated other
comprehensive net losses
—

 
18

 
—

 
18

Income tax benefit (expense)
(10
)
 
(2
)
 
14

 
2

Net current period other comprehensive income (loss)
(53
)
 
9

 
(24
)
 
(68
)
Balance June 30, 2016
(353
)
 
(44
)
 
(173
)
 
(570
)
Other comprehensive income (loss) before
reclassifications
(3
)
 
(4
)
 
27

 
20

Amounts reclassified from Accumulated other
comprehensive net losses
—

 
11

 
9

 
20

Income tax benefit (expense)
—

 
—

 
(13
)
 
(13
)
Net current period other comprehensive income (loss)
(3
)
 
7

 
23

 
27

Balance June 30, 2017
(356
)
 
(37
)
 
(150
)
 
(543
)
Other comprehensive income (loss) before
reclassifications
(20
)
 
8

 
11

 
(1
)
Amounts reclassified from Accumulated other
comprehensive net losses
—

 
6

 
8

 
14

Income tax benefit (expense)
(8
)
 
(2
)
 
(7
)
 
(17
)
Net current period other comprehensive income (loss)
(28
)
 
12

 
12

 
(4
)
Balance June 30, 2018
$
(384
)
 
$
(25
)
 
$
(138
)
 
$
(547
)


Included in foreign currency adjustments are re-measurement losses on long-term intercompany loans where settlement is not planned or anticipated in the foreseeable future. For the fiscal years ended June 30, 2018, 2017 and 2016, Other comprehensive losses on these loans totaled $9, $2 and $14, respectively, and there were no amounts reclassified from Accumulated other comprehensive net (losses) income for the periods presented.
Pension and postretirement benefit reclassification adjustments are reflected in Cost of products sold, Selling and administrative expenses and Research and development costs.