Document and Entity Information
Document and Entity Information - USD ($) | 17 Months Ended | ||
Oct. 31, 2015 | Jun. 01, 2015 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | S4 | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 31, 2015 | ||
Document Fiscal Year Focus | 2,016 | ||
Entity Registrant Name | Infor, Inc. | ||
Entity Central Index Key | 1,556,148 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 1,000 | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | |||
Current assets: | ||||||
Cash and cash equivalents | $ 499 | $ 526.7 | $ 575.3 | |||
Accounts receivable, net | 326.8 | 338 | 404.2 | |||
Prepaid expenses | 126.8 | 113.9 | 108.1 | |||
Income tax receivable | 47.3 | 49.6 | 33.7 | |||
Other current assets | 22.4 | 17.8 | 33.5 | |||
Deferred tax assets | 38.9 | 30.8 | 27.5 | |||
Total current assets | 1,061.2 | 1,076.8 | 1,182.3 | |||
Property and equipment, net | 100 | 81.8 | 82.8 | |||
Intangible assets, net | 1,001.1 | 731 | 950.7 | |||
Goodwill | 4,366 | 4,045.8 | 4,317.2 | |||
Deferred tax assets | 65 | 72.8 | 88.6 | |||
Other assets | 54.3 | 40.3 | $ 35.3 | |||
Deferred financing fees, net | ||||||
Total assets | 6,647.6 | 6,048.5 | $ 6,656.9 | |||
Current liabilities: | ||||||
Accounts payable | 66.1 | 62.4 | 53.8 | |||
Income taxes payable | 33.6 | 33.5 | 19.8 | |||
Accrued expenses | 398.6 | 339.1 | 406.3 | |||
Deferred tax liabilities | 1.4 | 1.1 | 1.3 | |||
Deferred revenue | 777.5 | 867 | 975.3 | |||
Current portion of long-term obligations | 0.1 | [1] | 0.1 | [2] | 31.7 | [2] |
Total current liabilities | 1,277.3 | 1,303.2 | 1,488.2 | |||
Long-term debt, net | 5,683.7 | [1] | 5,226.7 | [2] | 5,218.4 | [2] |
Deferred tax liabilities | 167.3 | 107 | 192.5 | |||
Other long-term liabilities | 204.5 | 208.4 | 217.8 | |||
Total liabilities | 7,332.8 | $ 6,845.3 | $ 7,116.9 | |||
Commitments and contingencies (Note 14) | ||||||
Redeemable noncontrolling interests | $ 127.8 | |||||
Stockholders' deficit | ||||||
Common stock, $0.01 par value; 1,000 shares authorized; 1,000 shares issued and outstanding at October 31, 2015, April 30, 2015 and May 31, 2014 | ||||||
Additional paid-in capital | $ 1,190.4 | $ 1,209.1 | $ 1,276.3 | |||
Receivable from stockholders | (36.9) | (35.3) | (35.3) | |||
Accumulated other comprehensive income (loss) | (302.2) | (240.6) | 48.7 | |||
Accumulated deficit | (1,674.3) | (1,730) | (1,749.7) | |||
Total Infor, Inc. stockholders' deficit | (823) | (796.8) | (460) | |||
Noncontrolling interests | 10 | |||||
Total stockholders' deficit | (813) | (796.8) | ||||
Total liabilities and stockholders' deficit | $ 6,647.6 | $ 6,048.5 | $ 6,656.9 | |||
[1] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. | |||||
[2] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 |
Consolidated Balance Sheets [Abstract] | |||
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000 | 1,000 | 1,000 |
Common Stock, Shares Issued | 1,000 | 1,000 | 1,000 |
Common Stock, Shares Outstanding | 1,000 | 1,000 | 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |||||||||
Revenues: | ||||||||||||||||||||||||
Software license fees and subscriptions | $ 139.9 | $ 132.8 | $ 260.9 | $ 324.8 | $ 479.2 | $ 427.8 | $ 548.3 | $ 518.1 | ||||||||||||||||
Product updates and support fees | 354.3 | 372 | 710.9 | 745.7 | 1,330.3 | 1,340.9 | 1,465.9 | 1,441.2 | ||||||||||||||||
Software revenues | 494.2 | 504.8 | 971.8 | 1,070.5 | 1,809.5 | 1,768.7 | 2,014.2 | 1,959.3 | ||||||||||||||||
Consulting services and other fees | 169.1 | 180.8 | 331.8 | 368.3 | 629.4 | 677 | 747.6 | 758.7 | ||||||||||||||||
Total revenues | 663.3 | $ 658.7 | $ 657.4 | 685.6 | $ 753.2 | $ 740.3 | $ 672.7 | $ 698.5 | $ 650.3 | 1,303.6 | 1,438.8 | 2,438.9 | 2,445.7 | 2,761.8 | 2,718 | |||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of software license fees and subscriptions | 39.6 | [2] | 29 | [2] | 70.8 | [2] | 62.6 | [2] | 109.7 | [3] | 81.9 | [3] | 99.8 | [3] | 86.4 | [3] | ||||||||
Cost of product updates and support fees | 63.1 | [2] | 65.5 | [2] | 124.8 | [2] | 132.3 | [2] | 238.2 | [3] | 239.1 | [3] | 261.9 | [3] | 254.2 | [3] | ||||||||
Cost of consulting services and other fees | 140 | [2] | 138.5 | [2] | 278.8 | [2] | 285 | [2] | 507.2 | [3] | 540.3 | [3] | 593.2 | [3] | 588.5 | [3] | ||||||||
Sales and marketing | 106.5 | 119.6 | 207.9 | 247.3 | 412.9 | 403.3 | 457.1 | 460.2 | ||||||||||||||||
Research and development | 99.7 | 104.3 | 198.9 | 206.3 | 369.8 | 357.1 | 391.8 | 351.9 | ||||||||||||||||
General and administrative | 46.7 | 46.1 | 90.9 | 106.5 | 177.9 | 174.2 | 192.8 | 210.4 | ||||||||||||||||
Amortization of intangible assets and depreciation | 58.7 | 61.3 | 115.4 | 126.4 | 222.9 | 241.5 | 264.3 | 275.7 | ||||||||||||||||
Restructuring costs | 6.4 | (0.1) | 0.3 | 3.8 | 7.5 | 9.7 | 3.3 | 3.4 | 2.2 | 8.2 | 11.3 | 5.7 | 12.8 | 18.6 | 10.2 | |||||||||
Acquisition-related and other costs | 9.6 | 3.6 | (1.2) | (1.4) | 0.7 | 6.3 | 11.1 | 0.3 | 9.9 | 11.6 | (0.7) | 1.4 | 27.3 | 27.6 | 15 | |||||||||
Total operating expenses | 570.3 | 566.7 | 1,107.3 | 1,177 | 2,045.7 | 2,077.5 | 2,307.1 | 2,252.5 | ||||||||||||||||
Income from operations | 93 | 109.3 | 108.7 | 118.9 | 142.9 | 108.5 | 90.5 | 142.5 | 113.2 | 196.3 | 261.8 | 393.2 | 368.2 | 454.7 | 465.5 | |||||||||
Other expense, net: | ||||||||||||||||||||||||
Interest expense, net | 78.5 | 88 | 151.1 | 176.7 | 320.1 | 348.4 | 378 | 418.1 | ||||||||||||||||
Loss on extinguishment of debt | 172.4 | 5.2 | 5.2 | 1.8 | ||||||||||||||||||||
Other (income) expense, net | 10.8 | (2) | (26.4) | (34.1) | (66.8) | (52) | (62.8) | 99.2 | ||||||||||||||||
Total other expense, net | 89.3 | 86 | 124.7 | 142.6 | 425.7 | 301.6 | 320.4 | 519.1 | ||||||||||||||||
Income (loss) before income tax | 3.7 | 32.9 | 71.6 | 119.2 | (32.5) | 66.6 | 134.3 | (53.6) | ||||||||||||||||
Income tax provision (benefit) | 6.5 | 19.8 | 16.9 | 32.6 | (52.2) | (0.4) | 12.6 | 22.6 | ||||||||||||||||
Net income (loss) | (2.8) | 13.1 | 54.7 | 86.6 | ||||||||||||||||||||
Net loss attributable to noncontrolling interests | (1) | (1) | ||||||||||||||||||||||
Net income (loss) attributable to Infor, Inc. | $ (1.8) | $ (63.5) | $ 51.3 | $ 13.1 | $ 73.5 | $ 34.3 | $ 1.3 | $ 63 | $ 23.1 | $ 55.7 | $ 86.6 | $ 19.7 | $ 67 | $ 121.7 | $ (76.2) | |||||||||
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. | |||||||||||||||||||||||
[2] | Excludes amortization of intangible assets and depreciation which are separately stated below. | |||||||||||||||||||||||
[3] | Excludes amortization of intangible assets and depreciation which are separately stated below |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Net income (loss) | $ (1.8) | $ (63.5) | $ 51.3 | $ 13.1 | $ 73.5 | $ 34.3 | $ 1.3 | $ 63 | $ 23.1 | $ 55.7 | $ 86.6 | $ 19.7 | $ 67 | $ 121.7 | $ (76.2) | |
Net income (loss) | (2.8) | 13.1 | 54.7 | 86.6 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain (loss) on foreign currency translation, net of tax | 2.4 | (80) | (62.4) | (137.3) | (277.5) | (10.6) | (32.9) | 126.5 | ||||||||
Change in defined benefit plan funding status, net of tax | 0.6 | 0.2 | 1.5 | (8.9) | 0.7 | 1.5 | 1.6 | |||||||||
Unrealized gain (loss) on derivative instruments, net of tax | (2.5) | 0.6 | (3) | (2.9) | (7.9) | (9.9) | ||||||||||
Total other comprehensive income (loss) | 2.4 | (81.9) | (61.6) | (138.8) | (289.3) | (17.8) | (41.3) | 128.1 | ||||||||
Comprehensive income (loss) | (0.4) | (68.8) | (6.9) | (52.2) | ||||||||||||
Noncontrolling interests comprehensive income (loss) | (1) | (1) | ||||||||||||||
Comprehensive income (loss) attributable to Infor, Inc. | $ 0.6 | $ (68.8) | $ (5.9) | $ (52.2) | $ (269.6) | $ 49.2 | $ 80.4 | $ 51.9 | ||||||||
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Deficit - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Stockholder Receivable [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Total |
Balance, Amount at May. 31, 2012 | $ 1,234.2 | $ (21.4) | $ (38.1) | $ (1,795.2) | $ (620.5) | |
Balance, Shares at May. 31, 2012 | 1,000 | |||||
Equity-based compensation expense | 14 | 14 | ||||
Unrealized gain (loss) on foreign currency translation, net of tax | 126.5 | 126.5 | ||||
Defined benefit plan funding status, net of tax | 1.6 | 1.6 | ||||
Receivable from stockholders | (8.7) | (8.7) | ||||
Other | (0.6) | (0.6) | ||||
Net income (loss) | (76.2) | (76.2) | ||||
Balance, Amount at May. 31, 2013 | 1,247.6 | (30.1) | 90 | (1,871.4) | (563.9) | |
Balance, Shares at May. 31, 2013 | 1,000 | |||||
Equity-based compensation expense | 28.7 | 28.7 | ||||
Unrealized gain (loss) on foreign currency translation, net of tax | (32.9) | (32.9) | ||||
Defined benefit plan funding status, net of tax | 1.5 | 1.5 | ||||
Unrealized gain (loss) on derivative instruments, net of tax | (9.9) | (9.9) | ||||
Receivable from stockholders | (5.2) | (5.2) | ||||
Net income (loss) | 121.7 | 121.7 | ||||
Balance, Amount at May. 31, 2014 | 1,276.3 | (35.3) | 48.7 | (1,749.7) | (460) | |
Balance, Shares at May. 31, 2014 | 1,000 | |||||
Equity-based compensation expense | 15.5 | 15.5 | ||||
Unrealized gain (loss) on foreign currency translation, net of tax | (277.5) | (277.5) | ||||
Defined benefit plan funding status, net of tax | (8.9) | (8.9) | ||||
Unrealized gain (loss) on derivative instruments, net of tax | (2.9) | (2.9) | ||||
Dividend paid/accrued | (82.7) | (82.7) | ||||
Net income (loss) | 19.7 | 19.7 | ||||
Balance, Amount at Apr. 30, 2015 | $ 1,209.1 | $ (35.3) | $ (240.6) | $ (1,730) | (796.8) | |
Balance, Shares at Apr. 30, 2015 | 1,000 | |||||
Equity-based compensation expense | 3.2 | |||||
Defined benefit plan funding status, net of tax | 0.2 | |||||
Unrealized gain (loss) on derivative instruments, net of tax | 0.6 | |||||
Net income (loss) | 55.7 | |||||
Balance, Amount at Oct. 31, 2015 | $ (823) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Cash flows from operating activities: | ||||||
Net income (loss) | $ 55.7 | $ 86.6 | $ 19.7 | $ 67 | $ 121.7 | $ (76.2) |
Net income (loss) | 54.7 | 86.6 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Depreciation and amortization | 115.4 | 126.4 | 222.9 | 241.5 | 264.3 | 275.7 |
Provision for doubtful accounts, billing adjustments and sales allowances | 9.4 | 10.3 | 16 | 15 | 17.7 | 11.3 |
Deferred income taxes | (15.5) | (24.5) | (79.1) | 0.9 | (23.5) | (36.4) |
Non-cash (gain) loss on foreign currency | (26.1) | (34) | (66.2) | (54.3) | (65) | 99.3 |
Non-cash interest | 12.3 | 13.3 | 24.4 | 25.4 | 27.6 | 25.5 |
Loss on extinguishment of debt | 172.4 | 5.2 | 5.2 | 1.3 | ||
Equity-based compensation expense | 3.2 | 13 | 15.5 | 25.5 | 28.7 | 14 |
Other | 0.9 | 0.7 | (3) | 2.5 | 3.7 | (0.8) |
Changes in operating assets and liabilities (net of effects of acquisitions): | ||||||
Prepaid expenses and other assets | (12.2) | (5) | (21.9) | 12.9 | 12.8 | (19.4) |
Accounts receivable, net | 36.5 | (26.1) | 29.4 | 97.5 | 2.1 | 13.5 |
Income tax receivable/payable | 3 | 22.4 | (14) | (52.3) | (29.5) | 13.7 |
Deferred revenue | (104.1) | (102.9) | (68.1) | (65.9) | 28.9 | 58 |
Accounts payable, accrued expenses and other liabilities | 38 | (19.7) | (39.8) | (40.1) | 19.9 | (97.1) |
Net cash provided by operating activities | 115.5 | 60.5 | 208.2 | 280.8 | 414.6 | 282.4 |
Cash flows from investing activities: | ||||||
Acquisitions, net of cash acquired | (549.3) | (30.1) | (30.1) | (199.7) | (199.7) | (106) |
Change in restricted cash | 19 | 17.1 | (20.2) | (19.5) | 2.2 | |
Purchases of property, equipment and software | (28.8) | (20.3) | (35.7) | (29.9) | (32.5) | (36) |
Net cash used in investing activities | (578.1) | (31.4) | (48.7) | (249.8) | (251.7) | (139.8) |
Cash flows from financing activities: | ||||||
Dividends paid | (17) | (42.7) | (65.7) | |||
Loans to stockholders | (1.6) | (0.2) | (5.2) | (5.2) | (8.7) | |
Payments on capital lease obligations | (1.3) | (1.4) | (2.5) | (2.3) | (2.3) | (1.5) |
Proceeds from issuance of debt | 495 | 2,019.7 | 3,487.7 | 3,487.7 | 2,778.9 | |
Payments on long-term debt | (17.1) | (71.6) | (1,932.5) | (3,457.5) | (3,457.5) | (2,847.2) |
Deferred financing fees and early debt redemption fees paid | (168.7) | (37.5) | (37.5) | (27.6) | ||
Deferred financing fees | (16.5) | |||||
Other | (0.8) | (8.5) | (8.5) | (0.9) | (0.9) | (0.5) |
Net cash used in financing activities | 440.7 | (124.4) | (158.2) | (15.7) | (15.7) | (106.6) |
Effect of exchange rate changes on cash and cash equivalents | (5.8) | (23.2) | (49.9) | 9.9 | 6.2 | 1.5 |
Net (decrease) increase in cash and cash equivalents | (27.7) | (118.5) | (48.6) | 25.2 | 153.4 | 37.5 |
Cash and cash equivalents at the beginning of the period | 526.7 | 447.1 | 575.3 | 421.9 | 421.9 | 384.4 |
Cash and cash equivalents at the end of the period | $ 499 | $ 328.6 | 526.7 | 447.1 | 575.3 | 421.9 |
Supplemental disclosure of cash flow information | ||||||
Cash paid for interest | 344.4 | 326.7 | 326.7 | 424.5 | ||
Cash paid for income taxes | 41.5 | 45.8 | 65 | 45.6 | ||
Supplemental disclosure of non-cash investing and financing activities | ||||||
Assets acquired in acquisitions, net of cash acquired | 36.3 | 207.3 | 207.3 | 147.9 | ||
Liabilities assumed in acquisitions | 6.2 | 7.6 | 7.6 | 41.9 | ||
Capital lease obligations | $ 5.2 | $ 2.7 | $ 3 | $ 2.8 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Nature of Business and Basis of Presentation [Abstract] | ||
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Infor, Inc. is one of the largest providers of enterprise software and services in the world. We provide industry-specific and other enterprise software products and related services, primarily to large and medium-sized enterprises in the manufacturing, healthcare, distribution, public sector, automotive, service industries, equipment services, management and rental (ESM&R), consumer products and retail and hospitality industries. We serve a large, diverse and sophisticated customer base across three geographic regions: the Americas; Europe, Middle East and Africa (EMEA); and Asia Pacific (APAC). Our software and services offerings help our customers automate and integrate their critical business processes, which enables them to better manage their suppliers, partners, customers and employees, as well as their business operations generally. Our industry-specific approach allows us to focus on specialized software programs that take less time and cost to tailor to target customers’ specific needs during periods of implementation and upgrade. We believe our products and services provide a lower relative total cost of ownership for customers than the offerings of larger competing vendors. We specialize in and target specific industries, or verticals, and have industry-specific business units that leverage our industry-oriented products and teams. Augmenting our vertical-specific applications, we have horizontal software applications including our customer relationship management (CRM), enterprise asset management (EAM), enterprise resource planning, financial management, human capital management (HCM), performance management, product lifecycle management, property management systems, central reservations systems, supplier relationship management and supply chain management (SCM) suites which, in addition to our proprietary light-weight middleware solution ION ® , are integrated with our enterprise software applications and sold across different verticals. In addition to providing software products, we provide on-going support and maintenance services for our customers through our subscription-based annual maintenance and support programs. We also help our customers implement and use our applications more effectively through our consulting services. Unless otherwise indicated or the context requires otherwise, hereafter any reference to Infor, we, our, us or the Company refers to Infor, Inc. and its consolidated subsidiaries. Basis of Presentation Our Condensed Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and consider the various staff accounting bulletins and other applicable guidance issued by the SEC. Our Condensed Consolidated Financial Statements include the accounts of Infor, Inc. and our wholly-owned and majority-owned subsidiaries operating in the Americas, EMEA and APAC. All significant intercompany accounts and transactions have been eliminated. The unaudited Condensed Consolidated Financial Statements and Notes are presented as permitted by FASB requirements for quarterly reports and do not contain all the information and disclosures included in our annual financial statements and related notes as required by GAAP. The Condensed Consolidated Balance Sheet data as of April 30, 2015, and other amounts presented herein as of April 30, 2015, or for the year then ended, were derived from our audited financial statements. The accompanying Condensed Consolidated Financial Statements reflect all adjustments, in the opinion of management, necessary to fairly state our financial position, results of operations and cash flows for the periods presented. These adjustments consist of normal and recurring items. The results of operations for our interim periods are not necessarily indicative of results to be achieved for any future interim period or for our full fiscal year. The accompanying interim Condensed Consolidated Financial Statements should be read in conjunction with our consolidated financial statements and related notes for the fiscal year ended April 30, 2015, included in our Form 10-K/T. Noncontrolling Interest We consolidate our majority-owned subsidiaries and reflect redeemable noncontrolling interests and noncontrolling interests on our Condensed Consolidated Balance Sheets for the portion of those entities that we do not own as mezzanine equity on our Condensed Consolidated Balance Sheets and as a component of consolidated equity separate from the equity attributable to Infor, Inc.’s stockholders, respectively. The redeemable noncontrolling interests’ and noncontrolling interests' share in our net earnings are included in net income (loss) attributable to noncontrolling interests in our Condensed Consolidated Statements of Operations and their portion of comprehensive income (loss) is included in comprehensive income (loss) attributable to noncontrolling interests in our Condensed Consolidated Statements of Comprehensive Income (Loss). All noncontrolling interests with redemption features, such as put options, that are not solely within our control (redeemable noncontrolling interests) are reported as mezzanine equity on our Condensed Consolidated Balance Sheet, between liabilities and equity, at the greater of redemption value or initial carrying value. The redeemable noncontrolling interests that we are reporting relate to an 18 .52% interest in GT Nexus, Inc. (GT Nexus) that Infor does not own. See Note 3, Acquisitions . The noncontrolling interests that we are reporting relate to a minority interest held in an international subsidiary acquired in the GT Nexus Acquisition (as defined below). The following is a summary of the changes in the redeemable noncontrolling interests for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2015 Beginning of period $ - $ - Increase due to business combination 125.0 125.0 Net loss attributable to redeemable noncontrolling interests (1.1) (1.1) Redemption value adjustment 3.9 3.9 End of period $ 127.8 $ 127.8 Business Segments We view our operations and manage our business as three reportable segments: License, Maintenance , and Consulting . We determine our reportable operating segments in accordance with the provisions in the FASB guidance on segment reporting, which establishes standards for, and requires disclosure of, certain financial information related to reportable operating segments and geographic regions. See Note 16, Segment and Geographic Information . Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make certain estimates, judgments and assumptions. These estimates, judgments and assumptions are based upon information available to us at the time that they are made and are believed to be reliable. These estimates, judgments and assumptions can affect the reported amounts of our assets and liabilities as of the date of the financial statements as well as the reported amounts of our revenues and expenses during the periods presented. On an on-going basis we evaluate our estimates and assumptions, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts and sales returns, fair value of equity-based compensation, fair value of acquired intangible assets and goodwill, fair value of contingent consideration related to our acquisitions, useful lives of intangible assets and property and equipment, income taxes, restructuring obligations, contingencies and litigation, and fair value of derivative financial instruments. We believe these estimates and assumptions are reasonable under the circumstances and they form a basis for making judgments about the carrying values of our assets and liabilities that are not readily apparent from other sources. Differences between these estimates, judgments or assumptions and actual results could materially impact our financial statements. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. Fiscal Year Our fiscal year is from May 1 through April 30 and the second quarter of each fiscal year is from August 1 through October 31. Unless otherwise stated, references to the years 2016 and 2015 relate to our fiscal years ended April 30, 2016 and 2015, respectively. References to future years also relate to our fiscal years ending April 30. Prior to fiscal 2015, our fiscal year had historically been from June 1 through May 31. Beginning in the first quarter of fiscal 2015, we changed our fiscal year end from May 31 to April 30. This change was effective beginning June 1, 2014, the start of our fiscal year 2015, which ended on April 30, 2015. As a result of this change, for fiscal year 2015 we reported an eleven month transition period from June 1, 2014 to April 30, 2015. Beginning with the first quarter of our fiscal year 2015, we reported our quarterly results in our Quarterly Reports on Form 10-Q based on our new fiscal calendar. Accordingly, as a result of the change in our fiscal year end, our results for the six months ended October 31, 2014 included the results of May 2014, the last month of our previously reported fiscal year 2014. | 1. Nature of Business and Basis of Presentation Infor is a global provider of enterprise business applications software and services focused primarily on medium and large enterprises. We provide industry-specific enterprise resource planning (ERP) software products to companies in the manufacturing, distribution, healthcare, public sector, automotive, service industries, equipment services, management and rental (ESM&R), consumer products & retail and hospitality industries. We serve customers in three geographic regions: the Americas; Europe, Middle East and Africa (EMEA); and Asia-Pacific, including Australia and New Zealand (APAC). We offer a broad range of software applications and industry-specific solutions that we believe help our customers improve their business processes and reduce costs, resulting in better business or operational performance. Our solutions help automate and integrate critical business processes which enable our customers to better manage their suppliers, partners, customers and employees. Augmenting our vertical-specific applications, we have horizontal software applications, including our customer relationship management (CRM), enterprise asset management (EAM), financial applications, human capital management (HCM), and supply chain management (SCM) suites which, in addition to our proprietary light-weight middleware solution ION, can be integrated with our enterprise software applications and sold across verticals. In addition to providing software products, w e provide on-going support and maintenance services for our customers through our subscription-based annual maintenance and support programs. W e also help our customers implement and use our applications more effectively through our consulting services. Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. (GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and consider the various staff accounting bulletins and other applicable guidance issued by the U.S. Securities and Exchange Commission (SEC). Our Consolidated Financial Statements include the accounts of Infor , Inc. and our wholly-owned and majority-owned subsidiaries operating in the Americas, EMEA and APAC. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make certain estimates, judgments and assumptions. These estimates, judgments and assumptions are based upon information available to us at the time that they are made and are believed to be reliable. These estimates, judgments and assumptions can affect the reported amounts of our assets and liabilities as of the date of the financial statements as well as the reported amounts of our revenues and expenses during the periods presented. On an on-going basis we evaluate our estimates and assumptions, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts and sales returns, fair value of equity -based compensation, fair value of acquired intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, restructuring obligations, contingencies and litigation, fair value of derivative financial instruments, among others. We believe that these estimates and assumptions are reasonable under the circumstances and that they form a basis for making judgments about the carrying values of our assets and liabilities that are not readily apparent from other sources. Differences between these estimates, judgments or assumptions and actual results could materially impact our financial statements. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting among available alternatives would not produce a materially different result. Business Segments We view our operations and manage our business as three reportable segments: License, Maintenance , and Consulting . We determine our reportable operating segments in accordance with the provisions in the FASB guidance on segment reporting, which establishes standards for, and requires disclosure of, certain financial information related to reportable operating segments and geographic regions. Factors used to identify our reportable operating segments include the financial information regularly utilized for evaluation by our chief operating decision-maker (CODM) in making decisions about how to allocate resources and in assessing our performance. We have determined that our CODM, as defined by this segment reporting guidance, is our Chief Executive Officer. See Note 20, Segment and Geographic Information . Fiscal Year Our fiscal year has historically been from June 1 through May 31. Unless otherwise stated, references to the years 201 4 and 201 3 relate to the fiscal years ended May 31, 2014 and 2013 , respectively. Beginning in the first quarter of fiscal 2015, we changed our fiscal year end . On April 22, 2014, our Board of Directors approved a change in our fiscal year end from May 31 to April 30. This change was effective beginning June 1, 2014, the start of our fiscal year 2015 which ended on April 30, 2015. As a result of this change, our fiscal 2015 has been reported as the 11-month transition period from June 1, 2014 to April 30, 2015. Accordingly, our Consolidated Balance Sheets are presented as of April 30, 2015, and May 31, 2014, our last audited annual balance sheet. The accompanying Consolidated Financial Statements , and the Notes thereto, include our results of operations and cash flows for the 11-month transition period of fiscal 2015 and for fiscal 2014 and 2013 as originally reported. In addition, we have presented on th e accompanying Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Cash Flows our unaudited results of operations and cash flows for the comparable 11-month recast period of fiscal 2014 (the period June 1, 2013 to April 30, 2014). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies A detailed description of our significant accounting policies can be found in our f inancial statements for our fiscal year ended April 30, 2015, which are included in our Form 10-K/T . The following Notes should be read in conjunction with such policies and other disclosures contained therein. Revenue Recognition We generate revenues primarily by licensing software and Software-as-a-Service (SaaS) subscriptions, providing software support and product updates, and providing consulting services to our customers. We record all revenues in accordance with the guidance provided by ASC 985-605, Software—Revenue Recognition, and ASC 605, Revenue Recognition . Revenue is recorded net of applicable taxes. Our software license fees and subscriptions revenues are primarily from sales of perpetual software licenses granting customers use of our software products and access to software products through our SaaS subscription offerings. Software license fees are recognized when the following criteria are met: 1) there is persuasive evidence of an arrangement, 2) the software product has been delivered, 3) the fees are fixed or determinable, and 4) collectability is reasonably assured. SaaS subscription revenues are recognized over the contract term once the software is made available through our SaaS offerings. SaaS subscription revenues are included in software license fees and subscriptions revenues in our Condensed Consolidated Statements of Operations and were approximately $53.5 million and $26.8 million in the second quarter of fiscal 2016 and 2015, respectively, and $93.0 million and $52.9 million in the first six months of fiscal 2016 and 2015, respectively. Our product updates and support services entitle our customers to receive, for an agreed upon period, unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support services including access to technical information and technical support staff. The term of product updates and support services is typically twelve months. The product updates and support fees are recorded as product updates and support fees revenue in our Condensed Consolidated Statements of Operations and recognized ratably over the term of the agreement. We also provide software-related services, including systems implementation and integration services, consulting, training, custom modification and application managed services. Consulting services are generally provided under time and materials contracts. Revenues are recognized as the services are provided and are recorded as consulting services and other fees revenue in our Condensed Consolidated Statements of Operations. Consulting services and other fees also include revenues related to education, hosting services and Inforum, our customer event. Allowances for Doubtful Accounts, Cancellations and Billing Adjustments We have established an allowance for estimated billing adjustments and an allowance for estimated amounts that will not be collected. We record provisions for billing adjustments as a reduction of revenue and provisions for doubtful accounts as a component of general and administrative expense in our Condensed Consolidated Statements of Operations. The following is a rollforward of our allowance for doubtful accounts: (in millions) Balance, April 30, 2015 $ 11.9 Provision 5.2 Write-offs and recoveries (4.8) Currency translation effect (0.3) Balance, October 31, 2015 $ 12.0 Sales Allowances We do not generally provide a contractual right of return. However, in the course of arriving at practical business solutions to various claims arising from the sale of our products and delivery of our solutions, we have allowed for sales allowances. We record a provision against revenue for estimated sales allowances on license and consulting revenues in the same period the related revenues are recorded or when current information indicates additional allowances are required. The balance of our sales reserve is reflected in deferred revenue on our Condensed Consolidated Balance Sheets. The following is a rollforward of our sales reserve: (in millions) Balance, April 30, 2015 $ 7.3 Provision 4.2 Write-offs (3.0) Balance, October 31, 2015 $ 8.5 Foreign Currency The functional currency of our foreign subsidiaries is typically the applicable local currency. The translation from the respective foreign currencies to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted average exchange rate during the applicable period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency gain or loss except for the effect of exchange rate fluctuations on long-term intercompany transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income. Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. We recognized a net foreign exchange loss of $10.8 million and a net foreign exchange gain of $2.0 million for the three months ended October 31, 2015 and 2014, respectively. In the first six months of fiscal 2016 and 2015, we recognized net foreign currency exchange gains of $26.1 million and $34.0 million, respectively. The foreign currency exchange gains and losses are included as a component of other (income) expense, net, in the accompanying Condensed Consolidated Statements of Operations. Certain foreign currency transaction gains and losses are generated from our intercompany balances that are not considered to be long-term in nature and will be settled between subsidiaries. These intercompany balances are a result of normal transfer pricing transactions among our various operating subsidiaries, as well as certain loans initiated between subsidiaries. We also recognize transaction gains and losses from revaluing our debt denominated in Euros and held by subsidiaries whose functional currency is the U.S. Dollar. See Note 11, Debt . Recent Accounting Pronouncements — Not Yet Adopted In May 2014, the FASB issued guidance on the principles for revenue recognition. This guidance is a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new rules establish a core principle that requires the recognition of revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This guidance was to be effective for annual reporting periods beginning after December 15, 2016 (our fiscal 2018) and early adoption was not permitted. In August 2015, the FASB deferred the effective date by one year, to December 15, 2017, for annual reporting periods beginning after that date (our fiscal 2019). The FASB also decided to allow early adoption of the standard, but not before the original effective date of December 15, 2016. Initial adoption may be accounted for either retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of the initial application recognized at the date of adoption. We are currently evaluating how this guidance will affect our revenue recognition, which transition approach we will use upon adoption, and the impact it may have on our financial position, results of operations or cash flows. In September 2015, the FASB issued updated guidance simplifying the accounting for measurement-period adjustments relating to business combinations. This guidance requires that an acquirer recognize post-close measurement adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Prior to the issuance of the standard, entities were required to retrospectively apply adjustments made to provisional amounts recognized in a business combination. The updated guidance is to be applied prospectively effective for annual and interim periods beginning after December 15, 2015 (our fourth quarter of fiscal 2016), and early adoption is permitted. We are currently evaluating how this guidance will affect our accounting for business combinations. As of the date of this Quarterly Report, there were no other recent accounting standard updates that we have not yet adopted that we believe would have a material impact on our financial position, results of operations or cash flows . | 2. Summary of Significant Accounting Policies Adoption of New Accounting Pronouncements On June 1, 2014, we adopted the FASB guidance on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This guidance requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when the uncertain tax position would reduce the net operating loss or other carryforward under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. The adoption of this guidance resulted in an $18.1 million reduction of our long-term deferred tax assets with a corresponding reduction in our other long-term liabilities. The adoption of this guidance did not have a material impact on our results of operations or cash flows. On June 1, 2014, we adopted the FASB amended guidance on foreign currency matters relating to the releasing of cumulative translation adjustments to net income when an entity ceases to have a controlling financial interest in a subsidiary or business within a foreign entity. According to this guidance, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or if a controlling financial interest is no longer held. The adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows. On April 30, 2015, we early adopted the FASB guidance related to simplifying the presentation of debt issuance costs on our Consolidated Balance Sheets. This guidance required a change in the presentation of the debt issuance costs related to our term loans and senior notes from an asset to a direct deduction from the carrying amount of the related debt liability, consistent with the presentation of debt discounts. This guidance was related to presentation only and did not impact our recognition or measurement of the applicable debt issuance costs. We have applied this guidance retrospectively to all periods presented. The adoption of this guidance did not have an impact on our results of operations or cash flows. The following table reflects the impact that adoption of the FASB guidance on debt issuance costs had on our Consolidated Balance Sheet as of May 31, 2014: Adjustments As Originally Related to Debt (in millions) Reported Issuance Costs (1) As Adjusted Other assets $ 31.5 $ 3.8 $ 35.3 Deferred financing fees, net $ 125.0 $ (125.0) $ - Long-term debt, net $ 5,339.6 $ (121.2) $ 5,218.4 (1) Amount in other assets is deferred finance fees, net of amortization, related to our revolving credit facility. Recent Accounting Pronouncements—Not Yet Adopted In May 2014, the FASB issued guidance on the principles for revenue recognition. This guidance is a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new rules establish a core principle that requires the recognition of revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This guidance was to be effective for annual reporting periods beginning after December 15, 2016 (our fiscal 2018) and early adoption was not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017, for annual reporting periods beginning after that date (our fiscal 2019). The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. Initial adoption may be accounted for either retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initial application recognized at the date of adoption. We are currently evaluating how this guidance will affect our revenue recognition, which transition approach we will use upon adoption and the impact it may have on our financial position, results of operations or cash flows. As of the date of this annual transition report, there were no other recent accounting standards updates that we have not yet adopted that we believe would have a material impact on our financial position, results of operations or cash flows. Revenue Recognition We generate revenues primarily by licensing software and SaaS subscriptions, providing software support and product updates, and providing consulting services to our customers. We record all revenues in accordance with the guidance provided by ASC 985-605, Software—Revenue Recognition, ASC 605, Revenue Recognition. Revenue is recorded net of applicable taxes. Our specific revenue recognition policies are as follows: Software license fees and subscriptions Software license fees and subscriptions revenues are primarily from sales of perpetual software licenses granting customers use of our software products and access to software products through our SaaS subscription offerings. Software license fees are recognized when the following criteria are met: 1) there is persuasive evidence of an arrangement, 2) the software product has been delivered, 3) the fees are fixed or determinable, and 4) collectability is reasonably assured. SaaS subscription revenues are recognized over the contract term once the software is made available through our SaaS offerings. SaaS subscription revenues are included in software license fees and subscriptions revenues in our Consolidated Statements of Operations and were approximately $107.1 million, $74.9 million and $47.8 million in fiscal 2015, 2014 and 2013, respectively. We do not generally offer rights of return or acceptance clauses. If a software license contains rights of return or customer acceptance criteria, recognition of the software license fee revenue is deferred until the earlier of customer acceptance or the expiration of the acceptance period or cancellation of the right of return. We record revenues from sales of third-party products on a “gross” basis pursuant to ASC 605-45 Revenue Recognition, Principal Agent Considerations when we 1) have obtained persuasive evidence of an arrangement, 2) have taken title to the products being sold and 3) have the risks and rewards of ownership such as retaining the risk for collection. If these criteria have not been met, revenue is recognized net of related direct costs. Revenue arrangements through our resellers that involve Infor contracting directly with an end user follow the same revenue recognition rules as our direct sales business. Revenue arrangements which involve Infor contracting directly with a reseller are generally recognized when the reseller purchases a product for resale to an identified end user provided that all other revenue recognition criteria have been met. We enter into multiple element arrangements for software and software related products and services, which may include software licenses, product updates and support and/or implementation and consulting services agreements. Revenue is allocated to undelivered elements based upon their fair value as determined by vendor-specific objective evidence (VSOE). VSOE of fair value for the elements in an arrangement reflects the price charged when the undelivered element is sold separately. We generally do not have VSOE of fair value for software license fees as software licenses are typically not sold separately from product updates and support. Since the fair value of a delivered element (license) has not been established, the residual method is used to record license revenue when VSOE of fair value of all undelivered elements is determinable. Under the residual method, the VSOE of fair value of an undelivered element (product updates and support and/or services) is deferred and the remaining portion of the fee is allocated to the delivered element (license) and is recognized as revenue in accordance with the provisions of ASC 985-605. In instances where VSOE of fair value of one or more of the undelivered elements is not established, license revenue is recognized ratably over the term of the arrangement once all other services have been delivered and one undelivered element remains. Certain software products are offered as term based license arrangements where the customer has the right to use the software for a specified period of time. Under these arrangements, license fees for multi-year term licenses can either be recognized up front when product updates and support obligations are charged separately and the product updates and support renewal rate and term are considered substantive, or are recognized ratably over the term of the underlying arrangement if the product updates and support renewal rate and term are not considered to be substantive. For customer arrangements that include software license fees, implementation and/or other consulting services, the portion of the fees related to software licenses is generally recognized when delivered, as the implementation and consulting services typically qualify for separate recognition. The significant factors considered in determining whether the elements constitute multiple units of accounting for revenue recognition purposes include: 1) the nature of the services and consideration of whether the services are essential to the functionality of the licensed product, 2) degree of risk related to delivering the services, 3) availability of comparable services from other vendors, 4) timing of payments and 5) impact of milestones or acceptance criteria on the recognition of the software license fee. The portion of the fees related to implementation and other consulting services is recognized as such services are performed. If there is a significant uncertainty about the project completion or receipt of payment for the services, revenues are deferred until the uncertainty is sufficiently resolved. If it is determined that the services are not separable from the arrangement for revenue recognition purposes, the license fees and services are recognized using contract accounting either on a percentage of completion basis, measured by the percentage of labor hours incurred to date to estimated total labor hours for each contract, or on a completed contract basis when dependable estimates are not available. Contract accounting is applied to any arrangements: 1) that include milestones or customer-specific acceptance criteria that may affect collection of the software license fees; 2) where services include significant modification or customization of the software; or 3) where the software license payment is tied to the performance of consulting services. We also enter into multiple element arrangements that may include a combination of our various software-related and non-software related products and services offerings including software licenses, SaaS subscriptions, product updates and support, consulting services, education and hosting services. Each element within a non-software multiple element arrangement is accounted for as a separate unit of accounting provided the following criteria of ASC 605-25 are met: 1) the delivered item or items have value to the customer on a standalone basis, and 2) if the arrangement includes a general right to return relative to the delivered item, delivery or performance of the undelivered items is considered probable and substantially in our control. We consider a deliverable to have standalone value if the product or service is sold separately by Infor or another vendor or could be resold by the customer. In such arrangements, we first allocate the total arrangement consideration based on the relative selling prices of the software group of elements as a whole and to the non-software elements. We then further allocate consideration within the software group to the respective elements within that group following the guidance in ASC 985-605 and our policies as described above. For the non-software group, revenue is then allocated to each element using a selling price hierarchy; VSOE if available, third-party evidence (TPE) if VSOE is not available, or best estimate of selling price (BESP) if neither VSOE nor TPE are available. To determine the selling price in non-software multiple-element arrangements, we establish VSOE of selling prices, as described earlier, to the extent possible. We establish TPE by evaluating similar and interchangeable competitor products or services in standalone arrangements with similarly situated customers. If we are unable to determine the selling price because VSOE or TPE is unavailable, BESP is determined for the purposes of allocating the arrangement. The objective of BESP is to determine the price at which the vendor would transact if the deliverable were sold by the vendor regularly on a standalone basis. Infor determines BESP for its offerings by considering many factors, including, but not limited to, geographies, market conditions, competitive landscape, internal costs, gross margin objectives and pricing practices. Product Updates and Support Fees Product updates and support fees entitle the customer to receive, for an agreed upon period, unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support services including access to technical information and technical support staff. The term of product updates and support services is typically twelve months. The product updates and support fees are recorded as product updates and support fees revenue and recognized ratably over the term of the agreement. Revenues for product updates and support that are bundled with license fees are deferred based on the VSOE of fair value of the bundled product updates and support and recognized over the term of the agreement. Consulting Services and Other Fees We also provide software-related services, including systems implementation and integration services, consulting, training, custom modification and application managed services. Consulting services are usually separately priced and are generally not essential to the functionality of our software products. Consulting services are generally provided under time and materials contracts and revenues are recognized as the services are provided. However, when we enter into arrangements with a fixed-fee or a maximum-fee basis where services are not considered essential to the functionality of the software, revenue is recognized based upon a proportionate performance method. When we enter into arrangements where services are considered essential to the functionality of the software, revenue is recognized based upon a percentage of completion method. Under this method, revenue is recognized based upon labor hours incurred as a percentage of total estimated labor hours to complete the project. Provisions for estimated losses on incomplete contracts are made in the period in which such losses are determined. Revenues for consulting services that are bundled with license fees are deferred based on the VSOE of fair value of the bundled services and recognized when the services are performed. Consulting services and other fees also include education and hosting services. Hosted customers with perpetual licenses have the contractual right to take possession of the software at any time during the hosted period. The customer has the right to choose not to renew its hosting arrangement upon its expiration and can deploy the software internally or contract with another party unrelated to Infor to host the software. Customers can self-host and any penalties to do so are not significant. Accordingly, the portion of an arrangement allocated to the hosting element is recognized once the service begins and then ratably over the term of the hosting arrangement. In accordance with the provisions set forth in ASC 605, we recognize amounts associated with reimbursements from customers for out-of-pocket expenses as revenue on a gross basis. Such amounts have been classified as consulting services and other fees. Deferred Revenues Deferred revenues represent amounts billed or payments received from customers for software licenses, SaaS subscriptions, product updates and support and/or services in advance of recognizing revenue or performing services. We defer revenues for any undelivered elements, and recognize revenues when the product is delivered or over the period in which the service is performed, in accordance with its revenue recognition policy for such elements. Product updates and support is normally billed quarterly or annually in advance of performing the service. Deferred Costs Commissions payable to our direct sales force and independent affiliates who resell our software products, as well as royalties payable to third-party software vendors, are recorded when a sale is completed or cash received, which coincides with the timing of revenue recognition in most cases. When revenue is recognized ratably over time, related commissions and royalties are deferred and amortized over the same period as the recognition of the revenue. Collectability We assess the probability of collection based upon several factors including 1) third-party credit agency information, 2) customer financial statements and/or 3) customer payment history. We typically do not provide for payment terms in excess of six months. Certain customer arrangements are recognized upon collection due to their specific collection history. Business Combinations We account for acquisitions in accordance with ASC 805, Business Combinations . ASC 805 requires recognition of the assets acquired and the liabilities assumed separately from goodwill, generally at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While best estimates and assumptions are used as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, adjustments are recorded to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in our results of operations. The provisions of ASC 805 also require that: • the direct transaction costs associated with the business combination are expensed as incurred; and • any changes in estimates associated with income tax valuation allowances or uncertain tax positions after the measurement period are generally recognized as income tax expense with application of this policy also applied prospectively to all business combinations regardless of the acquisition. For a given acquisition, certain pre-acquisition contingencies are generally identified as of the acquisition date and may extend the review and evaluation of these pre-acquisition contingencies throughout the measurement period (up to one year from the acquisition date) in order to obtain sufficient information to assess whether to include these contingencies as a part of the purchase price allocation and, if so, to determine the estimated amounts. If it is determined that a pre-acquisition contingency (non-income tax related) is probable in nature and estimable as of the acquisition date, an estimate is recorded for such a contingency as a part of the preliminary purchase price allocation. We often continue to gather information for and evaluate our pre-acquisition contingencies throughout the measurement period and if changes are made to the amounts recorded or if additional pre-acquisition contingencies are identified during the measurement period, such amounts will be included in the purchase price allocation during the measurement period and, subsequently, in our results of operations. In addition, uncertain tax positions and tax related valuation allowances assumed in connection with a business combination are initially estimated as of the acquisition date and are reevaluated with any adjustments to preliminary estimates being recorded to goodwill within the measurement period. Subsequent to the measurement period or the final determination of the tax allowance’s or contingency’s estimated value, changes to these uncertain tax positions and tax related valuation allowances impact the provision for income taxes in our Consolidated Statement of Operations and could have a material impact on our results of operations and financial position. In connection with the purchase price allocations for our acquisitions, we estimate the fair value of product updates and support, SaaS subscription and service contract obligations assumed. The acquired deferred revenue is recognized at fair value to the extent it represents a legal obligation assumed by Infor. We consider post-contract support (PCS) obligations/services in their entirety, SaaS subscription contracts and service contracts to be legal obligations of the acquired entity. PCS arrangements of acquired entities typically include unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support including access to technical information and technical support staff. SaaS subscription arrangements of acquired entities provide access to product functionality through a hosted environment and other services. We consider PCS and SaaS subscription arrangements to be separate elements when determining the legal obligations assumed from the acquired entity. We expect to fulfill each underlying obligation element of these arrangements. The estimated fair values of these PCS arrangements, SaaS subscription contracts and service contracts are determined utilizing a top-down approach. The top-down approach relies on market indicators of expected revenue for any obligation yet to be delivered with appropriate adjustments. Conceptually, we start with the amount we would expect to receive in a transaction, less the estimated selling effort, which has already been performed, including an estimated profit margin on that selling effort. We record receivables acquired in business combinations at their estimated fair market values. Subsequent changes to acquired receivables are reflected as changes in the provision for doubtful accounts included as a component of general and administrative expense in our Consolidated Statements of Operations. The purchase agreements related to certain of our acquisitions may include provisions for the payment of additional cash consideration if certain future performance conditions are met. These contingent consideration arrangements are to be recognized at their acquisition date fair value and included as part of the purchase price at the acquisition date. The estimated fair value of these contingent consideration arrangements are classified as accrued liabilities or other long-term liabilities on our Consolidated Balance Sheets. As such, their fair value is remeasured each reporting period with any change in fair value being recognized in the applicable period’s results of operations and included in acquisition-related and other costs in our Consolidated Statements of Operations. Restructuring Costs to exit or restructure certain activities of an acquired company, or our internal operations, are accounted for as one-time termination and exit costs pursuant to ASC 420, Exit or Disposal Cost Obligations. If acquisition related, they are accounted for separately from the business combination. Liabilities for costs associated with an exit or disposal activity are measured at fair value on our Consolidated Balance Sheet and recognized in our Consolidated Statement of Operations in the period in which the liability is incurred. In the normal course of business, Infor may incur restructuring charges related to personnel which are accounted for in accordance with ASC 712, Compensation—Nonretirement Postemployment Benefits. These restructuring charges represent severance associated with redundant positions. When estimating the fair value of facility restructuring activities, assumptions are applied regarding estimated sub-lease payments to be received, which can differ materially from actual results. This may require revision of initial estimates which may materially affect our results of operations and financial position in the period the change in estimate occurs. See Note 11, Restructuring Charges . We estimate the amounts of these costs based on our expectations at the time the charges are taken and we reevaluate the remaining accruals at each reporting date based on current facts and circumstances. If our estimates or expectations change because we are subjected to contractual obligations or negotiations we did not anticipate, we choose to further restructure our operations, or there are other costs or changes we did not foresee, we adjust the restructuring accruals in the period that our estimates change. Such changes are recorded as increases or decreases to restructuring costs in our Consolidated Statements of Operations. Accounts Receivable Accounts receivable are comprised of gross amounts invoiced to customers and accrued revenue, which represents earned but unbilled revenue at the balance sheet date. The gross amount invoiced includes pass-through taxes and fees, which are recorded as liabilities at the time they are billed. We offset our accounts receivable and deferred revenue for invoices for which the maintenance period has not started as of the balance sheet date. Allowances for Doubtful Accounts, Cancellations and Billing Adjustments We have established an allowance for estimated billing adjustments and an allowance for estimated amounts that will not be collected. We record provisions for billing adjustments as a reduction of revenue and provisions for doubtful accounts as a component of general and administrative expense in our Consolidated Statements of Operations. We review specific accounts, including significant accounts with balances past due over 90 days, for collectability based on circumstances known at the date of the financial statements. In addition, we maintain reserves based on historical billing adjustments and write-offs. These estimates are reviewed periodically and consider specific customer situations, historical experience and write-offs, customer credit-worthiness, current economic trends and changes in customer payment terms. A considerable amount of judgment is required in assessing these factors. If the factors utilized in determining the allowance do not reflect future performance, a change in the allowance would be necessary in the period such determination is made which would affect future results of operations. Accounts receivable are charged off against the allowance when we determine it is probable the receivable will not be recovered. Sales Allowances We do not generally provide a contractual right of return. However, in the course of arriving at practical business solutions to various claims arising from the sale of our products and delivery of our solutions, we have allowed for sales allowances. We record a provision against revenue for estimated sales allowances on license and consulting revenues in the same period the related revenues are recorded or when current information indicates additional allowances are required. These estimates are based on historical experience determined by analysis of claim activities, specifically identified customers and other known factors. If the historical data utilized does not reflect expected future performance, a change in the allowances would be recorded in the period such determination is made affecting current and future results of operations. The balance of our sales reserve is reflected in deferred revenue on our Consolidated Balance Sheets. Following is a rollforward of our sales reserve: (in millions) Balance, May 31, 2012 $ 9.6 Provision 4.8 Write-offs (4.3) Currency translation effect 0.6 Balance, May 31, 2013 10.7 Provision 4.6 Write-offs (7.6) Currency translation effect 0.2 Balance, May 31, 2014 7.9 Provision 7.4 Write-offs (7.3) Currency translation effect (0.7) Balance, April 30, 2015 $ 7.3 Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of their estimated useful lives or the remaining term of the leases to which they relate. Repair and maintenance costs are expensed as incurred if they do not increase the life or productivity of the related capitalized asset. Assets acquired under capital leases are included in property and equipment with corresponding depreciation included in accumulated depreciation. Capital leases are amortized on a straight-line basis over the lesser of the estimated useful life of the respective assets, or the term of the capital lease. We have asset retirement obligations accounted for under the provisions of ASC 410-20, Asset Retirement and Environmental Obligations—Asset Retirement Obligations, primarily related to certain leased facilities in Europe. We record the asset retirement obligation and a corresponding leasehold improvement which is depreciated over the expected term of the lease. Subsequent to initial recognition, we record period-to-period changes in the asset retirement obligations liability resulting from the passage of time to general and administrative expense and revisions to either the timing or the amount of the original expected cash flows to the related assets. See Note 8, Property and Equipment , for details of the asset retirement obligations amounts. Gains or losses are reflected in results of operations upon retirement or sale of property and equipment. Property and equipment is reviewed for impairment when circumstances indicate that the carrying value of the property and equipment may not be recoverable. We did no t recognize any impairment charges for property and equipment during fiscal 2015, 2014 and 2013. Lease Obligations We recognize lease obligations with scheduled rent increases over the terms of the leases on a straight-line basis in accordance with FASB guidance related to operating leases. Accordingly, the total amount of base rentals over the term of our leases is charged to expense using a straight-line method, with the amount of rental expense in excess of lease payments recorded as a deferred rent liability. As of April 30, 2015 and May 31, 2014, we had total deferred rent liabilities of $23.7 million and $16.9 million, respectively. The current and non-current portions of our deferred rent liabilities are included in accrued expenses and other long-term liabilities, respectively, on our Consolidated Balance Sheets. We also recognize capital lease obligations and record the underlying assets and liabilities on our Consolidated Balance Sheets. See Note 14, Commitments and Contingencies - Leases . Contingencies—Litigation Reserves We provide for contingent liabilities, including those related to litigation matters, in accordance with ASC 450 , Contingencies . Pursuant to this guidance, a loss contingency is charged to income when it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. We disclose in the notes to our financial statements those loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. We do not record gain contingencies until they are realized. We expense all legal costs to resolve regulatory, legal, tax, or other matters in the period incurred. We review the status of each significant matter to assess our potential financial exposure at each reporting date. If a potential loss is considered probable and |
Acquisitions
Acquisitions | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Acquisitions [Abstract] | ||
Acquisitions | 3. Acquisitions Fiscal 2016 On September 18, 2015, we acquired a majority ownership stake of 81.48% in GT Nexus, for $550.0 million, net of cash acquired (GT Nexus Acquisition). GT Nexus is a cloud-based supply chain management firm based in Oakland, California. GT Nexus is the cloud platform that some of the world’s largest companies, across many sectors, including manufacturing and retail, use to monitor and orchestrate their global supply chains including automation of sourcing, trade finance and logistics operations. The GT Nexus Acquisition complemented and further expanded our global SCM offerings. The results of operations of GT Nexus have been included in our results of operations from the date of the GT Nexus Acquisition. GT Nexus contributed revenues of $13.1 million and net loss of $5.8 million related to their operations in the second quarter of fiscal 2016. The total consideration for the GT Nexus Acquisition was funded through the issuance of our 5.75% senior secured notes due 2020 (see Note 11, Debt – Senior Secured Notes ), together with cash on hand and equity issued to certain shareholders and management of GT Nexus. Transaction and merger related integration costs of $10.6 million associated with the GT Nexus Acquisition were expensed as incurred and are reflected in our results of operations for the six months ended October 31, 2015, in acquisition-related and other costs. In addition, in the second quarter of fiscal 2016, we took certain actions relating to GT Nexus’ operations to eliminate redundancies, improve our operational efficiency and reduce our operating costs. We may take additional actions in future periods related to GT Nexus as we integrate its operations. See Note 10, Restructuring Charges . The excess of the consideration transferred over the fair values of the net assets acquired and liabilities assumed was recorded as goodwill, which represents operating efficiencies expected to be realized. The following table summarizes our allocation of the GT Nexus purchase consideration: (in millions) Cash $ 14.8 Accounts receivable 36.5 Other current assets 13.9 Identified intangible assets: Existing technology 93.3 Existing customer relationships 273.5 Tradenames 5.9 Other non-current assets 9.0 Goodwill 369.9 Deferred revenue (11.3) Current liabilities assumed (32.6) Long-term liabilities assumed (87.7) Noncontrolling interests (10.2) Total fair value of net assets acquired 675.0 Less fair value of redeemable noncontrolling interests (125.0) Purchase consideration $ 550.0 Our estimates of fair value and resulting allocation of purchase price related to the GT Nexus Acquisition are preliminary as of October 31, 2015. We are in the process of finalizing the valuation of certain assets and liabilities, primarily income tax liabilities, and as a result the final allocation of the adjusted purchase price may differ from the information presented in these Condensed Consolidated Financial Statements. As of October 31, 2015, based on our current estimation of fair values, the gross contractual accounts receivable at the acquisition date was $37.1 million and our best estimate of the contractual cash flows not expected to be collected at that date was $0.6 million. The acquired intangible assets relating to GT Nexus’ existing technology, existing customer relationships and tradenames are being amortized over their weighted average estimated useful lives of approximately three years, six years and three years, respectively. We have determined that the goodwill arising from the GT Nexus Acquisition will not be deductible for tax purposes. As explained above, we acquired an 81.48% majority stake in GT Nexus. The redeemable noncontrolling interests have redemption features, both call options exercisable by the Company and put options exercisable by the redeemable noncontrolling interest holders. Given that the noncontrolling interests are redeemable at the option of the holders, they are reported in the mezzanine section between liabilities and equity on our Condensed Consolidated Balance Sheets. The redeemable noncontrolling interests are puttable at a redemption price of $150.0 million on the first anniversary of the acquisition date. Therefore, we are accreting the redeemable noncontrolling interests, using the effective interest method, from the acquisition date fair value to the redemption value over a one -year period. Accretion adjustments to the carrying value of the redeemable noncontrolling interests are considered deemed dividends and are recorded against additional paid-in capital. GT Nexus has a wholly-owned subsidiary, Platform Settlement Services, LLC (PSS), which is a bankruptcy-remote special purpose entity. PSS was established for the purpose of facilitating the settlement of transactions between GT Nexus customers and their supply chain providers. PSS acts as a collection and paying agent, receiving funds from customers and forwarding to appropriate credit parties. PSS is a custodian of the cash received from its customers and has no legal ownership rights to the funds held in such custodial accounts. Therefore, the Company does not report any cash in transit in the bank accounts of PSS at period end, nor any cash movements during a reporting period, in our Condensed Consolidated Financial Statements. The balance of cash in transit in custodial accounts held by PSS at October 31, 2015, was $16.5 million. Fiscal 2015 On September 2, 2014, we acquired the assets of Saleslogix, a division of privately held Swiftpage, Inc., for approximately $30.1 million, net of cash acquired. Based in Scottsdale, Arizona, Saleslogix is a provider of SaaS CRM software accessible via mobile devices, desktops, and laptops. The acquisition of Saleslogix complemented our CRM product offerings and added additional sales and service functionality to our industry-focused Infor CloudSuites in the CRM market. The operating results related to this acquisition have been included in our Condensed Consolidated Financial Statements from the acquisition date. We recorded approximately $13.4 million of identifiable intangible assets and $18.2 million of goodwill related to our acquisition of Saleslogix. The acquired intangible assets relating to Saleslogix’s existing technology and customer relationships are being amortized over their weighted average estimated useful lives of approximately five and seven years, respectively. We have determined that the goodwill arising from this acquisition will be deductible for tax purposes. Contingent Consideration The purchase consideration related to one of our pre-fiscal 2015 acquisitions includes additional contingent cash consideration payable to the sellers if certain future performance conditions are met as detailed in the applicable agreement. The change in the estimated fair value of the contingent consideration, during the contingency period through settlement, is recorded in our results of operations in the period of such change and is included in acquisition-related and other costs in our Consolidated Statements of Operations. As of April 30, 2015, we estimated that no further payments would be required under the contingent consideration arrangement due to the probability of meeting such results and reduced our contingent consideration liability to $0.0 million. In the first quarter of fiscal 2016, we renegotiated the provisions of the applicable contingent consideration agreement with the sellers. As a result of these negotiations, we agreed to an additional one-year contingency period that runs through fiscal 2016 and redefined certain of the contingency conditions. Based on the renegotiated agreement, we estimated the fair value of the remaining contingent consideration to be $0.6 million as of October 31, 2015. The potential undiscounted amount of future payments that we may be required to make related to the contingent consideration arrangement is between $0.0 and $10.0 million. | 3. Acquisitions Acquisitions -Fiscal 2015 On September 2, 2014, we acquired the assets of Saleslogix, a division of privately held Swiftpage, Inc., for approximately $30.1 million, net of cash acquired. Based in Scottsdale, Arizona, Saleslogix is a provider of SaaS customer relationship management (CRM) software accessible via mobile devices, desktops, and laptops. The acquisition of Saleslogix complements our CRM product offerings and adds additional sales and service functionality to our industry-focused Infor CloudSuites in the CRM market. We have recorded approximately $13.4 million of identifiable intangible assets and $18.2 million of goodwill related to our acquisition of Saleslogix. The acquired intangible assets relating to Saleslogix’s existing technology and customer relationships are being amortized over their weighted average estimated useful lives of approximately five and seven years, respectively. We have determined that the goodwill arising from this acquisition will be deductible for tax purposes. The operating results related to this acquisition have been included in our Consolidated Financial Statements from the acquisition date. This acquisition was not significant for financial reporting purposes and the related results were not material to our results for fiscal 2015. Salelogix contributed, to the extent separately identifiable, approximately $11.2 million in revenues during fiscal 2015. Acquisitions—Fiscal 2014 On January 7, 2014, we acquired PeopleAnswers, LLC (formerly PeopleAnswers, Inc.) (PeopleAnswers), a privately held company based in Dallas, Texas, for approximately $200.0 million. PeopleAnswers is a provider of predictive talent analytics whose cloud-based talent science platform is used by companies to optimize hiring, promotion, learning, and compensation processes. The acquisition of PeopleAnswers complemented and further expanded our Infor Human Capital Management (HCM) suite offerings. We recorded approximately $84.0 million of identifiable intangible assets and $114.3 million of goodwill related to our acquisition of PeopleAnswers. The acquired intangible assets relating to PeopleAnswers’ existing technology and customer relationships are being amortized over their weighted average estimated useful lives of approximately ten years. We have determined that the goodwill arising from this acquisition will be deductible for tax purposes. During the fourth quarter of fiscal 2014 we completed an additional acquisition for a purchase price of approximately $1.8 million. The results of our fiscal 2014 acquisitions have been included in our Consolidated Financial Statements from the acquisition dates. These acquisitions were not significant individually or in the aggregate for financial reporting purposes and their results were not material to our results for fiscal 2014. Acquisitions—Fiscal 2013 We completed five acquisitions in fiscal 2013 for a combined purchase price of $119.7 million, net of cash acquired, to expand our product and service offerings in our targeted verticals, primarily manufacturing and distribution, and our HCM and CRM horizontal offerings. We have included the results of the acquired companies in our Consolidated Financial Statements from the applicable acquisition dates. These acquisitions were not significant individually or in the aggregate for financial reporting purposes. W e recorded $55.6 million of identifiable intangible assets, $9.4 million of net liabilities and $73.5 million of goodwill related to our fiscal 2013 acquisitions. The acquired intangible assets relating to these acquisitions’ existing technology and customer relationships are being amortized over their weighted average estimated useful lives of approximately seven years. We have determined that the goodwill arising from these acquisitions will not be deductible for tax purposes. The purchase consideration related to certain of our acquisitions includes additional contingent cash consideration payable to the sellers if certain future performance conditions are met as detailed in the applicable purchase agreements. The fair value of these contingent consideration agreements was estimated to be $12.4 million as of May 31, 2014. The change in the estimated fair value of the contingent consideration, during the contingency period through settlement, is recorded in our results of operations in the period of such change and is included in acquisition-related and other costs in our Consolidated Statements of Operations. During fiscal 2015 and fiscal 2014, we paid $8.5 million and $0.7 million, respectively, under the provisions of certain of the contingent consideration agreements. As of April 30, 2015, we estimated that no further payments would be required under the contingent consideration arrangement due to the probability of meeting such results and reduced our contingent consideration liability to $0.0 millio n. |
Goodwill
Goodwill | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Goodwill [Abstract] | ||
Goodwill | 4. Goodwill The change in the carrying amount of our goodwill by reportable segment for the period indicated was as follows: (in millions) License Maintenance Consulting Total Balance, April 30, 2015 $ 931.5 $ 2,851.7 $ 262.6 $ 4,045.8 Goodwill acquired 336.5 - 33.4 369.9 Currency translation effect (10.2) (36.3) (3.2) (49.7) Balance, October 31, 2015 $ 1,257.8 $ 2,815.4 $ 292.8 $ 4,366.0 Goodwill acquired during fiscal 2016 relates to the GT Nexus Acquisition in the current quarter. See Note 3, Acquisitions . In accordance with the FASB guidance related to goodwill and other intangible assets, we are required to assess the carrying amount of our goodwill for potential impairment annually or more frequently if events or a change in circumstances indicates that impairment may have occurred. We conduct our annual impairment test in the second quarter of each fiscal year as of September 30. We believe that our reportable segments are also representative of our reporting units for purposes of our goodwill impairment testing. We conducted our most recent annual impairment assessment in the second quarter of fiscal 2016. We chose to perform a Step 1 goodwill impairment assessment as of September 30, 2015. This assessment did not indicate any potential impairment for any of our reporting units and no further testing was required. We believe there was no impairment of our goodwill and no indication of potential impairment existed as of October 31, 2015. We have no accumulated impairment charges related to our goodwill. | 4. Goodwill The following table reflects changes in the carrying amount of our goodwill by reportable segment for fiscal 2014 and 2015: (in millions) License Maintenance Consulting Total Balance, May 31, 2013 $ 849.6 $ 3,012.9 $ 277.3 $ 4,139.8 Goodwill acquired 114.8 0.5 - 115.3 Currency translation effect 14.7 43.1 4.3 62.1 Balance, May 31, 2014 979.1 3,056.5 281.6 4,317.2 Goodwill acquired 11.9 6.3 - 18.2 Currency translation effect (59.5) (211.1) (19.0) (289.6) Balance, April 30, 2015 $ 931.5 $ 2,851.7 $ 262.6 $ 4,045.8 Goodwill acquired during fiscal 2015 totaled $18.2 million related to our acquisition of Saleslogix. Goodwill acquired during fiscal 2014 totaled $115.3 million primarily related to our acquisition of PeopleAnswers. See Note 3, Acquisitions . In accordance with the FASB guidance related to goodwill and other intangible assets, we are required to assess the carrying amount of our goodwill for potential impairment annually or more frequently if events or a change in circumstances indicate that impairment may have occurred. We conduct our annual impairment test in the second quarter of each fiscal year as of September 30. We believe that our reportable segments are also representative of our reporting units for purposes of our goodwill impairment testing. We conducted our most recent annual impairment assessment in the second quarter of fiscal 2015. We chose to perform a Step 1 goodwill impairment assessment as of September 30, 2014. This assessment did not indicate any potential impairment for any of our reporting units and no further testing was required. We believe there was no impairment of our goodwill and no indication of potential impairment existed as of April 30, 2015. The results of the annual tests performed in fiscal 2014 and 2013 indicated no impairment of goodwill and we have no accumulated impairment charges related to our goodwill. |
Fair Value
Fair Value | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Fair Value [Abstract] | ||
Fair Value | 5. Fair Value Fair Value Hierarchy The FASB has established guidance on financial assets and liabilities and nonfinancial assets and liabilities that are recognized at fair value on a recurring basis and guidance for nonfinancial assets and liabilities that are recognized at fair value on a nonrecurring basis. This guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy which requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to measure fair value. The three levels of the fair value hierarchy are as follows: Level 1 — Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — Inputs other than the quoted prices in active markets that are observable either directly or indirectly including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market data, are significant to the fair values of the assets or liabilities, and require the reporting entity to develop its own assumptions. We measure certain of our financial assets and liabilities at fair value. The following table summarizes the fair value of our financial assets and liabilities that were accounted for at fair value on a recurring basis, by level within the fair value hierarchy, as of October 31, 2015 and April 30, 2015: October 31, 2015 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Liabilities Contingent consideration $ - $ - $ 0.6 $ 0.6 Derivative instruments - 19.8 - 19.8 Total $ - $ 19.8 $ 0.6 $ 20.4 April 30, 2015 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Assets Cash equivalents $ 27.0 $ - $ - $ 27.0 Total $ 27.0 $ - $ - $ 27.0 Liabilities Derivative instruments $ - $ 20.8 $ - $ 20.8 Total $ - $ 20.8 $ - $ 20.8 Cash equivalents include funds held in money market instruments, are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments, and are included in cash and cash equivalents on our Condensed Consolidated Balance Sheets. Our money market instruments are valued using quoted market prices and are included in Level 1 inputs. Contingent consideration relates to one of our fiscal 2013 acquisitions. The estimated fair value of the contingent consideration was based primarily on our estimates of meeting the applicable contingency conditions as per the terms of the applicable agreement. These include estimates of revenue growth rates and our assessment of the probability of meeting such results, with the probability-weighted earn-out then discounted to estimate fair value. As these are unobservable inputs, the contingent consideration is included in Level 3 inputs. The contingent consideration liability is included in accrued expenses on our Condensed Consolidated Balance Sheets. See Note 3, Acquisitions . Derivative instruments consist of interest rate swaps entered into to hedge our market risk relating to possible adverse changes in interest rates. The fair value of the interest rate swaps is estimated as the net present value of projected cash flows based upon forward interest rates at the balance sheet date. The models used to value the interest rate swaps are based primarily on readily observable market data, such as LIBOR forward rates, for all substantial terms of the interest rate swap contracts and the credit risk of the counterparties. As such, these derivative instruments are included in Level 2 inputs. See Note 15, Derivative Financial Instruments . We have had no transfers of assets/liabilities into or out of Levels 1, 2 or 3 during fiscal 2016 or fiscal 2015. The following table reconciles the change in our Level 3 assets/liabilities for the periods indicated: Fair Value Measurements Using Significant Unobservable Inputs (in millions) Level 3 Balance, April 30, 2015 $ - Total (gain) loss recorded in earnings 0.6 Balance, October 31, 2015 $ 0.6 In addition to the financial assets and liabilities included in the above table, certain nonfinancial assets and liabilities are to be measured at fair value on a nonrecurring basis in accordance with applicable GAAP. In general, nonfinancial assets including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when any impairment is recognized. As of October 31, 2015, we had not recorded any impairment related to such assets and had no other material nonfinancial assets or liabilities requiring adjustments or write-downs to their current fair value. As allowed by applicable FASB guidance, we have elected not to apply the fair value option for financial assets and liabilities to any of our currently eligible financial assets or liabilities. As of October 31, 2015 and April 30, 2015, our material financial assets and liabilities not carried at fair value included our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and long-term debt. These financial instruments are recorded at their carrying values which are deemed to approximate fair value, generally due to their short periods to maturity . Fair Value of Long-Term Debt T o estimate fair value of our long-term debt for disclosure purposes, w e used recent market transactions and related market quotes of the bid and ask pricing of our long-term debt (Level 2 on the fair value hierarchy). At October 31, 2015 and April 30, 2015, the total carrying value of our long-term debt was approximately $5.7 billion and $5.2 billion, respectively, and the estimated fair value of our long-term debt was approximately $5.6 billion and $5.4 billion, respectively. | 5. Fair Value Fair Value Hierarchy The FASB has established guidance on financial assets and liabilities and nonfinancial assets and liabilities that are recognized at fair value on a recurring basis and guidance for nonfinancial asset and liabilities that are recognized at fair value on a nonrecurring basis. This guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as an “exit price” which represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in valuing an asset or liability. The above mentioned guidance also requires the use of valuation techniques to measure fair values that maximize the use of observable inputs and minimize the use of unobservable inputs. As a basis for considering such assumptions and inputs, the guidance establishes a fair value hierarchy which identifies and prioritizes three levels of inputs to be used in measuring fair value. The three levels of the fair value hierarchy are as follows: Level 1 —Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 —Inputs other than the quoted prices in active markets that are observable either directly or indirectly including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3—Unobservable inputs that are supported by little or no market data, are significant to the fair values of the assets or liabilities, and require the reporting entity to develop its own assumptions. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In addition, the fair value of liabilities should include consideration of non-performance risk including the Company’s own credit risk. We measure certain financial assets and liabilities at fair value including our cash equivalents and contingent consideration liabilities. The following table summarizes the fair value of our financial assets and liabilities that were accounted for at fair value on a recurring basis, by level within the fair value hierarchy, as of April 30, 2015 and May 31, 2014: April 30, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Fair Value (in millions) Assets Cash equivalents $ 27.0 $ - $ - $ 27.0 Total $ 27.0 $ - $ - $ 27.0 Liabilities Derivative instruments $ - $ 20.8 $ - $ 20.8 Total $ - $ 20.8 $ - $ 20.8 May 31, 2014 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Assets Cash equivalents $ 209.5 $ - $ - $ 209.5 Total $ 209.5 $ - $ - $ 209.5 Liabilities Contingent consideration $ - $ - $ 12.4 $ 12.4 Derivative instruments - 16.1 - 16.1 Total $ - $ 16.1 $ 12.4 $ 28.5 Cash equivalents include funds held in money market instruments and are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents on our Consolidated Balance Sheets. Our money market instruments are valued using quoted market prices and are included in Level 1 inputs. Contingent consideration relates to certain of our fiscal 2013 acquisitions. The estimated fair value of the contingent consideration was based primarily on our estimates of meeting the applicable contingency conditions over the years following the acquisition as per the terms of the applicable purchase agreements. These include estimates of revenue growth rates and our assessment of the probability of meeting such results, with the probability-weighted earn-out then discounted to estimate fair value. As these are unobservable inputs, the contingent consideration is included in Level 3 inputs. The contingent consideration liabilities are included in accrued expenses and other long-term liabilities on our Consolidated Balance Sheets. As of April 30, 2015, we estimated that no further payments would be required under the contingent consideration arrangements and have no related liability recorded. See Note 3, Acquisitions . Derivative instruments consist of interest rate swaps entered into to hedge our market risk relating to possible adverse changes in interest rates. The fair value of the interest rate swaps is estimated as the net present value of projected cash flows based upon forward interest rates at the balance sheet date. The models used to value the interest rate swaps are based primarily on readily observable market data, such as LIBOR forward rates, for all substantial terms of the interest rate swap contracts and the credit risk of the counterparties. As such, these derivative instruments are included in Level 2 inputs. See Note 15, Derivative Financial Instruments . We have had no transfers of assets/liabilities into or out of Levels 1, 2 or 3 during fiscal 2015 or fiscal 2014. The following table reconciles the change in our Level 3 assets/liabilities for the periods presented: Fair Value Measurements Using Significant Unobservable Inputs (in millions) Level 3 Balance, May 31, 2012 $ - Contingent consideration 14.6 Total (gain) loss recorded in earnings (1.4) Balance, May 31, 2013 13.2 Settlements (0.7) Total (gain) loss recorded in earnings (0.1) Balance, May 31, 2014 12.4 Settlements (8.5) Total (gain) loss recorded in earnings (3.9) Balance, April 30, 2015 $ - In addition to the financial assets and liabilities included in the above table, certain nonfinancial assets and liabilities are to be measured at fair value on a nonrecurring basis in accordance with applicable GAAP. This includes items such as nonfinancial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and nonfinancial long-lived asset groups measured at fair value for an impairment assessment. In general, non-financial assets including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when any impairment is recognized. As of April 30, 2015, we had not recorded any impairment related to such assets and had no other material nonfinancial assets or liabilities requiring adjustments or write-downs to their current fair value. As allowed by applicable FASB guidance, we have elected not to apply the fair value option for financial assets and liabilities to any of our currently eligible financial assets or liabilities. As of April 30, 2015, and May 31, 2014, our material financial assets and liabilities not carried at fair value included our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and long-term debt. These financial instruments are recorded at their carrying values which are deemed to approximate fair value, generally due to their short periods to maturity . Fair Value of Long-Term Debt To estimate the fair value of our long-term debt for disclosure purposes, we use recent market transactions and related market quotes (Level 2 on the fair value hierarchy). At April 30, 2015 and May 31, 2014, the total carrying value of our long-term debt was approximately $5. 2 billion and $5. 3 billion, respectively, and the fair value of our long-term debt was approximately $5.4 billion and $5.6 billion, respectively. |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 11 Months Ended |
Apr. 30, 2015 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | 6. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents are comprised primarily of unrestricted amounts in operating accounts, money market investments and other short-term, highly liquid investments with initial maturities of three months or less. Each is recorded at cost, which approximates fair market value given their short-term nature. In addition, we have restricted cash balances which are classified as either other current assets or other assets on our Consolidated Balance Sheets depending on the nature of the restriction. Restricted cash is used to collateralize various operating guarantees such as leases, acquisition funding, or letters of credit and is recorded at cost, which approximates fair market value. At April 30, 2015 and May 31, 2014, our total restricted cash balance was $8.1 million and $26.8 million, respectively. The following is a summary of our cash and cash equivalents for the periods indicated: April 30, May 31, (in millions) 2015 2014 Cash $ 499.7 $ 365.8 Cash equivalents 27.0 209.5 Total cash and cash equivalents $ 526.7 $ 575.3 |
Accounts Receivable
Accounts Receivable | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Accounts Receivable [Abstract] | ||
Accounts Receivable | 6. Accounts Receivable, Net Accounts receivable, net is comprised of the following for the periods indicated: October 31, April 30, (in millions) 2015 2015 Accounts receivable $ 294.1 $ 308.4 Unbilled accounts receivable 44.7 41.5 Less: allowance for doubtful accounts (12.0) (11.9) Accounts receivable, net $ 326.8 $ 338.0 Unbilled accounts receivable represents revenue recognized on contracts for which billings have not yet been presented to customers because the amounts were earned but not contractually billable as of the balance sheet date. | 7. Accounts Receivable Accounts receivable, net is comprised of the following: April 30, May 31, (in millions) 2015 2014 Accounts receivable $ 308.4 $ 369.4 Unbilled accounts receivable 41.5 53.0 Less: allowance for doubtful accounts (11.9) (18.2) Accounts receivable, net $ 338.0 $ 404.2 Unbilled accounts receivable represents revenue recognized on contracts for which billings have not yet been presented to customers because the amounts were earned but not contractually billable as of the balance sheet date. The following is a rollforward of our allowance for doubtful accounts: (in millions) Balance, May 31, 2012 $ 18.1 Provision 6.5 Write-offs and recoveries (9.0) Currency translation effect 0.4 Balance, May 31, 2013 16.0 Provision 13.1 Write-offs and recoveries (11.2) Currency translation effect 0.3 Balance, May 31, 2014 18.2 Provision 8.6 Write-offs and recoveries (13.6) Currency translation effect (1.3) Balance, April 30, 2015 $ 11.9 |
Property And Equipment
Property And Equipment | 11 Months Ended |
Apr. 30, 2015 | |
Property and Equipment [Abstract] | |
Property and Equipment | 8. Property and Equipment Property and equipment, net consists of the following for the periods indicated: April 30, May 31, Useful Lives (in millions) 2015 2014 (in years) Land, buildings and leasehold improvements $ 76.5 $ 75.2 1 – 36 Computer equipment and software 158.7 148.7 1 – 7 Other equipment, furniture and fixtures 37.2 35.9 1 – 13 Equipment under capital leases 11.9 15.5 Total property and equipment 284.3 275.3 Less: accumulated depreciation and amortization (202.5) (192.5) Property and equipment, net $ 81.8 $ 82.8 Depreciation expense related to our property and equipment for fiscal 2015, 2014 and 2013 was $28.0 million, $29.6 million and $29.6 million, respectively. Amortization expense for equipment under capital leases was $3.5 million, $4.0 million and $1.6 million for fiscal 2015, 2014 and 2013, respectively. Accumulated amortization for equipment under capital leases was $4.7 million and $6.8 million as of April 30, 2015 and May 31, 2014, respectively. We have asset retirement obligations primarily related to certain of our leased facilities in Europe. The accrued asset retirement obligations at April 30, 2015 and May 31, 2014, were $7.0 million and $9.0 million, respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Intangible Assets [Abstract] | ||
Intangible Assets | 7. Intangible Assets, Net Our intangible assets, net consist of the following for the periods indicated: October 31, 2015 April 30, 2015 Gross Gross Estimated Carrying Accumulated Carrying Accumulated Useful Lives (in millions) Amounts Amortization Net (1) Amounts Amortization Net (in years) Customer contracts and relationships $ 1,991.7 $ 1,223.4 $ 768.3 $ 1,735.2 $ 1,168.4 $ 566.8 2 - 15 Acquired and developed technology 1,117.5 893.7 223.8 1,029.2 868.5 160.7 2 - 11 Tradenames 137.9 128.9 9.0 132.6 129.1 3.5 1 - 20 Total $ 3,247.1 $ 2,246.0 $ 1,001.1 $ 2,897.0 $ 2,166.0 $ 731.0 (1) Net intangible assets decreased from April 30, 2015 to October 31, 2015 by approximately $5.8 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities. The following table presents amortization expense recognized in our Condensed Consolidated Statements of Operations, by asset type, for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Customer contracts and relationships $ 34.3 $ 35.9 $ 67.0 $ 73.1 Acquired and developed technology 16.1 17.8 32.5 36.2 Tradenames 0.3 0.3 0.4 2.0 Total $ 50.7 $ 54.0 $ 99.9 $ 111.3 The estimated future annual amortization expense related to these intangible assets as of October 31, 2015, was as follows: (in millions) Fiscal 2016 (remaining 6 months) $ 110.8 Fiscal 2017 179.8 Fiscal 2018 132.4 Fiscal 2019 115.2 Fiscal 2020 106.5 Fiscal 2021 100.5 Thereafter 255.9 Total $ 1,001.1 | 9. Intangible Assets Intangible assets, net consist of the following for the periods indicated: April 30, 2015 May 31, 2014 Gross Gross Estimated Carrying Accumulated Carrying Accumulated Useful Lives (in millions) Amounts Amortization Net (1) Amounts Amortization Net (in years) Customer contracts and relationships $ 1,735.2 $ 1,168.4 $ 566.8 $ 1,840.2 $ 1,118.2 $ 722.0 2 - 15 Acquired and developed technology 1,029.2 868.5 160.7 1,082.4 859.0 223.4 2 - 11 Tradenames 132.6 129.1 3.5 137.6 132.3 5.3 1 - 20 Total $ 2,897.0 $ 2,166.0 $ 731.0 $ 3,060.2 $ 2,109.5 $ 950.7 (1) Net intangible assets decreased from May 31, 2014, to April 30, 2015, by approximately $42.4 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities. The following table presents amortization expense recognized in our Consolidated Statements of Operations, by asset type, for the periods indicated: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Customer contracts and relationships $ 129.1 $ 153.1 $ 161.0 Acquired and developed technology 64.3 72.2 75.4 Tradenames 1.5 9.4 9.7 Total $ 194.9 $ 234.7 $ 246.1 The estimated future annual amortization expense related to these intangible assets as of April 30, 2015, was as follows: (in millions) Fiscal 2016 $ 187.4 Fiscal 2017 139.6 Fiscal 2018 92.9 Fiscal 2019 78.1 Fiscal 2020 70.9 Thereafter 162.1 Total $ 731.0 |
Accrued Expenses
Accrued Expenses | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Accrued Expenses [Abstract] | ||
Accrued Expenses | 8. Accrued Expenses Accrued expenses consisted of the following for the periods indicated: October 31, April 30, (in millions) 2015 2015 Compensation and employee benefits $ 158.0 $ 157.3 Taxes other than income 17.9 25.2 Royalties and partner commissions 51.8 54.5 Litigation 2.0 1.6 Professional fees 7.0 8.2 Subcontractor expense 7.0 7.9 Interest 92.4 22.6 Restructuring 6.5 3.7 Asset retirement obligations 2.9 1.4 Deferred rent 3.3 3.5 Other 49.8 53.2 Accrued expenses $ 398.6 $ 339.1 Included above in other accrued expenses as of October 31, 2015 and April 30, 2015, is approximately $18.0 million and $17.0 million, respectively, pertaining to dividends accrued related to our funding of interest on our affiliate company’s debt. These dividends were settled in the third and first quarters of fiscal 2016, respectively. See Note 17, Related Party Transactions – Dividends Paid to Affiliates . | 10. Accrued Expenses Accrued expenses consisted of the following for the periods indicated: April 30, May 31, (in millions) 2015 2014 Compensation and employee benefits $ 157.3 $ 170.2 Taxes other than income 25.2 26.0 Royalties and partner commissions 54.5 47.0 Litigation 1.6 2.4 Professional fees 8.2 8.1 Subcontractor expense 7.9 8.0 Interest 22.6 69.1 Restructuring 3.7 16.1 Asset retirement obligations 1.4 1.7 Deferred rent 3.5 16.9 Other 53.2 40.8 Accrued expenses $ 339.1 $ 406.3 Included above in other accrued expenses as of April 30, 2015, is approximately $17.0 million pertaining to dividends accrued related to our funding of interest on our affiliate company’s debt. See Note 21, Related Party Transactions – Dividends Paid to Affiliates . |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Share Purchase and Option Plans [Abstract] | ||
Share Purchase and Option Plans | 9. Equity-Based Compensation We account for equity-based payments, including grants of employee stock options, restricted stock and other equity-based awards, in accordance with ASC 718, Compensation—Stock Compensation , which requires that equity-based payments (to the extent they are compensatory) be recognized in our results of operations based on their fair values and the estimated number of securities we ultimately expect will vest. We utilize the Option-Pricing Method to estimate the fair value of our equity awards. All equity-based payments are based upon equity issued by a parent company of Infor, Inc. Pursuant to applicable FASB guidance related to equity-based awards, we have reflected equity-based compensation expense related to our parent company’s equity grants within our results of operations with an offset to additional paid-in capital. The following table presents the equity-based compensation expense recognized in our Condensed Consolidated Statements of Operations, by category, for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Cost of software license fees and subscriptions $ - $ 0.2 $ - $ 0.2 Cost of product updates and support fees - 0.2 0.1 0.6 Cost of consulting services and other fees - 0.3 - 0.3 Sales and marketing 0.4 1.7 0.7 3.5 Research and development 0.3 1.1 0.6 2.6 General and administrative 1.2 2.3 1.8 5.8 Total $ 1.9 $ 5.8 $ 3.2 $ 13.0 | 16. Share Purchase and Option Plans Infor Class C Management Incentive Units On May 31, 2012, Infor Enterprise granted to certain employees of Infor 10.4 million equity awards, primarily Management Incentive Units (MIUs), pursuant to the Infor Enterprise Applications, LP Agreement of Limited Partnership (Infor Enterprise Agreement) and certain MIU agreements. These MIUs are for Class C non-voting units. The Class C MIUs were granted as of May 31, 2012, with vesting schedules ranging from immediate vesting to three years of service. The Class C MIUs were issued in exchange for employees existing equity interests in both Infor and Infor Global Solutions discussed below. As a result, the majority of these other equity-based awards were cancelled during fiscal 2012. In accordance with applicable FASB guidance, the concurrent grant of the Class C MIUs and cancellation of the existing equity interests were treated as a modification. Under the provisions of the Infor Enterprise Agreement and MIU agreements, if employees are no longer employed by Infor or any of its subsidiaries for any reason (including, but not limited to, death or disability), all unvested Class C MIUs held by such employee shall automatically expire and be forfeited to Infor. For grants to certain employees, Infor has the ability to repurchase applicable MIUs pursuant to the award’s provisions upon their termination of employment with Infor. The repurchase commences upon the later of 1) the termination date and 2) the 181st day following the date upon which the MIUs that are subject to such repurchase have become vested. Infor may elect to repurchase all or any portion of the applicable MIUs, in the event of the employee’s termination for cause, participation in a competitive activity or resignation, at a price equal to the lower of the original cost or the fair market value of the MIUs being repurchased. If the employee leaves Infor under any other circumstances, such as through involuntary termination, without cause or upon death, the repurchase option is for fair market value, defined in the Infor Enterprise Agreement as the amount to which the holder of the applicable MIUs would be entitled to receive if the Company’s assets were liquidated in accordance with the Infor Enterprise Agreement (as in effect immediately prior to such liquidation) and applicable law, and the proceeds of such liquidation were applied and distributed pursuant to Infor Enterprise Agreement (as in effect immediately prior to such liquidation). This repurchase feature in certain Class C MIUs granted to employees, as noted above, functions as an in-substance forfeiture provision which precludes recognition of compensation cost for accounting purposes until such repurchase features are removed upon an employee termination event or change in control as defined in the Infor Enterprise Agreement. No compensation expense is recognized until the repurchase features lapse. Of the 10.4 million MIUs granted on May 31, 2012, 4.4 million were issued with the repurchase feature and do not have corresponding equity compensation expense recognized, except to the extent discussed below related to modifications of certain of these awards which in effect made such awards probable of vesting. The remaining 6.0 million MIUs granted did not include the repurchase feature and we recognized applicable equity compensation expense in fiscal 2015, 2014 and 2013, accordingly. During fiscal 2013, certain of our parent company’s Class C MIU grants without repurchase features that had been classified as equity awards were modified to allow for a cash settlement option at other than fair value, which caused these grants to be classified as liability awards at the parent company. Accordingly, we recorded incremental equity compensation expense in fiscal 2013 to recognize the fair value of the awards. A portion of these grants were further modified in fiscal 2014 to adjust the timing of the settlement options and to change the manner of calculating the settlement amount of one tranche from other than fair value to a premium over fair value repurchase. The change in the settlement amount calculation caused the related grants to revert to being classified as equity awards other than the premium, which retained liability accounting treatment at the parent company. In fiscal 2015, the other tranches of the put feature were modified to change the manner of calculating the settlement amount from other than fair value to a premium over fair value purchase. Correspondingly, this change caused the related grants to revert to being classified as equity awards other than the premium, which retained liability accounting treatment at the parent company. We have recorded incremental equity compensation expense of $2.0 million, $11.5 million and $8.5 million in fiscal 2015, 2014 and 2013, respectively, related to these modified grants. In addition, during fiscal 2014, several of our parent company’s Class C MIU grants were modified to allow for a cash settlement option. A portion of these grants are subject to the repurchase features that function as in-substance forfeiture provisions, as described above. The addition of a cash settlement option effectively made these awards probable of vesting, resulting in equity compensation expense being recognized for the first time on the related modified grants and causing these grants to change to liability awards at the parent company. The remaining grants which are not subject to repurchase features remain classified as equity awards at the parent company. We have recorded incremental equity compensation expense of $8.7 million and $7.0 million in fiscal 2015 and 2014, respectively, related to these modified grants. During fiscal 2015, we granted approximately 0.6 million Class C MIU’s and approximately 0.2 million Class C MIU’s were forfeited and less than 0.1 million were repurchased by the Company. During fiscal 2014, we granted approximately 1.4 million Class C MIU’s and approximately 0.3 million Class C MIU’s were forfeited and no shares were repurchased by the Company. During fiscal 2013, we granted approximately 0.5 million Class C MIU’s and approximately 1.2 million Class C MIU’s were forfeited and 0.3 million were repurchased by the Company. The following table summarizes Class C MIU activity for fiscal 2015, 2014 and 2013: Weighted Average Number of Grant Date (in thousands, except fair value amounts) Class C MIUs Fair Value Non-vested, May 31, 2012 5,915 $ 3.53 Granted 455 $ 4.96 Cancelled (1,156) $ 3.72 Vested (713) $ 3.53 Non-vested, May 31, 2013 4,501 $ 3.63 Granted 1,399 $ 7.29 Cancelled (279) $ 4.39 Vested (2,777) $ 3.66 Non-vested, May 31, 2014 2,844 $ 5.24 Granted 591 $ 7.56 Cancelled (155) $ 5.20 Vested (1,734) $ 4.31 Non-vested, April 30, 2015 1,546 $ 7.19 This table reflects the legal vesting of the awards. As noted above certain of the awards are subject to a repurchase feature, which functions as an in-substance forfeiture provision, so these awards are not considered to have vested for accounting purposes. Total unrecognized Class C MIU compensation expense at April 30, 2015, was $27.5 million. The aggregate intrinsic value related to the unvested Class C MIUs was approximately $28.2 million as of April 30, 2015. The weighted average remaining contractual life of the Class C MIUs was 2.7 years as of April 30, 2015. Other Infor Equity Grants In addition to the Class C MIUs discussed above, Infor has other outstanding equity awards issued by certain affiliates of the Company. These awards include MIUs issued by SoftBrands Holdings LLC, an affiliate of the parent company of Infor (SoftBrands MIUs) to certain employees as authorized by its Amended and Restated Limited Liability Company Agreement dated October 1, 2010 (the SoftBrands Plan); and Class Y restricted shares issued under the Infor Global Solutions 2006 Share Purchase and Option Plan, as amended, (the 2006 Plan). In conjunction with the May 31, 2012 grant of the Class C MIUs discussed above, the majority of the outstanding SoftBrands MIUs and Class Y restricted shares were cancelled. No other grants are to be made under the SoftBrands Plan or the 2006 Plan. The remaining SoftBrands MIUs and Class Y restricted shares were fully vested as of May 31, 2014. As of April 30, 2015, 1.6 million and 5.1 million SoftBrands MIUs and Class Y restricted shares were outstanding, respectively. |
Restructuring Charges
Restructuring Charges | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Restructuring Charges [Abstract] | ||
Restructuring Charges | 10. Restructuring Charges We have recorded restructuring charges related to our acquisitions and on occasion to eliminate redundancies, improve our operational efficiency and reduce our operating costs. These cost reduction measures included workforce reductions relating to restructuring our workforce, the exiting of certain leased facilities and the consolidation of space in certain other facilities. In accordance with applicable FASB guidance, our restructuring charges are broken down into acquisition-related and other restructuring costs. These restructuring charges include employee severance costs and costs related to the reduction of office space. No business activities of the companies that we have acquired were discontinued. The workforce reductions were typically from all functional areas of our operations. Fiscal 2016 Restructuring Charges During the first six months of fiscal 2016, we incurred restructuring costs of $7.5 million for employee severance costs related to personnel actions across all functions primarily in the Americas and EMEA regions and facilities charges related to exiting or consolidation of space in facilities primarily in the Americas region. We made cash payments of approximately $1.8 million during the first six months of fiscal 2016 related to these actions. We expect to complete the remainder of these actions over the next twelve months. Fiscal 2016 Acquisition-Related Charges During the first six months of fiscal 2016, we incurred acquisition-related restructuring costs of $0.9 million related to the operations of GT Nexus that we acquired in the second quarter of fiscal 2016. These restructuring charges included employee severance costs related to redundant positions. During the first six months of fiscal 2016, we did no t make any cash payments related to these severance actions. We expect to complete the remainder of these actions over the next twelve months. Fiscal 2015 Restructuring Charges During fiscal 2015, we incurred restructuring costs related primarily to employee severance costs for personnel in our sales and professional services organizations primarily in the EMEA region as well as personnel in our product development organization primarily in the APAC region. During the first six months of fiscal 2016, we recorded restructuring cost reversals of $0.4 million and we made cash payments of approximately $1.3 million related to these actions. T he majority of these restructuring activities were completed in fiscal 2015. We expect to complete the remainder of the actions in fiscal 2016. Previous Restructuring and Acquisition-Related Charges Prior to fiscal 2015, we had completed certain restructuring activities as well as a series of acquisition-related restructuring actions. During the first six months of fiscal 2016 we recorded $0.2 million in adjustments to these restructuring charges and made net cash payments of $0.9 million. The remaining accruals associated with these prior restructuring charges relate primarily to lease obligations associated with the closure of redundant offices acquired in prior business combinations, as well as contractual payment obligations of severed employees. Actions related to these restructuring activities have been completed. The following table sets forth the reserve activity related to our restructuring plans for the six-month period ended October 31, 2015. The adjustments to costs in the tables below consist of adjustments to the accrual that were accounted for as an adjustment to current period earnings (Expense) or adjustments to the accrual that were related to the impact of fluctuations in foreign currency exchange rates (Foreign Currency Effect): Adjustment to Costs Total Balance Foreign Balance Total Costs Expected April 30, Initial Currency Cash October 31, Recognized Program (in millions) 2015 Costs Expense Effect Payments 2015 to Date Costs Fiscal 2016 restructuring Severance $ - $ 5.7 $ - $ (0.1) $ (1.8) $ 3.8 $ 5.7 $ 5.7 Facilities and other - 1.8 - (0.1) - 1.7 1.6 1.6 Total fiscal 2016 restructuring - 7.5 - (0.2) (1.8) 5.5 7.3 7.3 Fiscal 2016 acquisition-related Severance - 0.9 - - - 0.9 0.9 0.9 Total fiscal 2016 acquisition-related - 0.9 - - - 0.9 0.9 0.9 Fiscal 2015 restructuring Severance 2.2 - (0.4) - (1.3) 0.5 10.2 10.2 Total fiscal 2015 restructuring 2.2 - (0.4) - (1.3) 0.5 10.2 10.2 Previous restructuring Severance 0.6 - (0.1) - (0.2) 0.3 31.4 31.4 Facilities and other 0.3 - 0.1 - (0.3) 0.1 2.3 2.3 Total previous restructuring 0.9 - - - (0.5) 0.4 33.7 33.7 Previous acquisition-related Severance 0.4 - - - - 0.4 40.5 40.5 Facilities and other 0.4 - 0.2 - (0.4) 0.2 4.0 4.0 Total previous acquisition-related 0.8 - 0.2 - (0.4) 0.6 44.5 44.5 Total restructuring $ 3.9 $ 8.4 $ (0.2) $ (0.2) $ (4.0) $ 7.9 $ 96.6 $ 96.6 The remaining restructuring reserve accruals related to severance and current facilities costs are included in accrued expenses with the long-term facilities cost reserve included in other long-term liabilities on our Condensed Consolidated Balance Sheets. The following table summarizes the restructuring charges reflected in our results of operations for the periods indicated for each of our reportable segments including charges related to those functions not allocated to our segments. Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 License $ 0.6 $ 2.2 $ 1.6 $ 4.9 Maintenance 0.6 0.5 1.2 1.0 Consulting 1.0 (0.5) 1.1 4.3 General and administrative and other functions 4.2 1.6 4.3 1.1 Total restructuring costs $ 6.4 $ 3.8 $ 8.2 $ 11.3 | 11. Restructuring Charges We have recorded restructuring charges related to our acquisitions and in the ordinary course of business to eliminate redundancies, improve our operational efficiency and reduce our operating costs. These cost reduction measures included workforce reductions relating to restructuring our workforce, the exiting of certain leased facilities and the consolidation of space in certain other facilities. In accordance with applicable FASB guidance, our restructuring charges are broken down into acquisition-related and other restructuring costs. These restructuring charges include employee severance costs and costs related to reduction of office space. No business activities of the companies that we have acquired were discontinued. The employees terminated were typically from all functional areas of our operations. Fiscal 2015 Restructuring Charges We have incurred restructuring costs totaling $10.5 million during fiscal 2015 related to employee severance costs primarily for personnel in our sales and professional services organizations primarily in our EMEA region as well as personnel in our product development organization primarily in our APAC region. We made cash payments of approximately $8.1 million during fiscal 2015 related to these severance actions. During fiscal 2015, we recorded costs related to certain exited facilities of $0.2 million and we made cash payments of approximately $0.2 million related to these exited facilities. T he majority of these restructuring activities were completed in fiscal 2015. We expect to complete the remainder of the actions in fiscal 2016. Fiscal 2014 Restructuring Charges During fiscal 2014, we incurred restructuring charges related to employee severance costs primarily for personnel in our professional services and sales organizations in our EMEA region and costs related to certain exited facilities. During fiscal 2015, we recorded restructuring cost reversals of $3.0 million and we made cash payments of approximately $8.6 million related to these severance actions and approximately $0.4 million related to these exited facilities. A significant portion of the actions related to these restructuring activities were completed in fiscal 2014 with the remainder of the actions completed in fiscal 2015. Fiscal 2013 Restructuring Charges We incurred restructuring charges during fiscal 2013 related to employee severance costs for personnel in our product development and general and administrative functions and costs related to certain exited facilities. During fiscal 2015, we recorded restructuring cost reversals of $0.2 million related to these severance actions and we made cash payments of approximately $0.9 million. During fiscal 2015, we made cash payments of approximately $0.2 million related to these exited facilities. Actions related to these restructuring activities were completed in fiscal 2014. Fiscal 2013 Acquisition-Related Charges During fiscal 2013, we incurred acquisition-related restructuring costs related to operations we acquired in fiscal 2013. These restructuring charges included employee severance costs related to redundant positions and accruals for costs related to facilities exited during fiscal 2013. During fiscal 2015, we made $0.1 million in cash payments related to these severance actions. Actions related to these restructuring activities were completed in fiscal 2014. Previous Restructuring Charges and Acquisition-Related Charges Prior to fiscal 2013, we had completed certain restructuring activities related to our ongoing operations as well as a series of restructuring activities related to our acquisitions. During fiscal 2015, we recorded restructuring cost reversals of $0.3 million related to severance actions and $1.5 million related to exited facilities. W e also made cash payments of $0.2 million primarily for accrued facility costs related to previous restructuring and acquisition-related actions. The remaining accruals associated with these prior restructuring charges relate to contractual payment obligations of severed employees and lease obligations associated with the closure of redundant offices acquired in prior business combinations. Actions related to these restructuring activities have been completed. Applicable l eased facilities costs will be paid through the third quarter of fiscal 2017. The following tables summarize the accrued restructuring costs at April 30, 2015, May 31, 2014 , and May 31, 2013. The adjustments to costs in the tables below consist of adjustments to the accrual that were accounted for as adjustment s to current period earnings (Expense) or adjustments to the accrual that were reclasses between balance sheet accounts (Other). Adjustment to Costs Total Balance Foreign Balance Total Costs Expected May 31, Initial Currency Cash April 30, Recognized Program (in millions) 2014 Costs Expense Effect Payments 2015 to Date Costs Fiscal 2015 restructuring Severance $ - $ 10.5 $ - $ (0.2) $ (8.1) $ 2.2 $ 10.5 $ 10.5 Facilities and other - 0.2 - - (0.2) - 0.2 0.2 Total fiscal 2015 restructuring - 10.7 - (0.2) (8.3) 2.2 10.7 10.7 Fiscal 2014 restructuring Severance 12.6 - (3.0) (0.7) (8.6) 0.3 18.9 18.9 Facilities and other 0.5 - - - (0.4) 0.1 0.8 0.8 Total fiscal 2014 restructuring 13.1 - (3.0) (0.7) (9.0) 0.4 19.7 19.7 Fiscal 2013 restructuring Severance 1.5 - (0.2) (0.1) (0.9) 0.3 12.7 12.7 Facilities and other 0.4 - - - (0.2) 0.2 1.4 1.4 Total fiscal 2013 restructuring 1.9 - (0.2) (0.1) (1.1) 0.5 14.1 14.1 Fiscal 2013 acquisition-related Severance 0.1 - - - (0.1) - 0.8 0.8 Total fiscal 2013 acquisition-related 0.1 - - - (0.1) - 0.8 0.8 Previous restructuring Severance 0.2 - (0.2) - - 13.7 13.7 Total previous restructuring 0.2 - (0.2) - - - 13.7 13.7 Previous acquisition-related Severance 0.6 - (0.1) (0.1) - 0.4 47.6 47.6 Facilities and other 2.3 - (1.5) (0.2) (0.2) 0.4 17.7 17.7 Total previous acquisition-related 2.9 - (1.6) (0.3) (0.2) 0.8 65.3 65.3 Total restructuring $ 18.2 $ 10.7 $ (5.0) $ (1.3) $ (18.7) $ 3.9 $ 124.3 $ 124.3 Adjustment to Costs Total Balance Foreign Balance Total Costs Expected May 31, Initial Currency Cash May 31, Recognized Program (in millions) 2013 Costs Expense Effect Payments 2014 to Date Costs Fiscal 2014 restructuring Severance $ - $ 22.0 $ - $ - $ (9.4) $ 12.6 $ 22.0 $ 22.0 Facilities and other - 0.8 - - (0.3) 0.5 0.8 0.8 Total fiscal 2014 restructuring - 22.8 - - (9.7) 13.1 22.8 22.8 Fiscal 2013 restructuring Severance 7.9 - (1.9) 0.3 (4.8) 1.5 12.8 12.8 Facilities and other 0.5 - 0.6 - (0.7) 0.4 1.4 1.4 Total fiscal 2013 restructuring 8.4 - (1.3) 0.3 (5.5) 1.9 14.2 14.2 Fiscal 2013 acquisition-related Severance 0.6 - - - (0.5) 0.1 0.8 0.8 Total fiscal 2013 acquisition-related 0.6 - - - (0.5) 0.1 0.8 0.8 Previous restructuring Severance 1.6 - (0.5) - (0.9) 0.2 13.9 13.9 Facilities and other 0.1 - - - (0.1) - 0.4 0.4 Total previous restructuring 1.7 - (0.5) - (1.0) 0.2 14.3 14.3 Previous acquisition-related Severance 0.8 - 0.1 - (0.3) 0.6 54.7 54.7 Facilities and other 6.4 - (2.5) 0.1 (1.7) 2.3 21.9 21.9 Total previous acquisition-related 7.2 - (2.4) 0.1 (2.0) 2.9 76.6 76.6 Total restructuring $ 17.9 $ 22.8 $ (4.2) $ 0.4 $ (18.7) $ 18.2 $ 128.7 $ 128.7 Adjustment to Costs Total Balance Foreign Balance Total Costs Expected May 31, Initial Currency Cash May 31, Recognized Program (in millions) 2012 Costs Expense Other Effect Payments 2013 to Date Costs Fiscal 2013 restructuring Severance $ - $ 19.4 $ (4.6) $ - $ 0.2 $ (7.1) $ 7.9 $ 14.8 $ 14.8 Facilities and other - 0.4 0.3 0.1 - (0.3) 0.5 0.7 0.7 Total fiscal 2013 restructuring - 19.8 (4.3) 0.1 0.2 (7.4) 8.4 15.5 15.5 Fiscal 2013 acquisition-related Severance - 0.7 0.1 - (0.1) (0.1) 0.6 0.8 0.8 Facilities and other - 0.1 - - - (0.1) - 0.1 0.1 Total fiscal 2013 acquisition-related - 0.8 0.1 - (0.1) (0.2) 0.6 0.9 0.9 Previous restructuring Severance 15.1 - (6.2) - 0.7 (8.0) 1.6 14.4 14.4 Facilities and other 1.6 - 0.2 (0.2) 0.4 (1.9) 0.1 4.6 4.6 Total previous restructuring 16.7 - (6.0) (0.2) 1.1 (9.9) 1.7 19.0 19.0 Previous acquisition-related Severance 5.5 - (1.0) - 0.4 (4.1) 0.8 54.6 54.6 Facilities and other 8.3 - 0.8 0.2 - (2.9) 6.4 24.3 24.3 Total previous acquisition-related 13.8 - (0.2) 0.2 0.4 (7.0) 7.2 78.9 78.9 Total restructuring $ 30.5 $ 20.6 $ (10.4) $ 0.1 $ 1.6 $ (24.5) $ 17.9 $ 114.3 $ 114.3 The remaining restructuring reserve accruals related to severance and current facilities costs are included in accrued expenses with the long-term facilities cost reserve included in other long-term liabilities on our Consolidated Balance Sheets. The following table summarizes the restructuring charges reflected in our results of operations for fiscal 2015, 2014 and 2013 for each of our reportable segments including charges related to those functions not allocated to our segments. 11 Months Ended Years Ended May 31, April 30, 2015 2014 2013 (in millions) License $ 3.2 $ 4.2 $ 3.8 Maintenance 0.8 0.7 0.3 Consulting 0.8 9.1 (0.1) General and administrative and other functions 0.9 4.6 6.2 Total restructuring costs $ 5.7 $ 18.6 $ 10.2 |
Debt
Debt | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Debt [Abstract] | ||
Debt | 11. Debt The following table summarizes our long-term debt balances for the periods indicated: October 31, 2015 April 30, 2015 Principal Net Contractual Principal Net Contractual (in millions) Amount Amount (1) Rate Amount Amount (1) Rate First lien Term B-3 due June 3, 2020 $ 464.3 $ 460.2 3.750 % $ 466.7 $ 462.2 3.750 % First lien Term B-5 due June 3, 2020 2,460.3 2,377.6 3.750 % 2,473.0 2,382.0 3.750 % First lien Euro Term B due June 3, 2020 372.7 367.9 4.000 % 382.3 377.0 4.000 % 6.5% senior notes due May 15, 2022 1,630.0 1,619.0 6.500 % 1,630.0 1,618.4 6.500 % 5.75% senior notes due May 15, 2022 385.2 379.8 5.750 % 393.0 387.2 5.750 % 5.75% senior secured notes due August 15, 2020 500.0 479.3 5.750 % - - - Deferred financing fees, debt discounts and premiums, net (128.7) - (118.2) - Total long-term debt 5,683.8 5,683.8 5,226.8 5,226.8 Less: current portion (0.1) (0.1) (0.1) (0.1) Total long-term debt - non-current $ 5,683.7 $ 5,683.7 $ 5,226.7 $ 5,226.7 (1) Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. In fiscal 2015 we early adopted the FASB guidance related to simplifying the presentation of debt issuance costs and changed the presentation of our deferred financing fees related to our term loans and senior notes from an asset to a direct deduction from the carrying amount of our long-term debt, consistent with the presentation of debt discounts and premiums. The unamortized balance of our deferred financing fees is included above in deferred financing fees, debt discounts and premiums, net, for the periods indicated. The weighted average contractual interest rate at October 31, 2015 and April 30, 2015 was 4.80% and 4.80% , respectively. The effective interest rate of each of our debt obligations is not materially different from the contractual interest rate. The following table summarizes our future repayment obligations related to the principal debt balances for all of our borrowings as of October 31, 2015: (in millions) Fiscal 2016 (remaining 6 months) $ - Fiscal 2017 2.0 Fiscal 2018 26.7 Fiscal 2019 34.2 Fiscal 2020 34.2 Fiscal 2021 3,700.2 Thereafter 2,015.2 Total $ 5,812.5 Credit Facilities On April 5, 2012 , we entered into a secured credit agreement with Infor (US), Inc. as borrower and a syndicate of certain banks and other financial institutions as lenders which consists of a secured revolving credit facility and a secured term loan facility (the Credit Agreement), which was subsequently amended. See Note 12, Debt , in notes to the consolidated financial statements for the fiscal year ended April 30, 2015, included in our Form 10-K/T , for a description of each amendment. The credit facilities are guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries, and are secured by liens on substantially all of the borrower’s assets and the assets of the guarantors. Under the Credit Agreement, we are subject to a financial maintenance covenant that is applicable only for the revolving credit facility and then only for those fiscal quarters in which we have significant borrowings under the revolving credit facility outstanding as of the last day of such fiscal quarter. This covenant would require us to maintain a total leverage ratio not to exceed certain levels as of the last day of any such fiscal quarter. We are subject to certain other customary affirmative and negative covenants as well. Revolver The secured revolving credit facility (the Revolver) has a maximum availability of $150.0 million. We have made no draws against the Revolver and no amounts are currently outstanding. However, $10.3 million of letters of credit have reduced the amount available under the Revolver to $139.7 million. Pursuant to the Credit Agreement, there is an undrawn line fee of 0.50% and the Revolver matures on March 31, 2017 . Amounts under the Revolver may be borrowed to finance working capital needs and for general corporate purposes. While we have made no draws against the Revolver, interest on any future Revolver borrowings will be based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, or an alternate base rate, plus a margin of 1.75% per annum. Term Loans On January 2, 2014 , we entered into a $2,550.0 million term loan (the Tranche B-5 Term Loan). Interest on the Tranche B-5 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with a LIBOR floor of 1.0% , or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.0% . The Tranche B-5 Term Loan matures on June 3, 2020 . On June 3, 2013 , we entered into a $483.0 million term loan (the Tranche B-3 Term Loan). Interest on the Tranche B-3 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with an Adjusted LIBOR floor of 1.0% , or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.0% . The Tranche B-3 Term Loan matures on June 3, 2020 . On June 3, 2013 , we entered into a €350.0 million term loan (the Euro Tranche B Term Loan). Interest on the Euro Tranche B Term Loan is based on a fluctuating rate of interest determined by reference to an Adjusted LIBOR rate, plus a margin of 3.0% per annum, with an Adjusted LIBOR floor of 1.0% . The Euro Tranche B Term Loan matures on June 3, 2020 . Interest on the term loans borrowed under the secured term loan facility (the Term Loans) is payable quarterly, in arrears. Quarterly principal payment amounts are set for each of the Term Loans with balloon payments at the applicable maturity dates. The Term Loans are subject to mandatory prepayments in certain situations. Senior Notes Our 6.500% and 5.750% Senior Notes (the Senior Notes) bear interest at the applicable rates per annum, which is payable semi-annually in cash in arrears, on May 15 and November 15 each year. The Senior Notes mature on May 15, 2022 . The Senior Notes are general unsecured obligations of Infor (US), Inc. and are guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries. Under the indenture governing the Senior Notes, we are subject to certain customary affirmative and negative covenants. In connection with the issuance of the Senior Notes, we entered into registration rights agreements with the initial purchasers of the Senior Notes. Under the registration rights agreements, we agreed to file with the SEC a registration statement with respect to an offer to exchange the Senior Notes for a new issue of substantially identical notes no later than 365 days after the date of the original issuance of the notes on April 1, 2015. First Lien Senior Secured Notes On August 25, 2015, in connection with the GT Nexus Acquisition, we issued $500.0 million in aggregate principal amount of 5.750% first lien senior secured notes (the Senior Secured Notes) at an issue price of 99.000% plus accrued interest, if any, from August 25, 2015. The Senior Secured Notes mature on August 15, 2020 , and bear interest at the applicable rate per annum that is payable semi-annually in cash in arrears, on February 15 and August 15 each year, beginning on February 15, 2016. The Senior Secured Notes were redeemable by Infor on or prior to November 25, 2015, at a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest, if any, to such redemption date. The Senior Secured Notes are first lien senior secured obligations of Infor (US), Inc. and are fully and unconditionally guaranteed on a senior secured basis by Infor, Inc., and certain of our existing and future wholly owned domestic subsidiaries. Under the indenture governing the Senior Secured Notes, we are subject to certain customary affirmative and negative covenants. Net proceeds from the issuance of our Senior Secured Notes, after expenses, of approximately $478.5 million were used to fund the GT Nexus Acquisition, including related transaction fees and expenses. Deferred Financing Fees, Debt Discounts and Premiums As of October 31, 2015 and April 30, 2015, deferred financing fees, net of amortization, related to our Term Loans, Senior Notes, and Secured Senior Notes of $110.0 million and $102.4 million, respectively, were reflected on our Condensed Consolidated Balance Sheets as a direct reduction in the carrying amount of our long-term debt. For the three months ended October 31, 2015 and 2014, we amortized $5.0 million and $5.2 million, respectively, in deferred financing fees which are included in interest expense, net in our Condensed Consolidated Statements of Operations. For the first six months of fiscal 2016 and 2015, we amortized $9.5 million and $10.3 million, respectively, in deferred financing fees. In addition, we have recorded debt discounts, net of premiums and accumulated amortization, of $18.7 million and $15.8 million as of October 31, 2015 and April 30, 2015, respectively, as a direct reduction of the carrying amount of our long-term debt. Affiliate Company Borrowings In addition to the debt held by Infor and its subsidiaries discussed above, certain affiliates of the Company have other borrowings which are not reflected in our Condensed Consolidated Financial Statements for any of the periods presented. These affiliate company borrowings are described below. Holding Company PIK Notes On April 8, 2014 , Infor Software Parent, LLC (HoldCo), an indirect holding company of Infor, Inc., and its direct subsidiary Infor Software Parent, Inc., issued $750.0 million in aggregate principal amount of 7.125%/7 .875% Senior Contingent Cash Pay Notes (the HoldCo Notes) with net proceeds, after expenses, of approximately $737.8 million. The HoldCo Notes mature on May 1, 2021 , and bear interest at the applicable rates per annum that is payable semi-annually in arrears , on May 1 and November 1 each year. Interest is payable entirely in cash, unless certain conditions are satisfied, in which case interest on the HoldCo Notes may be paid by increasing the principal amount of the HoldCo Notes or by issuing new notes (PIK interest), or through a combination of cash and PIK interest. Interest on the notes, if paid in cash, will accrue at a rate of 7.125% per annum. PIK interest on the notes will accrue at a rate of 7.875% per annum. As of October 31, 2015 and April 30, 2015, the total balance outstanding related to the HoldCo Notes was $750.0 million. We may from time-to-time service interest payments related to the HoldCo Notes. Any payment of interest that we may pay will be funded primarily through dividend distributions from Infor to HoldCo. See Note 17, Related Party Transactions – Dividends Paid to Affiliates . The HoldCo Notes are HoldCo’s general unsecured senior obligations and are guaranteed only by HoldCo’s direct subsidiary, Infor Lux Bond Company (Lux Bond Co) , and are not guaranteed by any of HoldCo’s other subsidiaries including Infor. The HoldCo Notes rank equally in right of payment with any future unsecured indebtedness of HoldCo, will be effectively subordinated to any future secured indebtedness of HoldCo to the extent of the value of the collateral securing such indebtedness, and will be structurally subordinated to all of the existing and future indebtedness and other liabilities of HoldCo’s subsidiaries, including Infor’s borrowings under its senior secured credit facilities and the Senior Notes. | 12. Debt The following table summarizes our long-term debt balances for the periods indicated: April 30, 2015 May 31, 2014 Principal Net Contractual Principal Net Contractual (in millions) Amount Amount (1) Rate Amount Amount (1) Rate First lien Term B-3 due June 3, 2020 $ 466.7 $ 462.2 3.750 % $ 477.4 $ 472.2 3.750 % First lien Term B-5 due June 3, 2020 2,473.0 2,382.0 3.750 % 2,543.6 2,437.6 3.750 % First lien Euro Term B due June 3, 2020 382.3 377.0 4.000 % 472.0 465.9 4.000 % 6.5% senior notes due May 15, 2022 1,630.0 1,618.4 6.500 % - - - 5.75% senior notes due May 15, 2022 393.0 387.2 5.750 % - - - 9.375% senior notes due April 1, 2019 - - - 1,015.0 997.3 9.375 % 10.0% senior notes due April 1, 2019 - - - 340.7 334.6 10.000 % 11.5% senior notes due July 15, 2018 - - - 560.0 542.5 11.500 % Deferred financing fees, debt discounts and premiums, net (118.2) - (158.6) - Total long-term debt 5,226.8 5,226.8 5,250.1 5,250.1 Less: current portion (0.1) (0.1) (31.7) (31.7) Total long-term debt - non-current $ 5,226.7 $ 5,226.7 $ 5,218.4 $ 5,218.4 (1) Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. In fiscal 2015 we changed the presentation of our deferred financing fees related to our term loans and senior notes from an asset to a direct deduction from the carrying amount of our long-term debt, consistent with the presentation of debt discounts and premiums. The unamortized balance of our deferred financing fees is included above in deferred financing fees, debt discounts and premiums, net, for the periods indicated. Weighted average contractual interest rate at April 30, 2015 and May 31, 2014, was 4.8% and 6.0% , respectively. The effective interest rate of each of our debt obligation s is not materially different from the contractual interest rate. The following table summarizes our future repayment obligations on the principal debt balances for all of our borrowings as of April 30, 2015: (in millions) Fiscal 2016 $ 0.1 Fiscal 2017 11.6 Fiscal 2018 34.3 Fiscal 2019 34.3 Fiscal 2020 34.3 Thereafter 5,230.4 Total $ 5,345.0 Credit Facilities On April 5, 2012 , we entered into a secured credit agreement with certain banks which consists of a secured term loan facility and a secured revolving credit facility (the Credit Agreement), which was subsequently amended pursuant to several refinancing amendments described below. Under the term loan facility, we borrowed initial term loans having aggregate principal amounts of $2,770.0 million (the Tranche B Term Loan ) , $400.0 million (the Tranche B-1 Term Loan ) and €250.0 million (the Euro Term Loan ) on April 5, 2012, each of which has been refinanced with additional term loans as described below. Interest on the term loans borrowed under the secured term loan facility is payable quarterly, in arrears. Quarterly principal payment amounts are set for each of the term loans with balloon payments at the applicable maturity dates. The term loans are subject to mandatory prepayments in the case of certain situations. The secured revolving credit facility (the Revolver) has a maximum availability of $150.0 million. As of April 30, 2015, we have made no draws against the Revolver and no amounts are currently outstanding. However, as of April 30, 2015, $7.5 million of outstanding (undrawn) letters of credit have reduced the amount available under the Revolver to $142.5 million. Pursuant to the Credit Agreement there is an undrawn line fee of 0.50% per annum (subject to a step-down to 0.375% if our total leverage ratio is below a certain threshold) and the Revolver matures on April 5, 2017 . Amounts under the Revolver may be borrowed (and reborrowed) to finance working capital needs and for general corporate purposes. At our election, the annual interest rate applicable to the term loans and revolver borrowings under the Credit Agreement are based on a fluctuating rate of interest determined by reference to either (a) Adjusted LIBOR (as defined below) plus an applicable margin or (b) Adjusted Base Rate (ABR—as defined below) plus an applicable margin. For purposes of the Credit Agreement, as of April 30, 2015: • Adjusted LIBOR is defined as the London interbank offered rate for the applicable currency, adjusted for statutory reserve requirements; provided, the Adjusted LIBOR for the Tranche B-3 Term Loan, Tranche B-5 Term Loan and the Euro Tranche B Term Loan will at no time be less 1.00% per annum. • ABR is defined as the highest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus 1/2 of 1.0% and (iii) one-month Adjusted LIBOR plus 1.0% per annum, provided that ABR for the Tranche B-3 and B-5 Term Loans will at no time be less than 2.00% per annum. The credit facilities are guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries, and are secured by liens on substantially all of our assets and the assets of the guarantors. Prior to the Second Amendment described below, under the Credit Agreement we were required to maintain a total leverage ratio not to exceed certain levels as of the last day of each fiscal quarter. However, pursuant to the Second Amendment, this financial maintenance covenant is applicable only for the Revolver and then only for those fiscal quarters in which we have significant borrowings under the Revolver as of the last day of such fiscal quarter. Refinancing Amendments On April 22, 2014, we entered into the Sixth Amendment to the Credit Agreement (as amended) to reflect the change in our fiscal year end from May 31 to April 30 effective June 1, 2014. No other changes were made to the terms of Credit Agreement or the related credit facilities. On January 31, 2014, we entered into the Fifth Amendment to the Credit Agreement (as amended). The Fifth Amendment provides for the reduction of the interest rate margins applicable to borrowings made under our Revolver. While we have made no draws against the Revolver, interest on any future Revolver borrowings will be based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, or an alternate base rate, plus a margin of 1.75 % per annum. No other changes were made to the terms of the Revolver. On January 2, 2014, we entered into the Fourth Amendment to the Credit Agreement (as amended) . The Fourth Amendment provided for the refinancing of all of the then outstanding balance of our Tranche B-2 Term Loan with the proceeds of a new $2,550.0 million term loan (the Tranche B-5 Term Loan). Interest on the Tranche B-5 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with a LIBOR floor of 1.0% , or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.0% . This was a reduction in our effective rate related to the new term loan as compared to the Tranche B-2 Term Loan which was based on an Adjusted LIBOR rate plus a margin of 4.0% per annum, with an Adjusted LIBOR floor of 1.25% per annum. The Tranche B-5 Term Loan matures on June 3, 2020 , which is an extension of approximately 26 months compared to the original Tranche B-2 Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-5 Term Loan is guaranteed by Infor and certain of our domestic subsidiaries, and is secured by liens on substantially all of our assets and the assets of the guarantors. Proceeds from the Tranche B-5 Term Loan were used to refinance the outstanding principal of our Tranche B-2 Term Loan, together with accrued and unpaid interest and applicable fees. On October 9, 2013, we entered into the Third Amendment to the Credit Agreement (as amended) to reflect a technical change clarifying certain defined terms added pursuant to the Second Amendment. On June 3, 2013, we entered into the Second Amendment to the Credit Agreement (as amended). The Second Amendment provided for the refinancing of the then outstanding principal balance of our Tranche B-1 Term Loan and our Euro Term Loan with the proceeds of a new $483.0 million term loan (the Tranche B-3 Term Loan) and a new €350.0 million term loan (the Euro Tranche B Term Loan). Interest on the Tranche B-3 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with an Adjusted LIBOR floor of 1.0% , or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.0% . The Tranche B-3 Term Loan matures on June 3, 2020 , which is an extension of approximately three and a half years compared to the original Tranche B-1 Term Loan maturity date. Interest on the Euro Tranche B Term Loan is based on a fluctuating rate of interest determined by reference to an Adjusted LIBOR rate, plus a margin of 3.0% per annum, with an Adjusted LIBOR floor of 1.0% . The Euro Tranche B Term Loan matures on June 3, 2020 , which is an extension of approximately 24 months compared to the original Euro Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-3 Term Loan and Euro Tranche B Term Loan are guaranteed by the same guarantors, and are secured by liens on substantially all of the borrower’s assets and the assets the guarantors. The Second Amendment also amended the Credit Agreement to, among other things, limit the applicability of the financial maintenance covenant (maximum total leverage ratio) to the Revolver and then only for those fiscal quarters in which we have significant borrowings under our Revolver outstanding as of the last day of such fiscal quarter. Proceeds from the Tranche B-3 Term Loan and Euro Tranche B Term Loan were used to refinance the outstanding principal balance of our Tranche B-1 Term Loan and our Euro Term Loan, together with accrued and unpaid interest and applicable fees. In addition, $250.0 million of the proceeds were used to repay a portion of the outstanding balance of our Tranche B-2 Term Loan. On September 27, 2012, we entered into the First Amendment to the Credit Agreement. The First Amendment provided for the refinancing of the then outstanding principal balance of our Tranche B Term Loan of $2,763.0 million with the proceeds of a new $2,793.1 million Tranche B-2 Term Loan. Interest on the Tranche B-2 Term Loan was based on a fluctuating rate of interest determined by reference to, at our option, an Adjusted LIBOR rate, plus a margin of 4.0% per annum, with an Adjusted LIBOR floor of 1.25% per annum, or ABR, plus a margin of 3.0% per annum, with an ABR floor of 2.25% per annum. This was a reduction in our effective rate related to this term loan as compared to the Tranche B Term Loan which was based on an Adjusted LIBOR rate, plus a margin of 5.0% per annum. The Tranche B-2 Term Loan was to mature on April 5, 2018 , which was the same as the original Tranche B Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-2 Term Loan was guaranteed by the same guarantors, and was secured by liens on substantially all of our assets and the assets of the guarantors. Proceeds from the Tranche B-2 Term Loan were used to refinance the outstanding principal of our Tranche B Term Loan, together with accrued and unpaid interest and applicable fees, including a prepayment premium of 1.0% of the principal amount thereof, in accordance with the terms of the Credit Agreement. Senior Notes Infor 6.5% and 5.75% Senior Notes On April 1, 2015 , we issued approximately $1,030.0 million in aggregate principal amount of our 6.5% Senior Notes and €350.0 million in aggregate principal amount of our 5.75% Senior Notes at an issue price of 100% . On April 23, 2015, we issued an additional $600.0 million in aggregate principal amount of our 6.5% Senior Notes at an issue price of 102.25% plus accrued interest from April 1, 2015 . The 6.5% and 5.75% Senior Notes mature on May 15, 2022 , and bear interest at the applicable rates per annum that is payable semi-annually in cash in arrears, on May 15 and November 15 each year, beginning on November 15, 2015. In connection with the issuance of the 6.5% and 5.75% Senior Notes, we entered into a registration rights agreements with the initial purchasers of the notes. Under the registration rights agreements we agreed to file with the SEC a registration statement with respect to an offer to exchange the 6.5% and 5.75% Senior Notes for a new issue of substantially identical notes no later than 365 days after the date of the original issuance of the notes. Proceeds from the issuance of the 6.5% and 5.75% Senior Notes were used to repay the outstanding balances of our 9 3 / 8 %, 10.0% and 11.5% Senior Notes, discussed below, including applicable redemption premiums thereon, accrued and unpaid interest, and to pay related transaction fees and expenses. The 6.5% and 5.75% S enior N otes are general unsecured obligations of Infor (US), Inc. and are guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries. Under the indentures governing the senior notes, we are subject to certain customary affirmative and negative covenants. Infor 9 3 / 8 % and 10.0% Senior Notes On April 5, 2012, we issued approximately $1,015.0 million in aggregate principal amount of our 9 3 / 8 % Senior Notes and €250.0 million aggregate principal amount of our 10.0% Senior Notes. The 9 3 / 8 % and 10.0% Senior Notes were to mature on April 1, 2019 , and b ore interest at the applicable rates per annum payable semi-annually in cash in arrears, on April 1 and October 1 each year, beginning on October 1, 2012. The outstanding balances of our 9 3 / 8 % and 10.0% Senior Notes , including applicable call premiums of $71.4 million and $20.1 million, respectively, were repaid on April 1, 2015, with the proceeds from the issuance of our 6.5% and 5.75% Senior Notes. Infor 11.5% Senior Notes On July 5, 2011, we issued approximately $560.0 million in aggregate principal amount of our 11.5% Senior Notes. The 11.5% Senior Notes were to mature on July 15, 2018 and b ore interest at a rate of 11.5% per annum payable semi-annually in arrears, on January 15 and July 15, beginning January 15, 2012. The outstanding balance of our 11.5 % Senior Notes , including applicable call premium of $43.2 million, was repaid on April 23 , 2 015, with the proceeds from the issuance of our additional 6.5% Senior Notes. On August 23, 2012, we filed a Registration Statement on Form S-4 with the SEC which included an exchange offer related to our 9.375%, 10.0% and 11.5% Senior Notes (Exchange Offer). The terms of the exchange notes were substantially identical to those of the original senior notes, except the transfer restrictions, registration rights and certain additional interest provisions relating to the senior notes no longer appl ied . Under the Exchange Offer all of the original notes were exchanged for applicable exchange notes. The 9.375%, 10.0% and 11.5% S enior N otes were general unsecured obligations of Infor (US), Inc. and were guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries. Under the indentures governing the senior notes, we were subject to certain customary affirmative and negative covenants. Deferred Financing Fees As of April 30, 2015 and May 31, 2014, deferred financing fees, net of amortization, related to our term loans and senior notes of $102.4 million and $121.2 million, respectively, were reflected on our Consolidated Balance Sheets as a direct reduction in the carrying amount of our long-term debt. For fiscal 2015, 2014 and 2013, we amortized $ 19.0 million, $23.5 million and $23.5 million, respectively, in deferred financing fees which are included in interest expense, net in our Consolidated Statements of Operations. In fiscal 2015, we capitalized as deferred financing fees $ 31.0 million in fees paid in conjunction with the issuance of our 6.5% and 5.75% Senior Notes which are being amortized over the life of the Senior Notes under the effective interest method. In addition, the repayment of our 9.375%, 10.0% and 11.5% Senior Notes in April 2015 was determined to be an extinguishment of the original debt obligations and as a result we expensed $ 34.8 million in unamortized deferred financing fees and debt discounts related to the repayment of our 9.375%, 10.0% and 11.5% Senior Notes. These amounts were recorded in our results of operations for fiscal 2015 as a component of loss on extinguishment of debt in our Consolidated Statements of Operations. In conjunction with the amendments to our Credit Agreement in fiscal 2014 and 2013, we evaluated each refinancing transaction in accordance with ASC 470-50-40, Debt—Modifications and Extinguishments —Derecognition, to determine if the refinancing of the applicable term loans were modifications or extinguishments of the original term loans. Each lender involved in the applicable amendments’ refinance was analyzed to determine if their participation in the refinancing should be accounted for as a modification or an extinguishment. As a result of our assessment, the participation of certain lenders was determined to be modifications and applicable amounts of the unamortized deferred financing fees continue to be capitalized and amortized over the term of the refinanced debt. In fiscal 2014 and 2013 we capitalized an additional $12.1 million and $27.6 million of fees paid to creditors as deferred financing fees related to the modifications. These fees also include costs associated with lenders participating in the financing for the first time. These amounts have been reflected as cash flows from financing activities on our Consolidated Statements of Cash Flows. For the remaining lenders, a discounted cash flow analysis was performed to determine if their participation had substantially changed. The lenders who chose not to participate in the applicable amendments’ refinance, and those lenders whose participation substantially changed, were determined to be extinguishments. As a result, in fiscal 2014 and 2013, $5.2 million and $1.3 million, respectively, of the unamortized balance of the applicable deferred financing fees and debt discounts were expensed and recorded in our results of operations as a component of loss on extinguishment of debt in our Consolidated Statements of Operations. In addition, in fiscal 2014 and 2013 we expensed $20.9 million and $11.9 million, respectively, in third-party costs incurred related to the modifications which were included in acquisition-related and other costs in our Consolidated Statements of Operations. In addition, we have recorded debt discounts, net of premiums and accumulated amortization, of $15.8 million and $37.4 million as a direct reduction of the carrying amount of our long-term debt as of April 30, 2015, and May 31, 2014, respectively. Loss on Extinguishment of Debt In fiscal 2015, we recorded a loss on extinguishment of debt of $172.4 million related to the refinancing of our 9.375%, 10.0% and 11.5% Senior Notes in the fourth quarter of fiscal 2015 as discussed above. This amount includes $134.7 million in applicable redemption premiums on our existing senior notes, $32.0 million related to the net book value of deferred financing fees written off, $2.8 million in unamortized debt discounts related to the existing notes written off, and $2.9 million in other costs incurred in connection with the repayment of our existing senior notes. The $5.2 million loss on extinguishment of debt recorded in fiscal 2014 related to the Second and Fourth Amendments to our Credit Agreement, refinancing certain of our then outstanding term loans. This amount represents the net book value of deferred financing fees written off in connection with these refinancing transactions for those lenders whose participation was treated as an extinguishment rather than a modification of the related debt. The $1.8 million loss on extinguishment of debt recorded in fiscal 2013 related to the First Amendment to our Credit Agreement, refinancing certain of our then outstanding term loans. This amount represents the net book value of deferred financing fees written off in connection with this refinancing transaction for those lenders whose participation was treated as an extinguishment rather than a modification of debt as well as other costs incurred. Affiliate Company Borrowings In addition to the debt held by Infor and its subsidiaries discussed above, certain affiliates of the Company have other borrowings which are not reflected in our Consolidated Financial Statements for any of the periods presented. These affiliate company borrowings are described below. Holding Company PIK Notes On April 8, 2014 , Infor Software Parent, LLC (HoldCo), an indirect holding company of Infor, and its direct subsidiary Infor Software Parent, Inc., issued $750.0 million in aggregate principal amount of 7.125% / 7 .875% Senior Contingent Cash Pay Notes (the HoldCo Notes) with net proceeds, after expenses, of approximately $737.8 million. The HoldCo Notes mature on May 1, 2021 , and bear interest at the applicable rates per annum set forth below that is payable semi-annually in arrears , on May 1, and November 1, each year, beginning on November 1, 2014. Interest is payable entirely in cash, unless certain conditions are satisfied, in which case interest on the HoldCo Notes may be paid by increasing the principal amount of the HoldCo Notes or by issuing new notes (PIK interest), or through a combination of cash and PIK interest . Interest on the notes, if paid in cash, will accrue at a rate of 7.125% per annum. PIK interest on the notes will accrue at a rate of 7.875% per annum. As of April 30, 2015, the total balance outstanding related to the HoldCo Notes was $750.0 million. We may from time-to-time service interest payments related to the HoldCo Notes. Any payment of interest that we may pay will be funded primarily through dividend distributions from Infor to HoldCo. In the second and fourth quarter s of fiscal 2015, HoldCo elected to pay interest due related to the HoldCo notes in cash and we funded , or accrued for the funding of, the interest payments primarily through dividend distributions from Infor to HoldCo. See Note 21, Related Party Transactions – Dividends Paid to Affiliates . The HoldCo Notes are HoldCo’s general unsecured senior obligations and are guaranteed only by HoldCo’s direct subsidiary, Lux Bond Co , and are not guaranteed by any of HoldCo’s other subsidiaries including Infor. The HoldCo Notes rank equally in right of payment with any future unsecured indebtedness of HoldCo, will be effectively subordinated to any future secured indebtedness of HoldCo to the extent of the value of the collateral securing such indebtedness, and will be structurally subordinated to all of the existing and future indebtedness and other liabilities of HoldCo’s subsidiaries, including Infor’s borrowings under its senior secured credit facilities and Infor’s existing notes. Proceeds from the sale of the HoldCo Notes were used to repay the outstanding balance of the Lux PIK Term Loan of $166.8 million, to make a $565.5 distribution to HoldCo equityholders, to pay a call premium and accrued interest related to the Lux PIK Term Loan, and to pay related transaction fees and expenses. Parent Company PIK Term Loan Lux Bond Co, our direct parent company, had debt in respect of a term loan (the Lux PIK Term Loan) under the Holdco PIK Term Loan Agreement, dated March 2, 2007 , and amended pursuant to the First Amendment thereto, dated as of April 5, 2012. The Lux PIK Term Loan bore interest at a fixed rate of 13.375% per annum and accrued quarterly. Accrued but unpaid interest was to be added to the principal balance. At the election of Lux Bond Co, interest for a quarter could have been paid in cash and the fixed rate reduced by 50 basis points per annum for that quarter. For fiscal 2013 and in the second and third quarters of fiscal 2014, Lux Bond Co elected to pay the quarterly interest in cash and we funded the applicable Lux PIK Term Loan interest payments primarily through affiliate loans to Lux Bond Co. See Note 21, Related Party Transactions – Due to/from Affiliate . On April 8, 2014, the outstanding balance of the Lux PIK Term Loan, including accrued interest, was repaid with the proceeds of the HoldCo Notes discussed above . No amounts were outstanding as of April 30, 2015, or May 31, 2014. |
Common Stock
Common Stock | 11 Months Ended |
Apr. 30, 2015 | |
Common Stock [Abstract] | |
Common Stock | 13. Common Stock As of April 30, 2015 and May 31, 2014, there were 1,000 shares of Infor, Inc. common stock authorized, issued and outstanding, each with a par value of $0.01 per share. As of April 30, 2015, based on investments in Infor Enterprise held by investment funds affiliated with our sponsors, Golden Gate Capital and Summit Partners, Golden Gate Capital and Summit Partners have voting control of the Company equal to approximately 78.3% and 21.4% , respectively . |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Oct. 31, 2015 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 13. Comprehensive Income (Loss) Comprehensive income (loss) is the change in equity of a business enterprise from non-stockholder transactions impacting stockholders’ deficit that are not included in the statement of operations and are reported as a separate component of stockholders’ deficit. Other comprehensive income (loss) includes the change in foreign currency translation adjustments, changes in defined benefit plan obligations, and unrealized gain (loss) on derivative instruments. We report accumulated other comprehensive income (loss) as a separate line item in the stockholders’ deficit section of our Condensed Consolidated Balance Sheets. We report the components of comprehensive income (loss) on our Condensed Consolidated Statements of Comprehensive Income (Loss). Total accumulated other comprehensive income (loss) and its components were as follows for the periods indicated: Foreign Funded Status Derivative Accumulated Currency of Defined Instruments Other Translation Benefit Unrealized Comprehensive (in millions) Adjustment Pension Plan (1) Gain (Loss) (2) Income (Loss) Balance, April 30, 2015 $ (211.5) $ (16.3) $ (12.8) $ (240.6) Other comprehensive income (loss) (62.4) 0.2 0.6 (61.6) Balance, October 31, 2015 $ (273.9) $ (16.1) $ (12.2) $ (302.2) ________________ (1) Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million and $4.6 million as of October 31, 2015 and April 30, 2015, respectively. (2) Derivative instruments unrealized gain (loss) is presented net of tax benefit of $7.6 million and $8.0 million as of October 31, 2015 and April 30, 2015, respectively. The components of other comprehensive income (loss), including amounts reclassified out of accumulated other comprehensive income (loss), were as follows for the periods indicated: (in millions) Income Tax Three Months Ended Before-Tax (Expense) Benefit Net-of-Tax October 31, 2015 Foreign currency translation adjustment $ 2.4 $ - $ 2.4 Change in funded status of defined benefit plans - - - Derivative instruments unrealized loss (2.9) 1.0 (1.9) Reclassification adjustments: Amortization of derivative instruments unrealized loss 3.0 (1.1) 1.9 Other comprehensive income (loss) $ 2.5 $ (0.1) $ 2.4 October 31, 2014 Foreign currency translation adjustment $ (80.0) $ - $ (80.0) Change in funded status of defined benefit plans 0.6 - 0.6 Derivative instruments unrealized loss (4.1) 1.6 (2.5) Other comprehensive income (loss) $ (83.5) $ 1.6 $ (81.9) (in millions) Income Tax Six Months Ended Before-Tax (Expense) Benefit Net-of-Tax October 31, 2015 Foreign currency translation adjustment $ (62.4) $ - $ (62.4) Change in funded status of defined benefit plans 0.2 - 0.2 Derivative instruments unrealized gain (loss) (4.9) 1.9 (3.0) Reclassification adjustments: Amortization of derivative instruments unrealized loss 5.9 (2.3) 3.6 Other comprehensive income (loss) $ (61.2) $ (0.4) $ (61.6) October 31, 2014 Foreign currency translation adjustment $ (137.3) $ - $ (137.3) Change in funded status of defined benefit plans 1.6 (0.1) 1.5 Derivative instruments unrealized gain (loss) (4.9) 1.9 (3.0) Other comprehensive income (loss) $ (140.6) $ 1.8 $ (138.8) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | 14. Commitments and Contingencies Leases We have entered into cancelable and non-cancelable operating leases, primarily related to rental of office space, certain office equipment and automobiles. Total rent expense for operating leases was $13.1 million and $14.4 million for the three-month periods ended October 31, 2015, and October 31, 2014 , respectively. For the first six months of fiscal 2016 and 2015, total rent expense for operating leases was $26.2 million and $28.3 million, respectively. We have also entered into certain capital lease commitments for buildings, computers and operating equipment and automobiles. Aggregate property acquired through capital leases and the associated depreciation of these assets is included in property and equipment, net on our Condensed Consolidated Balance Sheets. The current portion of capital lease obligations is included in accrued expenses, and the long-term portion of capital lease obligations is included in other long-term liabilities on our Condensed Consolidated Balance Sheets. Litigation From time to time, we are subject to litigation in the normal course of business. We accrue for litigation exposure when a loss is probable and estimable. As of October 31, 2015 and April 30, 2015, we have accrued $2.0 million and $1.6 million, respectively, related to current litigation matters. We expense all legal costs to resolve regulatory, legal, tax or other matters in the period incurred. Patent Infringement Lawsuit by ePlus On May 19, 2009, ePlus sued Infor (US), Inc. (formerly known as Lawson Software, Inc. (Lawson)), alleging infringement of three separate United States patents. On January 27, 2011, a jury found that Lawson’s S3 Procurement System, when used in combination with certain complementary SCM products we offer that specifically included the Requisition Self Service (RSS) module, infringed two of the ePlus patents. No damages were awarded to ePlus. Following the jury verdict, Lawson developed a design-around product, Requisition Center, which was intended to be a non-infringing replacement product. On May 23, 2011, the Court entered an injunction prohibiting Lawson from licensing, servicing, or supporting in the United States our S3 Procurement System, when used in certain software configurations that included RSS. In September 2011, ePlus moved under the injunction to have Lawson held in contempt, and a civil contempt trial was conducted in April 2013. Lawson vigorously litigated and defended itself: (a) in its appeal to the United States Court of Appeals for the Federal Circuit from the 2011 judgment of infringement; (b) in the contempt proceedings ePlus had initiated; and (c) in appeals to the Federal Circuit after the District Court declined to vacate the injunction and in regard to its judgment of civil contempt. That defense has so far been successful. During these proceedings, every patent claim ePlus had asserted against Lawson has been held to be invalid or not infringed. While Lawson’s appeal of the injunction and civil contempt order was pending before the Federal Circuit, the U.S. Patent and Trademark Office cancelled the sole ePlus patent claim underlying the injunction, and the Federal Circuit affirmed that cancellation. The absence of any valid and infringed patent claim then led to a ruling on July 25, 2014 in favor of Lawson in all respects. Specifically, the Federal Circuit vacated the District Court’s injunction and contempt orders in their entirety (including all damage awards) and remanded the case back to the District Court “with instructions to dismiss.” On August 25, 2014, ePlus petitioned the Federal Circuit for a panel rehearing, and/or rehearing en banc. On June 18, 2015, the Federal Circuit issued orders disposing of ePlus’s combined petition. First, the panel that heard the appeal granted the petition for rehearing “to clarify the decision.” The panel withdrew the opinions issued on July 25, 2014, and substituted a revised opinion (and dissent) that adhered to the previous ruling, namely vacating the District Court’s injunction and contempt orders in their entirety (including all damage awards) and remanding the case to the District Court “with instructions to dismiss.” Second, the petition for en banc review, which had been referred to the active judges of the Court for consideration, was denied. The Federal Circuit issued its mandate on June 25, 2015. ePlus filed a petition for a writ of certiorari from the United States Supreme Court on November 13, 2015, within the extended deadline it obtained for the filing of the petition. We continue to reasonably expect that the ultimate outcome of the case will be as the Federal Circuit ruled on June 18, 2015. Other Proceedings We are subject to various other legal proceedings and the risk of litigation by employees, customers, patent owners, suppliers, stockholders or others through private actions, class actions, administrative proceedings or other litigation. While the outcome of these claims cannot be predicted with certainty, we are of the opinion that, based on information presently available, the resolution of any such legal matters existing as of October 31, 2015 , will not have a material adverse effect on our financial position, results of operations or cash flows. Guarantees We typically grant our customers a warranty that guarantees that our product will substantially conform to Infor’s current specifications for 90 days from the delivery date. We also indemnify our customers from third-party claims of intellectual property infringement relating to the use of our products. Infor’s standard software license agreements contain liability clauses that are limited in amount. We account for these clauses under ASC 460, Guarantees . We do not have a history of incurring costs to settle claims or paying awards under these indemnification obligations. Accordingly, we have not recorded any liabilities related to these agreements as of October 31, 2015 and April 30, 2015. | 14. Commitments and Contingencies Leases We have entered into cancelable and non-cancelable operating leases, primarily related to rental of office space, certain office equipment and automobiles. In addition to minimum lease payments, many of the facility leases require payment of a proportionate share of real estate taxes and building operating expenses. Certain lease agreements include rent payment escalation clauses. The total amount of base rentals over the term of the leases is charged to expense on a straight-line method with the amount of the rental expense in excess of lease payments recorded as a deferred rent liability. Total rent expense for operating leases was $50.7 million , $52.8 million and $56.2 million for fiscal 2015, 2014 and 2013, respectively. We have also entered into certain capital lease commitments for buildings, automobiles, computers and operating equipment. Aggregate property acquired through capital leases and the associated depreciation of these assets is included in property and equipment on our Consolidated Balance Sheets. The current portion of our capital lease obligations is included in accrued expenses, and the long-term portion of capital lease obligations is included in other long-term liabilities on our Consolidated Balance Sheets. The future minimum lease payments under our capital and operating leases as of April 30, 2015, were as follows: Capital Lease Obligations (in millions) Fiscal 2016 $ 3.6 Fiscal 2017 2.4 Fiscal 2018 1.3 Fiscal 2019 0.5 Fiscal 2020 - Thereafter - Total minimum capital lease payments 7.8 Less: amounts representing interest (0.5) Present value of net minimum obligations 7.3 Less: current portion (3.3) Long-term capital lease obligations $ 4.0 Operating Lease Obligations (in millions) Fiscal 2016 $ 50.7 Fiscal 2017 35.9 Fiscal 2018 28.9 Fiscal 2019 22.9 Fiscal 2020 17.9 Thereafter 56.3 Total minimum operating lease payments $ 212.6 Litigation From time to time, we are subject to litigation in the normal course of business. We accrue for litigation exposure when a loss is probable and estimable. As of April 30, 2015 and May 31, 2014, we have accrued $1.6 million and $2.4 million, respectively, related to current litigation matters. We expense all legal costs to resolve regulatory, legal, tax or other matters in the period incurred. Patent Infringement Lawsuit by ePlus On May 19, 2009, ePlus sued Infor (US), Inc. (then known as Lawson Software, Inc. (Lawson)), alleging infringement of three separate United States patents. On January 27, 2011, a jury found that Lawson’s S3 Procurement System, when used in combination with certain complementary Supply Chain Management products we offer that specifically included the Requisition Self Service (RSS) module, infringed two of the ePlus patents. No damages were awarded to ePlus. Following the jury verdict, Lawson developed a design-around product, Requisition Center (RQC), which was intended to be a non-infringing replacement product. On May 23, 2011, the Court entered an injunction prohibiting Lawson from licensing, servicing, or supporting in the United States our S3 Procurement System, when used in certain software configurations that included RSS. In September 2011, ePlus moved under the injunction to have Lawson held in contempt, and a civil contempt trial was conducted in April 2013. Lawson vigorously litigated and defended itself: (a) in its appeal to the United States Court of Appeals for the Federal Circuit from the 2011 judgment of infringement; (b) in the contempt proceedings ePlus had initiated; and (c) in appeals to the Federal Circuit after the District Court declined to vacate the injunction and in regard to its judgment of civil contempt. That defense has so far been successful. During these proceedings, every patent claim ePlus had asserted against Lawson has been held to be invalid or not infringed. While Lawson’s appeal of the injunction and civil contempt order was pending before the Federal Circuit, the U.S. Patent and Trademark Office cancelled the sole ePlus patent claim underlying the injunction, and the Federal Circuit affirmed that cancellation. The absence of any valid and infringed patent claim then led to a ruling on July 25, 2014 in favor of Lawson in all respects. Specifically, the Federal Circuit vacated the District Court’s injunction and contempt orders in their entirety (including all damage awards) and remanded the case back to the District Court “with instructions to dismiss.” On August 25, 2014, ePlus petitioned the Federal Circuit for a panel rehearing, and/or rehearing en banc. On June 18, 2015, the Federal Circuit issued Orders disposing of ePlus’s combined petition. First, the panel that heard the appeal granted the petition for rehearing “to clarify the decision.” The panel withdrew the opinions issued on July 25, 2014, and substituted a revised opinion (and dissent) that adhered to the previous ruling, namely vacating the District Court’s injunction and contempt orders in their entirety (including all damage awards) and remanding the case to the District Court “with instructions to dismiss.” Second, the petition for en banc review, which had been referred to the active judges of the Court for consideration, was denied. The Federal Circuit issued its mandate on June 25, 2015. Any petition for a writ of certiorari from the United States Supreme Court would have to be filed by September 16, 2015. Lawson continues to reasonably expect that the ultimate outcome of the case will be as the Federal Circuit ruled on June 18, 2015. Other Proceedings We are subject to various other legal proceedings and the risk of litigation by employees, customers, patent owners, suppliers, stockholders or others through private actions, class actions, administrative proceedings or other litigation. While the outcome of these claims cannot be predicted with certainty, we are of the opinion that, based on information presently available, the resolution of any such legal matters existing as of April 30, 2015, will not have a material adverse effect on our financial position, results of operations or cash flows. Guarantees We typically grant our customers a warranty that guarantees that our product will substantially conform to Infor’s current specifications for 90 days from the delivery date. We also indemnify our customers from third-party claims of intellectual property infringement relating to the use of our products. Infor’s standard software license agreements contain liability clauses that are limited in amount. We account for these clauses under ASC 460, Guarantees . We have not previously incurred costs to settle claims or paid awards under these indemnification obligations. Accordingly, we have not recorded any liabilities related to these agreements as of April 30, 2015 and May 31, 2014. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Derivative Financial Instruments [Abstract] | ||
Derivative Financial Instruments | 15. Derivative Financial Instruments We have entered into certain interest rate swaps with notional amounts totaling $945.0 million to limit our exposure to floating interest rate risk related to a significant portion of the outstanding balance of our Term Loans. See Note 11, Debt . We entered into these interest rate swaps to mitigate our exposure to the variability of the three-month LIBOR for our floating rate debt. We have designated these instruments as cash flow hedges upon initiation, and we anticipate that these hedges will be highly effective at their inception and on an on-going basis. These interest rate swaps had an effective date of March 31, 2015 , with a 30 -month term expiring September 29, 2017 , and have a 1.25% floor. The following table presents the fair values of the derivative financial instruments included on our Condensed Consolidated Balance Sheets at the dates indicated: Balance Sheet Fair Value at Notional Derivative Classification October 31, April 30, (in millions, except percentages) Amount Base Asset (Liability) 2015 2015 Accounting cash flow hedges: Interest rate swap $ 425.3 2.4725 % Accrued expenses $ (5.2) $ (4.7) Other long-term liabilities (3.6) (4.8) Interest rate swap 212.6 2.4740 % Accrued expenses (2.6) (2.3) Other long-term liabilities (1.9) (2.5) Interest rate swap 212.6 2.4750 % Accrued expenses (2.6) (2.4) Other long-term liabilities (1.9) (2.0) Interest rate swap 94.5 2.4725 % Accrued expenses (1.1) (1.1) Other long-term liabilities (0.9) (1.0) Total $ 945.0 Total, net asset (liability) $ (19.8) $ (20.8) The following table presents the before-tax impact of the derivative financial instruments on our other comprehensive income (OCI), accumulated other comprehensive income (AOCI), and our statement of operations for the periods indicated: Three Months Ended Six Months Ended Statement of October 31, October 31, (in millions) Operations Location 2015 2014 2015 2014 Accounting cash flow hedges: Interest rate swaps Effective portion - gain (loss) recognized in OCI $ (2.9) $ (4.1) $ (4.9) $ (4.9) (Gain) loss reclassified from AOCI into net income Interest expense, net $ 3.0 $ - $ 5.9 $ - We have no other derivative instruments designated as accounting hedges and no derivatives that are not designated as hedging instruments. The amounts reflected in the above tables do not include any adjustments to reflect the impact of deferred income taxes. For all periods presented, there were no gains or losses recognized in income related to hedge ineffectiveness. As of October 31, 2015, approximately $11.5 million of the amounts included in accumulated other comprehensive income (loss) related to our derivative instruments is expected to be reclassified into earnings during the next twelve months. This estimate is based on the effective date of our interest rate swaps and the timing of the occurrence of the hedged forecasted transactions. The maximum term over which we are hedging our exposure to the variability of future cash flows (for all forecasted transactions) is approximately two years. | 15. Derivative Financial Instruments In fiscal 2014, we entered into certain interest rate swaps with notional amounts totaling $945.0 million to limit our exposure to floating interest rate risk related to a significant portion of the outstanding balance of our Term Loans. See Note 1 2 , Debt . We entered into these interest rate swaps to mitigate our exposure to the variability of the three-month LIBOR for our floating rate debt. We have designated these instruments as cash flow hedges upon initiation and we anticipate that these hedges will be highly effective at their inception and on an on-going basis. These interest rate swaps had an effective date of March 31, 2015 , with a 30 -month term expiring September 29, 2017 , and have a 1.25% floor. The following table presents the fair values of the derivative financial instruments included on our Consolidated Balance Sheets at the dates indicated: Balance Sheet Notional Derivative Classification Fair Value at (in millions, except percentages) Amount Base Asset (Liability) April 30, 2015 May 31, 2014 Accounting cash flow hedges: Interest rate swap $ 425.3 2.4725 % Accrued expenses $ (4.7) $ - Other long-term liabilities (4.8) (7.3) Interest rate swap 212.6 2.4740 % Accrued expenses (2.3) - Other long-term liabilities (2.5) (3.6) Interest rate swap 212.6 2.4750 % Accrued expenses (2.4) - Other long-term liabilities (2.0) (3.6) Interest rate swap 94.5 2.4725 % Accrued expenses (1.1) - Other long-term liabilities (1.0) (1.6) Total $ 945.0 Total, net asset (liability) $ (20.8) $ (16.1) The following table presents the before-tax impact of the derivative financial instruments on our other comprehensive income (OCI), accumulated other comprehensive income (AOCI), and our statement of operations for the periods indicated: Statement of 11 Months Ended Year Ended May 31, (in millions) Operations Location April 30, 2015 2014 2013 Accounting cash flow hedges: Interest rate swaps Effective portion - gain (loss) recognized in OCI $ (5.7) $ (16.1) $ - Gain (loss) reclassified from AOCI into net income Interest expense, net $ 1.0 $ - $ - We have no other derivatives instruments designated as accounting hedges and no derivatives that are not designated as hedging instruments. The amounts reflected in the above tables do not include any adjustments to reflect the impact of deferred income taxes . For all periods presented, there were no gains or losses recognized in income related to hedge ineffectiveness. As of April 30, 2015 , approximately $10.5 million of the amounts included in accumulated other comprehensive income (loss) related to our derivative instruments is expected to be reclassified into earnings during the next twelve months. This estimate is based on the effective date of our interest rate swaps and the timing of the occurrence of the hedged forecasted transactions. The maximum term over which we are hedging our exposure to the variability of future cash flows (for all forecasted transactions) is approximately two and a half years . |
Share Purchase and Option Plans
Share Purchase and Option Plans | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Share Purchase and Option Plans [Abstract] | ||
Share Purchase and Option Plans | 9. Equity-Based Compensation We account for equity-based payments, including grants of employee stock options, restricted stock and other equity-based awards, in accordance with ASC 718, Compensation—Stock Compensation , which requires that equity-based payments (to the extent they are compensatory) be recognized in our results of operations based on their fair values and the estimated number of securities we ultimately expect will vest. We utilize the Option-Pricing Method to estimate the fair value of our equity awards. All equity-based payments are based upon equity issued by a parent company of Infor, Inc. Pursuant to applicable FASB guidance related to equity-based awards, we have reflected equity-based compensation expense related to our parent company’s equity grants within our results of operations with an offset to additional paid-in capital. The following table presents the equity-based compensation expense recognized in our Condensed Consolidated Statements of Operations, by category, for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Cost of software license fees and subscriptions $ - $ 0.2 $ - $ 0.2 Cost of product updates and support fees - 0.2 0.1 0.6 Cost of consulting services and other fees - 0.3 - 0.3 Sales and marketing 0.4 1.7 0.7 3.5 Research and development 0.3 1.1 0.6 2.6 General and administrative 1.2 2.3 1.8 5.8 Total $ 1.9 $ 5.8 $ 3.2 $ 13.0 | 16. Share Purchase and Option Plans Infor Class C Management Incentive Units On May 31, 2012, Infor Enterprise granted to certain employees of Infor 10.4 million equity awards, primarily Management Incentive Units (MIUs), pursuant to the Infor Enterprise Applications, LP Agreement of Limited Partnership (Infor Enterprise Agreement) and certain MIU agreements. These MIUs are for Class C non-voting units. The Class C MIUs were granted as of May 31, 2012, with vesting schedules ranging from immediate vesting to three years of service. The Class C MIUs were issued in exchange for employees existing equity interests in both Infor and Infor Global Solutions discussed below. As a result, the majority of these other equity-based awards were cancelled during fiscal 2012. In accordance with applicable FASB guidance, the concurrent grant of the Class C MIUs and cancellation of the existing equity interests were treated as a modification. Under the provisions of the Infor Enterprise Agreement and MIU agreements, if employees are no longer employed by Infor or any of its subsidiaries for any reason (including, but not limited to, death or disability), all unvested Class C MIUs held by such employee shall automatically expire and be forfeited to Infor. For grants to certain employees, Infor has the ability to repurchase applicable MIUs pursuant to the award’s provisions upon their termination of employment with Infor. The repurchase commences upon the later of 1) the termination date and 2) the 181st day following the date upon which the MIUs that are subject to such repurchase have become vested. Infor may elect to repurchase all or any portion of the applicable MIUs, in the event of the employee’s termination for cause, participation in a competitive activity or resignation, at a price equal to the lower of the original cost or the fair market value of the MIUs being repurchased. If the employee leaves Infor under any other circumstances, such as through involuntary termination, without cause or upon death, the repurchase option is for fair market value, defined in the Infor Enterprise Agreement as the amount to which the holder of the applicable MIUs would be entitled to receive if the Company’s assets were liquidated in accordance with the Infor Enterprise Agreement (as in effect immediately prior to such liquidation) and applicable law, and the proceeds of such liquidation were applied and distributed pursuant to Infor Enterprise Agreement (as in effect immediately prior to such liquidation). This repurchase feature in certain Class C MIUs granted to employees, as noted above, functions as an in-substance forfeiture provision which precludes recognition of compensation cost for accounting purposes until such repurchase features are removed upon an employee termination event or change in control as defined in the Infor Enterprise Agreement. No compensation expense is recognized until the repurchase features lapse. Of the 10.4 million MIUs granted on May 31, 2012, 4.4 million were issued with the repurchase feature and do not have corresponding equity compensation expense recognized, except to the extent discussed below related to modifications of certain of these awards which in effect made such awards probable of vesting. The remaining 6.0 million MIUs granted did not include the repurchase feature and we recognized applicable equity compensation expense in fiscal 2015, 2014 and 2013, accordingly. During fiscal 2013, certain of our parent company’s Class C MIU grants without repurchase features that had been classified as equity awards were modified to allow for a cash settlement option at other than fair value, which caused these grants to be classified as liability awards at the parent company. Accordingly, we recorded incremental equity compensation expense in fiscal 2013 to recognize the fair value of the awards. A portion of these grants were further modified in fiscal 2014 to adjust the timing of the settlement options and to change the manner of calculating the settlement amount of one tranche from other than fair value to a premium over fair value repurchase. The change in the settlement amount calculation caused the related grants to revert to being classified as equity awards other than the premium, which retained liability accounting treatment at the parent company. In fiscal 2015, the other tranches of the put feature were modified to change the manner of calculating the settlement amount from other than fair value to a premium over fair value purchase. Correspondingly, this change caused the related grants to revert to being classified as equity awards other than the premium, which retained liability accounting treatment at the parent company. We have recorded incremental equity compensation expense of $2.0 million, $11.5 million and $8.5 million in fiscal 2015, 2014 and 2013, respectively, related to these modified grants. In addition, during fiscal 2014, several of our parent company’s Class C MIU grants were modified to allow for a cash settlement option. A portion of these grants are subject to the repurchase features that function as in-substance forfeiture provisions, as described above. The addition of a cash settlement option effectively made these awards probable of vesting, resulting in equity compensation expense being recognized for the first time on the related modified grants and causing these grants to change to liability awards at the parent company. The remaining grants which are not subject to repurchase features remain classified as equity awards at the parent company. We have recorded incremental equity compensation expense of $8.7 million and $7.0 million in fiscal 2015 and 2014, respectively, related to these modified grants. During fiscal 2015, we granted approximately 0.6 million Class C MIU’s and approximately 0.2 million Class C MIU’s were forfeited and less than 0.1 million were repurchased by the Company. During fiscal 2014, we granted approximately 1.4 million Class C MIU’s and approximately 0.3 million Class C MIU’s were forfeited and no shares were repurchased by the Company. During fiscal 2013, we granted approximately 0.5 million Class C MIU’s and approximately 1.2 million Class C MIU’s were forfeited and 0.3 million were repurchased by the Company. The following table summarizes Class C MIU activity for fiscal 2015, 2014 and 2013: Weighted Average Number of Grant Date (in thousands, except fair value amounts) Class C MIUs Fair Value Non-vested, May 31, 2012 5,915 $ 3.53 Granted 455 $ 4.96 Cancelled (1,156) $ 3.72 Vested (713) $ 3.53 Non-vested, May 31, 2013 4,501 $ 3.63 Granted 1,399 $ 7.29 Cancelled (279) $ 4.39 Vested (2,777) $ 3.66 Non-vested, May 31, 2014 2,844 $ 5.24 Granted 591 $ 7.56 Cancelled (155) $ 5.20 Vested (1,734) $ 4.31 Non-vested, April 30, 2015 1,546 $ 7.19 This table reflects the legal vesting of the awards. As noted above certain of the awards are subject to a repurchase feature, which functions as an in-substance forfeiture provision, so these awards are not considered to have vested for accounting purposes. Total unrecognized Class C MIU compensation expense at April 30, 2015, was $27.5 million. The aggregate intrinsic value related to the unvested Class C MIUs was approximately $28.2 million as of April 30, 2015. The weighted average remaining contractual life of the Class C MIUs was 2.7 years as of April 30, 2015. Other Infor Equity Grants In addition to the Class C MIUs discussed above, Infor has other outstanding equity awards issued by certain affiliates of the Company. These awards include MIUs issued by SoftBrands Holdings LLC, an affiliate of the parent company of Infor (SoftBrands MIUs) to certain employees as authorized by its Amended and Restated Limited Liability Company Agreement dated October 1, 2010 (the SoftBrands Plan); and Class Y restricted shares issued under the Infor Global Solutions 2006 Share Purchase and Option Plan, as amended, (the 2006 Plan). In conjunction with the May 31, 2012 grant of the Class C MIUs discussed above, the majority of the outstanding SoftBrands MIUs and Class Y restricted shares were cancelled. No other grants are to be made under the SoftBrands Plan or the 2006 Plan. The remaining SoftBrands MIUs and Class Y restricted shares were fully vested as of May 31, 2014. As of April 30, 2015, 1.6 million and 5.1 million SoftBrands MIUs and Class Y restricted shares were outstanding, respectively. |
Dividend
Dividend | 11 Months Ended |
Apr. 30, 2015 | |
Dividend [Abstract] | |
Dividend | 17. Dividend We did not declare or pay any dividends on our common stock in fiscal year 2015 , 2014 or 2013 . Future dividend payments on our common stock, if any, will be based at that time on the provisions of our current credit facilities, an analysis of our liquidity as well as the future prospects for our business. In addition, we may from time-to-time voluntarily service interest payments related to debt held by certain of our affiliate companies which may be funded through dividend distributions to such affiliates. See Note 21, Related Party Transactions – Dividends Paid to Affiliates . |
Income Taxes
Income Taxes | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Income Taxes [Abstract] | ||
Income Taxes | 12. Income Taxes Income taxes have been provided in accordance with ASC 740, Income Taxes . The effective tax rate for the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. Our effective tax rate may fluctuate as a result of changes in the forecasted annual income level and geographical mix of our operating earnings as well as a result of acquisitions, changes in liabilities recorded for unrecognized tax benefits, changes in the valuation allowances for deferred tax assets, tax settlements with U.S. and foreign tax authorities, and the impact from changes in enacted tax laws. Our income tax provision and overall effective tax rates were as follows for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions, except percentages) 2015 2014 2015 2014 Income tax provision $ 6.5 $ 19.8 $ 16.9 $ 32.6 Effective income tax rate 175.7 % 60.2 % 23.6 % 27.3 % Our provision for income taxes differs from the tax computed at the U.S. federal statutory rate primarily due to certain earnings considered as indefinitely reinvested in foreign operations, states taxes, and foreign earnings taxed at lower income tax rates than in the U.S. The change in our effective tax rate for the second quarter of fiscal 2016 compared to the second quarter of fiscal 2015 was primarily driven by a reduction in the amount of unrecognized tax benefits, a reduction in the valuation allowances for various foreign deferred tax assets, an increase in foreign earnings subject to U.S. taxes, an increase in nondeductible taxable income, and an increase in the proportion of earnings subject to lower foreign tax rates. The change in our effective tax rate for the first six months of fiscal 2016 compared to the corresponding period of fiscal 2015 was primarily driven by a decrease in the amount of unrecognized tax benefits, an increase in the valuation allowances for various foreign deferred tax assets, an increase in foreign earnings subject to U.S. taxes, a reduction in the amount of nondeductible taxable income, and an increase in the proportion of foreign earnings subject to lower tax rates. During the upcoming twelve months ending October 31, 2016, we expect a net reduction of approximately $28.2 million of unrecognized tax benefits, primarily due to the expiration of statutes of limitation in various jurisdictions. Our net deferred tax assets were $103.9 million and $103.6 million as of October 31, 2015 and April 30, 2015, respectively. We believe it is more likely than not that the net deferred tax assets will be realized in the foreseeable future. Realization of our net deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate jurisdictions to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credit carryforwards. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. | 18. Income Taxes Income taxes have been provided in accordance with ASC 740, Income Taxes . The effective tax rate for the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. Our effective tax rate may fluctuate as a result of changes in the forecasted annual income level and geographical mix of our operating earnings as well as a result of acquisitions, changes in liabilities recorded for unrecognized tax benefits, changes in the valuation allowances for deferred tax assets, tax settlements with U.S. and foreign tax authorities, and the impact from changes in enacted tax laws. Our income (loss) before income taxes related to the following jurisdictions: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 United States $ (187.7) $ (120.0) $ (111.5) Foreign 155.2 254.3 57.9 Income (loss) before income tax $ (32.5) $ 134.3 $ (53.6) The income tax provision (benefit) attributable to earnings from operations consisted of the following: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Current Federal $ 6.3 $ 14.1 $ 3.8 State 1.1 3.5 4.4 Foreign 19.5 18.5 50.8 Total current provision 26.9 36.1 59.0 Deferred Federal (68.9) (12.3) (7.1) State (7.1) 0.6 0.6 Foreign (3.1) (11.8) (29.9) Total deferred provision (benefit) (79.1) (23.5) (36.4) Total income tax provision (benefit) $ (52.2) $ 12.6 $ 22.6 Effective income tax rate 160.6 % 9.4 % (42.2) % Our income tax provision (benefit) differed from the amount computed by applying the federal statutory rate to our income (loss) before provision for income taxes as follows: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Federal income tax rate $ (11.4) $ 47.0 $ (18.8) Subpart F income 5.9 31.0 14.0 Change in valuation allowance related to IRC Section 163(j) - - 20.9 Foreign tax rate differential (49.6) (49.9) (3.2) Reorganization costs (0.9) (1.9) 5.6 Change in valuation allowance 0.5 (19.9) (6.9) U.S. state tax rate difference (7.2) (4.0) (3.3) Tax rate changes - 2.3 2.7 Stock compensation 5.5 11.1 5.4 Withholding tax 9.2 9.0 8.6 Permanent items 1.4 3.8 2.7 Uncertain tax positions - (13.0) (3.3) Section 199 benefit (1.6) - - Other (4.0) (2.9) (1.8) Total income tax provision (benefit) $ (52.2) $ 12.6 $ 22.6 A summary of the components of our deferred tax assets and liabilities was as follows: April 30, May 31, (in millions) 2015 2014 Deferred tax assets Foreign operating loss carryforward $ 203.3 $ 261.2 Interest 298.2 292.6 Federal operating loss carryforward 31.0 35.8 Capital loss carryforward 44.5 48.6 Preacquisition disallowed deductions 13.6 16.0 State operating loss carryforward 10.2 11.7 Accrued payroll and related expenses 32.1 35.4 Depreciation 16.6 17.8 Credits 15.7 23.4 Restructuring - 10.4 Bad debts 2.6 6.6 Accrued severance 0.6 1.4 Other 69.4 42.2 Gross deferred tax assets 737.8 803.1 Less: valuation allowance (521.7) (565.2) Net deferred tax assets 216.1 237.9 Deferred tax liabilities Intangibles 214.8 309.9 Goodwill 5.4 5.2 Prepaid expenses 0.4 0.5 Gross deferred tax liabilities 220.6 315.6 Net deferred tax assets (liabilities) $ (4.5) $ (77.7) The net deferred tax asset (liability) was classified on our Consolidated Balance Sheets as follows: April 30, May 31, (in millions) 2015 2014 Current deferred tax asset $ 30.8 $ 27.5 Non-current deferred tax asset 72.8 88.6 Current deferred tax liability (1.1) (1.3) Non-current deferred tax liability (107.0) (192.5) Net deferred tax assets (liabilities) $ (4.5) $ (77.7) The following summarizes the rollforward of our deferred tax asset valuation allowance: (in millions) Balance, May 31, 2012 $ 713.1 Changes in valuation allowances related to purchased tax assets 0.8 Adjustment of net operating losses (135.1) Provisions for valuation allowance 65.3 Release of valuation allowance (51.3) Currency adjustment 1.1 Balance, May 31, 2013 593.9 Adjustment of net operating losses (26.8) Provisions for valuation allowance 13.0 Release of valuation allowance (28.4) Currency adjustment 13.5 Balance, May 31, 2014 565.2 Adjustment of net operating losses (10.9) Provisions for valuation allowance 9.0 Release of valuation allowance (8.5) Currency adjustment (33.1) Balance, April 30, 2015 $ 521.7 As of April 30, 2015, we have U.S. Federal net operating loss deferred tax assets amounting to $31.0 million. These losses expire in various years between 2016 and 2032 , the majority of which will expire between 2018 and 2026 . We also have U.S. foreign tax credits of $0.9 million. In addition, we have state and local net operating losses and credits of $10.2 million and $1.8 million, respectively. Our state and local net operating losses expire in various years between 2016 and 2032 . We currently have a deferred tax asset of $290.2 million relating to interest limitations under IRC Section 163(j), which has an indefinite carryforward. Section 382 of the Internal Revenue Code contains rules that limit the ability of a company that undergoes an ownership change to utilize its net operating loss carryforwards and certain built-in losses or deductions. As a result of the Lawson acquisition that occurred on July 5, 2011, the Lawson group experienced an ownership change that resulted in the application of a Section 382 limitation. This limitation is, however, not expected to materially limit our ability to utilize Lawson’s net operating loss carryforwards. In addition, we experienced an ownership change as a result of the global restructuring that occurred April 5, 2012 that resulted in the application of a Section 382 limitation. This limitation is, however, not expected to materially limit our ability to utilize any net operating loss carryforwards. Some of our U.S. loss and credit carryforwards are also subject to various limitations resulting from changes of ownership prior to May 31, 2011, and the possibility of future changes of ownership may further limit our ability to utilize certain loss and credit carryforwards. As of April 30, 2015, we have foreign net operating loss deferred tax assets amounting to $203.3 million. The majority of these losses relates to our subsidiary operations in the Netherlands, UK, Brazil, France, Austria, Sweden, and Singapore. We also have certain foreign capital loss carryforward deferred tax assets of $44.5 million, the majority of which relates to our subsidiary operations in the UK and are not subject to expiry but do require us to generate certain qualified income in order to utilize. The foreign loss and credit carryforwards are subject to various limitations resulting from prior changes of ownership and the possibility of future changes of ownership may further limit our ability to utilize certain foreign loss and credit carryforwards. ASC 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of a deferred tax asset will not be realized. We recorded a net increase to our valuation allowance (including the impact of ASC 740-10) in fiscal 2015 of $0.5 million, and a net decrease to our valuation allowance of $28.7 million, and $119.2 million in fiscal 2014 and 2013, respectively. The valuation allowance and the change therein as of April 30, 2015 and May 31, 2014, primarily relate to disallowed carried forward interest expense as well as certain U.S. and foreign net operating losses and capital losses associated with our U.S. and foreign subsidiaries. No other valuation allowances were deemed necessary due to future possible sources of taxable income, including the anticipation of future taxable income and future reversals of existing taxable temporary differences. Deferred taxes have not been recognized for the excess of the amount for financial reporting over the tax basis of the investment in each of our foreign subsidiaries because the undistributed earnings of each of our foreign subsidiaries are considered permanently reinvested. Therefore, these basis differences are not expected to reverse in the foreseeable future. It is not practicable to calculate the amount of the unrecognized deferred tax liability which would result if these basis differences reversed due to the complexities of the tax laws in various jurisdictions, the number of jurisdictions in which we operate, the complexity of our legal entity structure, and the hypothetical nature of the calculations. Our income tax returns are routinely audited by taxing authorities and provisions are routinely made in our financial statements in anticipation of the results of these audits. The amount of these tax liabilities may be revised in future periods if estimates of our ultimate liability are revised. The following summarizes the rollforward of our unrecognized tax benefits: (in millions) Balance, May 31, 2012 $ 193.2 Additions based on tax positions related to current year 12.1 Additions based on tax positions related to prior years 9.7 Reductions based on tax positions related to prior years (8.8) Reductions related to settlements (1.0) Reductions related to lapses in statute (19.0) Additions/(reductions) due to changes in foreign exchange rates 1.2 Other (1.0) Balance, May 31, 2013 186.4 Additions based on tax positions related to current year 7.3 Additions based on tax positions related to prior years 2.4 Reductions based on tax positions related to prior years (6.7) Reductions related to settlements (9.0) Reductions related to lapses in statute (21.2) Additions/(reductions) due to changes in foreign exchange rates 2.5 Balance, May 31, 2014 161.7 Additions based on tax positions related to current year 10.3 Additions based on tax positions related to prior years 20.5 Reductions based on tax positions related to prior years (18.5) Reductions related to settlements (0.7) Reductions related to lapses in statute (10.6) Additions/(reductions) due to changes in foreign exchange rates (18.9) Balance, April 30, 2015 $ 143.8 The reversal of the unrecognized tax benefits above would have impacted our effective tax rate (through the recognition of an income tax benefit) at April 30, 2015, May 31, 2014 and 2013 by $70.6 million, $68.3 million and $86.9 million, respectively. During our upcoming fiscal year ending April 30, 2016, we expect that approximately $ 37.4 million of the unrecognized tax benefits above will reverse, primarily due to the expiration of statutes of limitation in various jurisdictions. We classify interest on uncertain tax positions as (benefit) provision for income taxes in our Consolidated Statements of Operations. The amount of accrued interest on uncertain tax positions at April 30, 2015 and May 31, 2014, was $17.7 million and $19.7 million, respectively, and is primarily reflected in other long-term liabilities on our Consolidated Balance Sheets. The amount of interest expense recorded for uncertain tax positions for fiscal 2015, 2014 and 2013, net of income tax benefits was $13.4 million, $0.0 million and $2.4 million, respectively. We classify penalties on uncertain tax positions as (benefit) provision for income taxes in our Consolidated Statements of Operations. The amount of accrued penalties on uncertain tax positions at April 30, 2015 and May 31, 2014, was $5.2 million and $5.7 million, respectively, and is primarily reflected in other long-term liabilities on our Consolidated Balance Sheets. The amount of penalty expense recorded for uncertain tax positions for fiscal 2015, 2014 and 2013 was a benefit of $0.1 million, a benefit of $0.5 million and a benefit of $0.4 million, respectively. The fiscal 2015, 2014 and 2013 benefits were due to the expiration of the statute of limitations in various jurisdictions. The Company is in the process of completing a voluntary disclosure agreement with a foreign taxing jurisdiction in connection with potential withholding tax exposure on certain intercompany transactions. Within the next twelve months, it is reasonably possible that the Company will complete negotiations with the taxing jurisdiction and enter into a settlement resulting in tax, interest and penalties ranging from zero to $14.2 million. Domestically, we file a federal income tax return and generally file state income tax returns in each jurisdiction in which we do business. The statutes of limitations for these returns, with some exceptions, run through 2019. We are generally no longer subject to tax examination domestically for years prior to fiscal year 2011. We are currently subject to federal income tax examinations. We are also currently under examination in a number of state jurisdictions. Management believes that we have adequately provided for any uncertain tax positions that may be addressed in these examinations. Internationally, we generally file income tax returns in each jurisdiction in which we do business. The statutes of limitations for these returns, with some exceptions, run through 2019. We are generally no longer subject to tax examination internationally for years prior to fiscal year 2009. We are currently under examination in a number of international jurisdictions. Management believes that we have adequately provided for any uncertain tax positions that may be addressed in these examinations. While management believes we have adequately provided for all tax positions, amounts asserted by taxing authorities could materially differ from our accrued positions as a result of uncertain and complex application of tax regulations. Additionally, the recognition and measurement of certain tax benefits includes estimates and judgment by management and inherently includes subjectivity. Accordingly, additional provisions on tax-related matters could be recorded in the future as revised estimates are made or the underlying matters are settled or otherwise resolved. |
Retirement Plans
Retirement Plans | 11 Months Ended |
Apr. 30, 2015 | |
Retirement Plans [Abstract] | |
Retirement Plans | 19. Retirement Plans Defined Contribution Plans We sponsor a 401(k) plan for all eligible employees in the U.S. Under this 401(k) plan, employees can generally make pre-tax contributions of up to the lesser of a maximum of 75.0% of their eligible compensation or the section 402(g) limit as defined by the Internal Revenue Service. We also have defined contribution plans in certain foreign locations. We recognized expense for contributions to our defined contribution plans of $10.2 million , $10.8 million and $8.0 million in fiscal 2015, 2014 and 2013, respectively. Defined Benefit Plans We maintain defined benefit plans for certain of our employees in the U.S. and various other countries which were assumed in connection with acquisitions we completed in fiscal 2012 and prior years. The most significant of these defined benefit plans are in the United Kingdom, France, Germany, and Switzerland. Benefits under the various plans are based primarily on applicable legal requirements, years of service and compensation levels. Our defined benefit plans in the U.S. , United Kingdom and Germany have been frozen with no further benefits accruing. As of April 30, 2015, these plans were funded to comply with the minimum legal funding requirements. We used measurement dates of April 30, 2015 and May 31, 2014, respectively, for our pension plan s and accrued benefit obligations. Actuarial valuations of the plans occur either on an annual or triennial basis, depending on jurisdictional statutes. The following tables summarize the key data and assumptions for our defined benefit plans: Change in Projected Benefit Obligation April 30, May 31, (in millions) 2015 2014 Projected Benefit obligation, beginning of fiscal year $ 106.6 $ 92.7 Service cost 1.2 1.4 Interest cost 3.4 4.2 Plan participants contribution 0.3 0.3 Actuarial (gain) loss 14.7 (0.6) Benefits payments (2.2) (2.5) Assumption changes 0.6 3.9 Curtailment/settlement (0.3) (0.4) Currency translation adjustment (10.0) 7.6 Projected benefit obligation, end of fiscal year $ 114.3 $ 106.6 Accumulated benefit obligation, end of fiscal year $ 109.2 $ 101.7 Change in Plan Assets April 30, May 31, (in millions) 2015 2014 Fair value of plan assets, beginning of fiscal year $ 74.2 $ 60.2 Actual return on plan assets 6.1 4.5 Employer contribution 2.3 3.8 Plan participants contribution 0.3 0.3 Benefits payments (1.8) (2.1) Currency translation adjustment (6.2) 7.5 Fair value of plan assets, end of fiscal year $ 74.9 $ 74.2 Funded status, end of fiscal year $ (39.4) $ (32.4) Amounts Recognized on Our Consolidated Balance Sheets April 30, May 31, (in millions) 2015 2014 Non-current asset $ 1.0 $ 1.5 Current liability (0.1) (2.1) Non-current liability (40.3) (31.8) Total $ (39.4) $ (32.4) Amounts Recognized in Accumulated Other Comprehensive Income (Loss) April 30, May 31, (in millions) 2015 2014 2013 Net actuarial gain (loss) $ (19.9) $ (8.5) $ (10.2) Prior service cost (1.0) (1.4) (1.5) Tax 4.6 2.5 2.8 Total amounts recognized in accumulated other comprehensive income (loss) $ (16.3) $ (7.4) $ (8.9) Components of Net Periodic Pension Cost 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Service cost $ 1.2 $ 1.4 $ 1.1 Interest cost 3.4 4.2 3.6 Amortization of prior service cost 0.2 1.9 0.2 Amortization of net actuarial (gain) loss 0.3 0.6 0.3 Expected return on plan assets (3.7) (3.9) (2.9) Net periodic pension cost $ 1.4 $ 4.2 $ 2.3 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Net actuarial gain (loss) $ (11.4) $ 1.7 $ 0.5 Prior service cost 0.6 2.0 0.7 Amortization of prior service cost (0.2) (1.9) (0.2) Tax 2.1 (0.3) 0.6 Total recognized in other comprehensive income (loss) $ (8.9) $ 1.5 $ 1.6 Total recognized in net periodic benefit costs and other comprehensive income (loss) $ (10.3) $ (2.7) $ (0.7) Estimated A mortization to be R ecognized as P art of N et P eriodic P ension C ost in F iscal 2016 (in millions) Net actuarial (gain) loss $ 0.7 Prior service cost $ 0.2 D efined B enefit P lans with A ccumulated Benefit O bligations t hat Exceed the F air V alue of the P lan A ssets The accumulated benefit obligation exceeds the fair value of the plan assets for the majority of our defined benefit plans. The pension benefits and the fair value of plan assets for those plans with accumulated benefit obligations in excess of plan assets were as follows: April 30, May 31, (in millions) 2015 2014 Projected benefit obligation $ 113.0 $ 105.0 Accumulated benefit obligation $ 107.8 $ 100.1 Fair value of plan assets $ 72.5 $ 71.2 Fair Value of Plan Assets The fair value of defined benefit plans assets, as of April 30, 2015 and May 31, 2014, were as follows: April 30, 2015 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Assets Equity securities $ - $ 42.9 $ - $ 42.9 Debt securities - 21.4 - 21.4 Other 0.3 10.3 - 10.6 Total $ 0.3 $ 74.6 $ - $ 74.9 May 31, 2014 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Assets Equity securities $ - $ 42.6 $ - $ 42.6 Debt securities - 22.3 - 22.3 Other 0.4 8.9 - 9.3 Total $ 0.4 $ 73.8 $ - $ 74.2 Pension plan assets relate to defined benefit pension plans which cover certain employees primarily in the U.S., United Kingdom, Germany, Switzerland and France and include investments held in cash, equity and debt index funds. The fair value of investments held in these funds is based on the fair value of the underlying securities within the fund. The pension plan assets are reflected in either other assets or other long-term liabilities on our Consolidated Balance Sheets depending on whether the related plan is over-funded or under-funded, respectively. Our pension plan assets are valued primarily using observable inputs other than quoted market prices and are included in Level 2 inputs within the fair value hierarchy as discussed in Note 5, Fair Value . Determin ation of Benefit Obligations Generally, the discount rates used to determine benefit obligations are determined as of the applicable measurement date, by considering various current yield curves representing high quality, long-term fixed income instruments, the duration of which are consistent with the duration of the applicable plan liabilities. The long-term expected rate of return for each asset class is based upon actual historical returns and future expectations for returns for each asset class. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation and the long-term return assumption for each asset class. Weighted-Average Assumptions Used to Determine Benefit Obligations April 30, May 31, 2015 2014 2013 Projected benefit obligation Discount rate 2.9 % 3.9 % 4.1 % Rate of compensation increase 2.5 % 2.9 % 3.8 % Net periodic benefit cost Discount rate 3.7 % 4.0 % 4.2 % Expected rate of return on plan assets 5.5 % 5.5 % 5.6 % Rate of compensation increase 2.5 % 3.1 % 3.7 % Investment Policy Our investment strategy for our plan assets is to seek a competitive rate of return relative to an appropriate level of risk. The investments are held in cash, equity and debt index funds. Investments held in these funds are based on the fair value of the underlying securities within the fund, which represents the net asset value, a practical expedient to fair value, of the units held by the pension plan at year end. The asset allocations for our pension plans by asset category are as follows: Target Percentage of Allocation Plan Assets at Fiscal 2016 April 30, 2015 Equity securities 57.3 % 57.3 % Debt instruments 28.6 % 28.6 % Other 14.1 % 14.1 % Future Contributions We made contributions to our defined benefit pension plans of $2.3 million, $3.8 million and $2.8 million in fiscal 2015, 2014 and 2013, respectively. We expect to contribute approximately $2.2 million to our defined benefit plans during fiscal 2016. Future Benefit Payments As of April 30, 2015, we anticipate future benefit payments related to our defined benefit plans over the next 10 years will be as follows: (in millions) Fiscal 2016 $ 2.2 Fiscal 2017 2.1 Fiscal 2018 2.5 Fiscal 2019 2.2 Fiscal 2020 2.5 Fiscal 2021 through 2025 14.1 Total $ 25.6 |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Segment And Geographic Information [Abstract] | ||
Segment and Geographic Information | 16. Segment and Geographic Information We are a global provider of enterprise business applications software and services focused primarily on medium and large enterprises. We provide industry-specific and other enterprise software products and related services to companies in the manufacturing, distribution, healthcare, public sector, automotive, service industries, ESM&R, consumer products & retail and hospitality industries. We serve customers in the Americas, EMEA and APAC geographic regions. Segment Information We view our operations and manage our business as three reportable segments: License , Maintenance and Consulting . See Note 1, Nature of Business and Basis of Presentation – Business Segments . It is around these three key sets of business activities that we have organized our business and established budgets, forecasts and strategic objectives, including go-to-market strategies. Within our organization, multiple sets of information are available reflecting various views of our operations including vertical, geographic, product and/or functional information. However, the financial information provided to and used by our chief operating decision-maker (CODM) to assist in making operational decisions, allocating resources and assessing performance reflects revenues, cost of revenues and sales margin for these three segments. License — Our License segment develops, markets and distributes enterprise software including the following types of software: enterprise HCM, financial management, business intelligence, asset management, enterprise performance management, supply chain management, service management, manufacturing operations, business project management and property management for hospitality companies. License revenues include license fees which primarily consist of fees resulting from products licensed to customers on a perpetual basis. Product license fees result from a customer’s licensing of a given software product for the first time or with a customer’s licensing of additional users for previously licensed products. License revenues also include revenues related to our SaaS offerings. Maintenance — Our Maintenance segment provides software updates and product support including when-and-if-available upgrades, release updates, regulatory updates and patches, access to our knowledge base and technical support team, technical advice and application management. Generally, these services are provided under annual contracts. Infor’s maintenance agreements are comprehensive customer support programs which entitle customers to various levels of support to meet their specific needs. Infor’s maintenance and customer support offerings are delivered through our global support organization operating from our support centers around the world. Maintenance revenues include product updates and support fees revenues which represent the ratable recognition of fees to enroll and renew licensed products in our maintenance programs. These fees are typically charged annually and are based on the license fees initially paid by the customer. These revenues can fluctuate based on the number and timing of new license contracts, renewal rates and price increases. Consulting — Our Consulting segment provides software implementation, customization, integration, training and other consulting services related to Infor’s software products. Services in this segment are generally provided under time and materials contracts, and in certain situations, under fixed-fee or maximum-fee contracts. Infor’s consulting offerings range from initial assessment and planning of a project to the actual implementation and post-implementation of a project, including optimizing a customer’s use of our software, as well as training and learning tools designed to help customers become proficient in using Infor’s software quickly and effectively. Consulting services and other revenue include consulting services and other fees revenues from services provided to customers who have licensed Infor’s products. The measure we use to assess our reportable segments’ operating performance is sales margin. Reportable segment sales margin includes segment revenues net of direct controllable costs. Segment revenues include adjustments to increase revenues that would have been recognized if we had not adjusted certain deferred revenue balances related to acquisitions to their fair values at the time of the acquisition as required by GAAP. Segment costs represent those costs of resources dedicated to each segment, direct sales costs, and allocation of certain operating expenses. Segment costs exclude any allocation of depreciation and amortization related to our acquired intangible assets or restructuring costs. We do not have any intercompany revenue recorded between reportable segments. The accounting policies for our reportable segments are the same as those used in our consolidated financial statements. We do not assess or report assets or capital expenditures by reportable segment. For disclosure of goodwill by reportable segment see Note 4, Goodwill. The following table presents financial information for our reportable segments for the periods indicated: (in millions, except percentages) Reportable Segment Three Months Ended License Maintenance Consulting Total October 31, 2015 Revenues $ 144.2 $ 354.4 $ 169.1 $ 667.7 Cost of revenues 38.6 63.1 140.0 241.7 Direct sales and marketing costs 88.6 - - 88.6 Sales margin $ 17.0 $ 291.3 $ 29.1 $ 337.4 Sales margin % 11.8% 82.2% 17.2% 50.5% October 31, 2014 Revenues $ 133.0 $ 373.3 $ 180.9 $ 687.2 Cost of revenues 27.9 65.3 138.2 231.4 Direct sales and marketing costs 91.3 - 7.2 98.5 Sales margin $ 13.8 $ 308.0 $ 35.5 $ 357.3 Sales margin % 10.4% 82.5% 19.6% 52.0% (in millions, except percentages) Reportable Segment Six Months Ended License Maintenance Consulting Total October 31, 2015 Revenues $ 265.2 $ 711.4 $ 331.8 $ 1,308.4 Cost of revenues 68.7 124.7 278.8 472.2 Direct sales and marketing costs 176.6 - - 176.6 Sales margin $ 19.9 $ 586.7 $ 53.0 $ 659.6 Sales margin % 7.5% 82.5% 16.0% 50.4% October 31, 2014 Revenues $ 325.6 $ 747.1 $ 368.6 $ 1,441.3 Cost of revenues 60.1 131.7 284.7 476.5 Direct sales and marketing costs 198.4 - 7.2 205.6 Sales margin $ 67.1 $ 615.4 $ 76.7 $ 759.2 Sales margin % 20.6% 82.4% 20.8% 52.7% The following table presents a reconciliation of our reportable segment revenues, net of the reversal of purchase accounting revenue adjustments, and our reportable segment sales margin to total consolidated revenues and consolidated income (loss) before income tax for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Reportable segment revenues $ 667.7 $ 687.2 $ 1,308.4 $ 1,441.3 Purchase accounting revenue adjustments (1) (4.4) (1.6) (4.8) (2.5) Total revenues $ 663.3 $ 685.6 $ 1,303.6 $ 1,438.8 Reportable segment sales margin $ 337.4 $ 357.3 $ 659.6 $ 759.2 Other unallocated costs and operating expenses (2) 179.3 173.3 339.7 359.7 Amortization of intangible assets and depreciation 58.7 61.3 115.4 126.4 Restructuring costs 6.4 3.8 8.2 11.3 Income from operations 93.0 118.9 196.3 261.8 Total other expense, net 89.3 86.0 124.7 142.6 Income before income tax $ 3.7 $ 32.9 $ 71.6 $ 119.2 (1) Adjustments to decrease reportable segment revenue for revenue that we would have recognized had we not adjusted acquired deferred revenue as required by GAAP. (2) Other unallocated costs and operating expenses include certain sales and marketing expenses, research and development, general and administrative, acquisition-related and other costs, equity-based compensation, as well as adjustments for deferred costs recognized related to acquired deferred revenue. Geographic Information The following table presents our revenues summarized by geographic region, based on the location at which each sale originates, for the periods indicated: (in millions) Geographic Region Three Months Ended Americas EMEA APAC Total October 31, 2015 Software license fees and subscriptions $ 97.9 $ 33.0 $ 9.0 $ 139.9 Product updates and support fees 229.0 99.4 25.9 354.3 Software revenues 326.9 132.4 34.9 494.2 Consulting services and other fees 92.5 64.3 12.3 169.1 Total revenues $ 419.4 $ 196.7 $ 47.2 $ 663.3 October 31, 2014 Software license fees and subscriptions $ 85.2 $ 37.3 $ 10.3 $ 132.8 Product updates and support fees 231.5 110.4 30.1 372.0 Software revenues 316.7 147.7 40.4 504.8 Consulting services and other fees 90.9 74.5 15.4 180.8 Total revenues $ 407.6 $ 222.2 $ 55.8 $ 685.6 (in millions) Geographic Region Six Months Ended Americas EMEA APAC Total October 31, 2015 Software license fees and subscriptions $ 185.5 $ 59.0 $ 16.4 $ 260.9 Product updates and support fees 459.6 198.6 52.7 710.9 Software revenues 645.1 257.6 69.1 971.8 Consulting services and other fees 177.7 129.2 24.9 331.8 Total revenues $ 822.8 $ 386.8 $ 94.0 $ 1,303.6 October 31, 2014 Software license fees and subscriptions $ 201.8 $ 93.0 $ 30.0 $ 324.8 Product updates and support fees 459.5 225.9 60.3 745.7 Software revenues 661.3 318.9 90.3 1,070.5 Consulting services and other fees 179.3 156.6 32.4 368.3 Total revenues $ 840.6 $ 475.5 $ 122.7 $ 1,438.8 The following table presents our long-lived tangible assets, consisting of property and equipment net of accumulated depreciation, summarized by geographic region: Geographic Region (in millions) Americas EMEA APAC Total October 31, 2015 $ 71.1 $ 22.3 $ 6.6 $ 100.0 April 30, 2015 $ 51.1 $ 24.6 $ 6.1 $ 81.8 The following table sets forth our revenues by country for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 United States $ 380.7 $ 362.5 $ 743.5 $ 747.0 All other countries 282.6 323.1 560.1 691.8 Total revenues $ 663.3 $ 685.6 $ 1,303.6 $ 1,438.8 Revenues attributable to the United States, our country of domicile, and foreign countries are based on the country in which the sales originate. The following table sets forth long-lived tangible assets by country at the dates indicated: October 31, April 30, (in millions) 2015 2015 United States $ 69.1 $ 48.5 All other countries 30.9 33.3 Total long-lived tangible assets $ 100.0 $ 81.8 Only those countries in which revenues or long-lived assets exceed 10% of our consolidated revenues or long-lived assets are reflected in the above tables. In those fiscal periods when a country’s revenues or long-lived tangible assets are less than 10% of the consolidated totals, applicable amounts are included in “all other countries.” | 20. Segment and Geographic Information We are a global provider of enterprise business applications software and services focused primarily on medium and large enterprises. We provide industry-specific ERP software products to companies in the manufacturing, distribution, healthcare, public sector, automotive, service industries, ESM&R, consumer products & retail and hospitality industries. We serve customers in the Americas, EMEA and APAC geographic regions. Segment Information We view our operations and manage our business as three reportable segments: License , Maintenance , and Consulting . See Note 1, Nature of Business and Basis of Presentation – Business Segments . It is around these three key sets of business activities that we have organized our business and established budgets, forecasts and strategic objectives, including go-to-market strategies. Within our organization, multiple sets of information are available reflecting various views of our operations including vertical, geographic and/or functional information. However, the financial information provided to and used by our CODM to assist in making operational decisions, allocating resources and assessing performance reflects revenues, cost of revenues and gross margin for these three segments. License — Our License segment develops, markets and distributes enterprise software including the following types of software: enterprise human capital management, financial management, business intelligence, asset management, enterprise performance management, supply chain management, service management, manufacturing operations, business project management and property management for hospitality companies. License revenues include license fees which primarily consist of fees resulting from products licensed to customers on a perpetual basis. Product license fees result from a customer’s licensing of a given software product for the first time or with a customer’s licensing of additional users for previously licensed products. License revenues also include revenues related to our SaaS subscriptions offerings. Maintenance — Our Maintenance segment provides software updates and product support including when and if available upgrades, release updates, regulatory updates and patches, access to our knowledge base and technical support team, technical advice and application management. Generally, these services are provided under annual contracts. Infor’s maintenance agreements are comprehensive customer support programs which entitle customers to various levels of support to meet their specific needs. Infor’s maintenance and customer support offerings are delivered through our global support organization operating from our support centers around the world. Maintenance revenues include product updates and support fees revenues which represent the ratable recognition of fees to enroll and renew licensed products in our maintenance programs. These fees are typically charged annually and are based on the license fees initially paid by the customer. These revenues can fluctuate based on the number and timing of new license contracts, renewal rates and price increases. Consulting — Our Consulting segment provides software implementation, customization, integration, training and other consulting services related to Infor’s software products. Services in this segment are generally provided under time and materials contracts, and in certain situations, under fixed-fee or maximum-fee contracts. Infor’s consulting offerings range from initial assessment and planning of a project to the actual implementation and post implementation of a project, including optimizing a customer’s use of our software as well as training and learning tools designed to help customers become proficient in using Infor’s software quickly and effectively. Consulting services and other revenue include consulting services and other fees revenues from services provided to customers who have licensed Infor’s products. The measure that we use to assess our reportable segment’s operating performance is sales margin. Reportable segment sales margin includes segment revenues net of direct controllable costs. Segment revenues include adjustments to increase revenues that would have been recognized if we had not adjusted certain deferred revenue balances related to acquisitions to their fair values at the time of the acquisition as required by GAAP. Segment costs represent those cost of resources dedicated to each segment, direct sales costs, and allocation of certain operating expenses. Segment costs exclude any allocation of depreciation and amortization related to our acquired intangible assets or restructuring costs. We do not have any intercompany revenue recorded between reportable segments. The accounting policies for our reportable segments are the same as those used in our Consolidated Financial Statements. We do not assess or report assets or capital expenditures by reportable segment. For disclosure of goodwill by reportable segment see Note 4, Goodwill. The following table presents financial information for our reportable segments for the periods indicated: Reportable Segment (in millions, except percentages) License Maintenance Consulting Total Fiscal 2015 (11 months) Revenues $ 479.9 $ 1,333.8 $ 629.7 $ 2,443.4 Cost of revenues 105.6 237.7 506.9 850.2 Direct sales and marketing costs 331.3 - 7.2 338.5 Sales margin $ 43.0 $ 1,096.1 $ 115.6 $ 1,254.7 Sales margin % 9.0% 82.2% 18.4% 51.4% Fiscal 2014 (12 months) Revenues $ 553.4 $ 1,467.1 $ 749.5 $ 2,770.0 Cost of revenues 92.1 261.4 590.4 943.9 Direct sales and marketing costs 377.1 - - 377.1 Sales margin $ 84.2 $ 1,205.7 $ 159.1 $ 1,449.0 Sales margin % 15.2% 82.2% 21.2% 52.3% Fiscal 2013 (12 months) Revenues $ 531.6 $ 1,442.7 $ 763.5 $ 2,737.8 Cost of revenues 77.3 254.2 590.2 921.7 Direct sales and marketing costs 379.4 - - 379.4 Sales margin $ 74.9 $ 1,188.5 $ 173.3 $ 1,436.7 Sales margin % 14.1% 82.4% 22.7% 52.5% The following table presents a reconciliation of our reportable segment revenues, net of the reversal of purchase accounting revenue adjustments, and our reportable segment sales margin to total consolidated revenues and consolidated loss before income tax benefit for the periods indicated: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Reportable segment revenues $ 2,443.4 $ 2,770.0 $ 2,737.8 Purchase accounting revenue adjustments (1) (4.5) (8.2) (19.8) Total revenues $ 2,438.9 $ 2,761.8 $ 2,718.0 Reportable segment sales margin $ 1,254.7 $ 1,449.0 $ 1,436.7 Other unallocated costs and operating expenses (2) 632.9 711.4 685.3 Amortization of intangible assets and depreciation 222.9 264.3 275.7 Restructuring costs 5.7 18.6 10.2 Income from operations 393.2 454.7 465.5 Total other expense, net 425.7 320.4 519.1 Income (loss) before income tax $ (32.5) $ 134.3 $ (53.6) (1) Adjustments to decrease reportable segment revenue for revenue that we would have recognized had we not adjusted acquired deferred revenue as required by GAAP. (2) Other unallocated costs and operating expenses include certain sales and marketing expenses, research and development, general and administrative, acquisition-related and other costs, equity-based compensation, as well as adjustments for deferred costs recognized related to acquired deferred revenue. Geographic Information The following table presents our revenues summarized by geographic region, based on the location at which each sale originates, for the periods indicated: Geographic Region (in millions) Americas EMEA APAC Total Fiscal 2015 (11 months) Software license fees and subscriptions $ 300.8 $ 133.7 $ 44.7 $ 479.2 Product updates and support fees 840.7 386.3 103.3 1,330.3 Software revenues 1,141.5 520.0 148.0 1,809.5 Consulting services and other fees 312.7 264.7 52.0 629.4 Total revenues $ 1,454.2 $ 784.7 $ 200.0 $ 2,438.9 Fiscal 2014 (12 months) Software license fees and subscriptions $ 338.2 $ 160.9 $ 49.2 $ 548.3 Product updates and support fees 895.3 453.0 117.6 1,465.9 Software revenues 1,233.5 613.9 166.8 2,014.2 Consulting services and other fees 347.4 331.2 69.0 747.6 Total revenues $ 1,580.9 $ 945.1 $ 235.8 $ 2,761.8 Fiscal 2013 (12 months) Software license fees and subscriptions $ 307.8 $ 160.4 $ 49.9 $ 518.1 Product updates and support fees 883.8 433.4 124.0 1,441.2 Software revenues 1,191.6 593.8 173.9 1,959.3 Consulting services and other fees 354.5 328.7 75.5 758.7 Total revenues $ 1,546.1 $ 922.5 $ 249.4 $ 2,718.0 The following table presents our long-lived tangible assets, consisting of property and equipment net of accumulated depreciation, summarized by geographic region: Geographic Region (in millions) Americas EMEA APAC Total April 30, 2015 $ 51.1 $ 24.6 $ 6.1 $ 81.8 May 31, 2014 $ 50.6 $ 26.5 $ 5.7 $ 82.8 The following table sets forth our revenues attributable to the U.S., our country of domicile, and foreign countries, based on the country at which each sale originates, for the periods indicated: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 United States $ 1,295.1 $ 1,391.9 $ 1,334.4 All other countries 1,143.8 1,369.9 1,383.6 Total revenues $ 2,438.9 $ 2,761.8 $ 2,718.0 The following table sets forth long-lived tangible assets by country at the dates indicated: April 30, May 31, (in millions) 2015 2014 United States $ 48.5 $ 49.4 Germany 6.5 8.6 All other countries 26.8 24.8 Total long-lived tangible assets $ 81.8 $ 82.8 Only those countries in which revenues or long-lived assets exceed 10% of our consolidated revenues or long-lived assets are reflected in the above tables. In those fiscal periods when a country’s revenues or long-lived tangible assets are less than 10% of the consolidated totals, applicable amounts are included in “all other countries.” |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 17. Related Party Transactions Sponsor Transactions Golden Gate Capital and Summit Partners, L.P. (Summit Partners, and together with Golden Gate Capital, the Sponsors) are our largest investors. We have entered into advisory agreements with our Sponsors pursuant to which we have retained them to provide advisory services relating to financing and strategic business planning, acquisitions and investments, analysis and oversight, executive recruiting and certain other services. W e recognize these management fees as a component of general and administrative expenses in our Condensed Consolidated Statement of Operations. The following table sets forth management fees and expenses rendered under the advisory agreements in connection with acquisitions, debt refinancing and other advisory services for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Golden Gate Capital $ 1.4 $ 1.5 $ 2.8 $ 3.0 Summit Partners 0.5 0.5 1.0 1.0 Total management fees and expenses $ 1.9 $ 2.0 $ 3.8 $ 4.0 At October 31, 2015, $2.2 million of these fees primarily related to Golden Gate Capital remained unpaid. In connection with the issuance of our Senior Secured Notes in the second quarter of fiscal 2016, we capitalized as deferred financing fees $2.5 million in fees paid to Angel Island Capital Services, LLC, an affiliate of Golden Gate Capital. In addition, we expensed buyer transaction fees of approximately $4.8 million payable to Golden Gate Capital and $1.9 million payable to Summit Partners in connection with the GT Nexus Acquisition. These transaction fees are include in acquisition-related and other costs in our Condensed Consolidated Statement of Operations for the fiscal periods ended October 31, 2015, and are included in other long-term liabilities on our Condensed Consolidated Balance Sheets as of October 31, 2015. We did not capitalize or expense any similar fees in the comparable period last year. In the normal course of business, we may sell products and services to companies owned by our Sponsors. Sales to companies owned by Golden Gate Capital and Summit Partners are recognized according to our revenue recognition policy as described in Note 2, Summary of Significant Accounting Policies . Sales to Golden Gate Capital-owned companies were approximately $0.4 million and $0.6 million in the three months and six months ended October 31, 2015, respectively, and $0.3 million and $0.6 million in the comparable periods of fiscal 2015. We had no sales to companies owned by Summit Partners in the first six months of fiscal 2016 or the corresponding prior period. We have made an immaterial amount of payments to companies owned by Golden Gate Capital and Summit Partners for products and services in the current quarter and first six months of fiscal 2016 and in the comparable periods of fiscal 2015. Due to/from Affiliates Infor, through certain of our subsidiaries, had net receivables from our affiliates, primarily HoldCo and Lux Bond Co, of $36.9 million and $35.3 million as of October 31, 2015 and April 30, 2015, respectively. These receivables arose primarily due to our payment of deferred financing fees and interest related to Lux Bond Co’s debt and are included in receivable from stockholders in the equity section on our Condensed Consolidated Balance Sheets. Infor has entered into a Tax Allocation Agreement with GGC Software Parent, Inc., an affiliate of Lux Bond Co (the Tax Allocation Agreement). The Company is included in the GGC Software Parent, Inc. consolidated federal income tax return and the Tax Allocation Agreement sets forth the obligation of Infor and our domestic subsidiaries with regard to preparing and filing tax returns and allocating tax payments under the consolidated reporting rules of the Internal Revenue Code and similar state and local tax laws governing combined or consolidated filings. The Tax Allocation Agreement provides that each domestic subsidiary that is a member of the consolidated, unitary or combined tax group will pay its share of the taxes of the group. Prior to the second quarter of fiscal 2015, payments of amounts recorded under the terms of the Tax Allocation Agreement were generally recorded as a decrease in our receivable from stockholders. In the first six months of fiscal 2015, we recorded payments of $5.0 million related to the Tax Allocation Agreement as reductions to our receivable from stockholders. Beginning in the second quarter of fiscal 2015, certain payments made under the Tax Allocation Agreement have been recorded against affiliate payable, which is included in accounts payable on our Condensed Consolidated Balance Sheets. In the first six months of fiscal 2016 and 2015, we made payments of $8.5 million and $11.7 million, respectively, under the Tax Allocation Agreement, which were recorded against affiliate payable. We had $9.0 million and $6.4 million payable under the Tax Allocation Agreement as of October 31, 2015 and April 30, 2015, respectively. Dividends Paid to Affiliates In the first six months of fiscal 2016 we paid dividends to certain of our affiliates totaling $17.0 million related to the funding of semi-annual interest on our affiliate’s debt. In April 2015, HoldCo elected to pay semi-annual interest due related to the HoldCo Notes of approximately $26.7 million in cash (i) with $1.2 million cash on-hand, (ii) with amounts we funded through dividend distributions from Infor to HoldCo of $17.0 million, which were accrued as of April 30, 2015, and (iii) through certain payments made under the Tax Allocation Agreement, totaling $8.5 million. The dividends and amounts due under the Tax Allocation Agreement were paid on May 1, 2015. In addition, as of October 31, 2015, we had accrued dividends payable of $18.0 million related to our funding of the semi-annual interest on the HoldCo Notes. In October 2015, HoldCo elected to pay the semi-annual interest due on November 2, 2015, related to the HoldCo Notes of approximately $27.3 million in cash (i) with $0.3 million cash on-hand, (ii) with amounts we funded through dividend distributions from Infor to HoldCo of $18.0 million which were accrued as of October 31, 2015, and (iii) through payments made under the Tax Allocation Agreement of $9.0 million. The dividends and amounts due under the Tax Allocation Agreement were paid subsequent to quarter end on November 2, 2015. In the second quarter of fiscal 2015 we paid dividends to certain of our affiliates totaling $42.7 million. In October 2014, HoldCo elected to pay interest due related to the HoldCo Notes of $30.1 million in cash and we funded the semi-annual interest due related to the HoldCo Notes through (i) dividend distributions from Infor to HoldCo of $21.6 million and (ii) payments made under the Tax Allocation Agreement of $8.5 million. In October 2014, we made dividend distributions of approximately $21.1 million to Infor Enterprise Applications, LP, an affiliate of the parent company of Infor, to fund equity distributions to members of our executive management team under certain of their equity awards. In future periods, we may from time-to-time service additional interest payments related to the HoldCo Notes through further dividend distributions. | 21. Related Party Transactions Golden Gate Capital and Summit Partners (together, the Sponsors) are our largest investors. We have entered into advisory agreements with both of our Sponsors pursuant to which we have retained them to provide advisory services relating to financing and strategic business planning, acquisitions and investments, analysis and oversight, executive recruiting, certain other services and the reimbursement of reasonable out-of-pocket expenses. These advisory agreements are for an initial term of ten years with the annual management fee payable to Golden Gate Capital and Summit Partners on a quarterly basis. Under the advisory agreements, the total contractual annual management fee due is approximately $7.0 million which is payable to Golden Gate Capital and Summit Partners based on their pro rata ownership percentage of Infor Enterprise as defined in the applicable agreements . We recognized these management fees as a component of general and administrative expenses in our Consolidated Statement of Operations. The following table sets forth management fees and expenses rendered under the advisory agreements in connection with acquisitions, debt refinancing and other advisory services for the periods indicated: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Golden Gate Capital $ 4.9 $ 5.9 $ 5.6 Summit Partners 1.8 2.0 1.8 Total management fees and expenses $ 6.7 $ 7.9 $ 7.4 At April 30, 201 5, $0.5 million and $0.2 million of the fees related to Golden Gate Capital and Summit Partners, respectively, remained unpaid. In the normal course of business, we may sell products and services to companies owned by our Sponsors. Sales to companies owned by Golden Gate Capital and Summit Partners are recognized according to our revenue recognition policy as described in Note 2, Summary of Significant Accounting Policies . Sales to Golden Gate Capital-owned companies were approximately $0.9 million, $1.2 million and $2.5 million in fiscal 2015, 2014 and 2013, respectively. We had no sales to companies owned by Summit Partners in fiscal 2015 , 2014 or 2013 . In addition, we have made an immaterial amount of payments to companies owned by Golden Gate Capital and Summit Partners for products and services in in fiscal 2015 , 2014 and 2013 . We capitalized as deferred financing fees $5.5 million and $0.1 million during fiscal 2015 and 2014, respectively, for fees and expenses paid to Golden Gate Capital and their affiliates in connection with our various debt transactions. In addition, we expensed transaction fees paid to Golden Gate Capital of $0.9 million in fiscal 2014 related to our debt refinancing transactions. We did not capitalize or expense any similar fees in fiscal 2013 . In October 2014, we entered into a Master Services Agreement with Summit Partners (the MSA) under which we agreed to offer certain of Summit Partners’ portfolio companies our software products and our professional services at our customary rates. The MSA has an initial term of 12 months and automatically renews for successive 12-month renewal periods unless either party provides written notice of intent not to renew within 90 days prior to the first day of the applicable renewal period. In addition, after the initial term either party may terminate the MSA upon 90 days written notice. Due to/from Affiliates Infor, through certain of our subsidiaries, had net receivables from our affiliates, HoldCo and Lux Bond Co, of $35.3 million as of April 30, 2015 and May 31, 2014. These receivables arose primarily due to our payment of deferred financing fees and interest related to Lux Bond Co’s debt and are included in receivable from stockholders in the equity section on our Consolidated Balance Sheets. In fiscal 2014 and 2013 Lux Bond Co elected to pay quarterly interest related to the then outstanding Lux PIK Term Loan in cash, and we funded the applicable quarterly interest payments totaling $16.4 million and $18.2 million, respectively, that were due related to the Lux PIK Term Loan primarily through affiliate loans to Lux Bond Co. As previously noted, the outstanding balance of the Lux PIK Term Loan was repaid on April 8, 2014, with the proceeds from the issuance of our affiliate’s HoldCo Notes. See Note 12, Debt – Affiliate Company Borrowings. In fiscal 2015 we did not fund any interest payment related to our affiliates’ debt through additional intercompany loans. See Dividends Paid to Affiliates below. Infor has entered into a Tax Allocation Agreement with GGC Software Parent, Inc., an affiliate of Lux Bond Co. See Note 2, Summary of Significant Accounting Policies – Income Taxes. Prior to the second quarter of fiscal 2015, payments of amounts recorded under the terms of the Tax Allocation Agreement were generally recorded as a decrease in our stockholder receivable. We recorded payments of $11.5 million and $9.5 million in fiscal 2014 and 2013, respectively, related to the Tax Allocation Agreement, as reductions to our stockholder receivable. Beginning in the second quarter of fiscal 2015, certain payments made under the Tax Allocation Agreement have been recorded against affiliate payable, which is included in accounts payable on our Consolidated Balance Sheets. In fiscal 2015 we made payments of $11.7 million under the Tax Allocation Agreement which were recorded against affiliate payable. We had $ 6.4 million and $3.2 million payable under the Tax Allocation Agreement as of April 30, 2015 and May 31, 2014, respectively. Dividends Paid to Affiliates In fiscal 2015 we paid dividends to certain of our affiliates totaling $65.7 million, including $21.6 million related to the funding of interest on our affiliate’s debt and $44.1 million related to the funding of our affiliate’s equity distributions. In October 2014, HoldCo elected to pay interest due related to the HoldCo Notes of $30.1 million in cash and we funded the quarterly interest due related to the HoldCo Notes through dividend distributions from Infor to HoldCo of $21.6 million and through certain payments made under the Tax Allocation Agreement of $8.5 million. In October 2014 and April 2015, we made dividend distributions of approximately $21.1 million and $23.0 million, respectively, to Infor Enterprise, an affiliate of the parent company of Infor, to fund equity distributions to members of our executive management team under certain of their equity awards. In addition, as of April 30, 2015, we had accrued dividends payable of $17.0 million related to our funding of quarterly interest on HoldCo Notes. In April 2015 HoldCo elected to pay quarterly interest due related to the HoldCo Notes of approximately $26.7 million in cash with $1.2 million cash on-hand and with amounts we funded through dividend distributions from Infor to HoldCo of $17.0 million which were accrued as of April 30, 2015, and through certain payments made under the Tax Allocation Agreement of $8.5 million. The dividends and amounts due under the Tax Allocation Agreement were paid on May 1, 2015, subsequent to year end. In future periods we may from time-to-time service additional interest payments related to the HoldCo Notes through further dividend distributions . |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Supplemental Guarantor Financial Information [Abstract] | ||
Supplemental Guarantor Financial Information | 18. Supplemental Guarantor Financial Information The Senior Notes and Senior Secured Notes issued by Infor (US), Inc. are fully and unconditionally guaranteed, except for certain customary automatic release provisions, jointly and severally, by Infor, Inc., its parent company, and substantially all of its existing and future wholly-owned domestic subsidiaries (collectively the Guarantor Subsidiaries). See Note 11, Debt . Its other subsidiaries (collectively, the Non-Guarantor Subsidiaries) are not guarantors of our borrowings. The indentures governing the Senior Notes and Senior Secured Notes limit, among other things, the ability of Infor, Inc. and the Guarantor Subsidiaries to incur additional indebtedness; declare or pay dividends; redeem stock or make other distributions to stockholders; make investments; create liens or use assets as security in other transactions; merge or consolidate, or sell, transfer, lease or dispose of substantially all of our assets; enter into transactions with affiliates; and sell or transfer certain assets. The following tables set forth requisite financial information of Infor, Inc., Infor (US), Inc., the Guarantor Subsidiaries and Non-Guarantor Subsidiaries including our Condensed Consolidating Balance Sheets as of October 31, 2015 and April 30, 2015, our Condensed Consolidating Statements of Operations and our Condensed Consolidating Statements of Comprehensive Income (Loss) for our fiscal quarters and six-month periods ended October 31, 2015 and 2014, and our Condensed Consolidating Statements of Cash Flows for the six months ended October 31, 2015 and 2014. Condensed Consolidating Balance Sheets October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ - $ 56.9 $ - $ 442.1 $ - $ 499.0 Accounts receivable, net - 139.8 7.3 179.7 - 326.8 Prepaid expenses - 69.1 18.1 39.6 - 126.8 Income tax receivable - 32.0 0.5 14.8 - 47.3 Other current assets - 9.1 1.1 12.2 - 22.4 Affiliate receivable - 667.3 710.3 43.4 (1,421.0) - Deferred tax assets - 13.7 4.4 20.9 (0.1) 38.9 Total current assets - 987.9 741.7 752.7 (1,421.1) 1,061.2 Property and equipment, net - 50.6 10.8 38.6 - 100.0 Intangible assets, net - 458.2 3.9 539.0 - 1,001.1 Goodwill - 2,403.1 62.5 1,900.4 - 4,366.0 Deferred tax assets 0.2 - 6.8 65.0 (7.0) 65.0 Other assets - 23.5 13.0 17.8 - 54.3 Affiliate receivable - 725.5 1.4 130.7 (857.6) - Investment in subsidiaries - 2,104.6 - - (2,104.6) - Total assets $ 0.2 $ 6,753.4 $ 840.1 $ 3,444.2 $ (4,390.3) $ 6,647.6 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ - $ 50.3 $ - $ 15.8 $ - $ 66.1 Income taxes payable - - - 33.6 - 33.6 Accrued expenses - 212.2 27.1 159.3 - 398.6 Deferred tax liabilities 0.1 - - 1.4 (0.1) 1.4 Deferred revenue - 514.9 18.0 244.6 - 777.5 Affiliate payable 29.6 751.4 590.1 49.9 (1,421.0) - Current portion of long-term obligations - 0.1 - - - 0.1 Total current liabilities 29.7 1,528.9 635.2 504.6 (1,421.1) 1,277.3 Long-term debt - 5,683.7 - - - 5,683.7 Deferred tax liabilities - 66.0 - 108.3 (7.0) 167.3 Affiliate payable 58.3 131.5 0.4 667.4 (857.6) - Other long-term liabilities - 78.5 15.7 110.3 - 204.5 Losses in excess of investment in subsidiaries 735.2 - - - (735.2) - Total liabilities 823.2 7,488.6 651.3 1,390.6 (3,020.9) 7,332.8 Redeemable noncontrolling interests - - - 127.8 - 127.8 Total Infor, Inc. stockholders' equity (deficit) (823.0) (735.2) 188.8 1,915.8 (1,369.4) (823.0) Noncontrolling interests - - - 10.0 - 10.0 Total stockholders' equity (deficit) (823.0) (735.2) 188.8 1,925.8 (1,369.4) (813.0) Total liabilities, redeemable noncontrolling interests and stockholders' equity (deficit) $ 0.2 $ 6,753.4 $ 840.1 $ 3,444.2 $ (4,390.3) $ 6,647.6 April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ - $ 86.7 $ - $ 440.0 $ - $ 526.7 Accounts receivable, net - 145.5 7.8 184.7 - 338.0 Prepaid expenses - 59.1 12.4 42.4 - 113.9 Income tax receivable - 34.7 0.2 14.6 0.1 49.6 Other current assets - 5.9 1.3 10.6 - 17.8 Affiliate receivable - 521.8 597.8 22.1 (1,141.7) - Deferred tax assets - 13.3 4.4 13.2 (0.1) 30.8 Total current assets - 867.0 623.9 727.6 (1,141.7) 1,076.8 Property and equipment, net - 35.9 12.6 33.3 - 81.8 Intangible assets, net - 520.6 5.8 204.6 - 731.0 Goodwill - 2,400.6 62.5 1,582.7 - 4,045.8 Deferred tax assets 0.2 - 8.0 72.8 (8.2) 72.8 Other assets - 17.3 3.9 19.1 - 40.3 Affiliate receivable - 751.5 1.4 141.5 (894.4) - Investment in subsidiaries - 1,557.9 - - (1,557.9) - Total assets $ 0.2 $ 6,150.8 $ 718.1 $ 2,781.6 $ (3,602.2) $ 6,048.5 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ - $ 41.3 $ 0.1 $ 21.0 $ - $ 62.4 Income taxes payable - - - 33.4 0.1 33.5 Accrued expenses - 151.0 26.2 161.9 - 339.1 Deferred tax liabilities 0.1 - - 1.1 (0.1) 1.1 Deferred revenue - 512.4 15.2 339.4 - 867.0 Affiliate payable 29.5 591.3 485.3 35.6 (1,141.7) - Current portion of long-term obligations - 0.1 - - - 0.1 Total current liabilities 29.6 1,296.1 526.8 592.4 (1,141.7) 1,303.2 Long-term debt - 5,226.7 - - - 5,226.7 Deferred tax liabilities - 86.5 - 28.7 (8.2) 107.0 Affiliate payable 58.6 169.6 0.3 665.9 (894.4) - Other long-term liabilities - 80.7 10.8 116.9 - 208.4 Losses in excess of investment in subsidiaries 708.8 - - - (708.8) - Total liabilities 797.0 6,859.6 537.9 1,403.9 (2,753.1) 6,845.3 Redeemable noncontrolling interests - Total Infor, Inc. stockholders' equity (deficit) (796.8) (708.8) 180.2 1,377.7 (849.1) (796.8) Noncontrolling interests - - - - - - Total stockholders' equity (deficit) (796.8) (708.8) 180.2 1,377.7 (849.1) (796.8) Total liabilities, redeemable noncontrolling interests and stockholders' equity (deficit) $ 0.2 $ 6,150.8 $ 718.1 $ 2,781.6 $ (3,602.2) $ 6,048.5 Condensed Consolidating Statements of Operations Three Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 81.9 $ 1.1 $ 56.9 $ - $ 139.9 Product updates and support fees - 209.1 7.7 137.5 - 354.3 Software revenues - 291.0 8.8 194.4 - 494.2 Consulting services and other fees - 78.7 3.9 86.5 - 169.1 Total revenues - 369.7 12.7 280.9 - 663.3 Operating expenses: Cost of software license fees and subscriptions - 25.5 2.0 11.6 0.5 39.6 Cost of product updates and support fees - 33.1 0.6 28.2 1.2 63.1 Cost of consulting services and other fees - 57.7 3.4 77.0 1.9 140.0 Sales and marketing - 54.0 5.4 45.6 1.5 106.5 Research and development - 53.1 1.8 41.9 2.9 99.7 General and administrative - 4.1 30.2 20.4 (8.0) 46.7 Amortization of intangible assets and depreciation - 34.3 3.2 21.2 - 58.7 Restructuring costs - 3.3 0.4 2.7 - 6.4 Acquisition-related and other costs - 8.9 0.3 0.4 - 9.6 Affiliate (income) expense, net - 47.3 (41.8) (5.5) - - Total operating expenses - 321.3 5.5 243.5 - 570.3 Income from operations - 48.4 7.2 37.4 - 93.0 Other expense, net: Interest expense, net - 78.5 - - - 78.5 Affiliate interest (income) expense, net - (8.8) - 8.8 - - Other (income) expense, net - 0.7 - 10.1 - 10.8 Total other expense, net - 70.4 - 18.9 - 89.3 Income (loss) before income tax - (22.0) 7.2 18.5 - 3.7 Income tax provision (benefit) - (5.3) 1.8 10.0 - 6.5 Equity in (earnings) loss of subsidiaries 1.8 (14.9) - - 13.1 - Net income (loss) (1.8) (1.8) 5.4 8.5 (13.1) (2.8) Net income (loss) attributable to noncontrolling interests - - - (1.0) - (1.0) Net income (loss) attributable to Infor, Inc. $ (1.8) $ (1.8) $ 5.4 $ 9.5 $ (13.1) $ (1.8) Three Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 79.3 $ 1.1 $ 52.4 $ - $ 132.8 Product updates and support fees - 209.1 7.7 155.2 - 372.0 Software revenues - 288.4 8.8 207.6 - 504.8 Consulting services and other fees - 78.3 3.5 99.0 - 180.8 Total revenues - 366.7 12.3 306.6 - 685.6 Operating expenses: Cost of software license fees and subscriptions - 17.7 2.3 8.7 0.3 29.0 Cost of product updates and support fees - 31.4 0.6 32.3 1.2 65.5 Cost of consulting services and other fees - 51.0 4.7 80.8 2.0 138.5 Sales and marketing - 62.3 6.9 48.9 1.5 119.6 Research and development - 55.9 2.3 43.2 2.9 104.3 General and administrative - 4.8 29.8 19.4 (7.9) 46.1 Amortization of intangible assets and depreciation - 36.1 3.3 21.9 - 61.3 Restructuring costs - 0.3 - 3.5 - 3.8 Acquisition-related and other costs - (1.8) 0.2 0.2 - (1.4) Affiliate (income) expense, net - 51.0 (44.9) (6.1) - - Total operating expenses - 308.7 5.2 252.8 - 566.7 Income (loss) from operations - 58.0 7.1 53.8 - 118.9 Other expense, net: Interest expense, net - 87.7 0.1 0.2 - 88.0 Affiliate interest (income) expense, net - (10.6) (0.1) 10.7 - - Other (income) expense, net - (22.5) - 20.5 - (2.0) Total other expense, net - 54.6 - 31.4 - 86.0 Income (loss) before income tax - 3.4 7.1 22.4 - 32.9 Income tax provision (benefit) - (1.0) 4.0 16.8 - 19.8 Equity in (earnings) loss of subsidiaries (13.1) (8.7) - - 21.8 - Net income (loss) 13.1 13.1 3.1 5.6 (21.8) 13.1 Net income (loss) attributable to noncontrolling interests - - - - - - Net income (loss) attributable to Infor, Inc. $ 13.1 $ 13.1 $ 3.1 $ 5.6 $ (21.8) $ 13.1 Six Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 161.3 $ 4.3 $ 95.3 $ - $ 260.9 Product updates and support fees - 418.7 15.8 276.4 - 710.9 Software revenues - 580.0 20.1 371.7 - 971.8 Consulting services and other fees - 152.5 6.9 172.4 - 331.8 Total revenues - 732.5 27.0 544.1 - 1,303.6 Operating expenses: Cost of software license fees and subscriptions - 47.5 3.7 18.8 0.8 70.8 Cost of product updates and support fees - 64.1 1.2 57.2 2.3 124.8 Cost of consulting services and other fees - 114.1 6.7 154.2 3.8 278.8 Sales and marketing - 106.6 11.2 87.2 2.9 207.9 Research and development - 108.8 3.7 80.8 5.6 198.9 General and administrative - 8.4 58.6 39.3 (15.4) 90.9 Amortization of intangible assets and depreciation - 69.8 6.4 39.2 - 115.4 Restructuring costs - 3.8 0.3 4.1 - 8.2 Acquisition-related and other costs - 10.8 0.4 0.4 - 11.6 Affiliate (income) expense, net - 86.7 (73.0) (13.7) - - Total operating expenses - 620.6 19.2 467.5 - 1,107.3 Income from operations - 111.9 7.8 76.6 - 196.3 Other expense, net: Interest expense, net - 151.1 - - - 151.1 Affiliate interest (income) expense, net - (17.4) - 17.4 - Loss on extinguishment of debt - - - - - - Other (income) expense, net - (8.1) - (18.3) - (26.4) Total other expense, net - 125.6 - (0.9) - 124.7 Income (loss) before income tax - (13.7) 7.8 77.5 - 71.6 Income tax provision (benefit) - (6.5) 1.1 22.3 - 16.9 Equity in loss (earnings) of subsidiaries (55.7) (62.9) - - 118.6 - Net income (loss) 55.7 55.7 6.7 55.2 (118.6) 54.7 Net income (loss) attributable to noncontrolling interests - - - (1.0) - (1.0) Net income (loss) attributable to Infor, Inc. $ 55.7 $ 55.7 $ 6.7 $ 56.2 $ (118.6) $ 55.7 Six Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 185.0 $ 7.3 $ 132.5 $ - $ 324.8 Product updates and support fees - 414.6 15.3 315.8 - 745.7 Software revenues - 599.6 22.6 448.3 - 1,070.5 Consulting services and other fees - 151.0 6.9 210.4 - 368.3 Total revenues - 750.6 29.5 658.7 - 1,438.8 Operating expenses: Cost of software license fees and subscriptions - 38.2 4.2 19.7 0.5 62.6 Cost of product updates and support fees - 62.7 1.3 65.9 2.4 132.3 Cost of consulting services and other fees - 104.6 9.4 167.1 3.9 285.0 Sales and marketing - 121.8 14.3 108.3 2.9 247.3 Research and development - 108.6 4.6 87.4 5.7 206.3 General and administrative - 16.9 62.3 42.7 (15.4) 106.5 Amortization of intangible assets and depreciation - 73.9 6.6 45.9 - 126.4 Restructuring costs - 1.5 0.2 9.6 - 11.3 Acquisition-related and other costs - (1.7) 0.2 0.8 - (0.7) Affiliate (income) expense, net - 119.3 (92.7) (26.6) - - Total operating expenses - 645.8 10.4 520.8 - 1,177.0 Income from operations - 104.8 19.1 137.9 - 261.8 Other expense, net: Interest expense, net - 176.7 0.2 (0.2) - 176.7 Affiliate interest (income) expense, net - (22.0) (0.1) 22.1 - - Loss on extinguishment of debt - - - - - - Other (income) expense, net - (35.2) - 1.1 - (34.1) Total other expense, net - 119.5 0.1 23.0 - 142.6 Income (loss) before income tax - (14.7) 19.0 114.9 - 119.2 Income tax provision (benefit) - (5.4) 8.3 29.7 - 32.6 Equity in loss (earnings) of subsidiaries (86.6) (95.9) - - 182.5 - Net income (loss) 86.6 86.6 10.7 85.2 (182.5) 86.6 Net income (loss) attributable to noncontrolling interests - - - - - - Net income (loss) attributable to Infor, Inc. $ 86.6 $ 86.6 $ 10.7 $ 85.2 $ (182.5) $ 86.6 Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ (1.8) $ (1.8) $ 5.4 $ 8.5 $ (13.1) $ (2.8) Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - 2.4 - 2.4 Defined benefit plan funding status, net of tax - - - - - - Unrealized gain (loss) on derivative instruments, net of tax - - - - - - Total other comprehensive income (loss) - - - 2.4 - 2.4 Comprehensive income (loss) (1.8) (1.8) 5.4 10.9 (13.1) (0.4) Comprehensive income (loss) attributable to noncontrolling interests - - - (1.0) - (1.0) Comprehensive income (loss) attributable to Infor, Inc. $ (1.8) $ (1.8) $ 5.4 $ 11.9 $ (13.1) $ 0.6 Three Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 13.1 $ 13.1 $ 3.1 $ 5.6 $ (21.8) $ 13.1 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (80.0) - (80.0) Defined benefit plan funding status, net of tax - - - 0.6 - 0.6 Unrealized gain (loss) on derivative instruments, net of tax - (2.5) - - - (2.5) Total other comprehensive income (loss) - (2.5) - (79.4) - (81.9) Comprehensive income (loss) 13.1 10.6 3.1 (73.8) (21.8) (68.8) Comprehensive income (loss) attributable to noncontrolling interests - - - - - - Comprehensive income (loss) attributable to Infor, Inc. $ 13.1 $ 10.6 $ 3.1 $ (73.8) $ (21.8) $ (68.8) Six Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 55.7 $ 55.7 $ 6.7 $ 55.2 $ (118.6) $ 54.7 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (62.4) - (62.4) Defined benefit plan funding status, net of tax - - - 0.2 - 0.2 Unrealized gain (loss) on derivative instruments, net of tax - 0.6 - - - 0.6 Total other comprehensive income (loss) - 0.6 - (62.2) - (61.6) Comprehensive income (loss) 55.7 56.3 6.7 (7.0) (118.6) (6.9) Comprehensive income (loss) attributable to noncontrolling interests - - - (1.0) - (1.0) Comprehensive income (loss) attributable to Infor, Inc. $ 55.7 $ 56.3 $ 6.7 $ (6.0) $ (118.6) $ (5.9) Six Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 86.6 $ 86.6 $ 10.7 $ 85.2 $ (182.5) $ 86.6 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (137.3) - (137.3) Defined benefit plan funding status, net of tax - 0.1 - 1.4 - 1.5 Unrealized gain (loss) on derivative instruments, net of tax - (3.0) - - - (3.0) Total other comprehensive income (loss) - (2.9) - (135.9) - (138.8) Comprehensive income (loss) 86.6 83.7 10.7 (50.7) (182.5) (52.2) Comprehensive income (loss) attributable to noncontrolling interests - - - - - - Comprehensive income (loss) attributable to Infor, Inc. $ 86.6 $ 83.7 $ 10.7 $ (50.7) $ (182.5) $ (52.2) Condensed Consolidating Statements of Cash Flows Six Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ 111.6 $ 2.6 $ 1.3 $ - $ 115.5 Cash flows from investing activities: Acquisitions, net of cash acquired - (549.3) - - - (549.3) Change in restricted cash - - - - - - Purchases of property, equipment and software - (22.3) (2.6) (3.9) - (28.8) Net cash used in investing activities - (571.6) (2.6) (3.9) - (578.1) Cash flows from financing activities: Dividends paid - (17.0) - - - (17.0) Loans to stockholders - (1.6) - - - (1.6) Payments on capital lease obligations - (0.2) - (1.1) - (1.3) Proceeds from issuance of debt - 495.0 - - - 495.0 Payments on long-term debt - (17.1) - - - (17.1) (Payments) proceeds from affiliate within group - (11.6) - 11.6 - - Deferred financing fees - (16.5) - - - (16.5) Other - (0.8) - - - (0.8) Net cash provided by (used in) financing activities - 430.2 - 10.5 - 440.7 Effect of exchange rate changes on cash and cash equivalents - - - (5.8) - (5.8) Net increase (decrease) in cash and cash equivalents - (29.8) - 2.1 - (27.7) Cash and cash equivalents at the beginning of the period - 86.7 - 440.0 - 526.7 Cash and cash equivalents at the end of the period $ - $ 56.9 $ - $ 442.1 $ - $ 499.0 Six Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ 61.5 $ 2.9 $ (3.9) $ - $ 60.5 Cash flows from investing activities: Acquisitions, net of cash acquired - (27.3) - (2.8) - (30.1) Change in restricted cash - 18.3 - 0.7 - 19.0 Purchases of property, equipment and software - (6.9) (2.9) (10.5) - (20.3) Net cash used in investing activities - (15.9) (2.9) (12.6) - (31.4) Cash flows from financing activities: Dividends paid - (42.7) - - - (42.7) Loans to stockholders - (0.2) - - - (0.2) Payments on capital lease obligations - (0.2) - (1.2) - (1.4) Payments on long-term debt - (71.6) - - - (71.6) (Payments) proceeds from affiliate within group - (0.3) - 0.3 - - Other - (8.5) - - - (8.5) Net cash provided by (used in) financing activities - (123.5) - (0.9) - (124.4) Effect of exchange rate changes on cash and cash equivalents - - - (23.2) - (23.2) Net increase (decrease) in cash and cash equivalents - (77.9) - (40.6) - (118.5) Cash and cash equivalents at the beginning of the period - 136.6 - 310.5 - 447.1 Cash and cash equivalents at the end of the period $ - $ 58.7 $ - $ 269.9 $ - $ 328.6 | 22. Supplemental Guarantor Financial Information The 6.5% and 5.75% Senior Notes issued by Infor (US), Inc. , and prior to their repayment in April 2015, our 9.375%, 10.0% and 11.5% S enior N otes , are and were fully and unconditionally guaranteed except for certain customary automatic release provisions, jointly and severally, by Infor, its parent company, and substantially all of its existing and future 100% owned domestic subsidiaries (collectively the Guarantor Subsidiaries). See Note 1 2 , Debt. Its other subsidiaries (collectively, the Non-Guarantor Subsidiaries) are not guarantors of our borrowings. The indentures governing the notes limit, among other things, the ability of Infor, Inc. and the Guarantor Subsidiaries to incur additional indebtedness; declare or pay dividends, redeem stock or make other distributions to stockholders; make investments; create liens or use assets as security in other transactions; merge or consolidate, or sell, transfer, lease or dispose of substantially all of our assets; enter into transactions with affiliates; and sell or transfer certain assets. The following tables set forth requisite financial information of Infor, Infor (US), Inc., the Guarantor Subsidiaries and Non-Guarantor Subsidiaries including our Consolidating Balance Sheets as of April 30, 2015 and May 31, 2014 , our Consolidating Statements of Operations , our Consolidating Statements of Comprehensive Income (Loss) , and our Consolidating Statements of Cash Flows for our fiscal years ended April 30, 2015, May 31, 2014 and 2013 . Condensed Consolidating Balance Sheets April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ - $ 86.7 $ - $ 440.0 $ - $ 526.7 Accounts receivable, net - 145.5 7.8 184.7 - 338.0 Prepaid expenses - 59.1 12.4 42.4 - 113.9 Income tax receivable - 34.7 0.2 14.6 0.1 49.6 Other current assets - 5.9 1.3 10.6 - 17.8 Affiliate receivable - 521.8 597.8 22.1 (1,141.7) - Deferred tax assets - 13.3 4.4 13.2 (0.1) 30.8 Total current assets - 867.0 623.9 727.6 (1,141.7) 1,076.8 Property and equipment, net - 35.9 12.6 33.3 - 81.8 Intangible assets, net - 520.6 5.8 204.6 - 731.0 Goodwill - 2,400.6 62.5 1,582.7 - 4,045.8 Deferred tax assets 0.2 - 8.0 72.8 (8.2) 72.8 Other assets - 17.3 3.9 19.1 - 40.3 Affiliate receivable - 751.5 1.4 141.5 (894.4) - Investment in subsidiaries - 1,557.9 - - (1,557.9) - Total assets $ 0.2 $ 6,150.8 $ 718.1 $ 2,781.6 $ (3,602.2) $ 6,048.5 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ - $ 41.3 $ 0.1 $ 21.0 $ - $ 62.4 Income taxes payable - - - 33.4 0.1 33.5 Accrued expenses - 151.0 26.2 161.9 - 339.1 Deferred tax liabilities 0.1 - - 1.1 (0.1) 1.1 Deferred revenue - 512.4 15.2 339.4 - 867.0 Affiliate payable 29.5 591.3 485.3 35.6 (1,141.7) - Current portion of long-term obligations - 0.1 - - - 0.1 Total current liabilities 29.6 1,296.1 526.8 592.4 (1,141.7) 1,303.2 Long-term debt - 5,226.7 - - - 5,226.7 Deferred tax liabilities - 86.5 - 28.7 (8.2) 107.0 Affiliate payable 58.6 169.6 0.3 665.9 (894.4) - Other long-term liabilities - 80.7 10.8 116.9 - 208.4 Losses in excess of investment in subsidiaries 708.8 - - - (708.8) - Total liabilities 797.0 6,859.6 537.9 1,403.9 (2,753.1) 6,845.3 Total stockholders' equity (deficit) (796.8) (708.8) 180.2 1,377.7 (849.1) (796.8) Total liabilities and stockholders' deficit $ 0.2 $ 6,150.8 $ 718.1 $ 2,781.6 $ (3,602.2) $ 6,048.5 May 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ - $ 227.4 $ - $ 347.9 $ - $ 575.3 Accounts receivable, net - 165.3 10.9 228.0 - 404.2 Prepaid expenses - 50.5 14.9 42.7 - 108.1 Income tax receivable - 17.8 0.2 15.7 - 33.7 Other current assets - 18.5 0.2 14.8 - 33.5 Affiliate receivable - 431.0 439.2 35.7 (905.9) - Deferred tax assets - 9.9 4.2 13.5 (0.1) 27.5 Total current assets - 920.4 469.6 698.3 (906.0) 1,182.3 Property and equipment, net - 34.0 15.4 33.4 - 82.8 Intangible assets, net - 627.1 9.3 314.3 - 950.7 Goodwill - 2,378.8 62.5 1,875.9 - 4,317.2 Deferred tax assets 0.4 - 6.2 88.4 (6.4) 88.6 Other assets - 9.7 4.4 21.2 - 35.3 Affiliate receivable - 873.7 1.3 150.2 (1,025.2) - Investment in subsidiaries - 1,669.0 - - (1,669.0) - Total assets $ 0.4 $ 6,512.7 $ 568.7 $ 3,181.7 $ (3,606.6) $ 6,656.9 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ - $ 26.4 $ 0.1 $ 27.3 $ - $ 53.8 Income taxes payable - - - 19.8 - 19.8 Accrued expenses - 185.1 33.8 187.4 - 406.3 Deferred tax liabilities 0.1 - - 1.3 (0.1) 1.3 Deferred revenue - 579.4 17.9 378.0 - 975.3 Affiliate payable 29.5 469.9 361.0 45.5 (905.9) - Current portion of long-term obligations - 31.7 - - - 31.7 Total current liabilities 29.6 1,292.5 412.8 659.3 (906.0) 1,488.2 Long-term debt - 5,218.4 - - - 5,218.4 Deferred tax liabilities - 160.4 (0.1) 38.6 (6.4) 192.5 Affiliate payable 58.6 151.1 0.4 815.1 (1,025.2) - Other long-term liabilities - 62.5 5.5 149.8 - 217.8 Losses in excess of investment in subsidiaries 372.2 - - - (372.2) - Total liabilities 460.4 6,884.9 418.6 1,662.8 (2,309.8) 7,116.9 Total stockholders' equity (deficit) (460.0) (372.2) 150.1 1,518.9 (1,296.8) (460.0) Total liabilities and stockholders' deficit $ 0.4 $ 6,512.7 $ 568.7 $ 3,181.7 $ (3,606.6) $ 6,656.9 Condensed Consolidating Statements of Operations 11 Months Ended April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 275.8 $ 7.5 $ 195.9 $ - $ 479.2 Product updates and support fees - 762.9 28.1 539.3 - 1,330.3 Software revenues - 1,038.7 35.6 735.2 - 1,809.5 Consulting services and other fees - 267.0 11.7 350.7 - 629.4 Total revenues - 1,305.7 47.3 1,085.9 - 2,438.9 Operating expenses: Cost of software license fees and subscriptions - 68.4 6.8 33.4 1.1 109.7 Cost of product updates and support fees - 117.2 2.5 113.9 4.6 238.2 Cost of consulting services and other fees - 195.1 14.8 289.7 7.6 507.2 Sales and marketing - 205.8 23.4 178.1 5.6 412.9 Research and development - 196.8 7.3 154.5 11.2 369.8 General and administrative - 23.9 111.0 73.1 (30.1) 177.9 Amortization of intangible assets and depreciation - 134.3 12.8 75.8 - 222.9 Restructuring costs - 1.0 - 4.7 - 5.7 Acquisition-related and other costs - (0.8) 1.3 0.9 - 1.4 Affiliate (income) expense, net - 174.8 (154.7) (20.1) - - Total operating expenses - 1,116.5 25.2 904.0 - 2,045.7 Income from operations - 189.2 22.1 181.9 - 393.2 Other expense, net: Interest expense, net - 320.2 0.1 (0.2) - 320.1 Affiliate interest (income) expense, net - (36.6) (0.1) 36.7 - - Loss on extinguishment of debt - 172.4 - - - 172.4 Other (income) expense, net - (57.0) - (9.8) - (66.8) Total other expense, net - 399.0 - 26.7 - 425.7 Income (loss) before income tax - (209.8) 22.1 155.2 - (32.5) Income tax provision (benefit) - (64.5) (0.9) 13.2 - (52.2) Equity in (earnings) loss of subsidiaries (19.7) (165.0) - - 184.7 - Net income (loss) $ 19.7 $ 19.7 $ 23.0 $ 142.0 $ (184.7) $ 19.7 Year Ended May 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 307.1 $ 11.0 $ 230.2 $ - $ 548.3 Product updates and support fees - 810.4 28.1 627.4 - 1,465.9 Software revenues - 1,117.5 39.1 857.6 - 2,014.2 Consulting services and other fees - 286.0 14.8 446.8 - 747.6 Total revenues - 1,403.5 53.9 1,304.4 - 2,761.8 Operating expenses: Cost of software license fees and subscriptions - 55.9 7.2 36.0 0.7 99.8 Cost of product updates and support fees - 127.2 3.2 126.6 4.9 261.9 Cost of consulting services and other fees - 221.7 13.2 349.7 8.6 593.2 Sales and marketing - 217.9 27.1 206.6 5.5 457.1 Research and development - 198.4 9.7 172.9 10.8 391.8 General and administrative - 15.2 118.0 90.1 (30.5) 192.8 Amortization of intangible assets and depreciation - 151.9 12.9 99.5 - 264.3 Restructuring costs - 2.9 0.5 15.2 - 18.6 Acquisition-related and other costs - 28.3 0.2 (0.9) - 27.6 Affiliate (income) expense, net - 184.9 (161.6) (23.3) - - Total operating expenses - 1,204.3 30.4 1,072.4 - 2,307.1 Income from operations - 199.2 23.5 232.0 - 454.7 Other expense, net: Interest expense, net - 377.9 0.1 - - 378.0 Affiliate interest (income) expense, net - (53.9) (0.1) 54.0 - - Loss on extinguishment of debt - 5.2 - - - 5.2 Other (income) expense, net - 13.1 0.4 (76.3) - (62.8) Total other expense, net - 342.3 0.4 (22.3) - 320.4 Income (loss) before income tax - (143.1) 23.1 254.3 - 134.3 Income tax provision (benefit) 0.1 7.4 (0.3) 5.4 - 12.6 Equity in (earnings) loss of subsidiaries (121.8) (272.3) - - 394.1 - Net income (loss) $ 121.7 $ 121.8 $ 23.4 $ 248.9 $ (394.1) $ 121.7 Year Ended May 31, 2013 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 275.1 $ 8.6 $ 234.4 $ - $ 518.1 Product updates and support fees - 792.6 27.7 620.9 - 1,441.2 Software revenues - 1,067.7 36.3 855.3 - 1,959.3 Consulting services and other fees - 285.6 18.1 455.0 - 758.7 Total revenues - 1,353.3 54.4 1,310.3 - 2,718.0 Operating expenses: Cost of software license fees and subscriptions - 45.9 6.8 33.4 0.3 86.4 Cost of product updates and support fees - 122.4 2.5 124.8 4.5 254.2 Cost of consulting services and other fees - 218.5 10.1 351.6 8.3 588.5 Sales and marketing - 213.5 28.8 212.3 5.6 460.2 Research and development - 180.9 2.4 160.0 8.6 351.9 General and administrative - 41.1 106.7 89.9 (27.3) 210.4 Amortization of intangible assets and depreciation - 155.7 15.4 104.6 - 275.7 Restructuring costs - 4.2 0.3 5.7 - 10.2 Acquisition-related and other costs - 11.9 3.6 (0.5) - 15.0 Affiliate (income) expense, net - 142.8 (150.1) 7.3 - - Total operating expenses - 1,136.9 26.5 1,089.1 - 2,252.5 Income from operations - 216.4 27.9 221.2 - 465.5 Other expense, net: Interest expense, net - 417.8 0.1 0.2 - 418.1 Affiliate interest (income) expense, net - (72.6) (0.2) 72.8 - Loss on extinguishment of debt - 1.8 - - - 1.8 Other (income) expense, net - 8.6 0.3 90.3 - 99.2 Total other expense, net - 355.6 0.2 163.3 - 519.1 Income (loss) before income tax - (139.2) 27.7 57.9 - (53.6) Income tax provision (benefit) 0.1 14.3 (9.1) 17.3 - 22.6 Equity in loss (earnings) of subsidiaries 76.1 (77.4) - - 1.3 - Net income (loss) $ (76.2) $ (76.1) $ 36.8 $ 40.6 $ (1.3) $ (76.2) Condensed Consolidating Statements of Comprehensive Income (Loss) 11 Months Ended April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 19.7 $ 19.7 $ 23.0 $ 142.0 $ (184.7) $ 19.7 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (277.5) - (277.5) Defined benefit plan funding status, net of tax - (0.2) - (8.7) - (8.9) Unrealized gain (loss) on derivative instruments, net of tax - (2.9) - - - (2.9) Total other comprehensive income (loss) - (3.1) - (286.2) - (289.3) Comprehensive income (loss) $ 19.7 $ 16.6 $ 23.0 $ (144.2) $ (184.7) $ (269.6) Year Ended May 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 121.7 $ 121.8 $ 23.4 $ 248.9 $ (394.1) $ 121.7 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (32.9) - (32.9) Defined benefit plan funding status, net of tax - - - 1.5 - 1.5 Unrealized gain (loss) on derivative instruments, net of tax - (9.9) - - - (9.9) Total other comprehensive income (loss) - (9.9) - (31.4) - (41.3) Comprehensive income (loss) $ 121.7 $ 111.9 $ 23.4 $ 217.5 $ (394.1) $ 80.4 Year Ended May 31, 2013 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ (76.2) $ (76.1) $ 36.8 $ 40.6 $ (1.3) $ (76.2) Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - 126.5 - 126.5 Defined benefit plan funding status, net of tax - 0.1 - 1.5 - 1.6 Total other comprehensive income (loss) - 0.1 - 128.0 - 128.1 Comprehensive income (loss) $ (76.2) $ (76.0) $ 36.8 $ 168.6 $ (1.3) $ 51.9 Condensed Consolidating Statements of Cash Flows 11 Months Ended April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ (33.0) $ 6.5 $ 234.7 $ - $ 208.2 Cash flows from investing activities: Acquisitions, net of cash acquired - (27.3) - (2.8) - (30.1) Change in restricted cash - 18.2 - (1.1) - 17.1 Purchases of property, equipment and software - (13.9) (6.5) (15.3) - (35.7) Net cash used in investing activities - (23.0) (6.5) (19.2) - (48.7) Cash flows from financing activities: Dividends paid - (65.7) - - - (65.7) Loans to stockholders - - - - - - Payments on capital lease obligations - (0.3) - (2.2) - (2.5) Proceeds from issuance of debt - 2,019.7 - - - 2,019.7 Payments on long-term debt - (1,932.5) - - - (1,932.5) (Payments) proceeds from affiliate within group - 71.3 - (71.3) - - Deferred financing fees and early debt redemption fees paid - (168.7) - - - (168.7) Other - (8.5) - - - (8.5) Net cash provided by (used in) financing activities - (84.7) - (73.5) - (158.2) Effect of exchange rate changes on cash and cash equivalents - - - (49.9) - (49.9) Net increase (decrease) in cash and cash equivalents - (140.7) - 92.1 - (48.6) Cash and cash equivalents at the beginning of the period - 227.4 - 347.9 - 575.3 Cash and cash equivalents at the end of the period $ - $ 86.7 $ - $ 440.0 $ - $ 526.7 Year Ended May 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ 226.6 $ (2.7) $ 190.7 $ - $ 414.6 Cash flows from investing activities: Acquisitions, net of cash acquired - (199.4) - (0.3) - (199.7) Change in restricted cash - (18.2) - (1.3) - (19.5) Purchases of property, equipment and software - (14.9) (6.9) (10.7) - (32.5) Net cash used in investing activities - (232.5) (6.9) (12.3) - (251.7) Cash flows from financing activities: Loans to stockholders - (5.2) - - - (5.2) Payments on capital lease obligations - (0.3) - (2.0) - (2.3) Proceeds from issuance of debt - 3,487.7 - - - 3,487.7 Payments on long-term debt - (3,457.5) - - - (3,457.5) (Payments) proceeds from affiliate within group - 156.6 9.6 (166.2) - - Deferred financing fees and early debt redemption fees paid - (37.5) - - - (37.5) Other - - - (0.9) - (0.9) Net cash provided by (used in) financing activities - 143.8 9.6 (169.1) - (15.7) Effect of exchange rate changes on cash and cash equivalents - - - 6.2 - 6.2 Net increase (decrease) in cash and cash equivalents - 137.9 - 15.5 - 153.4 Cash and cash equivalents at the beginning of the period - 89.5 - 332.4 - 421.9 Cash and cash equivalents at the end of the period $ - $ 227.4 $ - $ 347.9 $ - $ 575.3 Year Ended May 31, 2013 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ (67.7) $ 22.9 $ 327.2 $ - $ 282.4 Cash flows from investing activities: Acquisitions, net of cash acquired - (51.0) - (55.0) - (106.0) Change in restricted cash - - - 2.2 - 2.2 Purchases of property, equipment and software - (14.8) (14.5) (6.7) - (36.0) Net cash used in investing activities - (65.8) (14.5) (59.5) - (139.8) Cash flows from financing activities: Loans to stockholders - (8.7) - - - (8.7) Payments on capital lease obligations - (0.1) (0.3) (1.1) - (1.5) Proceeds from issuance of debt - 2,778.9 - - - 2,778.9 Payments on long-term debt - (2,847.2) - - - (2,847.2) (Payments) proceeds from affiliate within group - 163.3 (8.0) (155.3) - - Deferred financing fees and early debt redemption fees paid - (27.6) - - - (27.6) Other - - (0.1) (0.4) - (0.5) Net cash provided by (used in) financing activities - 58.6 (8.4) (156.8) - (106.6) Effect of exchange rate changes on cash and cash equivalents - - - 1.5 - 1.5 Net increase in cash and cash equivalents - (74.9) - 112.4 - 37.5 Cash and cash equivalents at the beginning of the period - 164.4 - 220.0 - 384.4 Cash and cash equivalents at the end of the period $ - $ 89.5 $ - $ 332.4 $ - $ 421.9 |
Supplemental Quarterly Financia
Supplemental Quarterly Financial Information | 11 Months Ended |
Apr. 30, 2015 | |
Supplemental Quarterly Financial Information [Abstract] | |
Supplemental Quarterly Financial Information | 23. Supplemental Quarterly Financial Information (unaudited) The following tables present certain unaudited quarterly financial information for fiscal 2015 and 2014. With the change in our fiscal year end from May 31 to April 30, we have reported our fiscal 2015 quarterly results based on our new fiscal calendar. Fiscal 2014 is presented as originally reported based on our prior fiscal calendar. This supplemental quarterly financial information reflects all normal recurring adjustments, in the opinion of management, necessary to fairly state our results of operations for the periods presented when read in conjunction with the accompanying Consolidated Financial Statements and related Notes. Quarter Ended (in millions) July 31, 2014 (1) October 31, 2014 January 31, 2015 April 30, 2015 Fiscal 2015 Total revenues $ 753.2 $ 685.6 $ 657.4 $ 658.7 Restructuring costs $ 7.5 $ 3.8 $ 0.3 $ (0.1) Acquisition-related and other costs $ 0.7 $ (1.4) $ (1.2) $ 3.6 All other operating expenses $ 602.1 $ 564.3 $ 549.6 $ 545.9 Income from operations $ 142.9 $ 118.9 $ 108.7 $ 109.3 Net income (loss) $ 73.5 $ 13.1 $ 51.3 $ (63.5) (1) Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. Quarter Ended (in millions) August 31, 2013 November 30, 2013 February 28, 2014 May 31, 2014 Fiscal 2014 Total revenues $ 650.3 $ 698.5 $ 672.7 $ 740.3 Restructuring costs $ 2.2 $ 3.4 $ 3.3 $ 9.7 Acquisition-related and other costs $ 9.9 $ 0.3 $ 11.1 $ 6.3 All other operating expenses $ 525.0 $ 552.3 $ 567.8 $ 615.8 Income from operations $ 113.2 $ 142.5 $ 90.5 $ 108.5 Net income $ 23.1 $ 63.0 $ 1.3 $ 34.3 |
Subsequent Events
Subsequent Events | 11 Months Ended |
Apr. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Even ts We have evaluated subsequent events requiring disclosure through June 26, 2015, the date the financial statements were available to be issued. |
Nature of Business and Basis 34
Nature of Business and Basis of Presentation (Policy) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Nature of Business and Basis of Presentation [Abstract] | ||
Basis of Presentation | Basis of Presentation Our Condensed Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and consider the various staff accounting bulletins and other applicable guidance issued by the SEC. Our Condensed Consolidated Financial Statements include the accounts of Infor, Inc. and our wholly-owned and majority-owned subsidiaries operating in the Americas, EMEA and APAC. All significant intercompany accounts and transactions have been eliminated. The unaudited Condensed Consolidated Financial Statements and Notes are presented as permitted by FASB requirements for quarterly reports and do not contain all the information and disclosures included in our annual financial statements and related notes as required by GAAP. The Condensed Consolidated Balance Sheet data as of April 30, 2015, and other amounts presented herein as of April 30, 2015, or for the year then ended, were derived from our audited financial statements. The accompanying Condensed Consolidated Financial Statements reflect all adjustments, in the opinion of management, necessary to fairly state our financial position, results of operations and cash flows for the periods presented. These adjustments consist of normal and recurring items. The results of operations for our interim periods are not necessarily indicative of results to be achieved for any future interim period or for our full fiscal year. The accompanying interim Condensed Consolidated Financial Statements should be read in conjunction with our consolidated financial statements and related notes for the fiscal year ended April 30, 2015, included in our Form 10-K/T. | 1. Nature of Business and Basis of Presentation Infor is a global provider of enterprise business applications software and services focused primarily on medium and large enterprises. We provide industry-specific enterprise resource planning (ERP) software products to companies in the manufacturing, distribution, healthcare, public sector, automotive, service industries, equipment services, management and rental (ESM&R), consumer products & retail and hospitality industries. We serve customers in three geographic regions: the Americas; Europe, Middle East and Africa (EMEA); and Asia-Pacific, including Australia and New Zealand (APAC). We offer a broad range of software applications and industry-specific solutions that we believe help our customers improve their business processes and reduce costs, resulting in better business or operational performance. Our solutions help automate and integrate critical business processes which enable our customers to better manage their suppliers, partners, customers and employees. Augmenting our vertical-specific applications, we have horizontal software applications, including our customer relationship management (CRM), enterprise asset management (EAM), financial applications, human capital management (HCM), and supply chain management (SCM) suites which, in addition to our proprietary light-weight middleware solution ION, can be integrated with our enterprise software applications and sold across verticals. In addition to providing software products, w e provide on-going support and maintenance services for our customers through our subscription-based annual maintenance and support programs. W e also help our customers implement and use our applications more effectively through our consulting services. Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. (GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and consider the various staff accounting bulletins and other applicable guidance issued by the U.S. Securities and Exchange Commission (SEC). Our Consolidated Financial Statements include the accounts of Infor , Inc. and our wholly-owned and majority-owned subsidiaries operating in the Americas, EMEA and APAC. All significant intercompany accounts and transactions have been eliminated. |
Noncontolling Interest | Noncontrolling Interest We consolidate our majority-owned subsidiaries and reflect redeemable noncontrolling interests and noncontrolling interests on our Condensed Consolidated Balance Sheets for the portion of those entities that we do not own as mezzanine equity on our Condensed Consolidated Balance Sheets and as a component of consolidated equity separate from the equity attributable to Infor, Inc.’s stockholders, respectively. The redeemable noncontrolling interests’ and noncontrolling interests' share in our net earnings are included in net income (loss) attributable to noncontrolling interests in our Condensed Consolidated Statements of Operations and their portion of comprehensive income (loss) is included in comprehensive income (loss) attributable to noncontrolling interests in our Condensed Consolidated Statements of Comprehensive Income (Loss). All noncontrolling interests with redemption features, such as put options, that are not solely within our control (redeemable noncontrolling interests) are reported as mezzanine equity on our Condensed Consolidated Balance Sheet, between liabilities and equity, at the greater of redemption value or initial carrying value. The redeemable noncontrolling interests that we are reporting relate to an 18 .52% interest in GT Nexus, Inc. (GT Nexus) that Infor does not own. See Note 3, Acquisitions . The noncontrolling interests that we are reporting relate to a minority interest held in an international subsidiary acquired in the GT Nexus Acquisition (as defined below). The following is a summary of the changes in the redeemable noncontrolling interests for the periods indicated: Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2015 Beginning of period $ - $ - Increase due to business combination 125.0 125.0 Net loss attributable to redeemable noncontrolling interests (1.1) (1.1) Redemption value adjustment 3.9 3.9 End of period $ 127.8 $ 127.8 | |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make certain estimates, judgments and assumptions. These estimates, judgments and assumptions are based upon information available to us at the time that they are made and are believed to be reliable. These estimates, judgments and assumptions can affect the reported amounts of our assets and liabilities as of the date of the financial statements as well as the reported amounts of our revenues and expenses during the periods presented. On an on-going basis we evaluate our estimates and assumptions, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts and sales returns, fair value of equity-based compensation, fair value of acquired intangible assets and goodwill, fair value of contingent consideration related to our acquisitions, useful lives of intangible assets and property and equipment, income taxes, restructuring obligations, contingencies and litigation, and fair value of derivative financial instruments. We believe these estimates and assumptions are reasonable under the circumstances and they form a basis for making judgments about the carrying values of our assets and liabilities that are not readily apparent from other sources. Differences between these estimates, judgments or assumptions and actual results could materially impact our financial statements. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. | Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make certain estimates, judgments and assumptions. These estimates, judgments and assumptions are based upon information available to us at the time that they are made and are believed to be reliable. These estimates, judgments and assumptions can affect the reported amounts of our assets and liabilities as of the date of the financial statements as well as the reported amounts of our revenues and expenses during the periods presented. On an on-going basis we evaluate our estimates and assumptions, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts and sales returns, fair value of equity -based compensation, fair value of acquired intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, restructuring obligations, contingencies and litigation, fair value of derivative financial instruments, among others. We believe that these estimates and assumptions are reasonable under the circumstances and that they form a basis for making judgments about the carrying values of our assets and liabilities that are not readily apparent from other sources. Differences between these estimates, judgments or assumptions and actual results could materially impact our financial statements. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting among available alternatives would not produce a materially different result. |
Business Segments | Business Segments We view our operations and manage our business as three reportable segments: License, Maintenance , and Consulting . We determine our reportable operating segments in accordance with the provisions in the FASB guidance on segment reporting, which establishes standards for, and requires disclosure of, certain financial information related to reportable operating segments and geographic regions. See Note 16, Segment and Geographic Information . | Business Segments We view our operations and manage our business as three reportable segments: License, Maintenance , and Consulting . We determine our reportable operating segments in accordance with the provisions in the FASB guidance on segment reporting, which establishes standards for, and requires disclosure of, certain financial information related to reportable operating segments and geographic regions. Factors used to identify our reportable operating segments include the financial information regularly utilized for evaluation by our chief operating decision-maker (CODM) in making decisions about how to allocate resources and in assessing our performance. We have determined that our CODM, as defined by this segment reporting guidance, is our Chief Executive Officer. See Note 20, Segment and Geographic Information . |
Fiscal Year | Fiscal Year Our fiscal year is from May 1 through April 30 and the second quarter of each fiscal year is from August 1 through October 31. Unless otherwise stated, references to the years 2016 and 2015 relate to our fiscal years ended April 30, 2016 and 2015, respectively. References to future years also relate to our fiscal years ending April 30. Prior to fiscal 2015, our fiscal year had historically been from June 1 through May 31. Beginning in the first quarter of fiscal 2015, we changed our fiscal year end from May 31 to April 30. This change was effective beginning June 1, 2014, the start of our fiscal year 2015, which ended on April 30, 2015. As a result of this change, for fiscal year 2015 we reported an eleven month transition period from June 1, 2014 to April 30, 2015. Beginning with the first quarter of our fiscal year 2015, we reported our quarterly results in our Quarterly Reports on Form 10-Q based on our new fiscal calendar. Accordingly, as a result of the change in our fiscal year end, our results for the six months ended October 31, 2014 included the results of May 2014, the last month of our previously reported fiscal year 2014. | Fiscal Year Our fiscal year has historically been from June 1 through May 31. Unless otherwise stated, references to the years 201 4 and 201 3 relate to the fiscal years ended May 31, 2014 and 2013 , respectively. Beginning in the first quarter of fiscal 2015, we changed our fiscal year end . On April 22, 2014, our Board of Directors approved a change in our fiscal year end from May 31 to April 30. This change was effective beginning June 1, 2014, the start of our fiscal year 2015 which ended on April 30, 2015. As a result of this change, our fiscal 2015 has been reported as the 11-month transition period from June 1, 2014 to April 30, 2015. Accordingly, our Consolidated Balance Sheets are presented as of April 30, 2015, and May 31, 2014, our last audited annual balance sheet. The accompanying Consolidated Financial Statements , and the Notes thereto, include our results of operations and cash flows for the 11-month transition period of fiscal 2015 and for fiscal 2014 and 2013 as originally reported. In addition, we have presented on th e accompanying Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Cash Flows our unaudited results of operations and cash flows for the comparable 11-month recast period of fiscal 2014 (the period June 1, 2013 to April 30, 2014). |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policy) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | ||
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements On June 1, 2014, we adopted the FASB guidance on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This guidance requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when the uncertain tax position would reduce the net operating loss or other carryforward under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. The adoption of this guidance resulted in an $18.1 million reduction of our long-term deferred tax assets with a corresponding reduction in our other long-term liabilities. The adoption of this guidance did not have a material impact on our results of operations or cash flows. On June 1, 2014, we adopted the FASB amended guidance on foreign currency matters relating to the releasing of cumulative translation adjustments to net income when an entity ceases to have a controlling financial interest in a subsidiary or business within a foreign entity. According to this guidance, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or if a controlling financial interest is no longer held. The adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows. On April 30, 2015, we early adopted the FASB guidance related to simplifying the presentation of debt issuance costs on our Consolidated Balance Sheets. This guidance required a change in the presentation of the debt issuance costs related to our term loans and senior notes from an asset to a direct deduction from the carrying amount of the related debt liability, consistent with the presentation of debt discounts. This guidance was related to presentation only and did not impact our recognition or measurement of the applicable debt issuance costs. We have applied this guidance retrospectively to all periods presented. The adoption of this guidance did not have an impact on our results of operations or cash flows. The following table reflects the impact that adoption of the FASB guidance on debt issuance costs had on our Consolidated Balance Sheet as of May 31, 2014: Adjustments As Originally Related to Debt (in millions) Reported Issuance Costs (1) As Adjusted Other assets $ 31.5 $ 3.8 $ 35.3 Deferred financing fees, net $ 125.0 $ (125.0) $ - Long-term debt, net $ 5,339.6 $ (121.2) $ 5,218.4 (1) Amount in other assets is deferred finance fees, net of amortization, related to our revolving credit facility. | |
Recent Accounting Pronouncements-Not Yet Adopted | Recent Accounting Pronouncements — Not Yet Adopted In May 2014, the FASB issued guidance on the principles for revenue recognition. This guidance is a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new rules establish a core principle that requires the recognition of revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This guidance was to be effective for annual reporting periods beginning after December 15, 2016 (our fiscal 2018) and early adoption was not permitted. In August 2015, the FASB deferred the effective date by one year, to December 15, 2017, for annual reporting periods beginning after that date (our fiscal 2019). The FASB also decided to allow early adoption of the standard, but not before the original effective date of December 15, 2016. Initial adoption may be accounted for either retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of the initial application recognized at the date of adoption. We are currently evaluating how this guidance will affect our revenue recognition, which transition approach we will use upon adoption, and the impact it may have on our financial position, results of operations or cash flows. In September 2015, the FASB issued updated guidance simplifying the accounting for measurement-period adjustments relating to business combinations. This guidance requires that an acquirer recognize post-close measurement adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Prior to the issuance of the standard, entities were required to retrospectively apply adjustments made to provisional amounts recognized in a business combination. The updated guidance is to be applied prospectively effective for annual and interim periods beginning after December 15, 2015 (our fourth quarter of fiscal 2016), and early adoption is permitted. We are currently evaluating how this guidance will affect our accounting for business combinations. As of the date of this Quarterly Report, there were no other recent accounting standard updates that we have not yet adopted that we believe would have a material impact on our financial position, results of operations or cash flows | Recent Accounting Pronouncements—Not Yet Adopted In May 2014, the FASB issued guidance on the principles for revenue recognition. This guidance is a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new rules establish a core principle that requires the recognition of revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This guidance was to be effective for annual reporting periods beginning after December 15, 2016 (our fiscal 2018) and early adoption was not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017, for annual reporting periods beginning after that date (our fiscal 2019). The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. Initial adoption may be accounted for either retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initial application recognized at the date of adoption. We are currently evaluating how this guidance will affect our revenue recognition, which transition approach we will use upon adoption and the impact it may have on our financial position, results of operations or cash flows. As of the date of this annual transition report, there were no other recent accounting standards updates that we have not yet adopted that we believe would have a material impact on our financial position, results of operations or cash flows. |
Revenue Recognition | Revenue Recognition We generate revenues primarily by licensing software and Software-as-a-Service (SaaS) subscriptions, providing software support and product updates, and providing consulting services to our customers. We record all revenues in accordance with the guidance provided by ASC 985-605, Software—Revenue Recognition, and ASC 605, Revenue Recognition . Revenue is recorded net of applicable taxes. Our software license fees and subscriptions revenues are primarily from sales of perpetual software licenses granting customers use of our software products and access to software products through our SaaS subscription offerings. Software license fees are recognized when the following criteria are met: 1) there is persuasive evidence of an arrangement, 2) the software product has been delivered, 3) the fees are fixed or determinable, and 4) collectability is reasonably assured. SaaS subscription revenues are recognized over the contract term once the software is made available through our SaaS offerings. SaaS subscription revenues are included in software license fees and subscriptions revenues in our Condensed Consolidated Statements of Operations and were approximately $53.5 million and $26.8 million in the second quarter of fiscal 2016 and 2015, respectively, and $93.0 million and $52.9 million in the first six months of fiscal 2016 and 2015, respectively. Our product updates and support services entitle our customers to receive, for an agreed upon period, unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support services including access to technical information and technical support staff. The term of product updates and support services is typically twelve months. The product updates and support fees are recorded as product updates and support fees revenue in our Condensed Consolidated Statements of Operations and recognized ratably over the term of the agreement. We also provide software-related services, including systems implementation and integration services, consulting, training, custom modification and application managed services. Consulting services are generally provided under time and materials contracts. Revenues are recognized as the services are provided and are recorded as consulting services and other fees revenue in our Condensed Consolidated Statements of Operations. Consulting services and other fees also include revenues related to education, hosting services and Inforum, our customer event. | Revenue Recognition We generate revenues primarily by licensing software and SaaS subscriptions, providing software support and product updates, and providing consulting services to our customers. We record all revenues in accordance with the guidance provided by ASC 985-605, Software—Revenue Recognition, ASC 605, Revenue Recognition. Revenue is recorded net of applicable taxes. Our specific revenue recognition policies are as follows: Software license fees and subscriptions Software license fees and subscriptions revenues are primarily from sales of perpetual software licenses granting customers use of our software products and access to software products through our SaaS subscription offerings. Software license fees are recognized when the following criteria are met: 1) there is persuasive evidence of an arrangement, 2) the software product has been delivered, 3) the fees are fixed or determinable, and 4) collectability is reasonably assured. SaaS subscription revenues are recognized over the contract term once the software is made available through our SaaS offerings. SaaS subscription revenues are included in software license fees and subscriptions revenues in our Consolidated Statements of Operations and were approximately $107.1 million, $74.9 million and $47.8 million in fiscal 2015, 2014 and 2013, respectively. We do not generally offer rights of return or acceptance clauses. If a software license contains rights of return or customer acceptance criteria, recognition of the software license fee revenue is deferred until the earlier of customer acceptance or the expiration of the acceptance period or cancellation of the right of return. We record revenues from sales of third-party products on a “gross” basis pursuant to ASC 605-45 Revenue Recognition, Principal Agent Considerations when we 1) have obtained persuasive evidence of an arrangement, 2) have taken title to the products being sold and 3) have the risks and rewards of ownership such as retaining the risk for collection. If these criteria have not been met, revenue is recognized net of related direct costs. Revenue arrangements through our resellers that involve Infor contracting directly with an end user follow the same revenue recognition rules as our direct sales business. Revenue arrangements which involve Infor contracting directly with a reseller are generally recognized when the reseller purchases a product for resale to an identified end user provided that all other revenue recognition criteria have been met. We enter into multiple element arrangements for software and software related products and services, which may include software licenses, product updates and support and/or implementation and consulting services agreements. Revenue is allocated to undelivered elements based upon their fair value as determined by vendor-specific objective evidence (VSOE). VSOE of fair value for the elements in an arrangement reflects the price charged when the undelivered element is sold separately. We generally do not have VSOE of fair value for software license fees as software licenses are typically not sold separately from product updates and support. Since the fair value of a delivered element (license) has not been established, the residual method is used to record license revenue when VSOE of fair value of all undelivered elements is determinable. Under the residual method, the VSOE of fair value of an undelivered element (product updates and support and/or services) is deferred and the remaining portion of the fee is allocated to the delivered element (license) and is recognized as revenue in accordance with the provisions of ASC 985-605. In instances where VSOE of fair value of one or more of the undelivered elements is not established, license revenue is recognized ratably over the term of the arrangement once all other services have been delivered and one undelivered element remains. Certain software products are offered as term based license arrangements where the customer has the right to use the software for a specified period of time. Under these arrangements, license fees for multi-year term licenses can either be recognized up front when product updates and support obligations are charged separately and the product updates and support renewal rate and term are considered substantive, or are recognized ratably over the term of the underlying arrangement if the product updates and support renewal rate and term are not considered to be substantive. For customer arrangements that include software license fees, implementation and/or other consulting services, the portion of the fees related to software licenses is generally recognized when delivered, as the implementation and consulting services typically qualify for separate recognition. The significant factors considered in determining whether the elements constitute multiple units of accounting for revenue recognition purposes include: 1) the nature of the services and consideration of whether the services are essential to the functionality of the licensed product, 2) degree of risk related to delivering the services, 3) availability of comparable services from other vendors, 4) timing of payments and 5) impact of milestones or acceptance criteria on the recognition of the software license fee. The portion of the fees related to implementation and other consulting services is recognized as such services are performed. If there is a significant uncertainty about the project completion or receipt of payment for the services, revenues are deferred until the uncertainty is sufficiently resolved. If it is determined that the services are not separable from the arrangement for revenue recognition purposes, the license fees and services are recognized using contract accounting either on a percentage of completion basis, measured by the percentage of labor hours incurred to date to estimated total labor hours for each contract, or on a completed contract basis when dependable estimates are not available. Contract accounting is applied to any arrangements: 1) that include milestones or customer-specific acceptance criteria that may affect collection of the software license fees; 2) where services include significant modification or customization of the software; or 3) where the software license payment is tied to the performance of consulting services. We also enter into multiple element arrangements that may include a combination of our various software-related and non-software related products and services offerings including software licenses, SaaS subscriptions, product updates and support, consulting services, education and hosting services. Each element within a non-software multiple element arrangement is accounted for as a separate unit of accounting provided the following criteria of ASC 605-25 are met: 1) the delivered item or items have value to the customer on a standalone basis, and 2) if the arrangement includes a general right to return relative to the delivered item, delivery or performance of the undelivered items is considered probable and substantially in our control. We consider a deliverable to have standalone value if the product or service is sold separately by Infor or another vendor or could be resold by the customer. In such arrangements, we first allocate the total arrangement consideration based on the relative selling prices of the software group of elements as a whole and to the non-software elements. We then further allocate consideration within the software group to the respective elements within that group following the guidance in ASC 985-605 and our policies as described above. For the non-software group, revenue is then allocated to each element using a selling price hierarchy; VSOE if available, third-party evidence (TPE) if VSOE is not available, or best estimate of selling price (BESP) if neither VSOE nor TPE are available. To determine the selling price in non-software multiple-element arrangements, we establish VSOE of selling prices, as described earlier, to the extent possible. We establish TPE by evaluating similar and interchangeable competitor products or services in standalone arrangements with similarly situated customers. If we are unable to determine the selling price because VSOE or TPE is unavailable, BESP is determined for the purposes of allocating the arrangement. The objective of BESP is to determine the price at which the vendor would transact if the deliverable were sold by the vendor regularly on a standalone basis. Infor determines BESP for its offerings by considering many factors, including, but not limited to, geographies, market conditions, competitive landscape, internal costs, gross margin objectives and pricing practices. Product Updates and Support Fees Product updates and support fees entitle the customer to receive, for an agreed upon period, unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support services including access to technical information and technical support staff. The term of product updates and support services is typically twelve months. The product updates and support fees are recorded as product updates and support fees revenue and recognized ratably over the term of the agreement. Revenues for product updates and support that are bundled with license fees are deferred based on the VSOE of fair value of the bundled product updates and support and recognized over the term of the agreement. Consulting Services and Other Fees We also provide software-related services, including systems implementation and integration services, consulting, training, custom modification and application managed services. Consulting services are usually separately priced and are generally not essential to the functionality of our software products. Consulting services are generally provided under time and materials contracts and revenues are recognized as the services are provided. However, when we enter into arrangements with a fixed-fee or a maximum-fee basis where services are not considered essential to the functionality of the software, revenue is recognized based upon a proportionate performance method. When we enter into arrangements where services are considered essential to the functionality of the software, revenue is recognized based upon a percentage of completion method. Under this method, revenue is recognized based upon labor hours incurred as a percentage of total estimated labor hours to complete the project. Provisions for estimated losses on incomplete contracts are made in the period in which such losses are determined. Revenues for consulting services that are bundled with license fees are deferred based on the VSOE of fair value of the bundled services and recognized when the services are performed. Consulting services and other fees also include education and hosting services. Hosted customers with perpetual licenses have the contractual right to take possession of the software at any time during the hosted period. The customer has the right to choose not to renew its hosting arrangement upon its expiration and can deploy the software internally or contract with another party unrelated to Infor to host the software. Customers can self-host and any penalties to do so are not significant. Accordingly, the portion of an arrangement allocated to the hosting element is recognized once the service begins and then ratably over the term of the hosting arrangement. In accordance with the provisions set forth in ASC 605, we recognize amounts associated with reimbursements from customers for out-of-pocket expenses as revenue on a gross basis. Such amounts have been classified as consulting services and other fees. Deferred Revenues Deferred revenues represent amounts billed or payments received from customers for software licenses, SaaS subscriptions, product updates and support and/or services in advance of recognizing revenue or performing services. We defer revenues for any undelivered elements, and recognize revenues when the product is delivered or over the period in which the service is performed, in accordance with its revenue recognition policy for such elements. Product updates and support is normally billed quarterly or annually in advance of performing the service. Deferred Costs Commissions payable to our direct sales force and independent affiliates who resell our software products, as well as royalties payable to third-party software vendors, are recorded when a sale is completed or cash received, which coincides with the timing of revenue recognition in most cases. When revenue is recognized ratably over time, related commissions and royalties are deferred and amortized over the same period as the recognition of the revenue. Collectability We assess the probability of collection based upon several factors including 1) third-party credit agency information, 2) customer financial statements and/or 3) customer payment history. We typically do not provide for payment terms in excess of six months. Certain customer arrangements are recognized upon collection due to their specific collection history. |
Business Combinations | Business Combinations We account for acquisitions in accordance with ASC 805, Business Combinations . ASC 805 requires recognition of the assets acquired and the liabilities assumed separately from goodwill, generally at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While best estimates and assumptions are used as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, adjustments are recorded to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in our results of operations. The provisions of ASC 805 also require that: • the direct transaction costs associated with the business combination are expensed as incurred; and • any changes in estimates associated with income tax valuation allowances or uncertain tax positions after the measurement period are generally recognized as income tax expense with application of this policy also applied prospectively to all business combinations regardless of the acquisition. For a given acquisition, certain pre-acquisition contingencies are generally identified as of the acquisition date and may extend the review and evaluation of these pre-acquisition contingencies throughout the measurement period (up to one year from the acquisition date) in order to obtain sufficient information to assess whether to include these contingencies as a part of the purchase price allocation and, if so, to determine the estimated amounts. If it is determined that a pre-acquisition contingency (non-income tax related) is probable in nature and estimable as of the acquisition date, an estimate is recorded for such a contingency as a part of the preliminary purchase price allocation. We often continue to gather information for and evaluate our pre-acquisition contingencies throughout the measurement period and if changes are made to the amounts recorded or if additional pre-acquisition contingencies are identified during the measurement period, such amounts will be included in the purchase price allocation during the measurement period and, subsequently, in our results of operations. In addition, uncertain tax positions and tax related valuation allowances assumed in connection with a business combination are initially estimated as of the acquisition date and are reevaluated with any adjustments to preliminary estimates being recorded to goodwill within the measurement period. Subsequent to the measurement period or the final determination of the tax allowance’s or contingency’s estimated value, changes to these uncertain tax positions and tax related valuation allowances impact the provision for income taxes in our Consolidated Statement of Operations and could have a material impact on our results of operations and financial position. In connection with the purchase price allocations for our acquisitions, we estimate the fair value of product updates and support, SaaS subscription and service contract obligations assumed. The acquired deferred revenue is recognized at fair value to the extent it represents a legal obligation assumed by Infor. We consider post-contract support (PCS) obligations/services in their entirety, SaaS subscription contracts and service contracts to be legal obligations of the acquired entity. PCS arrangements of acquired entities typically include unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support including access to technical information and technical support staff. SaaS subscription arrangements of acquired entities provide access to product functionality through a hosted environment and other services. We consider PCS and SaaS subscription arrangements to be separate elements when determining the legal obligations assumed from the acquired entity. We expect to fulfill each underlying obligation element of these arrangements. The estimated fair values of these PCS arrangements, SaaS subscription contracts and service contracts are determined utilizing a top-down approach. The top-down approach relies on market indicators of expected revenue for any obligation yet to be delivered with appropriate adjustments. Conceptually, we start with the amount we would expect to receive in a transaction, less the estimated selling effort, which has already been performed, including an estimated profit margin on that selling effort. We record receivables acquired in business combinations at their estimated fair market values. Subsequent changes to acquired receivables are reflected as changes in the provision for doubtful accounts included as a component of general and administrative expense in our Consolidated Statements of Operations. The purchase agreements related to certain of our acquisitions may include provisions for the payment of additional cash consideration if certain future performance conditions are met. These contingent consideration arrangements are to be recognized at their acquisition date fair value and included as part of the purchase price at the acquisition date. The estimated fair value of these contingent consideration arrangements are classified as accrued liabilities or other long-term liabilities on our Consolidated Balance Sheets. As such, their fair value is remeasured each reporting period with any change in fair value being recognized in the applicable period’s results of operations and included in acquisition-related and other costs in our Consolidated Statements of Operations. | |
Restructuring | Restructuring Costs to exit or restructure certain activities of an acquired company, or our internal operations, are accounted for as one-time termination and exit costs pursuant to ASC 420, Exit or Disposal Cost Obligations. If acquisition related, they are accounted for separately from the business combination. Liabilities for costs associated with an exit or disposal activity are measured at fair value on our Consolidated Balance Sheet and recognized in our Consolidated Statement of Operations in the period in which the liability is incurred. In the normal course of business, Infor may incur restructuring charges related to personnel which are accounted for in accordance with ASC 712, Compensation—Nonretirement Postemployment Benefits. These restructuring charges represent severance associated with redundant positions. When estimating the fair value of facility restructuring activities, assumptions are applied regarding estimated sub-lease payments to be received, which can differ materially from actual results. This may require revision of initial estimates which may materially affect our results of operations and financial position in the period the change in estimate occurs. See Note 11, Restructuring Charges . We estimate the amounts of these costs based on our expectations at the time the charges are taken and we reevaluate the remaining accruals at each reporting date based on current facts and circumstances. If our estimates or expectations change because we are subjected to contractual obligations or negotiations we did not anticipate, we choose to further restructure our operations, or there are other costs or changes we did not foresee, we adjust the restructuring accruals in the period that our estimates change. Such changes are recorded as increases or decreases to restructuring costs in our Consolidated Statements of Operations. | |
Accounts Receivable | Accounts Receivable Accounts receivable are comprised of gross amounts invoiced to customers and accrued revenue, which represents earned but unbilled revenue at the balance sheet date. The gross amount invoiced includes pass-through taxes and fees, which are recorded as liabilities at the time they are billed. We offset our accounts receivable and deferred revenue for invoices for which the maintenance period has not started as of the balance sheet date. | |
Allowances For Doubtful Accounts, Cancellations and Billing Adjustments | Allowances for Doubtful Accounts, Cancellations and Billing Adjustments We have established an allowance for estimated billing adjustments and an allowance for estimated amounts that will not be collected. We record provisions for billing adjustments as a reduction of revenue and provisions for doubtful accounts as a component of general and administrative expense in our Condensed Consolidated Statements of Operations. The following is a rollforward of our allowance for doubtful accounts: (in millions) Balance, April 30, 2015 $ 11.9 Provision 5.2 Write-offs and recoveries (4.8) Currency translation effect (0.3) Balance, October 31, 2015 $ 12.0 | Allowances for Doubtful Accounts, Cancellations and Billing Adjustments We have established an allowance for estimated billing adjustments and an allowance for estimated amounts that will not be collected. We record provisions for billing adjustments as a reduction of revenue and provisions for doubtful accounts as a component of general and administrative expense in our Consolidated Statements of Operations. We review specific accounts, including significant accounts with balances past due over 90 days, for collectability based on circumstances known at the date of the financial statements. In addition, we maintain reserves based on historical billing adjustments and write-offs. These estimates are reviewed periodically and consider specific customer situations, historical experience and write-offs, customer credit-worthiness, current economic trends and changes in customer payment terms. A considerable amount of judgment is required in assessing these factors. If the factors utilized in determining the allowance do not reflect future performance, a change in the allowance would be necessary in the period such determination is made which would affect future results of operations. Accounts receivable are charged off against the allowance when we determine it is probable the receivable will not be recovered. |
Sales Allowances | Sales Allowances We do not generally provide a contractual right of return. However, in the course of arriving at practical business solutions to various claims arising from the sale of our products and delivery of our solutions, we have allowed for sales allowances. We record a provision against revenue for estimated sales allowances on license and consulting revenues in the same period the related revenues are recorded or when current information indicates additional allowances are required. The balance of our sales reserve is reflected in deferred revenue on our Condensed Consolidated Balance Sheets. The following is a rollforward of our sales reserve: (in millions) Balance, April 30, 2015 $ 7.3 Provision 4.2 Write-offs (3.0) Balance, October 31, 2015 $ 8.5 | Sales Allowances We do not generally provide a contractual right of return. However, in the course of arriving at practical business solutions to various claims arising from the sale of our products and delivery of our solutions, we have allowed for sales allowances. We record a provision against revenue for estimated sales allowances on license and consulting revenues in the same period the related revenues are recorded or when current information indicates additional allowances are required. These estimates are based on historical experience determined by analysis of claim activities, specifically identified customers and other known factors. If the historical data utilized does not reflect expected future performance, a change in the allowances would be recorded in the period such determination is made affecting current and future results of operations. The balance of our sales reserve is reflected in deferred revenue on our Consolidated Balance Sheets. Following is a rollforward of our sales reserve: (in millions) Balance, May 31, 2012 $ 9.6 Provision 4.8 Write-offs (4.3) Currency translation effect 0.6 Balance, May 31, 2013 10.7 Provision 4.6 Write-offs (7.6) Currency translation effect 0.2 Balance, May 31, 2014 7.9 Provision 7.4 Write-offs (7.3) Currency translation effect (0.7) Balance, April 30, 2015 $ 7.3 |
Property and Equipment | Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of their estimated useful lives or the remaining term of the leases to which they relate. Repair and maintenance costs are expensed as incurred if they do not increase the life or productivity of the related capitalized asset. Assets acquired under capital leases are included in property and equipment with corresponding depreciation included in accumulated depreciation. Capital leases are amortized on a straight-line basis over the lesser of the estimated useful life of the respective assets, or the term of the capital lease. We have asset retirement obligations accounted for under the provisions of ASC 410-20, Asset Retirement and Environmental Obligations—Asset Retirement Obligations, primarily related to certain leased facilities in Europe. We record the asset retirement obligation and a corresponding leasehold improvement which is depreciated over the expected term of the lease. Subsequent to initial recognition, we record period-to-period changes in the asset retirement obligations liability resulting from the passage of time to general and administrative expense and revisions to either the timing or the amount of the original expected cash flows to the related assets. See Note 8, Property and Equipment , for details of the asset retirement obligations amounts. Gains or losses are reflected in results of operations upon retirement or sale of property and equipment. Property and equipment is reviewed for impairment when circumstances indicate that the carrying value of the property and equipment may not be recoverable. We did no t recognize any impairment charges for property and equipment during fiscal 2015, 2014 and 2013. | |
Lease Obligations | Lease Obligations We recognize lease obligations with scheduled rent increases over the terms of the leases on a straight-line basis in accordance with FASB guidance related to operating leases. Accordingly, the total amount of base rentals over the term of our leases is charged to expense using a straight-line method, with the amount of rental expense in excess of lease payments recorded as a deferred rent liability. As of April 30, 2015 and May 31, 2014, we had total deferred rent liabilities of $23.7 million and $16.9 million, respectively. The current and non-current portions of our deferred rent liabilities are included in accrued expenses and other long-term liabilities, respectively, on our Consolidated Balance Sheets. We also recognize capital lease obligations and record the underlying assets and liabilities on our Consolidated Balance Sheets. See Note 14, Commitments and Contingencies - Leases . | |
Contingencies-Litigation Reserves | Contingencies—Litigation Reserves We provide for contingent liabilities, including those related to litigation matters, in accordance with ASC 450 , Contingencies . Pursuant to this guidance, a loss contingency is charged to income when it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. We disclose in the notes to our financial statements those loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. We do not record gain contingencies until they are realized. We expense all legal costs to resolve regulatory, legal, tax, or other matters in the period incurred. We review the status of each significant matter to assess our potential financial exposure at each reporting date. If a potential loss is considered probable and the amount can be reasonably estimated as defined by the guidance related to accounting for contingencies, we reflect the estimated loss in our results of operations. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability can be reasonably estimated. Because of uncertainties related to these matters, accruals are based on the best information available to us at that time. Further, estimates of this nature are highly subjective, and the final outcome of these matters could vary significantly from the amounts that have been included in our Consolidated Financial Statements. As additional information becomes available, we reassess the potential liability related to any pending claims and litigation and may revise our estimates accordingly. Such revisions in the estimates of the potential liabilities could have a material impact on our future results of operations, financial position and cash flows. See Note 14, Commitments and Contingencies – Litigation . | |
Software Development Costs | Software Development Costs Expenditures for software research and development consist primarily of salaries, employee benefits, related overhead costs, and consulting fees associated with product development, testing, quality assurance, documentation, enhancements and upgrades for existing customers under maintenance. We apply ASC 985-20, Software—Costs of Software to Be Sold, Leased, or Marketed, in analyzing our software development costs. ASC 985-20 requires the capitalization of certain software development costs subsequent to the establishment of technological feasibility for a software product in development. Research and development costs associated with establishing technological feasibility are expensed as incurred. Based on our software development process, technological feasibility is established upon the completion of a working model. Costs capitalized in accordance with ASC 985-20 for the completion of work between the time of technological feasibility and the point at which the software is ready for general release were $4.2 million, $4.4 million and $3.2 million in fiscal 2015, 2014 and 2013, respectively. Amortization expense for assets capitalized totaled $3.6 million, $3.5 million and $2.7 million for fiscal 2015, 2014 and 2013, respectively. Unamortized costs capitalized totaled $4.5 million and $3.9 million as of April 30, 2015, and May 31, 2014, respectively. We begin amortizing capitalized software development costs once a product is available for general release. Amortization of capitalized software development costs and acquired technology is recognized based upon the greater of 1) the ratio of current revenues to total anticipated product revenues, or 2) the amount computed on a straight-line basis with reference to the product’s expected useful life. At least annually, we perform a net realizable value analysis and the amount by which unamortized software development costs exceed the net realizable value, if any, is recognized as expense in the period it is determined. Amortization expense associated with capitalized software development costs and acquired technology is recorded as a component of amortization of intangible assets and depreciation in our Consolidated Statements of Operations. We apply ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software, in review of certain systems projects. These systems projects generally relate to software we do not intend to sell or otherwise market. In addition, we apply this guidance to our review of development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred during the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the projects will meet functional requirements, expenses are capitalized. These capitalized software costs are amortized on a project-by-project basis over the expected economic life of the underlying product on a straight-l ine basis, which is typically two to seven years. Amortization commences when the software is available for its intended use. During fiscal 2015 and 2014 we capitalized approximately $4.1 million and $0.9 million, respectively, related to internal use software and recorded approximately $0.7 million and $0.4 million in related amortization expense. For fiscal 2013, the amounts capitalized for internal use software were not significant and the amortization expense for assets capitalized was insignificant . | |
Intangible Assets | Intangible Assets Intangible assets represent customer contracts and relationships, acquired technology and trade names obtained in connection with acquisitions. These intangible assets, other than acquired technology, are being amortized using either straight-line or accelerated amortization over their estimated useful lives, ranging from twelve months to twenty years. The accelerated amortization method is used should the realization of the economic value of the asset be deemed to have characteristics that more closely match an accelerated amortization methodology, as may exist principally with customer relationships. In those cases, the asset is amortized proportionally based upon the annual proportion of economic value contributed as it relates to the asset’s total economic value. Acquired technology is amortized at the greater of straight-line or the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product. See Note 9, Intangible Assets . The carrying amount of intangible assets are reviewed whenever circumstances arise that indicate the carrying amount of an asset may not be recoverable, also known as a “triggering event.” The carrying value of these assets is compared to the undiscounted future cash flows the assets are expected to generate. If the asset is considered to be impaired, the carrying value is compared to the fair value and this difference is recognized as an impairment loss. We have no t recognized a loss from impairment of intangible assets during fiscal 2015, 2014 or 2013. | |
Goodwill | Goodwill Goodwill represents the excess of consideration transferred over the fair value of net tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill amounts are not amortized, but rather are evaluated for potential impairment on an annual basis unless circumstances indicate the need for impairment testing between the annual tests. The judgments regarding the existence of impairment indicators are based on legal factors, market conditions, and operational performance, among other things. Annual testing for goodwill impairment may begin with a qualitative comparison of our reporting units’ fair value to their carrying value to determine if it is more-likely-than-not that the fair value is less than the carrying value and thus whether any further impairment tests are necessary. Further testing for goodwill impairment is a two-step process. The first step screens for potential impairment, and if there is an indication of possible impairment, the second step must be completed to measure the amount of impairment loss, if any. The first step of the goodwill impairment test used to identify potential impairment compares the fair value of a reporting unit with the carrying value of its net assets. If the fair value of the reporting unit is less than the carrying value of the reporting unit, the second step of the goodwill impairment test would be performed to measure the amount of impairment loss we would be required to record, if any. The second step, if required, would compare the implied fair value of our recorded goodwill with the current carrying amount. If the implied fair value of our goodwill is less than the carrying value, an impairment charge equal to the difference would be recorded as a charge to our operations. We believe that our reportable segments are also representative of our reporting units for purposes of our goodwill impairment testing. We allocate our goodwill to each of these reporting units based upon their relative fair values. For purposes of allocating our recorded goodwill to our reporting units, we estimated their fair values using a combination of an income approach (discounted cash flow method) and a market approach (market transaction method). We conduct our annual impairment test in the second quarter of each fiscal year, as of September 30. The results of the annual tests performed in fiscal 2015, 2014 and 2013 indicated no impairment of goodwill. See Note 4, Goodwill . | |
Deferred Financing Fees | Deferred Financing Fees Deferred financing fees, net of amortization, related to our term loans and senior notes are reflected on our Consolidated Balance Sheets as a direct reduction in the carrying amount of our long-term debt . In addition, deferred financing fees, net of amortization, related to our revolving credit facility are included in other assets . Deferred financing fees include direct financing fees, bank origination fees, amendment fees, legal and other fees incurred in obtaining and/or amending term and facility debt obligations. These deferred costs are being amortized using the effective interest method over the expected life of the related debt obligation and such amortization is included in interest expense, net in our Consolidated Statements of Operations. In fiscal 2015, 2014 and 2013, we capitalized significant deferred financing fees related to refinancing our senior notes and amending and obtaining new term debt under our credit arrangements, and we wrote off certain unamortized deferred financing fees in conjunction with these financing activities. See Note 12, Debt—Deferred Financing Fees. | |
Derivative Financial Instruments | Derivative Financial Instruments In accordance with ASC 815, Derivatives and Hedging , we record derivative instruments on our Consolidated Balance Sheets as assets or liabilities at their fair value. Changes in their fair value are recognized currently in our results of operations in other (income) expense, net on our Consolidated Statements of Operations unless certain specific hedge accounting criteria are met. These criteria include among other things that we formally document, designate and assess the effectiveness of transactions that receive hedge accounting treatment. For derivative instruments that are designated and qualify as hedging instruments, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative instrument representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The unrealized gains (losses) resulting from changes in the fair value of the derivative instruments are reflected as a component of stockholders’ deficit in accumulated other comprehensive income (loss) on our Consolidated Balance Sheets. Cash inflows or outflows associated with the derivative instruments are included in cash flows from operating activities on our Consolidated Statements of Cash Flows, as are the related interest payments. We use interest rate swaps to limit our exposure to interest rate risk by converting the interest payments on variable rate debt to fixed rate payments. Interest rate swap agreements are contracts to exchange floating rate for fixed interest payments periodically over the life of the agreements without the exchange of the underlying notional debt amounts. These cash flow hedges are typically designated as accounting hedges until the time the underlying hedged instrument changes. Individual swaps are designated as hedges of our variable rate debt. The periodic settlement of our interest rate swaps will be recorded as interest expense in our Consolidated Statements of Operations. We entered into the interest rate swaps for hedging purposes only and not for trading or speculation. We are exposed to certain credit-related risks in the event of non-performance by the counterparties to our derivative financial instruments. The credit risk is limited to unrealized gains related to our derivative instruments in the case that any of the counterparties fail to perform as agreed under the terms of the applicable agreements. To mitigate this risk, we only enter into agreements with counterparties that have investment-grade credit ratings. The additional disclosures regarding derivatives are included below under Comprehensive Income (Loss) and in Note 5, Fair Value , and Note 15, Derivative Financial Instruments . | |
Foreign Currency | Foreign Currency The functional currency of our foreign subsidiaries is typically the applicable local currency. The translation from the respective foreign currencies to United States Dollars (U.S. Dollar) is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted average exchange rate during the applicable period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency gain or loss except for the effect of exchange rate fluctuations on long-term intercompany transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income. Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. We recognized a net foreign exchange loss of $10.8 million and a net foreign exchange gain of $2.0 million for the three months ended October 31, 2015 and 2014, respectively. In the first six months of fiscal 2016 and 2015, we recognized net foreign currency exchange gains of $26.1 million and $34.0 million, respectively. The foreign currency exchange gains and losses are included as a component of other (income) expense, net, in the accompanying Condensed Consolidated Statements of Operations. Certain foreign currency transaction gains and losses are generated from our intercompany balances that are not considered to be long-term in nature and will be settled between subsidiaries. These intercompany balances are a result of normal transfer pricing transactions among our various operating subsidiaries, as well as certain loans initiated between subsidiaries. We also recognize transaction gains and losses from revaluing our debt denominated in Euros and held by subsidiaries whose functional currency is the U.S. Dollar. See Note 11, Debt . | Foreign Currency The functional currency of our foreign subsidiaries is typically the applicable local currency. The translation from the respective foreign currencies to U.S. Dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted average exchange rate during the period. Gains or losses resulting from such translation are included as a separate component of accumulated other comprehensive income. Gains or losses resulting from foreign currency transactions are included in foreign currency income or loss except for the effect of exchange rates on long-term inter-company transactions considered to be a long-term investment, which are accumulated and credited or charged to other comprehensive income. Transaction gains and losses are recognized in our results of operations based on the difference between the foreign exchange rates on the transaction date and on the reporting date. We recognized a net foreign exchange gain of $66.7 million, a net foreign exchange gain of $62.7 million, and a net foreign exchange loss of $99.3 million in fiscal 2015, 2014 and 2013, respectively. The foreign currency exchange gains and losses are included as a component of other (income) expense, net, in the accompanying Consolidated Statements of Operations. Certain foreign currency transaction gains and losses are generated from our intercompany balances that are not considered to be long-term in nature that will be settled between subsidiaries. These intercompany balances are a result of normal transfer pricing transactions among our various operating subsidiaries, as well as certain loans initiated between subsidiaries. We also recognize transaction gains and losses from revaluing our debt denominated in Euros and held by subsidiaries whose functional currency is the U.S. Dollar. See Note 12, Debt. Highly Inflationary Accounting – Venezuela Since 2010, the economy in Venezuela has been determined to be highly inflationary and accordingly, we have applied highly inflationary accounting. As a result, our Venezuelan operations have had a functional currency of U.S. Dollars since that time. Our monetary assets and liabilities denominated in Venezuelan Bolivars (BsF) have been remeasured into U.S. Dollars at each balance sheet date at the exchange rate at which such balances could be settled with the impact of Venezuelan currency fluctuations being reported in our results of operations. Prior to January 2014, we utilized the official fixed exchange rate for the BsF as established by the Venezuelan National Foreign Trade Center (the CENCOEX rate) of 6.30 BsF to $1.00 to remeasure our Venezuelan operations into U.S. Dollars, our reporting currency. In January 2014, the Venezuelan government established a variable foreign exchange rate which was applicable for use in settling certain operations including those of Infor. This foreign exchange mechanism is called the “Complimentary System of Foreign Currency Acquirement” (SICAD1). In March 2014, the Venezuelan government established an additional variable foreign exchange rate (SICAD2) which was applicable to all industry sectors and all transaction types. Most recently, in February 2015, the Venezuelan government created a new three-tier exchange rate regime by introducing a new exchange rate mechanism, the Marginal Currency System (SIMADI), which allows foreign currency exchange rates to be set by free market transactions, and combining the SICAD1 and SICAD2 rates. Per the new system, the first tier, the official CENCOEX rate, is unchanged at 6.30 BsF to $1.00 for preferential goods. The second tier is the combined government regulated SICAD rate, currently 12.0 BsF to $1.00 for non-essential goods. The SIMADI rate is the third tier for both individuals and entities to use with fewer restrictions than the other foreign exchange mechanisms in Venezuela (CENCOEX and SICAD). Beginning in fiscal 2014, we used the variable SICAD1 and SICAD2 rates, rather than the official fixed CENCOEX rate, to remeasure our Venezuelan operations into U.S. Dollars. As of February 2015, we began using the variable SIMADI rate. The SIMADI rate as of our fiscal year ended April 30, 2015, was 198.3 BsF to $1.00, and the SICAD2 rate as of May 31, 2014, was 50.0 BsF to $1.00. As a result of the changes in the BsF exchange rates utilized to remeasure our Venezuelan operations during fiscal 2015 and 2014, we recorded foreign currency transaction losses of approximately $0.5 million and $2.2 million, respectively. As of April 30, 2015 and May 31, 2014, our net monetary assets denominated in BsF were not significant and consisted primarily of cash and accounts receivable, partially offset by income taxes payable. We plan to use the SIMADI rate to remeasure our Venezuelan operations into U.S. Dollars in the future, but we will continue to monitor and assess the proper exchange rate to use for remeasurement purposes. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is the change in equity of a business enterprise from non-stockholder transactions impacting stockholders’ deficit that are not included in the statement of operations and are reported as a separate component of stockholders’ deficit. Other comprehensive income (loss) includes the change in foreign currency translation adjustments, changes in defined benefit plan obligations, and unrealized gain (loss) on derivative instruments. We report accumulated other comprehensive income (loss) as a separate line item in the stockholders’ deficit section of our Consolidated Balance Sheets. We report the components of comprehensive income (loss) on our Consolidated Statements of Comprehensive Income (Loss). Total accumulated other comprehensive income (loss) and its components were as follows for the periods indicated: Foreign Currency Translation Funded Status of Defined Benefit Derivative Instruments Unrealized Accumulated Other Comprehensive (in millions) Adjustment Pension Plan (1) Gain (Loss) (2) Income (Loss) Balance, May 31, 2013 $ 98.9 $ (8.9) $ - $ 90.0 Other comprehensive income (loss) (32.9) 1.5 (9.9) (41.3) Balance, May 31, 2014 66.0 (7.4) (9.9) 48.7 Other comprehensive income (loss) (277.5) (8.9) (2.9) (289.3) Balance, April 30, 2015 $ (211.5) $ (16.3) $ (12.8) $ (240.6) (1) Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million, $2.5 million and $2.8 million as of April 30, 2015, May 31, 2014 and 2013, respectively. (2) Derivative instruments unrealized gain (loss) is presented net of tax benefit of $1.8 million and $6.2 million as of April 30, 2015, and May 31, 2014, respectively. The components of other comprehensive income (loss), including amounts reclassified out of accumulated other comprehensive income (loss), were as follows for the periods indicated: (in millions) Before-Tax Income Tax (Expense) Benefit Net-of-Tax Fiscal 2015 (11 months) Foreign currency translation adjustment $ (277.5) $ - $ (277.5) Change in funded status of defined benefit plans (10.5) 2.1 (8.4) Derivative instruments unrealized loss (5.7) 1.8 (3.9) Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.3) - (0.3) Amortization of prior service cost - defined benefit plans (1) (0.2) - (0.2) Amortization of derivative instruments unrealized loss 1.0 - 1.0 Other comprehensive income (loss) $ (293.2) $ 3.9 $ (289.3) Fiscal 2014 (12 months) Foreign currency translation adjustment $ (32.9) $ - $ (32.9) Change in funded status of defined benefit plans 4.3 (0.3) 4.0 Derivative instruments unrealized loss (16.1) 6.2 (9.9) Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.6) - (0.6) Amortization of prior service cost - defined benefit plans (1) (1.9) - (1.9) Other comprehensive income (loss) $ (47.2) $ 5.9 $ (41.3) Fiscal 2013 (12 months) Foreign currency translation adjustment $ 126.5 $ - $ 126.5 Change in funded status of defined benefit plans 1.5 0.6 2.1 Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.3) - (0.3) Amortization of prior service cost - defined benefit plans (1) (0.2) - (0.2) Other comprehensive income (loss) $ 127.5 $ 0.6 $ 128.1 (1) Amounts reclassified out of accumulated other comprehensive income related to defined benefit plan adjustments were included in the respective categories of operating expenses in our Consolidated Statement of Operations. These amounts were included as a component of our net periodic pension costs. See Note 19, Retirement Plans - Defined Benefit Plans , for additional detail. | |
Advertising Costs | Advertising Costs We expense advertising costs as incurred. These costs are included in sales and marketing expense in our Consolidated Statements of Operations. For fiscal 2015, 2014 and 2013, advertising expenses were $15.9 million, $13.2 million and $11.4 million, respectively. | |
Concentration of Risk | Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and trade receivables with customers. Cash and cash equivalents are generally held with a number of large, diverse financial institutions worldwide to reduce the amount of exposure to any single financial institution. We have implemented investment policies that limit purchases of marketable debt securities to investment grade securities. We do not require collateral to secure accounts receivable. Credit risk with respect to trade receivables is mitigated by credit evaluations performed on existing and prospective customers and by the diversification of our customer base across different industries and geographic areas. No one customer accounted for more than 10% of our consolidated trade accounts receivable balance at April 30, 2015 or May 31, 2014. In addition, no individual customer accounted for more than 10% of our consolidated revenues during fiscal 2015, 2014 or 2013. A significant portion of our business is conducted in currencies other than the U.S. Dollar, the currency in which our financial statements are reported. Significant changes in these currencies, especially the Euro and the British Pound, relative to the U.S. Dollar could materially impact our revenue, operating results and financial position. During fiscal 2015, 2014 and 2013, we did not pursue hedging strategies to mitigate foreign currency exposure. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We apply the provision of ASC 820, Fair Value Measurements and Disclosures , to our financial instruments that we are required to carry at fair value pursuant to other accounting standards, including derivative financial instruments. We have not applied the fair value option to those financial instruments that we are not required to carry at fair value pursuant to other accounting standards. The additional disclosures regarding fair value measurements are included in Note 5, Fair Value . | |
Income Taxes | Income Taxes We utilize the asset and liability method of accounting for income taxes as set forth in ASC 740, Income Taxes . Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates that are applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized to the differences between the financial statements carrying amount and the tax bases of existing assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in our results of operations in the period in which the tax rate change is enacted. The statement also requires a valuation allowance against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets may not be realized. See Note 18, Income Taxes . The provisions of ASC 740-10 contain a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50.0% likely to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in (benefit) provision for income taxes in the accompanying Consolidated Statements of Operations. The Company is included in the GGC Software Parent, Inc. consolidated federal income tax return. The Company and its subsidiaries provided for income taxes under the separate return method, by which Infor, Inc. and its subsidiaries compute tax expense as though they file a separate tax return. GGC Software Parent, Inc. entered into a Tax Allocation Agreement (the Tax Allocation Agreement) with the Company that was effective as of April 5, 2012. The Tax Allocation Agreement sets forth the obligation of the Company and its domestic subsidiaries with regard to preparing and filing tax returns and allocating tax payments under the consolidated reporting rules of the Internal Revenue Code and similar state and local tax laws governing combined or consolidated filings. The Tax Allocation Agreement provides that each domestic subsidiary that is a member of the consolidated, unitary or combined tax group will pay its share of the taxes of the group. See Note 21, Related Party Transactions – Due to/from Affiliates. | |
Equity-Based Compensation | We account for equity-based payments, including grants of employee stock options, restricted stock and other equity-based awards, in accordance with ASC 718, Compensation—Stock Compensation , which requires that equity-based payments (to the extent they are compensatory) be recognized in our results of operations based on their fair values and the estimated number of securities we ultimately expect will vest. We utilize the Option-Pricing Method to estimate the fair value of our equity awards. All equity-based payments are based upon equity issued by a parent company of Infor, Inc. Pursuant to applicable FASB guidance related to equity-based awards, we have reflected equity-based compensation expense related to our parent company’s equity grants within our results of operations with an offset to additional paid-in capital. | Equity-Based Compensation We account for equity-based payments, including grants of employee stock options, restricted stock and other equity-based awards, in accordance with ASC 718, Compensation—Stock Compensation , which requires that share-based payments (to the extent they are compensatory) be recognized in our results of operations based on their fair values and the estimated number of securities we ultimately expect will vest. All equity-based payments are based upon equity issued by a parent company of Infor. Pursuant to applicable FASB guidance related to equity-based awards, we have reflected stock compensation expense related to our parent companies’ equity grants within our results of operations with an offset to additional paid-in capital. In fiscal 2012, Infor Enterprise Applications, LP (Infor Enterprise), an affiliate of the parent company of Infor, issued Class C units in conjunction with a voluntary share exchange program in which we offered certain Infor employees an opportunity to exchange all of their outstanding restricted shares, outstanding options to purchase restricted shares, and other management incentive unit awards granted to such employees under Infor and Infor Global Solutions’ and its predecessors’ various Share Purchase and Options Plans then owned by them and/or their Permitted Transferees (as defined under the various Share Purchase and Options Plans) for newly issued Class C units. The Class C units are non-voting ordinary units of Infor Enterprise. As a result, the majority of all outstanding equity awards other than the Class C units were cancelled during fiscal 2012. See Note 16, Share Purchase and Option Plans. Certain stock options, restricted stock and other equity-based awards outstanding under our Share Purchase and Option Plans are subject to vesting and repurchase features that function as in-substance forfeiture provisions. These in-substance forfeiture provisions preclude recognition of compensation cost for accounting purposes until such repurchase features are removed upon an employee termination event or change in control as defined in the applicable plan agreement. No compensation expense is recognized until the repurchase features lapse. For all other awards not subject to such repurchase features, the fair value of the equity-based awards is recorded as compensation expense over the applicable vesting periods. We utilize the Option - Pricing Method to estimate the fair value of our parent company’s equity awards. This approach models the various classes of equity securities as a series of call options on our total equity. The exercise prices of the call options are derived based on the distribution waterfall of the issuing entity. Assumptions utilized under the Option–Pricing Method include: (a) stock price, derived from the estimated fair value of our parent company’s total equity, (b) time to expiration, derived from the expected time to a potential liquidity event, (c) risk- free interest rate, derived from the U.S. Treasury rate over the expected time to expiration, (d) expected dividend yield and (e) expected volatility of the total equity value. The following is a summary of the weighted average assumptions used in estimating the fair value of equity awards granted in the periods indicated and the resulting fair values of such awards. 11 Months Ended Year Ended May 31, April 30, 2015 2014 2013 Expected term (years) 2.00 2.00 1.25 Risk-free interest rate 0.48 % 0.35 % 0.18 % Dividend yield 0.00 % 0.00 % 0.00 % Volatility 47.66 % 50.00 % 70.71 % Weighted average fair value per unit granted $ 7.56 $ 7.29 $ 4.96 The following table presents equity compensation expense recognized in our Consolidated Statements of Operations, by category, for the periods indicated: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Cost of software license fees and subscriptions $ 0.2 $ - $ - Cost of product updates and support fees 0.5 0.4 - Cost of consulting services and other fees 0.3 3.0 - Sales and marketing 3.5 9.7 5.9 Research and development 3.7 8.1 5.3 General and administrative 7.3 7.5 2.8 Total $ 15.5 $ 28.7 $ 14.0 |
Off-Balance Sheet Arrangements | Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. |
Equity-Based Compensation (Poli
Equity-Based Compensation (Policy) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Share Purchase and Option Plans [Abstract] | ||
Stock compensation policy | We account for equity-based payments, including grants of employee stock options, restricted stock and other equity-based awards, in accordance with ASC 718, Compensation—Stock Compensation , which requires that equity-based payments (to the extent they are compensatory) be recognized in our results of operations based on their fair values and the estimated number of securities we ultimately expect will vest. We utilize the Option-Pricing Method to estimate the fair value of our equity awards. All equity-based payments are based upon equity issued by a parent company of Infor, Inc. Pursuant to applicable FASB guidance related to equity-based awards, we have reflected equity-based compensation expense related to our parent company’s equity grants within our results of operations with an offset to additional paid-in capital. | Equity-Based Compensation We account for equity-based payments, including grants of employee stock options, restricted stock and other equity-based awards, in accordance with ASC 718, Compensation—Stock Compensation , which requires that share-based payments (to the extent they are compensatory) be recognized in our results of operations based on their fair values and the estimated number of securities we ultimately expect will vest. All equity-based payments are based upon equity issued by a parent company of Infor. Pursuant to applicable FASB guidance related to equity-based awards, we have reflected stock compensation expense related to our parent companies’ equity grants within our results of operations with an offset to additional paid-in capital. In fiscal 2012, Infor Enterprise Applications, LP (Infor Enterprise), an affiliate of the parent company of Infor, issued Class C units in conjunction with a voluntary share exchange program in which we offered certain Infor employees an opportunity to exchange all of their outstanding restricted shares, outstanding options to purchase restricted shares, and other management incentive unit awards granted to such employees under Infor and Infor Global Solutions’ and its predecessors’ various Share Purchase and Options Plans then owned by them and/or their Permitted Transferees (as defined under the various Share Purchase and Options Plans) for newly issued Class C units. The Class C units are non-voting ordinary units of Infor Enterprise. As a result, the majority of all outstanding equity awards other than the Class C units were cancelled during fiscal 2012. See Note 16, Share Purchase and Option Plans. Certain stock options, restricted stock and other equity-based awards outstanding under our Share Purchase and Option Plans are subject to vesting and repurchase features that function as in-substance forfeiture provisions. These in-substance forfeiture provisions preclude recognition of compensation cost for accounting purposes until such repurchase features are removed upon an employee termination event or change in control as defined in the applicable plan agreement. No compensation expense is recognized until the repurchase features lapse. For all other awards not subject to such repurchase features, the fair value of the equity-based awards is recorded as compensation expense over the applicable vesting periods. We utilize the Option - Pricing Method to estimate the fair value of our parent company’s equity awards. This approach models the various classes of equity securities as a series of call options on our total equity. The exercise prices of the call options are derived based on the distribution waterfall of the issuing entity. Assumptions utilized under the Option–Pricing Method include: (a) stock price, derived from the estimated fair value of our parent company’s total equity, (b) time to expiration, derived from the expected time to a potential liquidity event, (c) risk- free interest rate, derived from the U.S. Treasury rate over the expected time to expiration, (d) expected dividend yield and (e) expected volatility of the total equity value. The following is a summary of the weighted average assumptions used in estimating the fair value of equity awards granted in the periods indicated and the resulting fair values of such awards. 11 Months Ended Year Ended May 31, April 30, 2015 2014 2013 Expected term (years) 2.00 2.00 1.25 Risk-free interest rate 0.48 % 0.35 % 0.18 % Dividend yield 0.00 % 0.00 % 0.00 % Volatility 47.66 % 50.00 % 70.71 % Weighted average fair value per unit granted $ 7.56 $ 7.29 $ 4.96 The following table presents equity compensation expense recognized in our Consolidated Statements of Operations, by category, for the periods indicated: 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Cost of software license fees and subscriptions $ 0.2 $ - $ - Cost of product updates and support fees 0.5 0.4 - Cost of consulting services and other fees 0.3 3.0 - Sales and marketing 3.5 9.7 5.9 Research and development 3.7 8.1 5.3 General and administrative 7.3 7.5 2.8 Total $ 15.5 $ 28.7 $ 14.0 |
Nature of Business and Basis 37
Nature of Business and Basis of Presentation (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Nature of Business and Basis of Presentation [Abstract] | |
Summary Of The Changes In The Redeemable Noncontrolling Interests | Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2015 Beginning of period $ - $ - Increase due to business combination 125.0 125.0 Net loss attributable to redeemable noncontrolling interests (1.1) (1.1) Redemption value adjustment 3.9 3.9 End of period $ 127.8 $ 127.8 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | ||
Adoption of FASB Guidance on Debt Issuance Costs | Adjustments As Originally Related to Debt (in millions) Reported Issuance Costs (1) As Adjusted Other assets $ 31.5 $ 3.8 $ 35.3 Deferred financing fees, net $ 125.0 $ (125.0) $ - Long-term debt, net $ 5,339.6 $ (121.2) $ 5,218.4 (1) Amount in other assets is deferred finance fees, net of amortization, related to our revolving credit facility. | |
Rollforward of Allowance for Doubtful Accounts | (in millions) Balance, April 30, 2015 $ 11.9 Provision 5.2 Write-offs and recoveries (4.8) Currency translation effect (0.3) Balance, October 31, 2015 $ 12.0 | |
Rollforward of Sales Reserve | (in millions) Balance, April 30, 2015 $ 7.3 Provision 4.2 Write-offs (3.0) Balance, October 31, 2015 $ 8.5 | (in millions) Balance, May 31, 2012 $ 9.6 Provision 4.8 Write-offs (4.3) Currency translation effect 0.6 Balance, May 31, 2013 10.7 Provision 4.6 Write-offs (7.6) Currency translation effect 0.2 Balance, May 31, 2014 7.9 Provision 7.4 Write-offs (7.3) Currency translation effect (0.7) Balance, April 30, 2015 $ 7.3 |
Accumulated Other Comprehensive Income (Loss) And Components | Foreign Funded Status Derivative Accumulated Currency of Defined Instruments Other Translation Benefit Unrealized Comprehensive (in millions) Adjustment Pension Plan (1) Gain (Loss) (2) Income (Loss) Balance, April 30, 2015 $ (211.5) $ (16.3) $ (12.8) $ (240.6) Other comprehensive income (loss) (62.4) 0.2 0.6 (61.6) Balance, October 31, 2015 $ (273.9) $ (16.1) $ (12.2) $ (302.2) ________________ (1) Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million and $4.6 million as of October 31, 2015 and April 30, 2015, respectively. (2) Derivative instruments unrealized gain (loss) is presented net of tax benefit of $7.6 million and $8.0 million as of October 31, 2015 and April 30, 2015, respectively. | Foreign Currency Translation Funded Status of Defined Benefit Derivative Instruments Unrealized Accumulated Other Comprehensive (in millions) Adjustment Pension Plan (1) Gain (Loss) (2) Income (Loss) Balance, May 31, 2013 $ 98.9 $ (8.9) $ - $ 90.0 Other comprehensive income (loss) (32.9) 1.5 (9.9) (41.3) Balance, May 31, 2014 66.0 (7.4) (9.9) 48.7 Other comprehensive income (loss) (277.5) (8.9) (2.9) (289.3) Balance, April 30, 2015 $ (211.5) $ (16.3) $ (12.8) $ (240.6) (1) Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million, $2.5 million and $2.8 million as of April 30, 2015, May 31, 2014 and 2013, respectively. (2) Derivative instruments unrealized gain (loss) is presented net of tax benefit of $1.8 million and $6.2 million as of April 30, 2015, and May 31, 2014, respectively. |
Components of Other Comprehensive Income (Loss), Including Amounts Reclassified Out Of Accumulated Other Comprehensive Income | (in millions) Income Tax Three Months Ended Before-Tax (Expense) Benefit Net-of-Tax October 31, 2015 Foreign currency translation adjustment $ 2.4 $ - $ 2.4 Change in funded status of defined benefit plans - - - Derivative instruments unrealized loss (2.9) 1.0 (1.9) Reclassification adjustments: Amortization of derivative instruments unrealized loss 3.0 (1.1) 1.9 Other comprehensive income (loss) $ 2.5 $ (0.1) $ 2.4 October 31, 2014 Foreign currency translation adjustment $ (80.0) $ - $ (80.0) Change in funded status of defined benefit plans 0.6 - 0.6 Derivative instruments unrealized loss (4.1) 1.6 (2.5) Other comprehensive income (loss) $ (83.5) $ 1.6 $ (81.9) (in millions) Income Tax Six Months Ended Before-Tax (Expense) Benefit Net-of-Tax October 31, 2015 Foreign currency translation adjustment $ (62.4) $ - $ (62.4) Change in funded status of defined benefit plans 0.2 - 0.2 Derivative instruments unrealized gain (loss) (4.9) 1.9 (3.0) Reclassification adjustments: Amortization of derivative instruments unrealized loss 5.9 (2.3) 3.6 Other comprehensive income (loss) $ (61.2) $ (0.4) $ (61.6) October 31, 2014 Foreign currency translation adjustment $ (137.3) $ - $ (137.3) Change in funded status of defined benefit plans 1.6 (0.1) 1.5 Derivative instruments unrealized gain (loss) (4.9) 1.9 (3.0) Other comprehensive income (loss) $ (140.6) $ 1.8 $ (138.8) | (in millions) Before-Tax Income Tax (Expense) Benefit Net-of-Tax Fiscal 2015 (11 months) Foreign currency translation adjustment $ (277.5) $ - $ (277.5) Change in funded status of defined benefit plans (10.5) 2.1 (8.4) Derivative instruments unrealized loss (5.7) 1.8 (3.9) Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.3) - (0.3) Amortization of prior service cost - defined benefit plans (1) (0.2) - (0.2) Amortization of derivative instruments unrealized loss 1.0 - 1.0 Other comprehensive income (loss) $ (293.2) $ 3.9 $ (289.3) Fiscal 2014 (12 months) Foreign currency translation adjustment $ (32.9) $ - $ (32.9) Change in funded status of defined benefit plans 4.3 (0.3) 4.0 Derivative instruments unrealized loss (16.1) 6.2 (9.9) Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.6) - (0.6) Amortization of prior service cost - defined benefit plans (1) (1.9) - (1.9) Other comprehensive income (loss) $ (47.2) $ 5.9 $ (41.3) Fiscal 2013 (12 months) Foreign currency translation adjustment $ 126.5 $ - $ 126.5 Change in funded status of defined benefit plans 1.5 0.6 2.1 Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.3) - (0.3) Amortization of prior service cost - defined benefit plans (1) (0.2) - (0.2) Other comprehensive income (loss) $ 127.5 $ 0.6 $ 128.1 (1) Amounts reclassified out of accumulated other comprehensive income related to defined benefit plan adjustments were included in the respective categories of operating expenses in our Consolidated Statement of Operations. These amounts were included as a component of our net periodic pension costs. See Note 19, Retirement Plans - Defined Benefit Plans , for additional detail. |
Weighted Average Assumptions | 11 Months Ended Year Ended May 31, April 30, 2015 2014 2013 Expected term (years) 2.00 2.00 1.25 Risk-free interest rate 0.48 % 0.35 % 0.18 % Dividend yield 0.00 % 0.00 % 0.00 % Volatility 47.66 % 50.00 % 70.71 % Weighted average fair value per unit granted $ 7.56 $ 7.29 $ 4.96 | |
Equity Compensation Expense By Category | Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Cost of software license fees and subscriptions $ - $ 0.2 $ - $ 0.2 Cost of product updates and support fees - 0.2 0.1 0.6 Cost of consulting services and other fees - 0.3 - 0.3 Sales and marketing 0.4 1.7 0.7 3.5 Research and development 0.3 1.1 0.6 2.6 General and administrative 1.2 2.3 1.8 5.8 Total $ 1.9 $ 5.8 $ 3.2 $ 13.0 | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Cost of software license fees and subscriptions $ 0.2 $ - $ - Cost of product updates and support fees 0.5 0.4 - Cost of consulting services and other fees 0.3 3.0 - Sales and marketing 3.5 9.7 5.9 Research and development 3.7 8.1 5.3 General and administrative 7.3 7.5 2.8 Total $ 15.5 $ 28.7 $ 14.0 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Acquisitions [Abstract] | |
Schedule Summarizing Allocation of GT Nexus Purchase Consideration | (in millions) Cash $ 14.8 Accounts receivable 36.5 Other current assets 13.9 Identified intangible assets: Existing technology 93.3 Existing customer relationships 273.5 Tradenames 5.9 Other non-current assets 9.0 Goodwill 369.9 Deferred revenue (11.3) Current liabilities assumed (32.6) Long-term liabilities assumed (87.7) Noncontrolling interests (10.2) Total fair value of net assets acquired 675.0 Less fair value of redeemable noncontrolling interests (125.0) Purchase consideration $ 550.0 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Goodwill [Abstract] | ||
Schedule Of Goodwill By Reportable Segment | (in millions) License Maintenance Consulting Total Balance, April 30, 2015 $ 931.5 $ 2,851.7 $ 262.6 $ 4,045.8 Goodwill acquired 336.5 - 33.4 369.9 Currency translation effect (10.2) (36.3) (3.2) (49.7) Balance, October 31, 2015 $ 1,257.8 $ 2,815.4 $ 292.8 $ 4,366.0 | (in millions) License Maintenance Consulting Total Balance, May 31, 2013 $ 849.6 $ 3,012.9 $ 277.3 $ 4,139.8 Goodwill acquired 114.8 0.5 - 115.3 Currency translation effect 14.7 43.1 4.3 62.1 Balance, May 31, 2014 979.1 3,056.5 281.6 4,317.2 Goodwill acquired 11.9 6.3 - 18.2 Currency translation effect (59.5) (211.1) (19.0) (289.6) Balance, April 30, 2015 $ 931.5 $ 2,851.7 $ 262.6 $ 4,045.8 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Fair Value [Abstract] | ||
Fair Value, By Balance Sheet Grouping | October 31, 2015 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Liabilities Contingent consideration $ - $ - $ 0.6 $ 0.6 Derivative instruments - 19.8 - 19.8 Total $ - $ 19.8 $ 0.6 $ 20.4 April 30, 2015 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Assets Cash equivalents $ 27.0 $ - $ - $ 27.0 Total $ 27.0 $ - $ - $ 27.0 Liabilities Derivative instruments $ - $ 20.8 $ - $ 20.8 Total $ - $ 20.8 $ - $ 20.8 | April 30, 2015 Fair Value Measurements Using Inputs Considered as Level 1 Level 2 Level 3 Fair Value (in millions) Assets Cash equivalents $ 27.0 $ - $ - $ 27.0 Total $ 27.0 $ - $ - $ 27.0 Liabilities Derivative instruments $ - $ 20.8 $ - $ 20.8 Total $ - $ 20.8 $ - $ 20.8 May 31, 2014 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Assets Cash equivalents $ 209.5 $ - $ - $ 209.5 Total $ 209.5 $ - $ - $ 209.5 Liabilities Contingent consideration $ - $ - $ 12.4 $ 12.4 Derivative instruments - 16.1 - 16.1 Total $ - $ 16.1 $ 12.4 $ 28.5 |
Reconciliation Of Level 3 Assets And Liabilities | Fair Value Measurements Using Significant Unobservable Inputs (in millions) Level 3 Balance, April 30, 2015 $ - Total (gain) loss recorded in earnings 0.6 Balance, October 31, 2015 $ 0.6 | Fair Value Measurements Using Significant Unobservable Inputs (in millions) Level 3 Balance, May 31, 2012 $ - Contingent consideration 14.6 Total (gain) loss recorded in earnings (1.4) Balance, May 31, 2013 13.2 Settlements (0.7) Total (gain) loss recorded in earnings (0.1) Balance, May 31, 2014 12.4 Settlements (8.5) Total (gain) loss recorded in earnings (3.9) Balance, April 30, 2015 $ - |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 11 Months Ended |
Apr. 30, 2015 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents | April 30, May 31, (in millions) 2015 2014 Cash $ 499.7 $ 365.8 Cash equivalents 27.0 209.5 Total cash and cash equivalents $ 526.7 $ 575.3 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Accounts Receivable [Abstract] | ||
Accounts Receivable, Net | October 31, April 30, (in millions) 2015 2015 Accounts receivable $ 294.1 $ 308.4 Unbilled accounts receivable 44.7 41.5 Less: allowance for doubtful accounts (12.0) (11.9) Accounts receivable, net $ 326.8 $ 338.0 | April 30, May 31, (in millions) 2015 2014 Accounts receivable $ 308.4 $ 369.4 Unbilled accounts receivable 41.5 53.0 Less: allowance for doubtful accounts (11.9) (18.2) Accounts receivable, net $ 338.0 $ 404.2 |
Allowance for Doubtful Accounts | (in millions) Balance, May 31, 2012 $ 18.1 Provision 6.5 Write-offs and recoveries (9.0) Currency translation effect 0.4 Balance, May 31, 2013 16.0 Provision 13.1 Write-offs and recoveries (11.2) Currency translation effect 0.3 Balance, May 31, 2014 18.2 Provision 8.6 Write-offs and recoveries (13.6) Currency translation effect (1.3) Balance, April 30, 2015 $ 11.9 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 11 Months Ended |
Apr. 30, 2015 | |
Property and Equipment [Abstract] | |
Schedule Of Property and Equipment | April 30, May 31, Useful Lives (in millions) 2015 2014 (in years) Land, buildings and leasehold improvements $ 76.5 $ 75.2 1 – 36 Computer equipment and software 158.7 148.7 1 – 7 Other equipment, furniture and fixtures 37.2 35.9 1 – 13 Equipment under capital leases 11.9 15.5 Total property and equipment 284.3 275.3 Less: accumulated depreciation and amortization (202.5) (192.5) Property and equipment, net $ 81.8 $ 82.8 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Intangible Assets [Abstract] | ||
Schedule of intangible assets | October 31, 2015 April 30, 2015 Gross Gross Estimated Carrying Accumulated Carrying Accumulated Useful Lives (in millions) Amounts Amortization Net (1) Amounts Amortization Net (in years) Customer contracts and relationships $ 1,991.7 $ 1,223.4 $ 768.3 $ 1,735.2 $ 1,168.4 $ 566.8 2 - 15 Acquired and developed technology 1,117.5 893.7 223.8 1,029.2 868.5 160.7 2 - 11 Tradenames 137.9 128.9 9.0 132.6 129.1 3.5 1 - 20 Total $ 3,247.1 $ 2,246.0 $ 1,001.1 $ 2,897.0 $ 2,166.0 $ 731.0 (1) Net intangible assets decreased from April 30, 2015 to October 31, 2015 by approximately $5.8 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities. | April 30, 2015 May 31, 2014 Gross Gross Estimated Carrying Accumulated Carrying Accumulated Useful Lives (in millions) Amounts Amortization Net (1) Amounts Amortization Net (in years) Customer contracts and relationships $ 1,735.2 $ 1,168.4 $ 566.8 $ 1,840.2 $ 1,118.2 $ 722.0 2 - 15 Acquired and developed technology 1,029.2 868.5 160.7 1,082.4 859.0 223.4 2 - 11 Tradenames 132.6 129.1 3.5 137.6 132.3 5.3 1 - 20 Total $ 2,897.0 $ 2,166.0 $ 731.0 $ 3,060.2 $ 2,109.5 $ 950.7 (1) Net intangible assets decreased from May 31, 2014, to April 30, 2015, by approximately $42.4 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities. |
Amortization expense by asset type | Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Customer contracts and relationships $ 34.3 $ 35.9 $ 67.0 $ 73.1 Acquired and developed technology 16.1 17.8 32.5 36.2 Tradenames 0.3 0.3 0.4 2.0 Total $ 50.7 $ 54.0 $ 99.9 $ 111.3 | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Customer contracts and relationships $ 129.1 $ 153.1 $ 161.0 Acquired and developed technology 64.3 72.2 75.4 Tradenames 1.5 9.4 9.7 Total $ 194.9 $ 234.7 $ 246.1 |
Estimated future amortization expense | (in millions) Fiscal 2016 (remaining 6 months) $ 110.8 Fiscal 2017 179.8 Fiscal 2018 132.4 Fiscal 2019 115.2 Fiscal 2020 106.5 Fiscal 2021 100.5 Thereafter 255.9 Total $ 1,001.1 | (in millions) Fiscal 2016 $ 187.4 Fiscal 2017 139.6 Fiscal 2018 92.9 Fiscal 2019 78.1 Fiscal 2020 70.9 Thereafter 162.1 Total $ 731.0 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Accrued Expenses [Abstract] | ||
Schedule of accrued expenses | October 31, April 30, (in millions) 2015 2015 Compensation and employee benefits $ 158.0 $ 157.3 Taxes other than income 17.9 25.2 Royalties and partner commissions 51.8 54.5 Litigation 2.0 1.6 Professional fees 7.0 8.2 Subcontractor expense 7.0 7.9 Interest 92.4 22.6 Restructuring 6.5 3.7 Asset retirement obligations 2.9 1.4 Deferred rent 3.3 3.5 Other 49.8 53.2 Accrued expenses $ 398.6 $ 339.1 | April 30, May 31, (in millions) 2015 2014 Compensation and employee benefits $ 157.3 $ 170.2 Taxes other than income 25.2 26.0 Royalties and partner commissions 54.5 47.0 Litigation 1.6 2.4 Professional fees 8.2 8.1 Subcontractor expense 7.9 8.0 Interest 22.6 69.1 Restructuring 3.7 16.1 Asset retirement obligations 1.4 1.7 Deferred rent 3.5 16.9 Other 53.2 40.8 Accrued expenses $ 339.1 $ 406.3 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Share Purchase and Option Plans [Abstract] | ||
Equity Compensation Expense By Category | Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Cost of software license fees and subscriptions $ - $ 0.2 $ - $ 0.2 Cost of product updates and support fees - 0.2 0.1 0.6 Cost of consulting services and other fees - 0.3 - 0.3 Sales and marketing 0.4 1.7 0.7 3.5 Research and development 0.3 1.1 0.6 2.6 General and administrative 1.2 2.3 1.8 5.8 Total $ 1.9 $ 5.8 $ 3.2 $ 13.0 | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Cost of software license fees and subscriptions $ 0.2 $ - $ - Cost of product updates and support fees 0.5 0.4 - Cost of consulting services and other fees 0.3 3.0 - Sales and marketing 3.5 9.7 5.9 Research and development 3.7 8.1 5.3 General and administrative 7.3 7.5 2.8 Total $ 15.5 $ 28.7 $ 14.0 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Restructuring Charges [Abstract] | ||
Schedule of restructuring activity | Adjustment to Costs Total Balance Foreign Balance Total Costs Expected April 30, Initial Currency Cash October 31, Recognized Program (in millions) 2015 Costs Expense Effect Payments 2015 to Date Costs Fiscal 2016 restructuring Severance $ - $ 5.7 $ - $ (0.1) $ (1.8) $ 3.8 $ 5.7 $ 5.7 Facilities and other - 1.8 - (0.1) - 1.7 1.6 1.6 Total fiscal 2016 restructuring - 7.5 - (0.2) (1.8) 5.5 7.3 7.3 Fiscal 2016 acquisition-related Severance - 0.9 - - - 0.9 0.9 0.9 Total fiscal 2016 acquisition-related - 0.9 - - - 0.9 0.9 0.9 Fiscal 2015 restructuring Severance 2.2 - (0.4) - (1.3) 0.5 10.2 10.2 Total fiscal 2015 restructuring 2.2 - (0.4) - (1.3) 0.5 10.2 10.2 Previous restructuring Severance 0.6 - (0.1) - (0.2) 0.3 31.4 31.4 Facilities and other 0.3 - 0.1 - (0.3) 0.1 2.3 2.3 Total previous restructuring 0.9 - - - (0.5) 0.4 33.7 33.7 Previous acquisition-related Severance 0.4 - - - - 0.4 40.5 40.5 Facilities and other 0.4 - 0.2 - (0.4) 0.2 4.0 4.0 Total previous acquisition-related 0.8 - 0.2 - (0.4) 0.6 44.5 44.5 Total restructuring $ 3.9 $ 8.4 $ (0.2) $ (0.2) $ (4.0) $ 7.9 $ 96.6 $ 96.6 | Adjustment to Costs Total Balance Foreign Balance Total Costs Expected May 31, Initial Currency Cash April 30, Recognized Program (in millions) 2014 Costs Expense Effect Payments 2015 to Date Costs Fiscal 2015 restructuring Severance $ - $ 10.5 $ - $ (0.2) $ (8.1) $ 2.2 $ 10.5 $ 10.5 Facilities and other - 0.2 - - (0.2) - 0.2 0.2 Total fiscal 2015 restructuring - 10.7 - (0.2) (8.3) 2.2 10.7 10.7 Fiscal 2014 restructuring Severance 12.6 - (3.0) (0.7) (8.6) 0.3 18.9 18.9 Facilities and other 0.5 - - - (0.4) 0.1 0.8 0.8 Total fiscal 2014 restructuring 13.1 - (3.0) (0.7) (9.0) 0.4 19.7 19.7 Fiscal 2013 restructuring Severance 1.5 - (0.2) (0.1) (0.9) 0.3 12.7 12.7 Facilities and other 0.4 - - - (0.2) 0.2 1.4 1.4 Total fiscal 2013 restructuring 1.9 - (0.2) (0.1) (1.1) 0.5 14.1 14.1 Fiscal 2013 acquisition-related Severance 0.1 - - - (0.1) - 0.8 0.8 Total fiscal 2013 acquisition-related 0.1 - - - (0.1) - 0.8 0.8 Previous restructuring Severance 0.2 - (0.2) - - 13.7 13.7 Total previous restructuring 0.2 - (0.2) - - - 13.7 13.7 Previous acquisition-related Severance 0.6 - (0.1) (0.1) - 0.4 47.6 47.6 Facilities and other 2.3 - (1.5) (0.2) (0.2) 0.4 17.7 17.7 Total previous acquisition-related 2.9 - (1.6) (0.3) (0.2) 0.8 65.3 65.3 Total restructuring $ 18.2 $ 10.7 $ (5.0) $ (1.3) $ (18.7) $ 3.9 $ 124.3 $ 124.3 Adjustment to Costs Total Balance Foreign Balance Total Costs Expected May 31, Initial Currency Cash May 31, Recognized Program (in millions) 2013 Costs Expense Effect Payments 2014 to Date Costs Fiscal 2014 restructuring Severance $ - $ 22.0 $ - $ - $ (9.4) $ 12.6 $ 22.0 $ 22.0 Facilities and other - 0.8 - - (0.3) 0.5 0.8 0.8 Total fiscal 2014 restructuring - 22.8 - - (9.7) 13.1 22.8 22.8 Fiscal 2013 restructuring Severance 7.9 - (1.9) 0.3 (4.8) 1.5 12.8 12.8 Facilities and other 0.5 - 0.6 - (0.7) 0.4 1.4 1.4 Total fiscal 2013 restructuring 8.4 - (1.3) 0.3 (5.5) 1.9 14.2 14.2 Fiscal 2013 acquisition-related Severance 0.6 - - - (0.5) 0.1 0.8 0.8 Total fiscal 2013 acquisition-related 0.6 - - - (0.5) 0.1 0.8 0.8 Previous restructuring Severance 1.6 - (0.5) - (0.9) 0.2 13.9 13.9 Facilities and other 0.1 - - - (0.1) - 0.4 0.4 Total previous restructuring 1.7 - (0.5) - (1.0) 0.2 14.3 14.3 Previous acquisition-related Severance 0.8 - 0.1 - (0.3) 0.6 54.7 54.7 Facilities and other 6.4 - (2.5) 0.1 (1.7) 2.3 21.9 21.9 Total previous acquisition-related 7.2 - (2.4) 0.1 (2.0) 2.9 76.6 76.6 Total restructuring $ 17.9 $ 22.8 $ (4.2) $ 0.4 $ (18.7) $ 18.2 $ 128.7 $ 128.7 Adjustment to Costs Total Balance Foreign Balance Total Costs Expected May 31, Initial Currency Cash May 31, Recognized Program (in millions) 2012 Costs Expense Other Effect Payments 2013 to Date Costs Fiscal 2013 restructuring Severance $ - $ 19.4 $ (4.6) $ - $ 0.2 $ (7.1) $ 7.9 $ 14.8 $ 14.8 Facilities and other - 0.4 0.3 0.1 - (0.3) 0.5 0.7 0.7 Total fiscal 2013 restructuring - 19.8 (4.3) 0.1 0.2 (7.4) 8.4 15.5 15.5 Fiscal 2013 acquisition-related Severance - 0.7 0.1 - (0.1) (0.1) 0.6 0.8 0.8 Facilities and other - 0.1 - - - (0.1) - 0.1 0.1 Total fiscal 2013 acquisition-related - 0.8 0.1 - (0.1) (0.2) 0.6 0.9 0.9 Previous restructuring Severance 15.1 - (6.2) - 0.7 (8.0) 1.6 14.4 14.4 Facilities and other 1.6 - 0.2 (0.2) 0.4 (1.9) 0.1 4.6 4.6 Total previous restructuring 16.7 - (6.0) (0.2) 1.1 (9.9) 1.7 19.0 19.0 Previous acquisition-related Severance 5.5 - (1.0) - 0.4 (4.1) 0.8 54.6 54.6 Facilities and other 8.3 - 0.8 0.2 - (2.9) 6.4 24.3 24.3 Total previous acquisition-related 13.8 - (0.2) 0.2 0.4 (7.0) 7.2 78.9 78.9 Total restructuring $ 30.5 $ 20.6 $ (10.4) $ 0.1 $ 1.6 $ (24.5) $ 17.9 $ 114.3 $ 114.3 |
Schedule of restructuring charges by segment | Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 License $ 0.6 $ 2.2 $ 1.6 $ 4.9 Maintenance 0.6 0.5 1.2 1.0 Consulting 1.0 (0.5) 1.1 4.3 General and administrative and other functions 4.2 1.6 4.3 1.1 Total restructuring costs $ 6.4 $ 3.8 $ 8.2 $ 11.3 | 11 Months Ended Years Ended May 31, April 30, 2015 2014 2013 (in millions) License $ 3.2 $ 4.2 $ 3.8 Maintenance 0.8 0.7 0.3 Consulting 0.8 9.1 (0.1) General and administrative and other functions 0.9 4.6 6.2 Total restructuring costs $ 5.7 $ 18.6 $ 10.2 |
Debt (Tables)
Debt (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Debt [Abstract] | ||
Schedule of long-term debt | October 31, 2015 April 30, 2015 Principal Net Contractual Principal Net Contractual (in millions) Amount Amount (1) Rate Amount Amount (1) Rate First lien Term B-3 due June 3, 2020 $ 464.3 $ 460.2 3.750 % $ 466.7 $ 462.2 3.750 % First lien Term B-5 due June 3, 2020 2,460.3 2,377.6 3.750 % 2,473.0 2,382.0 3.750 % First lien Euro Term B due June 3, 2020 372.7 367.9 4.000 % 382.3 377.0 4.000 % 6.5% senior notes due May 15, 2022 1,630.0 1,619.0 6.500 % 1,630.0 1,618.4 6.500 % 5.75% senior notes due May 15, 2022 385.2 379.8 5.750 % 393.0 387.2 5.750 % 5.75% senior secured notes due August 15, 2020 500.0 479.3 5.750 % - - - Deferred financing fees, debt discounts and premiums, net (128.7) - (118.2) - Total long-term debt 5,683.8 5,683.8 5,226.8 5,226.8 Less: current portion (0.1) (0.1) (0.1) (0.1) Total long-term debt - non-current $ 5,683.7 $ 5,683.7 $ 5,226.7 $ 5,226.7 (1) Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. | April 30, 2015 May 31, 2014 Principal Net Contractual Principal Net Contractual (in millions) Amount Amount (1) Rate Amount Amount (1) Rate First lien Term B-3 due June 3, 2020 $ 466.7 $ 462.2 3.750 % $ 477.4 $ 472.2 3.750 % First lien Term B-5 due June 3, 2020 2,473.0 2,382.0 3.750 % 2,543.6 2,437.6 3.750 % First lien Euro Term B due June 3, 2020 382.3 377.0 4.000 % 472.0 465.9 4.000 % 6.5% senior notes due May 15, 2022 1,630.0 1,618.4 6.500 % - - - 5.75% senior notes due May 15, 2022 393.0 387.2 5.750 % - - - 9.375% senior notes due April 1, 2019 - - - 1,015.0 997.3 9.375 % 10.0% senior notes due April 1, 2019 - - - 340.7 334.6 10.000 % 11.5% senior notes due July 15, 2018 - - - 560.0 542.5 11.500 % Deferred financing fees, debt discounts and premiums, net (118.2) - (158.6) - Total long-term debt 5,226.8 5,226.8 5,250.1 5,250.1 Less: current portion (0.1) (0.1) (31.7) (31.7) Total long-term debt - non-current $ 5,226.7 $ 5,226.7 $ 5,218.4 $ 5,218.4 (1) Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. |
Schedule of long-term debt maturities | (in millions) Fiscal 2016 (remaining 6 months) $ - Fiscal 2017 2.0 Fiscal 2018 26.7 Fiscal 2019 34.2 Fiscal 2020 34.2 Fiscal 2021 3,700.2 Thereafter 2,015.2 Total $ 5,812.5 | (in millions) Fiscal 2016 $ 0.1 Fiscal 2017 11.6 Fiscal 2018 34.3 Fiscal 2019 34.3 Fiscal 2020 34.3 Thereafter 5,230.4 Total $ 5,345.0 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Comprehensive Income (Loss) [Abstract] | ||
Schedule of accumulated other comprehensive income (loss) | Foreign Funded Status Derivative Accumulated Currency of Defined Instruments Other Translation Benefit Unrealized Comprehensive (in millions) Adjustment Pension Plan (1) Gain (Loss) (2) Income (Loss) Balance, April 30, 2015 $ (211.5) $ (16.3) $ (12.8) $ (240.6) Other comprehensive income (loss) (62.4) 0.2 0.6 (61.6) Balance, October 31, 2015 $ (273.9) $ (16.1) $ (12.2) $ (302.2) ________________ (1) Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million and $4.6 million as of October 31, 2015 and April 30, 2015, respectively. (2) Derivative instruments unrealized gain (loss) is presented net of tax benefit of $7.6 million and $8.0 million as of October 31, 2015 and April 30, 2015, respectively. | Foreign Currency Translation Funded Status of Defined Benefit Derivative Instruments Unrealized Accumulated Other Comprehensive (in millions) Adjustment Pension Plan (1) Gain (Loss) (2) Income (Loss) Balance, May 31, 2013 $ 98.9 $ (8.9) $ - $ 90.0 Other comprehensive income (loss) (32.9) 1.5 (9.9) (41.3) Balance, May 31, 2014 66.0 (7.4) (9.9) 48.7 Other comprehensive income (loss) (277.5) (8.9) (2.9) (289.3) Balance, April 30, 2015 $ (211.5) $ (16.3) $ (12.8) $ (240.6) (1) Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million, $2.5 million and $2.8 million as of April 30, 2015, May 31, 2014 and 2013, respectively. (2) Derivative instruments unrealized gain (loss) is presented net of tax benefit of $1.8 million and $6.2 million as of April 30, 2015, and May 31, 2014, respectively. |
Components of Other Comprehensive Income (Loss), Including Amounts Reclassified Out Of Accumulated Other Comprehensive Income | (in millions) Income Tax Three Months Ended Before-Tax (Expense) Benefit Net-of-Tax October 31, 2015 Foreign currency translation adjustment $ 2.4 $ - $ 2.4 Change in funded status of defined benefit plans - - - Derivative instruments unrealized loss (2.9) 1.0 (1.9) Reclassification adjustments: Amortization of derivative instruments unrealized loss 3.0 (1.1) 1.9 Other comprehensive income (loss) $ 2.5 $ (0.1) $ 2.4 October 31, 2014 Foreign currency translation adjustment $ (80.0) $ - $ (80.0) Change in funded status of defined benefit plans 0.6 - 0.6 Derivative instruments unrealized loss (4.1) 1.6 (2.5) Other comprehensive income (loss) $ (83.5) $ 1.6 $ (81.9) (in millions) Income Tax Six Months Ended Before-Tax (Expense) Benefit Net-of-Tax October 31, 2015 Foreign currency translation adjustment $ (62.4) $ - $ (62.4) Change in funded status of defined benefit plans 0.2 - 0.2 Derivative instruments unrealized gain (loss) (4.9) 1.9 (3.0) Reclassification adjustments: Amortization of derivative instruments unrealized loss 5.9 (2.3) 3.6 Other comprehensive income (loss) $ (61.2) $ (0.4) $ (61.6) October 31, 2014 Foreign currency translation adjustment $ (137.3) $ - $ (137.3) Change in funded status of defined benefit plans 1.6 (0.1) 1.5 Derivative instruments unrealized gain (loss) (4.9) 1.9 (3.0) Other comprehensive income (loss) $ (140.6) $ 1.8 $ (138.8) | (in millions) Before-Tax Income Tax (Expense) Benefit Net-of-Tax Fiscal 2015 (11 months) Foreign currency translation adjustment $ (277.5) $ - $ (277.5) Change in funded status of defined benefit plans (10.5) 2.1 (8.4) Derivative instruments unrealized loss (5.7) 1.8 (3.9) Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.3) - (0.3) Amortization of prior service cost - defined benefit plans (1) (0.2) - (0.2) Amortization of derivative instruments unrealized loss 1.0 - 1.0 Other comprehensive income (loss) $ (293.2) $ 3.9 $ (289.3) Fiscal 2014 (12 months) Foreign currency translation adjustment $ (32.9) $ - $ (32.9) Change in funded status of defined benefit plans 4.3 (0.3) 4.0 Derivative instruments unrealized loss (16.1) 6.2 (9.9) Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.6) - (0.6) Amortization of prior service cost - defined benefit plans (1) (1.9) - (1.9) Other comprehensive income (loss) $ (47.2) $ 5.9 $ (41.3) Fiscal 2013 (12 months) Foreign currency translation adjustment $ 126.5 $ - $ 126.5 Change in funded status of defined benefit plans 1.5 0.6 2.1 Reclassification adjustments: Amortization of net actuarial gains and losses - defined benefit plans (1) (0.3) - (0.3) Amortization of prior service cost - defined benefit plans (1) (0.2) - (0.2) Other comprehensive income (loss) $ 127.5 $ 0.6 $ 128.1 (1) Amounts reclassified out of accumulated other comprehensive income related to defined benefit plan adjustments were included in the respective categories of operating expenses in our Consolidated Statement of Operations. These amounts were included as a component of our net periodic pension costs. See Note 19, Retirement Plans - Defined Benefit Plans , for additional detail. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 11 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Capital Lease Obligations | (in millions) Fiscal 2016 $ 3.6 Fiscal 2017 2.4 Fiscal 2018 1.3 Fiscal 2019 0.5 Fiscal 2020 - Thereafter - Total minimum capital lease payments 7.8 Less: amounts representing interest (0.5) Present value of net minimum obligations 7.3 Less: current portion (3.3) Long-term capital lease obligations $ 4.0 |
Schedule Of Operating Lease Obligations | (in millions) Fiscal 2016 $ 50.7 Fiscal 2017 35.9 Fiscal 2018 28.9 Fiscal 2019 22.9 Fiscal 2020 17.9 Thereafter 56.3 Total minimum operating lease payments $ 212.6 |
Derivative Financial Instrume52
Derivative Financial Instruments (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Derivative Financial Instruments [Abstract] | ||
Balance sheet fair value, and the impact on other comprehensive income, accumulated other comprehensive income and the statement of operations | Balance Sheet Fair Value at Notional Derivative Classification October 31, April 30, (in millions, except percentages) Amount Base Asset (Liability) 2015 2015 Accounting cash flow hedges: Interest rate swap $ 425.3 2.4725 % Accrued expenses $ (5.2) $ (4.7) Other long-term liabilities (3.6) (4.8) Interest rate swap 212.6 2.4740 % Accrued expenses (2.6) (2.3) Other long-term liabilities (1.9) (2.5) Interest rate swap 212.6 2.4750 % Accrued expenses (2.6) (2.4) Other long-term liabilities (1.9) (2.0) Interest rate swap 94.5 2.4725 % Accrued expenses (1.1) (1.1) Other long-term liabilities (0.9) (1.0) Total $ 945.0 Total, net asset (liability) $ (19.8) $ (20.8) The following table presents the before-tax impact of the derivative financial instruments on our other comprehensive income (OCI), accumulated other comprehensive income (AOCI), and our statement of operations for the periods indicated: Three Months Ended Six Months Ended Statement of October 31, October 31, (in millions) Operations Location 2015 2014 2015 2014 Accounting cash flow hedges: Interest rate swaps Effective portion - gain (loss) recognized in OCI $ (2.9) $ (4.1) $ (4.9) $ (4.9) (Gain) loss reclassified from AOCI into net income Interest expense, net $ 3.0 $ - $ 5.9 $ - | The following table presents the fair values of the derivative financial instruments included on our Consolidated Balance Sheets at the dates indicated: Balance Sheet Notional Derivative Classification Fair Value at (in millions, except percentages) Amount Base Asset (Liability) April 30, 2015 May 31, 2014 Accounting cash flow hedges: Interest rate swap $ 425.3 2.4725 % Accrued expenses $ (4.7) $ - Other long-term liabilities (4.8) (7.3) Interest rate swap 212.6 2.4740 % Accrued expenses (2.3) - Other long-term liabilities (2.5) (3.6) Interest rate swap 212.6 2.4750 % Accrued expenses (2.4) - Other long-term liabilities (2.0) (3.6) Interest rate swap 94.5 2.4725 % Accrued expenses (1.1) - Other long-term liabilities (1.0) (1.6) Total $ 945.0 Total, net asset (liability) $ (20.8) $ (16.1) The following table presents the before-tax impact of the derivative financial instruments on our other comprehensive income (OCI), accumulated other comprehensive income (AOCI), and our statement of operations for the periods indicated: Statement of 11 Months Ended Year Ended May 31, (in millions) Operations Location April 30, 2015 2014 2013 Accounting cash flow hedges: Interest rate swaps Effective portion - gain (loss) recognized in OCI $ (5.7) $ (16.1) $ - Gain (loss) reclassified from AOCI into net income Interest expense, net $ 1.0 $ - $ - |
Share Purchase and Option Pla53
Share Purchase and Option Plans (Tables) | 11 Months Ended |
Apr. 30, 2015 | |
Share Purchase and Option Plans [Abstract] | |
Management Incentive Units Activity | Weighted Average Number of Grant Date (in thousands, except fair value amounts) Class C MIUs Fair Value Non-vested, May 31, 2012 5,915 $ 3.53 Granted 455 $ 4.96 Cancelled (1,156) $ 3.72 Vested (713) $ 3.53 Non-vested, May 31, 2013 4,501 $ 3.63 Granted 1,399 $ 7.29 Cancelled (279) $ 4.39 Vested (2,777) $ 3.66 Non-vested, May 31, 2014 2,844 $ 5.24 Granted 591 $ 7.56 Cancelled (155) $ 5.20 Vested (1,734) $ 4.31 Non-vested, April 30, 2015 1,546 $ 7.19 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Income Taxes [Abstract] | ||
Income (Loss) Before Income Taxes by Jurisdiction | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 United States $ (187.7) $ (120.0) $ (111.5) Foreign 155.2 254.3 57.9 Income (loss) before income tax $ (32.5) $ 134.3 $ (53.6) | |
Income tax provision (benefit) | Three Months Ended Six Months Ended October 31, October 31, (in millions, except percentages) 2015 2014 2015 2014 Income tax provision $ 6.5 $ 19.8 $ 16.9 $ 32.6 Effective income tax rate 175.7 % 60.2 % 23.6 % 27.3 % | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Current Federal $ 6.3 $ 14.1 $ 3.8 State 1.1 3.5 4.4 Foreign 19.5 18.5 50.8 Total current provision 26.9 36.1 59.0 Deferred Federal (68.9) (12.3) (7.1) State (7.1) 0.6 0.6 Foreign (3.1) (11.8) (29.9) Total deferred provision (benefit) (79.1) (23.5) (36.4) Total income tax provision (benefit) $ (52.2) $ 12.6 $ 22.6 Effective income tax rate 160.6 % 9.4 % (42.2) % |
Income tax provision (benefit) computed with the federal statutory rate | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Federal income tax rate $ (11.4) $ 47.0 $ (18.8) Subpart F income 5.9 31.0 14.0 Change in valuation allowance related to IRC Section 163(j) - - 20.9 Foreign tax rate differential (49.6) (49.9) (3.2) Reorganization costs (0.9) (1.9) 5.6 Change in valuation allowance 0.5 (19.9) (6.9) U.S. state tax rate difference (7.2) (4.0) (3.3) Tax rate changes - 2.3 2.7 Stock compensation 5.5 11.1 5.4 Withholding tax 9.2 9.0 8.6 Permanent items 1.4 3.8 2.7 Uncertain tax positions - (13.0) (3.3) Section 199 benefit (1.6) - - Other (4.0) (2.9) (1.8) Total income tax provision (benefit) $ (52.2) $ 12.6 $ 22.6 | |
Components of deferred tax assets and liabilities | April 30, May 31, (in millions) 2015 2014 Deferred tax assets Foreign operating loss carryforward $ 203.3 $ 261.2 Interest 298.2 292.6 Federal operating loss carryforward 31.0 35.8 Capital loss carryforward 44.5 48.6 Preacquisition disallowed deductions 13.6 16.0 State operating loss carryforward 10.2 11.7 Accrued payroll and related expenses 32.1 35.4 Depreciation 16.6 17.8 Credits 15.7 23.4 Restructuring - 10.4 Bad debts 2.6 6.6 Accrued severance 0.6 1.4 Other 69.4 42.2 Gross deferred tax assets 737.8 803.1 Less: valuation allowance (521.7) (565.2) Net deferred tax assets 216.1 237.9 Deferred tax liabilities Intangibles 214.8 309.9 Goodwill 5.4 5.2 Prepaid expenses 0.4 0.5 Gross deferred tax liabilities 220.6 315.6 Net deferred tax assets (liabilities) $ (4.5) $ (77.7) | |
Summary Of Components Of Net Deferred Income Tax Asset (Liability), Classified On The Consolidated Balance Sheet | April 30, May 31, (in millions) 2015 2014 Current deferred tax asset $ 30.8 $ 27.5 Non-current deferred tax asset 72.8 88.6 Current deferred tax liability (1.1) (1.3) Non-current deferred tax liability (107.0) (192.5) Net deferred tax assets (liabilities) $ (4.5) $ (77.7) | |
Summary Of The Rollforward Of Deferred Tax Asset Valuation Allowance | (in millions) Balance, May 31, 2012 $ 713.1 Changes in valuation allowances related to purchased tax assets 0.8 Adjustment of net operating losses (135.1) Provisions for valuation allowance 65.3 Release of valuation allowance (51.3) Currency adjustment 1.1 Balance, May 31, 2013 593.9 Adjustment of net operating losses (26.8) Provisions for valuation allowance 13.0 Release of valuation allowance (28.4) Currency adjustment 13.5 Balance, May 31, 2014 565.2 Adjustment of net operating losses (10.9) Provisions for valuation allowance 9.0 Release of valuation allowance (8.5) Currency adjustment (33.1) Balance, April 30, 2015 $ 521.7 | |
Summary Of The Rollforward Of Unrecognized Tax Benefits | (in millions) Balance, May 31, 2012 $ 193.2 Additions based on tax positions related to current year 12.1 Additions based on tax positions related to prior years 9.7 Reductions based on tax positions related to prior years (8.8) Reductions related to settlements (1.0) Reductions related to lapses in statute (19.0) Additions/(reductions) due to changes in foreign exchange rates 1.2 Other (1.0) Balance, May 31, 2013 186.4 Additions based on tax positions related to current year 7.3 Additions based on tax positions related to prior years 2.4 Reductions based on tax positions related to prior years (6.7) Reductions related to settlements (9.0) Reductions related to lapses in statute (21.2) Additions/(reductions) due to changes in foreign exchange rates 2.5 Balance, May 31, 2014 161.7 Additions based on tax positions related to current year 10.3 Additions based on tax positions related to prior years 20.5 Reductions based on tax positions related to prior years (18.5) Reductions related to settlements (0.7) Reductions related to lapses in statute (10.6) Additions/(reductions) due to changes in foreign exchange rates (18.9) Balance, April 30, 2015 $ 143.8 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 11 Months Ended |
Apr. 30, 2015 | |
Retirement Plans [Abstract] | |
Change In Projected Benefit Obligation | Change in Projected Benefit Obligation April 30, May 31, (in millions) 2015 2014 Projected Benefit obligation, beginning of fiscal year $ 106.6 $ 92.7 Service cost 1.2 1.4 Interest cost 3.4 4.2 Plan participants contribution 0.3 0.3 Actuarial (gain) loss 14.7 (0.6) Benefits payments (2.2) (2.5) Assumption changes 0.6 3.9 Curtailment/settlement (0.3) (0.4) Currency translation adjustment (10.0) 7.6 Projected benefit obligation, end of fiscal year $ 114.3 $ 106.6 Accumulated benefit obligation, end of fiscal year $ 109.2 $ 101.7 |
Change In Plan Assets | Change in Plan Assets April 30, May 31, (in millions) 2015 2014 Fair value of plan assets, beginning of fiscal year $ 74.2 $ 60.2 Actual return on plan assets 6.1 4.5 Employer contribution 2.3 3.8 Plan participants contribution 0.3 0.3 Benefits payments (1.8) (2.1) Currency translation adjustment (6.2) 7.5 Fair value of plan assets, end of fiscal year $ 74.9 $ 74.2 Funded status, end of fiscal year $ (39.4) $ (32.4) |
Amounts Recognized In The Consolidated Balance Sheets | Amounts Recognized on Our Consolidated Balance Sheets April 30, May 31, (in millions) 2015 2014 Non-current asset $ 1.0 $ 1.5 Current liability (0.1) (2.1) Non-current liability (40.3) (31.8) Total $ (39.4) $ (32.4) |
Amounts Recognized In Accumulated Other Comprehensive Income (Loss) | Amounts Recognized in Accumulated Other Comprehensive Income (Loss) April 30, May 31, (in millions) 2015 2014 2013 Net actuarial gain (loss) $ (19.9) $ (8.5) $ (10.2) Prior service cost (1.0) (1.4) (1.5) Tax 4.6 2.5 2.8 Total amounts recognized in accumulated other comprehensive income (loss) $ (16.3) $ (7.4) $ (8.9) |
Components Of Net Periodic Pension Cost | Components of Net Periodic Pension Cost 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Service cost $ 1.2 $ 1.4 $ 1.1 Interest cost 3.4 4.2 3.6 Amortization of prior service cost 0.2 1.9 0.2 Amortization of net actuarial (gain) loss 0.3 0.6 0.3 Expected return on plan assets (3.7) (3.9) (2.9) Net periodic pension cost $ 1.4 $ 4.2 $ 2.3 |
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Net actuarial gain (loss) $ (11.4) $ 1.7 $ 0.5 Prior service cost 0.6 2.0 0.7 Amortization of prior service cost (0.2) (1.9) (0.2) Tax 2.1 (0.3) 0.6 Total recognized in other comprehensive income (loss) $ (8.9) $ 1.5 $ 1.6 Total recognized in net periodic benefit costs and other comprehensive income (loss) $ (10.3) $ (2.7) $ (0.7) |
Estimated Amortization To Be Recognized As Part Of Net Periodic Pension Cost | (in millions) Net actuarial (gain) loss $ 0.7 Prior service cost $ 0.2 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | April 30, May 31, (in millions) 2015 2014 Projected benefit obligation $ 113.0 $ 105.0 Accumulated benefit obligation $ 107.8 $ 100.1 Fair value of plan assets $ 72.5 $ 71.2 |
Schedule of Fair Value of Plan Assets | April 30, 2015 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Assets Equity securities $ - $ 42.9 $ - $ 42.9 Debt securities - 21.4 - 21.4 Other 0.3 10.3 - 10.6 Total $ 0.3 $ 74.6 $ - $ 74.9 May 31, 2014 Fair Value Measurements Using Inputs Considered as (in millions) Level 1 Level 2 Level 3 Fair Value Assets Equity securities $ - $ 42.6 $ - $ 42.6 Debt securities - 22.3 - 22.3 Other 0.4 8.9 - 9.3 Total $ 0.4 $ 73.8 $ - $ 74.2 |
Weighted-Average Assumptions Used To Determine Benefit Obligations | Weighted-Average Assumptions Used to Determine Benefit Obligations April 30, May 31, 2015 2014 2013 Projected benefit obligation Discount rate 2.9 % 3.9 % 4.1 % Rate of compensation increase 2.5 % 2.9 % 3.8 % Net periodic benefit cost Discount rate 3.7 % 4.0 % 4.2 % Expected rate of return on plan assets 5.5 % 5.5 % 5.6 % Rate of compensation increase 2.5 % 3.1 % 3.7 % |
The Asset Allocation For Pension Plans By Asset Category | Target Percentage of Allocation Plan Assets at Fiscal 2016 April 30, 2015 Equity securities 57.3 % 57.3 % Debt instruments 28.6 % 28.6 % Other 14.1 % 14.1 % |
Future Benefit Payments Related To Our Defined Benefit Plans | (in millions) Fiscal 2016 $ 2.2 Fiscal 2017 2.1 Fiscal 2018 2.5 Fiscal 2019 2.2 Fiscal 2020 2.5 Fiscal 2021 through 2025 14.1 Total $ 25.6 |
Segment and Geographic Inform56
Segment and Geographic Information (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Segment And Geographic Information [Abstract] | ||
Schedule Of Reportable Segment Information | (in millions, except percentages) Reportable Segment Three Months Ended License Maintenance Consulting Total October 31, 2015 Revenues $ 144.2 $ 354.4 $ 169.1 $ 667.7 Cost of revenues 38.6 63.1 140.0 241.7 Direct sales and marketing costs 88.6 - - 88.6 Sales margin $ 17.0 $ 291.3 $ 29.1 $ 337.4 Sales margin % 11.8% 82.2% 17.2% 50.5% October 31, 2014 Revenues $ 133.0 $ 373.3 $ 180.9 $ 687.2 Cost of revenues 27.9 65.3 138.2 231.4 Direct sales and marketing costs 91.3 - 7.2 98.5 Sales margin $ 13.8 $ 308.0 $ 35.5 $ 357.3 Sales margin % 10.4% 82.5% 19.6% 52.0% (in millions, except percentages) Reportable Segment Six Months Ended License Maintenance Consulting Total October 31, 2015 Revenues $ 265.2 $ 711.4 $ 331.8 $ 1,308.4 Cost of revenues 68.7 124.7 278.8 472.2 Direct sales and marketing costs 176.6 - - 176.6 Sales margin $ 19.9 $ 586.7 $ 53.0 $ 659.6 Sales margin % 7.5% 82.5% 16.0% 50.4% October 31, 2014 Revenues $ 325.6 $ 747.1 $ 368.6 $ 1,441.3 Cost of revenues 60.1 131.7 284.7 476.5 Direct sales and marketing costs 198.4 - 7.2 205.6 Sales margin $ 67.1 $ 615.4 $ 76.7 $ 759.2 Sales margin % 20.6% 82.4% 20.8% 52.7% | Reportable Segment (in millions, except percentages) License Maintenance Consulting Total Fiscal 2015 (11 months) Revenues $ 479.9 $ 1,333.8 $ 629.7 $ 2,443.4 Cost of revenues 105.6 237.7 506.9 850.2 Direct sales and marketing costs 331.3 - 7.2 338.5 Sales margin $ 43.0 $ 1,096.1 $ 115.6 $ 1,254.7 Sales margin % 9.0% 82.2% 18.4% 51.4% Fiscal 2014 (12 months) Revenues $ 553.4 $ 1,467.1 $ 749.5 $ 2,770.0 Cost of revenues 92.1 261.4 590.4 943.9 Direct sales and marketing costs 377.1 - - 377.1 Sales margin $ 84.2 $ 1,205.7 $ 159.1 $ 1,449.0 Sales margin % 15.2% 82.2% 21.2% 52.3% Fiscal 2013 (12 months) Revenues $ 531.6 $ 1,442.7 $ 763.5 $ 2,737.8 Cost of revenues 77.3 254.2 590.2 921.7 Direct sales and marketing costs 379.4 - - 379.4 Sales margin $ 74.9 $ 1,188.5 $ 173.3 $ 1,436.7 Sales margin % 14.1% 82.4% 22.7% 52.5% |
Schedule Of Reconciliation Of Revenue And Operating Profit From Segments To Consolidated | Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Reportable segment revenues $ 667.7 $ 687.2 $ 1,308.4 $ 1,441.3 Purchase accounting revenue adjustments (1) (4.4) (1.6) (4.8) (2.5) Total revenues $ 663.3 $ 685.6 $ 1,303.6 $ 1,438.8 Reportable segment sales margin $ 337.4 $ 357.3 $ 659.6 $ 759.2 Other unallocated costs and operating expenses (2) 179.3 173.3 339.7 359.7 Amortization of intangible assets and depreciation 58.7 61.3 115.4 126.4 Restructuring costs 6.4 3.8 8.2 11.3 Income from operations 93.0 118.9 196.3 261.8 Total other expense, net 89.3 86.0 124.7 142.6 Income before income tax $ 3.7 $ 32.9 $ 71.6 $ 119.2 (1) Adjustments to decrease reportable segment revenue for revenue that we would have recognized had we not adjusted acquired deferred revenue as required by GAAP. (2) Other unallocated costs and operating expenses include certain sales and marketing expenses, research and development, general and administrative, acquisition-related and other costs, equity-based compensation, as well as adjustments for deferred costs recognized related to acquired deferred revenue. | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Reportable segment revenues $ 2,443.4 $ 2,770.0 $ 2,737.8 Purchase accounting revenue adjustments (1) (4.5) (8.2) (19.8) Total revenues $ 2,438.9 $ 2,761.8 $ 2,718.0 Reportable segment sales margin $ 1,254.7 $ 1,449.0 $ 1,436.7 Other unallocated costs and operating expenses (2) 632.9 711.4 685.3 Amortization of intangible assets and depreciation 222.9 264.3 275.7 Restructuring costs 5.7 18.6 10.2 Income from operations 393.2 454.7 465.5 Total other expense, net 425.7 320.4 519.1 Income (loss) before income tax $ (32.5) $ 134.3 $ (53.6) (1) Adjustments to decrease reportable segment revenue for revenue that we would have recognized had we not adjusted acquired deferred revenue as required by GAAP. (2) Other unallocated costs and operating expenses include certain sales and marketing expenses, research and development, general and administrative, acquisition-related and other costs, equity-based compensation, as well as adjustments for deferred costs recognized related to acquired deferred revenue. |
Summary Of Revenue By Geographic Region | (in millions) Geographic Region Three Months Ended Americas EMEA APAC Total October 31, 2015 Software license fees and subscriptions $ 97.9 $ 33.0 $ 9.0 $ 139.9 Product updates and support fees 229.0 99.4 25.9 354.3 Software revenues 326.9 132.4 34.9 494.2 Consulting services and other fees 92.5 64.3 12.3 169.1 Total revenues $ 419.4 $ 196.7 $ 47.2 $ 663.3 October 31, 2014 Software license fees and subscriptions $ 85.2 $ 37.3 $ 10.3 $ 132.8 Product updates and support fees 231.5 110.4 30.1 372.0 Software revenues 316.7 147.7 40.4 504.8 Consulting services and other fees 90.9 74.5 15.4 180.8 Total revenues $ 407.6 $ 222.2 $ 55.8 $ 685.6 (in millions) Geographic Region Six Months Ended Americas EMEA APAC Total October 31, 2015 Software license fees and subscriptions $ 185.5 $ 59.0 $ 16.4 $ 260.9 Product updates and support fees 459.6 198.6 52.7 710.9 Software revenues 645.1 257.6 69.1 971.8 Consulting services and other fees 177.7 129.2 24.9 331.8 Total revenues $ 822.8 $ 386.8 $ 94.0 $ 1,303.6 October 31, 2014 Software license fees and subscriptions $ 201.8 $ 93.0 $ 30.0 $ 324.8 Product updates and support fees 459.5 225.9 60.3 745.7 Software revenues 661.3 318.9 90.3 1,070.5 Consulting services and other fees 179.3 156.6 32.4 368.3 Total revenues $ 840.6 $ 475.5 $ 122.7 $ 1,438.8 | Geographic Region (in millions) Americas EMEA APAC Total Fiscal 2015 (11 months) Software license fees and subscriptions $ 300.8 $ 133.7 $ 44.7 $ 479.2 Product updates and support fees 840.7 386.3 103.3 1,330.3 Software revenues 1,141.5 520.0 148.0 1,809.5 Consulting services and other fees 312.7 264.7 52.0 629.4 Total revenues $ 1,454.2 $ 784.7 $ 200.0 $ 2,438.9 Fiscal 2014 (12 months) Software license fees and subscriptions $ 338.2 $ 160.9 $ 49.2 $ 548.3 Product updates and support fees 895.3 453.0 117.6 1,465.9 Software revenues 1,233.5 613.9 166.8 2,014.2 Consulting services and other fees 347.4 331.2 69.0 747.6 Total revenues $ 1,580.9 $ 945.1 $ 235.8 $ 2,761.8 Fiscal 2013 (12 months) Software license fees and subscriptions $ 307.8 $ 160.4 $ 49.9 $ 518.1 Product updates and support fees 883.8 433.4 124.0 1,441.2 Software revenues 1,191.6 593.8 173.9 1,959.3 Consulting services and other fees 354.5 328.7 75.5 758.7 Total revenues $ 1,546.1 $ 922.5 $ 249.4 $ 2,718.0 |
Summary Of Long-Lived Tangible Assets By Geographic Region | Geographic Region (in millions) Americas EMEA APAC Total October 31, 2015 $ 71.1 $ 22.3 $ 6.6 $ 100.0 April 30, 2015 $ 51.1 $ 24.6 $ 6.1 $ 81.8 | Geographic Region (in millions) Americas EMEA APAC Total April 30, 2015 $ 51.1 $ 24.6 $ 6.1 $ 81.8 May 31, 2014 $ 50.6 $ 26.5 $ 5.7 $ 82.8 |
Schedule Of Revenues By Country | Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 United States $ 380.7 $ 362.5 $ 743.5 $ 747.0 All other countries 282.6 323.1 560.1 691.8 Total revenues $ 663.3 $ 685.6 $ 1,303.6 $ 1,438.8 | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 United States $ 1,295.1 $ 1,391.9 $ 1,334.4 All other countries 1,143.8 1,369.9 1,383.6 Total revenues $ 2,438.9 $ 2,761.8 $ 2,718.0 |
Schedule Of Long-Lived Tangible Assets By Country | October 31, April 30, (in millions) 2015 2015 United States $ 69.1 $ 48.5 All other countries 30.9 33.3 Total long-lived tangible assets $ 100.0 $ 81.8 | April 30, May 31, (in millions) 2015 2014 United States $ 48.5 $ 49.4 Germany 6.5 8.6 All other countries 26.8 24.8 Total long-lived tangible assets $ 81.8 $ 82.8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Related Party Transactions [Abstract] | ||
Schedule of Related Party Transactions | Three Months Ended Six Months Ended October 31, October 31, (in millions) 2015 2014 2015 2014 Golden Gate Capital $ 1.4 $ 1.5 $ 2.8 $ 3.0 Summit Partners 0.5 0.5 1.0 1.0 Total management fees and expenses $ 1.9 $ 2.0 $ 3.8 $ 4.0 | 11 Months Ended Year Ended May 31, (in millions) April 30, 2015 2014 2013 Golden Gate Capital $ 4.9 $ 5.9 $ 5.6 Summit Partners 1.8 2.0 1.8 Total management fees and expenses $ 6.7 $ 7.9 $ 7.4 |
Supplemental Guarantor Financ58
Supplemental Guarantor Financial Information (Tables) | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Supplemental Guarantor Financial Information [Abstract] | ||
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ - $ 56.9 $ - $ 442.1 $ - $ 499.0 Accounts receivable, net - 139.8 7.3 179.7 - 326.8 Prepaid expenses - 69.1 18.1 39.6 - 126.8 Income tax receivable - 32.0 0.5 14.8 - 47.3 Other current assets - 9.1 1.1 12.2 - 22.4 Affiliate receivable - 667.3 710.3 43.4 (1,421.0) - Deferred tax assets - 13.7 4.4 20.9 (0.1) 38.9 Total current assets - 987.9 741.7 752.7 (1,421.1) 1,061.2 Property and equipment, net - 50.6 10.8 38.6 - 100.0 Intangible assets, net - 458.2 3.9 539.0 - 1,001.1 Goodwill - 2,403.1 62.5 1,900.4 - 4,366.0 Deferred tax assets 0.2 - 6.8 65.0 (7.0) 65.0 Other assets - 23.5 13.0 17.8 - 54.3 Affiliate receivable - 725.5 1.4 130.7 (857.6) - Investment in subsidiaries - 2,104.6 - - (2,104.6) - Total assets $ 0.2 $ 6,753.4 $ 840.1 $ 3,444.2 $ (4,390.3) $ 6,647.6 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ - $ 50.3 $ - $ 15.8 $ - $ 66.1 Income taxes payable - - - 33.6 - 33.6 Accrued expenses - 212.2 27.1 159.3 - 398.6 Deferred tax liabilities 0.1 - - 1.4 (0.1) 1.4 Deferred revenue - 514.9 18.0 244.6 - 777.5 Affiliate payable 29.6 751.4 590.1 49.9 (1,421.0) - Current portion of long-term obligations - 0.1 - - - 0.1 Total current liabilities 29.7 1,528.9 635.2 504.6 (1,421.1) 1,277.3 Long-term debt - 5,683.7 - - - 5,683.7 Deferred tax liabilities - 66.0 - 108.3 (7.0) 167.3 Affiliate payable 58.3 131.5 0.4 667.4 (857.6) - Other long-term liabilities - 78.5 15.7 110.3 - 204.5 Losses in excess of investment in subsidiaries 735.2 - - - (735.2) - Total liabilities 823.2 7,488.6 651.3 1,390.6 (3,020.9) 7,332.8 Redeemable noncontrolling interests - - - 127.8 - 127.8 Total Infor, Inc. stockholders' equity (deficit) (823.0) (735.2) 188.8 1,915.8 (1,369.4) (823.0) Noncontrolling interests - - - 10.0 - 10.0 Total stockholders' equity (deficit) (823.0) (735.2) 188.8 1,925.8 (1,369.4) (813.0) Total liabilities, redeemable noncontrolling interests and stockholders' equity (deficit) $ 0.2 $ 6,753.4 $ 840.1 $ 3,444.2 $ (4,390.3) $ 6,647.6 April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ - $ 86.7 $ - $ 440.0 $ - $ 526.7 Accounts receivable, net - 145.5 7.8 184.7 - 338.0 Prepaid expenses - 59.1 12.4 42.4 - 113.9 Income tax receivable - 34.7 0.2 14.6 0.1 49.6 Other current assets - 5.9 1.3 10.6 - 17.8 Affiliate receivable - 521.8 597.8 22.1 (1,141.7) - Deferred tax assets - 13.3 4.4 13.2 (0.1) 30.8 Total current assets - 867.0 623.9 727.6 (1,141.7) 1,076.8 Property and equipment, net - 35.9 12.6 33.3 - 81.8 Intangible assets, net - 520.6 5.8 204.6 - 731.0 Goodwill - 2,400.6 62.5 1,582.7 - 4,045.8 Deferred tax assets 0.2 - 8.0 72.8 (8.2) 72.8 Other assets - 17.3 3.9 19.1 - 40.3 Affiliate receivable - 751.5 1.4 141.5 (894.4) - Investment in subsidiaries - 1,557.9 - - (1,557.9) - Total assets $ 0.2 $ 6,150.8 $ 718.1 $ 2,781.6 $ (3,602.2) $ 6,048.5 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ - $ 41.3 $ 0.1 $ 21.0 $ - $ 62.4 Income taxes payable - - - 33.4 0.1 33.5 Accrued expenses - 151.0 26.2 161.9 - 339.1 Deferred tax liabilities 0.1 - - 1.1 (0.1) 1.1 Deferred revenue - 512.4 15.2 339.4 - 867.0 Affiliate payable 29.5 591.3 485.3 35.6 (1,141.7) - Current portion of long-term obligations - 0.1 - - - 0.1 Total current liabilities 29.6 1,296.1 526.8 592.4 (1,141.7) 1,303.2 Long-term debt - 5,226.7 - - - 5,226.7 Deferred tax liabilities - 86.5 - 28.7 (8.2) 107.0 Affiliate payable 58.6 169.6 0.3 665.9 (894.4) - Other long-term liabilities - 80.7 10.8 116.9 - 208.4 Losses in excess of investment in subsidiaries 708.8 - - - (708.8) - Total liabilities 797.0 6,859.6 537.9 1,403.9 (2,753.1) 6,845.3 Redeemable noncontrolling interests - Total Infor, Inc. stockholders' equity (deficit) (796.8) (708.8) 180.2 1,377.7 (849.1) (796.8) Noncontrolling interests - - - - - - Total stockholders' equity (deficit) (796.8) (708.8) 180.2 1,377.7 (849.1) (796.8) Total liabilities, redeemable noncontrolling interests and stockholders' equity (deficit) $ 0.2 $ 6,150.8 $ 718.1 $ 2,781.6 $ (3,602.2) $ 6,048.5 | April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ - $ 86.7 $ - $ 440.0 $ - $ 526.7 Accounts receivable, net - 145.5 7.8 184.7 - 338.0 Prepaid expenses - 59.1 12.4 42.4 - 113.9 Income tax receivable - 34.7 0.2 14.6 0.1 49.6 Other current assets - 5.9 1.3 10.6 - 17.8 Affiliate receivable - 521.8 597.8 22.1 (1,141.7) - Deferred tax assets - 13.3 4.4 13.2 (0.1) 30.8 Total current assets - 867.0 623.9 727.6 (1,141.7) 1,076.8 Property and equipment, net - 35.9 12.6 33.3 - 81.8 Intangible assets, net - 520.6 5.8 204.6 - 731.0 Goodwill - 2,400.6 62.5 1,582.7 - 4,045.8 Deferred tax assets 0.2 - 8.0 72.8 (8.2) 72.8 Other assets - 17.3 3.9 19.1 - 40.3 Affiliate receivable - 751.5 1.4 141.5 (894.4) - Investment in subsidiaries - 1,557.9 - - (1,557.9) - Total assets $ 0.2 $ 6,150.8 $ 718.1 $ 2,781.6 $ (3,602.2) $ 6,048.5 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ - $ 41.3 $ 0.1 $ 21.0 $ - $ 62.4 Income taxes payable - - - 33.4 0.1 33.5 Accrued expenses - 151.0 26.2 161.9 - 339.1 Deferred tax liabilities 0.1 - - 1.1 (0.1) 1.1 Deferred revenue - 512.4 15.2 339.4 - 867.0 Affiliate payable 29.5 591.3 485.3 35.6 (1,141.7) - Current portion of long-term obligations - 0.1 - - - 0.1 Total current liabilities 29.6 1,296.1 526.8 592.4 (1,141.7) 1,303.2 Long-term debt - 5,226.7 - - - 5,226.7 Deferred tax liabilities - 86.5 - 28.7 (8.2) 107.0 Affiliate payable 58.6 169.6 0.3 665.9 (894.4) - Other long-term liabilities - 80.7 10.8 116.9 - 208.4 Losses in excess of investment in subsidiaries 708.8 - - - (708.8) - Total liabilities 797.0 6,859.6 537.9 1,403.9 (2,753.1) 6,845.3 Total stockholders' equity (deficit) (796.8) (708.8) 180.2 1,377.7 (849.1) (796.8) Total liabilities and stockholders' deficit $ 0.2 $ 6,150.8 $ 718.1 $ 2,781.6 $ (3,602.2) $ 6,048.5 May 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ - $ 227.4 $ - $ 347.9 $ - $ 575.3 Accounts receivable, net - 165.3 10.9 228.0 - 404.2 Prepaid expenses - 50.5 14.9 42.7 - 108.1 Income tax receivable - 17.8 0.2 15.7 - 33.7 Other current assets - 18.5 0.2 14.8 - 33.5 Affiliate receivable - 431.0 439.2 35.7 (905.9) - Deferred tax assets - 9.9 4.2 13.5 (0.1) 27.5 Total current assets - 920.4 469.6 698.3 (906.0) 1,182.3 Property and equipment, net - 34.0 15.4 33.4 - 82.8 Intangible assets, net - 627.1 9.3 314.3 - 950.7 Goodwill - 2,378.8 62.5 1,875.9 - 4,317.2 Deferred tax assets 0.4 - 6.2 88.4 (6.4) 88.6 Other assets - 9.7 4.4 21.2 - 35.3 Affiliate receivable - 873.7 1.3 150.2 (1,025.2) - Investment in subsidiaries - 1,669.0 - - (1,669.0) - Total assets $ 0.4 $ 6,512.7 $ 568.7 $ 3,181.7 $ (3,606.6) $ 6,656.9 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ - $ 26.4 $ 0.1 $ 27.3 $ - $ 53.8 Income taxes payable - - - 19.8 - 19.8 Accrued expenses - 185.1 33.8 187.4 - 406.3 Deferred tax liabilities 0.1 - - 1.3 (0.1) 1.3 Deferred revenue - 579.4 17.9 378.0 - 975.3 Affiliate payable 29.5 469.9 361.0 45.5 (905.9) - Current portion of long-term obligations - 31.7 - - - 31.7 Total current liabilities 29.6 1,292.5 412.8 659.3 (906.0) 1,488.2 Long-term debt - 5,218.4 - - - 5,218.4 Deferred tax liabilities - 160.4 (0.1) 38.6 (6.4) 192.5 Affiliate payable 58.6 151.1 0.4 815.1 (1,025.2) - Other long-term liabilities - 62.5 5.5 149.8 - 217.8 Losses in excess of investment in subsidiaries 372.2 - - - (372.2) - Total liabilities 460.4 6,884.9 418.6 1,662.8 (2,309.8) 7,116.9 Total stockholders' equity (deficit) (460.0) (372.2) 150.1 1,518.9 (1,296.8) (460.0) Total liabilities and stockholders' deficit $ 0.4 $ 6,512.7 $ 568.7 $ 3,181.7 $ (3,606.6) $ 6,656.9 |
Schedule of Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations Three Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 81.9 $ 1.1 $ 56.9 $ - $ 139.9 Product updates and support fees - 209.1 7.7 137.5 - 354.3 Software revenues - 291.0 8.8 194.4 - 494.2 Consulting services and other fees - 78.7 3.9 86.5 - 169.1 Total revenues - 369.7 12.7 280.9 - 663.3 Operating expenses: Cost of software license fees and subscriptions - 25.5 2.0 11.6 0.5 39.6 Cost of product updates and support fees - 33.1 0.6 28.2 1.2 63.1 Cost of consulting services and other fees - 57.7 3.4 77.0 1.9 140.0 Sales and marketing - 54.0 5.4 45.6 1.5 106.5 Research and development - 53.1 1.8 41.9 2.9 99.7 General and administrative - 4.1 30.2 20.4 (8.0) 46.7 Amortization of intangible assets and depreciation - 34.3 3.2 21.2 - 58.7 Restructuring costs - 3.3 0.4 2.7 - 6.4 Acquisition-related and other costs - 8.9 0.3 0.4 - 9.6 Affiliate (income) expense, net - 47.3 (41.8) (5.5) - - Total operating expenses - 321.3 5.5 243.5 - 570.3 Income from operations - 48.4 7.2 37.4 - 93.0 Other expense, net: Interest expense, net - 78.5 - - - 78.5 Affiliate interest (income) expense, net - (8.8) - 8.8 - - Other (income) expense, net - 0.7 - 10.1 - 10.8 Total other expense, net - 70.4 - 18.9 - 89.3 Income (loss) before income tax - (22.0) 7.2 18.5 - 3.7 Income tax provision (benefit) - (5.3) 1.8 10.0 - 6.5 Equity in (earnings) loss of subsidiaries 1.8 (14.9) - - 13.1 - Net income (loss) (1.8) (1.8) 5.4 8.5 (13.1) (2.8) Net income (loss) attributable to noncontrolling interests - - - (1.0) - (1.0) Net income (loss) attributable to Infor, Inc. $ (1.8) $ (1.8) $ 5.4 $ 9.5 $ (13.1) $ (1.8) Three Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 79.3 $ 1.1 $ 52.4 $ - $ 132.8 Product updates and support fees - 209.1 7.7 155.2 - 372.0 Software revenues - 288.4 8.8 207.6 - 504.8 Consulting services and other fees - 78.3 3.5 99.0 - 180.8 Total revenues - 366.7 12.3 306.6 - 685.6 Operating expenses: Cost of software license fees and subscriptions - 17.7 2.3 8.7 0.3 29.0 Cost of product updates and support fees - 31.4 0.6 32.3 1.2 65.5 Cost of consulting services and other fees - 51.0 4.7 80.8 2.0 138.5 Sales and marketing - 62.3 6.9 48.9 1.5 119.6 Research and development - 55.9 2.3 43.2 2.9 104.3 General and administrative - 4.8 29.8 19.4 (7.9) 46.1 Amortization of intangible assets and depreciation - 36.1 3.3 21.9 - 61.3 Restructuring costs - 0.3 - 3.5 - 3.8 Acquisition-related and other costs - (1.8) 0.2 0.2 - (1.4) Affiliate (income) expense, net - 51.0 (44.9) (6.1) - - Total operating expenses - 308.7 5.2 252.8 - 566.7 Income (loss) from operations - 58.0 7.1 53.8 - 118.9 Other expense, net: Interest expense, net - 87.7 0.1 0.2 - 88.0 Affiliate interest (income) expense, net - (10.6) (0.1) 10.7 - - Other (income) expense, net - (22.5) - 20.5 - (2.0) Total other expense, net - 54.6 - 31.4 - 86.0 Income (loss) before income tax - 3.4 7.1 22.4 - 32.9 Income tax provision (benefit) - (1.0) 4.0 16.8 - 19.8 Equity in (earnings) loss of subsidiaries (13.1) (8.7) - - 21.8 - Net income (loss) 13.1 13.1 3.1 5.6 (21.8) 13.1 Net income (loss) attributable to noncontrolling interests - - - - - - Net income (loss) attributable to Infor, Inc. $ 13.1 $ 13.1 $ 3.1 $ 5.6 $ (21.8) $ 13.1 Six Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 161.3 $ 4.3 $ 95.3 $ - $ 260.9 Product updates and support fees - 418.7 15.8 276.4 - 710.9 Software revenues - 580.0 20.1 371.7 - 971.8 Consulting services and other fees - 152.5 6.9 172.4 - 331.8 Total revenues - 732.5 27.0 544.1 - 1,303.6 Operating expenses: Cost of software license fees and subscriptions - 47.5 3.7 18.8 0.8 70.8 Cost of product updates and support fees - 64.1 1.2 57.2 2.3 124.8 Cost of consulting services and other fees - 114.1 6.7 154.2 3.8 278.8 Sales and marketing - 106.6 11.2 87.2 2.9 207.9 Research and development - 108.8 3.7 80.8 5.6 198.9 General and administrative - 8.4 58.6 39.3 (15.4) 90.9 Amortization of intangible assets and depreciation - 69.8 6.4 39.2 - 115.4 Restructuring costs - 3.8 0.3 4.1 - 8.2 Acquisition-related and other costs - 10.8 0.4 0.4 - 11.6 Affiliate (income) expense, net - 86.7 (73.0) (13.7) - - Total operating expenses - 620.6 19.2 467.5 - 1,107.3 Income from operations - 111.9 7.8 76.6 - 196.3 Other expense, net: Interest expense, net - 151.1 - - - 151.1 Affiliate interest (income) expense, net - (17.4) - 17.4 - Loss on extinguishment of debt - - - - - - Other (income) expense, net - (8.1) - (18.3) - (26.4) Total other expense, net - 125.6 - (0.9) - 124.7 Income (loss) before income tax - (13.7) 7.8 77.5 - 71.6 Income tax provision (benefit) - (6.5) 1.1 22.3 - 16.9 Equity in loss (earnings) of subsidiaries (55.7) (62.9) - - 118.6 - Net income (loss) 55.7 55.7 6.7 55.2 (118.6) 54.7 Net income (loss) attributable to noncontrolling interests - - - (1.0) - (1.0) Net income (loss) attributable to Infor, Inc. $ 55.7 $ 55.7 $ 6.7 $ 56.2 $ (118.6) $ 55.7 Six Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 185.0 $ 7.3 $ 132.5 $ - $ 324.8 Product updates and support fees - 414.6 15.3 315.8 - 745.7 Software revenues - 599.6 22.6 448.3 - 1,070.5 Consulting services and other fees - 151.0 6.9 210.4 - 368.3 Total revenues - 750.6 29.5 658.7 - 1,438.8 Operating expenses: Cost of software license fees and subscriptions - 38.2 4.2 19.7 0.5 62.6 Cost of product updates and support fees - 62.7 1.3 65.9 2.4 132.3 Cost of consulting services and other fees - 104.6 9.4 167.1 3.9 285.0 Sales and marketing - 121.8 14.3 108.3 2.9 247.3 Research and development - 108.6 4.6 87.4 5.7 206.3 General and administrative - 16.9 62.3 42.7 (15.4) 106.5 Amortization of intangible assets and depreciation - 73.9 6.6 45.9 - 126.4 Restructuring costs - 1.5 0.2 9.6 - 11.3 Acquisition-related and other costs - (1.7) 0.2 0.8 - (0.7) Affiliate (income) expense, net - 119.3 (92.7) (26.6) - - Total operating expenses - 645.8 10.4 520.8 - 1,177.0 Income from operations - 104.8 19.1 137.9 - 261.8 Other expense, net: Interest expense, net - 176.7 0.2 (0.2) - 176.7 Affiliate interest (income) expense, net - (22.0) (0.1) 22.1 - - Loss on extinguishment of debt - - - - - - Other (income) expense, net - (35.2) - 1.1 - (34.1) Total other expense, net - 119.5 0.1 23.0 - 142.6 Income (loss) before income tax - (14.7) 19.0 114.9 - 119.2 Income tax provision (benefit) - (5.4) 8.3 29.7 - 32.6 Equity in loss (earnings) of subsidiaries (86.6) (95.9) - - 182.5 - Net income (loss) 86.6 86.6 10.7 85.2 (182.5) 86.6 Net income (loss) attributable to noncontrolling interests - - - - - - Net income (loss) attributable to Infor, Inc. $ 86.6 $ 86.6 $ 10.7 $ 85.2 $ (182.5) $ 86.6 | 11 Months Ended April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 275.8 $ 7.5 $ 195.9 $ - $ 479.2 Product updates and support fees - 762.9 28.1 539.3 - 1,330.3 Software revenues - 1,038.7 35.6 735.2 - 1,809.5 Consulting services and other fees - 267.0 11.7 350.7 - 629.4 Total revenues - 1,305.7 47.3 1,085.9 - 2,438.9 Operating expenses: Cost of software license fees and subscriptions - 68.4 6.8 33.4 1.1 109.7 Cost of product updates and support fees - 117.2 2.5 113.9 4.6 238.2 Cost of consulting services and other fees - 195.1 14.8 289.7 7.6 507.2 Sales and marketing - 205.8 23.4 178.1 5.6 412.9 Research and development - 196.8 7.3 154.5 11.2 369.8 General and administrative - 23.9 111.0 73.1 (30.1) 177.9 Amortization of intangible assets and depreciation - 134.3 12.8 75.8 - 222.9 Restructuring costs - 1.0 - 4.7 - 5.7 Acquisition-related and other costs - (0.8) 1.3 0.9 - 1.4 Affiliate (income) expense, net - 174.8 (154.7) (20.1) - - Total operating expenses - 1,116.5 25.2 904.0 - 2,045.7 Income from operations - 189.2 22.1 181.9 - 393.2 Other expense, net: Interest expense, net - 320.2 0.1 (0.2) - 320.1 Affiliate interest (income) expense, net - (36.6) (0.1) 36.7 - - Loss on extinguishment of debt - 172.4 - - - 172.4 Other (income) expense, net - (57.0) - (9.8) - (66.8) Total other expense, net - 399.0 - 26.7 - 425.7 Income (loss) before income tax - (209.8) 22.1 155.2 - (32.5) Income tax provision (benefit) - (64.5) (0.9) 13.2 - (52.2) Equity in (earnings) loss of subsidiaries (19.7) (165.0) - - 184.7 - Net income (loss) $ 19.7 $ 19.7 $ 23.0 $ 142.0 $ (184.7) $ 19.7 Year Ended May 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 307.1 $ 11.0 $ 230.2 $ - $ 548.3 Product updates and support fees - 810.4 28.1 627.4 - 1,465.9 Software revenues - 1,117.5 39.1 857.6 - 2,014.2 Consulting services and other fees - 286.0 14.8 446.8 - 747.6 Total revenues - 1,403.5 53.9 1,304.4 - 2,761.8 Operating expenses: Cost of software license fees and subscriptions - 55.9 7.2 36.0 0.7 99.8 Cost of product updates and support fees - 127.2 3.2 126.6 4.9 261.9 Cost of consulting services and other fees - 221.7 13.2 349.7 8.6 593.2 Sales and marketing - 217.9 27.1 206.6 5.5 457.1 Research and development - 198.4 9.7 172.9 10.8 391.8 General and administrative - 15.2 118.0 90.1 (30.5) 192.8 Amortization of intangible assets and depreciation - 151.9 12.9 99.5 - 264.3 Restructuring costs - 2.9 0.5 15.2 - 18.6 Acquisition-related and other costs - 28.3 0.2 (0.9) - 27.6 Affiliate (income) expense, net - 184.9 (161.6) (23.3) - - Total operating expenses - 1,204.3 30.4 1,072.4 - 2,307.1 Income from operations - 199.2 23.5 232.0 - 454.7 Other expense, net: Interest expense, net - 377.9 0.1 - - 378.0 Affiliate interest (income) expense, net - (53.9) (0.1) 54.0 - - Loss on extinguishment of debt - 5.2 - - - 5.2 Other (income) expense, net - 13.1 0.4 (76.3) - (62.8) Total other expense, net - 342.3 0.4 (22.3) - 320.4 Income (loss) before income tax - (143.1) 23.1 254.3 - 134.3 Income tax provision (benefit) 0.1 7.4 (0.3) 5.4 - 12.6 Equity in (earnings) loss of subsidiaries (121.8) (272.3) - - 394.1 - Net income (loss) $ 121.7 $ 121.8 $ 23.4 $ 248.9 $ (394.1) $ 121.7 Year Ended May 31, 2013 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Software license fees and subscriptions $ - $ 275.1 $ 8.6 $ 234.4 $ - $ 518.1 Product updates and support fees - 792.6 27.7 620.9 - 1,441.2 Software revenues - 1,067.7 36.3 855.3 - 1,959.3 Consulting services and other fees - 285.6 18.1 455.0 - 758.7 Total revenues - 1,353.3 54.4 1,310.3 - 2,718.0 Operating expenses: Cost of software license fees and subscriptions - 45.9 6.8 33.4 0.3 86.4 Cost of product updates and support fees - 122.4 2.5 124.8 4.5 254.2 Cost of consulting services and other fees - 218.5 10.1 351.6 8.3 588.5 Sales and marketing - 213.5 28.8 212.3 5.6 460.2 Research and development - 180.9 2.4 160.0 8.6 351.9 General and administrative - 41.1 106.7 89.9 (27.3) 210.4 Amortization of intangible assets and depreciation - 155.7 15.4 104.6 - 275.7 Restructuring costs - 4.2 0.3 5.7 - 10.2 Acquisition-related and other costs - 11.9 3.6 (0.5) - 15.0 Affiliate (income) expense, net - 142.8 (150.1) 7.3 - - Total operating expenses - 1,136.9 26.5 1,089.1 - 2,252.5 Income from operations - 216.4 27.9 221.2 - 465.5 Other expense, net: Interest expense, net - 417.8 0.1 0.2 - 418.1 Affiliate interest (income) expense, net - (72.6) (0.2) 72.8 - Loss on extinguishment of debt - 1.8 - - - 1.8 Other (income) expense, net - 8.6 0.3 90.3 - 99.2 Total other expense, net - 355.6 0.2 163.3 - 519.1 Income (loss) before income tax - (139.2) 27.7 57.9 - (53.6) Income tax provision (benefit) 0.1 14.3 (9.1) 17.3 - 22.6 Equity in loss (earnings) of subsidiaries 76.1 (77.4) - - 1.3 - Net income (loss) $ (76.2) $ (76.1) $ 36.8 $ 40.6 $ (1.3) $ (76.2) |
Schedule of Condensed Consolidating Statements of Comprehensive Income (loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ (1.8) $ (1.8) $ 5.4 $ 8.5 $ (13.1) $ (2.8) Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - 2.4 - 2.4 Defined benefit plan funding status, net of tax - - - - - - Unrealized gain (loss) on derivative instruments, net of tax - - - - - - Total other comprehensive income (loss) - - - 2.4 - 2.4 Comprehensive income (loss) (1.8) (1.8) 5.4 10.9 (13.1) (0.4) Comprehensive income (loss) attributable to noncontrolling interests - - - (1.0) - (1.0) Comprehensive income (loss) attributable to Infor, Inc. $ (1.8) $ (1.8) $ 5.4 $ 11.9 $ (13.1) $ 0.6 Three Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 13.1 $ 13.1 $ 3.1 $ 5.6 $ (21.8) $ 13.1 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (80.0) - (80.0) Defined benefit plan funding status, net of tax - - - 0.6 - 0.6 Unrealized gain (loss) on derivative instruments, net of tax - (2.5) - - - (2.5) Total other comprehensive income (loss) - (2.5) - (79.4) - (81.9) Comprehensive income (loss) 13.1 10.6 3.1 (73.8) (21.8) (68.8) Comprehensive income (loss) attributable to noncontrolling interests - - - - - - Comprehensive income (loss) attributable to Infor, Inc. $ 13.1 $ 10.6 $ 3.1 $ (73.8) $ (21.8) $ (68.8) Six Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 55.7 $ 55.7 $ 6.7 $ 55.2 $ (118.6) $ 54.7 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (62.4) - (62.4) Defined benefit plan funding status, net of tax - - - 0.2 - 0.2 Unrealized gain (loss) on derivative instruments, net of tax - 0.6 - - - 0.6 Total other comprehensive income (loss) - 0.6 - (62.2) - (61.6) Comprehensive income (loss) 55.7 56.3 6.7 (7.0) (118.6) (6.9) Comprehensive income (loss) attributable to noncontrolling interests - - - (1.0) - (1.0) Comprehensive income (loss) attributable to Infor, Inc. $ 55.7 $ 56.3 $ 6.7 $ (6.0) $ (118.6) $ (5.9) Six Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 86.6 $ 86.6 $ 10.7 $ 85.2 $ (182.5) $ 86.6 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (137.3) - (137.3) Defined benefit plan funding status, net of tax - 0.1 - 1.4 - 1.5 Unrealized gain (loss) on derivative instruments, net of tax - (3.0) - - - (3.0) Total other comprehensive income (loss) - (2.9) - (135.9) - (138.8) Comprehensive income (loss) 86.6 83.7 10.7 (50.7) (182.5) (52.2) Comprehensive income (loss) attributable to noncontrolling interests - - - - - - Comprehensive income (loss) attributable to Infor, Inc. $ 86.6 $ 83.7 $ 10.7 $ (50.7) $ (182.5) $ (52.2) | 11 Months Ended April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 19.7 $ 19.7 $ 23.0 $ 142.0 $ (184.7) $ 19.7 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (277.5) - (277.5) Defined benefit plan funding status, net of tax - (0.2) - (8.7) - (8.9) Unrealized gain (loss) on derivative instruments, net of tax - (2.9) - - - (2.9) Total other comprehensive income (loss) - (3.1) - (286.2) - (289.3) Comprehensive income (loss) $ 19.7 $ 16.6 $ 23.0 $ (144.2) $ (184.7) $ (269.6) Year Ended May 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ 121.7 $ 121.8 $ 23.4 $ 248.9 $ (394.1) $ 121.7 Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - (32.9) - (32.9) Defined benefit plan funding status, net of tax - - - 1.5 - 1.5 Unrealized gain (loss) on derivative instruments, net of tax - (9.9) - - - (9.9) Total other comprehensive income (loss) - (9.9) - (31.4) - (41.3) Comprehensive income (loss) $ 121.7 $ 111.9 $ 23.4 $ 217.5 $ (394.1) $ 80.4 Year Ended May 31, 2013 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net income (loss) $ (76.2) $ (76.1) $ 36.8 $ 40.6 $ (1.3) $ (76.2) Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation, net of tax - - - 126.5 - 126.5 Defined benefit plan funding status, net of tax - 0.1 - 1.5 - 1.6 Total other comprehensive income (loss) - 0.1 - 128.0 - 128.1 Comprehensive income (loss) $ (76.2) $ (76.0) $ 36.8 $ 168.6 $ (1.3) $ 51.9 |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Six Months Ended October 31, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ 111.6 $ 2.6 $ 1.3 $ - $ 115.5 Cash flows from investing activities: Acquisitions, net of cash acquired - (549.3) - - - (549.3) Change in restricted cash - - - - - - Purchases of property, equipment and software - (22.3) (2.6) (3.9) - (28.8) Net cash used in investing activities - (571.6) (2.6) (3.9) - (578.1) Cash flows from financing activities: Dividends paid - (17.0) - - - (17.0) Loans to stockholders - (1.6) - - - (1.6) Payments on capital lease obligations - (0.2) - (1.1) - (1.3) Proceeds from issuance of debt - 495.0 - - - 495.0 Payments on long-term debt - (17.1) - - - (17.1) (Payments) proceeds from affiliate within group - (11.6) - 11.6 - - Deferred financing fees - (16.5) - - - (16.5) Other - (0.8) - - - (0.8) Net cash provided by (used in) financing activities - 430.2 - 10.5 - 440.7 Effect of exchange rate changes on cash and cash equivalents - - - (5.8) - (5.8) Net increase (decrease) in cash and cash equivalents - (29.8) - 2.1 - (27.7) Cash and cash equivalents at the beginning of the period - 86.7 - 440.0 - 526.7 Cash and cash equivalents at the end of the period $ - $ 56.9 $ - $ 442.1 $ - $ 499.0 Six Months Ended October 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ 61.5 $ 2.9 $ (3.9) $ - $ 60.5 Cash flows from investing activities: Acquisitions, net of cash acquired - (27.3) - (2.8) - (30.1) Change in restricted cash - 18.3 - 0.7 - 19.0 Purchases of property, equipment and software - (6.9) (2.9) (10.5) - (20.3) Net cash used in investing activities - (15.9) (2.9) (12.6) - (31.4) Cash flows from financing activities: Dividends paid - (42.7) - - - (42.7) Loans to stockholders - (0.2) - - - (0.2) Payments on capital lease obligations - (0.2) - (1.2) - (1.4) Payments on long-term debt - (71.6) - - - (71.6) (Payments) proceeds from affiliate within group - (0.3) - 0.3 - - Other - (8.5) - - - (8.5) Net cash provided by (used in) financing activities - (123.5) - (0.9) - (124.4) Effect of exchange rate changes on cash and cash equivalents - - - (23.2) - (23.2) Net increase (decrease) in cash and cash equivalents - (77.9) - (40.6) - (118.5) Cash and cash equivalents at the beginning of the period - 136.6 - 310.5 - 447.1 Cash and cash equivalents at the end of the period $ - $ 58.7 $ - $ 269.9 $ - $ 328.6 | 11 Months Ended April 30, 2015 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ (33.0) $ 6.5 $ 234.7 $ - $ 208.2 Cash flows from investing activities: Acquisitions, net of cash acquired - (27.3) - (2.8) - (30.1) Change in restricted cash - 18.2 - (1.1) - 17.1 Purchases of property, equipment and software - (13.9) (6.5) (15.3) - (35.7) Net cash used in investing activities - (23.0) (6.5) (19.2) - (48.7) Cash flows from financing activities: Dividends paid - (65.7) - - - (65.7) Loans to stockholders - - - - - - Payments on capital lease obligations - (0.3) - (2.2) - (2.5) Proceeds from issuance of debt - 2,019.7 - - - 2,019.7 Payments on long-term debt - (1,932.5) - - - (1,932.5) (Payments) proceeds from affiliate within group - 71.3 - (71.3) - - Deferred financing fees and early debt redemption fees paid - (168.7) - - - (168.7) Other - (8.5) - - - (8.5) Net cash provided by (used in) financing activities - (84.7) - (73.5) - (158.2) Effect of exchange rate changes on cash and cash equivalents - - - (49.9) - (49.9) Net increase (decrease) in cash and cash equivalents - (140.7) - 92.1 - (48.6) Cash and cash equivalents at the beginning of the period - 227.4 - 347.9 - 575.3 Cash and cash equivalents at the end of the period $ - $ 86.7 $ - $ 440.0 $ - $ 526.7 Year Ended May 31, 2014 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ 226.6 $ (2.7) $ 190.7 $ - $ 414.6 Cash flows from investing activities: Acquisitions, net of cash acquired - (199.4) - (0.3) - (199.7) Change in restricted cash - (18.2) - (1.3) - (19.5) Purchases of property, equipment and software - (14.9) (6.9) (10.7) - (32.5) Net cash used in investing activities - (232.5) (6.9) (12.3) - (251.7) Cash flows from financing activities: Loans to stockholders - (5.2) - - - (5.2) Payments on capital lease obligations - (0.3) - (2.0) - (2.3) Proceeds from issuance of debt - 3,487.7 - - - 3,487.7 Payments on long-term debt - (3,457.5) - - - (3,457.5) (Payments) proceeds from affiliate within group - 156.6 9.6 (166.2) - - Deferred financing fees and early debt redemption fees paid - (37.5) - - - (37.5) Other - - - (0.9) - (0.9) Net cash provided by (used in) financing activities - 143.8 9.6 (169.1) - (15.7) Effect of exchange rate changes on cash and cash equivalents - - - 6.2 - 6.2 Net increase (decrease) in cash and cash equivalents - 137.9 - 15.5 - 153.4 Cash and cash equivalents at the beginning of the period - 89.5 - 332.4 - 421.9 Cash and cash equivalents at the end of the period $ - $ 227.4 $ - $ 347.9 $ - $ 575.3 Year Ended May 31, 2013 Infor, Inc. Infor (US), Inc. Guarantor Non-Guarantor Total (in millions) (Parent) (Subsidiary Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ - $ (67.7) $ 22.9 $ 327.2 $ - $ 282.4 Cash flows from investing activities: Acquisitions, net of cash acquired - (51.0) - (55.0) - (106.0) Change in restricted cash - - - 2.2 - 2.2 Purchases of property, equipment and software - (14.8) (14.5) (6.7) - (36.0) Net cash used in investing activities - (65.8) (14.5) (59.5) - (139.8) Cash flows from financing activities: Loans to stockholders - (8.7) - - - (8.7) Payments on capital lease obligations - (0.1) (0.3) (1.1) - (1.5) Proceeds from issuance of debt - 2,778.9 - - - 2,778.9 Payments on long-term debt - (2,847.2) - - - (2,847.2) (Payments) proceeds from affiliate within group - 163.3 (8.0) (155.3) - - Deferred financing fees and early debt redemption fees paid - (27.6) - - - (27.6) Other - - (0.1) (0.4) - (0.5) Net cash provided by (used in) financing activities - 58.6 (8.4) (156.8) - (106.6) Effect of exchange rate changes on cash and cash equivalents - - - 1.5 - 1.5 Net increase in cash and cash equivalents - (74.9) - 112.4 - 37.5 Cash and cash equivalents at the beginning of the period - 164.4 - 220.0 - 384.4 Cash and cash equivalents at the end of the period $ - $ 89.5 $ - $ 332.4 $ - $ 421.9 |
Supplemental Quarterly Financ59
Supplemental Quarterly Financial Information (Tables) | 11 Months Ended |
Apr. 30, 2015 | |
Supplemental Quarterly Financial Information [Abstract] | |
Schedule Of Quarterly Financial Information | Quarter Ended (in millions) July 31, 2014 (1) October 31, 2014 January 31, 2015 April 30, 2015 Fiscal 2015 Total revenues $ 753.2 $ 685.6 $ 657.4 $ 658.7 Restructuring costs $ 7.5 $ 3.8 $ 0.3 $ (0.1) Acquisition-related and other costs $ 0.7 $ (1.4) $ (1.2) $ 3.6 All other operating expenses $ 602.1 $ 564.3 $ 549.6 $ 545.9 Income from operations $ 142.9 $ 118.9 $ 108.7 $ 109.3 Net income (loss) $ 73.5 $ 13.1 $ 51.3 $ (63.5) (1) Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. Quarter Ended (in millions) August 31, 2013 November 30, 2013 February 28, 2014 May 31, 2014 Fiscal 2014 Total revenues $ 650.3 $ 698.5 $ 672.7 $ 740.3 Restructuring costs $ 2.2 $ 3.4 $ 3.3 $ 9.7 Acquisition-related and other costs $ 9.9 $ 0.3 $ 11.1 $ 6.3 All other operating expenses $ 525.0 $ 552.3 $ 567.8 $ 615.8 Income from operations $ 113.2 $ 142.5 $ 90.5 $ 108.5 Net income $ 23.1 $ 63.0 $ 1.3 $ 34.3 |
Nature of Business and Basis 60
Nature of Business and Basis of Presentation (Details) - segment | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Number of reportable segments | 3 | 3 |
GT Nexus, Inc. [Member] | ||
Redeemable noncontolling interest, ownership percentage | 18.52% |
Nature of Business and Basis 61
Nature of Business and Basis of Presentation (Summary Of The Changes In The Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Oct. 31, 2015 | Oct. 31, 2015 | |
Nature of Business and Basis of Presentation [Abstract] | ||
Increase due to business combination | $ 125 | $ 125 |
Net loss attributable to redeemable noncontrolling interests | (1.1) | (1.1) |
Redemption value adjustment | 3.9 | 3.9 |
End of period | $ 127.8 | $ 127.8 |
Summary of Significant Accoun62
Summary of Significant Accounting Policies (Narrative) (Details) customer in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Apr. 30, 2015USD ($)customer | Apr. 30, 2014USD ($) | May. 31, 2014USD ($)customer | May. 31, 2013USD ($)customer | Feb. 28, 2015 | Dec. 31, 2013 | |
Accounting Policies [Line Items] | ||||||||||
New accounting pronouncement or change in accounting principle, effect of adoption, quantification | $ 18.1 | |||||||||
Software license fees and subscriptions | $ 139.9 | $ 132.8 | $ 260.9 | $ 324.8 | 479.2 | $ 427.8 | $ 548.3 | $ 518.1 | ||
Impairment charges for property plant and equipment | 0 | 0 | 0 | |||||||
Deferred rent liabilities | 23.7 | 16.9 | ||||||||
Impairment of goodwill | 0 | 0 | 0 | 0 | ||||||
Net foreign exchange gains (losses) | 10.8 | 2 | 26.1 | 34 | 66.7 | 62.7 | (99.3) | |||
Advertising expenses | 15.9 | 13.2 | $ 11.4 | |||||||
VENEZUELA | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Foreign currency transaction loss related to remeasurement | $ 0.5 | $ 2.2 | ||||||||
Essential Goods Rate [Member] | VENEZUELA | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Foreign currency exchange rate - Venezuelan Bolivars to U.S. Dollars | 6.30 | |||||||||
First-tier Exchange Rate [Member] | VENEZUELA | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Foreign currency exchange rate - Venezuelan Bolivars to U.S. Dollars | 6.30 | |||||||||
Second-tier Exchange Rate [Member] | VENEZUELA | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Foreign currency exchange rate - Venezuelan Bolivars to U.S. Dollars | 12 | |||||||||
Variable SIMADI Exchange Rate [Member] | VENEZUELA | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Foreign currency exchange rate - Venezuelan Bolivars to U.S. Dollars | 198.3 | |||||||||
Variable SICAD2 Exchange Rate [Member] | VENEZUELA | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Foreign currency exchange rate - Venezuelan Bolivars to U.S. Dollars | 50 | |||||||||
Trade Accounts Receivable [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Customers accounting for more than 10% | customer | 0 | 0 | ||||||||
Consolidated Revenues [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Customers accounting for more than 10% | customer | 0 | 0 | 0 | |||||||
Software To Be Sold Leased or Marketed [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Capitalized software costs | $ 4.2 | $ 4.4 | $ 3.2 | |||||||
Amortization expense for assets capitalized | 3.6 | 3.5 | 2.7 | |||||||
Unamortized costs capitalized | 4.5 | 3.9 | ||||||||
Internal Use Software [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Capitalized software costs | 4.1 | 0.9 | 0 | |||||||
Amortization expense for assets capitalized | 0.7 | 0.4 | 0 | |||||||
Software-as-a-Service ("SaaS") [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Software license fees and subscriptions | $ 53.5 | $ 26.8 | $ 93 | $ 52.9 | $ 107.1 | $ 74.9 | $ 47.8 | |||
Minimum [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 12 months | |||||||||
Minimum [Member] | Capitalized Software Costs [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 2 years | |||||||||
Maximum [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 20 years | |||||||||
Maximum [Member] | Capitalized Software Costs [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 7 years |
Summary of Significant Accoun63
Summary of Significant Accounting Policies (Debt Issuance Costs) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Other assets | $ 54.3 | $ 40.3 | $ 35.3 | ||||
Deferred financing fees, net | |||||||
Long-term debt, net | $ 5,683.7 | [1] | $ 5,226.7 | [2] | $ 5,218.4 | [2] | |
As Originally Reported [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Other assets | 31.5 | ||||||
Deferred financing fees, net | 125 | ||||||
Long-term debt, net | 5,339.6 | ||||||
Adjustments Related To Debt Issuance Costs [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Other assets | [3] | 3.8 | |||||
Deferred financing fees, net | [3] | (125) | |||||
Long-term debt, net | [3] | $ (121.2) | |||||
[1] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. | ||||||
[2] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. | ||||||
[3] | Amount in other assets is deferred finance fees, net of amortization, related to our revolving credit facility. |
Summary of Significant Accoun64
Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ||||
Beginning Balance | $ 11.9 | $ 18.2 | $ 16 | $ 18.1 |
Provision | 5.2 | 8.6 | 13.1 | 6.5 |
Write-offs and recoveries | (4.8) | (13.6) | (11.2) | (9) |
Currency translation effect | (0.3) | (1.3) | 0.3 | 0.4 |
Ending Balance | $ 12 | $ 11.9 | $ 18.2 | $ 16 |
Summary of Significant Accoun65
Summary of Significant Accounting Policies (Rollforward of Sales Reserve) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ||||
Beginning Balance | $ 7.3 | $ 7.9 | $ 10.7 | $ 9.6 |
Provision | 4.2 | 7.4 | 4.6 | 4.8 |
Write-offs | (3) | (7.3) | (7.6) | (4.3) |
Currency translation effect | (0.7) | 0.2 | 0.6 | |
Ending Balance | $ 8.5 | $ 7.3 | $ 7.9 | $ 10.7 |
Summary of Significant Accoun66
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss) And Components) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (240.6) | $ 48.7 | $ 90 | $ 90 | ||||||||||
Other comprehensive income (loss) | $ 2.4 | $ (81.9) | (61.6) | $ (138.8) | (289.3) | (17.8) | (41.3) | $ 128.1 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (302.2) | (302.2) | (240.6) | 48.7 | 90 | |||||||||
Foreign Currency Translation Adjustment [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (211.5) | 66 | 98.9 | 98.9 | ||||||||||
Other comprehensive income (loss) | (62.4) | (277.5) | (32.9) | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (273.9) | (273.9) | (211.5) | 66 | 98.9 | |||||||||
Funded Status Of Defined Benefit Pension Plan [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | [2] | (16.3) | [1] | (7.4) | $ (8.9) | (8.9) | ||||||||
Other comprehensive income (loss) | 0.2 | [1] | (8.9) | [2] | 1.5 | [2] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (16.1) | [1] | (16.1) | [1] | (16.3) | [1],[2] | (7.4) | [2] | (8.9) | [2] | ||||
Accumulated Other Comprehensive Income (Loss), Tax Provision (Benefit) | (4.6) | (2.5) | $ (2.8) | |||||||||||
Derivative Instruments Unrealized Gain (Loss) [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | [3] | (12.8) | [4] | (9.9) | ||||||||||
Other comprehensive income (loss) | 0.6 | [4] | (2.9) | [3] | (9.9) | [3] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ (12.2) | [4] | $ (12.2) | [4] | (12.8) | [3],[4] | (9.9) | [3] | ||||||
Accumulated Other Comprehensive Income (Loss), Tax Provision (Benefit) | $ (1.8) | $ (6.2) | ||||||||||||
[1] | Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million and $4.6 million as of October 31, 2015 and April 30, 2015, respectively. | |||||||||||||
[2] | Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million, $2.5 million and $2.8 million as of April 30, 2015, May 31, 2014 and 2013, respectively. | |||||||||||||
[3] | Derivative instruments unrealized gain (loss) is presented net of tax benefit of $1.8 million and $6.2 million as of April 30, 2015, and May 31, 2014, respectively. | |||||||||||||
[4] | Derivative instruments unrealized gain (loss) is presented net of tax benefit of $7.6 million and $8.0 million as of October 31, 2015 and April 30, 2015, respectively. |
Summary of Significant Accoun67
Summary of Significant Accounting Policies (Other Comprehensive Income (Loss) And Components) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | ||
Summary of Significant Accounting Policies [Abstract] | |||||||||
Foreign currency translation adjustment, Before-Tax | $ 2.4 | $ (80) | $ (62.4) | $ (137.3) | $ (277.5) | $ (32.9) | $ 126.5 | ||
Change in funded status of defined benefit plans, Before-Tax | 0.6 | 0.2 | 1.6 | (10.5) | 4.3 | 1.5 | |||
Derivative instruments unrealized gain (loss), Before-Tax | (2.9) | (4.1) | (4.9) | (4.9) | (5.7) | (16.1) | |||
Amortization of net actuarial gains and losses - defined benefit plans, before-tax | [1] | (0.3) | (0.6) | (0.3) | |||||
Amortization of prior service costs - defined benefit plans, before-tax | [1] | (0.2) | (1.9) | (0.2) | |||||
Amortization of derivative instruments unrealized loss, Before-Tax | 3 | 5.9 | 1 | ||||||
Other comprehensive income (loss), Before-Tax | 2.5 | (83.5) | (61.2) | (140.6) | (293.2) | (47.2) | 127.5 | ||
Change in funded status of defined benefit plans, income tax (expense) benefit | (0.1) | 2.1 | (0.3) | 0.6 | |||||
Derivative instruments unrealized gain (loss), Income Tax (Expense) Benefit | 1 | 1.6 | 1.9 | 1.9 | 1.8 | 6.2 | |||
Other comprehensive income (loss), Income Tax (Expense) Benefit | (0.1) | 1.6 | (0.4) | 1.8 | 3.9 | 5.9 | 0.6 | ||
Foreign currency translation adjustment, net-of-tax | (277.5) | (32.9) | 126.5 | ||||||
Change in funded status of defined benefit plans, net-of-tax | (8.4) | 4 | 2.1 | ||||||
Derivative instruments unrealized loss, Net-of-Tax | (1.9) | (2.5) | (3) | (3) | (3.9) | (9.9) | |||
Amortization of net actuarial gains and losses - defined benefit plans, net-of-tax | [1] | (0.3) | (0.6) | (0.3) | |||||
Amortization of prior service costs - defined benefit plans, Net-of-Tax | [1] | (0.2) | (1.9) | (0.2) | |||||
Amortization of derivative instruments unrealized loss, Net-of-Tax | 1.9 | 3.6 | 1 | ||||||
Total other comprehensive income (loss) | $ 2.4 | $ (81.9) | $ (61.6) | $ (138.8) | $ (289.3) | $ (17.8) | $ (41.3) | $ 128.1 | |
[1] | Amounts reclassified out of accumulated other comprehensive income related to defined benefit plan adjustments were included in the respective categories of operating expenses in our Consolidated Statement of Operations. These amounts were included as a component of our net periodic pension costs. See Note 19, Retirement Plans - Defined Benefit Plans, for additional detail. |
Summary of Significant Accoun68
Summary of Significant Accounting Policies (Weighted Average Assumptions) (Details) - $ / shares | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Expected term (years) | 2 years | 2 years | 1 year 3 months |
Risk-free interest rate | 0.48% | 0.35% | 0.18% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 47.66% | 50.00% | 70.71% |
Weighted average fair value per unit granted | $ 7.56 | $ 7.29 | $ 4.96 |
Summary of Significant Accoun69
Summary of Significant Accounting Policies (Equity Compensation Expense Recognized In Consolidated Statements Of Operations By Category) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Equity-based Compensation by Category [Line Items] | |||||||
Allocated equity-based compensation expense | $ 1.9 | $ 5.8 | $ 3.2 | $ 13 | $ 15.5 | $ 28.7 | $ 14 |
Cost of Software License Fees and Subscriptions [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated equity-based compensation expense | 0.2 | 0.2 | 0.2 | ||||
Cost of Product Updates and Support Fees [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated equity-based compensation expense | 0.2 | 0.1 | 0.6 | 0.5 | 0.4 | ||
Cost of Consulting Services and Other Fees [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated equity-based compensation expense | 0.3 | 0.3 | 0.3 | 3 | |||
Sales and Marketing [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated equity-based compensation expense | 0.4 | 1.7 | 0.7 | 3.5 | 3.5 | 9.7 | 5.9 |
Research and Development [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated equity-based compensation expense | 0.3 | 1.1 | 0.6 | 2.6 | 3.7 | 8.1 | 5.3 |
General and Administrative [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated equity-based compensation expense | $ 1.2 | $ 2.3 | $ 1.8 | $ 5.8 | $ 7.3 | $ 7.5 | $ 2.8 |
Acquisitions (Fiscal 2016) (Det
Acquisitions (Fiscal 2016) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Sep. 18, 2015 | Oct. 31, 2015 | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | |
Business Acquisition [Line Items] | |||||
Cash in transit | $ 499.7 | $ 365.8 | |||
GT Nexus, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Majority ownership stake | 81.48% | ||||
Cash purchase consideration, net of cash acquired | $ 550 | ||||
Contributed revenues | $ 13.1 | ||||
Contributed net loss | 5.8 | ||||
Transaction and merger related integration costs | $ 10.6 | ||||
Acquired AR - Gross | 37.1 | 37.1 | |||
Acquired AR allowance | 0.6 | 0.6 | |||
Puttable redeemable noncontrolling interests, redemption price | 150 | $ 150 | |||
Accretion of redeemable noncontrolling interests, period | 1 year | ||||
GT Nexus, Inc. [Member] | Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted average estimated useful life | 3 years | ||||
GT Nexus, Inc. [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted average estimated useful life | 6 years | ||||
GT Nexus, Inc. [Member] | Tradenames [Member] | |||||
Business Acquisition [Line Items] | |||||
Weighted average estimated useful life | 3 years | ||||
Platform Settlement Services, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash in transit | $ 16.5 | $ 16.5 | |||
5.75% Senior Secured Notes due August 15, 2020 [Member] | |||||
Business Acquisition [Line Items] | |||||
Stated interest rates | 5.75% | 5.75% |
Acquisitions (Schedule Summariz
Acquisitions (Schedule Summarizing Allocation of GT Nexus Purchase Consideration) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Sep. 18, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 |
Goodwill | $ 4,366 | $ 4,045.8 | $ 4,317.2 | $ 4,139.8 | |
GT Nexus, Inc. [Member] | |||||
Cash | $ 14.8 | ||||
Accounts receivable, net | 36.5 | ||||
Other current assets | 13.9 | ||||
Other non-current assets | 9 | ||||
Goodwill | 369.9 | ||||
Deferred revenue | (11.3) | ||||
Current liabilities assumed | (32.6) | ||||
Long-term liabilities assumed | (87.7) | ||||
Noncontrolling Interests | (10.2) | ||||
Cash purchase price | 675 | ||||
Less fair value of redeemable noncontrolling interests | (125) | ||||
Purchase consideration | 550 | ||||
GT Nexus, Inc. [Member] | Technology [Member] | |||||
Identified intangible assets | 93.3 | ||||
GT Nexus, Inc. [Member] | Customer Relationships [Member] | |||||
Identified intangible assets | 273.5 | ||||
GT Nexus, Inc. [Member] | Tradenames [Member] | |||||
Identified intangible assets | $ 5.9 |
Acquisitions (Fiscal 2015 & Con
Acquisitions (Fiscal 2015 & Contingent Consideration) (Details) - USD ($) $ in Millions | Sep. 02, 2014 | Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 |
Business Acquisition [Line Items] | |||||||||||||||||
Goodwill | $ 4,366 | $ 4,045.8 | $ 4,317.2 | $ 4,366 | $ 4,045.8 | $ 4,317.2 | $ 4,139.8 | ||||||||||
Revenues | 663.3 | 658.7 | $ 657.4 | $ 685.6 | $ 753.2 | $ 740.3 | $ 672.7 | $ 698.5 | $ 650.3 | 1,303.6 | $ 1,438.8 | 2,438.9 | $ 2,445.7 | $ 2,761.8 | $ 2,718 | ||
Contingent consideration - fair value | 0.6 | $ 0 | 0.6 | 0 | |||||||||||||
Contingent consideration - minimum payout | 0 | 0 | |||||||||||||||
Contingent consideration - maximum payout | 10 | 10 | |||||||||||||||
Saleslogix [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Cash purchase consideration, net of cash acquired | $ 30.1 | ||||||||||||||||
Identifiable intangible assets | 13.4 | 13.4 | 13.4 | ||||||||||||||
Goodwill | $ 18.2 | $ 18.2 | $ 18.2 | ||||||||||||||
Revenues | $ 11.2 | ||||||||||||||||
Saleslogix [Member] | Technology [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Weighted average estimated useful life | 5 years | 5 years | |||||||||||||||
Saleslogix [Member] | Customer Relationships [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Weighted average estimated useful life | 7 years | 7 years | |||||||||||||||
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. |
Acquisitions (Fiscal 2014) (Det
Acquisitions (Fiscal 2014) (Details) - USD ($) $ in Millions | 11 Months Ended | ||||
Apr. 30, 2015 | Oct. 31, 2015 | May. 31, 2014 | Jan. 07, 2014 | May. 31, 2013 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 4,045.8 | $ 4,366 | $ 4,317.2 | $ 4,139.8 | |
PeopleAnswers [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash purchase consideration, net of cash acquired | $ 200 | ||||
Identifiable intangible assets | 84 | ||||
Goodwill | $ 114.3 | ||||
Weighted average estimated useful life | 10 years | ||||
Fiscal 2014 [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash purchase consideration, net of cash acquired | $ 1.8 |
Acquisitions (Fiscal 2013) (Det
Acquisitions (Fiscal 2013) (Details) $ in Millions | 11 Months Ended | 12 Months Ended | ||
Apr. 30, 2015USD ($)entityitem | May. 31, 2014USD ($) | Oct. 31, 2015USD ($) | May. 31, 2013USD ($) | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,045.8 | $ 4,317.2 | $ 4,366 | $ 4,139.8 |
Contingent consideration - fair value | $ 0 | 0.6 | ||
Contingent consideration - minimum payout | 0 | |||
Contingent consideration - maximum payout | $ 10 | |||
Fiscal 2013 [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | entity | 5 | |||
Combined purchase price, net of cash acquired | $ 119.7 | |||
Identifiable intangible assets | 55.6 | |||
Net liabilities | 9.4 | |||
Goodwill | $ 73.5 | |||
Weighted average estimated useful life | 7 years | |||
Contingent consideration - fair value | $ 0 | 12.4 | ||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | $ 8.5 | $ 0.7 | ||
Contingent consideration - number of payments | item | 0 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Goodwill [Line Items] | ||||
Beginning balance | $ 4,045.8 | $ 4,317.2 | $ 4,139.8 | |
Goodwill acquired | 369.9 | 18.2 | 115.3 | |
Currency translation effect | (49.7) | (289.6) | 62.1 | |
Ending balance | 4,366 | 4,045.8 | 4,317.2 | $ 4,139.8 |
Goodwill impairment | 0 | 0 | 0 | 0 |
Accumulated impairment charges | 0 | 0 | 0 | 0 |
License [Member] | ||||
Goodwill [Line Items] | ||||
Beginning balance | 931.5 | 979.1 | 849.6 | |
Goodwill acquired | 336.5 | 11.9 | 114.8 | |
Currency translation effect | (10.2) | (59.5) | 14.7 | |
Ending balance | 1,257.8 | 931.5 | 979.1 | 849.6 |
Maintenance [Member] | ||||
Goodwill [Line Items] | ||||
Beginning balance | 2,851.7 | 3,056.5 | 3,012.9 | |
Goodwill acquired | 6.3 | 0.5 | ||
Currency translation effect | (36.3) | (211.1) | 43.1 | |
Ending balance | 2,815.4 | 2,851.7 | 3,056.5 | 3,012.9 |
Consulting [Member] | ||||
Goodwill [Line Items] | ||||
Beginning balance | 262.6 | 281.6 | 277.3 | |
Goodwill acquired | 33.4 | |||
Currency translation effect | (3.2) | (19) | 4.3 | |
Ending balance | $ 292.8 | $ 262.6 | $ 281.6 | $ 277.3 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | |||
Fair Value [Abstract] | ||||||
Long-term debt, carrying value | $ 5,683.8 | [1] | $ 5,226.8 | [2] | $ 5,250.1 | [2] |
Long-term debt, fair value | $ 5,600 | $ 5,400 | $ 5,600 | |||
[1] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. | |||||
[2] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. |
Fair Value (Fair Value, By Bala
Fair Value (Fair Value, By Balance Sheet Grouping) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 |
Cash equivalents | $ 27 | $ 209.5 | |
Assets, Total | 27 | 209.5 | |
Contingent consideration | $ 0.6 | 12.4 | |
Derivative instruments | 19.8 | 20.8 | 16.1 |
Liabilities, Total | 20.4 | 20.8 | 28.5 |
Level 1 [Member] | |||
Cash equivalents | 27 | 209.5 | |
Assets, Total | 27 | 209.5 | |
Level 2 [Member] | |||
Derivative instruments | 19.8 | 20.8 | 16.1 |
Liabilities, Total | 19.8 | $ 20.8 | 16.1 |
Level 3 [Member] | |||
Contingent consideration | 0.6 | 12.4 | |
Liabilities, Total | $ 0.6 | $ 12.4 |
Fair Value (Reconciliation Of L
Fair Value (Reconciliation Of Level 3 Assets And Liabilities) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ||||
Beginning balance | $ 12.4 | $ 13.2 | ||
Contingent consideration | $ 14.6 | |||
Settlements | (8.5) | (0.7) | ||
Total (gain) loss recorded in earnings | $ 0.6 | $ (3.9) | (0.1) | (1.4) |
Ending balance | $ 0.6 | $ 12.4 | $ 13.2 |
Cash and Cash Equivalents and79
Cash and Cash Equivalents and Restricted Cash (Table) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | May. 31, 2014 | Apr. 30, 2014 | May. 31, 2013 | May. 31, 2012 |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||||||
Cash | $ 499.7 | $ 365.8 | |||||
Cash equivalents | 27 | 209.5 | |||||
Total cash and cash equivalents | $ 499 | 526.7 | $ 328.6 | 575.3 | $ 447.1 | $ 421.9 | $ 384.4 |
Restricted cash | $ 8.1 | $ 26.8 |
Accounts Receivable (Accounts R
Accounts Receivable (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | May. 31, 2012 |
Accounts Receivable [Abstract] | |||||
Accounts receivable | $ 294.1 | $ 308.4 | $ 369.4 | ||
Unbilled accounts receivable | 44.7 | 41.5 | 53 | ||
Less: allowance for doubtful accounts | (12) | (11.9) | (18.2) | $ (16) | $ (18.1) |
Accounts receivable, net | $ 326.8 | $ 338 | $ 404.2 |
Accounts Receivable (Allowance
Accounts Receivable (Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Accounts Receivable [Abstract] | ||||
Beginning Balance | $ 11.9 | $ 18.2 | $ 16 | $ 18.1 |
Provision | 5.2 | 8.6 | 13.1 | 6.5 |
Write-offs and recoveries | (4.8) | (13.6) | (11.2) | (9) |
Currency translation effect | (0.3) | (1.3) | 0.3 | 0.4 |
Ending Balance | $ 12 | $ 11.9 | $ 18.2 | $ 16 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Property and Equipment [Line Items] | |||
Depreciation expense | $ 28 | $ 29.6 | $ 29.6 |
Accumulated depreciation and amortization | 202.5 | 192.5 | |
Asset retirement obligation | 7 | 9 | |
Equipment under capital leases [Member] | |||
Property and Equipment [Line Items] | |||
Depreciation expense | 3.5 | 4 | $ 1.6 |
Accumulated depreciation and amortization | $ 4.7 | $ 6.8 |
Property and Equipment (Schedul
Property and Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Millions | 11 Months Ended | ||
Apr. 30, 2015 | Oct. 31, 2015 | May. 31, 2014 | |
Property and Equipment [Line Items] | |||
Property and equipment | $ 284.3 | $ 275.3 | |
Less: accumulated depreciation and amortization | (202.5) | (192.5) | |
Property and equipment, net | 81.8 | $ 100 | 82.8 |
Land, buildings and leasehold improvements [Member] | |||
Property and Equipment [Line Items] | |||
Property and equipment | $ 76.5 | 75.2 | |
Land, buildings and leasehold improvements [Member] | Minimum [Member] | |||
Property and Equipment [Line Items] | |||
Useful life (in years) | 1 year | ||
Land, buildings and leasehold improvements [Member] | Maximum [Member] | |||
Property and Equipment [Line Items] | |||
Useful life (in years) | 36 years | ||
Computer equipment and software [Member] | |||
Property and Equipment [Line Items] | |||
Property and equipment | $ 158.7 | 148.7 | |
Computer equipment and software [Member] | Minimum [Member] | |||
Property and Equipment [Line Items] | |||
Useful life (in years) | 1 year | ||
Computer equipment and software [Member] | Maximum [Member] | |||
Property and Equipment [Line Items] | |||
Useful life (in years) | 7 years | ||
Other equipment, furniture and fixtures [Member] | |||
Property and Equipment [Line Items] | |||
Property and equipment | $ 37.2 | 35.9 | |
Other equipment, furniture and fixtures [Member] | Minimum [Member] | |||
Property and Equipment [Line Items] | |||
Useful life (in years) | 1 year | ||
Other equipment, furniture and fixtures [Member] | Maximum [Member] | |||
Property and Equipment [Line Items] | |||
Useful life (in years) | 13 years | ||
Equipment under capital leases [Member] | |||
Property and Equipment [Line Items] | |||
Property and equipment | $ 11.9 | 15.5 | |
Less: accumulated depreciation and amortization | $ (4.7) | $ (6.8) |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | |||
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | |||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amounts | $ 3,247.1 | $ 2,897 | $ 3,060.2 | ||
Accumulated amortization | 2,246 | 2,166 | 2,109.5 | ||
Total | 1,001.1 | [1] | 731 | [2] | 950.7 |
Foreign currency translation adjustments | (5.8) | (42.4) | |||
Customer Contracts And Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amounts | 1,991.7 | 1,735.2 | 1,840.2 | ||
Accumulated amortization | 1,223.4 | 1,168.4 | 1,118.2 | ||
Total | 768.3 | [1] | 566.8 | [2] | 722 |
Acquired And Developed Technology [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amounts | 1,117.5 | 1,029.2 | 1,082.4 | ||
Accumulated amortization | 893.7 | 868.5 | 859 | ||
Total | 223.8 | [1] | 160.7 | [2] | 223.4 |
Tradenames [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amounts | 137.9 | 132.6 | 137.6 | ||
Accumulated amortization | 128.9 | 129.1 | 132.3 | ||
Total | $ 9 | [1] | $ 3.5 | [2] | $ 5.3 |
Minimum [Member] | Customer Contracts And Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives (in years) | 2 years | 2 years | |||
Minimum [Member] | Acquired And Developed Technology [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives (in years) | 2 years | 2 years | |||
Minimum [Member] | Tradenames [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives (in years) | 1 year | 1 year | |||
Maximum [Member] | Customer Contracts And Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives (in years) | 15 years | 15 years | |||
Maximum [Member] | Acquired And Developed Technology [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives (in years) | 11 years | 11 years | |||
Maximum [Member] | Tradenames [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives (in years) | 20 years | 20 years | |||
[1] | Net intangible assets decreased from April 30, 2015 to October 31, 2015 by approximately $5.8 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities. | ||||
[2] | Net intangible assets decreased from May 31, 2014, to April 30, 2015, by approximately $42.4 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities. |
Intangible Assets (Amortization
Intangible Assets (Amortization Expense by Asset Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of intangible assets | $ 50.7 | $ 54 | $ 99.9 | $ 111.3 | $ 194.9 | $ 234.7 | $ 246.1 |
Customer Contracts And Relationships [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of intangible assets | 34.3 | 35.9 | 67 | 73.1 | 129.1 | 153.1 | 161 |
Acquired And Developed Technology [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of intangible assets | 16.1 | 17.8 | 32.5 | 36.2 | 64.3 | 72.2 | 75.4 |
Tradenames [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of intangible assets | $ 0.3 | $ 0.3 | $ 0.4 | $ 2 | $ 1.5 | $ 9.4 | $ 9.7 |
Intangible Assets (Estimated Fu
Intangible Assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | ||
Intangible Assets [Abstract] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 110.8 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 179.8 | $ 187.4 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 132.4 | 139.6 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 115.2 | 92.9 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 106.5 | 78.1 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 100.5 | 70.9 | |||
Thereafter | 255.9 | 162.1 | |||
Total | $ 1,001.1 | [1] | $ 731 | [2] | $ 950.7 |
[1] | Net intangible assets decreased from April 30, 2015 to October 31, 2015 by approximately $5.8 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities. | ||||
[2] | Net intangible assets decreased from May 31, 2014, to April 30, 2015, by approximately $42.4 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities. |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | |
Accrued Expenses [Line Items] | ||||
Compensation and employee benefits | $ 158 | $ 157.3 | $ 170.2 | |
Taxes other than income | 17.9 | 25.2 | 26 | |
Royalties and partner commissions | 51.8 | 54.5 | 47 | |
Litigation | 2 | 1.6 | 2.4 | |
Professional fees | 7 | 8.2 | 8.1 | |
Subcontractor expense | 7 | 7.9 | 8 | |
Interest | 92.4 | 22.6 | 69.1 | |
Restructuring | 6.5 | 3.7 | 16.1 | |
Asset retirement obligations | 2.9 | 1.4 | 1.7 | |
Deferred rent | 3.3 | 3.5 | 16.9 | |
Other | 49.8 | 53.2 | 40.8 | |
Accrued expenses | 398.6 | 339.1 | $ 406.3 | |
Dividends paid | $ 42.7 | 17 | 65.7 | |
Dividends Accrued [Member] | ||||
Accrued Expenses [Line Items] | ||||
Dividends paid | $ 18 | 17 | ||
HoldCo[Member] | ||||
Accrued Expenses [Line Items] | ||||
Dividends paid | $ 17 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Equity-based Compensation by Category [Line Items] | |||||||
Allocated stock compensation expense | $ 1.9 | $ 5.8 | $ 3.2 | $ 13 | $ 15.5 | $ 28.7 | $ 14 |
Cost of Software License Fees and Subscriptions [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated stock compensation expense | 0.2 | 0.2 | 0.2 | ||||
Cost of Product Updates and Support Fees [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated stock compensation expense | 0.2 | 0.1 | 0.6 | 0.5 | 0.4 | ||
Cost of Consulting Services and Other Fees [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated stock compensation expense | 0.3 | 0.3 | 0.3 | 3 | |||
Sales and Marketing [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated stock compensation expense | 0.4 | 1.7 | 0.7 | 3.5 | 3.5 | 9.7 | 5.9 |
Research and Development [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated stock compensation expense | 0.3 | 1.1 | 0.6 | 2.6 | 3.7 | 8.1 | 5.3 |
General and Administrative [Member] | |||||||
Equity-based Compensation by Category [Line Items] | |||||||
Allocated stock compensation expense | $ 1.2 | $ 2.3 | $ 1.8 | $ 5.8 | $ 7.3 | $ 7.5 | $ 2.8 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | $ 96.6 | $ 124.3 | $ 128.7 | $ 114.3 |
Restructuring and Related Costs Incurred | 8.4 | 10.7 | 22.8 | 20.6 |
Cash Payments | 4 | 18.7 | 18.7 | 24.5 |
Adjustment to Costs - Expense | (0.2) | (5) | (4.2) | (10.4) |
Fiscal 2016 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 7.3 | |||
Restructuring and Related Costs Incurred | 7.5 | |||
Cash Payments | 1.8 | |||
Fiscal 2016 Acquisition-related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 0.9 | |||
Restructuring and Related Costs Incurred | 0.9 | |||
Cash Payments | 0 | |||
Fiscal 2015 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 10.2 | 10.7 | ||
Restructuring and Related Costs Incurred | 10.7 | |||
Cash Payments | 1.3 | 8.3 | ||
Adjustment to Costs - Expense | (0.4) | |||
Fiscal 2014 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 19.7 | 22.8 | ||
Restructuring and Related Costs Incurred | 22.8 | |||
Cash Payments | 9 | 9.7 | ||
Adjustment to Costs - Expense | (3) | |||
Fiscal 2013 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 14.1 | 14.2 | 15.5 | |
Restructuring and Related Costs Incurred | 19.8 | |||
Cash Payments | 1.1 | 5.5 | 7.4 | |
Adjustment to Costs - Expense | (0.2) | (1.3) | (4.3) | |
Fiscal 2013 Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 0.8 | 0.8 | 0.9 | |
Restructuring and Related Costs Incurred | 0.8 | |||
Cash Payments | 0.1 | 0.5 | 0.2 | |
Adjustment to Costs - Expense | 0.1 | |||
Previous Restructuring And Acquisition Related Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash Payments | 0.9 | |||
Adjustment to Costs - Expense | 0.2 | |||
Severance [Member] | Fiscal 2016 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 5.7 | |||
Restructuring and Related Costs Incurred | 5.7 | |||
Cash Payments | 1.8 | |||
Severance [Member] | Fiscal 2016 Acquisition-related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 0.9 | |||
Restructuring and Related Costs Incurred | 0.9 | |||
Severance [Member] | Fiscal 2015 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 10.2 | 10.5 | ||
Restructuring and Related Costs Incurred | 10.5 | |||
Cash Payments | 1.3 | 8.1 | ||
Adjustment to Costs - Expense | (0.4) | |||
Severance [Member] | Fiscal 2014 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 18.9 | 22 | ||
Restructuring and Related Costs Incurred | 22 | |||
Cash Payments | 8.6 | 9.4 | ||
Adjustment to Costs - Expense | (3) | |||
Severance [Member] | Fiscal 2013 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 12.7 | 12.8 | 14.8 | |
Restructuring and Related Costs Incurred | 19.4 | |||
Cash Payments | 0.9 | 4.8 | 7.1 | |
Adjustment to Costs - Expense | (0.2) | (1.9) | (4.6) | |
Severance [Member] | Fiscal 2013 Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 0.8 | 0.8 | 0.8 | |
Restructuring and Related Costs Incurred | 0.7 | |||
Cash Payments | 0.1 | 0.5 | 0.1 | |
Adjustment to Costs - Expense | 0.1 | |||
Severance [Member] | Previous Restructuring And Acquisition Related Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Adjustment to Costs - Expense | (0.3) | |||
Facilities and other [Member] | Fiscal 2016 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 1.6 | |||
Restructuring and Related Costs Incurred | $ 1.8 | |||
Facilities and other [Member] | Fiscal 2015 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 0.2 | |||
Restructuring and Related Costs Incurred | 0.2 | |||
Cash Payments | 0.2 | |||
Facilities and other [Member] | Fiscal 2014 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 0.8 | 0.8 | ||
Restructuring and Related Costs Incurred | 0.8 | |||
Cash Payments | 0.4 | 0.3 | ||
Facilities and other [Member] | Fiscal 2013 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 1.4 | 1.4 | 0.7 | |
Restructuring and Related Costs Incurred | 0.4 | |||
Cash Payments | 0.2 | 0.7 | 0.3 | |
Adjustment to Costs - Expense | $ 0.6 | 0.3 | ||
Facilities and other [Member] | Fiscal 2013 Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total Costs Recognized to Date | 0.1 | |||
Restructuring and Related Costs Incurred | 0.1 | |||
Cash Payments | $ 0.1 | |||
Facilities and other [Member] | Previous Restructuring And Acquisition Related Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cash Payments | 0.2 | |||
Adjustment to Costs - Expense | $ (1.5) |
Restructuring Charges (Schedule
Restructuring Charges (Schedule of Restructuring Activity) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | $ 3.9 | $ 18.2 | $ 17.9 | $ 30.5 |
Initial Costs | 8.4 | 10.7 | 22.8 | 20.6 |
Adjustment to Costs - Expense | (0.2) | (5) | (4.2) | (10.4) |
Other | 0.1 | |||
Foreign Currency Effect | (0.2) | (1.3) | 0.4 | 1.6 |
Cash Payments | (4) | (18.7) | (18.7) | (24.5) |
Restructuring reserve - ending balance | 7.9 | 3.9 | 18.2 | 17.9 |
Total Costs Recognized to Date | 96.6 | 124.3 | 128.7 | 114.3 |
Total Expected Program Costs | 96.6 | 124.3 | 128.7 | 114.3 |
Fiscal 2016 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Initial Costs | 7.5 | |||
Foreign Currency Effect | (0.2) | |||
Cash Payments | (1.8) | |||
Restructuring reserve - ending balance | 5.5 | |||
Total Costs Recognized to Date | 7.3 | |||
Total Expected Program Costs | 7.3 | |||
Fiscal 2016 Acquisition-related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Initial Costs | 0.9 | |||
Cash Payments | 0 | |||
Restructuring reserve - ending balance | 0.9 | |||
Total Costs Recognized to Date | 0.9 | |||
Total Expected Program Costs | 0.9 | |||
Fiscal 2015 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 2.2 | |||
Initial Costs | 10.7 | |||
Adjustment to Costs - Expense | (0.4) | |||
Foreign Currency Effect | (0.2) | |||
Cash Payments | (1.3) | (8.3) | ||
Restructuring reserve - ending balance | 0.5 | 2.2 | ||
Total Costs Recognized to Date | 10.2 | 10.7 | ||
Total Expected Program Costs | 10.2 | 10.7 | ||
Fiscal 2014 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.4 | 13.1 | ||
Initial Costs | 22.8 | |||
Adjustment to Costs - Expense | (3) | |||
Foreign Currency Effect | (0.7) | |||
Cash Payments | (9) | (9.7) | ||
Restructuring reserve - ending balance | 0.4 | 13.1 | ||
Total Costs Recognized to Date | 19.7 | 22.8 | ||
Total Expected Program Costs | 19.7 | 22.8 | ||
Fiscal 2013 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.5 | 1.9 | 8.4 | |
Initial Costs | 19.8 | |||
Adjustment to Costs - Expense | (0.2) | (1.3) | (4.3) | |
Other | 0.1 | |||
Foreign Currency Effect | (0.1) | 0.3 | 0.2 | |
Cash Payments | (1.1) | (5.5) | (7.4) | |
Restructuring reserve - ending balance | 0.5 | 1.9 | 8.4 | |
Total Costs Recognized to Date | 14.1 | 14.2 | 15.5 | |
Total Expected Program Costs | 14.1 | 14.2 | 15.5 | |
Fiscal 2013 Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.1 | 0.6 | ||
Initial Costs | 0.8 | |||
Adjustment to Costs - Expense | 0.1 | |||
Foreign Currency Effect | (0.1) | |||
Cash Payments | (0.1) | (0.5) | (0.2) | |
Restructuring reserve - ending balance | 0.1 | 0.6 | ||
Total Costs Recognized to Date | 0.8 | 0.8 | 0.9 | |
Total Expected Program Costs | 0.8 | 0.8 | 0.9 | |
Previous Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.9 | 0.2 | 1.7 | 16.7 |
Adjustment to Costs - Expense | (0.2) | (0.5) | (6) | |
Other | (0.2) | |||
Foreign Currency Effect | 1.1 | |||
Cash Payments | (0.5) | (1) | (9.9) | |
Restructuring reserve - ending balance | 0.4 | 0.9 | 0.2 | 1.7 |
Total Costs Recognized to Date | 33.7 | 13.7 | 14.3 | 19 |
Total Expected Program Costs | 33.7 | 13.7 | 14.3 | 19 |
Previous Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.8 | 2.9 | 7.2 | 13.8 |
Adjustment to Costs - Expense | 0.2 | (1.6) | (2.4) | (0.2) |
Other | 0.2 | |||
Foreign Currency Effect | (0.3) | 0.1 | 0.4 | |
Cash Payments | (0.4) | (0.2) | (2) | (7) |
Restructuring reserve - ending balance | 0.6 | 0.8 | 2.9 | 7.2 |
Total Costs Recognized to Date | 44.5 | 65.3 | 76.6 | 78.9 |
Total Expected Program Costs | 44.5 | 65.3 | 76.6 | 78.9 |
Severance [Member] | Fiscal 2016 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Initial Costs | 5.7 | |||
Foreign Currency Effect | (0.1) | |||
Cash Payments | (1.8) | |||
Restructuring reserve - ending balance | 3.8 | |||
Total Costs Recognized to Date | 5.7 | |||
Total Expected Program Costs | 5.7 | |||
Severance [Member] | Fiscal 2016 Acquisition-related [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Initial Costs | 0.9 | |||
Restructuring reserve - ending balance | 0.9 | |||
Total Costs Recognized to Date | 0.9 | |||
Total Expected Program Costs | 0.9 | |||
Severance [Member] | Fiscal 2015 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 2.2 | |||
Initial Costs | 10.5 | |||
Adjustment to Costs - Expense | (0.4) | |||
Foreign Currency Effect | (0.2) | |||
Cash Payments | (1.3) | (8.1) | ||
Restructuring reserve - ending balance | 0.5 | 2.2 | ||
Total Costs Recognized to Date | 10.2 | 10.5 | ||
Total Expected Program Costs | 10.2 | 10.5 | ||
Severance [Member] | Fiscal 2014 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.3 | 12.6 | ||
Initial Costs | 22 | |||
Adjustment to Costs - Expense | (3) | |||
Foreign Currency Effect | (0.7) | |||
Cash Payments | (8.6) | (9.4) | ||
Restructuring reserve - ending balance | 0.3 | 12.6 | ||
Total Costs Recognized to Date | 18.9 | 22 | ||
Total Expected Program Costs | 18.9 | 22 | ||
Severance [Member] | Fiscal 2013 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.3 | 1.5 | 7.9 | |
Initial Costs | 19.4 | |||
Adjustment to Costs - Expense | (0.2) | (1.9) | (4.6) | |
Foreign Currency Effect | (0.1) | 0.3 | 0.2 | |
Cash Payments | (0.9) | (4.8) | (7.1) | |
Restructuring reserve - ending balance | 0.3 | 1.5 | 7.9 | |
Total Costs Recognized to Date | 12.7 | 12.8 | 14.8 | |
Total Expected Program Costs | 12.7 | 12.8 | 14.8 | |
Severance [Member] | Fiscal 2013 Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.1 | 0.6 | ||
Initial Costs | 0.7 | |||
Adjustment to Costs - Expense | 0.1 | |||
Foreign Currency Effect | (0.1) | |||
Cash Payments | (0.1) | (0.5) | (0.1) | |
Restructuring reserve - ending balance | 0.1 | 0.6 | ||
Total Costs Recognized to Date | 0.8 | 0.8 | 0.8 | |
Total Expected Program Costs | 0.8 | 0.8 | 0.8 | |
Severance [Member] | Previous Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.6 | 0.2 | 1.6 | 15.1 |
Adjustment to Costs - Expense | (0.1) | (0.2) | (0.5) | (6.2) |
Foreign Currency Effect | 0.7 | |||
Cash Payments | (0.2) | (0.9) | (8) | |
Restructuring reserve - ending balance | 0.3 | 0.6 | 0.2 | 1.6 |
Total Costs Recognized to Date | 31.4 | 13.7 | 13.9 | 14.4 |
Total Expected Program Costs | 31.4 | 13.7 | 13.9 | 14.4 |
Severance [Member] | Previous Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.4 | 0.6 | 0.8 | 5.5 |
Adjustment to Costs - Expense | (0.1) | 0.1 | (1) | |
Foreign Currency Effect | (0.1) | 0.4 | ||
Cash Payments | (0.3) | (4.1) | ||
Restructuring reserve - ending balance | 0.4 | 0.4 | 0.6 | 0.8 |
Total Costs Recognized to Date | 40.5 | 47.6 | 54.7 | 54.6 |
Total Expected Program Costs | 40.5 | 47.6 | 54.7 | 54.6 |
Facilities and other [Member] | Fiscal 2016 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Initial Costs | 1.8 | |||
Foreign Currency Effect | (0.1) | |||
Restructuring reserve - ending balance | 1.7 | |||
Total Costs Recognized to Date | 1.6 | |||
Total Expected Program Costs | 1.6 | |||
Facilities and other [Member] | Fiscal 2015 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Initial Costs | 0.2 | |||
Cash Payments | (0.2) | |||
Total Costs Recognized to Date | 0.2 | |||
Total Expected Program Costs | 0.2 | |||
Facilities and other [Member] | Fiscal 2014 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.1 | 0.5 | ||
Initial Costs | 0.8 | |||
Cash Payments | (0.4) | (0.3) | ||
Restructuring reserve - ending balance | 0.1 | 0.5 | ||
Total Costs Recognized to Date | 0.8 | 0.8 | ||
Total Expected Program Costs | 0.8 | 0.8 | ||
Facilities and other [Member] | Fiscal 2013 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.2 | 0.4 | 0.5 | |
Initial Costs | 0.4 | |||
Adjustment to Costs - Expense | 0.6 | 0.3 | ||
Other | 0.1 | |||
Cash Payments | (0.2) | (0.7) | (0.3) | |
Restructuring reserve - ending balance | 0.2 | 0.4 | 0.5 | |
Total Costs Recognized to Date | 1.4 | 1.4 | 0.7 | |
Total Expected Program Costs | 1.4 | 1.4 | 0.7 | |
Facilities and other [Member] | Fiscal 2013 Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Initial Costs | 0.1 | |||
Cash Payments | (0.1) | |||
Total Costs Recognized to Date | 0.1 | |||
Total Expected Program Costs | 0.1 | |||
Facilities and other [Member] | Previous Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.3 | 0.1 | 1.6 | |
Adjustment to Costs - Expense | 0.1 | 0.2 | ||
Other | (0.2) | |||
Foreign Currency Effect | 0.4 | |||
Cash Payments | (0.3) | (0.1) | (1.9) | |
Restructuring reserve - ending balance | 0.1 | 0.3 | 0.1 | |
Total Costs Recognized to Date | 2.3 | 0.4 | 4.6 | |
Total Expected Program Costs | 2.3 | 0.4 | 4.6 | |
Facilities and other [Member] | Previous Acquisition Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve - beginning balance | 0.4 | 2.3 | 6.4 | 8.3 |
Adjustment to Costs - Expense | 0.2 | (1.5) | (2.5) | 0.8 |
Other | 0.2 | |||
Foreign Currency Effect | (0.2) | 0.1 | ||
Cash Payments | (0.4) | (0.2) | (1.7) | (2.9) |
Restructuring reserve - ending balance | 0.2 | 0.4 | 2.3 | 6.4 |
Total Costs Recognized to Date | 4 | 17.7 | 21.9 | 24.3 |
Total Expected Program Costs | $ 4 | $ 17.7 | $ 21.9 | $ 24.3 |
Restructuring Charges by Segmen
Restructuring Charges by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Total restructuring costs | $ 6.4 | $ (0.1) | $ 0.3 | $ 3.8 | $ 7.5 | $ 9.7 | $ 3.3 | $ 3.4 | $ 2.2 | $ 8.2 | $ 11.3 | $ 5.7 | $ 12.8 | $ 18.6 | $ 10.2 | |
License [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Total restructuring costs | 0.6 | 2.2 | 1.6 | 4.9 | 3.2 | 4.2 | 3.8 | |||||||||
Maintenance [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Total restructuring costs | 0.6 | 0.5 | 1.2 | 1 | 0.8 | 0.7 | 0.3 | |||||||||
Consulting [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Total restructuring costs | 1 | (0.5) | 1.1 | 4.3 | 0.8 | 9.1 | (0.1) | |||||||||
General and administrative and other functions [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Total restructuring costs | $ 4.2 | $ 1.6 | $ 4.3 | $ 1.1 | $ 0.9 | $ 4.6 | $ 6.2 | |||||||||
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |||||
Debt Instrument [Line Items] | |||||||||
Deferred financing fees, debt discounts and premiums, net | $ (128.7) | $ (118.2) | $ (158.6) | ||||||
Total long-term debt | 5,683.8 | [1] | 5,226.8 | [2] | 5,250.1 | [2] | |||
Less: current portion | (0.1) | [1] | (0.1) | [2] | (31.7) | [2] | |||
Total long-term debt - non-current | 5,683.7 | [1] | 5,226.7 | [2] | 5,218.4 | [2] | |||
Loss on extinguishment of debt | 172.4 | $ 5.2 | 5.2 | $ 1.8 | |||||
Term B-3 due June 3, 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First lien, Principal Amount | 464.3 | 466.7 | 477.4 | ||||||
First lien, Net Amount | $ 460.2 | [1] | $ 462.2 | [2] | $ 472.2 | [2] | |||
Contractual Rate | 3.75% | 3.75% | 3.75% | ||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | ||||||
Term B-5 due June 3, 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First lien, Principal Amount | $ 2,460.3 | $ 2,473 | $ 2,543.6 | ||||||
First lien, Net Amount | $ 2,377.6 | [1] | $ 2,382 | [2] | $ 2,437.6 | [2] | |||
Contractual Rate | 3.75% | 3.75% | 3.75% | ||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | ||||||
Euro Term B due June 3, 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First lien, Principal Amount | $ 372.7 | $ 382.3 | $ 472 | ||||||
First lien, Net Amount | $ 367.9 | [1] | $ 377 | [2] | $ 465.9 | [2] | |||
Contractual Rate | 4.00% | 4.00% | 4.00% | ||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | ||||||
6.5% Senior Notes due May 15, 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, Principal Amount | $ 1,630 | $ 1,630 | |||||||
Senior notes, Net Amount | $ 1,619 | [1] | $ 1,618.4 | [2] | |||||
Contractual Rate | 6.50% | 6.50% | |||||||
Maturity date | May 15, 2022 | May 15, 2022 | |||||||
5.75% Senior Notes due May 15, 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, Principal Amount | $ 385.2 | $ 393 | |||||||
Senior notes, Net Amount | $ 379.8 | [1] | $ 387.2 | [2] | |||||
Contractual Rate | 5.75% | 5.75% | |||||||
Maturity date | May 15, 2022 | May 15, 2022 | |||||||
5.75% Senior Secured Notes due August 15, 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, Principal Amount | $ 500 | ||||||||
Senior notes, Net Amount | [1] | $ 479.3 | |||||||
Contractual Rate | 5.75% | ||||||||
Maturity date | Aug. 15, 2020 | ||||||||
Debt Obligations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate | 4.80% | 4.80% | 6.00% | ||||||
9.375% Senior Notes due on April 1, 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, Principal Amount | $ 1,015 | ||||||||
Senior notes, Net Amount | [2] | $ 997.3 | |||||||
Contractual Rate | 9.375% | ||||||||
Maturity date | Apr. 1, 2019 | ||||||||
10.0% Senior Notes due on April 1, 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, Principal Amount | $ 340.7 | ||||||||
Senior notes, Net Amount | [2] | $ 334.6 | |||||||
Contractual Rate | 10.00% | ||||||||
Maturity date | Apr. 1, 2019 | ||||||||
11.5% Senior Notes due on July 15, 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, Principal Amount | $ 560 | ||||||||
Senior notes, Net Amount | [2] | $ 542.5 | |||||||
Contractual Rate | 11.50% | ||||||||
Maturity date | Jul. 15, 2018 | ||||||||
[1] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. | ||||||||
[2] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. |
Debt (Schedule of long-term d93
Debt (Schedule of long-term debt maturities) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 |
Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 2 | $ 0.1 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 26.7 | 11.6 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 34.2 | 34.3 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 34.2 | 34.3 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,700.2 | 34.3 |
Thereafter | 2,015.2 | 5,230.4 |
Total | $ 5,812.5 | $ 5,345 |
Debt (Credit Facilities) (Detai
Debt (Credit Facilities) (Details) | 6 Months Ended | 11 Months Ended | |
Oct. 31, 2015USD ($) | Apr. 30, 2015EUR (€) | Apr. 30, 2015USD ($) | |
Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Date of original borrowings | Apr. 5, 2012 | Apr. 5, 2012 | |
Infor Revolver [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolver maximum availability | $ 150,000,000 | $ 150,000,000 | |
Outstanding letters of credit | 10,300,000 | 7,500,000 | |
Current revolver availability | $ 139,700,000 | 142,500,000 | |
Undrawn line fee | 0.50% | 0.50% | |
Maturity date | Mar. 31, 2017 | Apr. 5, 2017 | |
Term B due April 5, 2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Face amount | 2,770,000,000 | ||
Maturity date | Apr. 5, 2018 | ||
Term B-1 due October 5, 2016 [Member] | |||
Line of Credit Facility [Line Items] | |||
Face amount | $ 400,000,000 | ||
Euro Term due April 5, 2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Face amount | € | € 250,000,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest reference rate minimum LIBOR | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Infor Revolver [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Term B due April 5, 2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 5.00% | ||
Adjusted Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Adjusted Base Rate [Member] | Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest reference rate minimum LIBOR | 2.00% | ||
Adjusted Base Rate [Member] | Infor Revolver [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Minimum [Member] | Infor Revolver [Member] | |||
Line of Credit Facility [Line Items] | |||
Undrawn line fee | 0.375% |
Debt (Term Loans and Senior Not
Debt (Term Loans and Senior Notes 10-Q) (Details) | 1 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Aug. 25, 2014USD ($) | Oct. 31, 2015EUR (€) | Apr. 30, 2015EUR (€) | May. 31, 2014 | Oct. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Apr. 23, 2015USD ($) | Apr. 01, 2015USD ($) | |
Term B-5 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Date of original borrowings | Jan. 2, 2014 | |||||||
Original amounts borrowed | $ 2,550,000,000 | $ 2,550,000,000 | ||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | |||||
Contractual Rate | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | |||
Term B-3 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Date of original borrowings | Jun. 3, 2013 | |||||||
Original amounts borrowed | $ 483,000,000 | $ 483,000,000 | ||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | |||||
Contractual Rate | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | |||
Euro Term B due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Date of original borrowings | Jun. 3, 2013 | |||||||
Original amounts borrowed | € | € 350,000,000 | € 350,000,000 | ||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | |||||
Contractual Rate | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | |||
Term B due April 5, 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original amounts borrowed | $ 2,770,000,000 | |||||||
Debt Instrument Early Prepayment Penalty | 1.00% | |||||||
Maturity date | Apr. 5, 2018 | |||||||
6.5% Senior Notes due May 15, 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Original amounts borrowed | $ 600,000,000 | $ 1,030,000,000 | ||||||
Maturity date | May 15, 2022 | May 15, 2022 | ||||||
Contractual Rate | 6.50% | 6.50% | 6.50% | 6.50% | ||||
Debt instrument issuance price, percentage | 102.25% | 100.00% | ||||||
5.75% Senior Notes due May 15, 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | May 15, 2022 | |||||||
5.75% First Lien Senior Secured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original amounts borrowed | $ 500,000,000 | |||||||
Maturity date | Aug. 15, 2020 | |||||||
Contractual Rate | 5.75% | |||||||
Debt instrument issuance price, percentage | 99.00% | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||
Proceeds from Issuance of Secured Debt | $ 478,500,000 | |||||||
Adjusted Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Adjusted Base Rate [Member] | Infor Revolver [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Adjusted Base Rate [Member] | Term B-5 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Interest Reference Rate - Minimum | 2.00% | |||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||
Adjusted Base Rate [Member] | Term B-3 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Interest Reference Rate - Minimum | 2.00% | |||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||
Adjusted Base Rate [Member] | Minimum [Member] | Term B-5 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
Adjusted Base Rate [Member] | Minimum [Member] | Term B-3 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Term B-5 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.75% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Term B-3 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.75% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Euro Term B due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term B-5 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term B-3 due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Euro Term B due June 3, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% |
Debt (Refinancing Amendments) (
Debt (Refinancing Amendments) (Details) | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | May. 31, 2014USD ($) | May. 31, 2013USD ($) | Oct. 31, 2015EUR (€) | Oct. 31, 2015USD ($) | Apr. 30, 2015EUR (€) | Apr. 30, 2015USD ($) | Sep. 27, 2012USD ($) | ||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments on long-term debt | $ 17,100,000 | $ 71,600,000 | $ 1,932,500,000 | $ 3,457,500,000 | $ 3,457,500,000 | $ 2,847,200,000 | ||||||||
Term B-5 due June 3, 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Original amounts borrowed | $ 2,550,000,000 | $ 2,550,000,000 | ||||||||||||
Extension of maturity date | 26 months | |||||||||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | |||||||||||
Notes Payable to Bank | $ 2,437,600,000 | [1] | 2,377,600,000 | [2] | 2,382,000,000 | [1] | ||||||||
Term B-3 due June 3, 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Original amounts borrowed | 483,000,000 | 483,000,000 | ||||||||||||
Extension of maturity date | 3 years 6 months | |||||||||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | |||||||||||
Notes Payable to Bank | $ 472,200,000 | [1] | 460,200,000 | [2] | 462,200,000 | [1] | ||||||||
Euro Term B due June 3, 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Original amounts borrowed | € | € 350,000,000 | € 350,000,000 | ||||||||||||
Extension of maturity date | 24 months | |||||||||||||
Maturity date | Jun. 3, 2020 | Jun. 3, 2020 | Jun. 3, 2020 | |||||||||||
Notes Payable to Bank | $ 465,900,000 | [1] | $ 367,900,000 | [2] | 377,000,000 | [1] | ||||||||
Term B-2 due April 5, 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Original amounts borrowed | $ 2,793,100,000 | |||||||||||||
Maturity date | Apr. 5, 2018 | |||||||||||||
Repayments on long-term debt | $ 250,000,000 | |||||||||||||
Term B due April 5, 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Original amounts borrowed | $ 2,770,000,000 | |||||||||||||
Maturity date | Apr. 5, 2018 | |||||||||||||
Early prepayment penalty | 1.00% | |||||||||||||
Term B [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes Payable to Bank | $ 2,763,000,000 | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest reference rate minimum LIBOR | 1.00% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Infor Revolver [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term B-5 due June 3, 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||
Interest reference rate minimum LIBOR | 1.00% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term B-3 due June 3, 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||
Interest reference rate minimum LIBOR | 1.00% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Euro Term B due June 3, 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 3.00% | |||||||||||||
Interest reference rate minimum LIBOR | 1.00% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term B-2 due April 5, 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 4.00% | |||||||||||||
Interest reference rate minimum LIBOR | 1.25% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term B due April 5, 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 5.00% | |||||||||||||
Adjusted Base Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||
Adjusted Base Rate [Member] | Infor Revolver [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||||
Adjusted Base Rate [Member] | Term B-5 due June 3, 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||||||||
Interest reference rate minimum LIBOR | 2.00% | |||||||||||||
Adjusted Base Rate [Member] | Term B-3 due June 3, 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||||||||
Interest reference rate minimum LIBOR | 2.00% | |||||||||||||
Adjusted Base Rate [Member] | Term B-2 due April 5, 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 3.00% | |||||||||||||
Interest reference rate minimum LIBOR | 2.25% | |||||||||||||
[1] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. | |||||||||||||
[2] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. |
Debt (Senior Notes 10-K) (Detai
Debt (Senior Notes 10-K) (Details) | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Oct. 31, 2015 | Apr. 30, 2015EUR (€) | May. 31, 2014USD ($) | Apr. 30, 2015USD ($) | Apr. 23, 2015USD ($) | Apr. 01, 2015EUR (€) | Apr. 01, 2015USD ($) | |
9.375% Senior Notes due on April 1, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 1,015,000,000 | ||||||
Contractual Rate | 9.375% | ||||||
Maturity date | Apr. 1, 2019 | ||||||
Debt call premium | 71,400,000 | ||||||
10.0% Senior Notes due on April 1, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | € | € 250,000,000 | ||||||
Contractual Rate | 10.00% | ||||||
Maturity date | Apr. 1, 2019 | ||||||
Debt call premium | 20,100,000 | ||||||
11.5% Senior Notes due on July 15, 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 560,000,000 | ||||||
Contractual Rate | 11.50% | ||||||
Maturity date | Jul. 15, 2018 | ||||||
Debt call premium | $ 43,200,000 | ||||||
6.5% Senior Notes due May 15, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 600,000,000 | $ 1,030,000,000 | |||||
Contractual Rate | 6.50% | 6.50% | 6.50% | ||||
Debt instrument issuance price, percentage | 102.25% | 100.00% | 100.00% | ||||
Maturity date | May 15, 2022 | May 15, 2022 | |||||
5.75% Senior Notes due May 15, 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | € | € 350,000,000 | ||||||
Contractual Rate | 5.75% | 5.75% | 5.75% | ||||
Debt instrument issuance price, percentage | 100.00% | 100.00% | |||||
Maturity date | May 15, 2022 | May 15, 2022 |
Debt (Deferred Financing Fees)
Debt (Deferred Financing Fees) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Apr. 30, 2015 | Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Debt [Abstract] | ||||||||
Total deferred finance fees, net | $ 102.4 | $ 110 | $ 110 | $ 102.4 | $ 121.2 | |||
Amortization of deferred finance fees | $ 5 | $ 5.2 | 9.5 | $ 10.3 | 19 | 23.5 | $ 23.5 | |
Debt issuance costs capitalized, senior notes issuance | 31 | 31 | ||||||
Deferred finance fees capitalized related to debt modifications | 12.1 | 27.6 | ||||||
Unamortized deferred financing fees and discounts expensed related to extinguishment of debt | 34.8 | 5.2 | 1.3 | |||||
Costs incurred related to modifications of debt | 20.9 | $ 11.9 | ||||||
Debt discounts, net of permiums and accumulated amortization | $ 15.8 | $ 18.7 | $ 15.8 | $ 37.4 |
Debt (Loss On Extingusihment) (
Debt (Loss On Extingusihment) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Debt [Abstract] | ||||
Loss on extinguishment of debt | $ (172.4) | $ (5.2) | $ (5.2) | $ (1.8) |
Applicable redemption premiums on existing senior notes | 134.7 | |||
Deferred financing fees written off | 32 | |||
Unamortized debt discounts related to the existing note written off | 2.8 | |||
Other costs incurred in connection with the repayment of existing senior debt | $ 2.9 |
Debt (Holding Company PIK Notes
Debt (Holding Company PIK Notes and Parent Company PIK Term Loan) (Details) - USD ($) | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of debt | $ 495,000,000 | $ 2,019,700,000 | $ 3,487,700,000 | $ 3,487,700,000 | $ 2,778,900,000 | |
Repayments on long-term debt | $ 17,100,000 | $ 71,600,000 | $ 1,932,500,000 | $ 3,457,500,000 | $ 3,457,500,000 | $ 2,847,200,000 |
Payment in Kind (PIK) Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of original borrowings | Mar. 2, 2007 | |||||
Stated interest rates | 13.375% | |||||
Outstanding balance | $ 0 | |||||
Potential reduction in fixed rate of interest | 0.50% | |||||
HoldCo[Member] | ||||||
Debt Instrument [Line Items] | ||||||
Distribution to equityholders | $ 565,500,000 | |||||
HoldCo[Member] | Payment in Kind (PIK) Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments on long-term debt | $ 166,800,000 | |||||
HoldCo Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of original borrowings | Apr. 8, 2014 | Apr. 8, 2014 | ||||
Original amounts borrowed | $ 750,000,000 | $ 750,000,000 | ||||
Proceeds from issuance of debt | $ 737,800,000 | |||||
Maturity date | May 1, 2021 | May 1, 2021 | ||||
Debt Instrument, Frequency of Periodic Payment | semi-annually in arrears | semi-annually in arrears | ||||
Proceeds from Debt, Net of Issuance Costs | $ 737,800,000 | |||||
Outstanding balance | $ 750,000,000 | |||||
HoldCo Notes [Member] | Cash Interest [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rates | 7.125% | 7.125% | ||||
HoldCo Notes [Member] | PIK Interest [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rates | 7.875% | 7.875% |
Common Stock (Details)
Common Stock (Details) - $ / shares | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 |
Common Stock, Shares Authorized | 1,000 | 1,000 | 1,000 |
Common Stock, Shares Issued | 1,000 | 1,000 | 1,000 |
Common Stock, Shares Outstanding | 1,000 | 1,000 | 1,000 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Golden Gate Capital [Member] | |||
Voting control in Infor | 78.30% | ||
Summit Partners [Member] | |||
Voting control in Infor | 21.40% |
Comprehensive Income (Loss) (Ac
Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss) And Components) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $ (240.6) | $ 48.7 | $ 90 | $ 90 | ||||||||||
Other comprehensive income (loss) | $ 2.4 | $ (81.9) | (61.6) | $ (138.8) | (289.3) | (17.8) | (41.3) | $ 128.1 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (302.2) | (302.2) | (240.6) | 48.7 | 90 | |||||||||
Foreign Currency Translation Adjustment [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (211.5) | 66 | 98.9 | 98.9 | ||||||||||
Other comprehensive income (loss) | (62.4) | (277.5) | (32.9) | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (273.9) | (273.9) | (211.5) | 66 | 98.9 | |||||||||
Funded Status Of Defined Benefit Pension Plan [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | [2] | (16.3) | [1] | (7.4) | $ (8.9) | (8.9) | ||||||||
Other comprehensive income (loss) | 0.2 | [1] | (8.9) | [2] | 1.5 | [2] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (16.1) | [1] | (16.1) | [1] | (16.3) | [1],[2] | (7.4) | [2] | $ (8.9) | [2] | ||||
Accumulated Other Comprehensive Income Loss Tax Benefit | (4.6) | (4.6) | (4.6) | |||||||||||
Derivative Instruments Unrealized Gain (Loss) [Member] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | [3] | (12.8) | [4] | (9.9) | ||||||||||
Other comprehensive income (loss) | 0.6 | [4] | (2.9) | [3] | (9.9) | [3] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (12.2) | [4] | (12.2) | [4] | (12.8) | [3],[4] | $ (9.9) | [3] | ||||||
Accumulated Other Comprehensive Income Loss Tax Benefit | $ (7.6) | $ (7.6) | $ (8) | |||||||||||
[1] | Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million and $4.6 million as of October 31, 2015 and April 30, 2015, respectively. | |||||||||||||
[2] | Funded status of defined benefit pension plan is presented net of tax benefit of $4.6 million, $2.5 million and $2.8 million as of April 30, 2015, May 31, 2014 and 2013, respectively. | |||||||||||||
[3] | Derivative instruments unrealized gain (loss) is presented net of tax benefit of $1.8 million and $6.2 million as of April 30, 2015, and May 31, 2014, respectively. | |||||||||||||
[4] | Derivative instruments unrealized gain (loss) is presented net of tax benefit of $7.6 million and $8.0 million as of October 31, 2015 and April 30, 2015, respectively. |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | ||
Comprehensive Income (Loss) [Abstract] | |||||||||
Foreign currency translation adjustment, Before-Tax | $ 2.4 | $ (80) | $ (62.4) | $ (137.3) | $ (277.5) | $ (32.9) | $ 126.5 | ||
Change in funded status of defined benefit plans, Before-Tax | 0.6 | 0.2 | 1.6 | (10.5) | 4.3 | 1.5 | |||
Derivative instruments unrealized gain (loss), Before-Tax | (2.9) | (4.1) | (4.9) | (4.9) | (5.7) | (16.1) | |||
Amortization of derivative instruments unrealized loss, Before-Tax | 3 | 5.9 | 1 | ||||||
Amortization of net actuarial gain - defined benefit plans, Before-Tax | [1] | (0.3) | (0.6) | (0.3) | |||||
Amortization of prior service costs - defined benefit plans, Before-Tax | [1] | (0.2) | (1.9) | (0.2) | |||||
Other comprehensive income (loss), Before-Tax | 2.5 | (83.5) | (61.2) | (140.6) | (293.2) | (47.2) | 127.5 | ||
Change in funded status of defined benefit plans, Income Tax (Expense) Benefit | (0.1) | 2.1 | (0.3) | 0.6 | |||||
Derivative instruments unrealized gain (loss), Income Tax (Expense) Benefit | 1 | 1.6 | 1.9 | 1.9 | 1.8 | 6.2 | |||
Amortization of derivative instruments unrealized loss, Income Tax (Expense) Benefit | (1.1) | (2.3) | |||||||
Other comprehensive income (loss), Income Tax (Expense) Benefit | (0.1) | 1.6 | (0.4) | 1.8 | 3.9 | 5.9 | 0.6 | ||
Foreign currency translation adjustment, Net-of-Tax | 2.4 | (80) | (62.4) | (137.3) | (277.5) | $ (10.6) | (32.9) | 126.5 | |
Change in funded status of defined benefit plans, Net-of-Tax | 0.6 | 0.2 | 1.5 | (8.9) | 1.5 | 1.6 | |||
Amortization of net actuarial gain - defined benefit plans, Net-of-Tax | [1] | (0.3) | (0.6) | (0.3) | |||||
Amortization of prior service costs - defined benefit plans, Net-of-Tax | [1] | (0.2) | (1.9) | (0.2) | |||||
Derivative instruments unrealized loss, Net-of-Tax | (1.9) | (2.5) | (3) | (3) | (3.9) | (9.9) | |||
Amortization of derivative instruments unrealized loss, Net-of-Tax | 1.9 | 3.6 | 1 | ||||||
Total other comprehensive income (loss) | $ 2.4 | $ (81.9) | $ (61.6) | $ (138.8) | $ (289.3) | $ (17.8) | $ (41.3) | $ 128.1 | |
[1] | Amounts reclassified out of accumulated other comprehensive income related to defined benefit plan adjustments were included in the respective categories of operating expenses in our Consolidated Statement of Operations. These amounts were included as a component of our net periodic pension costs. See Note 19, Retirement Plans - Defined Benefit Plans, for additional detail. |
Commitments and Contingencie104
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Commitments and Contingencies [Abstract] | |||||||
Rent expense for operating leases | $ 13.1 | $ 14.4 | $ 26.2 | $ 28.3 | $ 50.7 | $ 52.8 | $ 56.2 |
Accrued litigation | $ 2 | $ 2 | $ 1.6 | $ 2.4 | |||
Product Warranty Period | 90 days |
Commitments and Contingencie105
Commitments and Contingencies (Schedule Of Capital Lease Obligations) (Details) $ in Millions | Apr. 30, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
Fiscal 2,016 | $ 3.6 |
Fiscal 2,017 | 2.4 |
Fiscal 2,018 | 1.3 |
Fiscal 2,019 | 0.5 |
Total minimum capital lease payments | 7.8 |
Less: amounts representing interest | (0.5) |
Present value of net minimum obligations | 7.3 |
Less: current portion | (3.3) |
Long-term capital lease obligations | $ 4 |
Commitments and Contingencie106
Commitments and Contingencies (Schedule Of Operating Lease Obligations) (Details) $ in Millions | Apr. 30, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
Fiscal 2,016 | $ 50.7 |
Fiscal 2,017 | 35.9 |
Fiscal 2,018 | 28.9 |
Fiscal 2,019 | 22.9 |
Fiscal 2,020 | 17.9 |
Thereafter | 56.3 |
Total minimum operating lease payments | $ 212.6 |
Derivative Financial Instrum107
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended |
Oct. 31, 2015 | Apr. 30, 2015 | |
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | 12 months |
Maximum Length of Time Hedged in Cash Flow Hedge | 2 years | 2 years 6 months |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | $ 945 | $ 945 |
Derivative Effective Date | Mar. 31, 2015 | |
Derivative, Forward Effective Date | Mar. 31, 2015 | |
Derivative, Term of Contract | 30 months | 30 months |
Derivative, Maturity Date | Sep. 29, 2017 | Sep. 29, 2017 |
Debt Instrument Interest Reference Rate - Minimum | 1.25% | 1.25% |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 11.5 | $ 10.5 |
Derivative Financial Instrum108
Derivative Financial Instruments (Balance Sheet Fair Value) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 |
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 945 | $ 945 | |
Derivative Liability, Fair Value | (19.8) | (20.8) | $ (16.1) |
Interest Rate Swap 1 [Member] | Accrued Expenses [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 425.3 | ||
Derivative, Variable Interest Rate | 2.4725% | ||
Derivative Liability, Fair Value | $ (5.2) | (4.7) | |
Interest Rate Swap 1 [Member] | Other Long-Term Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 425.3 | ||
Derivative, Variable Interest Rate | 2.4725% | ||
Derivative Liability, Fair Value | (3.6) | $ (4.8) | (7.3) |
Interest Rate Swap 2 [Member] | Accrued Expenses [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 212.6 | ||
Derivative, Variable Interest Rate | 2.474% | ||
Derivative Liability, Fair Value | $ (2.6) | (2.3) | |
Interest Rate Swap 2 [Member] | Other Long-Term Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 212.6 | ||
Derivative, Variable Interest Rate | 2.474% | ||
Derivative Liability, Fair Value | (1.9) | $ (2.5) | (3.6) |
Interest Rate Swap 3 [Member] | Accrued Expenses [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 212.6 | ||
Derivative, Variable Interest Rate | 2.475% | ||
Derivative Liability, Fair Value | $ (2.6) | (2.4) | |
Interest Rate Swap 3 [Member] | Other Long-Term Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 212.6 | ||
Derivative, Variable Interest Rate | 2.475% | ||
Derivative Liability, Fair Value | (1.9) | $ (2) | (3.6) |
Interest Rate Swap 4 [Member] | Accrued Expenses [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 94.5 | ||
Derivative, Variable Interest Rate | 2.4725% | ||
Derivative Liability, Fair Value | $ (1.1) | (1.1) | |
Interest Rate Swap 4 [Member] | Other Long-Term Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Notional Amount | $ 94.5 | ||
Derivative, Variable Interest Rate | 2.4725% | ||
Derivative Liability, Fair Value | $ (0.9) | $ (1) | $ (1.6) |
Derivative Financial Instrum109
Derivative Financial Instruments (Impact on OCI, AOCI and Statement of Operations) (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (2.9) | $ (4.1) | $ (4.9) | $ (4.9) | $ (5.7) | $ (16.1) |
Interest Expense, Net [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 3 | $ 5.9 | $ 1 |
Share Purchase and Option Pl110
Share Purchase and Option Plans (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
May. 31, 2012 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Class C MIUs [Member] | ||||
MIU activity [Line Items] | ||||
Granted | 10,400 | 591 | 1,399 | 455 |
Vesting period | 3 years | |||
Awards cancelled | 155 | 279 | 1,156 | |
Shares repurchased by the Company | 100 | 0 | 300 | |
Unrecognized compensation expense | $ 27.5 | |||
Intrinsic value of equity-based compensation awards not vested. | $ 28.2 | |||
Weighted average remaining contractual life | 2 years 8 months 12 days | |||
Class C MIUs [Member] | Modification One [Member] | ||||
MIU activity [Line Items] | ||||
Incremental stock compensation expense | $ 2 | $ 11.5 | $ 8.5 | |
Class C MIUs [Member] | Modification Two [Member] | ||||
MIU activity [Line Items] | ||||
Incremental stock compensation expense | $ 8.7 | $ 7 | ||
SoftBrands MIUs [Member] | ||||
MIU activity [Line Items] | ||||
Shares vested and outstanding | 1,600 | |||
Class Y Shares [Member] | ||||
MIU activity [Line Items] | ||||
Shares vested and outstanding | 5,100 | |||
Issued With Repurchase Feature [Member] | Class C MIUs [Member] | ||||
MIU activity [Line Items] | ||||
Granted | 4,400 | |||
Issued Without Repurchase Feature [Member] | Class C MIUs [Member] | ||||
MIU activity [Line Items] | ||||
Granted | 6,000 |
Share Purchase and Option Pl111
Share Purchase and Option Plans (Management Incentive Units Activity) (Details) - $ / shares shares in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
May. 31, 2012 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
MIU activity [Line Items] | ||||
Weighted Average Grant Date Fair value, Granted | $ 7.56 | $ 7.29 | $ 4.96 | |
Class C MIUs [Member] | ||||
MIU activity [Line Items] | ||||
Beginning Non-vested balance | 2,844 | 4,501 | 5,915 | |
Number of MIUs, Granted | 10,400 | 591 | 1,399 | 455 |
Number of Awards, Cancelled | (155) | (279) | (1,156) | |
Number of MIUs, Vested | (1,734) | (2,777) | (713) | |
Ending Non-vested balance | 5,915 | 1,546 | 2,844 | 4,501 |
Beginning Weighted Average Grant Date Fair Value, balance | $ 5.24 | $ 3.63 | $ 3.53 | |
Weighted Average Grant Date Fair value, Granted | 7.56 | 7.29 | 4.96 | |
Weighted Average Grant Date Fair Value, Cancelled | 5.20 | 4.39 | 3.72 | |
Weighted Average Grant Date Fair Value, Vested | 4.31 | 3.66 | 3.53 | |
Ending Weighted Average Grant Date Fair Value, balance | $ 3.53 | $ 7.19 | $ 5.24 | $ 3.63 |
Dividend (Details)
Dividend (Details) - USD ($) | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Dividend [Abstract] | |||
Dividends | $ 0 | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Income Tax [Line Items] | ||||
Federal operating loss carryforward | $ 31 | $ 35.8 | ||
Foreign tax credit carryforward | 0.9 | |||
State operating loss carryforward | 10.2 | 11.7 | ||
Deferred tax asset relating to interest limitations under IRC Section 163(j) | 290.2 | |||
Foreign net operating loss deferred tax assets | 203.3 | 261.2 | ||
Foreign capital loss carryforward deferred tax assets | 44.5 | 48.6 | ||
Net increase (decrease) in valuation allowance | 0.5 | (28.7) | $ (119.2) | |
Unrecognized tax benefits that would impact effective tax rate | 70.6 | 68.3 | 86.9 | |
Unrecognized tax benefits expected to reverse due to the expiration of statutes of limitation in various jurisdictions | $ 28.2 | |||
Amount of accrued interest on uncertain tax positions | 17.7 | 19.7 | ||
Interest expense recorded for uncertain tax positions, net of income tax benefits | 13.4 | 0 | 2.4 | |
Amount of accrued penalties on uncertain tax positions | 5.2 | 5.7 | ||
Amount of (benefit) penalty expense recorded for uncertain tax positions | (0.1) | $ (0.5) | $ (0.4) | |
Net deferred tax assets | $ 103.9 | 103.6 | ||
Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Income tax examination, estimate of possible loss | 0 | |||
Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Income tax examination, estimate of possible loss | $ 14.2 | |||
Domestic Tax Authority [Member] | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards, expiration dates | Jan. 1, 2016 | |||
Domestic Tax Authority [Member] | Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards, expiration dates | Dec. 31, 2032 | |||
Domestic Tax Authority [Member] | Majority [Member] | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards, expiration dates | Jan. 1, 2018 | |||
Domestic Tax Authority [Member] | Majority [Member] | Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards, expiration dates | Dec. 31, 2026 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax [Line Items] | ||||
State operating loss carryforward | $ 10.2 | |||
Tax credit carryforward, amount | $ 1.8 | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards, expiration dates | Jan. 1, 2016 | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards, expiration dates | Dec. 31, 2032 | |||
United Kingdom [Member] | ||||
Income Tax [Line Items] | ||||
Foreign capital loss carryforward deferred tax assets | $ 44.5 |
Income Taxes (Schedule Of Loss
Income Taxes (Schedule Of Loss Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Income Taxes [Abstract] | ||||||||
United States | $ (187.7) | $ (120) | $ (111.5) | |||||
Foreign | 155.2 | 254.3 | 57.9 | |||||
Income (loss) before income tax | $ 3.7 | $ 32.9 | $ 71.6 | $ 119.2 | $ (32.5) | $ 66.6 | $ 134.3 | $ (53.6) |
Income Taxes (Schedule Of The (
Income Taxes (Schedule Of The (Benefit) Provision For Income Taxes Attributable To Earnings From Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Income Taxes [Abstract] | ||||||||
Current: Federal | $ 6.3 | $ 14.1 | $ 3.8 | |||||
Current: State | 1.1 | 3.5 | 4.4 | |||||
Current: Foreign | 19.5 | 18.5 | 50.8 | |||||
Current: Total current provision | 26.9 | 36.1 | 59 | |||||
Deferred: Federal | (68.9) | (12.3) | (7.1) | |||||
Deferred: State | (7.1) | 0.6 | 0.6 | |||||
Deferred: Foreign | (3.1) | (11.8) | (29.9) | |||||
Total deferred provision (benefit) | $ (15.5) | $ (24.5) | (79.1) | $ 0.9 | (23.5) | (36.4) | ||
Total income tax provision (benefit) | $ 6.5 | $ 19.8 | $ 16.9 | $ 32.6 | $ (52.2) | $ (0.4) | $ 12.6 | $ 22.6 |
Effective income tax rate | 175.70% | 60.20% | 23.60% | 27.30% | 160.60% | 9.40% | (42.20%) |
Income Taxes (Schedule Of (Bene
Income Taxes (Schedule Of (Benefit) Provision For Income Taxes Differed From The Amount Computed By Applying The Federal Statutory Rate To the Income (Loss) Before Provision For Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Income Taxes [Abstract] | ||||||||
Federal income tax rate | $ (11.4) | $ 47 | $ (18.8) | |||||
Subpart F Income | 5.9 | 31 | 14 | |||||
Change in valuation allowance related to IRC Section 163(j) | 20.9 | |||||||
Foreign tax rate differential | (49.6) | (49.9) | (3.2) | |||||
Reorganization costs | (0.9) | (1.9) | 5.6 | |||||
Change in valuation allowance | 0.5 | (19.9) | (6.9) | |||||
U.S. state tax rate difference | (7.2) | (4) | (3.3) | |||||
Tax rate changes | 2.3 | 2.7 | ||||||
Stock compensation | 5.5 | 11.1 | 5.4 | |||||
Withholding tax | 9.2 | 9 | 8.6 | |||||
Permanent items | 1.4 | 3.8 | 2.7 | |||||
Uncertain tax positions | (13) | (3.3) | ||||||
Section 199 benefit | (1.6) | |||||||
Other | (4) | (2.9) | (1.8) | |||||
Total income tax provision (benefit) | $ 6.5 | $ 19.8 | $ 16.9 | $ 32.6 | $ (52.2) | $ (0.4) | $ 12.6 | $ 22.6 |
Income Taxes (Summary Of The Co
Income Taxes (Summary Of The Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | May. 31, 2012 |
Deferred tax assets | ||||
Foreign operating loss carryforward | $ 203.3 | $ 261.2 | ||
Interest | 298.2 | 292.6 | ||
Federal operating loss carryforward | 31 | 35.8 | ||
Capital loss carryforwards | 44.5 | 48.6 | ||
Preacquisition disallowed deductions | 13.6 | 16 | ||
State operating loss carryforward | 10.2 | 11.7 | ||
Accrued payroll and related expenses | 32.1 | 35.4 | ||
Depreciation | 16.6 | 17.8 | ||
Credits | 15.7 | 23.4 | ||
Restructuring | 10.4 | |||
Bad debts | 2.6 | 6.6 | ||
Accrued severance | 0.6 | 1.4 | ||
Other | 69.4 | 42.2 | ||
Gross deferred tax assets | 737.8 | 803.1 | ||
Less valuation allowance | (521.7) | (565.2) | $ (593.9) | $ (713.1) |
Net deferred tax assets | 216.1 | 237.9 | ||
Deferred tax liabilities | ||||
Intangibles | 214.8 | 309.9 | ||
Goodwill | 5.4 | 5.2 | ||
Prepaid expenses | 0.4 | 0.5 | ||
Gross deferred tax liabilities | 220.6 | 315.6 | ||
Net deferred tax assets (liabilities) | $ (4.5) | $ (77.7) |
Income Taxes (Summary Of Compon
Income Taxes (Summary Of Components Of Net Deferred Income Tax Asset (Liability), Classified On The Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 |
Income Taxes [Abstract] | |||
Current deferred tax asset | $ 38.9 | $ 30.8 | $ 27.5 |
Non-current deferred tax asset | 65 | 72.8 | 88.6 |
Current deferred tax liability | (1.4) | (1.1) | (1.3) |
Non-current deferred tax liability | $ (167.3) | (107) | (192.5) |
Net deferred tax assets (liabilities) | $ (4.5) | $ (77.7) |
Income Taxes (Summary Of The Ro
Income Taxes (Summary Of The Rollforward Of Deferred Tax Asset Valuation Allowance) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Income Taxes [Abstract] | |||
Beginning Balance | $ 565.2 | $ 593.9 | $ 713.1 |
Changes in valuation allowances related to purchased tax assets | 0.8 | ||
Adjustment of net operating losses | (10.9) | (26.8) | (135.1) |
Provisions for valuation allowance | 9 | 13 | 65.3 |
Release of valuation allowance | (8.5) | (28.4) | (51.3) |
Currency adjustment | (33.1) | 13.5 | 1.1 |
Ending Balance | $ 521.7 | $ 565.2 | $ 593.9 |
Income Taxes (Summary Of The120
Income Taxes (Summary Of The Rollforward Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Income Taxes [Abstract] | |||
Beginning Balance | $ 161.7 | $ 186.4 | $ 193.2 |
Additions based on tax positions related to current year | 10.3 | 7.3 | 12.1 |
Additions based on tax positions related to prior years | 20.5 | 2.4 | 9.7 |
Reductions based on tax positions related to prior years | (18.5) | (6.7) | (8.8) |
Reductions related to settlements | (0.7) | (9) | (1) |
Reductions related to lapses in statute | (10.6) | (21.2) | (19) |
Additions/(reductions) due to changes in foreign exchange rates | (18.9) | 2.5 | 1.2 |
Other | (1) | ||
Ending Balance | $ 143.8 | $ 161.7 | $ 186.4 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Retirement Plans [Abstract] | |||
Pre-tax contribution maximum percentage | 75.00% | ||
Defined contribution plan expense recognized | $ 10.2 | $ 10.8 | $ 8 |
Employer contribution | 2.3 | $ 3.8 | $ 2.8 |
Expected future contributions | $ 2.2 |
Retirement Plans (Change In Pro
Retirement Plans (Change In Projected Benefit Obligation) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Retirement Plans [Abstract] | |||
Projected benefit obligation, beginning of fiscal year | $ 106.6 | $ 92.7 | |
Service cost | 1.2 | 1.4 | $ 1.1 |
Interest cost | 3.4 | 4.2 | 3.6 |
Plan participants contributions | 0.3 | 0.3 | |
Actuarial (gain) loss | 14.7 | (0.6) | |
Benefits payments | (2.2) | (2.5) | |
Assumption changes | 0.6 | 3.9 | |
Curtailment/settlement | (0.3) | (0.4) | |
Currency translation adjustment | (10) | 7.6 | |
Projected benefit obligation, end of fiscal year | 114.3 | 106.6 | $ 92.7 |
Accumulated benefit obligation, end of fiscal year | $ 109.2 | $ 101.7 |
Retirement Plans (Change In Pla
Retirement Plans (Change In Plan Assets) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Retirement Plans [Abstract] | |||
Fair value of plan assets, beginning of fiscal year | $ 74.2 | $ 60.2 | |
Actual return on plan assets | 6.1 | 4.5 | |
Employer contribution | 2.3 | 3.8 | $ 2.8 |
Plan participants contributions | 0.3 | 0.3 | |
Benefits payments | (1.8) | (2.1) | |
Currency translation adjustment | (6.2) | 7.5 | |
Fair value of plan assets, end of fiscal year | 74.9 | 74.2 | $ 60.2 |
Funded status, end of fiscal year | $ (39.4) | $ (32.4) |
Retirement Plans (Amounts Recog
Retirement Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Apr. 30, 2015 | May. 31, 2014 |
Retirement Plans [Abstract] | ||
Non-current asset | $ 1 | $ 1.5 |
Current liability | (0.1) | (2.1) |
Non-current liability | (40.3) | (31.8) |
Total | $ (39.4) | $ (32.4) |
Retirement Plans (Amounts Re125
Retirement Plans (Amounts Recognized In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 |
Retirement Plans [Abstract] | |||
Net actuarial gain (loss) | $ (19.9) | $ (8.5) | $ (10.2) |
Prior service cost | (1) | (1.4) | (1.5) |
Tax | 4.6 | 2.5 | 2.8 |
Total amounts recognized in accumulated other comprehensive income (loss) | $ (16.3) | $ (7.4) | $ (8.9) |
Retirement Plans (Components Of
Retirement Plans (Components Of Net Periodic Pension Cost) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Retirement Plans [Abstract] | |||
Service cost | $ 1.2 | $ 1.4 | $ 1.1 |
Interest cost | 3.4 | 4.2 | 3.6 |
Amortization of prior service cost | 0.2 | 1.9 | 0.2 |
Amortization of net actuarial (gain) loss | 0.3 | 0.6 | 0.3 |
Expected return on plan assets | (3.7) | (3.9) | (2.9) |
Net periodic pension cost | $ 1.4 | $ 4.2 | $ 2.3 |
Retirement Plans (Other Changes
Retirement Plans (Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | ||
Retirement Plans [Abstract] | |||||||
Net actuarial gain (loss) | $ (11.4) | $ 1.7 | $ 0.5 | ||||
Prior service cost | 0.6 | 2 | 0.7 | ||||
Amortization of prior service cost | [1] | (0.2) | (1.9) | (0.2) | |||
Tax | 2.1 | (0.3) | 0.6 | ||||
Total recognized in other comprehensive income (loss) | $ 0.6 | $ 0.2 | $ 1.5 | (8.9) | 1.5 | 1.6 | |
Total recognized in net periodic benefit costs and other comprehensive income (loss) | $ (10.3) | $ (2.7) | $ (0.7) | ||||
[1] | Amounts reclassified out of accumulated other comprehensive income related to defined benefit plan adjustments were included in the respective categories of operating expenses in our Consolidated Statement of Operations. These amounts were included as a component of our net periodic pension costs. See Note 19, Retirement Plans - Defined Benefit Plans, for additional detail. |
Retirement Plans (Estimated Amo
Retirement Plans (Estimated Amortization To Be Recognized As Part Of Net Periodic Pension Cost) (Details) $ in Millions | 11 Months Ended |
Apr. 30, 2015USD ($) | |
Retirement Plans [Abstract] | |
Net actuarial (gain) loss | $ 0.7 |
Prior service cost | $ 0.2 |
Retirement Plans (Schedule of A
Retirement Plans (Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Apr. 30, 2015 | May. 31, 2014 |
Retirement Plans [Abstract] | ||
Projected benefit obligation | $ 113 | $ 105 |
Accumulated benefit obligation | 107.8 | 100.1 |
Fair value of plan assets | $ 72.5 | $ 71.2 |
Retirement Plans (Schedule of F
Retirement Plans (Schedule of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 74.9 | $ 74.2 | $ 60.2 |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 42.9 | 42.6 | |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 21.4 | 22.3 | |
Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 10.6 | 9.3 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0.3 | 0.4 | |
Level 1 [Member] | Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0.3 | 0.4 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 74.6 | 73.8 | |
Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 42.9 | 42.6 | |
Level 2 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 21.4 | 22.3 | |
Level 2 [Member] | Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 10.3 | $ 8.9 |
Retirement Plans (Weighted-Aver
Retirement Plans (Weighted-Average Assumptions Used To Determine Benefit Obligations) (Details) | 11 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Retirement Plans [Abstract] | |||
Projected benefit obligation, Discount rate | 2.90% | 3.90% | 4.10% |
Projected benefit obligation, Rate of compensation increase | 2.50% | 2.90% | 3.80% |
Net periodic benefit cost, Discount rate | 3.70% | 4.00% | 4.20% |
Net periodic benefit cost, Expected rate of return on plan assets | 5.50% | 5.50% | 5.60% |
Net periodic benefit cost, Rate of compensation increase | 2.50% | 3.10% | 3.70% |
Retirement Plans (The Asset All
Retirement Plans (The Asset Allocation For Pension Plans By Asset Category) (Details) | 11 Months Ended |
Apr. 30, 2015 | |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Fiscal 2016 | 57.30% |
Percentage of Plan Assets at April 30, 2015 | 57.30% |
Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Fiscal 2016 | 28.60% |
Percentage of Plan Assets at April 30, 2015 | 28.60% |
Other Assets [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Fiscal 2016 | 14.10% |
Percentage of Plan Assets at April 30, 2015 | 14.10% |
Retirement Plans (Future Benefi
Retirement Plans (Future Benefit Payments Related To Our Defined Benefit Plans) (Details) $ in Millions | Apr. 30, 2015USD ($) |
Retirement Plans [Abstract] | |
Fiscal 2,016 | $ 2.2 |
Fiscal 2,017 | 2.1 |
Fiscal 2,018 | 2.5 |
Fiscal 2,019 | 2.2 |
Fiscal 2,020 | 2.5 |
Fiscal 2021 through 2025 | 14.1 |
Total | $ 25.6 |
Segment And Geographic Infor134
Segment And Geographic Information (Schedule Of Reportable Segment Information) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 31, 2015USD ($)segment | Oct. 31, 2014USD ($) | Apr. 30, 2015USD ($)segment | May. 31, 2014USD ($) | May. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 667.7 | $ 687.2 | $ 1,308.4 | $ 1,441.3 | $ 2,443.4 | $ 2,770 | $ 2,737.8 |
Cost of revenues | 241.7 | 231.4 | 472.2 | 476.5 | 850.2 | 943.9 | 921.7 |
Direct sales and marketing costs | 88.6 | 98.5 | 176.6 | 205.6 | 338.5 | 377.1 | 379.4 |
Sales margin | $ 337.4 | $ 357.3 | $ 659.6 | $ 759.2 | $ 1,254.7 | $ 1,449 | $ 1,436.7 |
Sales margin % | 50.50% | 52.00% | 50.40% | 52.70% | 51.40% | 52.30% | 52.50% |
Number of reportable segments | segment | 3 | 3 | |||||
License [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 144.2 | $ 133 | $ 265.2 | $ 325.6 | $ 479.9 | $ 553.4 | $ 531.6 |
Cost of revenues | 38.6 | 27.9 | 68.7 | 60.1 | 105.6 | 92.1 | 77.3 |
Direct sales and marketing costs | 88.6 | 91.3 | 176.6 | 198.4 | 331.3 | 377.1 | 379.4 |
Sales margin | $ 17 | $ 13.8 | $ 19.9 | $ 67.1 | $ 43 | $ 84.2 | $ 74.9 |
Sales margin % | 11.80% | 10.40% | 7.50% | 20.60% | 9.00% | 15.20% | 14.10% |
Maintenance [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 354.4 | $ 373.3 | $ 711.4 | $ 747.1 | $ 1,333.8 | $ 1,467.1 | $ 1,442.7 |
Cost of revenues | 63.1 | 65.3 | 124.7 | 131.7 | 237.7 | 261.4 | 254.2 |
Sales margin | $ 291.3 | $ 308 | $ 586.7 | $ 615.4 | $ 1,096.1 | $ 1,205.7 | $ 1,188.5 |
Sales margin % | 82.20% | 82.50% | 82.50% | 82.40% | 82.20% | 82.20% | 82.40% |
Consulting [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 169.1 | $ 180.9 | $ 331.8 | $ 368.6 | $ 629.7 | $ 749.5 | $ 763.5 |
Cost of revenues | 140 | 138.2 | 278.8 | 284.7 | 506.9 | 590.4 | 590.2 |
Direct sales and marketing costs | 7.2 | 7.2 | 7.2 | ||||
Sales margin | $ 29.1 | $ 35.5 | $ 53 | $ 76.7 | $ 115.6 | $ 159.1 | $ 173.3 |
Sales margin % | 17.20% | 19.60% | 16.00% | 20.80% | 18.40% | 21.20% | 22.70% |
Segment And Geographic Infor135
Segment And Geographic Information (Schedule Of Reconciliation Of Revenue And Operating Profit From Segments To Consolidated) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [3] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |||||
Segment And Geographic Information [Abstract] | ||||||||||||||||||||
Reportable segment revenues | $ 667.7 | $ 687.2 | $ 1,308.4 | $ 1,441.3 | $ 2,443.4 | $ 2,770 | $ 2,737.8 | |||||||||||||
Purchase accounting revenue adjustments | [1] | (4.4) | (1.6) | (4.8) | (2.5) | (4.5) | [2] | (8.2) | [2] | (19.8) | [2] | |||||||||
Total revenues | 663.3 | $ 658.7 | $ 657.4 | 685.6 | $ 753.2 | $ 740.3 | $ 672.7 | $ 698.5 | $ 650.3 | 1,303.6 | 1,438.8 | 2,438.9 | $ 2,445.7 | 2,761.8 | 2,718 | |||||
Reportable segment sales margin | 337.4 | 357.3 | 659.6 | 759.2 | 1,254.7 | 1,449 | 1,436.7 | |||||||||||||
Other unallocated costs and operating expenses | [4] | 179.3 | 173.3 | 339.7 | 359.7 | 632.9 | [5] | 711.4 | [5] | 685.3 | [5] | |||||||||
Amortization of intangible assets and depreciation | 58.7 | 61.3 | 115.4 | 126.4 | 222.9 | 241.5 | 264.3 | 275.7 | ||||||||||||
Restructuring costs | 6.4 | (0.1) | 0.3 | 3.8 | 7.5 | 9.7 | 3.3 | 3.4 | 2.2 | 8.2 | 11.3 | 5.7 | 12.8 | 18.6 | 10.2 | |||||
Income from operations | 93 | $ 109.3 | $ 108.7 | 118.9 | $ 142.9 | $ 108.5 | $ 90.5 | $ 142.5 | $ 113.2 | 196.3 | 261.8 | 393.2 | 368.2 | 454.7 | 465.5 | |||||
Total other expense, net | 89.3 | 86 | 124.7 | 142.6 | 425.7 | 301.6 | 320.4 | 519.1 | ||||||||||||
Income (loss) before income tax | $ 3.7 | $ 32.9 | $ 71.6 | $ 119.2 | $ (32.5) | $ 66.6 | $ 134.3 | $ (53.6) | ||||||||||||
[1] | Adjustments to decrease reportable segment revenue for revenue that we would have recognized had we not adjusted acquired deferred revenue as required by GAAP. | |||||||||||||||||||
[2] | Adjustments to decrease reportable segment revenue for revenue that we would have recognized had we not adjusted acquired deferred revenue as required by GAAP. | |||||||||||||||||||
[3] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. | |||||||||||||||||||
[4] | Other unallocated costs and operating expenses include certain sales and marketing expenses, research and development, general and administrative, acquisition-related and other costs, equity-based compensation, as well as adjustments for deferred costs recognized related to acquired deferred revenue. | |||||||||||||||||||
[5] | Other unallocated costs and operating expenses include certain sales and marketing expenses, research and development, general and administrative, acquisition-related and other costs, equity-based compensation, as well as adjustments for deferred costs recognized related to acquired deferred revenue. |
Segment And Geographic Infor136
Segment And Geographic Information (Summary Of Revenue By Geographic Region) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Software license fees and subscriptions | $ 139.9 | $ 132.8 | $ 260.9 | $ 324.8 | $ 479.2 | $ 427.8 | $ 548.3 | $ 518.1 | ||||||||
Product updates and support fees | 354.3 | 372 | 710.9 | 745.7 | 1,330.3 | 1,340.9 | 1,465.9 | 1,441.2 | ||||||||
Software revenues | 494.2 | 504.8 | 971.8 | 1,070.5 | 1,809.5 | 1,768.7 | 2,014.2 | 1,959.3 | ||||||||
Consulting services and other fees | 169.1 | 180.8 | 331.8 | 368.3 | 629.4 | 677 | 747.6 | 758.7 | ||||||||
Total revenues | 663.3 | $ 658.7 | $ 657.4 | 685.6 | $ 753.2 | $ 740.3 | $ 672.7 | $ 698.5 | $ 650.3 | 1,303.6 | 1,438.8 | 2,438.9 | $ 2,445.7 | 2,761.8 | 2,718 | |
Americas [Member] | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Software license fees and subscriptions | 97.9 | 85.2 | 185.5 | 201.8 | 300.8 | 338.2 | 307.8 | |||||||||
Product updates and support fees | 229 | 231.5 | 459.6 | 459.5 | 840.7 | 895.3 | 883.8 | |||||||||
Software revenues | 326.9 | 316.7 | 645.1 | 661.3 | 1,141.5 | 1,233.5 | 1,191.6 | |||||||||
Consulting services and other fees | 92.5 | 90.9 | 177.7 | 179.3 | 312.7 | 347.4 | 354.5 | |||||||||
Total revenues | 419.4 | 407.6 | 822.8 | 840.6 | 1,454.2 | 1,580.9 | 1,546.1 | |||||||||
EMEA [Member] | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Software license fees and subscriptions | 33 | 37.3 | 59 | 93 | 133.7 | 160.9 | 160.4 | |||||||||
Product updates and support fees | 99.4 | 110.4 | 198.6 | 225.9 | 386.3 | 453 | 433.4 | |||||||||
Software revenues | 132.4 | 147.7 | 257.6 | 318.9 | 520 | 613.9 | 593.8 | |||||||||
Consulting services and other fees | 64.3 | 74.5 | 129.2 | 156.6 | 264.7 | 331.2 | 328.7 | |||||||||
Total revenues | 196.7 | 222.2 | 386.8 | 475.5 | 784.7 | 945.1 | 922.5 | |||||||||
APAC [Member] | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Software license fees and subscriptions | 9 | 10.3 | 16.4 | 30 | 44.7 | 49.2 | 49.9 | |||||||||
Product updates and support fees | 25.9 | 30.1 | 52.7 | 60.3 | 103.3 | 117.6 | 124 | |||||||||
Software revenues | 34.9 | 40.4 | 69.1 | 90.3 | 148 | 166.8 | 173.9 | |||||||||
Consulting services and other fees | 12.3 | 15.4 | 24.9 | 32.4 | 52 | 69 | 75.5 | |||||||||
Total revenues | $ 47.2 | $ 55.8 | $ 94 | $ 122.7 | $ 200 | $ 235.8 | $ 249.4 | |||||||||
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. |
Segment And Geographic Infor137
Segment And Geographic Information (Summary Of Long-Lived Tangible Assets By Geographic Region) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 100 | $ 81.8 | $ 82.8 |
Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 71.1 | 51.1 | 50.6 |
EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 22.3 | 24.6 | 26.5 |
APAC [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 6.6 | $ 6.1 | $ 5.7 |
Segment And Geographic Infor138
Segment And Geographic Information (Schedule Of Revenues By Country) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Revenues | $ 663.3 | $ 658.7 | $ 657.4 | $ 685.6 | $ 753.2 | $ 740.3 | $ 672.7 | $ 698.5 | $ 650.3 | $ 1,303.6 | $ 1,438.8 | $ 2,438.9 | $ 2,445.7 | $ 2,761.8 | $ 2,718 | |
United States [Member] | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Revenues | 380.7 | 362.5 | 743.5 | 747 | 1,295.1 | 1,391.9 | 1,334.4 | |||||||||
All Other Countries [Member] | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Revenues | $ 282.6 | $ 323.1 | $ 560.1 | $ 691.8 | $ 1,143.8 | $ 1,369.9 | $ 1,383.6 | |||||||||
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. |
Segment And Geographic Infor139
Segment And Geographic Information (Schedule Of Long-Lived Tangible Assets By Country) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | |
Oct. 31, 2015 | Apr. 30, 2015 | May. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 100 | $ 81.8 | $ 82.8 |
Minimum percent of revenues or long-lived assets for countries to be reflected induvidually in geographical information | 10.00% | 10.00% | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 69.1 | $ 48.5 | 49.4 |
Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 6.5 | 8.6 | |
All Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 26.8 | $ 24.8 | |
All Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $ 30.9 | $ 33.3 |
Related Party Transactions (Spo
Related Party Transactions (Sponsor Transactions) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | 18 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | Oct. 31, 2015 | |
Golden Gate/Summit Partners [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Annual related party management fee expenses | $ 7 | |||||||
Payments to related party affiliates | 0 | $ 0 | $ 0 | |||||
Golden Gate Capital [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party management fee unpaid | $ 2.2 | $ 2.2 | 0.5 | $ 2.2 | ||||
Related party revenue | 0.4 | $ 0.3 | 0.6 | $ 0.6 | 0.9 | 1.2 | 2.5 | |
Payments to related party affiliates | $ 0 | |||||||
Related party capitalized deferred financing fees | $ 2.5 | 5.5 | 0.1 | |||||
Related party financing fees expensed | 0 | 0.9 | 0 | |||||
Related party acquisition related and other costs | 4.8 | |||||||
Summit Partners [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party management fee unpaid | 0.2 | |||||||
Related party revenue | $ 0 | $ 0 | $ 0 | |||||
Master Services Agreement term | 12 months | |||||||
Written notice of intent not to renew, period | 90 days | |||||||
Related party acquisition related and other costs | $ 1.9 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Related Party Transactions) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Related Party Transaction [Line Items] | |||||||
Total management fees and expenses | $ 1.9 | $ 2 | $ 3.8 | $ 4 | $ 6.7 | $ 7.9 | $ 7.4 |
Golden Gate Capital [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Total management fees and expenses | 1.4 | 1.5 | 2.8 | 3 | 4.9 | 5.9 | 5.6 |
Summit Partners [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Total management fees and expenses | $ 0.5 | $ 0.5 | $ 1 | $ 1 | $ 1.8 | $ 2 | $ 1.8 |
Related Party Transactions (Due
Related Party Transactions (Due to/from Affiliates) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Stockholder Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party receivables | $ 36.9 | $ 35.3 | $ 35.3 | ||
GGC Software Parent, Inc. [Member] | Stockholder Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Tax allocation agreement payment | $ 5 | 11.5 | $ 9.5 | ||
GGC Software Parent, Inc. [Member] | Affiliate Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Tax allocation agreement payment | 8.5 | $ 11.7 | 11.7 | ||
Affiliate payable | 6.4 | 3.2 | |||
Tax allocation agreement payable | $ 9 | 6.4 | |||
Payment in Kind (PIK) Note [Member] | Stockholder Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
PIK Term Loan Interest Funded | $ 0 | $ 16.4 | $ 18.2 |
Related Party Transactions (Div
Related Party Transactions (Dividends Paid to Affiliates) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 11 Months Ended | ||||
Oct. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | May. 31, 2014 | |
Related Party Transaction [Line Items] | ||||||||
Dividends paid | $ 42.7 | $ 17 | $ 65.7 | |||||
Cash | $ 499.7 | 499.7 | $ 365.8 | |||||
Affiliate's Debt [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Dividends paid | 21.6 | |||||||
Affiliate's Equity [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Dividends paid | 44.1 | |||||||
HoldCo[Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Dividends paid | $ 21.6 | $ 21.6 | ||||||
Related party interest | $ 27.3 | 30.1 | 26.7 | 30.1 | ||||
Related party interest, paid with cash on hand | 0.3 | 1.2 | ||||||
Tax allocation agreement payment | 9 | 8.5 | 8.5 | $ 8.5 | ||||
Accrued dividends payable | $ 18 | $ 18 | ||||||
HoldCo[Member] | Accrued [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Dividends paid | 17 | |||||||
Related party interest | 26.7 | |||||||
Cash | 1.2 | $ 1.2 | ||||||
Tax allocation agreement payment | 8.5 | |||||||
Infor Enterprise [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Dividends paid | $ 23 | $ 21.1 |
Supplemental Guarantor Finan144
Supplemental Guarantor Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | May. 31, 2014 | Apr. 30, 2014 | May. 31, 2013 | May. 31, 2012 | |||
Current assets: | ||||||||||
Cash and cash equivalents | $ 499 | $ 526.7 | $ 328.6 | $ 575.3 | $ 447.1 | $ 421.9 | $ 384.4 | |||
Accounts receivable, net | 326.8 | 338 | 404.2 | |||||||
Prepaid expenses | 126.8 | 113.9 | 108.1 | |||||||
Income tax receivable | 47.3 | 49.6 | 33.7 | |||||||
Other current assets | 22.4 | 17.8 | 33.5 | |||||||
Deferred tax assets | 38.9 | 30.8 | 27.5 | |||||||
Total current assets | 1,061.2 | 1,076.8 | 1,182.3 | |||||||
Property and equipment, net | 100 | 81.8 | 82.8 | |||||||
Intangible assets, net | 1,001.1 | 731 | 950.7 | |||||||
Goodwill | 4,366 | 4,045.8 | 4,317.2 | 4,139.8 | ||||||
Deferred tax assets | 65 | 72.8 | 88.6 | |||||||
Other assets | 54.3 | 40.3 | $ 35.3 | |||||||
Deferred financing fees, net | ||||||||||
Total assets | 6,647.6 | 6,048.5 | $ 6,656.9 | |||||||
Current liabilities: | ||||||||||
Accounts payable | 66.1 | 62.4 | 53.8 | |||||||
Income taxes payable | 33.6 | 33.5 | 19.8 | |||||||
Accrued expenses | 398.6 | 339.1 | 406.3 | |||||||
Deferred tax liabilities | 1.4 | 1.1 | 1.3 | |||||||
Deferred revenue | 777.5 | 867 | 975.3 | |||||||
Current portion of long-term obligations | 0.1 | [1] | 0.1 | [2] | 31.7 | [2] | ||||
Total current liabilities | 1,277.3 | 1,303.2 | 1,488.2 | |||||||
Long-term debt, net | 5,683.7 | [1] | 5,226.7 | [2] | 5,218.4 | [2] | ||||
Deferred tax liabilities | 167.3 | 107 | 192.5 | |||||||
Other long-term liabilities | 204.5 | 208.4 | 217.8 | |||||||
Total liabilities | 7,332.8 | 6,845.3 | 7,116.9 | |||||||
Redeemable noncontrolling interests | 127.8 | |||||||||
Total Infor, Inc. stockholders' equity (deficit) | (823) | (796.8) | (460) | (563.9) | (620.5) | |||||
Noncontrolling interests | 10 | |||||||||
Total stockholders' deficit | (813) | (796.8) | ||||||||
Total liabilities and stockholders' deficit | 6,647.6 | 6,048.5 | 6,656.9 | |||||||
Infor, Inc. (Parent) [Member] | ||||||||||
Current assets: | ||||||||||
Deferred tax assets | 0.2 | 0.2 | 0.4 | |||||||
Total assets | 0.2 | 0.2 | 0.4 | |||||||
Current liabilities: | ||||||||||
Deferred tax liabilities | 0.1 | 0.1 | 0.1 | |||||||
Affiliate payable | 29.6 | 29.5 | 29.5 | |||||||
Total current liabilities | 29.7 | 29.6 | 29.6 | |||||||
Affiliate payable | 58.3 | 58.6 | 58.6 | |||||||
Losses in excess of investment in subsidiaries | 735.2 | 708.8 | 372.2 | |||||||
Total liabilities | 823.2 | 797 | 460.4 | |||||||
Total Infor, Inc. stockholders' equity (deficit) | (823) | (796.8) | (460) | |||||||
Total stockholders' deficit | (823) | (796.8) | ||||||||
Total liabilities and stockholders' deficit | 0.2 | 0.2 | 0.4 | |||||||
Infor (US), Inc. (Subsidiary Issuer) [Member] | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 56.9 | 86.7 | 58.7 | 227.4 | 136.6 | 89.5 | 164.4 | |||
Accounts receivable, net | 139.8 | 145.5 | 165.3 | |||||||
Prepaid expenses | 69.1 | 59.1 | 50.5 | |||||||
Income tax receivable | 32 | 34.7 | 17.8 | |||||||
Other current assets | 9.1 | 5.9 | 18.5 | |||||||
Affiliate receivable | 667.3 | 521.8 | 431 | |||||||
Deferred tax assets | 13.7 | 13.3 | 9.9 | |||||||
Total current assets | 987.9 | 867 | 920.4 | |||||||
Property and equipment, net | 50.6 | 35.9 | 34 | |||||||
Intangible assets, net | 458.2 | 520.6 | 627.1 | |||||||
Goodwill | 2,403.1 | 2,400.6 | 2,378.8 | |||||||
Other assets | 23.5 | 17.3 | 9.7 | |||||||
Affiliate receivable | 725.5 | 751.5 | 873.7 | |||||||
Investment in subsidiaries | 2,104.6 | 1,557.9 | 1,669 | |||||||
Total assets | 6,753.4 | 6,150.8 | 6,512.7 | |||||||
Current liabilities: | ||||||||||
Accounts payable | 50.3 | 41.3 | 26.4 | |||||||
Accrued expenses | 212.2 | 151 | 185.1 | |||||||
Deferred revenue | 514.9 | 512.4 | 579.4 | |||||||
Affiliate payable | 751.4 | 591.3 | 469.9 | |||||||
Current portion of long-term obligations | 0.1 | 0.1 | 31.7 | |||||||
Total current liabilities | 1,528.9 | 1,296.1 | 1,292.5 | |||||||
Long-term debt, net | 5,683.7 | 5,226.7 | 5,218.4 | |||||||
Deferred tax liabilities | 66 | 86.5 | 160.4 | |||||||
Affiliate payable | 131.5 | 169.6 | 151.1 | |||||||
Other long-term liabilities | 78.5 | 80.7 | 62.5 | |||||||
Total liabilities | 7,488.6 | 6,859.6 | 6,884.9 | |||||||
Total Infor, Inc. stockholders' equity (deficit) | (735.2) | (708.8) | (372.2) | |||||||
Total stockholders' deficit | (735.2) | (708.8) | ||||||||
Total liabilities and stockholders' deficit | 6,753.4 | 6,150.8 | 6,512.7 | |||||||
Guarantor Subsidiaries [Member] | ||||||||||
Current assets: | ||||||||||
Accounts receivable, net | 7.3 | 7.8 | 10.9 | |||||||
Prepaid expenses | 18.1 | 12.4 | 14.9 | |||||||
Income tax receivable | 0.5 | 0.2 | 0.2 | |||||||
Other current assets | 1.1 | 1.3 | 0.2 | |||||||
Affiliate receivable | 710.3 | 597.8 | 439.2 | |||||||
Deferred tax assets | 4.4 | 4.4 | 4.2 | |||||||
Total current assets | 741.7 | 623.9 | 469.6 | |||||||
Property and equipment, net | 10.8 | 12.6 | 15.4 | |||||||
Intangible assets, net | 3.9 | 5.8 | 9.3 | |||||||
Goodwill | 62.5 | 62.5 | 62.5 | |||||||
Deferred tax assets | 6.8 | 8 | 6.2 | |||||||
Other assets | 13 | 3.9 | 4.4 | |||||||
Affiliate receivable | 1.4 | 1.4 | 1.3 | |||||||
Total assets | 840.1 | 718.1 | 568.7 | |||||||
Current liabilities: | ||||||||||
Accounts payable | 0.1 | 0.1 | ||||||||
Accrued expenses | 27.1 | 26.2 | 33.8 | |||||||
Deferred revenue | 18 | 15.2 | 17.9 | |||||||
Affiliate payable | 590.1 | 485.3 | 361 | |||||||
Total current liabilities | 635.2 | 526.8 | 412.8 | |||||||
Deferred tax liabilities | (0.1) | |||||||||
Affiliate payable | 0.4 | 0.3 | 0.4 | |||||||
Other long-term liabilities | 15.7 | 10.8 | 5.5 | |||||||
Total liabilities | 651.3 | 537.9 | 418.6 | |||||||
Total Infor, Inc. stockholders' equity (deficit) | 188.8 | 180.2 | 150.1 | |||||||
Total stockholders' deficit | 188.8 | 180.2 | ||||||||
Total liabilities and stockholders' deficit | 840.1 | 718.1 | 568.7 | |||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 442.1 | 440 | $ 269.9 | 347.9 | $ 310.5 | $ 332.4 | $ 220 | |||
Accounts receivable, net | 179.7 | 184.7 | 228 | |||||||
Prepaid expenses | 39.6 | 42.4 | 42.7 | |||||||
Income tax receivable | 14.8 | 14.6 | 15.7 | |||||||
Other current assets | 12.2 | 10.6 | 14.8 | |||||||
Affiliate receivable | 43.4 | 22.1 | 35.7 | |||||||
Deferred tax assets | 20.9 | 13.2 | 13.5 | |||||||
Total current assets | 752.7 | 727.6 | 698.3 | |||||||
Property and equipment, net | 38.6 | 33.3 | 33.4 | |||||||
Intangible assets, net | 539 | 204.6 | 314.3 | |||||||
Goodwill | 1,900.4 | 1,582.7 | 1,875.9 | |||||||
Deferred tax assets | 65 | 72.8 | 88.4 | |||||||
Other assets | 17.8 | 19.1 | 21.2 | |||||||
Affiliate receivable | 130.7 | 141.5 | 150.2 | |||||||
Total assets | 3,444.2 | 2,781.6 | 3,181.7 | |||||||
Current liabilities: | ||||||||||
Accounts payable | 15.8 | 21 | 27.3 | |||||||
Income taxes payable | 33.6 | 33.4 | 19.8 | |||||||
Accrued expenses | 159.3 | 161.9 | 187.4 | |||||||
Deferred tax liabilities | 1.4 | 1.1 | 1.3 | |||||||
Deferred revenue | 244.6 | 339.4 | 378 | |||||||
Affiliate payable | 49.9 | 35.6 | 45.5 | |||||||
Total current liabilities | 504.6 | 592.4 | 659.3 | |||||||
Deferred tax liabilities | 108.3 | 28.7 | 38.6 | |||||||
Affiliate payable | 667.4 | 665.9 | 815.1 | |||||||
Other long-term liabilities | 110.3 | 116.9 | 149.8 | |||||||
Total liabilities | 1,390.6 | 1,403.9 | 1,662.8 | |||||||
Redeemable noncontrolling interests | 127.8 | |||||||||
Total Infor, Inc. stockholders' equity (deficit) | 1,915.8 | 1,377.7 | 1,518.9 | |||||||
Noncontrolling interests | 10 | |||||||||
Total stockholders' deficit | 1,925.8 | 1,377.7 | ||||||||
Total liabilities and stockholders' deficit | 3,444.2 | 2,781.6 | 3,181.7 | |||||||
Eliminations [Member] | ||||||||||
Current assets: | ||||||||||
Income tax receivable | 0.1 | |||||||||
Affiliate receivable | (1,421) | (1,141.7) | (905.9) | |||||||
Deferred tax assets | (0.1) | (0.1) | (0.1) | |||||||
Total current assets | (1,421.1) | (1,141.7) | (906) | |||||||
Deferred tax assets | (7) | (8.2) | (6.4) | |||||||
Affiliate receivable | (857.6) | (894.4) | (1,025.2) | |||||||
Investment in subsidiaries | (2,104.6) | (1,557.9) | (1,669) | |||||||
Total assets | (4,390.3) | (3,602.2) | (3,606.6) | |||||||
Current liabilities: | ||||||||||
Income taxes payable | 0.1 | |||||||||
Deferred tax liabilities | (0.1) | (0.1) | (0.1) | |||||||
Affiliate payable | (1,421) | (1,141.7) | (905.9) | |||||||
Total current liabilities | (1,421.1) | (1,141.7) | (906) | |||||||
Deferred tax liabilities | (7) | (8.2) | (6.4) | |||||||
Affiliate payable | (857.6) | (894.4) | (1,025.2) | |||||||
Losses in excess of investment in subsidiaries | (735.2) | (708.8) | (372.2) | |||||||
Total liabilities | (3,020.9) | (2,753.1) | (2,309.8) | |||||||
Total Infor, Inc. stockholders' equity (deficit) | (1,369.4) | (849.1) | (1,296.8) | |||||||
Total stockholders' deficit | (1,369.4) | (849.1) | ||||||||
Total liabilities and stockholders' deficit | $ (4,390.3) | $ (3,602.2) | $ (3,606.6) | |||||||
[1] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. | |||||||||
[2] | Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees. |
Supplemental Guarantor Finan145
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |||||||||
Revenues: | ||||||||||||||||||||||||
Software license fees and subscriptions | $ 139.9 | $ 132.8 | $ 260.9 | $ 324.8 | $ 479.2 | $ 427.8 | $ 548.3 | $ 518.1 | ||||||||||||||||
Product updates and support fees | 354.3 | 372 | 710.9 | 745.7 | 1,330.3 | 1,340.9 | 1,465.9 | 1,441.2 | ||||||||||||||||
Software revenues | 494.2 | 504.8 | 971.8 | 1,070.5 | 1,809.5 | 1,768.7 | 2,014.2 | 1,959.3 | ||||||||||||||||
Consulting services and other fees | 169.1 | 180.8 | 331.8 | 368.3 | 629.4 | 677 | 747.6 | 758.7 | ||||||||||||||||
Total revenues | 663.3 | $ 658.7 | $ 657.4 | 685.6 | $ 753.2 | $ 740.3 | $ 672.7 | $ 698.5 | $ 650.3 | 1,303.6 | 1,438.8 | 2,438.9 | 2,445.7 | 2,761.8 | 2,718 | |||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of software license fees and subscriptions | 39.6 | [2] | 29 | [2] | 70.8 | [2] | 62.6 | [2] | 109.7 | [3] | 81.9 | [3] | 99.8 | [3] | 86.4 | [3] | ||||||||
Cost of product updates and support fees | 63.1 | [2] | 65.5 | [2] | 124.8 | [2] | 132.3 | [2] | 238.2 | [3] | 239.1 | [3] | 261.9 | [3] | 254.2 | [3] | ||||||||
Cost of consulting services and other fees | 140 | [2] | 138.5 | [2] | 278.8 | [2] | 285 | [2] | 507.2 | [3] | 540.3 | [3] | 593.2 | [3] | 588.5 | [3] | ||||||||
Sales and marketing | 106.5 | 119.6 | 207.9 | 247.3 | 412.9 | 403.3 | 457.1 | 460.2 | ||||||||||||||||
Research and development | 99.7 | 104.3 | 198.9 | 206.3 | 369.8 | 357.1 | 391.8 | 351.9 | ||||||||||||||||
General and administrative | 46.7 | 46.1 | 90.9 | 106.5 | 177.9 | 174.2 | 192.8 | 210.4 | ||||||||||||||||
Amortization of intangible assets and depreciation | 58.7 | 61.3 | 115.4 | 126.4 | 222.9 | 241.5 | 264.3 | 275.7 | ||||||||||||||||
Restructuring costs | 6.4 | (0.1) | 0.3 | 3.8 | 7.5 | 9.7 | 3.3 | 3.4 | 2.2 | 8.2 | 11.3 | 5.7 | 12.8 | 18.6 | 10.2 | |||||||||
Acquisition-related and other costs | 9.6 | 3.6 | (1.2) | (1.4) | 0.7 | 6.3 | 11.1 | 0.3 | 9.9 | 11.6 | (0.7) | 1.4 | 27.3 | 27.6 | 15 | |||||||||
Total operating expenses | 570.3 | 566.7 | 1,107.3 | 1,177 | 2,045.7 | 2,077.5 | 2,307.1 | 2,252.5 | ||||||||||||||||
Income from operations | 93 | 109.3 | 108.7 | 118.9 | 142.9 | 108.5 | 90.5 | 142.5 | 113.2 | 196.3 | 261.8 | 393.2 | 368.2 | 454.7 | 465.5 | |||||||||
Other expense, net: | ||||||||||||||||||||||||
Interest expense, net | 78.5 | 88 | 151.1 | 176.7 | 320.1 | 348.4 | 378 | 418.1 | ||||||||||||||||
Loss on extinguishment of debt | 172.4 | 5.2 | 5.2 | 1.8 | ||||||||||||||||||||
Other (income) expense, net | 10.8 | (2) | (26.4) | (34.1) | (66.8) | (52) | (62.8) | 99.2 | ||||||||||||||||
Total other expense, net | 89.3 | 86 | 124.7 | 142.6 | 425.7 | 301.6 | 320.4 | 519.1 | ||||||||||||||||
Income (loss) before income tax | 3.7 | 32.9 | 71.6 | 119.2 | (32.5) | 66.6 | 134.3 | (53.6) | ||||||||||||||||
Income tax provision (benefit) | 6.5 | 19.8 | 16.9 | 32.6 | (52.2) | (0.4) | 12.6 | 22.6 | ||||||||||||||||
Net income (loss) | (2.8) | 13.1 | 54.7 | 86.6 | ||||||||||||||||||||
Net loss attributable to noncontrolling interests | (1) | (1) | ||||||||||||||||||||||
Net income (loss) attributable to Infor, Inc. | (1.8) | $ (63.5) | $ 51.3 | 13.1 | $ 73.5 | $ 34.3 | $ 1.3 | $ 63 | $ 23.1 | 55.7 | 86.6 | 19.7 | $ 67 | 121.7 | (76.2) | |||||||||
Infor, Inc. (Parent) [Member] | ||||||||||||||||||||||||
Other expense, net: | ||||||||||||||||||||||||
Income tax provision (benefit) | 0.1 | 0.1 | ||||||||||||||||||||||
Equity in loss (earnings) of subsidiaries | 1.8 | (13.1) | (55.7) | (86.6) | (19.7) | (121.8) | 76.1 | |||||||||||||||||
Net income (loss) | (1.8) | 13.1 | 55.7 | 86.6 | ||||||||||||||||||||
Net income (loss) attributable to Infor, Inc. | (1.8) | 13.1 | 55.7 | 86.6 | 19.7 | 121.7 | (76.2) | |||||||||||||||||
Infor (US), Inc. (Subsidiary Issuer) [Member] | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Software license fees and subscriptions | 81.9 | 79.3 | 161.3 | 185 | 275.8 | 307.1 | 275.1 | |||||||||||||||||
Product updates and support fees | 209.1 | 209.1 | 418.7 | 414.6 | 762.9 | 810.4 | 792.6 | |||||||||||||||||
Software revenues | 291 | 288.4 | 580 | 599.6 | 1,038.7 | 1,117.5 | 1,067.7 | |||||||||||||||||
Consulting services and other fees | 78.7 | 78.3 | 152.5 | 151 | 267 | 286 | 285.6 | |||||||||||||||||
Total revenues | 369.7 | 366.7 | 732.5 | 750.6 | 1,305.7 | 1,403.5 | 1,353.3 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of software license fees and subscriptions | 25.5 | 17.7 | 47.5 | 38.2 | 68.4 | 55.9 | 45.9 | |||||||||||||||||
Cost of product updates and support fees | 33.1 | 31.4 | 64.1 | 62.7 | 117.2 | 127.2 | 122.4 | |||||||||||||||||
Cost of consulting services and other fees | 57.7 | 51 | 114.1 | 104.6 | 195.1 | 221.7 | 218.5 | |||||||||||||||||
Sales and marketing | 54 | 62.3 | 106.6 | 121.8 | 205.8 | 217.9 | 213.5 | |||||||||||||||||
Research and development | 53.1 | 55.9 | 108.8 | 108.6 | 196.8 | 198.4 | 180.9 | |||||||||||||||||
General and administrative | 4.1 | 4.8 | 8.4 | 16.9 | 23.9 | 15.2 | 41.1 | |||||||||||||||||
Amortization of intangible assets and depreciation | 34.3 | 36.1 | 69.8 | 73.9 | 134.3 | 151.9 | 155.7 | |||||||||||||||||
Restructuring costs | 3.3 | 0.3 | 3.8 | 1.5 | 1 | 2.9 | 4.2 | |||||||||||||||||
Acquisition-related and other costs | 8.9 | (1.8) | 10.8 | (1.7) | (0.8) | 28.3 | 11.9 | |||||||||||||||||
Affiliate (income) expense, net | 47.3 | 51 | 86.7 | 119.3 | 174.8 | 184.9 | 142.8 | |||||||||||||||||
Total operating expenses | 321.3 | 308.7 | 620.6 | 645.8 | 1,116.5 | 1,204.3 | 1,136.9 | |||||||||||||||||
Income from operations | 48.4 | 58 | 111.9 | 104.8 | 189.2 | 199.2 | 216.4 | |||||||||||||||||
Other expense, net: | ||||||||||||||||||||||||
Interest expense, net | 78.5 | 87.7 | 151.1 | 176.7 | 320.2 | 377.9 | 417.8 | |||||||||||||||||
Affiliate interest (income) expense, net | (8.8) | (10.6) | (17.4) | (22) | (36.6) | (53.9) | (72.6) | |||||||||||||||||
Loss on extinguishment of debt | 172.4 | 5.2 | 1.8 | |||||||||||||||||||||
Other (income) expense, net | 0.7 | (22.5) | (8.1) | (35.2) | (57) | 13.1 | 8.6 | |||||||||||||||||
Total other expense, net | 70.4 | 54.6 | 125.6 | 119.5 | 399 | 342.3 | 355.6 | |||||||||||||||||
Income (loss) before income tax | (22) | 3.4 | (13.7) | (14.7) | (209.8) | (143.1) | (139.2) | |||||||||||||||||
Income tax provision (benefit) | (5.3) | (1) | (6.5) | (5.4) | (64.5) | 7.4 | 14.3 | |||||||||||||||||
Equity in loss (earnings) of subsidiaries | (14.9) | (8.7) | (62.9) | (95.9) | (165) | (272.3) | (77.4) | |||||||||||||||||
Net income (loss) | (1.8) | 13.1 | 55.7 | 86.6 | ||||||||||||||||||||
Net income (loss) attributable to Infor, Inc. | (1.8) | 13.1 | 55.7 | 86.6 | 19.7 | 121.8 | (76.1) | |||||||||||||||||
Guarantor Subsidiaries [Member] | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Software license fees and subscriptions | 1.1 | 1.1 | 4.3 | 7.3 | 7.5 | 11 | 8.6 | |||||||||||||||||
Product updates and support fees | 7.7 | 7.7 | 15.8 | 15.3 | 28.1 | 28.1 | 27.7 | |||||||||||||||||
Software revenues | 8.8 | 8.8 | 20.1 | 22.6 | 35.6 | 39.1 | 36.3 | |||||||||||||||||
Consulting services and other fees | 3.9 | 3.5 | 6.9 | 6.9 | 11.7 | 14.8 | 18.1 | |||||||||||||||||
Total revenues | 12.7 | 12.3 | 27 | 29.5 | 47.3 | 53.9 | 54.4 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of software license fees and subscriptions | 2 | 2.3 | 3.7 | 4.2 | 6.8 | 7.2 | 6.8 | |||||||||||||||||
Cost of product updates and support fees | 0.6 | 0.6 | 1.2 | 1.3 | 2.5 | 3.2 | 2.5 | |||||||||||||||||
Cost of consulting services and other fees | 3.4 | 4.7 | 6.7 | 9.4 | 14.8 | 13.2 | 10.1 | |||||||||||||||||
Sales and marketing | 5.4 | 6.9 | 11.2 | 14.3 | 23.4 | 27.1 | 28.8 | |||||||||||||||||
Research and development | 1.8 | 2.3 | 3.7 | 4.6 | 7.3 | 9.7 | 2.4 | |||||||||||||||||
General and administrative | 30.2 | 29.8 | 58.6 | 62.3 | 111 | 118 | 106.7 | |||||||||||||||||
Amortization of intangible assets and depreciation | 3.2 | 3.3 | 6.4 | 6.6 | 12.8 | 12.9 | 15.4 | |||||||||||||||||
Restructuring costs | 0.4 | 0.3 | 0.2 | 0.5 | 0.3 | |||||||||||||||||||
Acquisition-related and other costs | 0.3 | 0.2 | 0.4 | 0.2 | 1.3 | 0.2 | 3.6 | |||||||||||||||||
Affiliate (income) expense, net | (41.8) | (44.9) | (73) | (92.7) | (154.7) | (161.6) | (150.1) | |||||||||||||||||
Total operating expenses | 5.5 | 5.2 | 19.2 | 10.4 | 25.2 | 30.4 | 26.5 | |||||||||||||||||
Income from operations | 7.2 | 7.1 | 7.8 | 19.1 | 22.1 | 23.5 | 27.9 | |||||||||||||||||
Other expense, net: | ||||||||||||||||||||||||
Interest expense, net | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Affiliate interest (income) expense, net | (0.1) | (0.1) | (0.1) | (0.1) | (0.2) | |||||||||||||||||||
Other (income) expense, net | 0.4 | 0.3 | ||||||||||||||||||||||
Total other expense, net | 0.1 | 0.4 | 0.2 | |||||||||||||||||||||
Income (loss) before income tax | 7.2 | 7.1 | 7.8 | 19 | 22.1 | 23.1 | 27.7 | |||||||||||||||||
Income tax provision (benefit) | 1.8 | 4 | 1.1 | 8.3 | (0.9) | (0.3) | (9.1) | |||||||||||||||||
Net income (loss) | 5.4 | 3.1 | 6.7 | 10.7 | ||||||||||||||||||||
Net income (loss) attributable to Infor, Inc. | 5.4 | 3.1 | 6.7 | 10.7 | 23 | 23.4 | 36.8 | |||||||||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Software license fees and subscriptions | 56.9 | 52.4 | 95.3 | 132.5 | 195.9 | 230.2 | 234.4 | |||||||||||||||||
Product updates and support fees | 137.5 | 155.2 | 276.4 | 315.8 | 539.3 | 627.4 | 620.9 | |||||||||||||||||
Software revenues | 194.4 | 207.6 | 371.7 | 448.3 | 735.2 | 857.6 | 855.3 | |||||||||||||||||
Consulting services and other fees | 86.5 | 99 | 172.4 | 210.4 | 350.7 | 446.8 | 455 | |||||||||||||||||
Total revenues | 280.9 | 306.6 | 544.1 | 658.7 | 1,085.9 | 1,304.4 | 1,310.3 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of software license fees and subscriptions | 11.6 | 8.7 | 18.8 | 19.7 | 33.4 | 36 | 33.4 | |||||||||||||||||
Cost of product updates and support fees | 28.2 | 32.3 | 57.2 | 65.9 | 113.9 | 126.6 | 124.8 | |||||||||||||||||
Cost of consulting services and other fees | 77 | 80.8 | 154.2 | 167.1 | 289.7 | 349.7 | 351.6 | |||||||||||||||||
Sales and marketing | 45.6 | 48.9 | 87.2 | 108.3 | 178.1 | 206.6 | 212.3 | |||||||||||||||||
Research and development | 41.9 | 43.2 | 80.8 | 87.4 | 154.5 | 172.9 | 160 | |||||||||||||||||
General and administrative | 20.4 | 19.4 | 39.3 | 42.7 | 73.1 | 90.1 | 89.9 | |||||||||||||||||
Amortization of intangible assets and depreciation | 21.2 | 21.9 | 39.2 | 45.9 | 75.8 | 99.5 | 104.6 | |||||||||||||||||
Restructuring costs | 2.7 | 3.5 | 4.1 | 9.6 | 4.7 | 15.2 | 5.7 | |||||||||||||||||
Acquisition-related and other costs | 0.4 | 0.2 | 0.4 | 0.8 | 0.9 | (0.9) | (0.5) | |||||||||||||||||
Affiliate (income) expense, net | (5.5) | (6.1) | (13.7) | (26.6) | (20.1) | (23.3) | 7.3 | |||||||||||||||||
Total operating expenses | 243.5 | 252.8 | 467.5 | 520.8 | 904 | 1,072.4 | 1,089.1 | |||||||||||||||||
Income from operations | 37.4 | 53.8 | 76.6 | 137.9 | 181.9 | 232 | 221.2 | |||||||||||||||||
Other expense, net: | ||||||||||||||||||||||||
Interest expense, net | 0.2 | (0.2) | (0.2) | 0.2 | ||||||||||||||||||||
Affiliate interest (income) expense, net | 8.8 | 10.7 | 17.4 | 22.1 | 36.7 | 54 | 72.8 | |||||||||||||||||
Other (income) expense, net | 10.1 | 20.5 | (18.3) | 1.1 | (9.8) | (76.3) | 90.3 | |||||||||||||||||
Total other expense, net | 18.9 | 31.4 | (0.9) | 23 | 26.7 | (22.3) | 163.3 | |||||||||||||||||
Income (loss) before income tax | 18.5 | 22.4 | 77.5 | 114.9 | 155.2 | 254.3 | 57.9 | |||||||||||||||||
Income tax provision (benefit) | 10 | 16.8 | 22.3 | 29.7 | 13.2 | 5.4 | 17.3 | |||||||||||||||||
Net income (loss) | 8.5 | 5.6 | 55.2 | 85.2 | ||||||||||||||||||||
Net loss attributable to noncontrolling interests | (1) | (1) | ||||||||||||||||||||||
Net income (loss) attributable to Infor, Inc. | 9.5 | 5.6 | 56.2 | 85.2 | 142 | 248.9 | 40.6 | |||||||||||||||||
Eliminations [Member] | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Cost of software license fees and subscriptions | 0.5 | 0.3 | 0.8 | 0.5 | 1.1 | 0.7 | 0.3 | |||||||||||||||||
Cost of product updates and support fees | 1.2 | 1.2 | 2.3 | 2.4 | 4.6 | 4.9 | 4.5 | |||||||||||||||||
Cost of consulting services and other fees | 1.9 | 2 | 3.8 | 3.9 | 7.6 | 8.6 | 8.3 | |||||||||||||||||
Sales and marketing | 1.5 | 1.5 | 2.9 | 2.9 | 5.6 | 5.5 | 5.6 | |||||||||||||||||
Research and development | 2.9 | 2.9 | 5.6 | 5.7 | 11.2 | 10.8 | 8.6 | |||||||||||||||||
General and administrative | (8) | (7.9) | (15.4) | (15.4) | (30.1) | (30.5) | (27.3) | |||||||||||||||||
Other expense, net: | ||||||||||||||||||||||||
Equity in loss (earnings) of subsidiaries | 13.1 | 21.8 | 118.6 | 182.5 | 184.7 | 394.1 | 1.3 | |||||||||||||||||
Net income (loss) | (13.1) | (21.8) | (118.6) | (182.5) | ||||||||||||||||||||
Net income (loss) attributable to Infor, Inc. | $ (13.1) | $ (21.8) | $ (118.6) | $ (182.5) | $ (184.7) | $ (394.1) | $ (1.3) | |||||||||||||||||
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. | |||||||||||||||||||||||
[2] | Excludes amortization of intangible assets and depreciation which are separately stated below. | |||||||||||||||||||||||
[3] | Excludes amortization of intangible assets and depreciation which are separately stated below |
Supplemental Guarantor Finan146
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Condensed Statement Of Income Captions [Line Items] | ||||||||||||||||
Net income (loss) | $ (1.8) | $ (63.5) | $ 51.3 | $ 13.1 | $ 73.5 | $ 34.3 | $ 1.3 | $ 63 | $ 23.1 | $ 55.7 | $ 86.6 | $ 19.7 | $ 67 | $ 121.7 | $ (76.2) | |
Net income (loss) | (2.8) | 13.1 | 54.7 | 86.6 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain (loss) on foreign currency translation, net of tax | 2.4 | (80) | (62.4) | (137.3) | (277.5) | (10.6) | (32.9) | 126.5 | ||||||||
Defined benefit plan funding status, net of tax | 0.6 | 0.2 | 1.5 | (8.9) | 0.7 | 1.5 | 1.6 | |||||||||
Unrealized gain (loss) on derivative instruments, net of tax | (2.5) | 0.6 | (3) | (2.9) | (7.9) | (9.9) | ||||||||||
Total other comprehensive income (loss) | 2.4 | (81.9) | (61.6) | (138.8) | (289.3) | (17.8) | (41.3) | 128.1 | ||||||||
Comprehensive income (loss) | (0.4) | (68.8) | (6.9) | (52.2) | ||||||||||||
Noncontrolling interests comprehensive income (loss) | (1) | (1) | ||||||||||||||
Comprehensive income (loss) attributable to Infor, Inc. | 0.6 | (68.8) | (5.9) | (52.2) | (269.6) | $ 49.2 | 80.4 | 51.9 | ||||||||
Infor, Inc. (Parent) [Member] | ||||||||||||||||
Condensed Statement Of Income Captions [Line Items] | ||||||||||||||||
Net income (loss) | (1.8) | 13.1 | 55.7 | 86.6 | 19.7 | 121.7 | (76.2) | |||||||||
Net income (loss) | (1.8) | 13.1 | 55.7 | 86.6 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Comprehensive income (loss) | (1.8) | 13.1 | 55.7 | 86.6 | ||||||||||||
Comprehensive income (loss) attributable to Infor, Inc. | (1.8) | 13.1 | 55.7 | 86.6 | 19.7 | 121.7 | (76.2) | |||||||||
Infor (US), Inc. (Subsidiary Issuer) [Member] | ||||||||||||||||
Condensed Statement Of Income Captions [Line Items] | ||||||||||||||||
Net income (loss) | (1.8) | 13.1 | 55.7 | 86.6 | 19.7 | 121.8 | (76.1) | |||||||||
Net income (loss) | (1.8) | 13.1 | 55.7 | 86.6 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Defined benefit plan funding status, net of tax | 0.1 | (0.2) | 0.1 | |||||||||||||
Unrealized gain (loss) on derivative instruments, net of tax | (2.5) | 0.6 | (3) | (2.9) | (9.9) | |||||||||||
Total other comprehensive income (loss) | (2.5) | 0.6 | (2.9) | (3.1) | (9.9) | 0.1 | ||||||||||
Comprehensive income (loss) | (1.8) | 10.6 | 56.3 | 83.7 | ||||||||||||
Comprehensive income (loss) attributable to Infor, Inc. | (1.8) | 10.6 | 56.3 | 83.7 | 16.6 | 111.9 | (76) | |||||||||
Guarantor Subsidiaries [Member] | ||||||||||||||||
Condensed Statement Of Income Captions [Line Items] | ||||||||||||||||
Net income (loss) | 5.4 | 3.1 | 6.7 | 10.7 | 23 | 23.4 | 36.8 | |||||||||
Net income (loss) | 5.4 | 3.1 | 6.7 | 10.7 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Comprehensive income (loss) | 5.4 | 3.1 | 6.7 | 10.7 | ||||||||||||
Comprehensive income (loss) attributable to Infor, Inc. | 5.4 | 3.1 | 6.7 | 10.7 | 23 | 23.4 | 36.8 | |||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||||
Condensed Statement Of Income Captions [Line Items] | ||||||||||||||||
Net income (loss) | 9.5 | 5.6 | 56.2 | 85.2 | 142 | 248.9 | 40.6 | |||||||||
Net income (loss) | 8.5 | 5.6 | 55.2 | 85.2 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gain (loss) on foreign currency translation, net of tax | 2.4 | (80) | (62.4) | (137.3) | (277.5) | (32.9) | 126.5 | |||||||||
Defined benefit plan funding status, net of tax | 0.6 | 0.2 | 1.4 | (8.7) | 1.5 | 1.5 | ||||||||||
Total other comprehensive income (loss) | 2.4 | (79.4) | (62.2) | (135.9) | (286.2) | (31.4) | 128 | |||||||||
Comprehensive income (loss) | 10.9 | (73.8) | (7) | (50.7) | ||||||||||||
Noncontrolling interests comprehensive income (loss) | (1) | (1) | ||||||||||||||
Comprehensive income (loss) attributable to Infor, Inc. | 11.9 | (73.8) | (6) | (50.7) | (144.2) | 217.5 | 168.6 | |||||||||
Eliminations [Member] | ||||||||||||||||
Condensed Statement Of Income Captions [Line Items] | ||||||||||||||||
Net income (loss) | (13.1) | (21.8) | (118.6) | (182.5) | (184.7) | (394.1) | (1.3) | |||||||||
Net income (loss) | (13.1) | (21.8) | (118.6) | (182.5) | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Comprehensive income (loss) | (13.1) | (21.8) | (118.6) | (182.5) | ||||||||||||
Comprehensive income (loss) attributable to Infor, Inc. | $ (13.1) | $ (21.8) | $ (118.6) | $ (182.5) | $ (184.7) | $ (394.1) | $ (1.3) | |||||||||
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. |
Supplemental Guarantor Finan147
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided (used in) by operating activities | $ 115.5 | $ 60.5 | $ 208.2 | $ 280.8 | $ 414.6 | $ 282.4 |
Cash flows from investing activities: | ||||||
Acquisitions, net of cash acquired | (549.3) | (30.1) | (30.1) | (199.7) | (199.7) | (106) |
Change in restricted cash | 19 | 17.1 | (20.2) | (19.5) | 2.2 | |
Purchases of property, equipment and software | (28.8) | (20.3) | (35.7) | (29.9) | (32.5) | (36) |
Net cash used in investing activities | (578.1) | (31.4) | (48.7) | (249.8) | (251.7) | (139.8) |
Cash flows from financing activities: | ||||||
Dividends paid | (17) | (42.7) | (65.7) | |||
Loans to stockholders | (1.6) | (0.2) | (5.2) | (5.2) | (8.7) | |
Payments on capital lease obligations | (1.3) | (1.4) | (2.5) | (2.3) | (2.3) | (1.5) |
Proceeds from issuance of debt | 495 | 2,019.7 | 3,487.7 | 3,487.7 | 2,778.9 | |
Payments on long-term debt | (17.1) | (71.6) | (1,932.5) | (3,457.5) | (3,457.5) | (2,847.2) |
Deferred financing fees and early debt redemption fees paid | (168.7) | (37.5) | (37.5) | (27.6) | ||
Deferred financing fees | (16.5) | |||||
Other | (0.8) | (8.5) | (8.5) | (0.9) | (0.9) | (0.5) |
Net cash used in financing activities | 440.7 | (124.4) | (158.2) | (15.7) | (15.7) | (106.6) |
Effect of exchange rate changes on cash and cash equivalents | (5.8) | (23.2) | (49.9) | 9.9 | 6.2 | 1.5 |
Net (decrease) increase in cash and cash equivalents | (27.7) | (118.5) | (48.6) | 25.2 | 153.4 | 37.5 |
Cash and cash equivalents at the beginning of the period | 526.7 | 447.1 | 575.3 | 421.9 | 421.9 | 384.4 |
Cash and cash equivalents at the end of the period | 499 | 328.6 | 526.7 | 447.1 | 575.3 | 421.9 |
Infor (US), Inc. (Subsidiary Issuer) [Member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided (used in) by operating activities | 111.6 | 61.5 | (33) | 226.6 | (67.7) | |
Cash flows from investing activities: | ||||||
Acquisitions, net of cash acquired | (549.3) | (27.3) | (27.3) | (199.4) | (51) | |
Change in restricted cash | 18.3 | 18.2 | (18.2) | |||
Purchases of property, equipment and software | (22.3) | (6.9) | (13.9) | (14.9) | (14.8) | |
Net cash used in investing activities | (571.6) | (15.9) | (23) | (232.5) | (65.8) | |
Cash flows from financing activities: | ||||||
Dividends paid | (17) | (42.7) | (65.7) | |||
Loans to stockholders | (1.6) | (0.2) | (5.2) | (8.7) | ||
Payments on capital lease obligations | (0.2) | (0.2) | (0.3) | (0.3) | (0.1) | |
Proceeds from issuance of debt | 495 | 2,019.7 | 3,487.7 | 2,778.9 | ||
Payments on long-term debt | (17.1) | (71.6) | (1,932.5) | (3,457.5) | (2,847.2) | |
(Payments) proceeds from affiliate within group | (11.6) | (0.3) | 71.3 | 156.6 | 163.3 | |
Deferred financing fees and early debt redemption fees paid | (168.7) | (37.5) | (27.6) | |||
Deferred financing fees | (16.5) | |||||
Other | (0.8) | (8.5) | (8.5) | |||
Net cash used in financing activities | 430.2 | (123.5) | (84.7) | 143.8 | 58.6 | |
Net (decrease) increase in cash and cash equivalents | (29.8) | (77.9) | (140.7) | 137.9 | (74.9) | |
Cash and cash equivalents at the beginning of the period | 86.7 | 136.6 | 227.4 | 89.5 | 89.5 | 164.4 |
Cash and cash equivalents at the end of the period | 56.9 | 58.7 | 86.7 | 136.6 | 227.4 | 89.5 |
Guarantor Subsidiaries [Member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided (used in) by operating activities | 2.6 | 2.9 | 6.5 | (2.7) | 22.9 | |
Cash flows from investing activities: | ||||||
Purchases of property, equipment and software | (2.6) | (2.9) | (6.5) | (6.9) | (14.5) | |
Net cash used in investing activities | (2.6) | (2.9) | (6.5) | (6.9) | (14.5) | |
Cash flows from financing activities: | ||||||
Payments on capital lease obligations | (0.3) | |||||
(Payments) proceeds from affiliate within group | 9.6 | (8) | ||||
Other | (0.1) | |||||
Net cash used in financing activities | 9.6 | (8.4) | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided (used in) by operating activities | 1.3 | (3.9) | 234.7 | 190.7 | 327.2 | |
Cash flows from investing activities: | ||||||
Acquisitions, net of cash acquired | (2.8) | (2.8) | (0.3) | (55) | ||
Change in restricted cash | 0.7 | (1.1) | (1.3) | 2.2 | ||
Purchases of property, equipment and software | (3.9) | (10.5) | (15.3) | (10.7) | (6.7) | |
Net cash used in investing activities | (3.9) | (12.6) | (19.2) | (12.3) | (59.5) | |
Cash flows from financing activities: | ||||||
Payments on capital lease obligations | (1.1) | (1.2) | (2.2) | (2) | (1.1) | |
(Payments) proceeds from affiliate within group | 11.6 | 0.3 | (71.3) | (166.2) | (155.3) | |
Other | (0.9) | (0.4) | ||||
Net cash used in financing activities | 10.5 | (0.9) | (73.5) | (169.1) | (156.8) | |
Effect of exchange rate changes on cash and cash equivalents | (5.8) | (23.2) | (49.9) | 6.2 | 1.5 | |
Net (decrease) increase in cash and cash equivalents | 2.1 | (40.6) | 92.1 | 15.5 | 112.4 | |
Cash and cash equivalents at the beginning of the period | 440 | 310.5 | 347.9 | 332.4 | 332.4 | 220 |
Cash and cash equivalents at the end of the period | $ 442.1 | $ 269.9 | $ 440 | $ 310.5 | $ 347.9 | $ 332.4 |
Supplemental Quarterly Finan148
Supplemental Quarterly Financial Information (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | [1] | May. 31, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Oct. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | May. 31, 2014 | May. 31, 2013 | |
Supplemental Quarterly Financial Information [Abstract] | ||||||||||||||||
Total revenues | $ 663.3 | $ 658.7 | $ 657.4 | $ 685.6 | $ 753.2 | $ 740.3 | $ 672.7 | $ 698.5 | $ 650.3 | $ 1,303.6 | $ 1,438.8 | $ 2,438.9 | $ 2,445.7 | $ 2,761.8 | $ 2,718 | |
Restructuring costs | 6.4 | (0.1) | 0.3 | 3.8 | 7.5 | 9.7 | 3.3 | 3.4 | 2.2 | 8.2 | 11.3 | 5.7 | 12.8 | 18.6 | 10.2 | |
Acquisition-related and other costs | 9.6 | 3.6 | (1.2) | (1.4) | 0.7 | 6.3 | 11.1 | 0.3 | 9.9 | 11.6 | (0.7) | 1.4 | 27.3 | 27.6 | 15 | |
All other operating expenses | 545.9 | 549.6 | 564.3 | 602.1 | 615.8 | 567.8 | 552.3 | 525 | ||||||||
Income from operations | 93 | 109.3 | 108.7 | 118.9 | 142.9 | 108.5 | 90.5 | 142.5 | 113.2 | 196.3 | 261.8 | 393.2 | 368.2 | 454.7 | 465.5 | |
Net income (loss) | $ (1.8) | $ (63.5) | $ 51.3 | $ 13.1 | $ 73.5 | $ 34.3 | $ 1.3 | $ 63 | $ 23.1 | $ 55.7 | $ 86.6 | $ 19.7 | $ 67 | $ 121.7 | $ (76.2) | |
[1] | Due to the change in our fiscal year end, the sum of the four quarters of fiscal 2015 reflected above are not additive to the 11-month transition period of fiscal 2015. In the first quarter of fiscal 2015, we began reporting our quarterly results on the basis of our new fiscal calendar and the first quarter of fiscal 2015 reflects the three months ended July 31, 2014. As such, the results of May 2014, which were included in our audited results for fiscal 2014, were also included in our first quarter of fiscal 2015 as reported. However, the results for May 2014 are not included in our results for the 11-month transition period of fiscal 2015 which reflects our results for June 2014 through April 2015. |