STOCKHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2020

STOCKHOLDERS’ EQUITY

Preferred Stock

The Company is authorized to issue “blank check” preferred stock of up to 5,000 shares with such designations, rights and preferences as may be determined from time to time by the Board of Directors. Accordingly, the Board of Directors is empowered to issue, without stockholder approval, preferred stock with dividends, liquidation, conversion, voting or other rights which could decrease the amount of earnings and assets available for distribution to holders of the Company’s common stock. At June 30, 2020 and 2019, no preferred stock was issued or outstanding.

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in accumulated other comprehensive income (loss):


	Fiscal Year Ended June 30,
	2020		2019
Foreign currency translation adjustments:
Other comprehensive loss before reclassifications ⁽¹⁾	$	(37,847)	$	(41,180)
Amounts reclassified into income ⁽²⁾	95,120		—
Deferred gains (losses) on cash flow hedging instruments:
Other comprehensive (loss) income before reclassifications	(1,413)		94
Amounts reclassified into income ⁽³⁾	617		(26)
Deferred gains (losses) on net investment hedging instruments:
Other comprehensive loss before reclassifications	(2,788)		—
Amounts reclassified into income ⁽⁴⁾	(77)		—


Cumulative effect of adoption of ASU 2016-01	—		348
Other comprehensive income (loss)	$	53,612	$	(40,764)

(1)Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature and were a loss of $898 and a gain of $619 for the fiscal years ended June 30, 2020 and 2019, respectively.

(2)Foreign currency translation gains or losses of foreign subsidiaries related to divested businesses are reclassified into income once the liquidation of the respective foreign subsidiaries is substantially complete. At the completion of the sale of Tilda, the Company reclassified $95,120 of translation losses from accumulated comprehensive loss to the Company’s results of discontinued operations.

(3)Amounts reclassified into income for deferred gains (losses) on cash flow hedging instruments are recorded in the Consolidated Statements of Operations as follows:


	Fiscal Year Ended June 30,
	2020		2019
Cost of sales	$	103	$	32
Interest and other financing expense, net	$	72	$	—
Other expense (income), net	$	(959)	$	—

(4)Amounts reclassified into income for deferred gains (losses) on net investment hedging instruments are recognized in “Interest and other financing expense, net” in the Consolidation Statements of Operations and were $98 and $0 for the fiscal years ended June 30, 2020 and 2019, respectively

Share Repurchase Program

On June 21, 2017, the Company's Board of Directors authorized the repurchase of up to $250,000 of the Company’s issued and

outstanding common stock. Repurchases may be made from time to time in the open market, pursuant to pre-set trading plans, in private transactions or otherwise. The authorization does not have a stated expiration date. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, including the Company’s historical strategy of pursuing accretive acquisitions. During the fiscal year ended June 30, 2020, the Company repurchased 2,551 shares under the repurchase program for a total of $60,171, excluding commissions, at an average price of $23.59 per share. As of June 30, 2020, the Company had $189,829 of remaining authorization under the share repurchase program. The Company did not repurchase any shares under this program in fiscal 2019 or 2018.