XML 39 R22.htm IDEA: XBRL DOCUMENT
v3.21.2

Financial Instruments | 12 Months Ended
--- | ---
Jun. 30, 2021
Financial Instruments, Owned, at Fair Value [Abstract] |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS The methods used to estimate the fair value of our financial instruments are as follows: Cash and Equivalents, Revolving and Other Lines of Credit and Notes Payable The carrying amounts approximate their fair value because of the short maturity of the instruments. Long-Term Debt, Including Current Maturities Fixed rate debt had a fair market value of $644.2 million and $630.2 million at June 30, 2021 and 2020, respectively. The Level 2 fair value is determined based on the quoted market prices for similar debt instruments as of June 30, 2021 and 2020, respectively. Foreign Exchange Contracts All outstanding range forward contracts expired as of June 30, 2021. The notional amount of the contracts translated into U.S. dollars at June 30, 2020 was $2.2 million. We would have received an immaterial amount at June 30, 2020 to settle these contracts representing the fair value of these agreements. The carrying value equaled the fair value for these contracts at June 30, 2020. Fair value was estimated based on quoted market prices of comparable instruments. Interest Rate Swap Contracts During fiscal 2021, upon issuance of the Senior Unsecured Notes due 2031 (see Note 11 for more information) we settled the forward starting interest rate swap contracts used to hedge a portion of the interest rate risk related to the refinancing. The notional amount of the forward starting interest rate swap contracts at June 30, 2020 was $200.0 million. We recorded $2.1 million of liabilities as of June 30, 2020 related to these contracts. There were no interest rate swap contracts outstanding at June 30, 2021. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of temporary cash investments and trade receivables. By policy, we make temporary cash investments with high credit quality financial institutions and limit the amount of exposure to any one financial institution. With respect to trade receivables, concentrations of credit risk are significantly reduced because we serve numerous customers in many industries and geographic areas. We are exposed to counterparty credit risk for nonperformance of derivatives and, in the unlikely event of nonperformance, to market risk for changes in interest and currency exchange rates, as well as settlement risk. We manage exposure to counterparty credit risk through credit standards, diversification of counterparties and procedures to monitor concentrations of credit risk. We do not anticipate nonperformance by any of the counterparties. As of June 30, 2021 and 2020, we had no significant concentrations of credit risk.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration