STOCKHOLDERS' EQUITY

9 Months Ended

Mar. 31, 2020

STOCKHOLDERS’ EQUITY

Changes in the components of Stockholders’ equity were as follows for the periods indicated:


	Three Months Ended March 31
	Common Stock					Additional Paid-in Capital		Retained Earnings		Treasury Stock					Accumulated Other Comprehensive Net (Loss) Income	Total Stockholders’ Equity
	Amount		Shares (in thousands)							Amount	Shares (in thousands)
Balance as of December 31, 2018	$	159	158,741	$	1,014	$	2,940	$	(2,794)	(30,651)	$	(577)	$	742
Net earnings						187							187
Other comprehensive (loss) income											13		13
Dividends ($0.96 per share declared)						(123)							(123)
Stock-based compensation				16									16
Other employee stock plan activities				3		—		16		264			19
Treasury stock purchased								(73)		(466)			(73)
Balance as of March 31, 2019	$	159	158,741	$	1,033	$	3,004	$	(2,851)	(30,853)	$	(564)	$	781

Balance as of December 31, 2019	$	159	158,741	$	1,062	$	3,292	$	(3,357)	(33,717)	$	(601)	$	555
Net earnings						241							241
Other comprehensive (loss) income											(55)		(55)
Dividends ($1.06 per share declared)						(135)							(135)
Stock-based compensation				18									18
Other employee stock plan activities				31		—		70		1,083			101
Treasury stock purchased								(30)		(184)			(30)
Balance as of March 31, 2020	$	159	158,741	$	1,111	$	3,398	$	(3,317)	(32,818)	$	(656)	$	695

	Nine Months Ended March 31
	Common Stock					Additional Paid-in Capital		Retained Earnings		Treasury Stock					Accumulated Other Comprehensive Net (Loss) Income	Total Stockholders’ Equity
	Amount		Shares (in thousands)							Amount	Shares (in thousands)
Balance as of June 30, 2018	$	159	158,741	$	975	$	2,797	$	(2,658)	(30,759)	$	(547)	$	726
Cumulative effect of accounting changes, net of tax ⁽¹⁾						(3)							(3)
Net earnings						579							579
Other comprehensive (loss) income											(17)		(17)
Dividends ($2.88 per share declared)						(369)							(369)
Stock-based compensation				34									34
Other employee stock plan activities				24		—		116		2,048			140
Treasury stock purchased								(309)		(2,142)			(309)
Balance as of March 31, 2019	$	159	158,741	$	1,033	$	3,004	$	(2,851)	(30,853)	$	(564)	$	781

Balance as of June 30, 2019	$	159	158,741	$	1,046	$	3,150	$	(3,194)	(33,055)	$	(602)	$	559
Cumulative effect of accounting changes, net of tax ⁽²⁾						22							22
Net earnings						629							629
Other comprehensive (loss) income											(54)		(54)
Dividends ($3.18 per share declared)						(402)							(402)
Stock-based compensation				37									37
Other employee stock plan activities				28		(1)		96		1,661			123
Treasury stock purchased								(219)		(1,424)			(219)
Balance as of March 31, 2020	$	159	158,741	$	1,111	$	3,398	$	(3,317)	(32,818)	$	(656)	$	695

(1) As a result of adopting ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” on July 1, 2018, the Company recorded a cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2019 opening balance of Retained earnings.

(2) As a result of adopting ASU No. 2016-02, “Leases (Topic 842),” on July 1, 2019, the Company recorded a cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2020 opening balance of Retained earnings. See Note 1 for more information.

The Company has 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 for the periods indicated:


	Three Months Ended											Nine Months Ended
	3/31/2020					3/31/2019				3/31/2020			3/31/2019
	Amount		Shares (in thousands)	Amount		Shares (in thousands)	Amount		Shares (in thousands)	Amount		Shares (in thousands)
Open-market purchase program	$	—	—	$	—	—	$	85	577	$	78	591
Evergreen Program	30		184	73		466	134		847	231		1,551
Total stock repurchases	$	30	184	$	73	466	$	219	1,424	$	309	2,142

Changes in Accumulated other comprehensive net (loss) income by component were as follows for the periods indicated:


	Three Months Ended March 31
	Foreign currency translation adjustments		Net unrealized gains (losses) on derivatives		Pension and postretirement benefit adjustments		Accumulated other comprehensive net (loss) income
Balance as of December 31, 2018	$	(415)	$	(26)	$	(136)	$	(577)
Other comprehensive (loss) income before reclassifications	8		2		—		10
Amounts reclassified from Accumulated other comprehensive net (loss) income	—		2		2		4
Income tax benefit (expense)	—		(1)		—		(1)
Net current period other comprehensive (loss) income	8		3		2		13
Balance as of March 31, 2019	$	(407)	$	(23)	$	(134)	$	(564)

Balance as of December 31, 2019	$	(421)	$	(17)	$	(163)	$	(601)
Other comprehensive (loss) income before reclassifications	(49)		(9)		—		(58)
Amounts reclassified from Accumulated other comprehensive net (loss) income	—		2		2		4
Income tax benefit (expense), and other	(2)		2		(1)		(1)
Net current period other comprehensive (loss) income	(51)		(5)		1		(55)
Balance as of March 31, 2020	$	(472)	$	(22)	$	(162)	$	(656)

	Nine Months Ended March 31
	Foreign currency translation adjustments		Net unrealized gains (losses) on derivatives		Pension and postretirement benefit adjustments		Accumulated other comprehensive net (loss) income
Balance as of June 30, 2018	$	(384)	$	(25)	$	(138)	$	(547)
Other comprehensive (loss) income before reclassifications	(22)		(3)		—		(25)
Amounts reclassified from Accumulated other comprehensive net (loss) income	—		4		5		9
Income tax benefit (expense)	(1)		1		(1)		(1)
Net current period other comprehensive (loss) income	(23)		2		4		(17)
Balance as of March 31, 2019	$	(407)	$	(23)	$	(134)	$	(564)

Balance as of June 30, 2019	$	(414)	$	(23)	$	(165)	$	(602)
Other comprehensive (loss) income before reclassifications	(55)		(6)		—		(61)
Amounts reclassified from Accumulated other comprehensive net (loss) income	—		6		5		11
Income tax benefit (expense), and other	(3)		1		(2)		(4)
Net current period other comprehensive (loss) income	(58)		1		3		(54)
Balance as of March 31, 2020	$	(472)	$	(22)	$	(162)	$	(656)

Included in foreign currency translation adjustments are re-measurement losses on long-term intercompany loans where settlement is not planned or anticipated in the foreseeable future. For the three and nine months ended March 31, 2020, Other comprehensive (loss) income on these loans totaled $(3) and $(4), respectively. For the three and nine months ended March 31, 2019, Other comprehensive (loss) income on these loans totaled $1 and $(3), respectively. There were no amounts associated with these loans reclassified from Accumulated other comprehensive net (loss) income for the periods presented.