XML 34 R24.htm IDEA: XBRL DOCUMENT v3.19.1

Summary of Significant Accounting Policies Summary of Significant Accounting Principles (Tables)

9 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table summarizes the cumulative effect of adopting the new revenue standard as of the adoption date of July 1, 2018:

Consolidated Balance Sheet	As reported at June 30, 2018				ASC 606 adjustments				Adjusted balance at July 1, 2018
Assets
Prepaid expenses and other current assets	$	78,846			$	(3,738	)		$	75,108
Deferred tax assets	67,087				595				67,682
Liabilities and Shareholders' Equity
Deferred revenue	$	27,697			$	103			$	27,800
Retained earnings	452,756				(3,246		)		449,510

Schedule of Prospective Adoption of New Accounting Pronouncements

The following table summarizes the impact as of and for the three and nine months ended March 31, 2019 from adopting the new revenue standard as compared to the previous revenue standard:

	As reported (current revenue standard)				Current period adjustments				As adjusted (previous revenue standard)
Consolidated Statement of Operations for the Three Months Ended March 31, 2019
Marketing and selling expense (1)	$	171,584			$	1,486			$	173,070
Income tax expense	4,091				(83		)		4,008
Net income	6,242				(1,403		)		4,839
Consolidated Statement of Operations for the Nine Months Ended March 31, 2019
Marketing and selling expense (1)	$	566,335			$	(486	)		$	565,849
Income tax expense	23,971				86				24,057
Net income	60,285				400				60,685
Consolidated Balance Sheet as of March 31, 2019
Assets
Prepaid expenses and other current assets	$	92,048			$	4,224			$	96,272
Deferred tax assets	57,885				(121		)		57,764
Liabilities and Shareholders' Equity
Accrued expenses	$	207,918			$	35			$	207,953
Deferred revenue	34,941				(103		)		34,838
Retained earnings	503,275				4,171				507,446

_____________________

(1) During the three and nine months ended March 31, 2019, the adjustment to marketing and selling expense was the impact from National Pen's direct mail costs that resulted in lower expense of $1,486 and higher expense of $486, respectively. The timing of the expense recognition would have been different under the previous revenue standard since they would have been capitalized within prepaid expense and other current assets and amortized over the customer response period to marketing and selling expense. As of July 1, 2018, we recognized a cumulative effect adjustment within retained earnings of $3,738.

Interest and Other Income

The following table summarizes the components of other (expense) income, net:

	Three Months Ended March 31,								Nine Months Ended March 31,
	2019				2018				2019				2018
Gains (losses) on derivatives not designated as hedging instruments (1)	$	1,258			$	(9,102	)		$	19,802			$	(19,103	)
Currency-related (losses) gains, net (2)	(4,085		)		7,519				(3,011		)		(7,133		)
Other gains	332				25				595				634
Total other (expense) income, net	$	(2,495	)		$	(1,558	)		$	17,386			$	(25,602	)

_____________________

(1) Primarily relates to both realized and unrealized gains (losses) on derivative currency forward and option contracts not designated as hedging instruments.

(2) We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related (losses) gains, net for the three and nine months ended March 31, 2019 and 2018 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. Unrealized gains related to cross-currency swaps were $2,146 and $3,389 for the three and nine months ended March 31, 2019, respectively, as compared to unrealized losses of $3,582 and $9,708 for the three and nine months ended March 31, 2018, respectively.

Schedule of Weighted Average Number of Shares

The following table sets forth the reconciliation of the weighted-average number of ordinary shares:

	Three Months Ended March 31,						Nine Months Ended March 31,
	2019			2018			2019			2018
Weighted average shares outstanding, basic	30,763,055			30,724,018			30,837,207			30,992,066
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs	751,738			—			943,934			1,284,454
Shares used in computing diluted net income (loss) per share attributable to Cimpress N.V.	31,514,793			30,724,018			31,781,141			32,276,520
Weighted average anti-dilutive shares excluded from diluted net income (loss) per share attributable to Cimpress N.V. (1)	—			1,448,530			—			3,054

_____________________

(1) In the periods in which a net loss is recognized, the impact of share options, RSUs, and RSAs is not included as they are anti-dilutive.

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of interest income and income classified as other.

+ References

No definition available.

+ Details

Name:	us-gaap_InterestAndOtherIncomeTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the comparison between amounts disclosed under previous guidance and new guidance.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfProspectiveAdoptionOfNewAccountingPronouncementsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name:	us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration