Premier (PINC) 10-Q 6 Feb 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2017	Feb. 02, 2018
Document and Entity Information
Entity Registrant Name	Premier, Inc.
Entity Central Index Key	1,577,916
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		54,713,852
Class B Common Stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		80,978,267

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Assets
Cash and cash equivalents	$ 163,014	$ 156,735
Accounts receivable (net of $2,384 and $1,812 allowance for doubtful accounts, respectively)	171,354	159,745
Inventory	62,067	50,426
Prepaid expenses and other current assets	24,021	35,164
Due from related parties	381	6,742
Total current assets	420,837	408,812
Property and equipment (net of $264,173 and $236,460 accumulated depreciation, respectively)	190,815	187,365
Intangible assets (net of $125,903 and $99,198 accumulated amortization, respectively)	349,847	377,962
Goodwill	906,545	906,545
Deferred income tax assets	305,549	482,484
Deferred compensation plan assets	42,779	41,518
Investments in unconsolidated affiliates	98,388	92,879
Other assets	5,403	10,271
Total assets	2,320,163	2,507,836
Liabilities, redeemable limited partners' capital and stockholders' deficit
Accounts payable	49,626	42,815
Accrued expenses	46,090	55,857
Revenue share obligations	74,651	72,078
Limited partners' distribution payable	20,396	24,951
Accrued compensation and benefits	41,725	53,506
Deferred revenue	45,699	44,443
Current portion of tax receivable agreements	17,925	17,925
Current portion of long-term debt	201,139	227,993
Other liabilities	9,106	32,019
Total current liabilities	506,357	571,587
Long-term debt, less current portion	6,544	6,279
Tax receivable agreements, less current portion	229,291	321,796
Deferred compensation plan obligations	42,779	41,518
Deferred tax liabilities	30,942	48,227
Other liabilities	55,183	42,099
Total liabilities	871,096	1,031,506
Redeemable limited partners' capital	2,398,640	3,138,583
Stockholders' deficit:
Treasury stock, at cost; 2,577,959 shares	(74,698)	0
Additional paid-in-capital	0	0
Accumulated deficit	(875,448)	(1,662,772)
Accumulated other comprehensive loss	0	0
Total stockholders' deficit	(949,573)	(1,662,253)
Total liabilities, redeemable limited partners' capital and stockholders' deficit	2,320,163	2,507,836
Class A Common Stock
Stockholders' deficit:
Common stock	573	519
Class B Common Stock
Stockholders' deficit:
Common stock	$ 0	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Allowance for doubtful accounts	$ 2,384	$ 1,812
Accumulated depreciation	264,173	236,460
Accumulated amortization	$ 125,903	$ 99,198
Treasury stock (in shares)	2,577,959	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	57,263,627	51,943,281
Common stock, shares outstanding (in shares)	54,685,668	51,943,281
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	82,282,748	87,298,888
Common stock, shares outstanding (in shares)	82,282,748	87,298,888

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net revenue:
Net administrative fees	$ 159,343	$ 129,071	$ 310,334	$ 255,047
Other services and support	89,953	87,051	176,864	168,218
Services	249,296	216,122	487,198	423,265
Products	162,102	142,378	314,764	248,507
Net revenue	411,398	358,500	801,962	671,772
Cost of revenue:
Services	47,255	44,856	94,191	87,546
Products	153,272	131,158	297,712	226,971
Cost of revenue	200,527	176,014	391,903	314,517
Gross profit	210,871	182,486	410,059	357,255
Other operating income:
Remeasurement of tax receivable agreement liabilities	177,174	0	177,174	5,722
Other operating income	177,174	0	177,174	5,722
Operating expenses:
Selling, general and administrative	108,620	95,927	222,941	193,887
Research and development	324	767	813	1,573
Amortization of purchased intangible assets	13,817	11,151	27,715	20,360
Operating expenses	122,761	107,845	251,469	215,820
Operating income	265,284	74,641	335,764	147,157
Remeasurement gain attributable to acquisition of Innovatix, LLC	0	204,833	0	204,833
Equity in net income of unconsolidated affiliates	1,257	5,127	5,509	14,706
Interest and investment loss, net	(1,508)	(857)	(3,003)	(1,009)
Loss on disposal of long-lived assets	(400)	0	(1,720)	(1,518)
Other income (expense)	(13,356)	(131)	(11,893)	875
Other income (expense), net	(14,007)	208,972	(11,107)	217,887
Income before income taxes	251,277	283,613	324,657	365,044
Income tax expense	231,508	37,429	244,272	60,765
Net income	19,769	246,184	80,385	304,279
Net income attributable to non-controlling interest in Premier LP	(56,485)	(181,173)	(101,095)	(230,774)
Adjustment of redeemable limited partners' capital to redemption amount	317,916	335,264	638,340	397,072
Net income attributable to stockholders	$ 281,200	$ 400,275	$ 617,630	$ 470,577
Weighted average shares outstanding:
Basic (in shares)	55,209	49,445	54,059	48,330
Diluted (in shares)	139,237	141,308	139,641	142,133
Earnings (loss) per share attributable to stockholders:
Basic (in dollars per share)	$ 5.09	$ 8.10	$ 11.43	$ 9.74
Diluted (in dollars per share)	$ (1.66)	$ 1.50	$ (1.30)	$ 1.75

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 19,769	$ 246,184	$ 80,385	$ 304,279
Net unrealized gain on marketable securities	0	0	0	128
Total comprehensive income	19,769	246,184	80,385	304,407
Less: comprehensive income attributable to non-controlling interest	(56,485)	(181,173)	(101,095)	(230,859)
Comprehensive income attributable to stockholders	$ (36,716)	$ 65,011	$ (20,710)	$ 73,548

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) - 6 months ended Dec. 31, 2017 - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance (in shares) at Jun. 30, 2017				51,943,000	87,299,000	0
Beginning Balance at Jun. 30, 2017	$ (1,662,253)			$ 519	$ 0	$ 0	$ 0	$ (1,662,772)
Increase (Decrease) in Stockholders' Equity
Exchange of Class B units for Class A common stock by member owners (in shares)			4,882,704	4,883,000	(4,883,000)
Exchange of Class B units for Class A common stock by member owners	162,265			$ 50			162,215
Redemption of limited partners (in shares)					(133,000)
Redemption of limited partners	0
Decrease in additional paid-in capital related to quarterly exchange by member owners, including associated TRA revaluation	(8,669)						(8,669)
Issuance of Class A common stock under equity incentive plan (in shares)				390,000
Issuance of Class A common stock under equity incentive plan	2,808			$ 4			2,804
Issuance of Class A common stock under employee stock purchase plan (in shares)				48,000
Issuance of Class A common stock under employee stock purchase plan	1,388						1,388
Treasury stock (in shares)		(2,600,000)		(2,578,000)		(2,578,000)
Treasury stock	(74,698)					$ (74,698)
Stock-based compensation expense	17,699						17,699
Repurchase of vested restricted units for employee tax-withholding	(5,743)						(5,743)
Net income	80,385							80,385
Net income attributable to non-controlling interest in Premier LP	(101,095)							(101,095)
Adjustment of redeemable limited partners' capital to redemption amount	638,340						(169,694)	808,034
Ending Balance (in shares) at Dec. 31, 2017				54,686,000	82,283,000	2,578,000
Ending Balance at Dec. 31, 2017	$ (949,573)			$ 573	$ 0	$ (74,698)	$ 0	$ (875,448)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net income	$ 80,385	$ 304,279
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,532	48,576
Equity in net income of unconsolidated affiliates	(5,509)	(14,706)
Deferred income taxes	235,648	48,705
Stock-based compensation	17,699	12,066
Remeasurement of tax receivable agreement liabilities	(177,174)	(5,722)
Remeasurement gain attributable to acquisition of Innovatix, LLC	0	(204,833)
Loss on disposal of long-lived assets	1,720	1,518
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other current assets	(467)	(11,888)
Other assets	1,060	274
Inventories	(11,641)	(31,832)
Accounts payable, accrued expenses and other current liabilities	(20,238)	(4,136)
Long-term liabilities	1,287	(4,100)
Loss on FFF put and call rights	15,607	174
Other operating activities	6,606	(11)
Net cash provided by operating activities	206,515	138,364
Investing activities
Purchases of property and equipment	(38,622)	(34,325)
Proceeds from sale of marketable securities	0	48,013
Acquisition of Innovatix, LLC and Essensa Ventures, LLC, net of cash acquired	0	(222,217)
Acquisition of Acro Pharmaceuticals, net of cash acquired	0	(68,745)
Investments in unconsolidated affiliates	0	(65,660)
Distributions received on equity investments in unconsolidated affiliates	0	6,550
Other investing activities	0	26
Net cash used in investing activities	(38,622)	(336,358)
Financing activities
Payments made on notes payable	(6,858)	(1,338)
Proceeds from credit facility	30,000	327,500
Payments on credit facility	(50,000)	0
Proceeds from exercise of stock options under equity incentive plan	2,808	2,909
Proceeds from issuance of Class A common stock under stock purchase plan	1,388	1,256
Repurchase of vested restricted units for employee tax-withholding	(5,743)	(17,629)
Settlement of exchange of Class B units by member owners	0	(99,999)
Distributions to limited partners of Premier LP	(45,703)	(44,630)
Repurchase of Class A common stock (held as treasury stock)	(70,844)	0
Earn-out liability payment to GNYHA Holdings	(16,662)	0
Net cash provided by (used in) financing activities	(161,614)	168,069
Net increase (decrease) in cash and cash equivalents	6,279	(29,925)
Cash and cash equivalents at beginning of year	156,735	248,817
Cash and cash equivalents at end of period	163,014	218,892
Supplemental schedule of non-cash investing and financing activities:
Decrease in redeemable limited partners' capital for adjustment to fair value, with offsetting increases in additional paid-in-capital and accumulated deficit	638,340	397,072
Reduction in redeemable limited partners' capital, with offsetting increases in common stock and additional paid-in capital related to quarterly exchanges by member owners	162,265	107,213
Reduction in redeemable limited partners' capital for limited partners' distribution payable	41,148	44,870
Distributions utilized to reduce subscriptions, notes, interest and accounts receivable from member owners	984	1,074
Net increase in deferred tax assets related to quarterly exchanges by member owners and other adjustments	75,998	77,638
Net increase in tax receivable agreement liabilities related to quarterly exchanges by member owners and other adjustments	84,667	49,352
Net increase (decrease) in additional paid-in capital related to quarterly exchanges by member owners and other adjustments	(8,669)	28,286
Increase in treasury stock related to a forward purchase commitment as a result of applying trade date accounting when recording the repurchase of Class A common stock	$ 3,854	$ 0

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	(1) ORGANIZATION AND BASIS OF PRESENTATION Organization Premier, Inc. ("Premier" or the "Company") is a publicly-held, for-profit Delaware corporation owned by hospitals, health systems and other healthcare organizations (such owners of Premier are referred to herein as "member owners") located in the United States and by public stockholders. The Company, together with its subsidiaries and affiliates, is a leading healthcare performance improvement company that unites hospitals, health systems, physicians and other healthcare providers to improve and innovate in the clinical, financial and operational areas of their businesses to meet the demands of a rapidly evolving healthcare industry. The Company's business model and solutions are designed to provide its members access to scale efficiencies, spread the cost of their development, provide actionable intelligence derived from anonymized data in the Company's data warehouse, mitigate the risk of innovation and disseminate best practices that will help the Company's member organizations succeed in their transformation to higher quality and more cost-effective healthcare. The Company, together with its subsidiaries and affiliates, delivers its integrated platform of solutions through two business segments: Supply Chain Services and Performance Services. See Note 16 - Segments for further information related to the Company's reportable business segments. The Supply Chain Services segment includes one of the largest healthcare group purchasing organization ("GPO") programs in the United States, and integrated pharmacy and direct sourcing activities. The Performance Services segment includes one of the largest informatics and advisory services businesses in the United States focused on healthcare providers. The Company's software as a service ("SaaS") informatics products utilize the Company's comprehensive data set to provide actionable intelligence to its members, enabling them to benchmark, analyze and identify areas of improvement across the three main categories of cost management, quality and safety, and population health management. The Performance Services segment also includes the Company's technology-enabled performance improvement collaboratives, advisory services, government services and insurance management services. The Company, through its wholly-owned subsidiary, Premier Services, LLC ("Premier GP"), held an approximate 40% and 37% general partner interest in our main operating company, Premier Healthcare Alliance, L.P. ("Premier LP"), at December 31, 2017 and June 30, 2017 , respectively. In addition to their ownership interest in Premier, our member owners held an approximate 60% and 63% limited partner interest in Premier LP at December 31, 2017 and June 30, 2017 , respectively. Basis of Presentation and Consolidation Basis of Presentation The member owners' interest in Premier LP is reflected as redeemable limited partners' capital in the Company's accompanying Condensed Consolidated Balance Sheets, and the limited partners' proportionate share of income in Premier LP is reflected within net income attributable to non-controlling interest in Premier LP in the Company's accompanying Condensed Consolidated Statements of Income and within comprehensive income attributable to non-controlling interest in Premier LP in the Company's accompanying Condensed Consolidated Statements of Comprehensive Income. At December 31, 2017 and June 30, 2017 , the member owners owned approximately 60% and 63% , respectively, of the Company's combined Class A and Class B common stock through their ownership of Class B common stock. During the six months ended December 31, 2017 , the member owners exchanged 4.9 million Class B common units and associated Class B common shares for an equal number of Class A common shares pursuant to an exchange agreement (the "Exchange Agreement") entered into by the member owners in connection with the completion of our initial public offering on October 1, 2013. The Exchange Agreement provides each member owner the cumulative right to exchange up to one-seventh of its initial allocation of Class B common units, as well as any additional Class B common units purchased by such member owner pursuant to certain rights of first refusal, for shares of Class A common stock (on a one-for-one basis subject to customary adjustments for subdivisions or combinations by split, reverse split, distribution, reclassification, recapitalization or otherwise), cash or a combination of both, the form of consideration to be at the discretion of the Company's independent Audit and Compliance Committee of the Board of Directors (the "Audit and Compliance Committee"). In connection with Class B common units exchanged for Class A common shares during the six months ended December 31, 2017 , approximately 4.9 million Class B common units were contributed to Premier LP and converted to Class A common units, which remain outstanding. Refer to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2017 (the " 2017 Annual Report") filed with the Securities and Exchange Commission ("SEC") on August 23, 2017 for further discussion of the Exchange Agreement. At December 31, 2017 and June 30, 2017 , the public investors, which may include member owners that have received shares of Class A common stock in connection with previous exchanges of their Class B common units and associated Class B common shares for an equal number of Class A common shares, owned approximately 40% and 37% , respectively, of the Company's outstanding common stock through their ownership of Class A common stock. Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and disclosures normally included in annual financial statements have been condensed or omitted. The accompanying condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring adjustments. The Company believes that the disclosures are adequate to make the information presented not misleading and should be read in conjunction with the audited consolidated financial statements and related footnotes contained in the 2017 Annual Report. We have reclassified $5.7 million from selling, general and administrative expenses to the remeasurement of tax receivable agreement liabilities for the six months ended December 31, 2016 within the Condensed Consolidated Statements of Income in order to conform with the current period presentation. Variable Interest Entities Premier LP is a variable interest entity ("VIE") as the limited partners do not have the ability to exercise a substantive removal right with respect to the general partner. The Company does not hold a majority interest but, through Premier GP, has the exclusive power and authority to manage the business and affairs of Premier LP, to make all decisions with respect to driving the economic performance of Premier LP, and has both an obligation to absorb losses and a right to receive benefits. As such, the Company is the primary beneficiary of the VIE and consolidates the operations of Premier LP under the Variable Interest Model. The assets and liabilities of Premier LP at December 31, 2017 and June 30, 2017 consisted of the following (in thousands): December 31, 2017 June 30, 2017 Assets Current $ 378,412 $ 385,477 Noncurrent 1,593,777 1,616,539 Total assets of Premier LP $ 1,972,189 $ 2,002,016 Liabilities Current $ 493,462 $ 560,582 Noncurrent 131,154 134,635 Total liabilities of Premier LP $ 624,616 $ 695,217 Net income attributable to Premier LP during the three and six months ended December 31, 2017 and 2016 was as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Premier LP net income $ 94,838 $ 281,629 $ 167,129 $ 355,974 Premier LP's cash flows for the six months ended December 31, 2017 and 2016 consisted of the following (in thousands): Six Months Ended December 31, 2017 2016 Net cash provided by (used in): Operating activities $ 207,514 $ 121,731 Investing activities (38,622 ) (336,358 ) Financing activities (180,600 ) 159,533 Net decrease in cash and cash equivalents (11,708 ) (55,094 ) Cash and cash equivalents at beginning of year 133,451 210,048 Cash and cash equivalents at end of period $ 121,743 $ 154,954 Use of Estimates in the Preparation of Financial Statements The preparation of the Company's condensed consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates are evaluated on an ongoing basis, including estimates for allowances for doubtful accounts, useful lives of property and equipment, stock-based compensation, payables under tax receivable agreements ("TRAs"), deferred tax balances including valuation allowances on deferred tax assets, uncertain tax positions, values of investments not publicly traded, deferred revenue, future cash flows associated with asset impairments, values of put and call rights, values of earn-out liabilities and the allocation of purchase prices. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Given the Company's use of estimates referenced above, it is important to highlight that on December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("TCJA"). The TCJA includes significant changes to the U.S. corporate income tax system, specifically reducing the U.S. federal corporate income tax rate from 35% to 21%. As changes under the TCJA are broad and complex, the Company continues to interpret the breadth of its immediate and long-term impacts. The Company notes that concurrent with the enactment of the TCJA, the SEC issued Staff Accounting Bulletin No. 118 ("SAB 118"), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting required under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the TCJA is incomplete but it is able to determine a reasonable estimate, it must record a provisional amount on its financial statements. If a company cannot determine a provisional estimate to be included on its financial statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately prior to the enactment of the TCJA. With this in mind, the Company has prescribed such provisional relief via SAB 118 by incorporating various estimates regarding timing and determination of temporary difference recognition when calculating components of its deferred tax balances. While the Company is able to provide reasonable estimates of the impacts related to the TCJA, the final impact may differ from these estimates, due to, among other things, changes in interpretations, assumptions, additional guidance that may be released by the I.R.S. and other actions that we may take that are yet to be determined.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	(2) SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company's significant accounting policies as described in the 2017 Annual Report. Recently Adopted Accounting Standards In July 2015, the FASB issued Accounting Standards Update ("ASU") 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which requires entities to measure most inventory "at the lower of cost and net realizable value," thereby simplifying the guidance under which an entity must measure inventory at the lower of cost or market. This guidance does not apply to inventories that are measured by using either the last-in, first-out method or the retail inventory method. The Company adopted this standard effective July 1, 2017 using the prospective approach. The implementation of this ASU did not have a material effect on the Company's condensed consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. The Company adopted this standard effective October 1, 2017 using the prospective approach. The implementation of this ASU did not have a material effect on the Company's condensed consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test. The guidance requires an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. In addition, the guidance eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2020. Early adoption is permitted for interim and annual goodwill impairment tests performed after January 1, 2017. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The guidance is intended to reduce the complexity of GAAP and diversity in practice related to the tax consequences of certain types of intra-entity asset transfers, particularly those involving intellectual property. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU amendments add or clarify guidance on eight cash flow issues. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which is intended to increase transparency and comparability among organizations of accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Entities will be required to recognize and measure leases as of the earliest period presented using a modified retrospective approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which is intended to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2018. Early adoption is permitted for certain amendments. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which will supersede nearly all existing revenue recognition guidance. The new standard requires revenue to be recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new standard allows for either full retrospective or modified retrospective adoption. The FASB subsequently issued an amendment in ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , in August 2015 to defer the effective date of the new standard for all entities by one year. The new standard, as amended, will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption as of the original effective date for public entities will be permitted. The FASB issued another amendment in ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations , in March 2016 related to a third party providing goods or services to a customer. When another party is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself or to arrange for the good or service to be provided by a third party. If the entity provides the specific good or service itself, the entity acts as a principal. If an entity arranges for the good or service to be provided by a third party, the entity acts as an agent. The standard requires the principal to recognize revenue for the gross amount and the agent to recognize revenue for the amount of any fee or commission for which it expects to be entitled in exchange for arranging for the specified good or service to be provided. The new standard will be effective with ASU 2014-09. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which amends specific aspects of ASU 2014-09, including how to identify performance obligations and guidance related to licensing implementation. This amendment provides guidance on determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property or a right to access the entity's intellectual property. The amendment will be effective with ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which clarifies specific aspects of ASU 2014-09, clarifying how to identify performance obligations and guidance related to its promise in granting a license of intellectual property. This new standard provides guidance to allow entities to disregard items that are immaterial in the context of the contract, clarify when a promised good or service is separately identifiable and allow an entity to elect to account for the cost of shipping and handling performed after control of a good has been transferred to the customer as a fulfillment cost. The new standard also clarifies how an entity should evaluate the nature of its promise in granting a license of intellectual property to help determine whether it recognizes revenue over time or at a point in time and addresses how entities should consider license renewals and restrictions. The new standard will be effective with ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606: Revenue from Contracts with Customers , which clarifies specific aspects of ASU 2014-09, including allowing entities not to make quantitative disclosures about remaining performance obligations in certain cases and requiring entities that use any of the new or previously existing optional exemptions to expand their qualitative disclosures. The new standard also makes twelve other technical corrections and modifications to ASU 2014-09. The new standard will be effective with ASU 2014-09. The new revenue recognition standards related to Topic 606 discussed above, as amended, will be effective for the Company for the fiscal year beginning July 1, 2018, at which time we plan to adopt the standard using the modified retrospective approach. To-date, the Company has identified the following preliminary impact of adopting the new standards on various revenue streams across its operating segments. Within the Supply Chain Services segment, the Company is continuing to assess the impact of adopting the new standards on its various revenue streams. Under the new standard, the Company expects to recognize administrative fee revenue upon the occurrence of a sale by suppliers to the Company’s members. This differs from the current treatment in which the Company recognizes revenue in the period that the respective supplier reports member purchasing data, which is usually a month or a quarter in arrears of the actual member purchase activity. This change is expected to result in the Company recognizing revenue sooner in the revenue cycle than under the Company's current revenue recognition policy and the creation of a contract asset associated with this shift in revenue recognition timing. The Company is continuing to assess the impact of these changes on the financial statements and disclosures. Within the Performance Services segment, the Company is continuing to assess the impact of adopting the new standards on its various revenue streams. Under the new standard, the Company will be required to capitalize the incremental costs of obtaining a contract, which the Company has preliminarily identified as sales commissions and costs associated with implementing our SaaS informatics tools, and to amortize these costs in a manner that reflects the transfer of services to the customer. These costs are expensed as incurred under the Company's current revenue recognition policy. The Company is continuing to assess the impact of these changes on the financial statements and disclosures. Additionally, the Company is evaluating the potential impact of adopting the new standards on its business processes, systems and controls necessary to support revenue recognition and disclosure requirements under the new standard.

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS	6 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
BUSINESS ACQUISITIONS	(3) BUSINESS ACQUISITIONS Acquisition of Innovatix and Essensa Innovatix, LLC ("Innovatix") and Essensa Ventures, LLC ("Essensa") are GPOs focused on serving alternate site healthcare providers and other organizations throughout the United States. Prior to December 2, 2016 , the Company, through its consolidated subsidiary, Premier Supply Chain Improvement ("PSCI"), held 50% of the membership interests in Innovatix (see Note 4 - Investments ). On December 2, 2016 , the Company, through PSCI, acquired from GNYHA Holdings, LLC ("GNYHA Holdings") (see Note 14 - Related Party Transactions ) the remaining 50% ownership interest of Innovatix and 100% of the ownership interest in Essensa for $325.0 million , of which $227.5 million in cash was paid at closing and $97.5 million in cash was paid on January 10, 2017 . As a result of certain purchase price adjustments provided for in the purchase agreement, the adjusted purchase price was $336.0 million . In connection with the acquisition, the Company utilized its credit facility dated June 24, 2014, as amended on June 4, 2015 (the "Credit Facility") to fund the $325.0 million purchase price (see Note 8 - Debt), the outstanding portion of which is reflected within current portion of long-term debt in the Condensed Consolidated Balance Sheets at December 31, 2017 . The Company incurred transaction costs related to this acquisition of $1.6 million and $4.4 million during the three months ended December 31, 2017 and 2016 , respectively, and $3.4 million and $4.7 million during the six months ended December 31, 2017 and 2016 , respectively. These transaction costs were included in selling, general and administrative expenses in the accompanying Condensed Consolidated Statements of Income. The Company has accounted for the Innovatix and Essensa acquisition as a business combination whereby the purchase price was allocated to tangible and intangible assets acquired (see Note 6 - Intangible Assets, Net ) and liabilities assumed based on their fair values. The acquisition resulted in the recognition of approximately $334.7 million of goodwill (see Note 7 - Goodwill ) attributable to the anticipated profitability of Innovatix and Essensa. The acquisition was considered an asset acquisition for tax purposes, and accordingly, the Company expects the goodwill to be deductible for tax purposes. The fair values assigned to the net assets acquired and the liabilities assumed as of the acquisition date were as follows (in thousands): Acquisition Date Fair Value Cash paid at closing $ 227,500 Cash paid on January 10, 2017 97,500 Purchase price 325,000 Additional cash paid at closing 10,984 Adjusted purchase price 335,984 Earn-out liability 16,662 Receivable from GNYHA Holdings, LLC (3,000 ) Total consideration paid 349,646 Cash acquired (16,267 ) Net consideration 333,379 50% ownership interest in Innovatix 218,356 Payable to Innovatix and Essensa (5,765 ) Enterprise value 545,970 Accounts receivable 21,242 Prepaid expenses and other current assets 686 Fixed assets, net 3,476 Intangible assets 241,494 Total assets acquired 266,898 Accrued expenses 5,264 Revenue share obligations 7,011 Other current liabilities 694 Total liabilities assumed 12,969 Deferred tax liability 42,636 Goodwill $ 334,677 The acquisition provides the seller an earn-out opportunity of up to $43.0 million based on Innovatix's and Essensa's Adjusted EBITDA (as defined in the purchase agreement) for the fiscal year ending June 30, 2017 , which is still in the process of being finalized. The Company paid the seller $18.5 million of the earn-out opportunity during the current period. As of December 31, 2017 , the fair value of the earn-out liability was $2.6 million (see Note 5 - Fair Value Measurements ). Certain executive officers of Innovatix and Essensa executed employment agreements that became effective upon the closing of the acquisition. The purchase agreement provides that in the event that Innovatix's and Essensa's Adjusted EBITDA exceeds agreed upon amounts, certain of those executive officers are entitled to receive a retention bonus payment of up to $3.0 million in the aggregate, for which the Company will be reimbursed by GNYHA Holdings, LLC, of which $1.5 million was paid and reimbursed during the current period. The Company's 50% ownership interest in Innovatix prior to the acquisition was accounted for under the equity method and had a carrying value of $13.3 million (see Note 4 - Investments ). In connection with the acquisition, the Company's investment was remeasured under business combination accounting rules to a fair value of $218.4 million , resulting in a one-time gain of $205.1 million which was recorded as other income. Pro forma results of operations for the acquisition have not been presented because the effects on revenue and net income were not material to our historic consolidated financial statements. The Company reports Innovatix and Essensa as part of its Supply Chain Services segment. Acquisition of Acro Pharmaceuticals Acro Pharmaceutical Services LLC ("Acro") and Community Pharmacy Services, LLC (collectively with Acro, "Acro Pharmaceuticals") are specialty pharmacy businesses that provide customized healthcare management solutions to members. On August 23, 2016, the Company, through its consolidated subsidiary, NS3 Health, LLC, acquired 100% of the membership interests of Acro Pharmaceuticals for $75.0 million in cash. As a result of certain purchase price adjustments provided for in the purchase agreement, the adjusted purchase price was $62.9 million . The acquisition was funded with available cash on hand. The Company has accounted for the Acro Pharmaceuticals acquisition as a business combination whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their fair values. The Acro Pharmaceuticals acquisition resulted in the recognition of approximately $33.9 million of goodwill (see Note 7 - Goodwill ) attributable to the anticipated profitability of Acro Pharmaceuticals. The Acro Pharmaceuticals acquisition was considered an asset acquisition for tax purposes and accordingly, the Company expects the goodwill to be deductible for tax purposes. Pro forma results of operations for the acquisition have not been presented because the effects on revenue and net income were not material to our historic consolidated financial statements. The Company reports Acro Pharmaceuticals as part of its Supply Chain Services segment.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	(4) INVESTMENTS Investments in Unconsolidated Affiliates The Company's investments in unconsolidated affiliates consisted of the following (in thousands): Carrying Value Equity in Net Income (Loss) Three Months Ended December 31, Six Months Ended December 31, December 31, 2017 June 30, 2017 2017 2016 2017 2016 FFF $ 91,125 $ 85,520 $ 1,268 $ 1,119 $ 5,605 $ 4,177 Bloodbuy 2,001 2,066 (31 ) (34 ) (65 ) (52 ) PharmaPoint 4,074 4,232 (107 ) (85 ) (158 ) (162 ) Innovatix — — — 4,127 — 10,743 Other investments 1,188 1,061 127 — 127 — Total investments $ 98,388 $ 92,879 $ 1,257 $ 5,127 $ 5,509 $ 14,706 On July 26, 2016, the Company, through its consolidated subsidiary, PSCI, acquired 49% of the issued and outstanding stock of FFF Enterprises, Inc. ("FFF") for $65.7 million in cash plus consideration in the form of the FFF put and call rights. The Company recorded the initial investment in FFF in the accompanying Condensed Consolidated Balance Sheets at $81.1 million , of which $65.7 million was in cash and $15.4 million was consideration in the form of the initial net fair value of the FFF put and call rights (see Note 5 - Fair Value Measurements for additional information related to the fair values of the FFF put and call rights). The Company accounts for its investment in FFF using the equity method of accounting and includes the investment as part of the Supply Chain Services segment. The Company, through its consolidated subsidiary, PSCI, held a 15% ownership interest in BloodSolutions, LLC ("Bloodbuy") through its 5.3 million units of Class B Membership Interests at December 31, 2017 and June 30, 2017 . The Company accounts for its investment in Bloodbuy using the equity method of accounting as the Company has rights to appoint a Board member, and includes the investment as part of the Supply Chain Services segment. The Company, through its consolidated subsidiary, PSCI, held a 28% ownership interest in PharmaPoint, LLC ("PharmaPoint") through its 5.0 million units of Class B Membership Interests at December 31, 2017 and June 30, 2017 . The Company accounts for its investment in PharmaPoint using the equity method of accounting and includes the investment as part of the Supply Chain Services segment. The Company, through its consolidated subsidiary, PSCI, held 50% of the membership interests in Innovatix until December 2, 2016, at which time it acquired the remaining 50% membership interests (see Note 3 - Business Acquisitions and Note 14 - Related Party Transactions ). Prior to the acquisition, the Company accounted for its investment in Innovatix using the equity method of accounting and included the investment as part of the Supply Chain Services segment. Marketable Securities The Company has historically invested its excess cash in commercial paper, U.S. government debt securities, corporate debt securities and other securities with maturities generally ranging from three months to five years from the date of purchase. The Company uses the specific-identification method to determine the cost of securities sold. At December 31, 2017 and June 30, 2017 , the Company had no marketable securities other than those included in deferred compensation plan assets (see Note 5 - Fair Value Measurements ).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	(5) FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following table provides a summary of the Company's financial assets and liabilities which are measured at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2017 Cash equivalents $ 28,390 $ 28,390 $ — $ — FFF call right 2,108 — — 2,108 Deferred compensation plan assets 46,670 46,670 — — Total assets $ 77,168 $ 75,060 $ — $ 2,108 Earn-out liabilities $ 2,792 $ — $ — $ 2,792 FFF put right 37,110 — — 37,110 Total liabilities $ 39,902 $ — $ — $ 39,902 June 30, 2017 Cash equivalents $ 22,218 $ 22,218 $ — $ — FFF call right 4,655 — — 4,655 Deferred compensation plan assets 47,202 47,202 — — Total assets $ 74,075 $ 69,420 $ — $ 4,655 Earn-out liabilities $ 21,310 $ — $ — $ 21,310 FFF put right 24,050 — — 24,050 Total liabilities $ 45,360 $ — $ — $ 45,360 Cash equivalents were included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets (see Note 4 - Investments ). Deferred compensation plan assets consisted of highly liquid mutual fund investments, which were classified as Level 1. The current portion of deferred compensation plan assets was included in prepaid expenses and other current assets ( $3.9 million and $5.7 million at December 31, 2017 and June 30, 2017 , respectively) in the accompanying Condensed Consolidated Balance Sheets. Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) Earn-out liabilities Earn-out liabilities were incurred in connection with acquisitions of Healthcare Insights, LLC (acquired on July 31, 2015), Inflow Health, LLC (acquired on October 1, 2015) and Innovatix and Essensa (acquired on December 2, 2016) (see Note 3 - Business Acquisitions ). At December 31, 2017 and June 30, 2017 , the earn-out liabilities were classified within Level 3 of the fair value hierarchy. The fair values of the earn-out liabilities were determined based on estimated future earnings and the probability of achieving them. The current portion of the earn-out liabilities was $2.6 million and $21.1 million at December 31, 2017 and June 30, 2017 , respectively, and was included in other liabilities, current in the accompanying Condensed Consolidated Balance Sheets. The decrease in the current portion of the earn-out liabilities is attributable to an $18.5 million earn-out payment to GNYHA Holdings that occurred during the current period. The long-term portion of the earn-out liabilities was $0.2 million at December 31, 2017 and June 30, 2017 , and was included in other liabilities, non-current in the accompanying Condensed Consolidated Balance Sheets. Changes in the fair values of the earn-out liabilities were recorded within selling, general and administrative expenses in the accompanying Condensed Consolidated Statements of Income. FFF put and call rights Pursuant to a shareholders' agreement entered into in connection with the Company's equity investment in FFF (see Note 4 - Investments ), which shareholders' agreement was amended and restated November 22, 2017, the majority shareholder of FFF holds a put right that provides such shareholder (i) the right to require the Company to purchase up to 50% of its interest in FFF, which is exercisable beginning on the fourth anniversary of the investment closing date, July 26, 2020, and (ii) requires the Company to purchase all or a portion of its remaining interest in FFF on or after December 31, 2020. Any such required purchases are to be made at a per share price equal to FFF's earnings before interest, taxes, depreciation and amortization ("EBITDA") over the twelve calendar months prior to the purchase date multiplied by a market adjusted multiple, adjusted for any outstanding debt and cash and cash equivalents ("Equity Value per Share"). In addition, the amended and restated shareholders' agreement provides the Company with a call right requiring the majority shareholder to sell its remaining interest in FFF to the Company, which is exercisable at any time within the later of 180 calendar days after the date of a Key Man Event (generally defined in the shareholders' agreement as the resignation, termination for cause, death or disability of the majority shareholder) or 30 calendar days after December 31, 2020. In the event that the FFF put or call rights are exercised, the purchase price for the additional interest in FFF will be at a per share price equal to the Equity Value per Share. The fair value of the FFF put and call rights were determined based on the Equity Value per Share calculation using unobservable inputs, which included the estimated FFF put and call rights' expiration dates, the forecast of FFF's EBITDA over the option period, forecasted movements in the overall market and the likelihood of a Key Man Event. Significant changes to the Equity Value per Share resulting from changes in the unobservable inputs could have a significant impact on the fair values of the FFF put and call rights. The Company recorded the FFF put and call rights within long-term other liabilities and long-term other assets, respectively, within the accompanying Condensed Consolidated Balance Sheets. Net changes in the fair value of the FFF put and call rights were recorded within other income in the accompanying Condensed Consolidated Statements of Income. A reconciliation of the Company's earn-out liabilities and FFF put and call rights is as follows (in thousands): Beginning Balance Purchases (Settlements) Gain (Loss) Ending Balance Three Months Ended December 31, 2017 FFF call right $ 4,593 $ — $ (2,485 ) $ 2,108 Total Level 3 assets $ 4,593 $ — $ (2,485 ) $ 2,108 Earn-out liabilities $ 21,675 $ (18,500 ) $ 383 $ 2,792 FFF put right 24,008 — (13,102 ) 37,110 Total Level 3 liabilities $ 45,683 $ (18,500 ) $ (12,719 ) $ 39,902 Three Months Ended December 31, 2016 FFF call right $ 10,316 $ — $ 434 $ 10,750 Total Level 3 assets $ 10,316 $ — $ 434 $ 10,750 Earn-out liabilities $ 2,359 $ 16,662 $ 2,308 $ 16,713 FFF put right 25,811 — (573 ) 26,384 Total Level 3 liabilities $ 28,170 $ 16,662 $ 1,735 $ 43,097 Six Months Ended December 31, 2017 FFF call right $ 4,655 $ — $ (2,547 ) $ 2,108 Total Level 3 assets $ 4,655 $ — $ (2,547 ) $ 2,108 Earn-out liabilities $ 21,310 $ (18,500 ) $ 18 $ 2,792 FFF put right 24,050 — (13,060 ) 37,110 Total Level 3 liabilities $ 45,360 $ (18,500 ) $ (13,042 ) $ 39,902 Six Months Ended December 31, 2016 FFF call right $ — $ 10,361 $ 389 $ 10,750 Total Level 3 assets $ — $ 10,361 $ 389 $ 10,750 Earn-out liabilities $ 4,128 $ 16,662 $ 4,077 $ 16,713 FFF put right — 25,821 (563 ) 26,384 Total Level 3 liabilities $ 4,128 $ 42,483 $ 3,514 $ 43,097 Non-Recurring Fair Value Measurements During the six months ended December 31, 2017 , no non-recurring fair value measurements were required related to the measurement of goodwill and intangible assets for impairment. Financial Instruments for Which Fair Value Only is Disclosed The fair values of non-interest bearing notes payable, classified as Level 2, were less than their carrying values by approximately $0.5 million and $0.6 million at December 31, 2017 and June 30, 2017 , respectively, based on assumed market interest rates of 2.9% and 2.6% for December 31, 2017 and June 30, 2017 , respectively. Other Financial Instruments The fair values of cash, accounts receivable, accounts payable, accrued liabilities and the Company's Credit Facility approximated carrying value due to the short-term nature of these financial instruments.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	6 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	(6) INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following (in thousands): Useful Life December 31, 2017 June 30, 2017 Member relationships 14.7 years $ 220,100 $ 220,100 Technology 5.0 years 142,317 143,727 Customer relationships 8.3 years 48,120 48,120 Trade names 8.3 years 22,710 22,710 Distribution network 10.0 years 22,400 22,400 Favorable lease commitments 10.1 years 11,393 11,393 Non-compete agreements 5.9 years 8,710 8,710 Total intangible assets 475,750 477,160 Accumulated amortization (125,903 ) (99,198 ) Intangible assets, net $ 349,847 $ 377,962 Intangible asset amortization totaled $13.8 million and $11.2 million for the three months ended December 31, 2017 and 2016 , respectively, and $27.7 million and $20.4 million for the six months ended December 31, 2017 and 2016 , respectively.

GOODWILL

GOODWILL	6 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	(7) GOODWILL Goodwill consisted of the following (in thousands): December 31, 2017 June 30, 2017 Supply Chain Services $ 400,348 $ 400,348 Performance Services 506,197 506,197 Total goodwill $ 906,545 $ 906,545

DEBT

DEBT	6 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
DEBT	(8) DEBT Long-term debt consisted of the following (in thousands): Commitment Amount Due Date December 31, 2017 June 30, 2017 Credit Facility $ 750,000 June 24, 2019 $ 200,000 $ 220,000 Notes payable — Various 7,683 14,272 Total debt 207,683 234,272 Less: Current portion (201,139 ) (227,993 ) Total long-term debt $ 6,544 $ 6,279 Credit Facility Premier LP, along with its consolidated subsidiaries, PSCI and PHSI, as Co-Borrowers, Premier GP and certain domestic subsidiaries of Premier GP, as guarantors, entered into an unsecured Credit Facility, dated as of June 24, 2014 and amended on June 4, 2015. The Credit Facility has a maturity date of June 24, 2019. The Credit Facility provides for borrowings of up to $750.0 million with (i) a $25.0 million sub-facility for standby letters of credit and (ii) a $75.0 million sub-facility for swingline loans. The Credit Facility may be increased from time to time at the Company's request up to an aggregate additional amount of $250.0 million , subject to lender approval. The Credit Facility includes an unconditional and irrevocable guaranty of all obligations under the Credit Facility by Premier GP, certain domestic subsidiaries of Premier GP and future guarantors, if any. Premier, Inc. is not a guarantor under the Credit Facility. At the Company's option, committed loans may be in the form of Eurodollar rate loans ("Eurodollar Loans") or base rate loans ("Base Rate Loans"). Eurodollar Loans bear interest at the Eurodollar rate (defined as the London Interbank Offered Rate, or LIBOR, plus the Applicable Rate (defined as a margin based on the Consolidated Total Leverage Ratio (as defined in the Credit Facility))). Base Rate Loans bear interest at the Base Rate (defined as the highest of the prime rate announced by the administrative agent, the federal funds effective rate plus 0.50% or the one-month LIBOR plus 1.0% ) plus the Applicable Rate. The Applicable Rate ranges from 1.125% to 1.750% for Eurodollar Loans and 0.125% to 0.750% for Base Rate Loans. At December 31, 2017 , the interest rate for three-month Eurodollar Loans was 2.815% and the interest rate for Base Rate Loans was 4.625% . The Co-Borrowers are required to pay a commitment fee ranging from 0.125% to 0.250% per annum on the actual daily unused amount of commitments under the Credit Facility. At December 31, 2017 , the commitment fee was 0.125% . The Credit Facility contains customary representations and warranties as well as customary affirmative and negative covenants, including, among others, limitations on liens, indebtedness, fundamental changes, dispositions, restricted payments and investments, of which certain covenant calculations use EBITDA, a Non-GAAP financial measure. Under the terms of the Credit Facility, Premier GP is not permitted to allow its consolidated total leverage ratio (as defined in the Credit Facility) to exceed 3.00 to 1.00 for any period of four consecutive quarters. In addition, Premier GP must maintain a minimum consolidated interest coverage ratio (as defined in the Credit Facility) of 3.00 to 1.00 at the end of every fiscal quarter. Premier GP was in compliance with all such covenants at December 31, 2017 . The Credit Facility also contains customary events of default including, among others, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults of any indebtedness or guarantees in excess of $30.0 million , bankruptcy and other insolvency events, judgment defaults in excess of $30.0 million , and the occurrence of a change of control (as defined in the Credit Facility). If any event of default occurs and is continuing, the administrative agent under the Credit Facility may, with the consent, or shall, at the request of the required lenders, terminate the commitments and declare all of the amounts owed under the Credit Facility to be immediately due and payable. The Company may prepay amounts outstanding under the Credit Facility without premium or penalty provided that Co-Borrowers compensate the lenders for losses and expenses incurred as a result of the prepayment of any Eurodollar Loan, as defined in the Credit Facility. Proceeds from borrowings under the Credit Facility may generally be used to finance ongoing working capital requirements, including permitted acquisitions, discretionary cash settlements of Class B unit exchanges under the Exchange Agreement, repurchases of Class A common stock pursuant to a stock repurchase program, and other general corporate activities. During the six months ended December 31, 2017 , the Company repaid $50.0 million of borrowings and borrowed an additional $30.0 million under the Credit Facility. The Company had outstanding borrowings under the Credit Facility of $200.0 million at December 31, 2017 . Borrowings due within one year of the balance sheet date are classified as current liabilities in the Condensed Consolidated Balance Sheets. They may be renewed or extended at the option of the Company through the maturity date of the Credit Facility. Notes Payable At December 31, 2017 and June 30, 2017 , the Company had $7.7 million and $14.3 million , respectively, in notes payable consisting primarily of non-interest bearing notes payable outstanding to departed member owners, of which $1.2 million and $8.0 million , respectively, were included in current portion of long-term debt and $6.5 million and $6.3 million , respectively, were included in long-term debt, less current portion, in the accompanying Condensed Consolidated Balance Sheets. Notes payable generally have stated maturities of five years from their date of issuance.

REDEEMABLE LIMITED PARTNERS' CA

REDEEMABLE LIMITED PARTNERS' CAPITAL	6 Months Ended
	Dec. 31, 2017
Temporary Equity Disclosure [Abstract]
REDEEMABLE LIMITED PARTNERS' CAPITAL	(9) REDEEMABLE LIMITED PARTNERS' CAPITAL Redeemable limited partners' capital represents the member owners' 60% ownership of Premier LP through their ownership of Class B common units at December 31, 2017 . The member owners hold the majority of the votes of the Board of Directors and any redemption or transfer or choice of consideration cannot be assumed to be within the control of the Company. Therefore, redeemable limited partners' capital is recorded at the greater of the book value or redemption amount per the Amended and Restated Limited Partnership Agreement of Premier LP (as amended, the "LP Agreement"), and is calculated as the fair value of all Class B common units as if immediately exchangeable into Class A common shares. For the six months ended December 31, 2017 and 2016 , the Company recorded decreases to the fair value of redeemable limited partners' capital as an adjustment of redeemable limited partners' capital to redemption amount in the accompanying Condensed Consolidated Statements of Income in the amount of $638.3 million and $397.1 million , respectively. Redeemable limited partners' capital is classified as temporary equity in the mezzanine section of the accompanying Condensed Consolidated Balance Sheets as, pursuant to the LP Agreement, withdrawal is at the option of each member owner and the conditions of the repurchase are not solely within the Company's control. The table below provides a summary of the changes in the redeemable limited partners' capital from June 30, 2017 to December 31, 2017 (in thousands): Receivables From Limited Partners Redeemable Limited Partners' Capital Total Redeemable Limited Partners' Capital June 30, 2017 $ (4,177 ) $ 3,142,760 $ 3,138,583 Distributions applied to receivables from limited partners 984 — 984 Redemption of limited partners — (269 ) (269 ) Net income attributable to non-controlling interest in Premier LP — 101,095 101,095 Distributions to limited partners — (41,148 ) (41,148 ) Exchange of Class B common units for Class A common stock by member owners — (162,265 ) (162,265 ) Adjustment of redeemable limited partners' capital to redemption amount — (638,340 ) (638,340 ) December 31, 2017 $ (3,193 ) $ 2,401,833 $ 2,398,640 Receivables from limited partners represent amounts due from limited partners for their required capital in Premier LP. These receivables are either interest bearing notes that were issued to new limited partners or non-interest bearing loans (contribution loans) provided to existing limited partners. These receivables are reflected as a reduction to redeemable limited partners' capital so that amounts due from limited partners for capital are not reflected as redeemable limited partnership capital until paid. No interest bearing notes receivable were executed by limited partners of Premier LP during the six months ended December 31, 2017 . During the six months ended December 31, 2017 , two limited partners withdrew from Premier LP. The limited partnership agreement provides for the redemption of former limited partners' Class B common units that are not eligible for exchange in the form of a five -year, unsecured, non-interest bearing term promissory note, a cash payment equal to the present value of the redemption amount, or other mutually agreed upon terms. Partnership interest obligations to former limited partners are reflected in notes payable in the accompanying Condensed Consolidated Balance Sheets. Under the Exchange Agreement, Class B common units that are eligible for exchange by withdrawing limited partners must be exchanged in the subsequent exchange process. Premier LP's distribution policy requires cash distributions as long as taxable income is generated and cash is available to distribute, on a quarterly basis prior to the 60 th day after the end of each calendar quarter. The Company makes quarterly distributions to its limited partners in the form of a legal partnership income distribution governed by the terms of the LP Agreement. These partner distributions are based on the limited partner's ownership in Premier LP and relative participation across Premier service offerings. While these distributions are based on relative participation across Premier service offerings, they are not based directly on revenue generated from an individual partner's participation as the distributions are based on the net income (loss) of the partnership which encompasses the operating expenses of the partnership as well as participation by non-owner members in Premier's service offerings. To the extent Premier LP incurred a net loss, the limited partners would not receive a quarterly distribution. As provided in the LP Agreement, the amount of actual cash distributed may be reduced by the amount of such distributions used by limited partners to offset contribution loans or other amounts payable to the Company. Quarterly distributions made to limited partners during the current fiscal year are as follows (in thousands): Date Distribution (a) August 24, 2017 $ 24,951 November 22, 2017 $ 20,752 (a) Distributions are equal to Premier LP’s total taxable income from the preceding fiscal quarter-to-date period for each respective distribution date multiplied by the Company's standalone effective combined federal, state and local income tax rate for each respective distribution date. Premier LP expects to make a $20.4 million quarterly distribution on or before February 22, 2018. The distribution is reflected in limited partners' distribution payable in the accompanying Condensed Consolidated Balance Sheets at December 31, 2017. Pursuant to the Exchange Agreement (see Note 1 - Organization and Basis of Presentation for more information), each limited partner has the cumulative right to exchange up to one-seventh of its initial allocation of Class B common units for shares of Class A common stock, cash or a combination of both, the form of consideration to be at the discretion of the Company's independent Audit and Compliance Committee. During the six months ended December 31, 2017 , the Company recorded total reductions of $162.3 million to redeemable limited partners' capital to reflect the exchange of approximately 4.9 million Class B common units and surrender of associated shares of Class B common stock by member owners for a like number of shares of the Company's Class A common stock (see Note 11 - Earnings Per Share for more information). Quarterly exchanges during the current fiscal year were as follows (in thousands, except Class B common units). Date of Quarterly Exchange Number of Class B Common Units Exchanged Reduction in Redeemable Limited Partners' Capital July 31, 2017 1,231,410 $ 42,976 October 31, 2017 3,651,294 119,289 Total 4,882,704 $ 162,265

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	6 Months Ended
	Dec. 31, 2017
Equity [Abstract]
STOCKHOLDERS' DEFICIT	(10) STOCKHOLDERS' DEFICIT As of December 31, 2017 , there were 54,685,668 shares of the Company's Class A common stock, par value $0.01 per share, and 82,282,748 shares of the Company's Class B common stock, par value $0.000001 per share, outstanding. On October 31, 2017, the Company's Board of Directors authorized the repurchase of up to $200 million of our outstanding Class A common stock as part of a balanced capital deployment strategy, such repurchases to be made from time to time in private or open market transactions at the Company's discretion in accordance with applicable federal securities laws. As of December 31, 2017, the Company had purchased approximately 2.6 million shares of Class A common stock at an average price of $28.96 per share for a total purchase price of approximately $74.7 million , of which $3.9 million relates to a forward purchase commitment included within accounts payable on our Condensed Consolidated Balance Sheets as a result of applying trade date accounting when recording the repurchase of such shares. As of December 31, 2017, the Company had approximately $125.3 million available under its share repurchase authorization, which expires June 30, 2018. Subsequent to December 31, 2017 and as of February 2, 2018, the Company had purchased approximately 1.0 million additional shares of Class A common stock at an average price of $31.67 per share for a total incremental purchase price of approximately $32.9 million , the amounts of which are not reflected in the Company's condensed consolidated financial statements for the quarter ended December 31, 2017. The repurchase authorization may be suspended, delayed or discontinued at any time at the discretion of the Company's Board of Directors. Holders of Class A common stock are entitled to (i) one vote for each share held of record on all matters submitted to a vote of stockholders, (ii) receive dividends, when and if declared by the Board of Directors out of funds legally available, subject to any statutory or contractual restrictions on the payment of dividends and subject to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock or any class of series of stock having a preference over or the right to participate with the Class A common stock with respect to the payment of dividends or other distributions and (iii) receive pro rata, based on the number of shares of Class A common stock held, the remaining assets available for distribution upon the dissolution or liquidation of Premier, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any. Holders of Class B common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, but are not entitled to receive dividends, other than dividends payable in shares of Premier's common stock, or to receive a distribution upon the dissolution or a liquidation of Premier. Pursuant to the Voting Trust Agreement, the trustee will vote all of the Class B common stock as a block in the manner determined by the plurality of the votes received by the trustee from the member owners for the election of directors to serve on the Board of Directors, and by a majority of the votes received by the trustee from the member owners for all other matters. Class B common stock will not be listed on any stock exchange and, except in connection with any permitted sale or transfer of Class B common units, cannot be sold or transferred.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	(11) EARNINGS PER SHARE Basic earnings per share of Premier is computed by dividing net income attributable to stockholders by the weighted average number of shares of common stock outstanding for the period. Net income attributable to stockholders includes the adjustment recorded in the period to reflect redeemable limited partners' capital at the redemption amount, as a result of the exchange benefit obtained by limited partners through the ownership of Class B common units. Except when the effect would be anti-dilutive, the diluted earnings per share calculation, which is calculated using the treasury stock method, includes the impact of shares that could be issued under the outstanding stock options, non-vested restricted stock units and awards, shares of non-vested performance share awards and the effect of the assumed redemption of Class B common units through the issuance of Class A common shares. The following table provides a reconciliation of the numerator and denominator used for basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Numerator for basic earnings per share: Net income attributable to stockholders $ 281,200 $ 400,275 $ 617,630 $ 470,577 Numerator for diluted earnings (loss) per share: Net income attributable to stockholders $ 281,200 $ 400,275 $ 617,630 $ 470,577 Adjustment of redeemable limited partners' capital to redemption amount (317,916 ) (335,264 ) (638,340 ) (397,072 ) Net income attributable to non-controlling interest in Premier LP 56,485 181,173 101,095 230,774 Net income 19,769 246,184 80,385 304,279 Tax effect on Premier, Inc. net income (a) (251,085 ) (34,496 ) (261,636 ) (55,448 ) Adjusted net income (loss) $ (231,316 ) $ 211,688 $ (181,251 ) $ 248,831 Denominator for basic earnings per share: Weighted average shares (b) 55,209 49,445 54,059 48,330 Denominator for diluted earnings (loss) per share: Weighted average shares (b) 55,209 49,445 54,059 48,330 Effect of dilutive securities: (c) Stock options 189 220 270 261 Restricted stock 261 181 283 176 Performance share awards — — — — Class B shares outstanding 83,578 91,462 85,029 93,366 Weighted average shares and assumed conversions 139,237 141,308 139,641 142,133 Basic earnings per share $ 5.09 $ 8.10 $ 11.43 $ 9.74 Diluted earnings (loss) per share $ (1.66 ) $ 1.50 $ (1.30 ) $ 1.75 (a) Represents income tax expense related to Premier, Inc. retaining the portion of net income attributable to income from non-controlling interest in Premier, LP for the purpose of diluted earnings per share. (b) Weighted average number of common shares used for basic earnings per share excludes weighted average shares of non-vested stock options, non-vested restricted stock, non-vested performance share awards and Class B shares outstanding for the three and six months ended December 31, 2017 and 2016 . (c) For the three and six months ended December 31, 2017 , the effect of 2.2 million stock options was excluded from diluted weighted average shares outstanding as they had an anti-dilutive effect, and the effect of 0.5 million performance share awards was excluded from diluted weighted average shares outstanding as they had not satisfied the applicable performance criteria at the end of the period. For the three and six months ended December 31, 2016 , the effect of 1.9 million stock options, restricted stock units and performance share awards were excluded from diluted weighted average shares outstanding as they had an anti-dilutive effect. Pursuant to the terms of the Exchange Agreement, on a quarterly basis, the Company has the option, as determined by the independent Audit and Compliance Committee, to settle the exchange of Class B common units of Premier LP by member owners for cash, an equal number of Class A common shares of Premier, Inc. or a combination of cash and shares of Class A common stock. In connection with the exchange of Class B common units by member owners, regardless of the consideration used to settle the exchange, an equal number of shares of Premier's Class B common stock are surrendered by member owners and retired (see Note 9 - Redeemable Limited Partners' Capital ). The following table presents certain information regarding the exchange of Class B common units and associated Class B common stock for Premier's Class A common stock and/or cash in connection with the quarterly exchanges pursuant to the terms of the Exchange Agreement, including activity related to the Class A and Class B common units and Class A and Class B common stock through the date of the applicable quarterly exchange: Quarterly Exchange by Member Owners Class B Common Shares Retired Upon Exchange (a) Class B Common Shares Outstanding After Exchange (a) Class A Common Shares Outstanding After Exchange (b) Percentage of Combined Voting Power Class B/Class A Common Stock July 31, 2017 1,231,410 86,067,478 53,212,057 62%/38% October 31, 2017 3,651,294 82,416,184 57,215,143 59%/41% January 31, 2018 (c) 1,006,435 81,169,319 54,829,086 60%/40% (a) The number of Class B common shares retired or outstanding is equivalent to the number of Class B common units retired upon exchange or outstanding after the exchange, as applicable. (b) The number of Class A common shares outstanding after exchange also includes activity related to the Company's share repurchase program (see Note 10 - Stockholders' Deficit ), equity incentive plan (see Note 12 - Stock-Based Compensation ) and departed member owners (see Note 9 - Redeemable Limited Partners' Capital). (c) As the quarterly exchange occurred on January 31, 2018, the impact of the exchange is not reflected in the condensed consolidated financial statements for the quarter ended December 31, 2017 .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	(12) STOCK-BASED COMPENSATION Stock-based compensation expense is recognized over the requisite service period, which generally equals the stated vesting period. Pre-tax stock-based compensation expense was $8.9 million and $6.3 million for the three months ended December 31, 2017 and 2016 , respectively, with a resulting deferred tax benefit of $2.2 million and $2.4 million , respectively. Pre-tax stock-based compensation expense was $17.7 million and $12.1 million for the six months ended December 31, 2017 and 2016 , respectively, with a resulting deferred tax benefit of $4.4 million and $4.6 million , respectively. The deferred tax benefit was calculated at a rate of 25% for the three and six months ended December 31, 2017 and 38% for the three and six months ended December 31, 2016 , which represents the expected effective income tax rate at the time of the compensation expense deduction primarily at PHSI, and differs from the Company's current effective income tax rate which includes the impact of partnership income not subject to federal and state income taxes. The decrease in the deferred tax benefit rate is a result of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017 (see Note 13 - Income Taxes). Premier 2013 Equity Incentive Plan The Premier 2013 Equity Incentive Plan, as amended and restated (and including any further amendments thereto, the "2013 Equity Incentive Plan") provides for grants of up to 11.3 million shares of Class A common stock, all of which are eligible to be issued as non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units or performance share awards. As of December 31, 2017 , there were 3.5 million shares available for grant under the 2013 Equity Incentive Plan. The following table includes information related to restricted stock, performance share awards and stock options for the six months ended December 31, 2017 : Restricted Stock Performance Share Awards Stock Options Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Fair Value at Grant Date Number of Options Weighted Average Exercise Price Outstanding at June 30, 2017 576,988 $ 32.92 1,085,872 $ 32.79 3,372,499 $ 30.31 Granted 206,929 $ 32.81 690,470 $ 32.62 550,563 $ 32.80 Vested/exercised (109,174 ) $ 31.67 (352,867 ) $ 31.73 (103,061 ) $ 28.26 Forfeited (20,276 ) $ 32.50 (46,502 ) $ 32.43 (92,179 ) $ 34.28 Outstanding at December 31, 2017 654,467 $ 33.11 1,376,973 $ 32.99 3,727,822 $ 30.64 Stock options outstanding and exercisable at December 31, 2017 2,620,480 $ 29.64 Restricted stock units and restricted stock awards issued and outstanding generally vest over a three -year period for employees and a one -year period for directors. Performance share awards issued and outstanding generally vest over a three -year period if performance targets are met. Stock options have a term of ten years from the date of grant. Vested stock options will expire either after twelve months of an employee's termination with Premier or immediately upon an employee's termination with Premier, depending on the termination circumstances. Stock options generally vest in equal annual installments over three years. Unrecognized stock-based compensation expense at December 31, 2017 was as follows (in thousands): Unrecognized Stock-Based Compensation Expense Weighted Average Amortization Period Restricted stock $ 11,111 2.06 years Performance share awards 27,385 2.00 years Stock options 10,282 2.03 years Total unrecognized stock-based compensation expense $ 48,778 2.02 years The aggregate intrinsic value of stock options at December 31, 2017 was as follows (in thousands): Intrinsic Value of Stock Options Outstanding and exercisable $ 3,336 Expected to vest 8 Total outstanding $ 3,344 Exercised during the six months ended December 31, 2017 $ 588 The Company estimated the fair value of each stock option on the date of grant using a Black-Scholes option-pricing model, applying the following assumptions, and amortized expense over each option's vesting period using the straight-line attribution approach: Six Months Ended December 31, 2017 2016 Expected life (a) 6 years 6 years Expected dividend (b) — — Expected volatility (c) 29.92% - 32.26% 32.0% - 33.0% Risk-free interest rate (d) 1.89% - 2.14% 1.31% - 2.00% Weighted average option grant date fair value $9.48 - $11.42 $10.48 - $10.80 (a) The six -year expected life (estimated period of time outstanding) of stock options granted was estimated using the "Simplified Method" which utilizes the midpoint between the vesting date and the end of the contractual term. This method was utilized for the stock options due to the lack of historical exercise behavior of Premier's employees. (b) No dividends are expected to be paid over the contractual term of the stock options granted, resulting in the use of a zero expected dividend rate. (c) The expected volatility rate is based on the observed historical volatilities of comparable companies. (d) The risk-free interest rate was interpolated from the five -year and seven -year Constant Maturity Treasury rate published by the United States Treasury as of the date of the grant.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	(13) INCOME TAXES The Company's income tax expense is attributable to the activities of the Company, PHSI and PSCI, all of which are subchapter C corporations and are subject to U.S. federal and state income taxes. In contrast, under the provisions of federal and state laws, Premier LP is not subject to federal and state income taxes as the income realized by Premier LP is taxable to its partners. As a result of the TCJA that was enacted on December 22, 2017, the U.S. federal corporate income tax rate was reduced from 35% to 21% . In accordance with U.S. GAAP, the impact of changes in tax rates and tax laws is recognized as a component of income tax expense from continuing operations in the period of enactment. For fiscal year-end companies, determination of temporary differences contemplates the use of a combined U.S. federal income tax rate (which blends the income tax rates that were in effect prior to and after enactment) depending on expected timing of recognition for such temporary differences. The Company has remeasured its deferred tax balances as of the enactment date, accordingly. Given the nature and relative timing of the TCJA enactment, the Company is continuing to interpret the breadth of impact and has ultimately prescribed provisional relief pursuant to SAB 118 to certain components of its deferred tax balances. More specifically, the Company has incorporated various estimates regarding timing and determination of temporary difference recognition when calculating its net deferred tax expense. Income tax expense for the three months ended December 31, 2017 and 2016 was $231.5 million and $37.4 million , respectively, which reflects effective tax rates of 92% and 13% , respectively. Income tax expense for the six months ended December 31, 2017 and 2016 was $244.3 million and $60.8 million , respectively, which reflects effective tax rates of 75% and 17% , respectively. The increase in effective tax rates is primarily attributable to the remeasurement of deferred tax balances, of which $221.2 million related to the aforementioned decrease in the U.S. federal corporate income tax rate. The Company's effective tax rates differ from income taxes recorded using a combined (or blended) rate largely due to Premier LP income, which is not subject to federal, state or local income taxes as well as valuation allowances associated with deferred tax assets at PHSI. Deferred tax assets decreased $159.7 million to $274.6 million at December 31, 2017 from $434.3 million at June 30, 2017. The current period balance was comprised of $305.5 million in deferred tax assets at Premier, Inc. offset by $30.9 million in deferred tax liabilities at PHSI and PSCI. The decrease in deferred tax assets from the prior period was largely driven by $221.2 million in net reductions to deferred tax assets and liabilities in connection with the underlying revaluation associated with the previously mentioned decrease in the U.S. federal corporate income tax rate. This decrease was partially offset by a $65.3 million increase in deferred tax assets in connection with the quarterly member owner exchanges that occurred during the six months ended December 31, 2017. The Company's tax receivable agreement ("TRA") liabilities represent 85% of the tax savings the Company expects to receive, if any, in U.S. federal, foreign, state and local income and franchise tax that may be realized (or deemed to realize, in the case of payments required to be made upon certain occurrences under such TRAs), payable to limited partners in connection with the Section 754 election by Premier LP. Tax savings are generated as a result of the increase in tax basis resulting from the initial sale of Class B common units, subsequent exchanges (pursuant to the Exchange Agreement) and payments under the TRA. The election results in adjustments to the tax basis of the assets of Premier LP upon member owner exchanges of Class B common units of Premier LP for Class A common stock of Premier, Inc. or cash. TRA liabilities decreased $92.5 million to $247.2 million at December 31, 2017 from $339.7 million at June 30, 2017. The change in TRA liabilities was driven primarily by the $177.2 million decrease in valuation as a result of the TCJA's decrease in the U.S. federal corporate income tax rates, partially offset by $62.2 million in increases in TRA liabilities in connection with the quarterly member owner exchanges that occurred during the six months ended December 31, 2017 and $20.9 million associated with the revaluation and remeasurement of the TRA liabilities due to the change in the allocation and realization of future anticipated payments.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	(14) RELATED PARTY TRANSACTIONS GNYHA GNYHA Purchasing Alliance, LLC and its member organizations ("GNYHA PA") owned approximately 8% of the outstanding partnership interests in Premier LP as of December 31, 2017 . Although we no longer consider GNYHA PA a related party under U.S. GAAP, prior period information is included below. Net administrative fees revenue based on purchases by GNYHA Services, Inc. ("GNYHA") (an affiliate of GNYHA PA) and its member organizations was $17.2 million and $34.9 million for the three and six months ended December 31, 2016 , respectively. The Company has a contractual requirement under the GPO participation agreement to pay each member owner revenue share from Premier LP equal to 30% of all gross administrative fees collected by Premier LP based upon purchasing by such member owner's facilities through Premier LP's GPO supplier contracts. As GNYHA also remits to Premier LP all gross administrative fees collected by GNYHA based on purchases by its member organizations through GNYHA's own GPO supplier contracts, it also receives revenue share from Premier LP equal to 30% of such gross administrative fees remitted to the Company. Approximately $7.8 million of revenue share obligations in the accompanying Condensed Consolidated Balance Sheets related to revenue share obligations to GNYHA and its member organizations at June 30, 2017 . In addition, of the $25.0 million limited partners' distribution payable in the accompanying Condensed Consolidated Balance Sheets at June 30, 2017 , $2.7 million were payable to GNYHA and its member organizations. Services and support revenue earned from GNYHA and its member organizations was $3.5 million and $7.1 million during the three and six months ended December 31, 2016 , respectively. Product revenue earned from, or attributable to services provided to, GNYHA and its member organizations was $4.3 million and $8.0 million during the three and six months ended December 31, 2016 , respectively. Receivables from GNYHA and its member organizations, included in due from related parties in the accompanying Condensed Consolidated Balance Sheets, were $5.4 million at June 30, 2017 . Innovatix and Essensa The Company held 50% of the membership interests in Innovatix until December 2, 2016, at which time it acquired the remaining 50% of the membership interests from GNYHA Holdings (see Note 3 - Business Acquisitions ). The Company's share of Innovatix's net income included in equity in net income of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Income prior to the acquisition was $4.1 million and $10.7 million during the three and six months ended December 31, 2016 , respectively. The Company maintained a group purchasing agreement with Innovatix under which Innovatix members were permitted to utilize Premier LP's GPO supplier contracts. Gross administrative fees revenue and a corresponding revenue share recorded under the arrangement prior to the acquisition were $8.5 million and $19.9 million for the three and six months ended December 31, 2016 , respectively. The Company historically maintained a group purchasing agreement with Essensa, under which Essensa utilized the Company's GPO supplier contracts. On December 2, 2016, the Company acquired 100% of the membership interests in Essensa from GNYHA Holdings (see Note 3 - Business Acquisitions ). Net administrative fees revenue recorded from Essensa prior to the acquisition was $0.5 million and $1.2 million for the three and six months ended December 31, 2016 , respectively. FFF The Company's 49% ownership share of net income of FFF, which was acquired on July 26, 2016, included in equity in net income of unconsolidated affiliates in the accompanying Condensed Consolidated Statements of Income was $1.3 million and $1.1 million for the three months ended December 31, 2017 and 2016 , respectively, and $5.6 million and $4.2 million for the six months ended December 31, 2017 and 2016 , respectively. The Company maintains group purchasing agreements with FFF and receives administrative fees for purchases made by the Company's members pursuant to those agreements. Net administrative fees revenue recorded from purchases under those agreements was $2.3 million and $1.6 million during the three months ended December 31, 2017 and 2016 , respectively, and $4.0 million and $1.7 million during the six months ended December 31, 2017 and 2016 , respectively. AEIX The Company conducts all operational activities for American Excess Insurance Exchange Risk Retention Group ("AEIX"), a reciprocal risk retention group that provides excess and umbrella healthcare professional and general liability insurance to certain hospital and healthcare system members. The Company is reimbursed by AEIX for actual costs, plus an annual incentive management fee not to exceed $0.5 million per calendar year. The Company received cost reimbursement of $1.4 million and $1.1 million during the three months ended December 31, 2017 and 2016 , respectively, and $2.9 million and $2.2 million during the six months ended December 31, 2017 and 2016 , respectively. As of December 31, 2017 and June 30, 2017 , $0.6 million in amounts receivable from AEIX are included in due from related parties in the accompanying Condensed Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	(15) COMMITMENTS AND CONTINGENCIES The Company is not currently involved in any litigation it believes to be significant. The Company is periodically involved in litigation, arising in the ordinary course of business or otherwise, which from time to time may include claims relating to commercial, product liability, tort and personal injury, employment, antitrust, intellectual property, or other regulatory matters. If current or future government regulations, specifically, those with respect to antitrust or healthcare laws, are interpreted or enforced in a manner adverse to the Company or its business, the Company may be subject to enforcement actions, penalties and other material limitations which could have a material adverse effect on the Company's business, financial condition and results of operations.

SEGMENTS

SEGMENTS	6 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
SEGMENTS	(16) SEGMENTS The Company delivers its solutions and manages its business through two reportable business segments, the Supply Chain Services segment and the Performance Services segment. The Supply Chain Services segment includes the Company's GPO, integrated pharmacy offerings and direct sourcing activities. The Performance Services segment includes the Company's informatics, collaborative, advisory services, government services and insurance services businesses. Segment information was as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Net revenue: Supply Chain Services Net administrative fees $ 159,343 $ 129,071 $ 310,334 $ 255,047 Other services and support 3,421 1,201 5,570 2,846 Services 162,764 130,272 315,904 257,893 Products 162,101 142,378 314,764 248,507 Total Supply Chain Services 324,865 272,650 630,668 506,400 Performance Services 86,533 85,850 171,294 165,372 Net revenue $ 411,398 $ 358,500 $ 801,962 $ 671,772 Depreciation and amortization expense (a) : Supply Chain Services $ 5,171 $ 2,453 $ 10,666 $ 2,920 Performance Services 23,634 20,984 46,551 41,859 Corporate 2,322 1,912 4,315 3,797 Total depreciation and amortization expense $ 31,127 $ 25,349 $ 61,532 $ 48,576 Capital expenditures: Supply Chain Services $ 541 $ 2,149 $ 848 $ 2,149 Performance Services 19,742 13,920 33,291 30,771 Corporate 1,692 1,290 4,483 1,405 Total capital expenditures $ 21,975 $ 17,359 $ 38,622 $ 34,325 Total assets: December 31, 2017 June 30, 2017 Supply Chain Services $ 1,001,803 $ 1,017,023 Performance Services 874,269 888,862 Corporate 444,091 601,951 Total assets $ 2,320,163 $ 2,507,836 (a) Includes amortization of purchased intangible assets. The Company uses Segment Adjusted EBITDA (a financial measure not determined in accordance with generally accepted accounting principles ("Non-GAAP")) as its primary measure of profit or loss to assess segment performance and to determine the allocation of resources. The Company also uses Segment Adjusted EBITDA to facilitate the comparison of the segment operating performance on a consistent basis from period to period. The Company defines Segment Adjusted EBITDA as the segment's net revenue and equity in net income of unconsolidated affiliates less operating expenses directly attributable to the segment excluding depreciation and amortization, amortization of purchased intangible assets, merger and acquisition related expenses and non-recurring or non-cash items. Operating expenses directly attributable to the segment include expenses associated with sales and marketing, general and administrative and product development activities specific to the operation of each segment. Non-recurring items are income or expenses and other items that have not been earned or incurred within the prior two years and are not expected to recur within the next two years. General and administrative corporate expenses that are not specific to a particular segment are not included in the calculation of Segment Adjusted EBITDA. For more information on Segment Adjusted EBITDA and the use of Non-GAAP financial measures, see "Our Use of Non-GAAP Financial Measures" within Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. A reconciliation of income before income taxes to Segment Adjusted EBITDA is as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Income before income taxes $ 251,277 $ 283,613 $ 324,657 $ 365,044 Remeasurement gain attributable to acquisition of Innovatix, LLC — (204,833 ) — (204,833 ) Equity in net income of unconsolidated affiliates (a) (1,257 ) (5,127 ) (5,509 ) (14,706 ) Interest and investment loss, net (b) 1,508 857 3,003 1,009 Loss on disposal of long-lived assets 400 — 1,720 1,518 Other income 13,356 131 11,893 (875 ) Operating income 265,284 74,641 335,764 147,157 Depreciation and amortization 17,310 14,198 33,817 28,216 Amortization of purchased intangible assets 13,817 11,151 27,715 20,360 Stock-based compensation (c) 8,951 6,423 17,908 12,319 Acquisition related expenses 1,674 4,216 4,773 7,153 Remeasurement of tax receivable agreement liabilities (d) (177,174 ) — (177,174 ) (5,722 ) ERP implementation expenses (e) 156 432 491 1,526 Acquisition related adjustment - revenue (f) 87 5,813 192 5,964 Equity in net income of unconsolidated affiliates (a) 1,257 5,127 5,509 14,706 Deferred compensation plan income (g) 1,577 8 3,116 1,103 Other expense 603 — 602 — Adjusted EBITDA $ 133,542 $ 122,009 $ 252,713 $ 232,782 Segment Adjusted EBITDA: Supply Chain Services $ 132,045 $ 119,022 $ 257,665 $ 236,326 Performance Services 27,929 28,603 49,150 50,914 Corporate (26,432 ) (25,616 ) (54,102 ) (54,458 ) Adjusted EBITDA $ 133,542 $ 122,009 $ 252,713 $ 232,782 (a) Refer to Note 4 - Investments for further information regarding equity in net income of unconsolidated affiliates. (b) Represents interest expense, net and realized gains and losses on our marketable securities. (c) Represents non-cash employee stock-based compensation expense and stock purchase plan expense of $0.1 million and $0.2 million during the three months ended December 31, 2017 and 2016 , respectively, and $0.2 million and $0.3 million during the six months ended December 31, 2017 and 2016 , respectively. (d) Represents adjustments to TRA liabilities for a 14% decrease in the U.S. federal corporate income tax rate that occurred during the six months ended December 31, 2017, which is a result of the TCJA that was enacted on December 22, 2017, and a 1% decrease in the North Carolina state income tax rate that occurred during the six months ended December 31, 2016 . (e) Represents implementation and other costs associated with the implementation of our enterprise resource planning ("ERP") system. (f) Upon acquiring Innovatix and Essensa, we recorded a net $5.6 million purchase accounting adjustment to Adjusted EBITDA during the three months ended December 31, 2016 that reflects the fair value of administrative fees related to member purchases that occurred prior to December 2, 2016, but were reported to us subsequent to that date through December 31, 2016. Under our revenue recognition accounting policy, which is an accordance with GAAP, these administrative fees would be ordinarily recorded as revenue when reported to us; however, the acquisition method of accounting requires us to estimate the amount of purchases prior to the acquisition date and to record the fair value of the administrative fees to be received from those purchases as an account receivable (as opposed to recognizing revenue when these transactions are reported to us) and record any corresponding revenue share obligation as a liability. The purchase accounting adjustment amounted to an estimated $23.3 million of accounts receivable relating to these administrative fees and an estimated $4.1 million for the related revenue share obligation through December 31, 2016. This item also includes non-cash adjustments to deferred revenue of acquired entities of $0.2 million and $0.3 million for the three and six months ended December 31, 2016 , respectively. Business combination accounting rules require the Company to record a deferred revenue liability at its fair value only if the acquired deferred revenue represents a legal performance obligation assumed by the acquirer. The fair value is based on direct and indirect incremental costs of providing the services plus a normal profit margin. Generally, this results in a reduction to the purchased deferred revenue balance, which was based on upfront software license update fees and product support contracts assumed in connection with acquisitions. Because these support contracts are typically one year in duration, our GAAP revenues for the one year period subsequent to the acquisition of a business do not reflect the full amount of support revenues on these assumed support contracts that would have otherwise been recorded by the acquired entity. The Non-GAAP adjustment to software license update fees and product support revenues is intended to include, and thus reflect, the full amount of such revenues. (g) Represents realized and unrealized gains and losses and dividend income on deferred compensation plan assets.

SIGNIFICANT ACCOUNTING POLICI24

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The member owners' interest in Premier LP is reflected as redeemable limited partners' capital in the Company's accompanying Condensed Consolidated Balance Sheets, and the limited partners' proportionate share of income in Premier LP is reflected within net income attributable to non-controlling interest in Premier LP in the Company's accompanying Condensed Consolidated Statements of Income and within comprehensive income attributable to non-controlling interest in Premier LP in the Company's accompanying Condensed Consolidated Statements of Comprehensive Income. At December 31, 2017 and June 30, 2017 , the member owners owned approximately 60% and 63% , respectively, of the Company's combined Class A and Class B common stock through their ownership of Class B common stock. During the six months ended December 31, 2017 , the member owners exchanged 4.9 million Class B common units and associated Class B common shares for an equal number of Class A common shares pursuant to an exchange agreement (the "Exchange Agreement") entered into by the member owners in connection with the completion of our initial public offering on October 1, 2013. The Exchange Agreement provides each member owner the cumulative right to exchange up to one-seventh of its initial allocation of Class B common units, as well as any additional Class B common units purchased by such member owner pursuant to certain rights of first refusal, for shares of Class A common stock (on a one-for-one basis subject to customary adjustments for subdivisions or combinations by split, reverse split, distribution, reclassification, recapitalization or otherwise), cash or a combination of both, the form of consideration to be at the discretion of the Company's independent Audit and Compliance Committee of the Board of Directors (the "Audit and Compliance Committee"). In connection with Class B common units exchanged for Class A common shares during the six months ended December 31, 2017 , approximately 4.9 million Class B common units were contributed to Premier LP and converted to Class A common units, which remain outstanding. Refer to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2017 (the " 2017 Annual Report") filed with the Securities and Exchange Commission ("SEC") on August 23, 2017 for further discussion of the Exchange Agreement. At December 31, 2017 and June 30, 2017 , the public investors, which may include member owners that have received shares of Class A common stock in connection with previous exchanges of their Class B common units and associated Class B common shares for an equal number of Class A common shares, owned approximately 40% and 37% , respectively, of the Company's outstanding common stock through their ownership of Class A common stock.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and disclosures normally included in annual financial statements have been condensed or omitted. The accompanying condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, including normal recurring adjustments. The Company believes that the disclosures are adequate to make the information presented not misleading and should be read in conjunction with the audited consolidated financial statements and related footnotes contained in the 2017 Annual Report.
Variable Interest Entities	Variable Interest Entities Premier LP is a variable interest entity ("VIE") as the limited partners do not have the ability to exercise a substantive removal right with respect to the general partner. The Company does not hold a majority interest but, through Premier GP, has the exclusive power and authority to manage the business and affairs of Premier LP, to make all decisions with respect to driving the economic performance of Premier LP, and has both an obligation to absorb losses and a right to receive benefits. As such, the Company is the primary beneficiary of the VIE and consolidates the operations of Premier LP under the Variable Interest Model.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of the Company's condensed consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates are evaluated on an ongoing basis, including estimates for allowances for doubtful accounts, useful lives of property and equipment, stock-based compensation, payables under tax receivable agreements ("TRAs"), deferred tax balances including valuation allowances on deferred tax assets, uncertain tax positions, values of investments not publicly traded, deferred revenue, future cash flows associated with asset impairments, values of put and call rights, values of earn-out liabilities and the allocation of purchase prices. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Given the Company's use of estimates referenced above, it is important to highlight that on December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("TCJA"). The TCJA includes significant changes to the U.S. corporate income tax system, specifically reducing the U.S. federal corporate income tax rate from 35% to 21%. As changes under the TCJA are broad and complex, the Company continues to interpret the breadth of its immediate and long-term impacts. The Company notes that concurrent with the enactment of the TCJA, the SEC issued Staff Accounting Bulletin No. 118 ("SAB 118"), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting required under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the TCJA is incomplete but it is able to determine a reasonable estimate, it must record a provisional amount on its financial statements. If a company cannot determine a provisional estimate to be included on its financial statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately prior to the enactment of the TCJA. With this in mind, the Company has prescribed such provisional relief via SAB 118 by incorporating various estimates regarding timing and determination of temporary difference recognition when calculating components of its deferred tax balances. While the Company is able to provide reasonable estimates of the impacts related to the TCJA, the final impact may differ from these estimates, due to, among other things, changes in interpretations, assumptions, additional guidance that may be released by the I.R.S. and other actions that we may take that are yet to be determined.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In July 2015, the FASB issued Accounting Standards Update ("ASU") 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which requires entities to measure most inventory "at the lower of cost and net realizable value," thereby simplifying the guidance under which an entity must measure inventory at the lower of cost or market. This guidance does not apply to inventories that are measured by using either the last-in, first-out method or the retail inventory method. The Company adopted this standard effective July 1, 2017 using the prospective approach. The implementation of this ASU did not have a material effect on the Company's condensed consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. The Company adopted this standard effective October 1, 2017 using the prospective approach. The implementation of this ASU did not have a material effect on the Company's condensed consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test. The guidance requires an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. In addition, the guidance eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2020. Early adoption is permitted for interim and annual goodwill impairment tests performed after January 1, 2017. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The guidance is intended to reduce the complexity of GAAP and diversity in practice related to the tax consequences of certain types of intra-entity asset transfers, particularly those involving intellectual property. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU amendments add or clarify guidance on eight cash flow issues. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which is intended to increase transparency and comparability among organizations of accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Entities will be required to recognize and measure leases as of the earliest period presented using a modified retrospective approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which is intended to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning July 1, 2018. Early adoption is permitted for certain amendments. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which will supersede nearly all existing revenue recognition guidance. The new standard requires revenue to be recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new standard allows for either full retrospective or modified retrospective adoption. The FASB subsequently issued an amendment in ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , in August 2015 to defer the effective date of the new standard for all entities by one year. The new standard, as amended, will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption as of the original effective date for public entities will be permitted. The FASB issued another amendment in ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations , in March 2016 related to a third party providing goods or services to a customer. When another party is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself or to arrange for the good or service to be provided by a third party. If the entity provides the specific good or service itself, the entity acts as a principal. If an entity arranges for the good or service to be provided by a third party, the entity acts as an agent. The standard requires the principal to recognize revenue for the gross amount and the agent to recognize revenue for the amount of any fee or commission for which it expects to be entitled in exchange for arranging for the specified good or service to be provided. The new standard will be effective with ASU 2014-09. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which amends specific aspects of ASU 2014-09, including how to identify performance obligations and guidance related to licensing implementation. This amendment provides guidance on determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property or a right to access the entity's intellectual property. The amendment will be effective with ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which clarifies specific aspects of ASU 2014-09, clarifying how to identify performance obligations and guidance related to its promise in granting a license of intellectual property. This new standard provides guidance to allow entities to disregard items that are immaterial in the context of the contract, clarify when a promised good or service is separately identifiable and allow an entity to elect to account for the cost of shipping and handling performed after control of a good has been transferred to the customer as a fulfillment cost. The new standard also clarifies how an entity should evaluate the nature of its promise in granting a license of intellectual property to help determine whether it recognizes revenue over time or at a point in time and addresses how entities should consider license renewals and restrictions. The new standard will be effective with ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606: Revenue from Contracts with Customers , which clarifies specific aspects of ASU 2014-09, including allowing entities not to make quantitative disclosures about remaining performance obligations in certain cases and requiring entities that use any of the new or previously existing optional exemptions to expand their qualitative disclosures. The new standard also makes twelve other technical corrections and modifications to ASU 2014-09. The new standard will be effective with ASU 2014-09. The new revenue recognition standards related to Topic 606 discussed above, as amended, will be effective for the Company for the fiscal year beginning July 1, 2018, at which time we plan to adopt the standard using the modified retrospective approach. To-date, the Company has identified the following preliminary impact of adopting the new standards on various revenue streams across its operating segments. Within the Supply Chain Services segment, the Company is continuing to assess the impact of adopting the new standards on its various revenue streams. Under the new standard, the Company expects to recognize administrative fee revenue upon the occurrence of a sale by suppliers to the Company’s members. This differs from the current treatment in which the Company recognizes revenue in the period that the respective supplier reports member purchasing data, which is usually a month or a quarter in arrears of the actual member purchase activity. This change is expected to result in the Company recognizing revenue sooner in the revenue cycle than under the Company's current revenue recognition policy and the creation of a contract asset associated with this shift in revenue recognition timing. The Company is continuing to assess the impact of these changes on the financial statements and disclosures. Within the Performance Services segment, the Company is continuing to assess the impact of adopting the new standards on its various revenue streams. Under the new standard, the Company will be required to capitalize the incremental costs of obtaining a contract, which the Company has preliminarily identified as sales commissions and costs associated with implementing our SaaS informatics tools, and to amortize these costs in a manner that reflects the transfer of services to the customer. These costs are expensed as incurred under the Company's current revenue recognition policy. The Company is continuing to assess the impact of these changes on the financial statements and disclosures. Additionally, the Company is evaluating the potential impact of adopting the new standards on its business processes, systems and controls necessary to support revenue recognition and disclosure requirements under the new standard.

ORGANIZATION AND BASIS OF PRE25

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	6 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Financial Information of Premier LP	The assets and liabilities of Premier LP at December 31, 2017 and June 30, 2017 consisted of the following (in thousands): December 31, 2017 June 30, 2017 Assets Current $ 378,412 $ 385,477 Noncurrent 1,593,777 1,616,539 Total assets of Premier LP $ 1,972,189 $ 2,002,016 Liabilities Current $ 493,462 $ 560,582 Noncurrent 131,154 134,635 Total liabilities of Premier LP $ 624,616 $ 695,217 Net income attributable to Premier LP during the three and six months ended December 31, 2017 and 2016 was as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Premier LP net income $ 94,838 $ 281,629 $ 167,129 $ 355,974 Premier LP's cash flows for the six months ended December 31, 2017 and 2016 consisted of the following (in thousands): Six Months Ended December 31, 2017 2016 Net cash provided by (used in): Operating activities $ 207,514 $ 121,731 Investing activities (38,622 ) (336,358 ) Financing activities (180,600 ) 159,533 Net decrease in cash and cash equivalents (11,708 ) (55,094 ) Cash and cash equivalents at beginning of year 133,451 210,048 Cash and cash equivalents at end of period $ 121,743 $ 154,954

BUSINESS ACQUISITIONS (Tables)

BUSINESS ACQUISITIONS (Tables)	6 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Schedule of Preliminary Fair Values Assigned to Net Assets Acquired and Liabilities Assumed	The fair values assigned to the net assets acquired and the liabilities assumed as of the acquisition date were as follows (in thousands): Acquisition Date Fair Value Cash paid at closing $ 227,500 Cash paid on January 10, 2017 97,500 Purchase price 325,000 Additional cash paid at closing 10,984 Adjusted purchase price 335,984 Earn-out liability 16,662 Receivable from GNYHA Holdings, LLC (3,000 ) Total consideration paid 349,646 Cash acquired (16,267 ) Net consideration 333,379 50% ownership interest in Innovatix 218,356 Payable to Innovatix and Essensa (5,765 ) Enterprise value 545,970 Accounts receivable 21,242 Prepaid expenses and other current assets 686 Fixed assets, net 3,476 Intangible assets 241,494 Total assets acquired 266,898 Accrued expenses 5,264 Revenue share obligations 7,011 Other current liabilities 694 Total liabilities assumed 12,969 Deferred tax liability 42,636 Goodwill $ 334,677

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Affiliates	The Company's investments in unconsolidated affiliates consisted of the following (in thousands): Carrying Value Equity in Net Income (Loss) Three Months Ended December 31, Six Months Ended December 31, December 31, 2017 June 30, 2017 2017 2016 2017 2016 FFF $ 91,125 $ 85,520 $ 1,268 $ 1,119 $ 5,605 $ 4,177 Bloodbuy 2,001 2,066 (31 ) (34 ) (65 ) (52 ) PharmaPoint 4,074 4,232 (107 ) (85 ) (158 ) (162 ) Innovatix — — — 4,127 — 10,743 Other investments 1,188 1,061 127 — 127 — Total investments $ 98,388 $ 92,879 $ 1,257 $ 5,127 $ 5,509 $ 14,706

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities	The following table provides a summary of the Company's financial assets and liabilities which are measured at fair value on a recurring basis (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2017 Cash equivalents $ 28,390 $ 28,390 $ — $ — FFF call right 2,108 — — 2,108 Deferred compensation plan assets 46,670 46,670 — — Total assets $ 77,168 $ 75,060 $ — $ 2,108 Earn-out liabilities $ 2,792 $ — $ — $ 2,792 FFF put right 37,110 — — 37,110 Total liabilities $ 39,902 $ — $ — $ 39,902 June 30, 2017 Cash equivalents $ 22,218 $ 22,218 $ — $ — FFF call right 4,655 — — 4,655 Deferred compensation plan assets 47,202 47,202 — — Total assets $ 74,075 $ 69,420 $ — $ 4,655 Earn-out liabilities $ 21,310 $ — $ — $ 21,310 FFF put right 24,050 — — 24,050 Total liabilities $ 45,360 $ — $ — $ 45,360
Reconciliation of Earn-Out Liabilities and FFF Put Rights	A reconciliation of the Company's earn-out liabilities and FFF put and call rights is as follows (in thousands): Beginning Balance Purchases (Settlements) Gain (Loss) Ending Balance Three Months Ended December 31, 2017 FFF call right $ 4,593 $ — $ (2,485 ) $ 2,108 Total Level 3 assets $ 4,593 $ — $ (2,485 ) $ 2,108 Earn-out liabilities $ 21,675 $ (18,500 ) $ 383 $ 2,792 FFF put right 24,008 — (13,102 ) 37,110 Total Level 3 liabilities $ 45,683 $ (18,500 ) $ (12,719 ) $ 39,902 Three Months Ended December 31, 2016 FFF call right $ 10,316 $ — $ 434 $ 10,750 Total Level 3 assets $ 10,316 $ — $ 434 $ 10,750 Earn-out liabilities $ 2,359 $ 16,662 $ 2,308 $ 16,713 FFF put right 25,811 — (573 ) 26,384 Total Level 3 liabilities $ 28,170 $ 16,662 $ 1,735 $ 43,097 Six Months Ended December 31, 2017 FFF call right $ 4,655 $ — $ (2,547 ) $ 2,108 Total Level 3 assets $ 4,655 $ — $ (2,547 ) $ 2,108 Earn-out liabilities $ 21,310 $ (18,500 ) $ 18 $ 2,792 FFF put right 24,050 — (13,060 ) 37,110 Total Level 3 liabilities $ 45,360 $ (18,500 ) $ (13,042 ) $ 39,902 Six Months Ended December 31, 2016 FFF call right $ — $ 10,361 $ 389 $ 10,750 Total Level 3 assets $ — $ 10,361 $ 389 $ 10,750 Earn-out liabilities $ 4,128 $ 16,662 $ 4,077 $ 16,713 FFF put right — 25,821 (563 ) 26,384 Total Level 3 liabilities $ 4,128 $ 42,483 $ 3,514 $ 43,097
Reconciliation of FFF Call Rights	A reconciliation of the Company's earn-out liabilities and FFF put and call rights is as follows (in thousands): Beginning Balance Purchases (Settlements) Gain (Loss) Ending Balance Three Months Ended December 31, 2017 FFF call right $ 4,593 $ — $ (2,485 ) $ 2,108 Total Level 3 assets $ 4,593 $ — $ (2,485 ) $ 2,108 Earn-out liabilities $ 21,675 $ (18,500 ) $ 383 $ 2,792 FFF put right 24,008 — (13,102 ) 37,110 Total Level 3 liabilities $ 45,683 $ (18,500 ) $ (12,719 ) $ 39,902 Three Months Ended December 31, 2016 FFF call right $ 10,316 $ — $ 434 $ 10,750 Total Level 3 assets $ 10,316 $ — $ 434 $ 10,750 Earn-out liabilities $ 2,359 $ 16,662 $ 2,308 $ 16,713 FFF put right 25,811 — (573 ) 26,384 Total Level 3 liabilities $ 28,170 $ 16,662 $ 1,735 $ 43,097 Six Months Ended December 31, 2017 FFF call right $ 4,655 $ — $ (2,547 ) $ 2,108 Total Level 3 assets $ 4,655 $ — $ (2,547 ) $ 2,108 Earn-out liabilities $ 21,310 $ (18,500 ) $ 18 $ 2,792 FFF put right 24,050 — (13,060 ) 37,110 Total Level 3 liabilities $ 45,360 $ (18,500 ) $ (13,042 ) $ 39,902 Six Months Ended December 31, 2016 FFF call right $ — $ 10,361 $ 389 $ 10,750 Total Level 3 assets $ — $ 10,361 $ 389 $ 10,750 Earn-out liabilities $ 4,128 $ 16,662 $ 4,077 $ 16,713 FFF put right — 25,821 (563 ) 26,384 Total Level 3 liabilities $ 4,128 $ 42,483 $ 3,514 $ 43,097

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net consisted of the following (in thousands): Useful Life December 31, 2017 June 30, 2017 Member relationships 14.7 years $ 220,100 $ 220,100 Technology 5.0 years 142,317 143,727 Customer relationships 8.3 years 48,120 48,120 Trade names 8.3 years 22,710 22,710 Distribution network 10.0 years 22,400 22,400 Favorable lease commitments 10.1 years 11,393 11,393 Non-compete agreements 5.9 years 8,710 8,710 Total intangible assets 475,750 477,160 Accumulated amortization (125,903 ) (99,198 ) Intangible assets, net $ 349,847 $ 377,962

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill consisted of the following (in thousands): December 31, 2017 June 30, 2017 Supply Chain Services $ 400,348 $ 400,348 Performance Services 506,197 506,197 Total goodwill $ 906,545 $ 906,545

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following (in thousands): Commitment Amount Due Date December 31, 2017 June 30, 2017 Credit Facility $ 750,000 June 24, 2019 $ 200,000 $ 220,000 Notes payable — Various 7,683 14,272 Total debt 207,683 234,272 Less: Current portion (201,139 ) (227,993 ) Total long-term debt $ 6,544 $ 6,279

REDEEMABLE LIMITED PARTNERS' 32

REDEEMABLE LIMITED PARTNERS' CAPITAL (Tables)	6 Months Ended
	Dec. 31, 2017
Temporary Equity Disclosure [Abstract]
Changes in Redeemable Limited Partners' Capital	The table below provides a summary of the changes in the redeemable limited partners' capital from June 30, 2017 to December 31, 2017 (in thousands): Receivables From Limited Partners Redeemable Limited Partners' Capital Total Redeemable Limited Partners' Capital June 30, 2017 $ (4,177 ) $ 3,142,760 $ 3,138,583 Distributions applied to receivables from limited partners 984 — 984 Redemption of limited partners — (269 ) (269 ) Net income attributable to non-controlling interest in Premier LP — 101,095 101,095 Distributions to limited partners — (41,148 ) (41,148 ) Exchange of Class B common units for Class A common stock by member owners — (162,265 ) (162,265 ) Adjustment of redeemable limited partners' capital to redemption amount — (638,340 ) (638,340 ) December 31, 2017 $ (3,193 ) $ 2,401,833 $ 2,398,640
Schedule of Quarterly Distributions and Quarterly Exchanges	Quarterly distributions made to limited partners during the current fiscal year are as follows (in thousands): Date Distribution (a) August 24, 2017 $ 24,951 November 22, 2017 $ 20,752 (a) Distributions are equal to Premier LP’s total taxable income from the preceding fiscal quarter-to-date period for each respective distribution date multiplied by the Company's standalone effective combined federal, state and local income tax rate for each respective distribution date. Premier LP expects to make a $20.4 million quarterly distribution on or before February 22, 2018. The distribution is reflected in limited partners' distribution payable in the accompanying Condensed Consolidated Balance Sheets at December 31, 2017. Quarterly exchanges during the current fiscal year were as follows (in thousands, except Class B common units). Date of Quarterly Exchange Number of Class B Common Units Exchanged Reduction in Redeemable Limited Partners' Capital July 31, 2017 1,231,410 $ 42,976 October 31, 2017 3,651,294 119,289 Total 4,882,704 $ 162,265

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator Used for Basic and Diluted Earnings (Loss) Per Share	The following table provides a reconciliation of the numerator and denominator used for basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Numerator for basic earnings per share: Net income attributable to stockholders $ 281,200 $ 400,275 $ 617,630 $ 470,577 Numerator for diluted earnings (loss) per share: Net income attributable to stockholders $ 281,200 $ 400,275 $ 617,630 $ 470,577 Adjustment of redeemable limited partners' capital to redemption amount (317,916 ) (335,264 ) (638,340 ) (397,072 ) Net income attributable to non-controlling interest in Premier LP 56,485 181,173 101,095 230,774 Net income 19,769 246,184 80,385 304,279 Tax effect on Premier, Inc. net income (a) (251,085 ) (34,496 ) (261,636 ) (55,448 ) Adjusted net income (loss) $ (231,316 ) $ 211,688 $ (181,251 ) $ 248,831 Denominator for basic earnings per share: Weighted average shares (b) 55,209 49,445 54,059 48,330 Denominator for diluted earnings (loss) per share: Weighted average shares (b) 55,209 49,445 54,059 48,330 Effect of dilutive securities: (c) Stock options 189 220 270 261 Restricted stock 261 181 283 176 Performance share awards — — — — Class B shares outstanding 83,578 91,462 85,029 93,366 Weighted average shares and assumed conversions 139,237 141,308 139,641 142,133 Basic earnings per share $ 5.09 $ 8.10 $ 11.43 $ 9.74 Diluted earnings (loss) per share $ (1.66 ) $ 1.50 $ (1.30 ) $ 1.75 (a) Represents income tax expense related to Premier, Inc. retaining the portion of net income attributable to income from non-controlling interest in Premier, LP for the purpose of diluted earnings per share. (b) Weighted average number of common shares used for basic earnings per share excludes weighted average shares of non-vested stock options, non-vested restricted stock, non-vested performance share awards and Class B shares outstanding for the three and six months ended December 31, 2017 and 2016 . (c) For the three and six months ended December 31, 2017 , the effect of 2.2 million stock options was excluded from diluted weighted average shares outstanding as they had an anti-dilutive effect, and the effect of 0.5 million performance share awards was excluded from diluted weighted average shares outstanding as they had not satisfied the applicable performance criteria at the end of the period. For the three and six months ended December 31, 2016 , the effect of 1.9 million stock options, restricted stock units and performance share awards were excluded from diluted weighted average shares outstanding as they had an anti-dilutive effect.
Schedule of Exchange Agreement	The following table presents certain information regarding the exchange of Class B common units and associated Class B common stock for Premier's Class A common stock and/or cash in connection with the quarterly exchanges pursuant to the terms of the Exchange Agreement, including activity related to the Class A and Class B common units and Class A and Class B common stock through the date of the applicable quarterly exchange: Quarterly Exchange by Member Owners Class B Common Shares Retired Upon Exchange (a) Class B Common Shares Outstanding After Exchange (a) Class A Common Shares Outstanding After Exchange (b) Percentage of Combined Voting Power Class B/Class A Common Stock July 31, 2017 1,231,410 86,067,478 53,212,057 62%/38% October 31, 2017 3,651,294 82,416,184 57,215,143 59%/41% January 31, 2018 (c) 1,006,435 81,169,319 54,829,086 60%/40% (a) The number of Class B common shares retired or outstanding is equivalent to the number of Class B common units retired upon exchange or outstanding after the exchange, as applicable. (b) The number of Class A common shares outstanding after exchange also includes activity related to the Company's share repurchase program (see Note 10 - Stockholders' Deficit ), equity incentive plan (see Note 12 - Stock-Based Compensation ) and departed member owners (see Note 9 - Redeemable Limited Partners' Capital). (c) As the quarterly exchange occurred on January 31, 2018, the impact of the exchange is not reflected in the condensed consolidated financial statements for the quarter ended December 31, 2017 .

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Information Related to Restricted Stock	The following table includes information related to restricted stock, performance share awards and stock options for the six months ended December 31, 2017 : Restricted Stock Performance Share Awards Stock Options Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Fair Value at Grant Date Number of Options Weighted Average Exercise Price Outstanding at June 30, 2017 576,988 $ 32.92 1,085,872 $ 32.79 3,372,499 $ 30.31 Granted 206,929 $ 32.81 690,470 $ 32.62 550,563 $ 32.80 Vested/exercised (109,174 ) $ 31.67 (352,867 ) $ 31.73 (103,061 ) $ 28.26 Forfeited (20,276 ) $ 32.50 (46,502 ) $ 32.43 (92,179 ) $ 34.28 Outstanding at December 31, 2017 654,467 $ 33.11 1,376,973 $ 32.99 3,727,822 $ 30.64 Stock options outstanding and exercisable at December 31, 2017 2,620,480 $ 29.64
Schedule of Information Related to Performance Share Awards	The following table includes information related to restricted stock, performance share awards and stock options for the six months ended December 31, 2017 : Restricted Stock Performance Share Awards Stock Options Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Fair Value at Grant Date Number of Options Weighted Average Exercise Price Outstanding at June 30, 2017 576,988 $ 32.92 1,085,872 $ 32.79 3,372,499 $ 30.31 Granted 206,929 $ 32.81 690,470 $ 32.62 550,563 $ 32.80 Vested/exercised (109,174 ) $ 31.67 (352,867 ) $ 31.73 (103,061 ) $ 28.26 Forfeited (20,276 ) $ 32.50 (46,502 ) $ 32.43 (92,179 ) $ 34.28 Outstanding at December 31, 2017 654,467 $ 33.11 1,376,973 $ 32.99 3,727,822 $ 30.64 Stock options outstanding and exercisable at December 31, 2017 2,620,480 $ 29.64
Schedule of Information Related to Stock Options	The following table includes information related to restricted stock, performance share awards and stock options for the six months ended December 31, 2017 : Restricted Stock Performance Share Awards Stock Options Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Fair Value at Grant Date Number of Options Weighted Average Exercise Price Outstanding at June 30, 2017 576,988 $ 32.92 1,085,872 $ 32.79 3,372,499 $ 30.31 Granted 206,929 $ 32.81 690,470 $ 32.62 550,563 $ 32.80 Vested/exercised (109,174 ) $ 31.67 (352,867 ) $ 31.73 (103,061 ) $ 28.26 Forfeited (20,276 ) $ 32.50 (46,502 ) $ 32.43 (92,179 ) $ 34.28 Outstanding at December 31, 2017 654,467 $ 33.11 1,376,973 $ 32.99 3,727,822 $ 30.64 Stock options outstanding and exercisable at December 31, 2017 2,620,480 $ 29.64
Schedule of Unrecognized Stock-Based Compensation Expense	Unrecognized stock-based compensation expense at December 31, 2017 was as follows (in thousands): Unrecognized Stock-Based Compensation Expense Weighted Average Amortization Period Restricted stock $ 11,111 2.06 years Performance share awards 27,385 2.00 years Stock options 10,282 2.03 years Total unrecognized stock-based compensation expense $ 48,778 2.02 years
Schedule of Aggregate Intrinsic Value of Stock Options	The aggregate intrinsic value of stock options at December 31, 2017 was as follows (in thousands): Intrinsic Value of Stock Options Outstanding and exercisable $ 3,336 Expected to vest 8 Total outstanding $ 3,344 Exercised during the six months ended December 31, 2017 $ 588
Assumptions Used for Determining the Fair Value of Stock Options Granted	The Company estimated the fair value of each stock option on the date of grant using a Black-Scholes option-pricing model, applying the following assumptions, and amortized expense over each option's vesting period using the straight-line attribution approach: Six Months Ended December 31, 2017 2016 Expected life (a) 6 years 6 years Expected dividend (b) — — Expected volatility (c) 29.92% - 32.26% 32.0% - 33.0% Risk-free interest rate (d) 1.89% - 2.14% 1.31% - 2.00% Weighted average option grant date fair value $9.48 - $11.42 $10.48 - $10.80 (a) The six -year expected life (estimated period of time outstanding) of stock options granted was estimated using the "Simplified Method" which utilizes the midpoint between the vesting date and the end of the contractual term. This method was utilized for the stock options due to the lack of historical exercise behavior of Premier's employees. (b) No dividends are expected to be paid over the contractual term of the stock options granted, resulting in the use of a zero expected dividend rate. (c) The expected volatility rate is based on the observed historical volatilities of comparable companies. (d) The risk-free interest rate was interpolated from the five -year and seven -year Constant Maturity Treasury rate published by the United States Treasury as of the date of the grant.

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information was as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Net revenue: Supply Chain Services Net administrative fees $ 159,343 $ 129,071 $ 310,334 $ 255,047 Other services and support 3,421 1,201 5,570 2,846 Services 162,764 130,272 315,904 257,893 Products 162,101 142,378 314,764 248,507 Total Supply Chain Services 324,865 272,650 630,668 506,400 Performance Services 86,533 85,850 171,294 165,372 Net revenue $ 411,398 $ 358,500 $ 801,962 $ 671,772 Depreciation and amortization expense (a) : Supply Chain Services $ 5,171 $ 2,453 $ 10,666 $ 2,920 Performance Services 23,634 20,984 46,551 41,859 Corporate 2,322 1,912 4,315 3,797 Total depreciation and amortization expense $ 31,127 $ 25,349 $ 61,532 $ 48,576 Capital expenditures: Supply Chain Services $ 541 $ 2,149 $ 848 $ 2,149 Performance Services 19,742 13,920 33,291 30,771 Corporate 1,692 1,290 4,483 1,405 Total capital expenditures $ 21,975 $ 17,359 $ 38,622 $ 34,325 Total assets: December 31, 2017 June 30, 2017 Supply Chain Services $ 1,001,803 $ 1,017,023 Performance Services 874,269 888,862 Corporate 444,091 601,951 Total assets $ 2,320,163 $ 2,507,836 (a) Includes amortization of purchased intangible assets.
Reconciliation of Income Before Income Taxes to Segment Adjusted EBITDA	A reconciliation of income before income taxes to Segment Adjusted EBITDA is as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Income before income taxes $ 251,277 $ 283,613 $ 324,657 $ 365,044 Remeasurement gain attributable to acquisition of Innovatix, LLC — (204,833 ) — (204,833 ) Equity in net income of unconsolidated affiliates (a) (1,257 ) (5,127 ) (5,509 ) (14,706 ) Interest and investment loss, net (b) 1,508 857 3,003 1,009 Loss on disposal of long-lived assets 400 — 1,720 1,518 Other income 13,356 131 11,893 (875 ) Operating income 265,284 74,641 335,764 147,157 Depreciation and amortization 17,310 14,198 33,817 28,216 Amortization of purchased intangible assets 13,817 11,151 27,715 20,360 Stock-based compensation (c) 8,951 6,423 17,908 12,319 Acquisition related expenses 1,674 4,216 4,773 7,153 Remeasurement of tax receivable agreement liabilities (d) (177,174 ) — (177,174 ) (5,722 ) ERP implementation expenses (e) 156 432 491 1,526 Acquisition related adjustment - revenue (f) 87 5,813 192 5,964 Equity in net income of unconsolidated affiliates (a) 1,257 5,127 5,509 14,706 Deferred compensation plan income (g) 1,577 8 3,116 1,103 Other expense 603 — 602 — Adjusted EBITDA $ 133,542 $ 122,009 $ 252,713 $ 232,782 Segment Adjusted EBITDA: Supply Chain Services $ 132,045 $ 119,022 $ 257,665 $ 236,326 Performance Services 27,929 28,603 49,150 50,914 Corporate (26,432 ) (25,616 ) (54,102 ) (54,458 ) Adjusted EBITDA $ 133,542 $ 122,009 $ 252,713 $ 232,782 (a) Refer to Note 4 - Investments for further information regarding equity in net income of unconsolidated affiliates. (b) Represents interest expense, net and realized gains and losses on our marketable securities. (c) Represents non-cash employee stock-based compensation expense and stock purchase plan expense of $0.1 million and $0.2 million during the three months ended December 31, 2017 and 2016 , respectively, and $0.2 million and $0.3 million during the six months ended December 31, 2017 and 2016 , respectively. (d) Represents adjustments to TRA liabilities for a 14% decrease in the U.S. federal corporate income tax rate that occurred during the six months ended December 31, 2017, which is a result of the TCJA that was enacted on December 22, 2017, and a 1% decrease in the North Carolina state income tax rate that occurred during the six months ended December 31, 2016 . (e) Represents implementation and other costs associated with the implementation of our enterprise resource planning ("ERP") system. (f) Upon acquiring Innovatix and Essensa, we recorded a net $5.6 million purchase accounting adjustment to Adjusted EBITDA during the three months ended December 31, 2016 that reflects the fair value of administrative fees related to member purchases that occurred prior to December 2, 2016, but were reported to us subsequent to that date through December 31, 2016. Under our revenue recognition accounting policy, which is an accordance with GAAP, these administrative fees would be ordinarily recorded as revenue when reported to us; however, the acquisition method of accounting requires us to estimate the amount of purchases prior to the acquisition date and to record the fair value of the administrative fees to be received from those purchases as an account receivable (as opposed to recognizing revenue when these transactions are reported to us) and record any corresponding revenue share obligation as a liability. The purchase accounting adjustment amounted to an estimated $23.3 million of accounts receivable relating to these administrative fees and an estimated $4.1 million for the related revenue share obligation through December 31, 2016. This item also includes non-cash adjustments to deferred revenue of acquired entities of $0.2 million and $0.3 million for the three and six months ended December 31, 2016 , respectively. Business combination accounting rules require the Company to record a deferred revenue liability at its fair value only if the acquired deferred revenue represents a legal performance obligation assumed by the acquirer. The fair value is based on direct and indirect incremental costs of providing the services plus a normal profit margin. Generally, this results in a reduction to the purchased deferred revenue balance, which was based on upfront software license update fees and product support contracts assumed in connection with acquisitions. Because these support contracts are typically one year in duration, our GAAP revenues for the one year period subsequent to the acquisition of a business do not reflect the full amount of support revenues on these assumed support contracts that would have otherwise been recorded by the acquired entity. The Non-GAAP adjustment to software license update fees and product support revenues is intended to include, and thus reflect, the full amount of such revenues. (g) Represents realized and unrealized gains and losses and dividend income on deferred compensation plan assets.

ORGANIZATION AND BASIS OF PRE36

ORGANIZATION AND BASIS OF PRESENTATION - Organization (Narrative) (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2017categorysegment	Jun. 30, 2017
Segment Reporting Information [Line Items]
Number of business segments | segment	2
General partner interest (as a percent)	40.00%	37.00%
Limited partners ownership interest (as a percent)	60.00%	63.00%
Performance services segment
Segment Reporting Information [Line Items]
Number of main categories | category	3

ORGANIZATION AND BASIS OF PRE37

ORGANIZATION AND BASIS OF PRESENTATION - Basis of Presentation (Narrative) (Details) $ in Thousands, shares in Millions	Oct. 01, 2013	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Jun. 30, 2017
Noncontrolling Interest [Line Items]
Limited partners ownership interest (as a percent)				60.00%		63.00%
General partner interest (as a percent)		40.00%		40.00%		37.00%
Reclassification adjustment of tax receivable agreement liabilities		$ 177,174	$ 0	$ 177,174	$ 5,722
Reclassification from selling, general and administrative		$ (108,620)	$ (95,927)	$ (222,941)	(193,887)
Class B common units
Noncontrolling Interest [Line Items]
Exchange agreement, conversion ratio	0.1429
Unit of partnership, conversion ratio	1
Exchanged for cash | Class B common units
Noncontrolling Interest [Line Items]
Class B common units and associated Class B common shares exchanged (in shares) | shares				4.9
Exchanged for Class A common stock | Class B common units
Noncontrolling Interest [Line Items]
Class B common units and associated Class B common shares exchanged (in shares) | shares		4.9		4.9
Shares retired (in shares) | shares				4.9
Reclassification Adjustment
Noncontrolling Interest [Line Items]
Reclassification adjustment of tax receivable agreement liabilities					5,700
Reclassification from selling, general and administrative					$ 5,700

ORGANIZATION AND BASIS OF PRE38

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Assets and Liabilities of Premier LP (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Assets
Current	$ 420,837	$ 408,812
Liabilities
Current	506,357	571,587
Premier LP
Assets
Current	378,412	385,477
Noncurrent	1,593,777	1,616,539
Total assets of Premier LP	1,972,189	2,002,016
Liabilities
Current	493,462	560,582
Noncurrent	131,154	134,635
Total liabilities of Premier LP	$ 624,616	$ 695,217

ORGANIZATION AND BASIS OF PRE39

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Net Income Attributable to Premier LP (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Premier LP net income	$ 19,769	$ 246,184	$ 80,385	$ 304,279
Premier LP
Variable Interest Entity [Line Items]
Premier LP net income	$ 94,838	$ 281,629	$ 167,129	$ 355,974

ORGANIZATION AND BASIS OF PRE40

ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Premier LP's Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Net cash provided by (used in):
Operating activities	$ 206,515	$ 138,364
Investing activities	(38,622)	(336,358)
Financing activities	(161,614)	168,069
Net increase (decrease) in cash and cash equivalents	6,279	(29,925)
Cash and cash equivalents at beginning of year	156,735	248,817
Cash and cash equivalents at end of period	163,014	218,892
Premier LP
Net cash provided by (used in):
Operating activities	207,514	121,731
Investing activities	(38,622)	(336,358)
Financing activities	(180,600)	159,533
Net increase (decrease) in cash and cash equivalents	(11,708)	(55,094)
Cash and cash equivalents at beginning of year	133,451	210,048
Cash and cash equivalents at end of period	$ 121,743	$ 154,954

BUSINESS ACQUISITIONS - Acquisi

BUSINESS ACQUISITIONS - Acquisition of Innovatix and Essensa (Narrative) (Details) - USD ($)	Jan. 10, 2017	Dec. 02, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017	Dec. 01, 2016
Business Acquisition [Line Items]
Transaction costs			$ 1,674,000	$ 4,216,000	$ 4,773,000	$ 7,153,000
Goodwill recognized			906,545,000		906,545,000		$ 906,545,000
Earn-out liability payment to GNYHA Holdings					16,662,000	0
Retention bonus payment (up to)		$ 3,000,000
Contingent consideration paid			1,500,000
Carrying value of ownership interest in Innovatix prior to acquisition			98,388,000		98,388,000		$ 92,879,000
One-time gain related to remeasurement			0	204,833,000	0	204,833,000
Innovatix
Business Acquisition [Line Items]
Carrying value of ownership interest in Innovatix prior to acquisition								$ 13,300,000
Innovatix
Business Acquisition [Line Items]
Ownership interest prior to acquisition (as a percent)								50.00%
Ownership interest acquired (as a percent)		50.00%
Payments to acquire businesses, adjusted purchase price		$ 336,000,000
Remeasured fair value under business combination accounting rules		218,400,000
One-time gain related to remeasurement		$ 205,100,000
Essensa
Business Acquisition [Line Items]
Ownership interest acquired (as a percent)		100.00%
Innovatix and Essensa
Business Acquisition [Line Items]
Total purchase price		$ 325,000,000
Cash paid at closing		227,500,000
Cash payment included in deferred purchase price	$ 97,500,000	97,500,000
Payments to acquire businesses, adjusted purchase price		335,984,000
Transaction costs			1,600,000	$ 4,400,000	3,400,000	$ 4,700,000
Goodwill recognized		334,677,000
Selling members earn-out opportunity (up to)		43,000,000
Earn-out liability payment to GNYHA Holdings			$ 18,500,000
Fair value of earn-out liability		16,662,000			$ 2,600,000
Retention bonus payment (up to)		3,000,000
Remeasured fair value under business combination accounting rules		$ 218,356,000

BUSINESS ACQUISITIONS - Schedul

BUSINESS ACQUISITIONS - Schedule of Preliminary Fair Values Assigned to Net Assets Acquired and Liabilities Assumed (Details) - USD ($)	Jan. 10, 2017	Dec. 02, 2016	Dec. 31, 2017	Jun. 30, 2017
Business Acquisition [Line Items]
Receivable from GNYHA Holdings, LLC		$ (3,000,000)
Revenue share obligations			$ 74,651,000	$ 72,078,000
Goodwill			906,545,000	$ 906,545,000
Innovatix and Essensa
Business Acquisition [Line Items]
Cash paid at closing		227,500,000
Cash paid on January 10, 2017	$ 97,500,000	97,500,000
Purchase price		325,000,000
Additional cash paid at closing		10,984,000
Adjusted purchase price		335,984,000
Earn-out liability		16,662,000	$ 2,600,000
Receivable from GNYHA Holdings, LLC		(3,000,000)
Total consideration paid		349,646,000
Cash acquired		(16,267,000)
Net consideration		333,379,000
50% ownership interest in Innovatix		218,356,000
Payable to Innovatix and Essensa		(5,765,000)
Enterprise value		545,970,000
Accounts receivable		21,242,000
Prepaid expenses and other current assets		686,000
Fixed assets, net		3,476,000
Intangible assets		241,494,000
Total assets acquired		266,898,000
Accrued expenses		5,264,000
Revenue share obligations		7,011,000
Other current liabilities		694,000
Total liabilities assumed		12,969,000
Deferred tax liability		42,636,000
Goodwill		$ 334,677,000

BUSINESS ACQUISITIONS - Acqui43

BUSINESS ACQUISITIONS - Acquisition of Acro Pharmaceutical (Narrative) (Details) - USD ($) $ in Thousands	Aug. 23, 2016	Dec. 31, 2017	Jun. 30, 2017
Business Acquisition [Line Items]
Goodwill recognized		$ 906,545	$ 906,545
Acro Pharmaceuticals
Business Acquisition [Line Items]
Membership interest acquired (as a percent)	100.00%
Cash purchase price	$ 75,000
Payments to acquire businesses, adjusted purchase price	62,900
Goodwill recognized	$ 33,900

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 98,388		$ 98,388		$ 92,879
Equity in Net Income (Loss)	1,257	$ 5,127	5,509	$ 14,706
FFF
Schedule of Equity Method Investments [Line Items]
Carrying Value	91,125		91,125		85,520
Equity in Net Income (Loss)	1,268	1,119	5,605	4,177
Bloodbuy
Schedule of Equity Method Investments [Line Items]
Carrying Value	2,001		2,001		2,066
Equity in Net Income (Loss)	(31)	(34)	(65)	(52)
PharmaPoint
Schedule of Equity Method Investments [Line Items]
Carrying Value	4,074		4,074		4,232
Equity in Net Income (Loss)	(107)	(85)	(158)	(162)
Innovatix
Schedule of Equity Method Investments [Line Items]
Carrying Value	0		0		0
Equity in Net Income (Loss)	0	4,127	0	10,743
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	1,188		1,188		$ 1,061
Equity in Net Income (Loss)	$ 127	$ 0	$ 127	$ 0

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) shares in Millions	Jul. 26, 2016	Dec. 31, 2017	Jun. 30, 2017	Dec. 02, 2016	Dec. 01, 2016
Schedule of Equity Method Investments [Line Items]
Marketable securities		$ 0	$ 0
Innovatix
Schedule of Equity Method Investments [Line Items]
Equity method investment (as a percent)					50.00%
Ownership interest acquired (as a percent)				50.00%
PSCI | FFF
Schedule of Equity Method Investments [Line Items]
Ownership interest through subsidiary (as a percent)	49.00%
Cash portion of acquisition price	$ 65,700,000
Initial investment	81,100,000
Consideration in the form of net fair value of put and call rights	$ 15,400,000
PSCI | Class B Membership Interests | Bloodbuy
Schedule of Equity Method Investments [Line Items]
Membership units (in shares)		5.3	5.3
PSCI | Class B Membership Interests | PharmaPoint
Schedule of Equity Method Investments [Line Items]
Membership units (in shares)		5
Minimum
Schedule of Equity Method Investments [Line Items]
Notes payable, stated maturity period		3 months
Maximum
Schedule of Equity Method Investments [Line Items]
Notes payable, stated maturity period		5 years
Bloodbuy | PSCI | Class B Membership Interests
Schedule of Equity Method Investments [Line Items]
Ownership interest through subsidiary (as a percent)		15.00%	15.00%
PharmaPoint | PSCI | Class B Membership Interests | PharmaPoint
Schedule of Equity Method Investments [Line Items]
Ownership interest through subsidiary (as a percent)		28.00%
Innovatix
Schedule of Equity Method Investments [Line Items]
Equity method investment (as a percent)					50.00%
Ownership interest acquired (as a percent)				50.00%

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Assets
Cash equivalents	$ 28,390	$ 22,218
FFF call right	2,108	4,655
Deferred compensation plan assets	46,670	47,202
Total assets	77,168	74,075
Liabilities
FFF put right	37,110	24,050
Total liabilities	39,902	45,360
Earn-out liabilities
Liabilities
Earn-out liabilities	2,792	21,310
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	28,390	22,218
FFF call right	0	0
Deferred compensation plan assets	46,670	47,202
Total assets	75,060	69,420
Liabilities
FFF put right	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Earn-out liabilities
Liabilities
Earn-out liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
FFF call right	0	0
Deferred compensation plan assets	0	0
Total assets	0	0
Liabilities
FFF put right	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2) | Earn-out liabilities
Liabilities
Earn-out liabilities	0	0
Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
FFF call right	2,108	4,655
Deferred compensation plan assets	0	0
Total assets	2,108	4,655
Liabilities
FFF put right	37,110	24,050
Total liabilities	39,902	45,360
Significant Unobservable Inputs (Level 3) | Earn-out liabilities
Liabilities
Earn-out liabilities	$ 2,792	$ 21,310

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	Nov. 22, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of deferred compensation plan assets		$ 42,779	$ 42,779		$ 41,518
Earn-out liability payment to GNYHA Holdings			$ 16,662	$ 0
FFF put right
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, maximum warrants or rights required by entity to purchase upon exercise, percent	50.00%
FFF call right
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Call right, exercisable term, key event			180 days
Call right, exercisable term, specified date			30 days
Level 1 | Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of deferred compensation plan assets		3,900	$ 3,900		5,700
Level 3 | Current portion of earn-out liabilities | Earn-out liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of earn-out liabilities		2,600	2,600		21,100
Level 3 | Long-term portion of earn-out liabilities | Earn-out liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair values of earn-out liabilities		200	200		200
Level 2 | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, difference between fair value and carrying value		$ 500	$ 500		$ 600
Level 2 | Nonrecurring | Notes payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed market interest rate		2.90%	2.90%		2.60%
Innovatix and Essensa
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liability payment to GNYHA Holdings		$ 18,500

FAIR VALUE MEASUREMENTS - Recon

FAIR VALUE MEASUREMENTS - Reconciliation of Earn-Out Liabilities and FFF Put and Call Rights (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	$ 4,593	$ 10,316	$ 4,655	$ 0
Purchases (Settlements)	0	0	0	10,361
Gain (Loss)	(2,485)	434	(2,547)	389
Ending Balance	2,108	10,750	2,108	10,750
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	45,683	28,170	45,360	4,128
Purchases (Settlements)	(18,500)	16,662	(18,500)	42,483
Gain (Loss)	(12,719)	1,735	(13,042)	3,514
Ending Balance	39,902	43,097	39,902	43,097
Earn-out liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	21,675	2,359	21,310	4,128
Purchases (Settlements)	(18,500)	16,662	(18,500)	16,662
Gain (Loss)	383	2,308	18	4,077
Ending Balance	2,792	16,713	2,792	16,713
FFF put right
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	24,008	25,811	24,050	0
Purchases (Settlements)	0	0	0	25,821
Gain (Loss)	(13,102)	(573)	(13,060)	(563)
Ending Balance	37,110	26,384	37,110	26,384
FFF call right
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	4,593	10,316	4,655	0
Purchases (Settlements)	0	0	0	10,361
Gain (Loss)	(2,485)	434	(2,547)	389
Ending Balance	$ 2,108	$ 10,750	$ 2,108	$ 10,750

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2017	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 475,750	$ 477,160
Accumulated amortization	(125,903)	(99,198)
Intangible assets, net	$ 349,847	377,962
Member relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life	14 years 8 months
Total intangible assets	$ 220,100	220,100
Technology
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Total intangible assets	$ 142,317	143,727
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life	8 years 4 months
Total intangible assets	$ 48,120	48,120
Trade names
Finite-Lived Intangible Assets [Line Items]
Useful Life	8 years 4 months
Total intangible assets	$ 22,710	22,710
Distribution network
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years
Total intangible assets	$ 22,400	22,400
Favorable lease commitments
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years 1 month
Total intangible assets	$ 11,393	11,393
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years 11 months
Total intangible assets	$ 8,710	$ 8,710

INTANGIBLE ASSETS, NET - Narrat

INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization	$ 13,817	$ 11,151	$ 27,715	$ 20,360

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Goodwill [Line Items]
Goodwill	$ 906,545	$ 906,545
Supply Chain Services
Goodwill [Line Items]
Goodwill	400,348	400,348
Performance Services
Goodwill [Line Items]
Goodwill	$ 506,197	$ 506,197

DEBT - Schedule of Long-Term De

DEBT - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Debt Instrument [Line Items]
Total debt	$ 207,683,000	$ 234,272,000
Less: Current portion	(201,139,000)	(227,993,000)
Total long-term debt	6,544,000	6,279,000
Credit Facility
Debt Instrument [Line Items]
Commitment Amount	750,000,000
Total debt	200,000,000	220,000,000
Notes payable
Debt Instrument [Line Items]
Total debt	$ 7,683,000	$ 14,272,000

DEBT - Credit Facility (Narrati

DEBT - Credit Facility (Narrative) (Details)	Jun. 04, 2015USD ($)quarter	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2017USD ($)
Line of Credit Facility [Line Items]
Repaid borrowings under the Credit Facility		$ 50,000,000	$ 0
Borrowings on the credit facility		30,000,000	$ 327,500,000
Outstanding borrowings		$ 207,683,000		$ 234,272,000
Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 750,000,000
Additional borrowing capacity	$ 250,000,000
Commitment fee (as a percent)		0.125%
Maximum total leverage ratio	3
Maximum consecutive period for total leverage ratio to exceed limit | quarter	4
Minimum consolidated interest coverage ratio	3
Indebtedness or guarantee threshold	$ 30,000,000
Judgment default threshold	$ 30,000,000
Repaid borrowings under the Credit Facility		$ 50,000,000
Borrowings on the credit facility		$ 30,000,000
Credit Facility | Minimum
Line of Credit Facility [Line Items]
Contractual commitment fee on daily unused amount (as a percent)	0.125%
Credit Facility | Maximum
Line of Credit Facility [Line Items]
Contractual commitment fee on daily unused amount (as a percent)	0.25%
Credit Facility | Base Rate Loans | Federal funds effective rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Facility | Base Rate Loans | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Credit Facility | Base Rate Loans | Applicable Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Credit Facility | Base Rate Loans | Applicable Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.75%
Credit Facility | Base Rate Loans | Three-month Eurodollar
Line of Credit Facility [Line Items]
Interest rate		4.625%
Credit Facility | Eurodollar Loans | Applicable Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Credit Facility | Eurodollar Loans | Applicable Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Credit Facility | Eurodollar Loans | Three-month Eurodollar
Line of Credit Facility [Line Items]
Interest rate		2.815%
Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 750,000,000
Outstanding borrowings		$ 200,000,000		$ 220,000,000

DEBT - Notes Payable (Narrative

DEBT - Notes Payable (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2017	Jun. 30, 2017
Debt Instrument [Line Items]
Notes payable	$ 7,700	$ 14,300
Notes payable included in current portion of long-term debt	1,200	8,000
Notes payable included in long-term debt, less current portion	$ 6,544	$ 6,279
Notes payable
Debt Instrument [Line Items]
Notes payable, stated maturity period	5 years

REDEEMABLE LIMITED PARTNERS' 55

REDEEMABLE LIMITED PARTNERS' CAPITAL - Narrative (Details) $ in Thousands, shares in Millions	Oct. 01, 2013	Dec. 31, 2017notes_receivableshares	Dec. 31, 2017USD ($)notes_receivablelimited_partnershares	Dec. 31, 2016USD ($)	Jun. 30, 2017
Temporary Equity [Line Items]
Limited partners ownership (as a percent)			60.00%		63.00%
Class B common units
Temporary Equity [Line Items]
Exchange agreement, conversion ratio	0.1429
Exchanged for cash | Class B common units
Temporary Equity [Line Items]
Exchange of Class B units for Class A common stock by member owners (in shares) | shares			4.9
Exchanged for Class A common stock | Class B common units
Temporary Equity [Line Items]
Exchange of Class B units for Class A common stock by member owners (in shares) | shares		4.9	4.9
Limited partner
Temporary Equity [Line Items]
Decrease to fair value for the redemption amount | $			$ 638,340
Number of interest bearing notes receivable executed | notes_receivable		0	0
Number of limited partners withdrawing from partnership | limited_partner			2
Redeemable limited partners' capital | Limited partner
Temporary Equity [Line Items]
Decrease to fair value for the redemption amount | $			$ 638,340	$ 397,100
Promissory note
Temporary Equity [Line Items]
Promissory note for which common units are not eligible for exchange, term			5 years
Five-year, unsecured, non-interest bearing term promissory note | Promissory note
Temporary Equity [Line Items]
Promissory note for which common units are not eligible for exchange, term			5 years

REDEEMABLE LIMITED PARTNERS' 56

REDEEMABLE LIMITED PARTNERS' CAPITAL - Changes in Redeemable Limited Partners' Capital (Details) - USD ($) $ in Thousands	Nov. 22, 2017	Aug. 24, 2017	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Temporary Equity
June 30, 2017			$ 3,138,583
Exchange of Class B common units for Class A common stock by member owners			(162,265)
December 31, 2017			2,398,640
Limited Partner
Increase (Decrease) in Temporary Equity
June 30, 2017			3,138,583
Distributions applied to receivables from limited partners			984
Redemption of limited partners			(269)
Net income attributable to non-controlling interest in Premier LP			101,095
Distributions to limited partners	$ (20,752)	$ (24,951)	(41,148)
Exchange of Class B common units for Class A common stock by member owners			(162,265)
Adjustment of redeemable limited partners' capital to redemption amount			(638,340)
December 31, 2017			2,398,640
Limited Partner | Receivables From Limited Partners
Increase (Decrease) in Temporary Equity
June 30, 2017			(4,177)
Distributions applied to receivables from limited partners			984
December 31, 2017			(3,193)
Limited Partner | Redeemable Limited Partners' Capital
Increase (Decrease) in Temporary Equity
June 30, 2017			3,142,760
Redemption of limited partners			(269)
Net income attributable to non-controlling interest in Premier LP			101,095
Distributions to limited partners			(41,148)
Exchange of Class B common units for Class A common stock by member owners			(162,265)
Adjustment of redeemable limited partners' capital to redemption amount			(638,340)	$ (397,100)
December 31, 2017			$ 2,401,833

REDEEMABLE LIMITED PARTNERS' 57

REDEEMABLE LIMITED PARTNERS' CAPITAL - Schedule of Quarterly Distributions to Limited Partners (Details) - Limited Partner - USD ($) $ in Thousands	Feb. 22, 2018	Nov. 22, 2017	Aug. 24, 2017	Dec. 31, 2017
Limited Partners' Capital Account [Line Items]
Distribution		$ 20,752	$ 24,951	$ 41,148
Scenario, Forecast
Limited Partners' Capital Account [Line Items]
Distributions paid	$ 20,400

REDEEMABLE LIMITED PARTNERS' 58

REDEEMABLE LIMITED PARTNERS' CAPITAL - Schedule Of Common Stock Units Quarterly Exchanges (Details) - Class B Common Stock - USD ($) $ in Thousands	Oct. 31, 2017	Jul. 31, 2017	Dec. 31, 2017
Limited Partners' Capital Account [Line Items]
Class B common units and associated Class B common shares exchanged (in shares)	3,651,294	1,231,410	4,882,704
Reduction in Redeemable Limited Partners' Capital	$ 119,289	$ 42,976	$ 162,265

STOCKHOLDERS' DEFICIT (Details)

STOCKHOLDERS' DEFICIT (Details)	Feb. 02, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Oct. 31, 2017USD ($)	Jun. 30, 2017$ / sharesshares
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares		54,685,668		51,943,281
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)			$ 200,000,000
Stock repurchased during period, shares | shares		2,600,000
Treasury stock acquired, average cost per share (in dollars per share) | $ / shares		$ 28.96
Stock repurchased during period, value		$ 74,700,000
Stock repurchased during period, forward purchase commitment, value		3,900,000
Stock repurchase program, remaining authorized repurchase amount		$ 125,300,000
Voting rights, ratio of votes to shares held		1
Class A Common Stock | Subsequent Event
Class of Stock [Line Items]
Stock repurchased during period, shares | shares	1,000,000
Treasury stock acquired, average cost per share (in dollars per share) | $ / shares	$ 31.67
Stock repurchased during period, value	$ 32,900,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares		82,282,748		87,298,888
Common stock, par value (in dollars per share) | $ / shares		$ 0.000001		$ 0.000001
Voting rights, ratio of votes to shares held		1

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of the Numerator and Denominator Used for Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Numerator for basic earnings per share:
Net income attributable to stockholders	$ 281,200	$ 400,275	$ 617,630	$ 470,577
Numerator for diluted earnings (loss) per share:
Adjustment of redeemable limited partners' capital to redemption amount	(317,916)	(335,264)	(638,340)	(397,072)
Net income attributable to non-controlling interest in Premier LP	56,485	181,173	101,095	230,774
Net income	19,769	246,184	80,385	304,279
Tax effect on Premier, Inc. net income	(251,085)	(34,496)	(261,636)	(55,448)
Adjusted net income (loss)	$ (231,316)	$ 211,688	$ (181,251)	$ 248,831
Denominator for basic earnings per share:
Weighted average shares (in shares)	55,209	49,445	54,059	48,330
Denominator for diluted earnings (loss) per share:
Weighted average shares (in shares)	55,209	49,445	54,059	48,330
Effect of dilutive securities:
Weighted average shares and assumed conversions (in shares)	139,237	141,308	139,641	142,133
Basic earnings per share (in dollars per share)	$ 5.09	$ 8.10	$ 11.43	$ 9.74
Diluted earnings (loss) per share (in dollars per share)	$ (1.66)	$ 1.50	$ (1.30)	$ 1.75
Class B Common Stock
Effect of dilutive securities:
Effect of dilutive securities (in shares)	83,578	91,462	85,029	93,366
Stock options
Effect of dilutive securities:
Effect of dilutive securities (in shares)	189	220	270	261
Antidilutive securities excluded from computation of earnings per share (in shares)	2,200	1,900	2,200	1,900
Restricted stock
Effect of dilutive securities:
Effect of dilutive securities (in shares)	261	181	283	176
Performance share awards
Effect of dilutive securities:
Effect of dilutive securities (in shares)	0	0	0	0
Antidilutive securities excluded from computation of earnings per share (in shares)	500		500

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Exchange Agreement (Details) - shares	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Dec. 31, 2017
Class B Common Shares
Conversion of Stock [Line Items]
Class B common units and associated Class B common shares exchanged (in shares)		3,651,294	1,231,410	4,882,704
Shares Outstanding After Exchange (in shares)		82,416,184	86,067,478
Percentage of Combined Voting Power Class B/Class A Common Stock		59.00%	62.00%
Class A Common Shares
Conversion of Stock [Line Items]
Shares Outstanding After Exchange (in shares)		57,215,143	53,212,057
Percentage of Combined Voting Power Class B/Class A Common Stock		41.00%	38.00%
Subsequent Event | Class B Common Shares
Conversion of Stock [Line Items]
Class B common units and associated Class B common shares exchanged (in shares)	1,006,435
Shares Outstanding After Exchange (in shares)	81,169,319
Percentage of Combined Voting Power Class B/Class A Common Stock	60.00%
Subsequent Event | Class A Common Shares
Conversion of Stock [Line Items]
Shares Outstanding After Exchange (in shares)	54,829,086
Percentage of Combined Voting Power Class B/Class A Common Stock	40.00%

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax stock-based compensation expense	$ 8.9	$ 6.3	$ 17.7	$ 12.1
Deferred tax benefit	$ 2.2	$ 2.4	$ 4.4	$ 4.6
Expected effective income tax rate	25.00%	38.00%	25.00%	38.00%
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards authorized for grant (up to) (in shares)	11.3		11.3
Number of shares available for grant	3.5		3.5
Restricted stock | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Restricted stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Performance share awards | 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Stock options | 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Award term			10 years
Options, expiration period			12 months
Year One | Stock options | 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)			33.33%
Year Two | Stock options | 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)			33.33%
Year Three | Stock options | 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)			33.33%

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Information Related to Restricted Stock, Performance Share Awards and Stock Options (Details) - 2013 Equity Incentive Plan	6 Months Ended
	Dec. 31, 2017$ / sharesshares
Restricted Stock
Number of Awards
Outstanding, beginning balance (in shares) | shares	576,988
Granted (in shares) | shares	206,929
Vested/exercised (in shares) | shares	(109,174)
Forfeited (in shares) | shares	(20,276)
Outstanding, ending balance (in shares) | shares	654,467
Weighted Average Fair Value at Grant Date
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 32.92
Granted (in dollars per share) | $ / shares	32.81
Vested/exercised (in dollars per share) | $ / shares	31.67
Forfeited (in dollars per share) | $ / shares	32.50
Outstanding, ending balance (in dollars per share) | $ / shares	$ 33.11
Performance Share Awards
Number of Awards
Outstanding, beginning balance (in shares) | shares	1,085,872
Granted (in shares) | shares	690,470
Vested/exercised (in shares) | shares	(352,867)
Forfeited (in shares) | shares	(46,502)
Outstanding, ending balance (in shares) | shares	1,376,973
Weighted Average Fair Value at Grant Date
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 32.79
Granted (in dollars per share) | $ / shares	32.62
Vested/exercised (in dollars per share) | $ / shares	31.73
Forfeited (in dollars per share) | $ / shares	32.43
Outstanding, ending balance (in dollars per share) | $ / shares	$ 32.99
Stock options
Number of Options
Outstanding, beginning balance (in shares) | shares	3,372,499
Granted (in shares) | shares	550,563
Vested/exercised (in shares) | shares	(103,061)
Forfeited (in shares) | shares	(92,179)
Outstanding, ending balance (in shares) | shares	3,727,822
Stock options outstanding and exercisable (in shares) | shares	2,620,480
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 30.31
Granted (in dollars per share) | $ / shares	32.80
Vested/exercised (in dollars per share) | $ / shares	28.26
Forfeited (in dollars per share) | $ / shares	34.28
Outstanding, ending balance (in dollars per share) | $ / shares	30.64
Stock options outstanding and exercisable (in dollars per share) | $ / shares	$ 29.64

STOCK-BASED COMPENSATION - Sc64

STOCK-BASED COMPENSATION - Schedule of Unrecognized Stock-Based Compensation Expense (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense	$ 48,778
Weighted Average Amortization Period	2 years 7 days
2013 Equity Incentive Plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense	$ 11,111
Weighted Average Amortization Period	2 years 21 days
2013 Equity Incentive Plan | Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense	$ 27,385
Weighted Average Amortization Period	2 years
2013 Equity Incentive Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense	$ 10,282
Weighted Average Amortization Period	2 years 10 days

STOCK-BASED COMPENSATION - Sc65

STOCK-BASED COMPENSATION - Schedule of Aggregate Intrinsic Value of Stock Options (Details) - 2013 Equity Incentive Plan $ in Thousands	Dec. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and exercisable	$ 3,336
Expected to vest	8
Total outstanding	3,344
Exercised during the six months ended December 31, 2017	$ 588

STOCK-BASED COMPENSATION - Assu

STOCK-BASED COMPENSATION - Assumptions Used for Determining the Fair Value of Stock Options Granted (Details) - 2013 Equity Incentive Plan - Stock options - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	6 years	6 years
Expected dividend (in dollars per share)	$ 0	$ 0
Expected dividend rate	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	29.92%	32.00%
Risk-free interest rate (as a percent)	1.89%	1.31%
Weighted average option grant date fair value (in dollars per share)	$ 9.48	$ 10.48
Constant maturity treasury rate (term)	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	32.36%	33.00%
Risk-free interest rate (as a percent)	2.14%	2.00%
Weighted average option grant date fair value (in dollars per share)	$ 11.42	$ 10.80
Constant maturity treasury rate (term)	7 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Income Tax Contingency [Line Items]
Tax expense		$ 231,508	$ 37,429	$ 244,272	$ 60,765
Effective tax rate		92.00%	13.00%	75.00%	17.00%
Tax cuts and jobs act of 2017, remeasurement of deferred tax balances	$ 221,200
Decrease in deferred tax assets				$ 159,700
Current deferred tax assets at Premier, Inc.		$ 274,600		274,600		$ 434,300
Deferred income tax asset quarterly member owner exchange				$ 65,300
Tax savings payable to limited partners (as a percent)		85.00%		85.00%
Decrease in tax receivable liability				$ 92,500
TRA liabilities		$ 247,200		247,200		$ 339,700
Tax Cuts And Jobs Act Of 2017, change in tax rate, decrease in tax receivable agreement liabilities	$ 177,200
Tax receivable agreement liability, increase quarterly member owner exchange				62,200
Increase in tax receivable agreement liability, revaluation of future contingent payments				20,900
Premier Inc.
Income Tax Contingency [Line Items]
Current deferred tax assets at Premier, Inc.		305,500		305,500
PHSI and PSCI
Income Tax Contingency [Line Items]
Current deferred tax liabilities		$ 30,900		$ 30,900

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jul. 26, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017	Dec. 02, 2016	Dec. 01, 2016
Related Party Transaction [Line Items]
Revenue share obligations		$ 74,651,000		$ 74,651,000		$ 72,078,000
Limited partners' distribution payable		20,396,000		20,396,000		24,951,000
Due from related parties		381,000		381,000		6,742,000
Share of Innovatix's net income		1,257,000	$ 5,127,000	5,509,000	$ 14,706,000
Net administrative fees revenue recorded from purchases under agreements		159,343,000	129,071,000	310,334,000	255,047,000
Innovatix
Related Party Transaction [Line Items]
Share of Innovatix's net income		0	4,127,000	0	10,743,000
FFF
Related Party Transaction [Line Items]
Share of Innovatix's net income		1,268,000	1,119,000	5,605,000	4,177,000
GYNHA
Related Party Transaction [Line Items]
Revenue share obligations						7,800,000
Limited partners' distribution payable						2,700,000
Essensa | Administrative Fee Revenue
Related Party Transaction [Line Items]
Net administrative fees revenue			500,000		1,200,000
AEIX
Related Party Transaction [Line Items]
Maximum annual incentive management fee		500,000		500,000
AEIX | Administrative Fee Revenue
Related Party Transaction [Line Items]
Due from related parties		600,000		600,000		600,000
AEIX | Cost Reimbursement
Related Party Transaction [Line Items]
Net administrative fees revenue		$ 1,400,000	1,100,000	$ 2,900,000	2,200,000
Premier LP | GYNHA
Related Party Transaction [Line Items]
Ownership of outstanding partnership interests (as a percent)		8.00%		8.00%
Premier LP | GYNHA | Administrative Fee Revenue
Related Party Transaction [Line Items]
Net administrative fees revenue			17,200,000		34,900,000
Due from related parties						$ 5,400,000
Premier LP | GYNHA | Services and Support Revenue
Related Party Transaction [Line Items]
Net administrative fees revenue			3,500,000		7,100,000
Premier LP | GYNHA | Product Revenue
Related Party Transaction [Line Items]
Net administrative fees revenue			4,300,000		$ 8,000,000
Premier LP | Member Owners
Related Party Transaction [Line Items]
Revenue share of gross administrative fees (as a percent)					30.00%
Premier Supply Chain Improvement, Inc | Innovatix
Related Party Transaction [Line Items]
Share of Innovatix's net income			4,100,000		$ 10,700,000
Premier Supply Chain Improvement, Inc | FFF
Related Party Transaction [Line Items]
Share of Innovatix's net income		$ 1,300,000	1,100,000	$ 5,600,000	4,200,000
Ownership share of net income of FFF (as a percent)	49.00%
Net administrative fees revenue recorded from purchases under agreements		$ 2,300,000	1,600,000	$ 4,000,000	1,700,000
Premier Healthcare Solutions, Inc. | Innovatix
Related Party Transaction [Line Items]
Net administrative fees revenue			$ 8,500,000		$ 19,900,000
Innovatix
Related Party Transaction [Line Items]
Membership interest prior to acquisition (as a percent)								50.00%
Remaining membership interest acquired (as a percent)							50.00%
Essensa
Related Party Transaction [Line Items]
Remaining membership interest acquired (as a percent)							100.00%
Innovatix
Related Party Transaction [Line Items]
Membership interest prior to acquisition (as a percent)								50.00%
Remaining membership interest acquired (as a percent)							50.00%

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details)	6 Months Ended
	Dec. 31, 2017segment
Segment Reporting [Abstract]
Number of reportable business segments	2
Threshold to classify expenses as non-recurring (period)	2 years
Threshold to classify expenses as non-recurring, not expected to occur within (period)	2 years

SEGMENTS - Schedule of Segment

SEGMENTS - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Segment Reporting Information [Line Items]
Net administrative fees	$ 159,343	$ 129,071	$ 310,334	$ 255,047
Other services and support	89,953	87,051	176,864	168,218
Services	249,296	216,122	487,198	423,265
Products	162,102	142,378	314,764	248,507
Net revenue	411,398	358,500	801,962	671,772
Depreciation and amortization expense	31,127	25,349	61,532	48,576
Capital expenditures	21,975	17,359	38,622	34,325
Total assets	2,320,163		2,320,163		$ 2,507,836
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization expense	2,322	1,912	4,315	3,797
Capital expenditures	1,692	1,290	4,483	1,405
Total assets	444,091		444,091		601,951
Supply Chain Services
Segment Reporting Information [Line Items]
Net administrative fees	159,343	129,071	310,334	255,047
Other services and support	3,421	1,201	5,570	2,846
Services	162,764	130,272	315,904	257,893
Products	162,101	142,378	314,764	248,507
Net revenue	324,865	272,650	630,668	506,400
Supply Chain Services | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization expense	5,171	2,453	10,666	2,920
Capital expenditures	541	2,149	848	2,149
Total assets	1,001,803		1,001,803		1,017,023
Performance Services
Segment Reporting Information [Line Items]
Net revenue	86,533	85,850	171,294	165,372
Performance Services | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization expense	23,634	20,984	46,551	41,859
Capital expenditures	19,742	$ 13,920	33,291	$ 30,771
Total assets	$ 874,269		$ 874,269		$ 888,862

SEGMENTS - Reconciliation of In

SEGMENTS - Reconciliation of Income Before Income Taxes to Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Income before income taxes	$ 251,277	$ 283,613	$ 324,657	$ 365,044
Remeasurement gain attributable to acquisition of Innovatix, LLC	0	(204,833)	0	(204,833)
Equity in net income of unconsolidated affiliates	(1,257)	(5,127)	(5,509)	(14,706)
Interest and investment loss, net	1,508	857	3,003	1,009
Loss on disposal of long-lived assets	400	0	1,720	1,518
Other income	13,356	131	11,893	(875)
Operating income	265,284	74,641	335,764	147,157
Depreciation and amortization	17,310	14,198	33,817	28,216
Amortization of purchased intangible assets	13,817	11,151	27,715	20,360
Stock-based compensation	8,951	6,423	17,908	12,319
Acquisition related expenses	1,674	4,216	4,773	7,153
Remeasurement of tax receivable agreement liabilities	(177,174)	0	(177,174)	(5,722)
ERP implementation expenses	156	432	491	1,526
Equity in net income of unconsolidated affiliates	1,257	5,127	5,509	14,706
Deferred compensation plan income	1,577	8	3,116	1,103
Other expense	603	0	602	0
Adjusted EBITDA	133,542	122,009	252,713	232,782
Business Acquisition [Line Items]
Stock purchase plan expense	100	200	$ 200	$ 300
Income taxes, reduction in rate, percent			14.00%	1.00%
Business combination, provisional information, initial accounting incomplete, adjustments related to previous period	87	5,813	$ 192	$ 5,964
Acquisition related adjustment - revenue		200		300
Operating Segments | Supply Chain Services
Segment Reporting Information [Line Items]
Adjusted EBITDA	132,045	119,022	257,665	236,326
Operating Segments | Performance Services
Segment Reporting Information [Line Items]
Adjusted EBITDA	27,929	28,603	49,150	50,914
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(26,432)	(25,616)	(54,102)	(54,458)
Innovatix and Essensa
Segment Reporting Information [Line Items]
Acquisition related expenses	$ 1,600	4,400	$ 3,400	$ 4,700
Business Acquisition [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustments related to previous period		5,600
Business combination, provisional information, initial accounting incomplete, adjustment, financial assets		23,300
Business combination, provisional information, initial accounting incomplete, adjustment, financial liabilities		$ 4,100

Uncategorized Items - pinc-2017

Label	Element	Value
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity	$ 25,000,000
Revolving Credit Facility, Swing Line Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity	$ 75,000,000