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BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jun. 30, 2015
Accounting Policies [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The following is a summary of the impact of revisions on (loss) income from continuing operations for fiscal years 2014 and 2013:
|  | Fiscal Years
|  | 2014 |  | 2013
|  | (Dollars in thousands)
(Loss) income from continuing operations, as reported |  | $ | (137,080 | ) |  | $ | 4,166 |
Revisions: |  |  |  |
Deferred rent, pre-tax (1) |  | (157 | ) |  | (471 | )
Previous out of period items, pre-tax (2) |  | (811 | ) |  | 2,154 |
Tax impact |  | (1,826 | ) |  | (371 | )
Total revision impact |  | (2,794 | ) |  | 1,312 |
(Loss) income from continuing operations, as revised |  | $ | (139,874 | ) |  | $ | 5,478 |
_______________________________________________________________________________
(1) | The Company recognizes rental expense on a straight-line basis at the time the leased space becomes available to the Company. During the fourth quarter of fiscal year 2015, the Company determined its deferred rent balance was understated by $5.3 million. Accordingly, the Consolidated Financial Statements have been revised to correctly state its deferred rent balances and rent expense. The revisions resulted in an increase in net loss from continuing operations of $0.2 million for fiscal year 2014 and a decrease in net income from continuing operations of $0.5 million for fiscal year 2013. Accrued expenses and other noncurrent liabilities increased $1.0 and $4.2 million, respectively, at June 30, 2014 and retained earnings at June 30, 2014 decreased $5.2 million as a result of the cumulative adjustment for prior periods. This revision had no impact on cash provided by operations or net increase (decrease) in cash and cash equivalents for any year.
(2) | Also in the fourth quarter of fiscal year 2015, the Company revised certain prior year amounts in the Consolidated Balance Sheet and Statement of Operations to correctly recognize understatements of self-insurance accruals, interest expense, uncertain tax positions and cash and overstatements of inventory. The impact of these revisions resulted in an increase in net loss from continuing operations of $0.8 million for fiscal year 2014 and an increase in net income from continuing operations of $2.2 million for fiscal year 2013. Accrued expenses and other noncurrent liabilities increased $0.8 and $0.8 million, respectively, at June 30, 2014 and retained earnings at June 30, 2014 decreased by $1.6 million as a result of the cumulative adjustment for prior periods. In addition, cash and cash equivalents at June 30, 2013 increased by $0.6 million due to the revisions.
The Company assessed the materiality of these misstatements on prior periods' financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250 ("ASC 250"), Presentation of Financial Statements, and concluded these misstatements were not material to any prior annual or interim periods. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the Consolidated Financial Statements as of June 30, 2014 and 2013, and the years then ended, which are presented herein, have been revised. The following are selected line items from the Company's Consolidated Financial Statements illustrating the effect of these revisions:
|  | REGIS CORPORATION
|  | CONSOLIDATED BALANCE SHEET
|  | (Dollars in thousands)
|  | June 30,
|  | 2014 |
|  | As Previously Reported |  | Revision |  | As Revised |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |
Accrued expenses |  | $ | 142,720 |  |  | $ | 1,824 |  |  | $ | 144,544 |  |
Total current liabilities |  | 384,712 |  |  | 1,824 |  |  | 386,536 |  |
Other noncurrent liabilities |  | 190,454 |  |  | 4,965 |  |  | 195,419 |  |
Total liabilities |  | 695,168 |  |  | 6,789 |  |  | 701,957 |  |
Retained earnings |  | 357,460 |  |  | (6,789 | ) |  | 350,671 |  |
Total shareholders' equity |  | 720,781 |  |  | (6,789 | ) |  | 713,992 |  |
Total liabilities and shareholders' equity |  | $ | 1,415,949 |  |  | $ | — |  |  | $ | 1,415,949 |  |
|  | REGIS CORPORATION
|  | CONSOLIDATED STATEMENT OF OPERATIONS
|  | (Dollars in thousands, except per share data)
|  | Fiscal Years
|  | 2014 |  | 2013
|  | As Previously Reported |  | Revision |  | As Revised |  | As Previously Reported |  | Revision |  | As Revised
Cost of product |  | $ | 187,204 |  |  | $ | (280 | ) |  | $ | 186,924 |  |  | $ | 228,577 |  |  | $ | 280 |  |  | $ | 228,857 |
Site operating expenses |  | 202,359 |  |  | 1,091 |  |  | 203,450 |  |  | 203,912 |  |  | (1,784 | ) |  | 202,128 |
Rent |  | 322,105 |  |  | 157 |  |  | 322,262 |  |  | 324,716 |  |  | 471 |  |  | 325,187 |
Interest expense |  | (22,290 | ) |  | — |  |  | (22,290 | ) |  | (37,594 | ) |  | 650 |  |  | (36,944 | )
(Loss) income from continuing operations before income taxes and equity in loss of affiliated companies |  | (54,328 | ) |  | (968 | ) |  | (55,296 | ) |  | 10,098 |  |  | 1,683 |  |  | 11,781 |
Income taxes |  | (71,129 | ) |  | (1,826 | ) |  | (72,955 | ) |  | 10,024 |  |  | (371 | ) |  | 9,653 |
(Loss) income from continuing operations |  | (137,080 | ) |  | (2,794 | ) |  | (139,874 | ) |  | 4,166 |  |  | 1,312 |  |  | 5,478 |
Net (loss) income |  | $ | (135,727 | ) |  | $ | (2,794 | ) |  | $ | (138,521 | ) |  | $ | 29,194 |  |  | $ | 1,312 |  |  | $ | 30,506 |
(Loss) income per share from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted earnings per share(1) |  | $ | (2.43 | ) |  | $ | (0.05 | ) |  | $ | (2.48 | ) |  | $ | 0.07 |  |  | $ | 0.02 |  |  | $ | 0.10 |
Net (loss) income per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted earnings per share(1) |  | $ | (2.40 | ) |  | $ | (0.05 | ) |  | $ | (2.45 | ) |  | $ | 0.51 |  |  | $ | 0.02 |  |  | $ | 0.54 |
_______________________________________________________________________________
(1) | Total is a recalculation; line items calculated individually may not sum to total due to rounding.
|  | REGIS CORPORATION
|  | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|  | (Dollars in thousands)
|  | Fiscal Years
|  | 2014 |  | 2013
|  | As Previously Reported |  | Revision |  | As Revised |  | As Previously Reported |  | Revision |  | As Revised
Net (loss) income |  | $ | (135,727 | ) |  | $ | (2,794 | ) |  | $ | (138,521 | ) |  | $ | 29,194 |  |  | $ | 1,312 |  |  | $ | 30,506 |
Comprehensive loss |  | $ | (133,632 | ) |  | $ | (2,794 | ) |  | $ | (136,426 | ) |  | $ | (5,364 | ) |  | $ | 1,312 |  |  | $ | (4,052 | )
|  | REGIS CORPORATION
|  | CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
|  | (Dollars in thousands)
|  | Fiscal Years
|  | Retained Earnings |  | Total
|  | As Previously Reported |  | Revision |  | As Revised |  | As Previously Reported |  | Revision |  | As Revised
Balance, June 30, 2012 |  | $ | 484,229 |  |  | $ | (5,307 | ) |  | $ | 478,922 |  |  | $ | 889,157 |  |  | $ | (5,307 | ) |  | $ | 883,850 |
Net income |  | 29,194 |  |  | 1,312 |  |  | 30,506 |  |  | 29,194 |  |  | 1,312 |  |  | 30,506 |
Balance, June 30, 2013 |  | 499,760 |  |  | (3,995 | ) |  | 495,765 |  |  | 857,414 |  |  | (3,995 | ) |  | 853,419 |
Net loss |  | (135,727 | ) |  | (2,794 | ) |  | (138,521 | ) |  | (135,727 | ) |  | (2,794 | ) |  | (138,521 | )
Balance, June 30, 2014 |  | $ | 357,460 |  |  | $ | (6,789 | ) |  | $ | 350,671 |  |  | $ | 720,781 |  |  | $ | (6,789 | ) |  | $ | 713,992 |
|  | REGIS CORPORATION
|  | CONSOLIDATED STATEMENT OF CASH FLOWS
|  | (Dollars in thousands)
|  | Fiscal Years
|  | 2014 |  | 2013
|  | As Previously Reported |  | Revision |  | As Revised |  | As Previously Reported |  | Revision |  | As Revised
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (135,727 | ) |  | $ | (2,794 | ) |  | $ | (138,521 | ) |  | $ | 29,194 |  |  | $ | 1,312 |  |  | $ | 30,506 |
Deferred income taxes |  | 68,781 |  |  | 1,854 |  |  | 70,635 |  |  | 10,322 |  |  | 579 |  |  | 10,901 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | 2,555 |  |  | (280 | ) |  | 2,275 |  |  | (10,745 | ) |  | 280 |  |  | (10,465 | )
Other current assets |  | (6,503 | ) |  | 524 |  |  | (5,979 | ) |  | (8,064 | ) |  | 340 |  |  | (7,724 | )
Other assets |  | (103 | ) |  | 15 |  |  | (88 | ) |  | 239 |  |  | — |  |  | 239 |
Accounts payable |  | 1,907 |  |  | — |  |  | 1,907 |  |  | 19,086 |  |  | (650 | ) |  | 18,436 |
Accrued expenses |  | 3,505 |  |  | 450 |  |  | 3,955 |  |  | (26,431 | ) |  | (731 | ) |  | (27,162 | )
Other noncurrent liabilities |  | (11,502 | ) |  | (417 | ) |  | (11,919 | ) |  | 459 |  |  | (482 | ) |  | (23 | )
Net cash provided by operating activities |  | 117,403 |  |  | (648 | ) |  | 116,755 |  |  | 69,148 |  |  | 648 |  |  | 69,796 |
Cash: Beginning of Year |  | 200,488 |  |  | 648 |  |  | 201,136 |  |  | 111,943 |  |  | — |  |  | 111,943 |
Cash: End of Year |  | 378,627 |  |  | — |  |  | 378,627 |  |  | 200,488 |  |  | 648 |  |  | 201,136 |
Summary of Long-Lived Asset Impairment Charges | A summary of long-lived asset impairment charges follows:
|  | Fiscal Years
|  | 2015 |  | 2014 |  | 2013
|  | (Dollars in thousands)
North American Value |  | $ | 9,612 |  |  | $ | 11,714 |  |  | $ | 5,031 |
North American Premium |  | 4,804 |  |  | 5,014 |  |  | 3,042 |
International |  | 188 |  |  | 1,599 |  |  | 151 |
Total |  | $ | 14,604 |  |  | $ | 18,327 |  |  | $ | 8,224 |

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