Long-Term Debt

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

NOTE 11 — LONG-TERM DEBT

Long-term debt consisted of the following at June 30:

(in thousands)	2022		2021
2.800% Senior Unsecured Notes due fiscal 2031, net of discount of $0.2 million for 2022 and $0.2 million for 2021	$	299,842	$	299,823
4.625% Senior Unsecured Notes due fiscal 2028, net of discount of $1.3 million for 2022 and $1.5 million for 2021	298,702		298,483
Total term debt	598,544		598,306
Less unamortized debt issuance costs	(4,180)		(6,198)
Total long-term debt	$	594,364	$	592,108

Senior Unsecured Notes In February 2021, we issued $300.0 million of 2.800 percent Senior Unsecured Notes with a maturity date of March 1, 2031. Interest is paid semi-annually on March 1 and September 1 of each year. During 2021, we settled forward starting interest rate swap contracts for a gain of $10.2 million related to the bond issuance as discussed in Note 6. In March 2021, we used the net proceeds from the bond issuance, plus cash on hand, for the early extinguishment of our $300.0 million of 3.875 percent Senior Unsecured Notes due 2022 (the 2022 Senior Notes). Due to the early extinguishment, interest expense during 2021 includes a make-whole premium of $9.6 million and the acceleration of a loss in the amount of $2.6 million from other comprehensive loss related to forward starting interest rate contracts that were used to hedge the interest payments of the 2022 Senior Notes. A stranded tax benefit associated with the termination of this hedge was also recognized during 2021. Refer to Note 13 for more information related to the stranded tax benefit. On June 7, 2018, we issued $300.0 million of 4.625 percent Senior Unsecured Notes with a maturity date of June 15, 2028. Interest on these notes is paid semi-annually on June 15 and December 15 of each year.

Future principal maturities of long-term debt are $300.0 million in 2028 and $300.0 million in 2031.

Fixed rate debt had a fair market value of $536.1 million and $644.2 million at June 30, 2022 and 2021, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of June 30, 2022 and 2021, respectively.