<SEC-DOCUMENT>0000716643-18-000020.txt : 20180424
<SEC-HEADER>0000716643-18-000020.hdr.sgml : 20180424
<ACCEPTANCE-DATETIME>20180314150149
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000716643-18-000020
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REGIS CORP
		CENTRAL INDEX KEY:			0000716643
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PERSONAL SERVICES [7200]
		IRS NUMBER:				410749934
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7201 METRO BLVD
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55439
		BUSINESS PHONE:		9529477777

	MAIL ADDRESS:	
		STREET 1:		7201 METRO BLVD
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55439
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2018 Workiva -->
		<title>Document</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="sDA094553BD058B46EC94E746C832860F"></a></div><div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:right;"><img src="rgsheader.jpg" alt="rgsheader.jpg" style="height:17px;width:682px;"></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March 14, 2018</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Via EDGAR</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Paul Fischer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Staff Attorney</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">AD 11 - Office of Telecommunications</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">United States Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100 F. Street, NE</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:5%;"></td><td style="width:95%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Re:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Regis Corporation</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Form&#160;10-K for the Year Ended June&#160;30, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Filed August&#160;23, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Form 10-Q for the Quarterly Period Ended December 31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Filed February&#160;1, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">File No. 001-12725</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Mr. Fischer,</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are submitting this letter in response to the comment from the Staff of the Securities and Exchange Commission (the "Commission") received by electronic mail dated March 1, 2018 relating to the Company's Form 10-Q filed with the Commission on February 1, 2018.  The comment received from the Commission has been reproduced here in italics and the response from Regis Corporation (the "Company") can be found below.</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Comment received from the Commission:</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Form 10-Q for the Quarterly Period Ended December 31, 2017</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Note 5. Income Taxes, page 11</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">We note your disclosure in the last paragraph on page 11 that the tax law change allows for the indefinite carryforward of NOLs arising in tax years ending after December 31, 2017.  Please explain to us how this tax law change enabled you to partially release your valuation allowance on deferred tax assets, as it appears that the deferred tax assets arose prior to December 31, 2017.  Also, tell us the amount of the tax benefit for the partial release the valuation allowance.  In addition, explain to us the reason why you recorded $7.6 million of tax benefit, exclusive of the $68.9 million benefit, due to the Tax Act and the resulting partial release of the Company's valuation allowance.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Company Response:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the quarter ended December 31, 2017, the Company recorded a combined tax benefit of $76.5 million, comprised of a $37.9 million income tax benefit for the impact of the reduction in U.S. corporate tax rates, a $31.0 million income tax benefit due to the partial release of the U.S. valuation allowance, and a $7.6 million income tax benefit on the ordinary losses generated during the quarter ended December 31, 2017:</font></div><div style="line-height:120%;text-align:center;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:62.40740740740741%;border-collapse:collapse;text-align:left;"><tr><td colspan="6"></td></tr><tr><td style="width:59%;"></td><td style="width:2%;"></td><td style="width:1%;"></td><td style="width:32%;"></td><td style="width:1%;"></td><td style="width:5%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the Three Months </font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ended December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Dollars in millions)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reduction in U.S. corporate tax rates</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Partial release of U.S. valuation allowance release</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup>&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interim tax provision, exclusive of above items</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.6</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup>&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income tax benefit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76.5</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reduction of U.S. federal corporate tax rate:</font><font style="font-family:inherit;font-size:10pt;">&#32;&#32;Due to the tax legislation enacted on December 22, 2017, commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") the corporate tax rate was reduced to 21 percent, effective January 1, 2018.  As a result of the reduction in the tax rate, the Company recorded a provisional income tax benefit of $37.9 million associated with the re-valuation of its net deferred tax liability. In accordance with Accounting Standards Codification ("ASC") 740-10-25-47 through 25-48, ASC 740-10-45-15, and ASC 740-270-25-5 through 25-6, adjustments to deferred tax assets and liabilities as a result of a change in tax law or rates are accounted for discretely in continuing operations at the date of enactment.  </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup>&#160;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Partial release of U.S. valuation allowance:</font><font style="font-family:inherit;font-size:10pt;">&#32;&#32;The Company has recorded a provisional income tax benefit of $31.0 million for a partial release of a valuation allowance as a result of the Tax Act which allows for the indefinite carryforward of U.S. net operating losses (see technical analysis below). Pursuant to ASC 740-270-25-7, any change in judgment relating to the beginning of the year valuation allowance balance should be recognized discretely in continuing operations in the interim period in which the change occurs.  </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The combination of the reduction of the U.S. federal corporate tax rate and the partial release of the U.S. valuation allowance represent the $68.9 million discrete tax benefit disclosed separately in our footnote due to the Tax Act. </font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup>&#160;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Interim tax provision:</font><font style="font-family:inherit;font-size:10pt;">&#32;Consistent with the Tax Act, which allows for the indefinite carryforward of U.S. net operating losses (see technical analysis below), the Company also recorded a $7.6 million income tax benefit on ordinary losses generated in the quarter ended December 31, 2017. This item was recorded consistent with the accounting for interim provisions under ASC 740-270.  It was called out separately to distinguish it from the other two items listed above.  </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Technical Analysis</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The nature of evaluating the realizability of deferred tax assets (&#8220;DTAs&#8221;) requires a subjective and mechanical assessment to determine if it is more-likely-than-not that the DTAs will be realized. The existence of future taxable income is necessary to enable the utilization of DTAs in future tax periods. As stated in ASC 740-10-25-20, the general accounting premise is that the book value of a company&#8217;s assets and liabilities will be recovered over time, generating taxable or deductible reversals of temporary differences. ASC 740-10-30-18 states that future reversals of deferred tax liabilities (&#8220;DTLs&#8221;) will result in taxable income and can be considered as a source of income for valuation allowance considerations. However, indefinite-lived DTLs can only be used as a source of taxable income to support the realization of indefinite-lived DTAs. </font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company reported a valuation allowance against certain U.S. DTAs in its Form 10-K and Form 10-Q for the periods ended June 30, 2017 and September 30, 2017, respectively.  In calculating the valuation allowance, the Company was </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">not</font><font style="font-family:inherit;font-size:10pt;">&#32;permitted to use its existing DTLs related to its indefinite-lived intangible assets (i.e. &#8220;naked credit DTLs&#8221;) as a source of taxable income to support the realization of its existing finite-lived DTAs. </font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to the Tax Act, U.S. net operating losses ("NOLs") arising in tax years ending after December 31, 2017 will no longer be subject to the limited 20-year carryforward period.  Under the new law, these NOLs carry forward indefinitely, resulting in the creation of indefinite-lived DTAs for the Company&#8217;s fiscal years ending on and after June 30, 2018. Consequently, as the Company schedules its deferred taxes and considers the ability to realize its deferred tax assets in future periods, it needs to consider how existing DTAs, other than historical NOLs, will reverse. If the reversal is expected to generate an indefinite carryforward NOL under the new law, this may impact the valuation allowance assessment. The indefinite carryforward period for NOLs also means that its deferred tax liabilities related to indefinite-lived intangibles, commonly referred to as &#8220;naked credits,&#8221; can be considered as support for realization.</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In performing its valuation allowance assessment for the period ended December 31, 2017, the Company concluded that certain DTAs that were historically subject to a valuation allowance would reverse in future periods and ultimately generate indefinite-lived NOLs as a result of the Tax Act beginning with the Company&#8217;s fiscal year ending June 30, 2018.  Consequently, the Company removed the valuation allowance associated with these DTAs because its existing indefinite-lived DTLs can now be used as a source of taxable income to support their realization. The Company continues to maintain a valuation allowance against its existing finite-lived DTAs. These finite-lived DTAs include U.S. NOLs generated in fiscal years ended before June 30, 2018, tax credit carryforwards, and various state DTAs.</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">******</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We hope that this letter responds adequately to the Staff&#8217;s comments. If you have any further comments or concerns, please do not hesitate to contact me at (952) 947-7777.</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:5%;"></td><td style="width:45%;"></td><td style="width:50%;"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sincerely,</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Andrew H. Lacko</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Andrew H. Lacko</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Executive Vice President and Chief Financial Officer</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">cc:</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ms. Kathryn Jacobson, Senior Staff Accountant</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mr. Carlos Pacho, Senior Assistant Chief Accountant</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ms. Celeste Murphy, Legal Branch Chief</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div><br></div><div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>rgsheader.jpg
<TEXT>
begin 644 rgsheader.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1"  I!AH# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#]4Z*** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** $-?G3_ ,%
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MRJ<?IBF[22EU)A*=&<\/)W5KK_(Y3PKH^L^*H9Y(=8F@$3 8:9SG(SV-;O\
MPKWQ".?^$@D_[^R?XU)\'3BQU'_KJO\ Z#7H3,,$D\552I)2LC#"82E5H1G.
M]_4\G_MKQ!X!U*&+49S?6DG7<V\..^UC\P(';I7JEO,ES!'+&=R.H93Z@C@U
MYG\4-3M]5N+#3[-UN+E6.[RSD D@ 9]3@UZ)I%F;'2[*W/+0PI&?P %14^%2
M:U.G!MQJSI*5X+;_ "'ZE?1:;87%W+PD*%S[X&<"O&;;Q!J]K=6VLRW,[VSW
M+9C\QMC8P2N#QCG'X>U=G\6-8-OIL&G1<R7+Y8>JCG'XG'Y5/K'A,+\/5L%&
MZ>UC$X/JXR6_,%A^55"T8Z]3#%<]>HU3=N17^9U4Z_VEI,HMI=IN(3Y<H)XW
M+PW'US7"?\*]\09.-?;KQ^\D_P :UOACK7]I>'UMW8-+9MY9]=IY4_T_X#78
M[OFK/F=-M([%3I8VG&I(\4OK/6+#Q'%H[:Q<-+(R*)!,^!N_&NC_ .%>^(,?
M\C!(1_UUD_QJAXB_Y*I:?]=H/Z5ZN.AK:=244O,\["X2G5G44KZ/35G(ZI:W
M>A^ +B*:Z::[CC8FX#')R^1SUX!_2F?"VZGO?#LTEQ-)-)]H8;Y6+'&U>YK2
M\=_\BGJ?^Y_45C_"7CPO<'_IX;_T!:SWIMG8_P!WC(06W*R;QSXV.@JEG9*'
MU"5<CC(C'0''KZ"L"S^'^L^(HQ<ZOJ3PEOF$3 N1GU&0!^%5O"*CQ1\0+J^F
M&](F:= WJ"%0?@#^E>LC@4V_9V4=S.E3^O.52M\*=DOU9YA=?#O6?#\9N-)U
M)YF3DQ#,9/M@$@_C6[X%\;'7]UE>@1:C$.>-HD [X[,.X_R.S_E7DOC*,>&?
M'=KJ$/R+(RS.%]<E7'X@?J:(OVND@JT_J+52CI'JCK/B9=36?ADR02R0R><@
MWQMM..>]<_\ #7Q?(UT=,OYGD:0EX))&).>ZY/KU'OFMOXJ,?^$5X_Y[)_6N
M6U#PV]QX-TO6;,,MW;1 R%!\Q4$D,/<=?I]*N"3IV?<PQ$JL<6ZE-[):'KE>
M;?%K4+JSN=-^SW,L 99-WER%=W(]*ZCP9XD3Q-I,<S%1=1_),H[-ZCV/7_\
M57(?&3_CZTS_ '7_ /9:BG%JIRLZL=453!NI![GJ5%%%<Y[ 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MC#XY_P"O2U_]#DKD/B]INO\ [*W[3S>-K.R-SH]]>RZA:LV1%<1S9\^W+ $
MKO?&1_<:EU ^@?%W_!/GX<ZXTLNCW.K>'IFR5CAG$\(_X#("W_CPKYW^*W[+
M?CO]F>'_ (3/PYXD>\TVU=1)J-@6M;FW#, I=-Q&PDJ#@G)/( KZN\*_ML_"
M?Q%IL4]SX@?0[HC,EGJ-K+O0XY&Y596_ _@*\@_:H_;"\'^*?AUJ?A#P?<R:
MW<ZH%BGO1"T4$$08,P&\*S.< <#&"3GC%&H'M?[)GQLN_C;\,OMNJ[1KNFW!
ML[UXU"K,0H990H^[N#<C^\K8P, :WCEA8?$33[F3_59@E_ /@_RK@_V%/ACJ
M7P_^$MQ?:Q;O9WNNW7VU+:1=K) $58RP[$_,V/1EKUWXE>&'UG34N[9#)<VV
M?D4$ET/4#W!Z?C6E.24CS<="52C[NZU^X[16! Q2YKS_ ,'_ !$M)+**TU24
M6]U%\OG-]V3'<GL?K727GC+1+.%I&U*W<#G;%('8^V!4RIN+M8VIXJE4@I\R
M\Q?$/B[3_#CPI>,X>4$KL7/ KB_B_"S_ -EW 4A2'3Z'@C^OY54M%G^(GC%;
MHQ,FG6Y7<&'1!D@9]6)Y'O[5WOB[P^OB319+08$RG?$S= PSC\P2/QK32G)=
MS@E*IC:4[;=/.QI:7=)>Z;:W"'Y98U<?0C-6^W%>7>#?&7_"/!M'UE9(%B8A
M)&!^3/.&_/.??Z5W+>+M%$1D.J6NW&<><N?RZUG*$E+38[,/BJ=2FKNSZIB^
M*[A;7PUJ;OQ^X=1]2,#]37*_"*W*Z1J$V,*\H4?@H_QK*\6>*)?&5S#H^CQO
M)"S L^T_.0?3LHZY->@^']%B\/Z+%9)@[5)9A_$QZG\ZT^"%GNSD3^L8GVD/
MABFK^9Y#X-\*#Q5<7,7VHVODJK;@F[=G\175GX.\'_B;,?\ MA_]E53X._\
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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..%*G"HN6:N.HHHI&A_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
