STOCKHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

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, 2021 and 2020, no preferred stock was issued or outstanding.

Accumulated Other Comprehensive Loss

The following table presents the changes in accumulated other comprehensive loss (“AOCL”):

	Fiscal Year Ended June 30,
	2021		2020
Foreign currency translation adjustments:
Other comprehensive income (loss) before reclassifications (1)	$	85,581	$	(37,847)
Amounts reclassified into income (2)	16,073		95,120
Deferred (losses) gains on cash flow hedging instruments:
Amount of loss recognized in AOCL on derivatives	(810)		(1,413)
Amount of loss reclassified from AOCL into expense (3)	1,290		617
Deferred losses on net investment hedging instruments:
Amount of loss recognized in AOCL on derivatives	(3,359)		(2,788)
Amount of gain reclassified from AOCL into income (4)	(394)		(77)
Net change in AOCL	$	98,381	$	53,612

(1)Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature and were $0 and a loss of $898 for the fiscal years ended June 30, 2021 and 2020, 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 sales of Danival, Fruit and GG UniqueFiber®, the Company reclassified $16,073 of translations from AOCL to the Company's results of operations. 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,
	2021		2020
Cost of sales	$	68	$	103
Interest and other financing expense, net	(150)		$	72
Other expense (income), net	$	(1,556)	$	(959)

(4)Amounts reclassified into income for deferred losses on net investment hedging instruments are recognized in “Interest and other financing expense, net” in the Consolidation Statements of Operations and were $498 and $98 for the fiscal years ended June 30, 2021 and 2020, 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. During the fiscal year ended June 30, 2021, the Company repurchased 3,080 shares under the repurchase program for a total of $107,421, excluding commissions, at an average price of $34.87 per share. Of that amount, $1,415 is included in Accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheet at June 30, 2021 pending settlement of trade. As of June 30, 2021, the Company had $82,408 of remaining authorization under the share repurchase program. 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. The Company did not repurchase any shares under this program in fiscal 2019.

In August 2021, the Company announced that its Board of Directors approved an additional $300,000 share repurchase authorization. Share repurchases under the 2021 authorization will commence after the 2017 authorization is fully utilized, at the Company’s discretion.