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Other Investments | 9 Months Ended
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Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Other Investments | Other Investments The Company holds a 93.8% equity investment in a privately-held company (“Equity Investment”), which it acquired for $51.7 million. The Company’s pro-rata share of earnings from this investment for the three and nine months ended March 31, 2020 was $0.6 million and $0.7 million, respectively. The Company's pro rata share of earnings (loss) from this investment for the three and nine months ended March 31, 2019 was $(0.2) million and $1.8 million, respectively. Earnings (losses) were recorded in other expense (income), net in the Condensed Consolidated Statement of Earnings (Loss). This investment is accounted for under the equity method of accounting. The following table summarizes the Company's equity in this nonconsolidated investment:
Location |  | Interest Type |  | Ownership % as of March 31, 2020 |  | Equity as of March 31, 2020 ($000)
USA |  | Equity Investment |  | 93.8% |  | $ | 58,301 |
The Equity Investment has been determined to be a variable interest entity because the Company has an overall 93.8% economic position in the investee, comprising a significant portion of its capitalization, but has only a 25% voting interest. The Company’s right to receive rewards and obligation to absorb expected losses is disproportionate to its voting interest. The Company is not the primary beneficiary because it does not have the power to direct the activities of the equity investment that most significantly impacts its economic performance. Certain business decisions, including decisions with respect to operating budgets, material capital expenditures, indebtedness, significant acquisitions or dispositions, and strategic decisions, require the approval of owners holding a majority percentage in the Equity Investment. The Company accounts for its interest as an equity method investment as the Company has the ability to exercise significant influence over operating and financial policies of the Equity Investment. As of March 31, 2020 and June 30, 2019, the Company’s maximum financial statement exposure related to this Equity Investment was approximately $58.3 million and $57.6 million, respectively, which is included in Investments on the Condensed Consolidated Balance Sheets. The Company has the right to purchase all of the outstanding interest of each of the minority equity holders, and the minority equity holders have the right to cause the Company to purchase all of their outstanding interests, at any time on or after the third anniversary of the investment, or earlier upon certain events.

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 + Details
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