Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Interim Basis of Presentation

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Note 2 - Interim Basis of Presentation
 9 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]
(
2
)
Interim Basis of Presentation
 
Use of Estimates.
We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of net sales and expenses during the reporting period. Due to the inherent uncertainty involved in making those estimates, actual results could differ from those estimates. Areas in which significant estimates have been made include, but are
not
limited to, goodwill and indefinite-lived intangible asset impairment analyses, useful lives for property, plant and equipment, inventory obsolescence, business insurance reserves, tax valuation allowances, the evaluation of uncertain tax positions and other loss reserves.
 
Principles of Consolidation.
We conduct business globally and have strategically aligned our business into
two
reportable segments: Wholesale and Retail. These
two
segments represent strategic business areas of our vertically integrated enterprise that operate separately and provide their own distinctive services. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany activity and balances have been eliminated from the consolidated financial statements. In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for fair presentation, have been included in the consolidated financial statements. The results of operations for the
three
and
nine
months ended
March 31, 2020
are
not
necessarily indicative of results that
may
be expected for the entire fiscal year. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our fiscal
2019
Annual Report on Form
10
-K (the
“2019
Annual Report on Form
10
-K”).
 
Reclassifications.
Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation. These changes were made for disclosure purposes only and did
not
have any impact on previously reported results.