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REDEEMABLE LIMITED PARTNERS' CAPITAL (Tables) | 3 Months Ended
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Sep. 30, 2019
Temporary Equity Disclosure [Abstract] |
Changes in Redeemable Limited Partners' Capital | The tables below provide a summary of the changes in the redeemable limited partners' capital from June 30, 2019 to September 30, 2019 and June 30, 2018 to September 30, 2018 (in thousands):
| Receivables From Limited Partners | Redeemable Limited Partners' Capital | Total Redeemable Limited Partners' Capital
June 30, 2019 | $ | (1,204 | ) | $ | 2,524,474 |  | $ | 2,523,270 |
Distributions applied to receivables from limited partners | 69 |  | — |  | 69 |
Redemption of limited partners | — |  | (1,371 | ) | (1,371 | )
Net income attributable to non-controlling interest in Premier LP | — |  | 41,907 |  | 41,907 |
Distributions to limited partners | — |  | (13,699 | ) | (13,699 | )
Exchange of Class B common units for Class A common stock by member owners | — |  | (50,792 | ) | (50,792 | )
Adjustment of redeemable limited partners' capital to redemption amount | — |  | (694,309 | ) | (694,309 | )
September 30, 2019 | $ | (1,135 | ) | $ | 1,806,210 |  | $ | 1,805,075 |
| Receivables From Limited Partners | Redeemable Limited Partners' Capital | Total Redeemable Limited Partners' Capital
June 30, 2018 | $ | (2,205 | ) | $ | 2,922,615 |  | $ | 2,920,410 |
Distributions applied to receivables from limited partners | 437 |  | — |  | 437 |
Net income attributable to non-controlling interest in Premier LP | — |  | 55,113 |  | 55,113 |
Distributions to limited partners | — |  | (14,993 | ) | (14,993 | )
Exchange of Class B common units for Class A common stock by member owners | — |  | (30,536 | ) | (30,536 | )
Adjustment of redeemable limited partners' capital to redemption amount | — |  | 708,193 |  | 708,193 |
September 30, 2018 | $ | (1,768 | ) | $ | 3,640,392 |  | $ | 3,638,624 |
Schedule of Quarterly Distributions and Quarterly Exchanges | Quarterly distributions made to limited partners during the current fiscal year are as follows (in thousands):
Date | Distribution (a)
August 22, 2019 | $ | 13,202 |
(a) Distributions are equal to Premier LP's total taxable income from the preceding fiscal quarter-to-date period for each respective distribution date multiplied by the Company's standalone effective combined federal, state and local income tax rate for each respective distribution date. Premier LP expects to make a $13.7 million quarterly distribution on or before November 27, 2019. The distribution is reflected in limited partners' distribution payable in the accompanying Condensed Consolidated Balance Sheets at September 30, 2019. Quarterly exchanges during the current fiscal year were as follows (in thousands, except Class B common units):
Date of Quarterly Exchange | Number of Class B Common Units Exchanged | Reduction in Redeemable Limited Partners' Capital
July 31, 2019 | 1,310,771 |  | $ | 50,792 |

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- Definition Tabular disclosure of the varying rights, preferences and privileges of each class of limited partnership interest. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 + Details
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- Definition Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (27) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764 + Details
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