Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Sep. 01, 2014 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Trading Symbol | 'CTLT | ' |
Document Fiscal Period Focus | 'FY | ' |
Entity Registrant Name | 'Catalent, Inc. | ' |
Entity Central Index Key | '0001596783 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Public Float | $0 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding (shares) | ' | 117,321,348 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net revenue | $1,827.70 | $1,800.30 | $1,694.80 |
Cost of sales | 1,229.10 | 1,231.70 | 1,136.20 |
Gross margin | 598.6 | 568.6 | 558.6 |
Selling, general and administrative expenses | 334.8 | 340.6 | 348.1 |
Impairment charges and (gain)/loss on sale of assets | 3.2 | 5.2 | 1.8 |
Restructuring and other | 19.7 | 18.4 | 19.5 |
Property and casualty (gain)/loss, net | 0 | 0 | -8.8 |
Operating earnings/(loss) | 240.9 | 204.4 | 198 |
Interest expense, net | 163.1 | 203.2 | 183.2 |
Other (income)/expense, net | 10.4 | 25.1 | -3.8 |
Earnings/(loss) from continuing operations before income taxes | 67.4 | -23.9 | 18.6 |
Income tax expense/(benefit) | 49.5 | 27 | 0.5 |
Earnings/(loss) from continuing operations | 17.9 | -50.9 | 18.1 |
Net earnings/(loss) from discontinued operations, net of tax | -2.7 | 1.2 | -41.3 |
Net earnings/(loss) | 15.2 | -49.7 | -23.2 |
Less: Net earnings/(loss) attributable to noncontrolling interest, net of tax | -1 | -0.1 | 1.2 |
Net earnings/(loss) attributable to Catalent | 16.2 | -49.6 | -24.4 |
Income (Loss) from Continuing Operations Attributable to Parent | $18.90 | ($50.80) | $16.90 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.25 | ($0.68) | $0.23 |
Earnings Per Share, Basic | $0.22 | ($0.66) | ($0.33) |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.25 | ($0.68) | $0.22 |
Earnings Per Share, Diluted | $0.21 | ($0.66) | ($0.32) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income / (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net earnings/(loss) | $15.20 | ($49.70) | ($23.20) |
Other comprehensive income/(loss), net of tax | ' | ' | ' |
Foreign currency translation adjustments | 32.4 | -47.9 | -40.4 |
Defined benefit pension plan | -15.5 | 8.7 | -26.5 |
Deferred compensation/(benefit) | 1.7 | 0.8 | 0.1 |
Earnings/(loss) on derivatives for the period | 0 | 24.5 | 12.3 |
Other comprehensive income/(loss), net of tax | 18.6 | -13.9 | -54.5 |
Comprehensive income/(loss) | 33.8 | -63.6 | -77.7 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -0.6 | -0.1 | -1.9 |
Comprehensive income/(loss) attributable to Catalent | $34.40 | ($63.50) | ($75.80) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $74.40 | $106.40 | ||
Trade receivables, net | 403.7 | 358 | ||
Inventories | 134.8 | 124.9 | ||
Prepaid Expense and Other Assets, Current | 74.6 | 89.8 | ||
Total current assets | 687.5 | 679.1 | ||
Property, plant, and equipment, net | 873 | [1] | 814.5 | [1] |
Other assets: | ' | ' | ||
Goodwill | 1,097.10 | 1,023.40 | ||
Other intangibles, net | 357.6 | 372.2 | ||
Deferred income taxes, net | 26.3 | 23.7 | ||
Other Assets, Noncurrent | 48.7 | 36.6 | ||
Total assets | 3,090.20 | 2,949.50 | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' DEFICIT | ' | ' | ||
Debt, Current | 25.2 | 35 | ||
Accounts payable | 148.1 | 150.8 | ||
Other accrued liabilities | 279.7 | 224.5 | ||
Total current liabilities | 453 | 410.3 | ||
Long-term Debt and Capital Lease Obligations | 2,685.40 | 2,656.60 | ||
Pension liability | 154.7 | 134.1 | ||
Non-current deferred tax liability | 103.2 | 111.8 | ||
Other liabilities | 61.2 | 47 | ||
Commitment and contingencies (see Note 15) | 0 | 0 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 4.5 | 0 | ||
Common stock $0.01 par value; 84,000,000 shares authorized in 2014 and 2013, 74,821,348 and 74,796,134 shares issued and outstanding in 2014 and 2013 | 0.7 | 0.7 | ||
Additional paid in capital | 1,031.40 | 1,026.70 | ||
Accumulated deficit | -1,379.10 | -1,395.30 | ||
Accumulated other comprehensive income/(loss) | -24.2 | -42.8 | ||
Total shareholders' deficit | -371.2 | -410.7 | ||
Noncontrolling interest | -0.6 | 0.4 | ||
Total Catalent shareholders' equity/(deficit) | -371.8 | -410.3 | ||
Total liabilities, redeemable noncontrolling interest and shareholders' deficit | $3,090.20 | $2,949.50 | ||
[1] | Long-lived assets include property and equipment, net of accumulated depreciation. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shared authorized (shares) | 84,000,000 | 84,000,000 |
Common stock, shares issued (shares) | 74,821,348 | 74,796,134 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Shareholder's Equity (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Common Stock, Shares, Outstanding | 74,821,300 | 74,796,100 | 74,821,300 | 74,796,100 | 74,756,100 | 74,729,600 |
Equity Contribution, Number of Shares | ' | ' | 25,200,000 | 40,000,000 | 26,500,000 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Equity contribution | ' | ' | ($0.20) | $1.20 | $1.10 | ' |
Equity compensation | ' | ' | 4.5 | 2.8 | 3.7 | ' |
Acquisition of noncontrolling interest | ' | ' | ' | ' | -64.8 | ' |
Net Income (Loss) Attributable to Parent | 27.2 | 16.4 | 16.2 | -49.6 | -24.4 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | ' | ' | -0.6 | -0.1 | -1.9 | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest | ' | ' | 15.6 | -49.7 | -23.2 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | -3.1 | ' |
Other comprehensive income /(loss), net of tax | ' | ' | 18.6 | -13.9 | -54.5 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -371.8 | -410.3 | -371.8 | -410.3 | -350.7 | -209.9 |
Common Stock [Member] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
Additional Paid-in Capital [Member] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Equity contribution | ' | ' | 0.2 | 0.7 | 1.1 | ' |
Equity compensation | ' | ' | 4.5 | 2.8 | 3.7 | ' |
Acquisition of noncontrolling interest | ' | ' | ' | ' | -62.9 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,031.40 | 1,026.70 | 1,031.40 | 1,026.70 | 1,023.20 | 1,081.30 |
Accumulated Deficit [Member] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | ' | ' | 16.2 | -49.6 | -24.4 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -1,379.10 | -1,395.30 | -1,379.10 | -1,395.30 | -1,345.70 | -1,321.30 |
Accumulated Other Comprehensive (Loss)/Income [Member] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Other comprehensive income /(loss), net of tax | ' | ' | 18.6 | -13.9 | -54.5 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -24.2 | -42.8 | -24.2 | -42.8 | -28.9 | 25.6 |
Noncontrolling Interest [Member] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Equity contribution | ' | ' | -0.4 | 0.5 | 0 | ' |
Acquisition of noncontrolling interest | ' | ' | ' | ' | -1.9 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | ' | ' | ' | -0.1 | 1.2 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | -3.1 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ($0.60) | $0.40 | ($0.60) | $0.40 | $0 | $3.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net earnings/(loss) | $15.20 | ($49.70) | ($23.20) |
Net earnings/(loss) from discontinued operations | -2.7 | 1.2 | -41.3 |
Earnings/(loss) from continuing operations | 17.9 | -50.9 | 18.1 |
Adjustments to reconcile (loss)/earnings from continued operations to net cash from operations: | ' | ' | ' |
Depreciation and amortization | 142.9 | 152.2 | 129.7 |
Foreign Currency Transaction Gain (Loss), before Tax | -17.1 | 6.6 | -3.7 |
Amortization and write off of debt financing costs | 14 | 19 | 14.7 |
Asset impairments and (gain)/loss on sale of assets | 3.2 | 5.2 | 9.8 |
Proceeds from insurance related to long lived assets | 0 | 0 | -21.3 |
Call premium and financing fees paid | 7.2 | 10.8 | 0 |
Equity compensation | 4.5 | 2.8 | 3.7 |
Provision/(benefit) for deferred income taxes | -15.1 | 8.3 | -18.8 |
Provision for bad debts and inventory | 9.8 | 10.4 | 9.5 |
Change in operating assets and liabilities: | ' | ' | ' |
Decrease/(increase) in trade receivables | -38 | -23.6 | -64.9 |
Decrease/(increase) in inventories | -8.5 | -10.5 | 1.4 |
Increase/(decrease) in accounts payable | -7.6 | 17.9 | 7.7 |
Other accrued liabilities and operating items, net | 67 | -9.1 | 1.8 |
Net cash provided by/(used in) operating activities from continuing operations | 180.2 | 139.1 | 87.7 |
Net cash provided by/(used in) operating activities from discontinued operations | -1.9 | -1.4 | 0.2 |
Net cash provided by/(used in) operating activities | 178.3 | 137.7 | 87.9 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Payments to Acquire Productive Assets | -122.4 | -122.5 | -104.2 |
Proceeds from sale of property and equipment | 0.9 | 2.9 | 2.2 |
Proceeds from insurance related to long lived assets | 0 | 0 | 21.3 |
Payment for acquisitions, net | -53.7 | -2.5 | -457.5 |
Net cash provided by/(used in) investing activities from continuing operations | -175.2 | -122.1 | -538.2 |
Net cash provided by/(used in) investing activities from discontinued operations | 4 | 0 | 43.7 |
Net cash provided by/(used in) investing activities | -171.2 | -122.1 | -494.5 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net change in short-term borrowings | -17.5 | -3.9 | -2.9 |
Payments related to revolver credit facility fees | 0 | 0 | -1.6 |
Proceeds from Borrowing, net | 1,723.70 | 672.7 | 393.3 |
Payments related to long-term obligations | -1,741.30 | -708.5 | -37 |
Call premium and financing fees paid | -7.2 | -10.8 | 0 |
Distribution to noncontrolling interest holder | 0 | 0 | 0 |
Equity contribution/(redemption) | 0.2 | 1.2 | 1.1 |
Net cash (used in)/provided by financing activities from continuing operations | -42.1 | -49.3 | 352.9 |
Net cash (used in)/provided by financing activities from discontinued operations | 0 | 0 | 0 |
Net cash (used in)/provided by financing activities | -42.1 | -49.3 | 352.9 |
Effect of foreign currency on cash | 3 | 1.1 | -12.4 |
NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS | -32 | -32.6 | -66.1 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 106.4 | 139 | 205.1 |
CASH AND EQUIVALENTS AT END OF PERIOD | 74.4 | 106.4 | 139 |
SUPPLEMENTARY CASH FLOW INFORMATION: | ' | ' | ' |
Interest paid | 153.8 | 200.1 | 172.4 |
Income taxes paid, net | $21 | $14.20 | $23.90 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | |||||||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Business | ||||||||||||
Catalent, Inc. (“Catalent” or the “Company” or the “Parent”) directly and wholly owns PTS Intermediate Holdings LLC (“Intermediate Holdings”). Intermediate Holdings directly and wholly owns Catalent Pharma Solutions, Inc. (“Operating Company”). Parent is 100% owned by Phoenix Charter LLC (“Phoenix”) and certain members of the Company’s senior management. Phoenix is wholly-owned by BHP PTS Holdings L.L.C., an entity controlled by affiliates of The Blackstone Group L.P. (“Blackstone”), a global private investment and advisory firm. In July 2014, the Company completed an initial public offering of the common shares of Catalent, Inc. See Note 19 for the Subsequent Events footnote for further disclosures. | ||||||||||||
We are the leading global provider of development solutions and advanced delivery technologies for drugs, biologics and consumer health products. Through our extensive capabilities and deep expertise in product development, we help our customers bring more products to market, faster. Our advanced delivery technology platforms, the broadest and most diverse combination of intellectual property and proven formulation, manufacturing and regulatory expertise available to the industry, enable our customers to bring more products and better treatments to the market. Across both development and delivery, our commitment to reliably supply our customers' needs serves as the foundation for the value we provide. We operate through four businesses: Development & Clinical Services, Softgel Technologies, Modified Release Technologies, and Medication Delivery Solutions. We believe that through our prior and ongoing investments in growth-enabling capacity and capabilities, our entry into new markets, our ongoing focus on operational and quality excellence, our innovation activities, the sales of existing customer products, and the introduction of new customer products, we will continue to benefit from attractive margins and realize the growth potential from these areas. | ||||||||||||
For financial reporting purposes, we present three distinct financial reporting segments based on criteria established by U.S. GAAP: Development & Clinical Services, Oral Technologies and Medication Delivery Solutions. The Oral Technologies segment includes the Softgel Technologies and Modified Release Technologies businesses. | ||||||||||||
Oral Technologies | ||||||||||||
The Company’s Oral Technologies segment provides advanced oral delivery technologies, including formulation, development and manufacturing of oral dose forms for prescription and consumer health products across all phases of a molecule’s lifecycle. These oral dose forms include softgel, modified release technology (“MRT”) and immediate release solid oral technology products. At certain facilities the Company also provides integrated primary packaging services for the products the Company manufactures. In fiscal 2014, the Company generated approximately $857.5 million in revenue from its softgel products and approximately $358.2 million in revenue from or MRT products (including intra-segment revenue of approximately $35.6 million). | ||||||||||||
Through the Softgel Technologies business, the Company provides formulation, development and manufacturing services for soft gelatin capsules, or “softgels,” which the Company first commercialized in the 1930s. The Company is the market leader in overall softgel manufacturing and holds the leading market position in the prescription arena. The Company’s principal softgel technologies include traditional softgel capsules (in which the shell is made from animal-derived materials) and Vegicaps and OptiShell capsules (in which the shell is made from vegetable-derived materials), which are used in a broad range of customer products including prescription drugs, over-the-counter medications, and vitamins and supplements. Softgel capsules encapsulate liquid, paste or oil-based active compounds in solution or suspension within an outer shell, filling and sealing the capsule simultaneously. The Company performs all encapsulation within one of the Company’s softgel facilities, with active ingredients provided by customers or sourced directly by the Company. Softgels have historically been used to solve formulation challenges or technical issues for a specific drug, to help improve the clinical performance of compounds, to provide important market differentiation, particularly for over-the-counter compounds, and to provide safe handling of hormonal, potent and cytotoxic drugs. The Company also participates in the softgel over-the-counter and vitamin, mineral and supplement business in selected regions around the world. With the 2001 introduction of the Company’s vegetable-derived softgel shell, Vegicaps capsules, consumer health manufacturers have been able to extend the softgel dose form to a broader range of active ingredients and serve patient/consumer populations that were previously inaccessible due to religious, dietary or cultural preferences. In recent years this platform has been extended to pharmaceutical active ingredients via the OptiShell platform. The Company’s Vegicaps and OptiShell capsules are patent protected in most major global markets. Physician and patient studies that the Company has conducted have demonstrated a preference for softgels versus traditional tablet and hard capsule dose forms in terms of ease of swallowing, real or perceived speed of delivery, ability to remove or eliminate unpleasant odor or taste and, for physicians, perceived improved patient adherence with dosing regimens. | ||||||||||||
Through the Company’s Modified Release Technologies business, the Company provides formulation, development and manufacturing services for fast-dissolve tablets and both proprietary and conventional controlled release products. The Company launched its orally dissolving tablet business in 1986 with the introduction of Zydis tablets, a unique oral dosage form that is freeze-dried in its package, can be swallowed without water, and typically dissolves in the mouth in less than three seconds. Most often used for indications, drugs and patient groups that can benefit from rapid oral disintegration, the Zydis technology is utilized in a wide range of products and indications, including treatments for a variety of central nervous system-related conditions such as migraines, Parkinson's Disease, schizophrenia, and pain relief. Zydis tablets continue to be used in new ways by its customers as the Company extends the application of the technology to new categories, such as for immunotherapies, vaccines and biologics delivery. More recently the Company has added three new technology platforms to the Modified Release business portfolio, including the highly flexible OptiDose tab-in-tab technology, already commercially proven in Japan; the OptiMelt hot melt extrusion technology; and the development stage LyoPan oral dissolving tablet technology. The Company plans to continue to expand the development pipeline of customer products for all of its Modified Release technologies. | ||||||||||||
Representative Oral Technologies business customers include Pfizer, Novartis, Merck, GlaxoSmithKline, Eli Lilly, Johnson & Johnson and Actavis. | ||||||||||||
Medication Delivery Solutions | ||||||||||||
The Company’s Medication Delivery Solutions segment provides formulation, development and manufacturing services for delivery of drugs and biologics, administered via injection, inhalation and ophthalmic routes, using both traditional and advanced technologies. The Company’s range of injectable manufacturing offerings includes filling drugs or biologics into pre-filled syringes, with flexibility to accommodate other formats within its existing network, focused increasingly on complex pharmaceuticals and biologics. With the Company’s range of technologies, it is able to meet a wide range of specifications, timelines and budgets. The complexity of the manufacturing process, the importance of experience and know-how, regulatory compliance, and high start-up capital requirements create significant barriers to entry and, as a result, limit the number of competitors in the market. For example, blow-fill-seal is an advanced aseptic processing technology which uses a continuous process to form, fill with drug, and seal a plastic container in a sterile environment. Blow-fill-seal units are currently used for a variety of pharmaceuticals in liquid form, such as respiratory, ophthalmic and optic products. The Company is a leader in the outsourced blow-fill-seal market, and operates one of the largest capacity commercial manufacturing blow-fill-seal facilities in the world. The Company’s sterile blow-fill-seal business provides flexible and scalable solutions for unit-dose delivery of complex formulations such as suspensions and emulsions, as well as innovative design and engineering container design and manufacturing solutions. The Company’s regulatory expertise can lead to decreased time to commercialization, and its dedicated development production lines support feasibility, stability and clinical runs. The Company plans to continue to expand the Company’s product line in existing and new markets, and in higher margin specialty products with additional respiratory, ophthalmic, and injectable applications. Representative customers include Pfizer, Sanofi-Aventis, Novartis, Roche and Teva. | ||||||||||||
The Company’s biologics offerings include its formulation development and cell-line manufacturing based on its advanced and patented Gene Product Expression (“GPEx”) technology, which is used to develop stable, high-yielding mammalian cell lines for both innovator and bio-similar biologic compounds. The Company’s GPEx technology can provide rapid cell line development, high biologics production yields, flexibility and versatility. The Company believes its development stage SMARTag next-generation antibody-drug conjugate technology will provide more precision targeting for delivery of drugs to tumors or other locations, with improved safety versus existing technologies. In fiscal 2013, the Company launched its recently completed biologics facility in Madison, Wisconsin, with expanded capability and capacity to produce clinical scale biologic supplies; combined with offerings from other businesses of Catalent and external partners, the Company now provides the broadest range of technologies and services supporting the development and launch of new biologic entities, biosimilars or biobetters to bring a product from gene to market commercialization, faster. | ||||||||||||
Development and Clinical Services | ||||||||||||
The Company’s Development & Clinical Services segment provides manufacturing, packaging, storage and inventory management for drugs and biologics in clinical trials. The Company offers customers flexible solutions for clinical supplies production, and provide distribution and inventory management support for both simple and complex clinical trials. This includes dose form manufacturing or over-encapsulation where needed; supplying placebos, comparator drug procurement and clinical packages and kits for physicians and patients; inventory management; investigator kit ordering and fulfillment; and return supply reconciliation and reporting. The Company supports trials in all regions of the world through its facilities and distribution network. In fiscal 2012, the Company substantially expanded this business via the Aptuit CTS business acquisition in February 2012, and in fiscal 2013 formed a joint venture with ShangPharma Corporation to expand its clinical supply services network into China. The Company is the leading provider of integrated development solutions and one of the leading providers of clinical trial supplies and respiratory products. | ||||||||||||
The Company also offers analytical chemical and cell-based testing and scientific services, stability testing, respiratory products formulation and manufacturing, regulatory consulting, and bioanalytical testing for biologic products. The Company’s respiratory product capabilities include development and manufacturing services for inhaled products for delivery via metered dose inhalers, dry powder inhalers and nasal sprays. The Company also provides formulation development and clinical and commercial manufacturing for conventional and specialty oral dose forms. The Company provides global regulatory and clinical support services for the Company’s customers’ regulatory and clinical strategies during all stages of development. Demand for the Company’s offerings is driven by the need for scientific expertise and depth and breadth of services offered, as well as by the reliable supply thereof, including quality, execution and performance. | ||||||||||||
Basis of Presentation | ||||||||||||
These financial statements include all of our subsidiaries, including those operating outside the United States (U.S) and are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). All significant transactions among our businesses have been eliminated. | ||||||||||||
Correction of an Error in Previously Issued Financial Statements | ||||||||||||
In conjunction with the year-end financial reporting process, the Company identified an error in the application of the intraperiod tax allocation guidance of ASC 740 related to the tax effect of certain activity in Other Comprehensive Income. There was no impact to total shareholders’ deficit, cash taxes paid, total net deferred taxes or cash flows from operations. | ||||||||||||
The restatement resulted in a reduction to the previously reported income tax expense and reduction to Other Comprehensive Income in 2010, 2012 and an increase to the previously reported income tax expense and increase to Other Comprehensive Income in 2013. | ||||||||||||
The Company also identified an error in the presentation of the offsetting of deferred tax assets and liabilities in accordance with ASC 740 related to the net presentation of its current and non-current deferred taxes by jurisdiction on the consolidated balance sheets. We have restated the Company’s presentation of current deferred tax assets and liabilities and non-current deferred tax assets and liabilities in all periods presented. There was no change to the net deferred tax position. | ||||||||||||
Accordingly, we restated the affected line items of our consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of changes in shareholders’ equity/(deficit), and consolidated statements of cash flows as well as the income taxes footnote, the accumulated other comprehensive income (loss) footnote, the segment information footnote and the supplemental balance sheet information footnote disclosures to correct these errors. | ||||||||||||
In accordance with ASC 250, Accounting Changes and Error Corrections and SAB Topic 1.M, Assessing Materiality, we determined the correction is immaterial to the Company’s individual prior period consolidated financial statements. However, the cumulative correction of the prior period error would be material to our current year financial statements. Therefore, we have revised previously reported amounts. | ||||||||||||
Provided below is a reconciliation of the previously reported amounts and impact of the restatement: | ||||||||||||
30-Jun-13 | ||||||||||||
Dollars in millions, except per share data | Previously Reported | Adjustment | As Adjusted | |||||||||
Shareholders' Equity / (Deficit) | ||||||||||||
Accumulated Deficit | $ | (1,428.8 | ) | $ | 33.5 | $ | (1,395.3 | ) | ||||
Accumulated Other Comprehensive (Loss)/Income, net of tax | (9.3 | ) | (33.5 | ) | (42.8 | ) | ||||||
Total Shareholders' Equity / (Deficit) | (410.3 | ) | — | (410.3 | ) | |||||||
Statement of Operations | ||||||||||||
Income tax expense / (benefit) | $ | 24.1 | $ | 2.9 | $ | 27 | ||||||
Earnings/(loss) from continuing operations | (48.0 | ) | (2.9 | ) | (50.9 | ) | ||||||
Net earnings / (loss) | (46.8 | ) | (2.9 | ) | (49.7 | ) | ||||||
Net earnings / (loss) attributable to Catalent | (46.7 | ) | (2.9 | ) | (49.6 | ) | ||||||
Basic Earnings / (loss) per share attributable to Catalent | ||||||||||||
Continuing operations | $ | (0.64 | ) | $ | (0.04 | ) | $ | (0.68 | ) | |||
Net earnings / (loss) | (0.62 | ) | (0.04 | ) | (0.66 | ) | ||||||
Diluted Earnings / (loss) per share attributable to Catalent | ||||||||||||
Continuing operations | $ | (0.64 | ) | $ | (0.04 | ) | $ | (0.68 | ) | |||
Net earnings / (loss) | (0.62 | ) | (0.04 | ) | (0.66 | ) | ||||||
Balance Sheet | ||||||||||||
Prepaid expenses and other current assets | $ | 88.6 | 1.2 | $ | 89.8 | |||||||
Deferred income taxes | 132.2 | (108.5 | ) | 23.7 | ||||||||
Total assets | 3,056.80 | (107.3 | ) | 2,949.50 | ||||||||
Other accrued liabilities | $ | 224.5 | $ | — | $ | 224.5 | ||||||
Deferred income tax liabilities | 219.1 | (107.3 | ) | 111.8 | ||||||||
Total liabilities | 3,467.10 | (107.3 | ) | 3,359.80 | ||||||||
Statement of Cash Flows | ||||||||||||
Net Cash provided by / (used in) operating activities | $ | 137.7 | $ | — | $ | 137.7 | ||||||
30-Jun-12 | ||||||||||||
Dollars in millions, except per share data | Previously Reported | Adjustment | As Adjusted | |||||||||
Shareholders' Equity / (Deficit) | ||||||||||||
Accumulated Deficit | $ | (1,382.1 | ) | $ | 36.4 | $ | (1,345.7 | ) | ||||
Accumulated Other Comprehensive (Loss)/Income, net of tax | 7.5 | (36.4 | ) | (28.9 | ) | |||||||
Total Shareholders' Equity / (Deficit) | (350.7 | ) | — | (350.7 | ) | |||||||
Statement of Operations | ||||||||||||
Income tax expense / (benefit) | $ | 16.5 | $ | (16.0 | ) | $ | 0.5 | |||||
Earnings/(loss) from continuing operations | 2.1 | 16 | 18.1 | |||||||||
Net earnings / (loss) | (39.2 | ) | 16 | (23.2 | ) | |||||||
Net earnings / (loss) attributable to Catalent | (40.4 | ) | 16 | (24.4 | ) | |||||||
Basic Earnings / (loss) per share attributable to Catalent | ||||||||||||
Continuing operations | $ | 0.01 | $ | 0.22 | $ | 0.23 | ||||||
Net earnings / (loss) | (0.54 | ) | 0.21 | (0.33 | ) | |||||||
Diluted Earnings / (loss) per share attributable to Catalent | ||||||||||||
Continuing operations | $ | 0.01 | $ | 0.21 | $ | 0.22 | ||||||
Net earnings / (loss) | (0.54 | ) | 0.22 | (0.32 | ) | |||||||
Statement of Cash Flows | ||||||||||||
Net Cash provided by / (used in) operating activities | $ | 87.9 | $ | — | $ | 87.9 | ||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, allowance for doubtful accounts, inventory and long-lived asset valuation, goodwill and other intangible asset valuation and impairment, equity-based compensation, income taxes, derivative financial instruments and pension plan asset and liability valuation. Actual amounts may differ from these estimated amounts. | ||||||||||||
Foreign Currency Translation | ||||||||||||
The financial statements of the Company’s operations outside the U.S. are generally measured using the local currency as the functional currency. Adjustments to translate the assets and liabilities of these foreign operations into U.S. dollars are accumulated as a component of other comprehensive income/(loss) utilizing period-end exchange rates. The currency fluctuation related to certain long-term inter-company loans deemed to not be repayable in the foreseeable future have been recorded within the cumulative translation adjustment, a component of other comprehensive income/(loss). In addition, the currency fluctuation associated with the portion of the Company’s euro-denominated debt designated as a net investment hedge is included as a component of other comprehensive income/(loss). Foreign currency transaction gains and losses calculated by utilizing weighted average exchange rates for the period are included in the statements of operations in “other expense, net.” Such foreign currency transaction gains and losses include inter-company loans that are long-term in nature. | ||||||||||||
Revenue Recognition | ||||||||||||
In accordance with ASC 605 Revenue Recognition, the Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred or the services have been rendered, the price is fixed or determinable and collectability is reasonably assured. In cases where the Company has multiple contracts with the same customer, the Company evaluates those contracts to assess if the contracts are linked or are separate arrangements. Factors the Company considers include the timing of negotiation, interdependency with other contracts or elements and payment terms. The Company and its customers generally view each contract discussion as a separate arrangement. | ||||||||||||
Manufacturing and packaging service revenue is recognized upon delivery of the product in accordance with the terms of the contract, which specify when transfer of title and risk of loss occurs. Some of the Company’s manufacturing contracts with its customers have annual minimum purchase requirements. At the end of the contract year, revenue is recognized for the unfilled purchase obligation in accordance with the contract terms. Development service contracts generally take the form of a fee-for-service arrangement. After the Company has evidence of an arrangement, the price is determinable and there is a reasonable expectation regarding payment, the Company recognizes revenue at the point in time the service obligation is completed and accepted by the customer. Examples of output measures include a formulation report, analytical and stability testing, clinical batch production or packaging and the storage and distribution of a customer’s clinical trial material. Development service revenue is primarily driven by the Company’s Development and Clinical Services segment. | ||||||||||||
Arrangements containing multiple elements, including service arrangements, are accounted for in accordance with the provisions of ASC 605-25, Revenue Recognition: Multiple-Element Arrangements. The Company determines the separate units of account in accordance with ASC 605-25. If the deliverable meets the criteria of a separate unit of accounting, the arrangement consideration is allocated to each element based upon its relative selling price. In determining the best evidence of selling price of a unit of account the Company utilizes vendor-specific objective evidence (“VSOE”), which is the price the Company charges when the deliverable is sold separately. When VSOE is not available, management uses relevant third-party evidence (“TPE”) of selling price, if available. When neither VSOE nor TPE of selling price exists, management uses its best estimate of selling price. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
All liquid investments purchased with an original maturity of three months or less are considered to be cash and equivalents. The carrying value of these cash equivalents approximates fair value. | ||||||||||||
Receivables and Allowance for Doubtful Accounts | ||||||||||||
Trade receivables are primarily comprised of amounts owed to the Company through its operating activities and are presented net of an allowance for doubtful accounts. The Company monitors past due accounts on an ongoing basis and establishes appropriate reserves to cover probable losses. An account is considered past due on the first day after its due date. We make judgments as to our ability to collect outstanding receivables and provide allowances when it is assessed that all or a portion of the receivable will not be collected. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation to the Company, and the condition of the general economy and the customer's industry. The Company writes off accounts receivable when they become uncollectible. | ||||||||||||
Concentrations of Credit Risk and Major Customers | ||||||||||||
Concentration of credit risk, with respect to accounts receivable, is limited due to the large number of customers and their dispersion across different geographic areas. The customers are primarily concentrated in the pharmaceutical and healthcare industry. The Company normally does not require collateral or any other security to support credit sales. The Company performs ongoing credit evaluations of its customers' financial conditions and maintains reserves for credit losses. Such losses historically have been within the Company's expectations. During fiscal year 2014 and 2013, no single customer exceeded 10% of revenue or accounts receivable. | ||||||||||||
Inventories | ||||||||||||
Inventory is stated at the lower of cost or market, using the first-in, first-out (“FIFO”) method. The Company provides reserves for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors. Inventory consists of costs associated with raw material, labor and overhead. | ||||||||||||
Goodwill | ||||||||||||
The Company accounts for purchased goodwill and intangible assets with indefinite lives in accordance with Codification Statement ASC 350 Goodwill, Intangible and Other Assets. Under ASC 350, goodwill and intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually. Our annual goodwill impairment test was conducted as of April 1, 2014. The Company assesses goodwill for possible impairment by comparing the carrying value of its reporting units to their fair values. The Company determines the fair value of its reporting units utilizing estimated future discounted cash flows and incorporates assumptions that it believes marketplace participants would utilize. In addition, the Company uses comparative market information and other factors to corroborate the discounted cash flow results. | ||||||||||||
Property and Equipment and Other Definite Lived Intangible Assets | ||||||||||||
Property and equipment are stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, including capital lease assets that are amortized over the shorter of their useful lives or the terms of the respective leases. The Company generally uses the following range of useful lives for its property and equipment categories: buildings and improvements—5 to 50 years; machinery and equipment—3 to 10 years; and furniture and fixtures—3 to 7 years. Depreciation expense was $100.5 million for the fiscal year ended June 30, 2014, $108.8 million for the fiscal year ended June 30, 2013, and $95.7 million for the fiscal year ended June 30, 2012. Depreciation expense includes amortization of assets related to capital leases. The Company charges repairs and maintenance costs to expense as incurred. The amount of capitalized interest was immaterial for all periods presented. | ||||||||||||
Intangible assets with finite lives, primarily including customer relationships and patents and trademarks continue to be amortized over their useful lives. The Company evaluates the recoverability of its other long-lived assets, including amortizing intangible assets, if circumstances indicate impairment may have occurred pursuant to Codification Standard ASC 360 Property, Plant and Equipment ("ASC 360"). This analysis is performed by comparing the respective carrying values of the assets to the current and expected future cash flows, on an un-discounted basis, to be generated from such assets. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value through a charge to the Consolidated Statements of Operations. Fair value is determined based on assumptions the Company believes marketplace participants would utilize and comparable marketplace information in similar arms length transactions. The Company recorded an impairment charge related to property, plant and equipment of approximately $3.2 million, $5.2 million and $1.8 million net of any gains on sale of equipment, as of June 30, 2014, June 30, 2013 and June 30, 2012 respectively. During fiscal years 2014 and 2013, no intangible asset impairment charges were recorded. | ||||||||||||
Post-Retirement and Pension Plans | ||||||||||||
The Company sponsors various retirement and pension plans, including defined benefit retirement plans and defined contribution retirement plans. The measurement of the related benefit obligations and the net periodic benefit costs recorded each year are based upon actuarial computations, which require management's judgment as to certain assumptions. These assumptions include the discount rates used in computing the present value of the benefit obligations and the net periodic benefit costs, the expected future rate of salary increases (for pay-related plans) and the expected long-term rate of return on plan assets (for funded plans). The discount rates are derived based on a hypothetical yield curve represented by a series of annualized individual discount rates. The expected long-term rate of return on plan assets is based on the target asset allocation and the average expected rate of growth for the asset classes invested. The average expected rate of growth is derived from a combination of historic returns, current market indicators, the expected risk premium for each asset class and the opinion of professional advisors. The Company uses a measurement date of June 30 for all its retirement and postretirement benefit plans. | ||||||||||||
Derivative Instruments, Hedging Activities, and Fair Value | ||||||||||||
Derivatives Instruments | ||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's borrowings. The Company does not net any of its derivative positions under master netting arrangements. | ||||||||||||
Hedging Activities | ||||||||||||
The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has primarily used interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges for financial reporting purposes is recorded in Accumulated Other Comprehensive Income on the balance sheet and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During fiscal years 2013 and 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt; however, as of June 30, 2014, the Company did not have any such derivatives in place. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. | ||||||||||||
The Company is exposed to fluctuations in the EUR-USD exchange rate on its investments in foreign operations in Europe. While the Company does not actively hedge against changes in foreign currency, it has mitigated the exposure of investments in its European operations through a net-investment hedge by denominating a portion of the debt in euros. | ||||||||||||
Fair Value | ||||||||||||
The Company is required to measure certain assets and liabilities at fair value, either upon initial measurement or for subsequent accounting or reporting. We use fair value extensively in the initial measurement of net assets acquired in a business combination and when accounting for and reporting on certain financial instruments. We estimate fair value using an exit price approach, which requires, among other things, that we determine the price that would be received to sell an asset or paid to transfer a liability in an orderly market. The determination of an exit price is considered from the perspective of market participants, considering the highest and best use of assets and, for liabilities, assuming the risk of non-performance will be the same before and after the transfer. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. When estimating fair value, depending on the nature and complexity of the assets or liability, we may use one or all of the following approaches: | ||||||||||||
• | Market approach, which is based on market prices and other information from market transactions involving identical or comparable assets or liabilities. | |||||||||||
• | Cost approach, which is based on the cost to acquire or construct comparable assets less an allowance for functional and/or economic obsolescence. | |||||||||||
• | Income approach, which is based on the present value of the future stream of net cash flows. | |||||||||||
These fair value methodologies depend on the following types of inputs: | ||||||||||||
• | Quoted prices for identical assets or liabilities in active markets (called Level 1 inputs). | |||||||||||
• | Quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are directly or indirectly observable (called Level 2 inputs). | |||||||||||
• | Unobservable inputs that reflect estimates and assumptions (called Level 3 inputs). | |||||||||||
• | ||||||||||||
Self-Insurance | ||||||||||||
The Company is partially self-insured for certain employee health benefits and partially self-insured for product liability and workers compensation claims. Accruals for losses are provided based upon claims experience and actuarial assumptions, including provisions for incurred but not reported losses. | ||||||||||||
Shipping and Handling | ||||||||||||
Shipping and handling costs are included in cost of sales in the Consolidated Statements of Operations. Shipping and handling revenue received was immaterial for all periods presented and is presented within net revenues. | ||||||||||||
Accumulated Other Comprehensive Income/(Loss) | ||||||||||||
Accumulated other comprehensive income/(loss), which is reported in the accompanying Consolidated Statements of Changes in Shareholders' Equity, consists of net earnings/(loss), foreign currency translation, deferred compensation, minimum pension liability and unrealized gains and losses from derivatives. | ||||||||||||
Research and Development Costs | ||||||||||||
The Company expenses research and development costs as incurred. Costs incurred in connection with the development of new offerings and manufacturing process improvements are recorded within selling, general, and administrative expenses. Such research and development costs included in selling, general, and administrative expenses amounted to $17.5 million, $14.5 million and $16.9 million for fiscal years ended June 30, 2014, June 30, 2013 and June 30, 2012, respectively. Costs incurred in connection with research and development services we provide to customers and services performed in support of the commercial manufacturing process for customers are recorded within cost of sales. Such research and development costs included in cost of sales amounted to $34.0 million, $35.0 million and $33.5 million for fiscal years ended June 30, 2014, June 30, 2013 and June 30, 2012, respectively. | ||||||||||||
Earnings / (Loss) Per Share | ||||||||||||
The Company reports net earnings (loss) per share in accordance with the standard codification of ASC “Earnings per Share” (“ASC 260”). Under ASC 260, basic earnings per share, which excludes dilution, is computed by dividing net earnings or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of securities that could be exercised or converted into common shares, and is computed by dividing net earnings or loss available to common stockholders by the weighted average of common shares outstanding plus the dilutive potential common shares. Diluted earnings per share includes in-the-money stock options, restricted stock units, and restricted stock using the treasury stock method. During a loss period, the assumed exercise of in-the-money stock options has an anti-dilutive effect and therefore, these instruments are excluded from the computation of dilutive earnings per share. | ||||||||||||
Income Taxes | ||||||||||||
In accordance with the standard codification of ASC 740 Income Taxes ("ASC 740") the Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company's assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The calculation of the Company's tax liabilities involves dealing with uncertainties in the application of complex tax regulations in each of its tax jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. A number of years may lapse before a particular matter is audited and finally resolved. The Company applies the accounting guidance issued to address the accounting for uncertain tax positions. This guidance clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements as well as provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||||||||||||
Equity-Based Compensation | ||||||||||||
The Company accounts for its equity-based compensation awards in accordance with Accounting Standard Codification ASC 718, "Compensation-Stock Compensation" (“ASC 718”). ASC 718 requires companies to recognize compensation expense using a fair value based method for costs related to share-based payments including stock options and restricted stock units. The expense is measured based on the grant date fair value of the awards that are expected to vest, and the expense is recorded over the applicable requisite service period. In the absence of an observable market price for a share-based award, the fair value is based upon a valuation methodology that takes into consideration various factors, including the exercise price of the award, the expected term of the award, the current price of the underlying shares, the expected volatility of the underlying share price based on peer companies, the expected dividends on the underlying shares and the risk-free interest rate. | ||||||||||||
Recent Financial Accounting Standards | ||||||||||||
In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update No. 2014-12, “Accounting for Share Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period” (“ASU 2014-12”). ASU 2014-12 provides guidance for accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard states that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. The standard is effective for annual periods beginning after December 15, 2015. Catalent does not expect a material impact on our consolidated results of operations and financial position upon adoption. | ||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The new standard will supersede nearly all existing revenue recognition guidance. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, the standard creates a five step model that requires a company to exercise judgment when considering the terms of the contracts and all relevant facts and circumstances. The five steps require a company to identify customer contracts, identify the separate performance obligations, determine the transaction price, allocate the transaction price to the separate performance obligations and recognize revenue when each performance obligation is satisfied. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016. The standard allows for either full retrospective adoption, where the standard is applied to all periods presented, or modified retrospective adoption where the standard is applied only to the most current period presented in the financial statements. Early adoption is not permitted. Catalent is currently evaluating the impact of this standard on the Company's consolidated results of operations and financial position. | ||||||||||||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of an Entity” (“ASU 2014-08”). ASU 2014-08 changes the requirements for reporting discontinued operations under Accounting Standards Codification Subtopic 250-20 ("Subtopic 205-20") by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. The disclosure requirements for discontinued operations under ASU 2014-08 will be expanded in order to provide users of financial statements with more information about the assets, liabilities, revenues and expenses of discontinued operations. ASU 2014-08 is effective on a prospective basis for (1) all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and (2) all businesses that are classified as held for sale on acquisition that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Catalent is currently evaluating the impact of this standard on the Company's consolidated results of operations and financial position. | ||||||||||||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). ASU 2013-11 resolves the diversity in practice concerning unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance is effective for fiscal years and interim reporting periods within those fiscal years beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. Catalent does not expect a material impact on our consolidated results of operations and financial position upon adoption. | ||||||||||||
In March 2013, the FASB issued Accounting Standards Update No. 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”). ASU 2013-05 resolves the diversity in practice concerning the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. The guidance is effective for fiscal years and interim reporting periods within those fiscal years beginning after December 15, 2013. The amendments described in the ASU are to be applied prospectively to derecognition events occurring after the effective date; prior periods are not to be adjusted. Catalent does not expect a material impact on our consolidated results of operations and financial position upon adoption. | ||||||||||||
In February 2013, the FASB issued Accounting Standards Update No. 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements” (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement, and disclosure resulting from joint and several liability arrangements. Examples of obligations that fall within the scope of the ASU include certain debt arrangements, other contractual obligations, and settled litigation. The new guidance is effective on a retrospective basis for fiscal years and interim periods within those fiscal years beginning after December 15, 2013. Catalent does not expect a material impact on the disclosures included in our consolidated financial statements upon adoption. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
GOODWILL | ||||||||||||||||
The following table summarizes the changes between June 30, 2014 and June 30, 2013 in the carrying amount of goodwill in total and by reporting segment: | ||||||||||||||||
(Dollars in millions) | Oral | Medication | Development | Total | ||||||||||||
Technologies | Delivery | & Clinical | ||||||||||||||
Solutions | Services | |||||||||||||||
Balance at June 30, 2012 (1) | $ | 839.8 | $ | — | $ | 190.1 | $ | 1,029.90 | ||||||||
Additions | — | — | 0.9 | 0.9 | ||||||||||||
Foreign currency translation adjustments | (6.6 | ) | — | (0.8 | ) | (7.4 | ) | |||||||||
Balance at June 30, 2013 | 833.2 | — | 190.2 | 1,023.40 | ||||||||||||
Additions(2) | 32.6 | — | — | 32.6 | ||||||||||||
Foreign currency translation adjustments | 26 | — | 15.1 | 41.1 | ||||||||||||
Balance at June 30, 2014 | $ | 891.8 | $ | — | $ | 205.3 | $ | 1,097.10 | ||||||||
-1 | The opening balance is reflective of historical impairment charges related to the Medication Delivery Solutions segment of approximately $158.0 million. | |||||||||||||||
-2 | Acquired goodwill of $32.6 million in the Company's Oral Technologies segment was generated from acquisitions in Brazil and China during the twelve months ended June 30, 2014. | |||||||||||||||
No goodwill impairment charges were required during the current or comparable prior year period. When required, impairment charges are recorded within the Consolidated Statement of Operations as Impairment charges and (gain)/loss on sale of assets. |
Definite_Lived_LongLived_Asset
Definite Lived Long-Lived Assets | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Finite lived intangible assets disclosure [Abstract] | ' | |||||||||||||||||||
Definite Lived Long-Lived Assets | ' | |||||||||||||||||||
DEFINITE LIVED LONG-LIVED ASSETS | ||||||||||||||||||||
The Company’s definite lived long-lived assets include property, plant and equipment as well as other intangible assets with definite lives. Refer to footnote 17 Supplemental Balance Sheet Information for details related to property, plant and equipment. | ||||||||||||||||||||
The details of other intangible assets subject to amortization as of June 30, 2014 and June 30, 2013, are as follows: | ||||||||||||||||||||
(Dollars in millions) | Weighted Average Life | Gross | Accumulated | Net | ||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Value | Value | |||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized intangibles: | ||||||||||||||||||||
Core technology | 20 years | $ | 150.2 | $ | (53.3 | ) | $ | 96.9 | ||||||||||||
Customer relationships | 14 years | 234.6 | (68.0 | ) | 166.6 | |||||||||||||||
Product relationships | 12 years | 237.6 | (143.5 | ) | 94.1 | |||||||||||||||
Total intangible assets | $ | 622.4 | $ | (264.8 | ) | $ | 357.6 | |||||||||||||
(Dollars in millions) | Weighted Average Life | Gross | Accumulated | Net | ||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Value | Value | |||||||||||||||||||
30-Jun-13 | ||||||||||||||||||||
Amortized intangibles: | ||||||||||||||||||||
Core technology | 20 years | $ | 143.7 | $ | (44.4 | ) | $ | 99.3 | ||||||||||||
Customer relationships | 14 years | 214.3 | (50.1 | ) | 164.2 | |||||||||||||||
Product relationships | 12 years | 227.1 | (118.4 | ) | 108.7 | |||||||||||||||
Total intangible assets | $ | 585.1 | $ | (212.9 | ) | $ | 372.2 | |||||||||||||
Amortization expense was $42.4 million, $43.4 million, and $34.0 million for the fiscal year ended June 30, 2014, June 30, 2013, and June 30, 2012, respectively. Future amortization expense is estimated to be: | ||||||||||||||||||||
(Dollars in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
Amortization expense | $ | 43.1 | $ | 43.1 | $ | 42.6 | $ | 42.3 | $ | 37.1 | ||||||||||
There were no intangible asset impairments recorded in the current or prior period. |
Restructuring_and_Other_Costs
Restructuring and Other Costs | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring and Other Costs | ' | |||||||||||
RESTRUCTURING AND OTHER COSTS | ||||||||||||
The Company has implemented plans to restructure certain operations, both domestically and internationally. The restructuring plans focused on various aspects of operations, including closing and consolidating certain manufacturing operations, rationalizing headcount and aligning operations in a strategic and more cost-efficient structure. In addition, we may incur restructuring charges in cases where a material change in the scope of operation with our business occurs. | ||||||||||||
The following table summarizes the significant costs recorded within restructuring costs: | ||||||||||||
Year ended June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
Restructuring costs: | ||||||||||||
Employee-related reorganization (1) | 16.5 | 15.1 | 14.9 | |||||||||
Asset impairments | — | 0.7 | 2.9 | |||||||||
Facility exit and other costs (2) | 3.2 | 2.6 | 1.7 | |||||||||
Total restructuring costs | $ | 19.7 | $ | 18.4 | $ | 19.5 | ||||||
-1 | Employee-related costs consist primarily of severance costs. Outplacement services provided to employees who have been involuntarily terminated and duplicate payroll costs during transition periods are also included within this classification. | |||||||||||
-2 | Facility exit and other costs consist of accelerated depreciation, equipment relocation costs and costs associated with planned facility expansions and closures to streamline our operations. |
LongTerm_Obligations_and_Other
Long-Term Obligations and Other Short-Term Borrowings | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Long-term and Short-term Debt [Abstract] | ' | ||||||||||||||||
Long-Term Obligations and Other Short-Term Borrowings | ' | ||||||||||||||||
LONG-TERM OBLIGATIONS AND OTHER SHORT-TERM BORROWINGS | |||||||||||||||||
Long-term obligations and other short-term borrowings consist of the following at June 30, 2014 and June 30, 2013: | |||||||||||||||||
(Dollars in millions) | Maturity | June 30, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||||
Senior Secured Credit Facilities | |||||||||||||||||
Term loan facility dollar-denominated | Sep-16 | $ | — | $ | 791.3 | ||||||||||||
Term loan facility dollar-denominated | Sep-17 | — | 646.3 | ||||||||||||||
Term loan facility dollar-denominated | May-21 | 1,383.90 | — | ||||||||||||||
Term loan facility euro-denominated | Sep-16 | — | 266.6 | ||||||||||||||
Term loan facility euro-denominated | May-21 | 338.6 | — | ||||||||||||||
9 3/4 % Senior Subordinated euro-denominated Notes | Apr-17 | 293.9 | 281.9 | ||||||||||||||
7 7/8 % Senior Notes | Oct-18 | 348.7 | 348.2 | ||||||||||||||
Senior Unsecured Term Loan Facility | Dec-17 | 274.3 | 274.1 | ||||||||||||||
$200.3 million Revolving Credit Facility | Apr-16 | — | — | ||||||||||||||
$200.0 million Revolving Credit Facility | May-19 | — | — | ||||||||||||||
Capital lease obligations | 2015 to 2032 | 64 | 62.5 | ||||||||||||||
Other obligations | 2015 to 2018 | 7.2 | 20.7 | ||||||||||||||
Total | 2,710.60 | 2,691.60 | |||||||||||||||
Less: Current portion of long-term obligations and other short-term borrowings | 25.2 | 35 | |||||||||||||||
Long-term obligations, less current portion short-term borrowings | $ | 2,685.40 | $ | 2,656.60 | |||||||||||||
The Company has historically used interest rate swaps to manage the economic effect of variable interest obligations associated with floating term loans so that the interest payable effectively becomes fixed at a certain rate, thereby reducing the impact on rate changes on interest expense. There were no interest rate swaps in place as of June 30, 2014. See Note 7 to the Consolidated Financial Statements for further discussion. | |||||||||||||||||
Senior Secured Credit Facilities | |||||||||||||||||
On April 10, 2007, we entered into a $1.8 billion senior secured credit facility (the “Credit Agreement”) consisting of: (i) an approximately $1.4 billion term loan facility consisting of Dollar Term-1 Loans (the “Dollar Term-1 Loans”) and euro Term Loans (the “Euro Term Loans”) and (ii) a $350.0 million revolving credit facility. There have been six amendments to the Credit Agreement since inception. | |||||||||||||||||
The revolving credit facility includes borrowing capacity available for letters of credit and for short-term borrowings. Borrowings under the term loan facility (secured and unsecured) and the revolving credit facility bear interest, at our option, at a rate equal to an applicable margin over either (a) a base rate determined by reference to the higher of (1) the rate of interest per annum published by The Wall Street Journal from time to time, as the “prime lending rate” and (2) the federal funds rate plus one-half of 1% or (b) a LIBOR rate determined by reference to the British Bankers Association Interest Settlement Rate for deposits in dollars for the interest period relevant to such borrowing adjusted for certain additional costs. The weighted-average interest rates during fiscal 2014 were approximately 4.29% and 4.48% for the Euro-denominated and U.S.-dollar denominated term loans, respectively and approximately 4.0% for the revolving credit facility. | |||||||||||||||||
In addition to paying interest on outstanding principal under our senior secured credit facilities, we are required to pay a commitment fee to the lenders under the revolving credit facility with respect to the unutilized commitments thereunder. The initial commitment fee is 0.5% per annum. The commitment fee may be reduced subject to our attaining certain leverage ratios. We are also required to pay customary letter of credit fees. | |||||||||||||||||
The senior secured credit facilities are subject to amortization and prepayment requirements and contain certain covenants, events of default and other customary provisions. | |||||||||||||||||
On February 28, 2013, the Company entered into Amendment No. 5 to the Credit Agreement in order to borrow an aggregate principal amount of approximately $659.5 million of Refinancing Dollar Term-2 Loans and approximately $799.3 million of Refinancing Dollar Term-1 Loans (the "Refinancing Dollar Term-1 Loans"). The proceeds from the Refinancing Dollar Term-2 Loans were used to prepay in full all outstanding Non-Extended Euro Term Loans and Dollar Term-2 Loans under the Credit Agreement; the proceeds of the Refinancing Dollar Term-1 Loans were used to prepay in full all outstanding Extended Dollar Term-1 Loans under the Credit Agreement. The Refinancing Dollar Term-2 and Refinancing Dollar Term-1 Loans have identical terms with, and the same rights and obligations under the Credit Agreement as, the previously outstanding Dollar Term-2 Loans and Extended Dollar Term-1 Loans, respectively. The amendment set the applicable margin for the Refinancing Dollar Term-2 Loans at the Company’s option, at a percentage per annum equal to (i) in the case of eurocurrency rate loans, 3.25%, subject to a floor of 1.00%, or (ii) in the case of base rate loans, 2.25%, subject to a floor of 2.00%. The amendment set the applicable margin for the Refinancing Dollar Term-1 Loans, at the Company’s option, at a percent per annum equal to (i) in the case of eurocurrency rate loans, 3.50% or (ii) in the case of base rate loans, 2.50%. Cash paid associated with this financing activity approximated $2.6 million and $0.6 million of unamortized deferred finance costs and debt discounts were expensed. | |||||||||||||||||
On May 20, 2014, the Company entered into the Amended and Restated Credit Agreement to provide senior secured financing consisting of a seven year $1,400.0 million dollar term loan (the “Dollar Term Loan”), a seven-year €250.0 million euro term loan (the “Euro Term Loan”) and a five year $200.0 million revolving credit facility (the "revolving credit facility"), the proceeds of which were used to prepay in full all outstanding Refinancing Dollar Term-1 Loans, Refinancing Dollar Term-2 Loans and Extended Euro Term Loans. The revolving credit facility includes borrowing capacity available for letters of credit and for short-term borrowings, referred to as the swing line borrowings. Borrowings under the term loan facilities and the revolving credit facility bear interest, at the Company’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the higher of (1) the rate of interest published by The Wall Street Journal as its “prime lending rate” and (2) the federal funds rate plus one half of 1% or (b) a LIBOR rate determined by reference to the London Interbank Offered Rate set by ICE Benchmark Administration (or any successor thereto). The applicable margin for the term loans and borrowings under the revolving credit facility may be reduced subject to the Company attaining a certain total net leverage ratio. The applicable margin for borrowings is 3.50% for loans based on a LIBOR rate and 2.50% for loans based on base rate. The LIBOR rate for term loans is subject to a floor of 1.00% and the base rate for term loans is subject to a floor of 2.00%. Cash paid associated with this financing activity approximated $23.9 million. $7.2 million of unamortized deferred finance costs and debt discounts were expensed. | |||||||||||||||||
As of June 30, 2014, there were $17.3 million in outstanding letters of credit which reduced the borrowing capacity under the approximately $200 million revolving line of credit. | |||||||||||||||||
Senior Notes | |||||||||||||||||
On September 18, 2012, the Company issued $350 million aggregate principal amount of 7.875% Senior Notes due 2018(the “Senior Notes”). The Senior Notes will mature on October 15, 2018 and interest is payable on the Senior Notes on April 15 and October 15 of each year, commencing April 15, 2013. The Senior Notes were offered in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in offshore transactions in accordance with Regulation S under the Securities Act. The Senior Notes were issued at a price of 100.0% of their principal amount. The Company used a portion of the net proceeds from the offering of the 7.875% Notes to finance a portion of its tender offer for the Senior Toggle Notes and partial redemption of the Senior Toggle Notes as described above. On July 29, 2014, Catalent Pharma Solutions, Inc., a wholly owned subsidiary of the Company, provided notice of its election to redeem all of the $350.0 million aggregate principal amount currently outstanding of the Senior Notes. The Senior Notes were redeemed on August 28, 2014 at a redemption price of 101.5% of the principal amount thereof plus accrued and unpaid interest. The redemption was funded with proceeds from the initial public offering. | |||||||||||||||||
Senior Unsecured Credit Facility | |||||||||||||||||
On April 29, 2013, the Company entered into a senior unsecured term loan facility, in order to borrow an aggregate principal amount of $275 million of unsecured term loans (the "Unsecured Loans") due December 31, 2017. The proceeds from the Unsecured Loans were used to redeem all $269.1 million of the remaining principal outstanding of the Company's Senior Toggle Notes at par plus accrued and unpaid interest as of May 29, 2013, the date of redemption. The Unsecured Loans bear interest, at the Company’s option, at a rate equal to the Eurocurrency Rate plus 5.25%, subject to a floor of 1.25%, or the "Base Rate" plus 4.25%, subject to a floor of 2.25%. The "Base Rate" is equal to the higher of either the Federal Funds Rate plus 0.5% or the rate of interest per annum published by the Wall Street Journal from time to time, as the “prime lending rate.” The "Eurocurrency Rate" is determined by reference to the British Bankers Association Interest Settlement rate for deposits in dollars for the interest period relevant to such borrowing adjusted for certain additional costs. The Company is not required to repay installments on the Unsecured Loans and is only required to repay the Unsecured Loans on the date of maturity. Cash paid associated with this financing activity approximated $4.7 million and $2.1 million of unamortized deferred financing costs were expensed. On August 6, 2014 we paid $114.5 million of the outstanding borrowings under the unsecured term loans with proceeds from the initial public offering. | |||||||||||||||||
Senior Subordinated Notes | |||||||||||||||||
On April 10, 2007, we issued €225.0 million 9.75% euro-denominated ($300.3 million dollar equivalent at the exchange rate effective on the issue date) Senior Subordinated Notes due 2017 (the “Senior Subordinated Notes”). The Senior Subordinated Notes are unsecured senior subordinated obligations of the Company and are subordinated in right of payment to all existing and future senior indebtedness of the Company (including the senior credit facilities and the Senior Toggle Notes). Interest on the Senior Subordinated Notes is payable semi-annually in cash in arrears on each April 15 and October 15, which commences on October 15, 2007. On August 5, 2014, Catalent Pharma Solutions, Inc., a wholly owned subsidiary of the Company, provided notice of its election to redeem all of the €225.0 million aggregate principal amount currently outstanding of the Senior Subordinated Notes. The Senior Subordinated Notes were redeemed on September 4, 2014 at a redemption price of 101.625% of the principal amount thereof plus accrued and unpaid interest. The redemption was funded with proceeds from the initial public offering. | |||||||||||||||||
Long-Term and Other Obligations | |||||||||||||||||
Other obligations consist primarily of capital leases for buildings and other loans for business and working capital needs. | |||||||||||||||||
Maturities of long-term obligations, including capital leases of $64.0 million, and other short-term borrowings for future fiscal years are: | |||||||||||||||||
(Dollars in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||
Maturities of long-term and other obligations | $ | 25.2 | 19.5 | 313.6 | 294.2 | 368.9 | 1,689.20 | $ | 2,710.60 | ||||||||
Debt Issuance Costs | |||||||||||||||||
Debt issuance costs are capitalized within prepaid expenses and other assets on the balance sheet and amortized over the life of the related obligation through charges to interest expense in the Consolidated Statements of Operations. The unamortized total of debt issuance costs were approximately $19.7 million and $20.3 million as of June 30, 2014 and June 30, 2013, respectively. Amortization of debt issuance costs, excluding amounts expensed as part of the current year financing activity, totaled $10.2 million and $9.2 million for the fiscal years ended June 30, 2014 and June 30, 2013, respectively. | |||||||||||||||||
Guarantees and Security | |||||||||||||||||
All obligations under the senior secured credit agreement and the 7.875% Notes and the Senior Subordinated Notes (together, the “notes”) are unconditionally guaranteed by each of the Company's existing U.S. wholly-owned subsidiaries, other than the Company's Puerto Rico subsidiaries, subject to certain exceptions. | |||||||||||||||||
All obligations under the Senior Secured Credit Facilities, and the guarantees of those obligations, are secured by substantially all of the following assets of the Company and each guarantor, subject to certain exceptions: | |||||||||||||||||
• | a pledge of 100% of the capital stock of the Company and 100% of the equity interests directly held by the Company and each guarantor in any wholly-owned material subsidiary of the Company or any guarantor (which pledge, in the case of any non-U.S. subsidiary of a U.S. subsidiary, will not include more than 65% of the voting stock of such non-U.S. subsidiary); and | ||||||||||||||||
• | a security interest in, and mortgages on, substantially all tangible and intangible assets of the Company and of each guarantor, subject to certain limited exceptions. | ||||||||||||||||
Debt Covenants | |||||||||||||||||
The Credit Agreement, the senior unsecured term loan facility, and the indentures governing the notes contain a number of covenants that, among other things, restrict, subject to certain exceptions, the Company’s (and the Company’s restricted subsidiaries’) ability to incur additional indebtedness or issue certain preferred shares; create liens on assets; engage in mergers and consolidations; sell assets; pay dividends and distributions or repurchase capital stock; repay subordinated indebtedness; engage in certain transactions with affiliates; make investments, loans or advances; make certain acquisitions; and in the case of the Company’s Credit Agreement, enter into sale and leaseback transactions, amend material agreements governing the Company’s subordinated indebtedness (including the Senior Subordinated Notes) and change the Company’s lines of business. | |||||||||||||||||
The Credit Agreement, the senior unsecured term loan facility, and the indentures governing the notes also contain change of control provisions and certain customary affirmative covenants and events of default. As of June 30, 2014, the Company was in compliance with all covenants related to its long-term obligations. The Company’s long-term debt obligations do not contain any financial maintenance covenants. | |||||||||||||||||
Subject to certain exceptions, the senior credit agreement, the unsecured term loan facility and the indentures governing the notes will permit the Company and its restricted subsidiaries to incur additional indebtedness, including secured indebtedness. None of the Company's non-U.S. subsidiaries or Puerto Rico subsidiaries is a guarantor of the loans or notes. | |||||||||||||||||
As market conditions warrant and subject to the Company's contractual restrictions and liquidity position, the Company, its affiliates and/or the Company's major equity holders, including Blackstone and its affiliates, may from time to time repurchase the Company's outstanding debt securities, including the Senior Notes and the Senior Subordinated Notes and/or the Company's outstanding bank loans in privately negotiated or open market transactions, by tender or otherwise. Any such repurchases may be funded by incurring new debt, including additional borrowings under the Company's existing credit facility. Any new debt may also be secured debt. The Company may also use available cash on the balance sheet. The amounts involved in any such transactions, individually or in the aggregate, may be material. Further, since some of the Company's debt may trade at a discount to the face amount, any such purchases may result in the Company's acquiring and retiring a substantial amount of any particular series, with the attendant reduction in the trading liquidity of any such series. | |||||||||||||||||
Under the indentures governing the notes, the credit agreement governing the senior secured credit facility, the senior unsecured credit facility, the Company's ability to engage in certain activities such as incurring certain additional indebtedness, making certain investments and paying certain dividends is tied to ratios based on Adjusted EBITDA (which is defined as “EBITDA” in the indentures). Adjusted EBITDA is based on the definitions in the Company's indentures, the credit agreement governing the senior unsecured credit facility and the credit agreement governing the senior unsecured credit facility, is not defined under U.S. GAAP, and is subject to important limitations. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
The reconciliations between basic and diluted earnings per share attributable to Catalent common shareholders for the fiscal years ended June 30, 2014, 2013 and 2012 are as follows (in millions, except per share data): | ||||||||||||
Year ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings / (loss) from continuing operations less net income / (loss) attributable to noncontrolling interest | $ | 18.9 | $ | (50.8 | ) | $ | 16.9 | |||||
Earnings / (loss) from discontinued operations | (2.7 | ) | 1.2 | (41.3 | ) | |||||||
Net earnings / (loss) attributable to Catalent | $ | 16.2 | $ | (49.6 | ) | $ | (24.4 | ) | ||||
Weighted average shares outstanding | 75,045,147 | 74,970,628 | 74,875,377 | |||||||||
Dilutive securities issuable-stock plans | 1,078,710 | — | 509,060 | |||||||||
Total weighted average diluted shares outstanding | 76,123,857 | 74,970,628 | 75,384,437 | |||||||||
Basic earnings per share of common stock: | ||||||||||||
Earnings / (loss) from continuing operations | $ | 0.25 | $ | (0.68 | ) | $ | 0.23 | |||||
Earnings / (loss) from discontinued operations | (0.03 | ) | 0.02 | (0.56 | ) | |||||||
Net earnings / (loss) attributable to Catalent | $ | 0.22 | $ | (0.66 | ) | $ | (0.33 | ) | ||||
Diluted earnings per share of common stock-assuming dilution: | ||||||||||||
Earnings / (loss) from continuing operations | $ | 0.25 | $ | (0.68 | ) | $ | 0.22 | |||||
Earnings / (loss) from discontinued operations | (0.04 | ) | 0.02 | (0.54 | ) | |||||||
Net earnings / (loss) attributable to Catalent | $ | 0.21 | $ | (0.66 | ) | $ | (0.32 | ) | ||||
The computation of diluted earnings per share for June 30, 2014 and 2012 excludes the effect of potential shares issuable under the employee stock option plan of 2.3 million and 1.6 million options, respectively, because the vesting provisions of those awards specify performance or market-based conditions that had not been met as of the period end. The computation of diluted earnings per share for 2013 excludes the effect of the potential common shares issuable under the employee stock option plan of approximately 6.5 million shares, and excludes restricted share awards of 0.3 million, because the Company had a net loss for the year and the effect would therefore be anti-dilutive. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||
Risk Management Objective of Using Derivatives | ||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company has historically entered into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments have been used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. The Company does not net any of its derivative positions under master netting arrangements. | ||||||||||||
The Company is exposed to fluctuations in the EUR-USD exchange rate on its investments in foreign operations in Europe. While the Company does not actively hedge against changes in foreign currency, we have mitigated the exposure of our investments in our European operations by denominating a portion of our debt in euros. At June 30, 2014, the Company had euro-denominated debt outstanding of $632.5 million that qualifies as a hedge of a net investment in foreign operations. For non-derivatives designated and qualifying as net investment hedges, the effective portion of the translation gains or losses are reported in accumulated other comprehensive income/(loss) as part of the cumulative translation adjustment. For the fiscal year ended June 30, 2014 the Company recorded a loss of $13.6 million within cumulative translation adjustment. The net accumulated gain of this net investment as of June 30, 2014 included within other comprehensive income/(loss) was approximately $49.5 million. For the fiscal year ended June 30, 2014, the Company recognized an unrealized foreign exchange loss of $9.6 million in the consolidated statement of operations related to a portion of its euro-denominated debt not designated as a net investment hedge. For the fiscal year ended June 30, 2013, the Company recognized an unrealized foreign exchange loss of $6.7 million. | ||||||||||||
Amounts are reclassified out of accumulated other comprehensive income/(loss) into earnings when the hedged net investment is either sold or substantially liquidated. | ||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||
The Company’s objectives in using interest rate derivatives historically were to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily used interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges for financial reporting purposes is recorded in accumulated other comprehensive income/(loss) on the balance sheet and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. We did not have any interest rate swap agreements in place for the fiscal year ended June 30, 2014 and June 30, 2013. | ||||||||||||
During fiscal year 2013, our two U.S. dollar-denominated and one euro-denominated interest rate swap agreements, which were designated as effective cash flow hedges for financial reporting purposes, matured. The Company's Japanese yen interest rate swap, effective as an economic hedge but not designated as effective for financial reporting purposes also matured during fiscal year 2013. As of June 30, 2014, we did not have any interest rate swap agreements in place that would have the economic effect of modifying the variable interest obligations associated with our floating rate term loans. | ||||||||||||
On February 28, 2013, in connection with the refinancing of the Company’s €44.9 million Euro term loan, Catalent de-designated €35.0 million of the €240.0 million notional Euribor-based interest rate swap. Prior to de-designation, the effective portion of the change in fair value of the derivative was recorded as a component of other comprehensive income/(loss). The other comprehensive income/(loss) balance associated with the de-designated portion of the derivative will be reclassified to earnings when either the originally hedged forecasted interest payments on the hedged debt affect earnings or at the time the originally forecasted transactions become probable of not occurring. The amount of losses reclassified into earnings as a result of the discontinuance of a portion of the Euribor-based interest rate swap as a cash flow hedge for the fiscal year ended June 30, 2013 is $0.1 million. | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Operations for the fiscal year ended June 30, 2014, June 30, 2013 and June 30, 2012. | ||||||||||||
(Dollars in millions) | The Effect of Derivative Instruments on the Consolidated Statement of Operations for the | |||||||||||
Fiscal Years Ended June 30, 2014, June 30, 2013 and June 30, 2012 | ||||||||||||
Derivatives in ASC 815 Cash Flow Hedging Relationships | Amount of (Gain) or Loss Recognized in OCI on Derivative (Effective Portion) | Location of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion) | Location of (Gain) or Loss Recognized in Income on Derivative (Ineffective Portion and Amount excluded from Effectiveness Testing) | Amount of (Gain) or Loss Recognized in Income on Derivative (Ineffective Portion and Amount excluded from Effectiveness Testing) | |||||||
Fiscal Year 2014: | ||||||||||||
Interest Rate Swaps | $ | — | Interest expense, net | $ | — | Other (income)/expense, net | $ | — | ||||
Fiscal Year 2013: | ||||||||||||
Interest Rate Swaps | $ | 1.1 | Interest expense, net | $ | 21.6 | Other (income)/expense, net | $ | 0.1 | ||||
Fiscal Year 2012: | ||||||||||||
Interest Rate Swaps | $ | 11 | Interest income/ (expense), net | $ | 26.4 | Other (income)/expense, net | $ | 0.2 | ||||
Fair_Value_Measurements_Of_Fin
Fair Value Measurements Of Financial Instruments | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements Of Financial Instruments | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS | ||||||||||||||||
ASC 820 Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable: | ||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 – Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. | ||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Value is determined using pricing models, discounted cash flow methodologies, or similar techniques and also includes instruments for which the determination of fair value requires significant judgment or estimation. | ||||||||||||||||
Fair value under ASC 820 is principally applied to financial assets and liabilities which, for Catalent, include both investments in money market funds and derivative instruments—interest rate swaps. The Company is not required to apply all the provisions of ASC 820 in financial statements to the nonfinancial assets and nonfinancial liabilities. There were no changes from the previously reported classification of financial assets and liabilities. The following table provides a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall: | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
(Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents - money market funds | $ | 1.4 | $ | 1.4 | $ | — | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | 0.9 | $ | — | $ | — | $ | 0.9 | ||||||||
The following table provides a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall: | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
(Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents - money market funds | $ | 5.8 | $ | 5.8 | $ | — | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | — | $ | — | ||||||||
Cash Equivalents | ||||||||||||||||
The fair value of cash and cash equivalents is estimated on the quoted market price of the investments. The carrying amounts of the Company’s cash equivalents approximate their fair value due to the short-term maturity of these instruments. | ||||||||||||||||
Derivative Instruments – Interest Rate Swaps | ||||||||||||||||
Historically, the Company has used interest rate swaps to manage interest rate risk on its variable rate long-term debt obligations. The fair value of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on the expectation of future interest rates (forward curves) and derived from observed market interest rate curves. In addition, to comply with the provision of ASC 820, credit valuation adjustments, which consider the impact of any credit enhancements on the contracts, are incorporated in the fair values to account for potential nonperformance risk. | ||||||||||||||||
Long-Term Obligations | ||||||||||||||||
The estimated fair value of long-term debt was calculated based on the quoted market prices for the same liabilities or discounted cash flow methodologies which include other inputs corroborated by observable market data. | ||||||||||||||||
The carrying amounts and the estimated Level 2 fair values of financial instruments as of June 30, 2014 and June 30, 2013, are as follows: | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||
(Dollars in millions) | Carrying | Estimated Fair | Carrying | Estimated Fair | ||||||||||||
Value | Value | Value | Value | |||||||||||||
Long-term debt and other | $ | 2,710.60 | $ | 2,680.20 | $ | 2,691.60 | $ | 2,633.20 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Earnings/(loss) from continuing operations before income taxes and discontinued operations are as follows for the fiscal years ended 2014, 2013, and 2012: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
U.S. Operations | $ | (75.6 | ) | $ | (124.9 | ) | $ | (402.1 | ) | |||
Non-U.S. Operation | $ | 143 | $ | 101 | $ | 420.7 | ||||||
$ | 67.4 | $ | (23.9 | ) | $ | 18.6 | ||||||
The provision /(benefit) for income taxes consists of the following for the fiscal years ended 2014, 2013, and 2012: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | — | $ | (0.4 | ) | $ | — | |||||
State and local | (1.2 | ) | (2.4 | ) | 0.1 | |||||||
Non-U.S. | 55.7 | 21.2 | 19.2 | |||||||||
Total | $ | 54.5 | $ | 18.4 | $ | 19.3 | ||||||
Deferred: | ||||||||||||
Federal | $ | 5.3 | $ | 8.8 | $ | (8.4 | ) | |||||
State and local | 0.4 | (0.3 | ) | (1.4 | ) | |||||||
Non-U.S. | (10.7 | ) | 0.1 | (9.0 | ) | |||||||
Total | (5.0 | ) | 8.6 | (18.8 | ) | |||||||
Total provision/(benefit) | $ | 49.5 | $ | 27 | $ | 0.5 | ||||||
A reconciliation of the provision/(benefit) based on the federal statutory income tax rate to the Company's effective income tax rate is as follows for the fiscal years ended 2014, 2013, and 2012: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
Provision at U.S. federal statutory tax rate | $ | 18.7 | $ | (4.9 | ) | $ | 8.6 | |||||
State and local income taxes, net of federal benefit | 0.6 | 0.5 | 0.2 | |||||||||
Foreign tax rate differential | (19.7 | ) | (18.1 | ) | (43.1 | ) | ||||||
Permanent items | 24.8 | 53.5 | 36.6 | |||||||||
Unrecognized tax positions | 33.9 | — | (2.8 | ) | ||||||||
Tax valuation allowance | (10.4 | ) | 3.6 | 28.1 | ||||||||
Foreign tax credit - Non U.S. | (0.8 | ) | (3.4 | ) | (0.2 | ) | ||||||
Withholding tax and other foreign taxes | 6.2 | 5.1 | (6.5 | ) | ||||||||
Change in tax rate | (5.2 | ) | (4.3 | ) | (1.9 | ) | ||||||
Tax effect of OCI deferred taxes - U.S. | — | 2.9 | (16.0 | ) | ||||||||
Other | 1.4 | (7.9 | ) | (2.5 | ) | |||||||
$ | 49.5 | $ | 27 | $ | 0.5 | |||||||
Included within the reconciliation is a true up of the beginning deferred balances. | ||||||||||||
As of June 30, 2014, the Company had $383.5 million of undistributed earnings from non-U.S. subsidiaries that are intended to be permanently reinvested in non-U.S. operations. As these earnings are considered permanently reinvested, no U.S. tax provision has been accrued related to the repatriation of these earnings. It is not feasible to estimate the amount of U.S. tax that might be payable on the eventual remittance of such earnings. | ||||||||||||
Deferred income taxes arise from temporary differences between financial reporting and tax reporting bases of assets and liabilities, and operating loss and tax credit carry forwards for tax purposes. The components of the deferred income tax assets and liabilities are as follows at June 30, 2014 and 2013: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | ||||||||||
Deferred income tax assets: | ||||||||||||
Accrued liabilities | $ | 25.1 | $ | 29.9 | ||||||||
Equity compensation | 10 | 8.1 | ||||||||||
Loss and tax credit carry forwards | 196.2 | 211.2 | ||||||||||
Foreign Currency | 23.2 | 24.3 | ||||||||||
Pension | 50.6 | 44.7 | ||||||||||
Property-related | 11.8 | 28.1 | ||||||||||
Intangibles | 16.3 | 11.8 | ||||||||||
Other | 16.9 | 10.3 | ||||||||||
OCI | 4 | 3 | ||||||||||
Total deferred income tax assets | 354.1 | 371.4 | ||||||||||
Valuation Allowance | (218.2 | ) | (208.4 | ) | ||||||||
Net deferred income tax assets | $ | 135.9 | $ | 163 | ||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Accrued Liabilities | (0.2 | ) | (2.6 | ) | ||||||||
Equity Compensation | — | — | ||||||||||
Foreign Currency | (0.1 | ) | (0.3 | ) | ||||||||
Property-related | (15.1 | ) | (35.2 | ) | ||||||||
Goodwill and other intangibles | (164.7 | ) | (171.9 | ) | ||||||||
Other | (1.2 | ) | (0.4 | ) | ||||||||
Other comprehensive income | (19.8 | ) | (24.1 | ) | ||||||||
Total deferred income tax liabilities | $ | (201.1 | ) | (234.5 | ) | |||||||
Net deferred income tax liabilities | $ | (65.2 | ) | $ | (71.5 | ) | ||||||
Deferred tax assets and liabilities in the preceding table are in the following captions in the balance sheet at June 30, 2014 and 2013: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | ||||||||||
Current deferred tax asset | $ | 12.7 | $ | 17.5 | ||||||||
Non-current deferred tax asset | 26.3 | 23.7 | ||||||||||
Current deferred tax liability | 1 | 0.9 | ||||||||||
Non-current deferred tax liability | 103.2 | 111.8 | ||||||||||
Net deferred tax asset/(liability) | $ | (65.2 | ) | $ | (71.5 | ) | ||||||
At June 30, 2014, the Company has federal net operating loss carry forwards of $329.5 million, $7.8 million of which are subject to Internal Revenue Code Section 382 limitations, because they were generated in years prior to April 10, 2007, when the Company was owned by Cardinal. The federal loss carry forwards will expire in fiscal years 2022 through 2033. At June 30, 2014, the Company has state tax loss carry forwards of $459.4 million. Approximately $102.7 million of these losses are state tax losses generated in periods prior to the period ending June 30, 2007. Substantially all state carry forwards have a twenty year carry forward period. In accordance with ASC 718, $37.8 million of federal and state losses were generated in the current and prior tax years as a result of tax deductions for equity. Such deductions are not being recognized for financial statement purposes because a cash tax benefit was not realized by the Company, as determined using a with-and-without approach as described in ASC 740-20. As a result, these deductions are not reflected in the federal and state net operating loss carry forward amounts indicated above. At June 30, 2014, the Company has international tax loss carry forwards of $89.8 million. Substantially all of these carry forwards are available for at least three years or have an indefinite carry forward period. | ||||||||||||
The Company has established a full valuation allowance against its net federal and state deferred tax assets as management does not believe it is more likely than not that these assets will be realized. The Company's overall valuation allowance as of June 30, 2014 was $218.2 million. During the fiscal year the increase/(decrease) in valuation allowance related to federal, state and foreign assets was $1.3 million, $7.6 million, and $0.9 million, respectively. As of June 30, 2013 the valuation allowance totaled $208.4 million. This total includes a full valuation allowance of $145.9 million and $32.9 million against its net federal and state deferred tax assets, respectively. At June 30, 2013, the Company has also recorded a valuation allowance of $29.6 million against certain of its foreign net deferred tax assets. The net increase in the valuation allowance of $9.8 million is primarily due to an increase of $7.6 million in state valuation allowance, which was a result of increases in select U.S. deferred tax asset accounts such as net operating losses. During the current fiscal year the Company generated federal and state taxable income due to U.S. income inclusions resulting from deemed distributions from foreign subsidiaries. This income is not considered to be from normal operating activities. | ||||||||||||
Management evaluates all available evidence; both positive and negative using a more likely than not standard, in determining if adjustments to the valuation allowance are necessary. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, previous experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. The ability to realize deferred tax assets depends on the ability to generate sufficient taxable income in the carry back or carry forward periods provided for in the tax law for each applicable tax jurisdiction. | ||||||||||||
As part of the 2007 acquisition from Cardinal, the Company has been indemnified by Cardinal for tax liabilities that may arise in the future that relate to tax periods prior to April 10, 2007 (the “Formation Date”). The indemnification agreement includes, among other taxes, any and all Federal, state and international income based taxes as well as any interest and penalties that may be related thereto. | ||||||||||||
Similarly, as part of the 2012 purchase of the CTS business from Aptuit, Inc., the Company has been indemnified by Aptuit, Inc for tax liabilities that may arise in the future that relate to tax periods prior to February 17, 2012. The indemnification agreement includes, among other taxes, any and all Federal, state and international income based taxes as well as any interest and penalties that may be related thereto. | ||||||||||||
The amount of income taxes the Company may pay is subject to ongoing audits by federal, state and foreign tax authorities, which may result in proposed assessments. The Company's estimate for the potential outcome for any uncertain tax issue is highly judgmental. The Company assesses its income tax positions and record benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions for which it is more likely than not that a tax benefit will be sustained, the Company records the amount that has a greater than 50% likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties are accrued, where applicable. If we do not believe that it is more likely than not that a tax benefit will be sustained, no tax benefit is recognized. | ||||||||||||
ASC 740 includes guidance on the accounting for uncertainty in income taxes recognized in the financial statements. This standard also provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. As of June 30, 2014, the Company had a total of $60.6 million of unrecognized tax benefits. A reconciliation of our unrecognized tax benefit, excluding accrued interest for June 30, 2014, June 30, 2013 and June 30, 2012 are as follows: | ||||||||||||
(Dollars in millions) | ||||||||||||
Balance at June 30, 2012 | $ | 33.4 | ||||||||||
Additions based on tax positions related to the current year | 5.4 | |||||||||||
Additions for tax positions of prior years | 1.9 | |||||||||||
Reductions for tax positions of prior years | (1.1 | ) | ||||||||||
Settlements | $ | (1.9 | ) | |||||||||
Balance at June 30, 2013 | $ | 37.7 | ||||||||||
Additions based on tax positions related to the current year | 7.5 | |||||||||||
Additions for tax positions of prior years | 25.1 | |||||||||||
Reductions for tax positions of prior years | (4.8 | ) | ||||||||||
Settlements | (4.9 | ) | ||||||||||
Balance at June 30, 2014 | $ | 60.6 | ||||||||||
Of this amount, $41.4 million and $9.6 million represent the amount of unrecognized tax benefits that, if recognized, would favorably impact the effective income tax rate as of June 30, 2014 and June 30, 2013, respectively. An additional $19.2 million represents the amount of unrecognized tax benefits that, if recognized, would not impact the effective income tax rate due to a full valuation allowance. | ||||||||||||
In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including major jurisdictions such as Germany, United Kingdom, France, Belgium, the United States, and various states. The Company is no longer subject to examinations by the relevant tax authorities for years prior to fiscal 2001. | ||||||||||||
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2014, the Company has approximately $5.1 million of accrued interest related to uncertain tax positions, an increase of $0.1 million from the prior year. The Company had approximately $5.0 million and $6.0 million of accrued interest related to uncertain tax positions as of June 30, 2013 and 2012, respectively. The portion of such interest and penalties subject to indemnification by Cardinal is $2.0 million, a decrease of $2.1 million from the prior year. |
Employee_Retirement_Benefit_Pl
Employee Retirement Benefit Plans | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Retirement Benefit Plans | ' | ||||||||||||||||
EMPLOYEE RETIREMENT BENEFIT PLANS | |||||||||||||||||
The Company sponsors various retirement plans, including defined benefit pension plans and defined contribution plans. Substantially all of the Company's domestic non-union employees are eligible to participate in an employer-sponsored retirement savings plans, which include features under Section 401(k) of the Internal Revenue Code of 1986, as amended, and provide for company matching contributions. The Company's contributions to the plans are determined by its Board of Directors subject to certain minimum requirements as specified in the plans. The Company uses a measurement date of June 30 for all of its retirement and postretirement benefit plans. | |||||||||||||||||
In addition, the Company has recorded $39.6 million in obligations related to its withdrawal from a multi-employer pension plan related to a former commercial packaging site, a clinical services site and a former printed components operation. The Company's withdrawal from these multi-employer pension plans has been classified as a mass withdrawal under the Multiemployer Pension Plan Amendments Act of 1980, and, as amended, under the Pension Protection Act of 2006. The estimated discounted value of the projected contributions related to these plans is $39.6 million and $39.7 million as of June 30, 2014 and June 30, 2013, respectively. The withdrawal from the plan resulted in the recognition of liabilities associated with the Company's long term obligations in both the prior and current year periods, which were primarily recorded as an expense within discontinued operations. The actuarial review process, which is administered by the plan trustees, is ongoing and we await final determination as to the Company's ultimate liability. The annual cash impact associated with our long term obligation approximates $1.7 million per year. Refer to footnote 15 to the Consolidated Financial Statements for further discussion. | |||||||||||||||||
The following table provides a reconciliation of the change in projected benefit obligation and fair value of plan assets for the defined benefit retirement and other retirement plans, excluding the multi-employer pension plan liability: | |||||||||||||||||
At June 30, | Retirement Benefits | Other Post-Retirement Benefits | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Accumulated Benefit Obligation | $ | 324.4 | $ | 279.7 | $ | 4.4 | $ | 4.9 | |||||||||
Change in Benefit Obligation | |||||||||||||||||
Benefit obligation at beginning of year | 289.1 | 292.2 | 4.9 | 5.3 | |||||||||||||
Company service cost | 2.8 | 2.8 | — | — | |||||||||||||
Interest cost | 12.2 | 11.9 | 0.2 | 0.2 | |||||||||||||
Employee contributions | — | 0.1 | — | — | |||||||||||||
Plan amendments | — | — | — | — | |||||||||||||
Curtailments | — | — | — | — | |||||||||||||
Settlements | (1.7 | ) | (1.6 | ) | — | — | |||||||||||
Special termination benefits | — | — | — | — | |||||||||||||
Divestitures | — | — | — | — | |||||||||||||
Business combinations | — | — | — | — | |||||||||||||
Benefits paid | (10.9 | ) | (9.8 | ) | (0.3 | ) | (0.2 | ) | |||||||||
Actual expenses | (0.1 | ) | — | — | — | ||||||||||||
Actuarial (gain)/loss | 24.3 | (6.1 | ) | (0.4 | ) | (0.3 | ) | ||||||||||
Exchange rate gain/(loss) | 18.1 | (0.4 | ) | — | (0.1 | ) | |||||||||||
Benefit obligation at end of year | 333.8 | 289.1 | 4.4 | 4.9 | |||||||||||||
Change in Plan Assets | |||||||||||||||||
Fair value of plan assets at beginning of year | 198.4 | 191.4 | — | — | |||||||||||||
Actual return on plan assets | 14 | 12.9 | — | — | |||||||||||||
Company contributions | 8.6 | 8.9 | 0.3 | 0.2 | |||||||||||||
Employee contributions | — | 0.1 | — | — | |||||||||||||
Settlements | (1.7 | ) | (1.6 | ) | — | — | |||||||||||
Special company contributions to fund termination benefits | — | — | — | — | |||||||||||||
Divestitures | — | — | — | — | |||||||||||||
Business combinations | — | — | — | — | |||||||||||||
Benefits paid | (10.9 | ) | (9.8 | ) | (0.3 | ) | (0.2 | ) | |||||||||
Actual expenses | (0.1 | ) | — | — | — | ||||||||||||
Exchange rate gain/(loss) | 13.9 | (3.5 | ) | — | — | ||||||||||||
Fair value of plan assets at end of year | 222.2 | 198.4 | — | — | |||||||||||||
Funded Status | |||||||||||||||||
Funded status at end of year | (111.4 | ) | (90.7 | ) | (4.4 | ) | (4.9 | ) | |||||||||
Employer contributions between measurement date and reporting date | — | — | — | — | |||||||||||||
Net pension asset (liability) | (111.4 | ) | (90.7 | ) | (4.4 | ) | (4.9 | ) | |||||||||
The following table provides a reconciliation of the net amount recognized in the Consolidated Balance Sheets: | |||||||||||||||||
At June 30, | Retirement Benefits | Other Post-Retirement Benefits | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Amounts Recognized in Statement of Financial Position | |||||||||||||||||
Noncurrent assets | $ | 0.7 | $ | 0.4 | $ | — | $ | — | |||||||||
Current liabilities | (1.0 | ) | (1.0 | ) | (0.4 | ) | (0.5 | ) | |||||||||
Noncurrent liabilities | (111.1 | ) | (90.1 | ) | (4.0 | ) | (4.4 | ) | |||||||||
Total asset/(liability) | (111.4 | ) | (90.7 | ) | (4.4 | ) | (4.9 | ) | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | |||||||||||||||||
Transition (asset)/obligation | — | — | — | — | |||||||||||||
Prior service cost | 0.2 | 0.2 | — | — | |||||||||||||
Net (gain)/loss | 52.2 | 32.5 | (0.9 | ) | (0.6 | ) | |||||||||||
Total accumulated other comprehensive income at the end of the year | 52.4 | 32.7 | (0.9 | ) | (0.6 | ) | |||||||||||
Additional Information for Plan with ABO in Excess of Plan Assets | |||||||||||||||||
Projected benefit obligation | 318.1 | 272.7 | 4.4 | 4.9 | |||||||||||||
Accumulated benefit obligation | 311.2 | 265.7 | 4.4 | 4.9 | |||||||||||||
Fair value of plan assets | 206 | 181.6 | — | — | |||||||||||||
Additional Information for Plan with PBO in Excess of Plan Assets | |||||||||||||||||
Projected benefit obligation | 318.1 | 272.7 | 4.4 | 4.9 | |||||||||||||
Accumulated benefit obligation | 311.2 | 265.7 | 4.4 | 4.9 | |||||||||||||
Fair value of plan assets | 206 | 181.6 | — | — | |||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Service Cost | 2.8 | 2.8 | — | — | |||||||||||||
Interest Cost | 12.2 | 11.9 | 0.2 | 0.2 | |||||||||||||
Expected return on plan assets | (10.4 | ) | (9.8 | ) | — | — | |||||||||||
Amortization of unrecognized: | |||||||||||||||||
Transition (asset)/obligation | — | — | — | — | |||||||||||||
Prior service cost | — | — | — | — | |||||||||||||
Net (gain)/loss | 1.3 | 0.9 | — | — | |||||||||||||
Ongoing periodic cost | 5.9 | 5.8 | 0.2 | 0.2 | |||||||||||||
Settlement/curtailment expense/(income) | 0.2 | 0.2 | — | — | |||||||||||||
Net periodic benefit cost | 6.1 | 6 | 0.2 | 0.2 | |||||||||||||
At June 30, | Retirement Benefits | Other Post-Retirement Benefits | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||||||||||||||||
Net (gain)/loss arising during the year | $ | 20.7 | $ | (9.2 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Prior service cost (credit) during the year | — | — | — | — | |||||||||||||
Transition asset/(obligation) recognized during the year | — | — | — | — | |||||||||||||
Prior service cost recognized during the year | — | — | — | — | |||||||||||||
Net gain/(loss) recognized during the year | (1.5 | ) | (1.1 | ) | — | — | |||||||||||
Exchange rate gain/(loss) recognized during the year | 0.5 | 0.4 | — | — | |||||||||||||
Total recognized in other comprehensive income | $ | 19.7 | $ | (9.9 | ) | $ | (0.3 | ) | $ | (0.3 | ) | ||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 27.3 | $ | (3.9 | ) | $ | (0.2 | ) | $ | (0.1 | ) | ||||||
Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | |||||||||||||||||
Amortization of: | |||||||||||||||||
Transition (asset)/obligation | $ | — | $ | — | $ | — | $ | — | |||||||||
Prior service cost/(credit) | — | — | — | — | |||||||||||||
Net (gain)/loss | 2 | 1.2 | (0.1 | ) | — | ||||||||||||
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date | |||||||||||||||||
Discount rate (%) | 3.73 | % | 4.14 | % | 3.67 | % | 3.92 | % | |||||||||
Rate of compensation increases (%) | 2.1 | % | 2.51 | % | N/A | N/A | |||||||||||
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year | |||||||||||||||||
Discount rate (%) | 4.14 | % | 4.09 | % | 3.92 | % | 3.38 | % | |||||||||
Rate of compensation increases (%) | 2.51 | % | 2.51 | % | N/A | N/A | |||||||||||
Expected long-term rate of return (%) | 5.11 | % | 5.12 | % | N/A | N/A | |||||||||||
Expected Future Contributions | |||||||||||||||||
Financial Year | |||||||||||||||||
2015 | $ | 8.9 | $ | 0.4 | |||||||||||||
At June 30, | Retirement Benefits | Other Post-Retirement Benefits | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Expected Future Benefit Payments | |||||||||||||||||
Financial Year | |||||||||||||||||
2015 | 9.7 | 10.9 | 0.4 | 0.5 | |||||||||||||
2016 | 11.3 | 9.2 | 0.4 | 0.5 | |||||||||||||
2017 | 10.6 | 10.7 | 0.4 | 0.5 | |||||||||||||
2018 | 12.7 | 10.4 | 0.4 | 0.4 | |||||||||||||
2019 | 12.7 | 12.1 | 0.4 | 0.4 | |||||||||||||
2020-2024 | 77.5 | 69.3 | 1.6 | 1.8 | |||||||||||||
Actual Asset Allocation (%) | |||||||||||||||||
Equities | 34 | % | 34.1 | % | — | % | — | % | |||||||||
Government Bonds | 27 | % | 21 | % | — | % | — | % | |||||||||
Corporate Bonds | 17.1 | % | 22 | % | — | % | — | % | |||||||||
Property | 3 | % | 2.8 | % | — | % | — | % | |||||||||
Insurance Contracts | 9.5 | % | 9.8 | % | — | % | — | % | |||||||||
Other | 9.4 | % | 10.3 | % | — | % | — | % | |||||||||
Total | 100 | % | 100 | % | — | % | — | % | |||||||||
Actual Asset Allocation (Amount) | |||||||||||||||||
Equities | 75.7 | 67.9 | — | — | |||||||||||||
Government Bonds | 60 | 41.6 | — | — | |||||||||||||
Corporate Bonds | 37.9 | 43.6 | — | — | |||||||||||||
Property | 6.6 | 5.5 | — | — | |||||||||||||
Insurance Contracts | 21 | 19.4 | — | — | |||||||||||||
Other | 21 | 20.4 | — | — | |||||||||||||
Total | 222.2 | 198.4 | — | — | |||||||||||||
Target Asset Allocation (%) | |||||||||||||||||
Equities | 34.3 | % | 33.8 | % | — | % | — | % | |||||||||
Government Bonds | 24.5 | % | 18.1 | % | — | % | — | % | |||||||||
Corporate Bonds | 21.7 | % | 27.8 | % | — | % | — | % | |||||||||
Property | 3.6 | % | 3.7 | % | — | % | — | % | |||||||||
Insurance Contracts | 7.1 | % | 7.5 | % | — | % | — | % | |||||||||
Other | 8.8 | % | 9.1 | % | — | % | — | % | |||||||||
Total | 100 | % | 100 | % | — | % | — | % | |||||||||
The Company employs a building block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equities and fixed income are preserved consistent with the widely-accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established via a building block approach with proper consideration of diversification and rebalancing. Peer data and historical returns are reviewed to check for reasonability and appropriateness. | |||||||||||||||||
Plan assets are recognized and measured at fair value in accordance with the accounting standards regarding fair value measurements. The following are valuation techniques used to determine the fair value of each major category of assets. | |||||||||||||||||
• | Short-term Investments, Equity securities, Fixed Income Securities, and Real Estate are valued using quoted market prices or other valuation methods, and thus are classified within Level 1 or Level 2. | ||||||||||||||||
• | Insurance Contracts and Other include investments with some observable and unobservable prices that are adjusted by cash contributions and distributions, and thus are classified within Level 2 or Level 3. | ||||||||||||||||
The following table provides a summary of plan assets that are measured in fair value as of June 30, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall: | |||||||||||||||||
(Dollars in millions) | Total Assets | Level 1 | Level 2 | Level 3 | |||||||||||||
Equity Securities | $ | 75.7 | $ | 6.1 | $ | 69.6 | — | ||||||||||
Debt Securities | 97.9 | 26.8 | 71.1 | — | |||||||||||||
Real Estate | 6.6 | — | 0.4 | 6.2 | |||||||||||||
Other | 42 | — | 18.1 | 23.9 | |||||||||||||
Total | $ | 222.2 | $ | 32.9 | $ | 159.2 | $ | 30.1 | |||||||||
Level 3 real estate assets consist of a UK Property fund ("UBS Life Triton Property Fund") which directly invests in properties which are held in the UK. The funds are priced using the Net Asset Value ("NAV") of the fund and investors also get Bid and Offer prices on a monthly basis. The NAV is extracted using UK GAAP and its primary asset is Investment Properties. Investment properties are measured at fair value as determined by third party independent appraisers (the "Values"). Their value is ascertained by reference to the market value, having regard to whether they are let or un-let at the date of valuation, in accordance with the Appraisal and Valuation Manual issued by the Royal Institution of Chartered Surveyors. | |||||||||||||||||
Level 3 other assets consist of an insurance contract in the UK to fulfill the benefit obligations for a portion of the participant's benefits. The value of this commitment is determined using the same assumptions and methods used to value the UK Retirement & Death Benefit Plan pension liability. Level 3 other assets also include the partial funding of the Eberbach Pension through a company promissory note or loan with an annual rate of interest of 5%. The value of this commitment fluctuates due to contributions and benefit payments in addition to loan interest. | |||||||||||||||||
The following table provides a summary of plan assets that are measured in fair value as of June 30, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall: | |||||||||||||||||
(Dollars in millions) | Total Assets | Level 1 | Level 2 | Level 3 | |||||||||||||
Equity Securities | $ | 67.9 | $ | 6 | $ | 61.9 | — | ||||||||||
Debt Securities | 85.2 | 23.5 | 61.7 | — | |||||||||||||
Real Estate | 5.5 | — | 0.7 | 4.8 | |||||||||||||
Other | 39.8 | — | 18.1 | 21.7 | |||||||||||||
Total | $ | 198.4 | $ | 29.5 | $ | 142.4 | $ | 26.5 | |||||||||
The following table provides a reconciliation of the beginning and ending balances of level 3 assets as well as the changes during the period attributable to assets held and those purchases, sales, settlements, contributions and benefits that were paid: | |||||||||||||||||
Total (Level 3) | |||||||||||||||||
Asset Category Allocations - June 30, 2014 | |||||||||||||||||
Total ( Level 3) | Fair Value Measurement | Fair Value Measurement | Fair Value Measurement | ||||||||||||||
All figures in U.S. Dollars | Using Significant | Using Significant | Using Significant | ||||||||||||||
(Dollars in millions) | Unobservable Inputs | Unobservable Inputs | Unobservable Inputs | ||||||||||||||
Total (Level 3) | Insurance Contracts | Other | |||||||||||||||
Beginning Balance at June 30, 2013 | $ | 26.5 | $ | 4 | $ | 22.5 | |||||||||||
Actual return on plan assets: | |||||||||||||||||
Relating to assets still held at the reporting date | 4 | 1 | — | ||||||||||||||
Relating to assets sold during the period | — | — | 3.1 | ||||||||||||||
Purchases, sales, settlements, contributions and benefits paid | (0.4 | ) | (0.2 | ) | — | ||||||||||||
Transfers in and/or out of Level 3 | — | — | (0.2 | ) | |||||||||||||
Ending Balance at June 30, 2014 | $ | 30.1 | $ | 4.8 | $ | 25.4 | |||||||||||
The investment policy reflects the long-term nature of the plans' funding obligations. The assets are invested to provide the opportunity for both income and growth of principal. This objective is pursued as a long-term goal designed to provide required benefits for participants without undue risk. It is expected that this objective can be achieved through a well-diversified asset portfolio. All equity investments are made within the guidelines of quality, marketability and diversification mandated by the Employee Retirement Income Security Act (“ERISA”) (for plans subject to ERISA) and other relevant statutes. Investment managers are directed to maintain equity portfolios at a risk level approximately equivalent to that of the specific benchmark established for that portfolio. Assets invested in fixed income securities and pooled fixed income portfolios are managed actively to pursue opportunities presented by changes in interest rates, credit ratings or maturity premiums. | |||||||||||||||||
At June 30, | Other Post-Retirement Benefits | ||||||||||||||||
(Actual dollar amounts) | 2014 | 2013 | |||||||||||||||
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date | |||||||||||||||||
Healthcare cost trend rate – initial (%) | |||||||||||||||||
Pre 65 | 7.6 | % | 7.81 | % | |||||||||||||
Post 65 | 10.91 | % | 7.14 | % | |||||||||||||
Healthcare cost trend rate – ultimate (%) | |||||||||||||||||
Pre 65 | 4.7 | % | 4.67 | % | |||||||||||||
Post 65 | 4.7 | % | 4.67 | % | |||||||||||||
Year in which ultimate rates are reached | |||||||||||||||||
Pre 65 | 2021 | 2021 | |||||||||||||||
Post 65 | 2020 | 2020 | |||||||||||||||
Effect of 1% Change in Healthcare Cost Trend Rate | |||||||||||||||||
Healthcare cost trend rate up 1% | |||||||||||||||||
on APBO at balance sheet date | $ | 278,651 | $ | 288,650 | |||||||||||||
on total service and interest cost | 11,363 | 10,129 | |||||||||||||||
Effect of 1% Change in Healthcare Cost Trend Rate | |||||||||||||||||
Healthcare cost trend rate down 1% | |||||||||||||||||
on APBO at balance sheet date | $ | (245,360 | ) | $ | (256,221 | ) | |||||||||||
on total service and interest cost | (10,008 | ) | (8,987 | ) | |||||||||||||
Expected Future Contributions | |||||||||||||||||
Financial Year | |||||||||||||||||
2015 | $ | 383,065 | |||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
Advisor Transaction and Management Fees | |
The Company entered into a transaction and advisory fee agreement with affiliates of Blackstone and certain other Investors in BHP PTS Holdings L.L.C. (the “Investors”), the investment entity controlled by affiliates of Blackstone that was formed in connection with the Investors' investment in Phoenix. The Company pays an annual sponsor advisory fee to Blackstone and the Investors for certain monitoring, advisory and consulting services to the Company. During the fiscal year ended June 30, 2014, 2013 and 2012 this management fee was approximately $12.9 million, $12.4 million and $11.8 million, respectively. This fee was recorded as expense within selling, general and administrative expenses in the Consolidated Statements of Operations. In addition, pursuant to the terms of the transaction and advisory services agreement with affiliates of Blackstone, the Company paid $10.0 million in the aggregate in connection with the CTS Acquisition during the fiscal year ended 2012. In connection with the Initial Public Offering, the Company paid the Investors a termination fee of $29.8 million in August 2014. | |
Other Related Party Transactions | |
The Company participates in an employer health program agreement with Equity Healthcare LLC (“Equity Healthcare”). Equity Healthcare negotiates with providers of standard administrative services for health benefit plans and other related services for cost discounts and quality of service monitoring capability by Equity Healthcare. Because of the combined purchasing power of its client participants, Equity Healthcare is able to negotiate pricing terms for providers that are believed to be more favorable than the companies could obtain for themselves on an individual basis. In consideration for these services, the Company paid Equity Healthcare a fee of $2.60 and $2.70 per participating employee per month in calendar year 2013 and 2014, respectively. As of June 30, 2014, we had approximately 2,360 employees enrolled in our health benefit plans in the United States. Equity Healthcare is an affiliate of Blackstone. | |
In addition, the Company does ordinary course business with a number of other companies affiliated with Blackstone; we believe that all such arrangements have been entered into in the ordinary course of our business and have been conducted on an arm's length basis. |
Equity_and_Accumulated_Other_C
Equity and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Equity | ' | |||||||||||||||||||
EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Description of Capital Stock | ||||||||||||||||||||
The Company is authorized to issue 84 million shares of capital stock, all of which are Common Stock, with a par value of $0.01 per share. In accordance with the Certificate of Incorporation of the Company, each share of Common Stock shall have one vote, and the Common Stock shall vote together as a single class. As of June 30, 2014, substantially all of the outstanding shares of the capital stock of the Company have been issued to, and are held by, Phoenix Charter, LLC. In accordance with the By-Laws of the Company, the Board of Directors may declare dividends upon the stock of the Company as and when the Board deems appropriate. See Note 19 Subsequent Events for discussion of the Company's Initial Public Offering in July 2014. | ||||||||||||||||||||
Accumulated other comprehensive income/(loss) | ||||||||||||||||||||
Accumulated other comprehensive income/(loss) by component and changes for the fiscal years June 30, 2014, June 30, 2013 and June 30, 2012 consists of | ||||||||||||||||||||
(Dollars in millions) | Foreign Currency Translation Adjustments | Unrealized Gains/(Losses) on Derivatives | Deferred Compensation | Pension Liability Adjustments | Other Comprehensive Income/(Loss) | |||||||||||||||
Balance at June 30, 2011 | $ | 69.9 | $ | (36.8 | ) | 0.6 | $ | (8.1 | ) | $ | 25.6 | |||||||||
Activity, net of tax | (40.4 | ) | 12.3 | 0.1 | (26.5 | ) | (54.5 | ) | ||||||||||||
Balance at June 30, 2012 | 29.5 | (24.5 | ) | 0.7 | (34.6 | ) | (28.9 | ) | ||||||||||||
Activity, net of tax | (47.9 | ) | 24.5 | 0.8 | 8.7 | (13.9 | ) | |||||||||||||
Balance at June 30, 2013 | (18.4 | ) | — | 1.5 | (25.9 | ) | (42.8 | ) | ||||||||||||
Activity, net of tax | 32.4 | — | 1.7 | (15.5 | ) | 18.6 | ||||||||||||||
Balance at June 30, 2014 | $ | 14 | $ | — | $ | 3.2 | $ | (41.4 | ) | $ | (24.2 | ) | ||||||||
For the year ended June 30, 2014 the Company reclassified $1.5 million of actuarial losses related to its defined benefit pension and other post-retirement benefit plans from accumulated other comprehensive income into selling, general and administrative expenses. Due to this reclassification, the Company recognized an income tax benefit of $0.3 million for the year ended June 30, 2014. | ||||||||||||||||||||
For the year ended June 30, 2012, the Company recorded $15.2 million of unrealized gains on derivatives related to the interest rate swaps with an associated tax effect of $2.9 million. For the year ended June 30, 2013, the Company's interest rate swap agreements matured and the unrealized gain and tax impacts were recorded through the statement of operations. | ||||||||||||||||||||
The components of the changes in the cumulative translation adjustment and minimum pension liability for the fiscal years June 30, 2014, June 30, 2013 and June 30, 2012 consists of: | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net investment hedge | (13.6 | ) | (20.9 | ) | 69.4 | |||||||||||||||
Long term inter-company loans | 28.3 | (4.8 | ) | — | ||||||||||||||||
Translation adjustments | 17.7 | (22.2 | ) | (96.7 | ) | |||||||||||||||
Total cumulative translation adjustment, pretax | 32.4 | (47.9 | ) | (27.3 | ) | |||||||||||||||
Tax (1) | — | — | (13.1 | ) | ||||||||||||||||
Total cumulative translation adjustment, net of tax | 32.4 | (47.9 | ) | (40.4 | ) | |||||||||||||||
Net change in minimum pension liability | ||||||||||||||||||||
Net (gain)/loss arising during the year | (20.4 | ) | 9.5 | (38.7 | ) | |||||||||||||||
Net gain/(loss) recognized during the year | 1.5 | 1.1 | 0.1 | |||||||||||||||||
Foreign Exchange Translation and Other | (0.5 | ) | (0.4 | ) | 3 | |||||||||||||||
Total Pension, pretax | (19.4 | ) | 10.2 | (35.6 | ) | |||||||||||||||
Tax (2) | 3.9 | (1.5 | ) | 9.1 | ||||||||||||||||
Net change in minimum pension liability, net of tax | (15.5 | ) | 8.7 | (26.5 | ) | |||||||||||||||
(1) Tax related to foreign currency translation adjustments relate to the Net investment hedge activity. | ||||||||||||||||||||
(2) Tax related to minimum pension liability relate to the Company's foreign operations. | ||||||||||||||||||||
Tax related to the minimum pension liability generated in the U.S., and deferred compensation have a full valuation allowance recorded offsetting the tax impact resulting in a net zero tax impact for the three years presented (See Note 9 to the Consolidated Financial Statements). |
Equity_Based_Compensation
Equity Based Compensation | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||
EQUITY-BASED COMPENSATION | ||||||||||||||||||||||
Company Plan | ||||||||||||||||||||||
The Company’s stock-based compensation is comprised of stock options and restricted stock units. Awards issued under the 2007 PTS Holdings Corp. Stock Incentive Plan (the “2007 Plan”) are generally issued for the purpose of retaining key employees and directors. The Company has adopted two forms of non-qualified stock option agreements (the “Form Option Agreements”) for awards under the 2007 Plan. Under our Form Option Agreement, adopted in 2009, a portion of the stock option awards vest over a five-year period of time contingent solely upon the participant’s continued employment with the Company, another portion of the stock option awards will vest over a specified performance period upon achievement of pre-determined operating performance targets over time and the remaining portion of the stock option awards will vest upon realization of certain internal rates of return or multiple of investment goals. Under our other Form Option Agreement, adopted in 2013, a portion of the stock option awards will vest over a specified performance period upon achievement of pre-determined operating performance targets over time while the other portion of the stock option awards will vest upon realization of a specified multiple of investment goal. The Form Option Agreements include certain forfeiture provisions upon a participant’s separation from service with the Company. A maximum of 7,287,980 shares of our common stock may be issued pursuant to awards under the 2007 Plan. As of June 30, 2014, approximately 428,000 authorized shares are available for future awards under the 2007 Plan. | ||||||||||||||||||||||
On July 31, 2014, the 2014 Omnibus incentive plan became effective. A maximum of 6,700,000 shares of common stock may be issued under this plan. | ||||||||||||||||||||||
Stock Compensation Expense | ||||||||||||||||||||||
Stock compensation expense recognized in the consolidated statements of income was $4.5 million, $2.8 million and $3.7 million in fiscal years 2014, 2013 and 2012, respectively. All stock compensation expense is classified in selling, general and administrative expenses along with the wages and benefits of the option participants. Stock compensation expense is based on awards expected to vest, and therefore has been reduced by estimated forfeitures. Forfeitures are required to be estimated at the time of grant and revised in subsequent periods, if necessary, if actual forfeitures differ from those estimates. As of June 30, 2014, $7.3 million of unrecognized compensation cost related to stock options is expected to be recognized as expense over a weighted-average period of approximately 1.53 years. | ||||||||||||||||||||||
Methodology and Assumptions | ||||||||||||||||||||||
Stock options are granted with an exercise price equal to the fair market value on the date of grant. In the 2007 Plan, stock options granted generally vest in equal annual installments over a five year period from the grant date. Stock options granted typically have a contractual term of 10 years. The grant-date fair value, adjusted for estimated forfeitures, is recognized as expense on a ratable basis over the substantive vesting period. The fair value of stock options is determined using the Black-Scholes-Merton option pricing model for service and performance based awards, and an adaptation of the Black-Scholes-Merton option valuation model, which takes into consideration the internal rate of return thresholds, for market based awards. This model adaptation is essentially equivalent to the use of path dependent-lattice model. | ||||||||||||||||||||||
The weighted average of assumptions used in estimating the fair value of stock options granted during each year were as follows: | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Expected volatility | 31% | 30% - 31% | 29% - 30% | |||||||||||||||||||
Expected life (in years) | 5.66 - 6.50 | 5.82 - 6.50 | 6.5 - 7.5 | |||||||||||||||||||
Risk-free interest rates | 0.3% - 2.2% | 0.3% - 1.9% | 1.3% - 1.6% | |||||||||||||||||||
Dividend yield | None | None | None | |||||||||||||||||||
As of June 30, 2014, the Company was privately held and therefore the expected volatility assumption is based on the historical volatility of closing share price of a comparable peer group. The Company selected peer companies from the pharmaceutical industry with similar characteristics to us, including market capitalization, number of employees and product focus. In addition, since the Company does not have a pattern of exercise behavior of option holders, the Company used the simplified method to determine the expected life of each option, which is the mid-point between the vesting date and the end of the contractual term. The risk-free interest rate for the expected life of the option is based on the comparable U.S. Treasury yield curve in effect at the time of grant. The weighted-average grant-date fair value of stock options in 2014, 2013, and 2012 was $5.41 per share, $4.23 per share and $3.89 per share, respectively. | ||||||||||||||||||||||
The following table summarizes stock option activity and shares outstanding for the year ended June 30, 2014. | ||||||||||||||||||||||
Time | Performance | Market | ||||||||||||||||||||
Weighted | ||||||||||||||||||||||
Average | Number | WA | Aggregate | Number | WA | Aggregate | Number | WA | Aggregate | |||||||||||||
Exercise | of | Contractual | Intrinsic | of | Contractual | Intrinsic | of | Contractual | Intrinsic | |||||||||||||
Price | shares | Term | Value | shares | Term | Value | shares | Term | Value | |||||||||||||
Outstanding as of June 30, 2013 | $ | 13.76 | 2,743,580 | 6.79 | $ | 17,708,630 | 1,617,980 | 8.47 | $ | 5,365,770 | 2,425,640 | 7.98 | $ | 10,616,630 | ||||||||
Granted | $ | 18.71 | 116,200 | 10 | — | 23,380 | 10 | — | 46,620 | 10 | — | |||||||||||
Exercised | $ | 12.14 | (22,960 | ) | 0 | — | (14,700 | ) | 0 | — | — | 0 | — | |||||||||
Forfeited | $ | 13.6 | (32,900 | ) | 0 | — | (31,500 | ) | 0 | — | (134,400 | ) | 0 | — | ||||||||
Expired / Canceled | $ | 12.03 | (153,720 | ) | 0 | — | (31,430 | ) | 0 | — | — | 0 | — | |||||||||
Outstanding as of June 30, 2014 | $ | 13.96 | 2,632,280 | 5.96 | $ | 24,001,410 | 1,563,730 | 7.55 | $ | 9,483,970 | 2,337,860 | 7.06 | $ | 16,702,850 | ||||||||
Expected to vest as of June 30, 2014 | $ | 13.85 | 2,541,840 | 5.89 | $ | 23,566,205 | 1,464,260 | 7.48 | $ | 9,142,187 | 2,260,160 | 7.06 | $ | 16,142,879 | ||||||||
Vested and Exercisable as of June 30, 2014 | $ | 11.92 | 1,787,240 | 5.47 | $ | 17,919,180 | 636,860 | 6.3 | $ | 5,638,880 | — | 0 | $ | — | ||||||||
Since the inception of the 2007 Plan, participants have exercised the option to purchase 19,963 and 5,250 shares in fiscal years 2014 and 2013, respectively, resulting in an inconsequential impact on the Company’s cash balance and income tax accounts. The intrinsic value of the options exercised in fiscal 2014 and 2013 was $0.4 million and $35 thousand, respectively. | ||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||
The Company may grant restricted stock units ("RSUs") to employees for recognition and retention purposes. RSUs generally vest over a three to five-year period. The grant-date fair value, adjusted for estimated forfeitures, is recognized as expense ratably on a graded vesting schedule over the vesting period. The fair value of RSUs is determined based on the number of shares granted and the fair value of the Company’s common stock on the date of grant. | ||||||||||||||||||||||
The following table summarizes non-vested RSU activity for the year ended June 30, 2014. | ||||||||||||||||||||||
RSU Units | Weighted Average Grant- Date Fair Value | |||||||||||||||||||||
Non-vested as of June 30, 2013 | 79,310 | $11.93 | ||||||||||||||||||||
Granted | 29,400 | $21.64 | ||||||||||||||||||||
Vested | -53,690 | $11.62 | ||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||
Non-vested as of June 30, 2014 | 55,020 | $17.43 | ||||||||||||||||||||
As of June 30, 2014, $0.6 million of unrecognized compensation cost related to RSUs is expected to be recognized as expense over a weighted-average period of approximately 1.79 years. The weighted-average grant-date fair value of RSUs in fiscal years 2014 and 2012 was $21.64 and $14.86, respectively. There were no RSU grants in fiscal year 2013. The fair value of RSUs vested in fiscal 2014, 2013 and 2012 was $0.6 million, $0.6 million and $0.5 million, respectively. |
Redeemable_noncontrolling_inte
Redeemable noncontrolling interest (Notes) | 12 Months Ended |
Jun. 30, 2014 | |
Temporary Equity Disclosure [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
REDEEMABLE NONCONTROLLING INTEREST | |
In July 2013, the Company acquired a 67% controlling interest in a softgel manufacturing facility located in Haining, China. The noncontrolling interest shareholders have the right to jointly sell the remaining 33% interest to Catalent during the 30-day period following the third anniversary of closing for a price based on the greater of (1) an amount that would provide the noncontrolling interest shareholders a return on their investment of a predetermined amount per annum on their pro rata share of the initial valuation or (2) a multiple of the sum of the target's earnings before interest, taxes, depreciation and amortization and amortization less net debt for the four quarters immediately preceding such sale. Noncontrolling interest with redemption features, such as the arrangement described above, that are not solely within the Company's control are considered redeemable noncontrolling interests, which is considered temporary equity and is therefore reported outside of permanent equity on the Company's consolidated balance sheet at the greater of the initial carrying amount adjusted for the noncontrolling interest's share of net income/(loss) or its redemption value. As of June 30, 2014, the redemption value of the redeemable noncontrolling interest approximated the carrying value. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||
The future minimum rental payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year at June 30, 2014 are: | ||||||||||||||||||||||
(Dollars in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||
Minimum rental payments | $ | 4.6 | $ | 3.5 | $ | 3 | $ | 2.7 | $ | 2.4 | $ | 6.8 | $ | 23 | ||||||||
Rental expense relating to operating leases was approximately $9.5 million, $9.4 million and $13.1 million for the fiscal years ended June 30, 2014, June 30, 2013 and June 30, 2012, respectively. Sublease rental income was not material for any period presented herein. | ||||||||||||||||||||||
Other Matters | ||||||||||||||||||||||
As previously disclosed with regard to the Company’s participation in a multi-employer pension plan, the Company notified the plan trustees of its withdrawal from such plan in fiscal 2012. The withdrawal from the plan resulted in the recognition of liabilities associated with the Company’s long term obligations in both the prior and current year periods, which were primarily recorded as an expense within discontinued operations. The actuarial review process, which is administered by the plan trustees, is ongoing and the Company awaits final determination as to the Company’s ultimate liability. The annual cash impact associated with the Company’s long term obligation approximates $1.7 million per year. Refer to Note 10 to the Consolidated Financial Statements for further discussion. | ||||||||||||||||||||||
Beginning in November 2006, the Company, along with several pharmaceutical companies, has been named in approximately 380 civil lawsuits. These lawsuits were filed by individuals allegedly injured by their use of the prescription acne medication Amnesteem®, a branded generic form of isotretinoin, and in some instances, of isotretinoin products made and/or sold by other firms as well. All but one of these lawsuits have been dismissed or settled. The Company was not required to make any contribution toward any settlement to date. While it is not possible to determine the ultimate outcome of this legal proceeding, including making a determination of liability, the Company believes it has meritorious defenses with respect to the claims asserted against it and intends to vigorously defend its position. | ||||||||||||||||||||||
From time to time, the Company may be involved in legal proceedings arising in the ordinary course of business, including, without limitation, inquiries and claims concerning environmental contamination as well as litigation and allegations in connection with acquisitions, product liability, manufacturing or packaging defects and claims for reimbursement for the cost of lost or damaged active pharmaceutical ingredients, the cost of which could be significant. The Company intends to vigorously defend itself against such other litigation and does not currently believe that the outcome of any such other litigation will have a material adverse effect on the Company’s financial statements. In addition, the healthcare industry is highly regulated and government agencies continue to scrutinize certain practices affecting government programs and otherwise. | ||||||||||||||||||||||
From time to time, the Company receives subpoenas or requests for information from various government agencies, including from state attorneys general and the U.S. Department of Justice relating to the business practices of customers or suppliers. The Company generally responds to such subpoenas and requests in a timely and thorough manner, which responses sometimes require considerable time and effort and can result in considerable costs being incurred. The Company expects to incur costs in future periods in connection with existing and future requests. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||
The Company conducts its business within the following operating segments: Softgel Technologies, Modified Release Technologies, Medication Delivery Solutions and Development & Clinical Services. The Softgel Technologies and Modified Release Technologies segments are aggregated into one reportable operating segment – Oral Technologies. The Company evaluates the performance of its segments based on segment earnings before noncontrolling interest, other (income) expense, impairments, restructuring costs, interest expense, income tax (benefit)/expense, and depreciation and amortization (“Segment EBITDA”). EBITDA from continuing operations is consolidated earnings from continuing operations before interest expense, income tax (benefit)/expense, depreciation and amortization and is adjusted for the income or loss attributable to noncontrolling interest. The Company’s presentation of Segment EBITDA and EBITDA from continuing operations may not be comparable to similarly-titled measures used by other companies. | ||||||||||||||||||||
The following tables include net revenue and Segment EBITDA during the fiscal years ended June 30, 2014, June 30, 2013, and June 30, 2012: | ||||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Oral Technologies | ||||||||||||||||||||
Net revenue | $ | 1,180.10 | $ | 1,186.30 | $ | 1,220.20 | ||||||||||||||
Segment EBITDA | $ | 324.3 | $ | 315.7 | $ | 334.6 | ||||||||||||||
Medication Delivery Solutions | ||||||||||||||||||||
Net revenue | 246.1 | 219.3 | 223.9 | |||||||||||||||||
Segment EBITDA | 48.7 | 31.5 | 27.5 | |||||||||||||||||
Development and Clinical Services | ||||||||||||||||||||
Net revenue | 412.2 | 404.8 | 268.3 | |||||||||||||||||
Segment EBITDA | 83.5 | 75 | 53 | |||||||||||||||||
Inter-segment revenue elimination | (10.7 | ) | (10.1 | ) | (17.6 | ) | ||||||||||||||
Unallocated costs (1) | (82.1 | ) | (90.6 | ) | (84.8 | ) | ||||||||||||||
Combined Total | ||||||||||||||||||||
Net revenue | $ | 1,827.70 | $ | 1,800.30 | $ | 1,694.80 | ||||||||||||||
EBITDA from continuing operations | $ | 374.4 | $ | 331.6 | $ | 330.3 | ||||||||||||||
-1 | Unallocated costs include restructuring and special items, equity-based compensation, impairment charges, certain other corporate directed costs, and other costs that are not allocated to the segments as follows: | |||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Impairment charges and gain/(loss) on sale of assets | $ | (3.2 | ) | $ | (5.2 | ) | $ | (1.8 | ) | |||||||||||
Equity compensation | (4.5 | ) | (2.8 | ) | (3.7 | ) | ||||||||||||||
Restructuring and other items (2) | (29.4 | ) | (29.0 | ) | (45.8 | ) | ||||||||||||||
Property and casualty losses | — | — | 8.8 | |||||||||||||||||
Sponsor advisory fee | (12.9 | ) | (12.4 | ) | (11.8 | ) | ||||||||||||||
Noncontrolling interest | 1 | 0.1 | (1.2 | ) | ||||||||||||||||
Other income/(expense), net (3) | (10.4 | ) | (25.1 | ) | 3.8 | |||||||||||||||
Non-allocated corporate costs, net | (22.7 | ) | (16.2 | ) | (33.1 | ) | ||||||||||||||
Total unallocated costs | $ | (82.1 | ) | $ | (90.6 | ) | $ | (84.8 | ) | |||||||||||
-2 | Segment results do not include restructuring and certain acquisition related costs | |||||||||||||||||||
-3 | Primarily relates to realized and unrealized gains/(losses) related to foreign currency translation and expenses related to financing transactions during the period | |||||||||||||||||||
Provided below is a reconciliation of earnings/(loss) from continuing operations to EBITDA from continuing operations: | ||||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Earnings/(loss) from continuing operations | $ | 17.9 | $ | (50.9 | ) | $ | 18.1 | |||||||||||||
Depreciation and amortization | 142.9 | 152.2 | 129.7 | |||||||||||||||||
Interest expense, net | 163.1 | 203.2 | 183.2 | |||||||||||||||||
Income tax (benefit)/expense | 49.5 | 27 | 0.5 | |||||||||||||||||
Noncontrolling interest | 1 | 0.1 | (1.2 | ) | ||||||||||||||||
EBITDA from continuing operations | $ | 374.4 | $ | 331.6 | $ | 330.3 | ||||||||||||||
The following table includes total assets for each segment, as well as reconciling items necessary to total the amounts reported in the Consolidated Financial Statements: | ||||||||||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Oral Technologies | $ | 2,585.60 | $ | 2,464.40 | ||||||||||||||||
Medication Delivery Solutions | 292.8 | 286.2 | ||||||||||||||||||
Development and Clinical Services | 672.1 | 645.9 | ||||||||||||||||||
Corporate and eliminations | (460.3 | ) | (447.0 | ) | ||||||||||||||||
Total assets | $ | 3,090.20 | $ | 2,949.50 | ||||||||||||||||
The following tables include depreciation and amortization expense and capital expenditures for the fiscal years ended June 30, 2014, June 30, 2013 and June 30, 2012 for each segment, as well as reconciling items necessary to total the amounts reported in the Consolidated Financial statements: | ||||||||||||||||||||
Depreciation and Amortization Expense | ||||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Oral Technologies | $ | 80.8 | $ | 86.7 | $ | 82.5 | ||||||||||||||
Medication Delivery Solutions | 22.6 | 20.6 | 20.7 | |||||||||||||||||
Development and Clinical Services | 30.9 | 33.2 | 17.1 | |||||||||||||||||
Corporate | 8.6 | 11.7 | 9.4 | |||||||||||||||||
Total depreciation and amortization expense | $ | 142.9 | $ | 152.2 | $ | 129.7 | ||||||||||||||
Capital Expenditures | ||||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Oral Technologies | $ | 56.1 | $ | 47.7 | $ | 57.1 | ||||||||||||||
Medication Delivery Solutions | 25 | 47.7 | 22 | |||||||||||||||||
Development and Clinical Services | 28.2 | 21.3 | 16.9 | |||||||||||||||||
Corporate | 13.1 | 5.8 | 8.2 | |||||||||||||||||
Total capital expenditure | $ | 122.4 | $ | 122.5 | $ | 104.2 | ||||||||||||||
The following table presents revenue and long-lived assets by geographic area: | ||||||||||||||||||||
Net Revenue | Long-Lived Assets(1) | |||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | June 30, | June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||||||
United States | $ | 682.3 | $ | 695.8 | $ | 591.9 | $ | 413.7 | $ | 375.7 | ||||||||||
Europe | 888.8 | 863.2 | 868.9 | 348.5 | 344.2 | |||||||||||||||
International Other | 278.8 | 270.1 | 288 | 110.8 | 94.6 | |||||||||||||||
Eliminations | (22.2 | ) | (28.8 | ) | (54.0 | ) | — | — | ||||||||||||
Total | $ | 1,827.70 | $ | 1,800.30 | $ | 1,694.80 | $ | 873 | $ | 814.5 | ||||||||||
-1 | Long-lived assets include property and equipment, net of accumulated depreciation. |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||
Supplemental Balance Sheet Information | ' | |||||||||||
SUPPLEMENTAL BALANCE SHEET INFORMATION | ||||||||||||
Supplementary balance sheet information at June 30, 2014 and June 30, 2013, is detailed in the following tables. | ||||||||||||
Inventories | ||||||||||||
Work-in-process and finished goods inventories include raw materials, labor and overhead. Total inventories consisted of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Raw materials and supplies | $ | 84.1 | $ | 70.6 | ||||||||
Work-in-process | 23.8 | 26.1 | ||||||||||
Finished goods | 39.8 | 40 | ||||||||||
Total inventory, gross | 147.7 | 136.7 | ||||||||||
Inventory reserve | (12.9 | ) | (11.8 | ) | ||||||||
Inventories | $ | 134.8 | $ | 124.9 | ||||||||
Prepaid expenses and other | ||||||||||||
Prepaid expenses and other current assets consist of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Prepaid expenses | $ | 16.6 | $ | 16.2 | ||||||||
Spare parts supplies | 12.5 | 11.8 | ||||||||||
Deferred taxes | 12.7 | 17.5 | ||||||||||
Other current assets | 32.8 | 44.3 | ||||||||||
Prepaid expenses and other | $ | 74.6 | $ | 89.8 | ||||||||
Property, plant, and equipment, net | ||||||||||||
Property, plant, and equipment, net consists of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Land, buildings and improvements | $ | 619 | $ | 552.7 | ||||||||
Machinery, equipment and capitalized software | 683.6 | 641.6 | ||||||||||
Furniture and fixtures | 8.1 | 9 | ||||||||||
Construction in progress | 110.9 | 61.6 | ||||||||||
Property and equipment, at cost | 1,421.60 | 1,264.90 | ||||||||||
Accumulated depreciation | (548.6 | ) | (450.4 | ) | ||||||||
Property, plant, and equipment, net | $ | 873 | $ | 814.5 | ||||||||
Other assets | ||||||||||||
Other assets consist of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Deferred long term debt financing costs | $ | 19.7 | $ | 18.2 | ||||||||
Other | 29 | 18.4 | ||||||||||
Total other assets | $ | 48.7 | $ | 36.6 | ||||||||
Other accrued liabilities | ||||||||||||
Other accrued liabilities consist of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Accrued employee-related expenses | $ | 86.7 | $ | 81.1 | ||||||||
Restructuring accrual | 10.3 | 6 | ||||||||||
Deferred income tax | 1 | 0.9 | ||||||||||
Accrued interest | 12.2 | 12.5 | ||||||||||
Deferred revenue and fees | 47.1 | 36.3 | ||||||||||
Accrued income tax | 61.5 | 30.7 | ||||||||||
Other accrued liabilities and expenses | 60.9 | 57 | ||||||||||
Other accrued liabilities | $ | 279.7 | $ | 224.5 | ||||||||
Allowance for doubtful accounts | ||||||||||||
Trade receivables allowance for doubtful accounts activity as follows: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | June 30, | |||||||||
2014 | 2013 | 2012 | ||||||||||
Trade receivables allowance for doubtful accounts | ||||||||||||
Beginning balance | $ | 5.7 | $ | 4.2 | $ | 4.3 | ||||||
Charged to cost and expenses | 0.5 | 2.1 | 0.5 | |||||||||
Deductions and other | (1.0 | ) | (0.6 | ) | (0.3 | ) | ||||||
Impact of foreign exchange | 0.2 | — | (0.3 | ) | ||||||||
Closing balance | $ | 5.4 | $ | 5.7 | $ | 4.2 | ||||||
Inventory reserve | ||||||||||||
Inventory reserve activity as follows: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | June 30, | |||||||||
2014 | 2013 | 2012 | ||||||||||
Inventory reserve | ||||||||||||
Beginning balance | $ | 11.8 | $ | 8.5 | $ | 9.8 | ||||||
Charged to cost and expenses | 10.2 | 8.7 | 9.1 | |||||||||
Deductions | (9.5 | ) | (5.9 | ) | (9.6 | ) | ||||||
Impact of foreign exchange | 0.4 | 0.5 | (0.8 | ) | ||||||||
Closing balance | $ | 12.9 | $ | 11.8 | $ | 8.5 | ||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
DISCONTINUED OPERATIONS | ||||||||||||
In the fourth fiscal quarter of 2012, the Company sold its U.S. based commercial packaging operations and concluded the elimination of cash flows qualified the component as a discontinued operation. No material gain or loss was recognized on the sale. In conjunction with the exit of these operations, the Company incurred expenses related to long term pension obligations in the current and prior year periods. | ||||||||||||
The domestic commercial packaging component entity was previously reported in the Company’s Packaging Services segment. | ||||||||||||
Summarized Consolidated Statements of Operations data for discontinued operations are as follows: | ||||||||||||
Fiscal Year Ended June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
Net revenue | $ | — | $ | — | $ | 94.3 | ||||||
Earnings/(loss) before income taxes | (2.7 | ) | 1.2 | (41.2 | ) | |||||||
Income tax (benefit)/expense | — | — | 0.1 | |||||||||
Net earnings/(loss) from discontinued operations, net of tax | $ | (2.7 | ) | $ | 1.2 | $ | (41.3 | ) | ||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
Stock Split | |
The Company’s board of directors and holders of the requisite number of outstanding shares of its capital stock have approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 70-for-1 stock split of its outstanding common stock (the “stock split”). The stock split became effective on July 17, 2014 upon the filing of the Company’s Certificate of Amendment of the Amended and Restated Certificate of Incorporation with the Delaware Secretary of State. On the effective date of the stock split, (i) each share of outstanding common stock was increased to seventy shares of common stock; (ii) the number of shares of common stock issuable under each outstanding option to purchase common stock was proportionately increased on a one-to-seventy basis; (iii) the exercise price of each outstanding option to purchase common stock was proportionately decreased on a one-to-seventy basis; and (iv) the number of shares underlying each restricted stock unit was proportionately increased on a one-to-seventy basis. All of the share and per share information referenced throughout the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect this stock split. | |
Redemption of Notes and Unsecured Term Loan Prepayment | |
On July 29, 2014, Catalent Pharma Solutions, Inc., a wholly owned subsidiary of the Company, provided notice of its election to redeem all of the $350.0 million aggregate principal amount currently outstanding of the Senior Notes. The Senior Notes were redeemed on August 28, 2014 at a redemption price of 101.5% of the principal amount thereof plus accrued and unpaid interest. The redemption was funded with proceeds from the initial public offering. | |
On August 5, 2014, Catalent Pharma Solutions, Inc., a wholly owned subsidiary of the Company, provided notice of its election to redeem all of the €225.0 million aggregate principal amount currently outstanding of the Senior Subordinated Notes. The Senior Subordinated Notes were redeemed on September 4, 2014 at a redemption price of 101.625% of the principal amount thereof plus accrued and unpaid interest. The redemption was funded with proceeds from the initial public offering. | |
On August 6, 2014 we have paid $114.5 million of the outstanding borrowings under the unsecured term loans with proceeds from the initial public offering. | |
Initial Public Offering | |
On August 5, 2014, the Company completed an initial public offering of 42.5 million shares of its common stock for an initial price of $20.50 per share for total proceeds, before underwriting discounts and commissions and other offering expenses of approximately $871.3 million and proceeds net of underwriters discount and commissions of approximately $828 million. The shares offered and sold in the IPO were registered under the Securities Act pursuant to our Registration Statement on Form S-1 (File No. 333-193542), which was declared effective by the SEC on July 30, 2014. The proceeds raised were used to pay a termination fee of $29.8 million to Blackstone and certain other existing owners, redeem the outstanding Senior Subordinated Notes, and redeem the outstanding Senior Notes. The remaining proceeds were used to repay portions of the unsecured term loan. The Company's common stock began trading on the New York Stock Exchange under the symbol "CTLT" as of July 31, 2014. | |
Authorized Shares | |
On July 30, 2014, authorized capital stock increased to 1,000,000,000, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share. No shares of preferred stock will be issued or outstanding immediately after the initial public offering is complete. | |
Equity-Based Compensation | |
On July 31, 2014, the 2014 Omnibus Incentive Plan became effective. A maximum of 6,700,000 share of common stock may be issued under this plan. | |
In the preparation of its consolidated financial statements, the Company completed an evaluation of the impact of any subsequent events and determined there were no other subsequent events requiring disclosure in or adjustment to these financial statements. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data - Unaudited | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The following table summarizes the Company's unaudited quarterly results of operation. | ||||||||||||||||
(Dollars in millions, except per share data) | Fiscal Year 2014 | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net revenue | $ | 414.3 | $ | 440.7 | $ | 453.1 | $ | 519.6 | ||||||||
Gross margin | 119.2 | 137.4 | 151.7 | 190.3 | ||||||||||||
Earnings/(loss) from continuing operations less net income (loss) attributable to noncontrolling interest | 1.9 | (18.6 | ) | 8.4 | 27.2 | |||||||||||
Net earnings/(loss) from discontinued operations, net of tax | (0.4 | ) | (0.6 | ) | (1.7 | ) | — | |||||||||
Net earnings/(loss) attributable to Catalent | $ | 1.5 | $ | (19.2 | ) | $ | 6.7 | $ | 27.2 | |||||||
Earnings per share attributable to Catalent: | ||||||||||||||||
Basic | ||||||||||||||||
Earnings/(loss) from continuing operations | $ | 0.03 | $ | (0.25 | ) | $ | 0.11 | $ | 0.36 | |||||||
Net earnings/(loss) | $ | 0.02 | $ | (0.26 | ) | $ | 0.09 | $ | 0.36 | |||||||
Diluted | ||||||||||||||||
Earnings/(loss) from continuing operations | $ | 0.02 | $ | (0.25 | ) | $ | 0.11 | $ | 0.36 | |||||||
Net earnings/(loss) | $ | 0.02 | $ | (0.26 | ) | $ | 0.09 | $ | 0.36 | |||||||
(Dollars in millions, except per share data) | Fiscal Year 2013 | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net revenue | $ | 412 | $ | 436.1 | $ | 447 | $ | 505.2 | ||||||||
Gross margin | 117.5 | 140 | 137.4 | 173.7 | ||||||||||||
Earnings/(loss) from continuing operations less net income (loss) attributable to noncontrolling interest | (19.5 | ) | (27.6 | ) | (14.0 | ) | 10.3 | |||||||||
Net earnings/(loss) from discontinued operations, net of tax | (0.2 | ) | 0.2 | (4.9 | ) | 6.1 | ||||||||||
Net earnings/(loss) attributable to Catalent | $ | (19.7 | ) | $ | (27.4 | ) | $ | (18.9 | ) | $ | 16.4 | |||||
Earnings per share attributable to Catalent: | ||||||||||||||||
Basic | ||||||||||||||||
Earnings/(loss) from continuing operations | $ | (0.26 | ) | $ | (0.37 | ) | $ | (0.19 | ) | $ | 0.14 | |||||
Net earnings/(loss) | $ | (0.26 | ) | $ | (0.37 | ) | $ | (0.25 | ) | $ | 0.22 | |||||
Diluted | ||||||||||||||||
Earnings/(loss) from continuing operations | $ | (0.26 | ) | $ | (0.37 | ) | $ | (0.19 | ) | $ | 0.13 | |||||
Net earnings/(loss) | $ | (0.26 | ) | $ | (0.37 | ) | $ | (0.25 | ) | $ | 0.21 | |||||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
These financial statements include all of our subsidiaries, including those operating outside the United States (U.S) and are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). All significant transactions among our businesses have been eliminated. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, allowance for doubtful accounts, inventory and long-lived asset valuation, goodwill and other intangible asset valuation and impairment, equity-based compensation, income taxes, derivative financial instruments and pension plan asset and liability valuation. Actual amounts may differ from these estimated amounts. | ||
Translation and Transaction of Foreign Currencies | ' | |
Foreign Currency Translation | ||
The financial statements of the Company’s operations outside the U.S. are generally measured using the local currency as the functional currency. Adjustments to translate the assets and liabilities of these foreign operations into U.S. dollars are accumulated as a component of other comprehensive income/(loss) utilizing period-end exchange rates. The currency fluctuation related to certain long-term inter-company loans deemed to not be repayable in the foreseeable future have been recorded within the cumulative translation adjustment, a component of other comprehensive income/(loss). In addition, the currency fluctuation associated with the portion of the Company’s euro-denominated debt designated as a net investment hedge is included as a component of other comprehensive income/(loss). Foreign currency transaction gains and losses calculated by utilizing weighted average exchange rates for the period are included in the statements of operations in “other expense, net.” Such foreign currency transaction gains and losses include inter-company loans that are long-term in nature. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
In accordance with ASC 605 Revenue Recognition, the Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred or the services have been rendered, the price is fixed or determinable and collectability is reasonably assured. In cases where the Company has multiple contracts with the same customer, the Company evaluates those contracts to assess if the contracts are linked or are separate arrangements. Factors the Company considers include the timing of negotiation, interdependency with other contracts or elements and payment terms. The Company and its customers generally view each contract discussion as a separate arrangement. | ||
Manufacturing and packaging service revenue is recognized upon delivery of the product in accordance with the terms of the contract, which specify when transfer of title and risk of loss occurs. Some of the Company’s manufacturing contracts with its customers have annual minimum purchase requirements. At the end of the contract year, revenue is recognized for the unfilled purchase obligation in accordance with the contract terms. Development service contracts generally take the form of a fee-for-service arrangement. After the Company has evidence of an arrangement, the price is determinable and there is a reasonable expectation regarding payment, the Company recognizes revenue at the point in time the service obligation is completed and accepted by the customer. Examples of output measures include a formulation report, analytical and stability testing, clinical batch production or packaging and the storage and distribution of a customer’s clinical trial material. Development service revenue is primarily driven by the Company’s Development and Clinical Services segment. | ||
Arrangements containing multiple elements, including service arrangements, are accounted for in accordance with the provisions of ASC 605-25, Revenue Recognition: Multiple-Element Arrangements. The Company determines the separate units of account in accordance with ASC 605-25. If the deliverable meets the criteria of a separate unit of accounting, the arrangement consideration is allocated to each element based upon its relative selling price. In determining the best evidence of selling price of a unit of account the Company utilizes vendor-specific objective evidence (“VSOE”), which is the price the Company charges when the deliverable is sold separately. When VSOE is not available, management uses relevant third-party evidence (“TPE”) of selling price, if available. When neither VSOE nor TPE of selling price exists, management uses its best estimate of selling price. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
All liquid investments purchased with an original maturity of three months or less are considered to be cash and equivalents. The carrying value of these cash equivalents approximates fair value. | ||
Receivables and Allowance dor Doubtful Accounts | ' | |
Receivables and Allowance for Doubtful Accounts | ||
Trade receivables are primarily comprised of amounts owed to the Company through its operating activities and are presented net of an allowance for doubtful accounts. The Company monitors past due accounts on an ongoing basis and establishes appropriate reserves to cover probable losses. An account is considered past due on the first day after its due date. We make judgments as to our ability to collect outstanding receivables and provide allowances when it is assessed that all or a portion of the receivable will not be collected. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation to the Company, and the condition of the general economy and the customer's industry. The Company writes off accounts receivable when they become uncollectible. | ||
Concentrations of Credit Risk and Major Customers | ' | |
Concentrations of Credit Risk and Major Customers | ||
Concentration of credit risk, with respect to accounts receivable, is limited due to the large number of customers and their dispersion across different geographic areas. The customers are primarily concentrated in the pharmaceutical and healthcare industry. The Company normally does not require collateral or any other security to support credit sales. The Company performs ongoing credit evaluations of its customers' financial conditions and maintains reserves for credit losses. Such losses historically have been within the Company's expectations. | ||
Inventories | ' | |
Inventories | ||
Inventory is stated at the lower of cost or market, using the first-in, first-out (“FIFO”) method. The Company provides reserves for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors. Inventory consists of costs associated with raw material, labor and overhead. | ||
Goodwill | ' | |
Goodwill | ||
The Company accounts for purchased goodwill and intangible assets with indefinite lives in accordance with Codification Statement ASC 350 Goodwill, Intangible and Other Assets. Under ASC 350, goodwill and intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually. Our annual goodwill impairment test was conducted as of April 1, 2014. The Company assesses goodwill for possible impairment by comparing the carrying value of its reporting units to their fair values. The Company determines the fair value of its reporting units utilizing estimated future discounted cash flows and incorporates assumptions that it believes marketplace participants would utilize. In addition, the Company uses comparative market information and other factors to corroborate the discounted cash flow results. | ||
Property and Equipment and Other Definite Lived Intangible Assets | ' | |
Property and Equipment and Other Definite Lived Intangible Assets | ||
Property and equipment are stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, including capital lease assets that are amortized over the shorter of their useful lives or the terms of the respective leases. The Company generally uses the following range of useful lives for its property and equipment categories: buildings and improvements—5 to 50 years; machinery and equipment—3 to 10 years; and furniture and fixtures—3 to 7 years. Depreciation expense was $100.5 million for the fiscal year ended June 30, 2014, $108.8 million for the fiscal year ended June 30, 2013, and $95.7 million for the fiscal year ended June 30, 2012. Depreciation expense includes amortization of assets related to capital leases. The Company charges repairs and maintenance costs to expense as incurred. The amount of capitalized interest was immaterial for all periods presented. | ||
Intangible assets with finite lives, primarily including customer relationships and patents and trademarks continue to be amortized over their useful lives. The Company evaluates the recoverability of its other long-lived assets, including amortizing intangible assets, if circumstances indicate impairment may have occurred pursuant to Codification Standard ASC 360 Property, Plant and Equipment ("ASC 360"). This analysis is performed by comparing the respective carrying values of the assets to the current and expected future cash flows, on an un-discounted basis, to be generated from such assets. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value through a charge to the Consolidated Statements of Operations. Fair value is determined based on assumptions the Company believes marketplace participants would utilize and comparable marketplace information in similar arms length transactions. The Company recorded an impairment charge related to property, plant and equipment of approximately $3.2 million, $5.2 million and $1.8 million net of any gains on sale of equipment, as of June 30, 2014, June 30, 2013 and June 30, 2012 respectively. During fiscal years 2014 and 2013, no intangible asset impairment charges were recorded. | ||
Post-Retirement and Pension Plans | ' | |
Post-Retirement and Pension Plans | ||
The Company sponsors various retirement and pension plans, including defined benefit retirement plans and defined contribution retirement plans. The measurement of the related benefit obligations and the net periodic benefit costs recorded each year are based upon actuarial computations, which require management's judgment as to certain assumptions. These assumptions include the discount rates used in computing the present value of the benefit obligations and the net periodic benefit costs, the expected future rate of salary increases (for pay-related plans) and the expected long-term rate of return on plan assets (for funded plans). The discount rates are derived based on a hypothetical yield curve represented by a series of annualized individual discount rates. The expected long-term rate of return on plan assets is based on the target asset allocation and the average expected rate of growth for the asset classes invested. The average expected rate of growth is derived from a combination of historic returns, current market indicators, the expected risk premium for each asset class and the opinion of professional advisors. The Company uses a measurement date of June 30 for all its retirement and postretirement benefit plans. | ||
Derivative Instruments, Hedging Activities, and Fair Value | ' | |
Derivative Instruments, Hedging Activities, and Fair Value | ||
Derivatives Instruments | ||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's borrowings. The Company does not net any of its derivative positions under master netting arrangements. | ||
Hedging Activities | ||
The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has primarily used interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges for financial reporting purposes is recorded in Accumulated Other Comprehensive Income on the balance sheet and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During fiscal years 2013 and 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt; however, as of June 30, 2014, the Company did not have any such derivatives in place. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. | ||
The Company is exposed to fluctuations in the EUR-USD exchange rate on its investments in foreign operations in Europe. While the Company does not actively hedge against changes in foreign currency, it has mitigated the exposure of investments in its European operations through a net-investment hedge by denominating a portion of the debt in euros. | ||
Fair Value | ||
The Company is required to measure certain assets and liabilities at fair value, either upon initial measurement or for subsequent accounting or reporting. We use fair value extensively in the initial measurement of net assets acquired in a business combination and when accounting for and reporting on certain financial instruments. We estimate fair value using an exit price approach, which requires, among other things, that we determine the price that would be received to sell an asset or paid to transfer a liability in an orderly market. The determination of an exit price is considered from the perspective of market participants, considering the highest and best use of assets and, for liabilities, assuming the risk of non-performance will be the same before and after the transfer. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. When estimating fair value, depending on the nature and complexity of the assets or liability, we may use one or all of the following approaches: | ||
• | Market approach, which is based on market prices and other information from market transactions involving identical or comparable assets or liabilities. | |
• | Cost approach, which is based on the cost to acquire or construct comparable assets less an allowance for functional and/or economic obsolescence. | |
• | Income approach, which is based on the present value of the future stream of net cash flows. | |
These fair value methodologies depend on the following types of inputs: | ||
• | Quoted prices for identical assets or liabilities in active markets (called Level 1 inputs). | |
• | Quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are directly or indirectly observable (called Level 2 inputs). | |
• | Unobservable inputs that reflect estimates and assumptions (called Level 3 inputs). | |
• | ||
Self Insurance | ' | |
Self-Insurance | ||
The Company is partially self-insured for certain employee health benefits and partially self-insured for product liability and workers compensation claims. Accruals for losses are provided based upon claims experience and actuarial assumptions, including provisions for incurred but not reported losses. | ||
Shipping and Handling | ' | |
Shipping and Handling | ||
Shipping and handling costs are included in cost of sales in the Consolidated Statements of Operations. Shipping and handling revenue received was immaterial for all periods presented and is presented within net revenues. | ||
Accumulated Other Comprehensive Income/(Loss) | ' | |
Accumulated Other Comprehensive Income/(Loss) | ||
Accumulated other comprehensive income/(loss), which is reported in the accompanying Consolidated Statements of Changes in Shareholders' Equity, consists of net earnings/(loss), foreign currency translation, deferred compensation, minimum pension liability and unrealized gains and losses from derivatives. | ||
Research and Development Costs | ' | |
Research and Development Costs | ||
The Company expenses research and development costs as incurred. Costs incurred in connection with the development of new offerings and manufacturing process improvements are recorded within selling, general, and administrative expenses. Such research and development costs included in selling, general, and administrative expenses amounted to $17.5 million, $14.5 million and $16.9 million for fiscal years ended June 30, 2014, June 30, 2013 and June 30, 2012, respectively. Costs incurred in connection with research and development services we provide to customers and services performed in support of the commercial manufacturing process for customers are recorded within cost of sales. | ||
Earnings / (Loss) Per Share | ' | |
Earnings / (Loss) Per Share | ||
The Company reports net earnings (loss) per share in accordance with the standard codification of ASC “Earnings per Share” (“ASC 260”). Under ASC 260, basic earnings per share, which excludes dilution, is computed by dividing net earnings or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of securities that could be exercised or converted into common shares, and is computed by dividing net earnings or loss available to common stockholders by the weighted average of common shares outstanding plus the dilutive potential common shares. Diluted earnings per share includes in-the-money stock options, restricted stock units, and restricted stock using the treasury stock method. During a loss period, the assumed exercise of in-the-money stock options has an anti-dilutive effect and therefore, these instruments are excluded from the computation of dilutive earnings per share. | ||
Income Taxes | ' | |
Income Taxes | ||
In accordance with the standard codification of ASC 740 Income Taxes ("ASC 740") the Company accounts for income taxes using the asset and liability method. The asset and liability method requires recognition of deferred tax assets and liabilities for expected future tax consequences of temporary differences that currently exist between tax bases and financial reporting bases of the Company's assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The calculation of the Company's tax liabilities involves dealing with uncertainties in the application of complex tax regulations in each of its tax jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. A number of years may lapse before a particular matter is audited and finally resolved. The Company applies the accounting guidance issued to address the accounting for uncertain tax positions. This guidance clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements as well as provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |
Equity-Based Compensation | ||
The Company accounts for its equity-based compensation awards in accordance with Accounting Standard Codification ASC 718, "Compensation-Stock Compensation" (“ASC 718”). ASC 718 requires companies to recognize compensation expense using a fair value based method for costs related to share-based payments including stock options and restricted stock units. The expense is measured based on the grant date fair value of the awards that are expected to vest, and the expense is recorded over the applicable requisite service period. In the absence of an observable market price for a share-based award, the fair value is based upon a valuation methodology that takes into consideration various factors, including the exercise price of the award, the expected term of the award, the current price of the underlying shares, the expected volatility of the underlying share price based on peer companies, the expected dividends on the underlying shares and the risk-free interest rate. | ||
Recent Financial Accounting Standards | ' | |
Recent Financial Accounting Standards | ||
In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update No. 2014-12, “Accounting for Share Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period” (“ASU 2014-12”). ASU 2014-12 provides guidance for accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard states that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. The standard is effective for annual periods beginning after December 15, 2015. Catalent does not expect a material impact on our consolidated results of operations and financial position upon adoption. | ||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The new standard will supersede nearly all existing revenue recognition guidance. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, the standard creates a five step model that requires a company to exercise judgment when considering the terms of the contracts and all relevant facts and circumstances. The five steps require a company to identify customer contracts, identify the separate performance obligations, determine the transaction price, allocate the transaction price to the separate performance obligations and recognize revenue when each performance obligation is satisfied. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016. The standard allows for either full retrospective adoption, where the standard is applied to all periods presented, or modified retrospective adoption where the standard is applied only to the most current period presented in the financial statements. Early adoption is not permitted. Catalent is currently evaluating the impact of this standard on the Company's consolidated results of operations and financial position. | ||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of an Entity” (“ASU 2014-08”). ASU 2014-08 changes the requirements for reporting discontinued operations under Accounting Standards Codification Subtopic 250-20 ("Subtopic 205-20") by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. The disclosure requirements for discontinued operations under ASU 2014-08 will be expanded in order to provide users of financial statements with more information about the assets, liabilities, revenues and expenses of discontinued operations. ASU 2014-08 is effective on a prospective basis for (1) all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and (2) all businesses that are classified as held for sale on acquisition that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Catalent is currently evaluating the impact of this standard on the Company's consolidated results of operations and financial position. | ||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). ASU 2013-11 resolves the diversity in practice concerning unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance is effective for fiscal years and interim reporting periods within those fiscal years beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. Catalent does not expect a material impact on our consolidated results of operations and financial position upon adoption. | ||
In March 2013, the FASB issued Accounting Standards Update No. 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”). ASU 2013-05 resolves the diversity in practice concerning the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets within a foreign entity. The guidance is effective for fiscal years and interim reporting periods within those fiscal years beginning after December 15, 2013. The amendments described in the ASU are to be applied prospectively to derecognition events occurring after the effective date; prior periods are not to be adjusted. Catalent does not expect a material impact on our consolidated results of operations and financial position upon adoption. | ||
In February 2013, the FASB issued Accounting Standards Update No. 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements” (“ASU 2013-04”). ASU 2013-04 provides guidance for the recognition, measurement, and disclosure resulting from joint and several liability arrangements. Examples of obligations that fall within the scope of the ASU include certain debt arrangements, other contractual obligations, and settled litigation. The new guidance is effective on a retrospective basis for fiscal years and interim periods within those fiscal years beginning after December 15, 2013. Catalent does not expect a material impact on the disclosures included in our consolidated financial statements upon adoption. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies Revision of Financial Statements (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | |||||||||||
Provided below is a reconciliation of the previously reported amounts and impact of the restatement: | ||||||||||||
30-Jun-13 | ||||||||||||
Dollars in millions, except per share data | Previously Reported | Adjustment | As Adjusted | |||||||||
Shareholders' Equity / (Deficit) | ||||||||||||
Accumulated Deficit | $ | (1,428.8 | ) | $ | 33.5 | $ | (1,395.3 | ) | ||||
Accumulated Other Comprehensive (Loss)/Income, net of tax | (9.3 | ) | (33.5 | ) | (42.8 | ) | ||||||
Total Shareholders' Equity / (Deficit) | (410.3 | ) | — | (410.3 | ) | |||||||
Statement of Operations | ||||||||||||
Income tax expense / (benefit) | $ | 24.1 | $ | 2.9 | $ | 27 | ||||||
Earnings/(loss) from continuing operations | (48.0 | ) | (2.9 | ) | (50.9 | ) | ||||||
Net earnings / (loss) | (46.8 | ) | (2.9 | ) | (49.7 | ) | ||||||
Net earnings / (loss) attributable to Catalent | (46.7 | ) | (2.9 | ) | (49.6 | ) | ||||||
Basic Earnings / (loss) per share attributable to Catalent | ||||||||||||
Continuing operations | $ | (0.64 | ) | $ | (0.04 | ) | $ | (0.68 | ) | |||
Net earnings / (loss) | (0.62 | ) | (0.04 | ) | (0.66 | ) | ||||||
Diluted Earnings / (loss) per share attributable to Catalent | ||||||||||||
Continuing operations | $ | (0.64 | ) | $ | (0.04 | ) | $ | (0.68 | ) | |||
Net earnings / (loss) | (0.62 | ) | (0.04 | ) | (0.66 | ) | ||||||
Balance Sheet | ||||||||||||
Prepaid expenses and other current assets | $ | 88.6 | 1.2 | $ | 89.8 | |||||||
Deferred income taxes | 132.2 | (108.5 | ) | 23.7 | ||||||||
Total assets | 3,056.80 | (107.3 | ) | 2,949.50 | ||||||||
Other accrued liabilities | $ | 224.5 | $ | — | $ | 224.5 | ||||||
Deferred income tax liabilities | 219.1 | (107.3 | ) | 111.8 | ||||||||
Total liabilities | 3,467.10 | (107.3 | ) | 3,359.80 | ||||||||
Statement of Cash Flows | ||||||||||||
Net Cash provided by / (used in) operating activities | $ | 137.7 | $ | — | $ | 137.7 | ||||||
30-Jun-12 | ||||||||||||
Dollars in millions, except per share data | Previously Reported | Adjustment | As Adjusted | |||||||||
Shareholders' Equity / (Deficit) | ||||||||||||
Accumulated Deficit | $ | (1,382.1 | ) | $ | 36.4 | $ | (1,345.7 | ) | ||||
Accumulated Other Comprehensive (Loss)/Income, net of tax | 7.5 | (36.4 | ) | (28.9 | ) | |||||||
Total Shareholders' Equity / (Deficit) | (350.7 | ) | — | (350.7 | ) | |||||||
Statement of Operations | ||||||||||||
Income tax expense / (benefit) | $ | 16.5 | $ | (16.0 | ) | $ | 0.5 | |||||
Earnings/(loss) from continuing operations | 2.1 | 16 | 18.1 | |||||||||
Net earnings / (loss) | (39.2 | ) | 16 | (23.2 | ) | |||||||
Net earnings / (loss) attributable to Catalent | (40.4 | ) | 16 | (24.4 | ) | |||||||
Basic Earnings / (loss) per share attributable to Catalent | ||||||||||||
Continuing operations | $ | 0.01 | $ | 0.22 | $ | 0.23 | ||||||
Net earnings / (loss) | (0.54 | ) | 0.21 | (0.33 | ) | |||||||
Diluted Earnings / (loss) per share attributable to Catalent | ||||||||||||
Continuing operations | $ | 0.01 | $ | 0.21 | $ | 0.22 | ||||||
Net earnings / (loss) | (0.54 | ) | 0.22 | (0.32 | ) | |||||||
Statement of Cash Flows | ||||||||||||
Net Cash provided by / (used in) operating activities | $ | 87.9 | $ | — | $ | 87.9 | ||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Carrying Amount of Goodwill | ' | |||||||||||||||
The following table summarizes the changes between June 30, 2014 and June 30, 2013 in the carrying amount of goodwill in total and by reporting segment: | ||||||||||||||||
(Dollars in millions) | Oral | Medication | Development | Total | ||||||||||||
Technologies | Delivery | & Clinical | ||||||||||||||
Solutions | Services | |||||||||||||||
Balance at June 30, 2012 (1) | $ | 839.8 | $ | — | $ | 190.1 | $ | 1,029.90 | ||||||||
Additions | — | — | 0.9 | 0.9 | ||||||||||||
Foreign currency translation adjustments | (6.6 | ) | — | (0.8 | ) | (7.4 | ) | |||||||||
Balance at June 30, 2013 | 833.2 | — | 190.2 | 1,023.40 | ||||||||||||
Additions(2) | 32.6 | — | — | 32.6 | ||||||||||||
Foreign currency translation adjustments | 26 | — | 15.1 | 41.1 | ||||||||||||
Balance at June 30, 2014 | $ | 891.8 | $ | — | $ | 205.3 | $ | 1,097.10 | ||||||||
-1 | The opening balance is reflective of historical impairment charges related to the Medication Delivery Solutions segment of approximately $158.0 million. | |||||||||||||||
-2 | Acquired goodwill of $32.6 million in the Company's Oral Technologies segment was generated from acquisitions in Brazil and China during the twelve months ended June 30, 2014. |
Definite_Lived_LongLived_Asset1
Definite Lived Long-Lived Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Finite lived intangible assets disclosure [Abstract] | ' | |||||||||||||||||||
Other Intangible Assets Subject to Amortization | ' | |||||||||||||||||||
The details of other intangible assets subject to amortization as of June 30, 2014 and June 30, 2013, are as follows: | ||||||||||||||||||||
(Dollars in millions) | Weighted Average Life | Gross | Accumulated | Net | ||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Value | Value | |||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized intangibles: | ||||||||||||||||||||
Core technology | 20 years | $ | 150.2 | $ | (53.3 | ) | $ | 96.9 | ||||||||||||
Customer relationships | 14 years | 234.6 | (68.0 | ) | 166.6 | |||||||||||||||
Product relationships | 12 years | 237.6 | (143.5 | ) | 94.1 | |||||||||||||||
Total intangible assets | $ | 622.4 | $ | (264.8 | ) | $ | 357.6 | |||||||||||||
(Dollars in millions) | Weighted Average Life | Gross | Accumulated | Net | ||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Value | Value | |||||||||||||||||||
30-Jun-13 | ||||||||||||||||||||
Amortized intangibles: | ||||||||||||||||||||
Core technology | 20 years | $ | 143.7 | $ | (44.4 | ) | $ | 99.3 | ||||||||||||
Customer relationships | 14 years | 214.3 | (50.1 | ) | 164.2 | |||||||||||||||
Product relationships | 12 years | 227.1 | (118.4 | ) | 108.7 | |||||||||||||||
Total intangible assets | $ | 585.1 | $ | (212.9 | ) | $ | 372.2 | |||||||||||||
Future Amortization Expense | ' | |||||||||||||||||||
Future amortization expense is estimated to be: | ||||||||||||||||||||
(Dollars in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
Amortization expense | $ | 43.1 | $ | 43.1 | $ | 42.6 | $ | 42.3 | $ | 37.1 | ||||||||||
Restructuring_and_Other_Costs_
Restructuring and Other Costs (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of Restructuring and Other Costs | ' | |||||||||||
The following table summarizes the significant costs recorded within restructuring costs: | ||||||||||||
Year ended June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
Restructuring costs: | ||||||||||||
Employee-related reorganization (1) | 16.5 | 15.1 | 14.9 | |||||||||
Asset impairments | — | 0.7 | 2.9 | |||||||||
Facility exit and other costs (2) | 3.2 | 2.6 | 1.7 | |||||||||
Total restructuring costs | $ | 19.7 | $ | 18.4 | $ | 19.5 | ||||||
-1 | Employee-related costs consist primarily of severance costs. Outplacement services provided to employees who have been involuntarily terminated and duplicate payroll costs during transition periods are also included within this classification. | |||||||||||
-2 | Facility exit and other costs consist of accelerated depreciation, equipment relocation costs and costs associated with planned facility expansions and closures to streamline our operations. |
LongTerm_Obligations_and_Other1
Long-Term Obligations and Other Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Long-term and Short-term Debt [Abstract] | ' | ||||||||||||||||
Long-term obligations and other short-term borrowings | ' | ||||||||||||||||
Long-term obligations and other short-term borrowings consist of the following at June 30, 2014 and June 30, 2013: | |||||||||||||||||
(Dollars in millions) | Maturity | June 30, | June 30, | ||||||||||||||
2014 | 2013 | ||||||||||||||||
Senior Secured Credit Facilities | |||||||||||||||||
Term loan facility dollar-denominated | Sep-16 | $ | — | $ | 791.3 | ||||||||||||
Term loan facility dollar-denominated | Sep-17 | — | 646.3 | ||||||||||||||
Term loan facility dollar-denominated | May-21 | 1,383.90 | — | ||||||||||||||
Term loan facility euro-denominated | Sep-16 | — | 266.6 | ||||||||||||||
Term loan facility euro-denominated | May-21 | 338.6 | — | ||||||||||||||
9 3/4 % Senior Subordinated euro-denominated Notes | Apr-17 | 293.9 | 281.9 | ||||||||||||||
7 7/8 % Senior Notes | Oct-18 | 348.7 | 348.2 | ||||||||||||||
Senior Unsecured Term Loan Facility | Dec-17 | 274.3 | 274.1 | ||||||||||||||
$200.3 million Revolving Credit Facility | Apr-16 | — | — | ||||||||||||||
$200.0 million Revolving Credit Facility | May-19 | — | — | ||||||||||||||
Capital lease obligations | 2015 to 2032 | 64 | 62.5 | ||||||||||||||
Other obligations | 2015 to 2018 | 7.2 | 20.7 | ||||||||||||||
Total | 2,710.60 | 2,691.60 | |||||||||||||||
Less: Current portion of long-term obligations and other short-term borrowings | 25.2 | 35 | |||||||||||||||
Long-term obligations, less current portion short-term borrowings | $ | 2,685.40 | $ | 2,656.60 | |||||||||||||
Maturities of long-term obligations | ' | ||||||||||||||||
Maturities of long-term obligations, including capital leases of $64.0 million, and other short-term borrowings for future fiscal years are: | |||||||||||||||||
(Dollars in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||
Maturities of long-term and other obligations | $ | 25.2 | 19.5 | 313.6 | 294.2 | 368.9 | 1,689.20 | $ | 2,710.60 | ||||||||
Earnings_Per_Share_Calculation
Earnings Per Share Calculation (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
The reconciliations between basic and diluted earnings per share attributable to Catalent common shareholders for the fiscal years ended June 30, 2014, 2013 and 2012 are as follows (in millions, except per share data): | ||||||||||||
Year ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings / (loss) from continuing operations less net income / (loss) attributable to noncontrolling interest | $ | 18.9 | $ | (50.8 | ) | $ | 16.9 | |||||
Earnings / (loss) from discontinued operations | (2.7 | ) | 1.2 | (41.3 | ) | |||||||
Net earnings / (loss) attributable to Catalent | $ | 16.2 | $ | (49.6 | ) | $ | (24.4 | ) | ||||
Weighted average shares outstanding | 75,045,147 | 74,970,628 | 74,875,377 | |||||||||
Dilutive securities issuable-stock plans | 1,078,710 | — | 509,060 | |||||||||
Total weighted average diluted shares outstanding | 76,123,857 | 74,970,628 | 75,384,437 | |||||||||
Basic earnings per share of common stock: | ||||||||||||
Earnings / (loss) from continuing operations | $ | 0.25 | $ | (0.68 | ) | $ | 0.23 | |||||
Earnings / (loss) from discontinued operations | (0.03 | ) | 0.02 | (0.56 | ) | |||||||
Net earnings / (loss) attributable to Catalent | $ | 0.22 | $ | (0.66 | ) | $ | (0.33 | ) | ||||
Diluted earnings per share of common stock-assuming dilution: | ||||||||||||
Earnings / (loss) from continuing operations | $ | 0.25 | $ | (0.68 | ) | $ | 0.22 | |||||
Earnings / (loss) from discontinued operations | (0.04 | ) | 0.02 | (0.54 | ) | |||||||
Net earnings / (loss) attributable to Catalent | $ | 0.21 | $ | (0.66 | ) | $ | (0.32 | ) | ||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Effect of Derivative Instruments on Consolidated Statement of Operations | ' | |||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Operations for the fiscal year ended June 30, 2014, June 30, 2013 and June 30, 2012. | ||||||||||||
(Dollars in millions) | The Effect of Derivative Instruments on the Consolidated Statement of Operations for the | |||||||||||
Fiscal Years Ended June 30, 2014, June 30, 2013 and June 30, 2012 | ||||||||||||
Derivatives in ASC 815 Cash Flow Hedging Relationships | Amount of (Gain) or Loss Recognized in OCI on Derivative (Effective Portion) | Location of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion) | Location of (Gain) or Loss Recognized in Income on Derivative (Ineffective Portion and Amount excluded from Effectiveness Testing) | Amount of (Gain) or Loss Recognized in Income on Derivative (Ineffective Portion and Amount excluded from Effectiveness Testing) | |||||||
Fiscal Year 2014: | ||||||||||||
Interest Rate Swaps | $ | — | Interest expense, net | $ | — | Other (income)/expense, net | $ | — | ||||
Fiscal Year 2013: | ||||||||||||
Interest Rate Swaps | $ | 1.1 | Interest expense, net | $ | 21.6 | Other (income)/expense, net | $ | 0.1 | ||||
Fiscal Year 2012: | ||||||||||||
Interest Rate Swaps | $ | 11 | Interest income/ (expense), net | $ | 26.4 | Other (income)/expense, net | $ | 0.2 | ||||
Fair_Value_Measurements_Of_Fin1
Fair Value Measurements Of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary of Financial Assets and Liabilities That Measure at Fair Value on a Recurring Basis | ' | |||||||||||||||
The following table provides a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall: | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
(Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents - money market funds | $ | 1.4 | $ | 1.4 | $ | — | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | 0.9 | $ | — | $ | — | $ | 0.9 | ||||||||
The following table provides a summary of financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2013, aggregated by the level in the fair value hierarchy in which those measurements fall: | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
(Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents - money market funds | $ | 5.8 | $ | 5.8 | $ | — | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | — | $ | — | ||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | |||||||||||||||
The carrying amounts and the estimated Level 2 fair values of financial instruments as of June 30, 2014 and June 30, 2013, are as follows: | ||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||
(Dollars in millions) | Carrying | Estimated Fair | Carrying | Estimated Fair | ||||||||||||
Value | Value | Value | Value | |||||||||||||
Long-term debt and other | $ | 2,710.60 | $ | 2,680.20 | $ | 2,691.60 | $ | 2,633.20 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Earnings/(loss) from continuing operations before income taxes and discontinued operations | ' | |||||||||||
Earnings/(loss) from continuing operations before income taxes and discontinued operations are as follows for the fiscal years ended 2014, 2013, and 2012: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
U.S. Operations | $ | (75.6 | ) | $ | (124.9 | ) | $ | (402.1 | ) | |||
Non-U.S. Operation | $ | 143 | $ | 101 | $ | 420.7 | ||||||
$ | 67.4 | $ | (23.9 | ) | $ | 18.6 | ||||||
Provision/ (benefit) for income taxes | ' | |||||||||||
The provision /(benefit) for income taxes consists of the following for the fiscal years ended 2014, 2013, and 2012: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | — | $ | (0.4 | ) | $ | — | |||||
State and local | (1.2 | ) | (2.4 | ) | 0.1 | |||||||
Non-U.S. | 55.7 | 21.2 | 19.2 | |||||||||
Total | $ | 54.5 | $ | 18.4 | $ | 19.3 | ||||||
Deferred: | ||||||||||||
Federal | $ | 5.3 | $ | 8.8 | $ | (8.4 | ) | |||||
State and local | 0.4 | (0.3 | ) | (1.4 | ) | |||||||
Non-U.S. | (10.7 | ) | 0.1 | (9.0 | ) | |||||||
Total | (5.0 | ) | 8.6 | (18.8 | ) | |||||||
Total provision/(benefit) | $ | 49.5 | $ | 27 | $ | 0.5 | ||||||
Reconciliation of the provision/(benefit) based on the federal statutory income tax rate | ' | |||||||||||
A reconciliation of the provision/(benefit) based on the federal statutory income tax rate to the Company's effective income tax rate is as follows for the fiscal years ended 2014, 2013, and 2012: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
Provision at U.S. federal statutory tax rate | $ | 18.7 | $ | (4.9 | ) | $ | 8.6 | |||||
State and local income taxes, net of federal benefit | 0.6 | 0.5 | 0.2 | |||||||||
Foreign tax rate differential | (19.7 | ) | (18.1 | ) | (43.1 | ) | ||||||
Permanent items | 24.8 | 53.5 | 36.6 | |||||||||
Unrecognized tax positions | 33.9 | — | (2.8 | ) | ||||||||
Tax valuation allowance | (10.4 | ) | 3.6 | 28.1 | ||||||||
Foreign tax credit - Non U.S. | (0.8 | ) | (3.4 | ) | (0.2 | ) | ||||||
Withholding tax and other foreign taxes | 6.2 | 5.1 | (6.5 | ) | ||||||||
Change in tax rate | (5.2 | ) | (4.3 | ) | (1.9 | ) | ||||||
Tax effect of OCI deferred taxes - U.S. | — | 2.9 | (16.0 | ) | ||||||||
Other | 1.4 | (7.9 | ) | (2.5 | ) | |||||||
$ | 49.5 | $ | 27 | $ | 0.5 | |||||||
Components of the deferred income tax assets and liabilities | ' | |||||||||||
Deferred income taxes arise from temporary differences between financial reporting and tax reporting bases of assets and liabilities, and operating loss and tax credit carry forwards for tax purposes. The components of the deferred income tax assets and liabilities are as follows at June 30, 2014 and 2013: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | ||||||||||
Deferred income tax assets: | ||||||||||||
Accrued liabilities | $ | 25.1 | $ | 29.9 | ||||||||
Equity compensation | 10 | 8.1 | ||||||||||
Loss and tax credit carry forwards | 196.2 | 211.2 | ||||||||||
Foreign Currency | 23.2 | 24.3 | ||||||||||
Pension | 50.6 | 44.7 | ||||||||||
Property-related | 11.8 | 28.1 | ||||||||||
Intangibles | 16.3 | 11.8 | ||||||||||
Other | 16.9 | 10.3 | ||||||||||
OCI | 4 | 3 | ||||||||||
Total deferred income tax assets | 354.1 | 371.4 | ||||||||||
Valuation Allowance | (218.2 | ) | (208.4 | ) | ||||||||
Net deferred income tax assets | $ | 135.9 | $ | 163 | ||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Accrued Liabilities | (0.2 | ) | (2.6 | ) | ||||||||
Equity Compensation | — | — | ||||||||||
Foreign Currency | (0.1 | ) | (0.3 | ) | ||||||||
Property-related | (15.1 | ) | (35.2 | ) | ||||||||
Goodwill and other intangibles | (164.7 | ) | (171.9 | ) | ||||||||
Other | (1.2 | ) | (0.4 | ) | ||||||||
Other comprehensive income | (19.8 | ) | (24.1 | ) | ||||||||
Total deferred income tax liabilities | $ | (201.1 | ) | (234.5 | ) | |||||||
Net deferred income tax liabilities | $ | (65.2 | ) | $ | (71.5 | ) | ||||||
Deferred tax assets and liabilities | ' | |||||||||||
Deferred tax assets and liabilities in the preceding table are in the following captions in the balance sheet at June 30, 2014 and 2013: | ||||||||||||
Fiscal Year Ended | ||||||||||||
June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | ||||||||||
Current deferred tax asset | $ | 12.7 | $ | 17.5 | ||||||||
Non-current deferred tax asset | 26.3 | 23.7 | ||||||||||
Current deferred tax liability | 1 | 0.9 | ||||||||||
Non-current deferred tax liability | 103.2 | 111.8 | ||||||||||
Net deferred tax asset/(liability) | $ | (65.2 | ) | $ | (71.5 | ) | ||||||
Reconciliation of Unrecognized tax benefit, excluding accrued interest | ' | |||||||||||
A reconciliation of our unrecognized tax benefit, excluding accrued interest for June 30, 2014, June 30, 2013 and June 30, 2012 are as follows: | ||||||||||||
(Dollars in millions) | ||||||||||||
Balance at June 30, 2012 | $ | 33.4 | ||||||||||
Additions based on tax positions related to the current year | 5.4 | |||||||||||
Additions for tax positions of prior years | 1.9 | |||||||||||
Reductions for tax positions of prior years | (1.1 | ) | ||||||||||
Settlements | $ | (1.9 | ) | |||||||||
Balance at June 30, 2013 | $ | 37.7 | ||||||||||
Additions based on tax positions related to the current year | 7.5 | |||||||||||
Additions for tax positions of prior years | 25.1 | |||||||||||
Reductions for tax positions of prior years | (4.8 | ) | ||||||||||
Settlements | (4.9 | ) | ||||||||||
Balance at June 30, 2014 | $ | 60.6 | ||||||||||
Employee_Retirement_Benefit_Pl1
Employee Retirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Benefit obligation and fair value of plan assets for the defined benefit retirement and postretirement plan | ' | ||||||||||||||||
The following table provides a reconciliation of the change in projected benefit obligation and fair value of plan assets for the defined benefit retirement and other retirement plans, excluding the multi-employer pension plan liability: | |||||||||||||||||
At June 30, | Retirement Benefits | Other Post-Retirement Benefits | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Accumulated Benefit Obligation | $ | 324.4 | $ | 279.7 | $ | 4.4 | $ | 4.9 | |||||||||
Change in Benefit Obligation | |||||||||||||||||
Benefit obligation at beginning of year | 289.1 | 292.2 | 4.9 | 5.3 | |||||||||||||
Company service cost | 2.8 | 2.8 | — | — | |||||||||||||
Interest cost | 12.2 | 11.9 | 0.2 | 0.2 | |||||||||||||
Employee contributions | — | 0.1 | — | — | |||||||||||||
Plan amendments | — | — | — | — | |||||||||||||
Curtailments | — | — | — | — | |||||||||||||
Settlements | (1.7 | ) | (1.6 | ) | — | — | |||||||||||
Special termination benefits | — | — | — | — | |||||||||||||
Divestitures | — | — | — | — | |||||||||||||
Business combinations | — | — | — | — | |||||||||||||
Benefits paid | (10.9 | ) | (9.8 | ) | (0.3 | ) | (0.2 | ) | |||||||||
Actual expenses | (0.1 | ) | — | — | — | ||||||||||||
Actuarial (gain)/loss | 24.3 | (6.1 | ) | (0.4 | ) | (0.3 | ) | ||||||||||
Exchange rate gain/(loss) | 18.1 | (0.4 | ) | — | (0.1 | ) | |||||||||||
Benefit obligation at end of year | 333.8 | 289.1 | 4.4 | 4.9 | |||||||||||||
Change in Plan Assets | |||||||||||||||||
Fair value of plan assets at beginning of year | 198.4 | 191.4 | — | — | |||||||||||||
Actual return on plan assets | 14 | 12.9 | — | — | |||||||||||||
Company contributions | 8.6 | 8.9 | 0.3 | 0.2 | |||||||||||||
Employee contributions | — | 0.1 | — | — | |||||||||||||
Settlements | (1.7 | ) | (1.6 | ) | — | — | |||||||||||
Special company contributions to fund termination benefits | — | — | — | — | |||||||||||||
Divestitures | — | — | — | — | |||||||||||||
Business combinations | — | — | — | — | |||||||||||||
Benefits paid | (10.9 | ) | (9.8 | ) | (0.3 | ) | (0.2 | ) | |||||||||
Actual expenses | (0.1 | ) | — | — | — | ||||||||||||
Exchange rate gain/(loss) | 13.9 | (3.5 | ) | — | — | ||||||||||||
Fair value of plan assets at end of year | 222.2 | 198.4 | — | — | |||||||||||||
Funded Status | |||||||||||||||||
Funded status at end of year | (111.4 | ) | (90.7 | ) | (4.4 | ) | (4.9 | ) | |||||||||
Employer contributions between measurement date and reporting date | — | — | — | — | |||||||||||||
Net pension asset (liability) | (111.4 | ) | (90.7 | ) | (4.4 | ) | (4.9 | ) | |||||||||
Reconciliation of the net amount recognized in the Consolidated Balance Sheets | ' | ||||||||||||||||
The following table provides a reconciliation of the net amount recognized in the Consolidated Balance Sheets: | |||||||||||||||||
At June 30, | Retirement Benefits | Other Post-Retirement Benefits | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Amounts Recognized in Statement of Financial Position | |||||||||||||||||
Noncurrent assets | $ | 0.7 | $ | 0.4 | $ | — | $ | — | |||||||||
Current liabilities | (1.0 | ) | (1.0 | ) | (0.4 | ) | (0.5 | ) | |||||||||
Noncurrent liabilities | (111.1 | ) | (90.1 | ) | (4.0 | ) | (4.4 | ) | |||||||||
Total asset/(liability) | (111.4 | ) | (90.7 | ) | (4.4 | ) | (4.9 | ) | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | |||||||||||||||||
Transition (asset)/obligation | — | — | — | — | |||||||||||||
Prior service cost | 0.2 | 0.2 | — | — | |||||||||||||
Net (gain)/loss | 52.2 | 32.5 | (0.9 | ) | (0.6 | ) | |||||||||||
Total accumulated other comprehensive income at the end of the year | 52.4 | 32.7 | (0.9 | ) | (0.6 | ) | |||||||||||
Additional Information for Plan with ABO in Excess of Plan Assets | |||||||||||||||||
Projected benefit obligation | 318.1 | 272.7 | 4.4 | 4.9 | |||||||||||||
Accumulated benefit obligation | 311.2 | 265.7 | 4.4 | 4.9 | |||||||||||||
Fair value of plan assets | 206 | 181.6 | — | — | |||||||||||||
Additional Information for Plan with PBO in Excess of Plan Assets | |||||||||||||||||
Projected benefit obligation | 318.1 | 272.7 | 4.4 | 4.9 | |||||||||||||
Accumulated benefit obligation | 311.2 | 265.7 | 4.4 | 4.9 | |||||||||||||
Fair value of plan assets | 206 | 181.6 | — | — | |||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Service Cost | 2.8 | 2.8 | — | — | |||||||||||||
Interest Cost | 12.2 | 11.9 | 0.2 | 0.2 | |||||||||||||
Expected return on plan assets | (10.4 | ) | (9.8 | ) | — | — | |||||||||||
Amortization of unrecognized: | |||||||||||||||||
Transition (asset)/obligation | — | — | — | — | |||||||||||||
Prior service cost | — | — | — | — | |||||||||||||
Net (gain)/loss | 1.3 | 0.9 | — | — | |||||||||||||
Ongoing periodic cost | 5.9 | 5.8 | 0.2 | 0.2 | |||||||||||||
Settlement/curtailment expense/(income) | 0.2 | 0.2 | — | — | |||||||||||||
Net periodic benefit cost | 6.1 | 6 | 0.2 | 0.2 | |||||||||||||
At June 30, | Retirement Benefits | Other Post-Retirement Benefits | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||||||||||||||||
Net (gain)/loss arising during the year | $ | 20.7 | $ | (9.2 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Prior service cost (credit) during the year | — | — | — | — | |||||||||||||
Transition asset/(obligation) recognized during the year | — | — | — | — | |||||||||||||
Prior service cost recognized during the year | — | — | — | — | |||||||||||||
Net gain/(loss) recognized during the year | (1.5 | ) | (1.1 | ) | — | — | |||||||||||
Exchange rate gain/(loss) recognized during the year | 0.5 | 0.4 | — | — | |||||||||||||
Total recognized in other comprehensive income | $ | 19.7 | $ | (9.9 | ) | $ | (0.3 | ) | $ | (0.3 | ) | ||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 27.3 | $ | (3.9 | ) | $ | (0.2 | ) | $ | (0.1 | ) | ||||||
Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | |||||||||||||||||
Amortization of: | |||||||||||||||||
Transition (asset)/obligation | $ | — | $ | — | $ | — | $ | — | |||||||||
Prior service cost/(credit) | — | — | — | — | |||||||||||||
Net (gain)/loss | 2 | 1.2 | (0.1 | ) | — | ||||||||||||
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date | |||||||||||||||||
Discount rate (%) | 3.73 | % | 4.14 | % | 3.67 | % | 3.92 | % | |||||||||
Rate of compensation increases (%) | 2.1 | % | 2.51 | % | N/A | N/A | |||||||||||
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year | |||||||||||||||||
Discount rate (%) | 4.14 | % | 4.09 | % | 3.92 | % | 3.38 | % | |||||||||
Rate of compensation increases (%) | 2.51 | % | 2.51 | % | N/A | N/A | |||||||||||
Expected long-term rate of return (%) | 5.11 | % | 5.12 | % | N/A | N/A | |||||||||||
Expected Future Contributions | |||||||||||||||||
Financial Year | |||||||||||||||||
2015 | $ | 8.9 | $ | 0.4 | |||||||||||||
At June 30, | Retirement Benefits | Other Post-Retirement Benefits | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Expected Future Benefit Payments | |||||||||||||||||
Financial Year | |||||||||||||||||
2015 | 9.7 | 10.9 | 0.4 | 0.5 | |||||||||||||
2016 | 11.3 | 9.2 | 0.4 | 0.5 | |||||||||||||
2017 | 10.6 | 10.7 | 0.4 | 0.5 | |||||||||||||
2018 | 12.7 | 10.4 | 0.4 | 0.4 | |||||||||||||
2019 | 12.7 | 12.1 | 0.4 | 0.4 | |||||||||||||
2020-2024 | 77.5 | 69.3 | 1.6 | 1.8 | |||||||||||||
Actual Asset Allocation (%) | |||||||||||||||||
Equities | 34 | % | 34.1 | % | — | % | — | % | |||||||||
Government Bonds | 27 | % | 21 | % | — | % | — | % | |||||||||
Corporate Bonds | 17.1 | % | 22 | % | — | % | — | % | |||||||||
Property | 3 | % | 2.8 | % | — | % | — | % | |||||||||
Insurance Contracts | 9.5 | % | 9.8 | % | — | % | — | % | |||||||||
Other | 9.4 | % | 10.3 | % | — | % | — | % | |||||||||
Total | 100 | % | 100 | % | — | % | — | % | |||||||||
Actual Asset Allocation (Amount) | |||||||||||||||||
Equities | 75.7 | 67.9 | — | — | |||||||||||||
Government Bonds | 60 | 41.6 | — | — | |||||||||||||
Corporate Bonds | 37.9 | 43.6 | — | — | |||||||||||||
Property | 6.6 | 5.5 | — | — | |||||||||||||
Insurance Contracts | 21 | 19.4 | — | — | |||||||||||||
Other | 21 | 20.4 | — | — | |||||||||||||
Total | 222.2 | 198.4 | — | — | |||||||||||||
Target Asset Allocation (%) | |||||||||||||||||
Equities | 34.3 | % | 33.8 | % | — | % | — | % | |||||||||
Government Bonds | 24.5 | % | 18.1 | % | — | % | — | % | |||||||||
Corporate Bonds | 21.7 | % | 27.8 | % | — | % | — | % | |||||||||
Property | 3.6 | % | 3.7 | % | — | % | — | % | |||||||||
Insurance Contracts | 7.1 | % | 7.5 | % | — | % | — | % | |||||||||
Other | 8.8 | % | 9.1 | % | — | % | — | % | |||||||||
Total | 100 | % | 100 | % | — | % | — | % | |||||||||
Summary of plan assets that are measured in fair value | ' | ||||||||||||||||
The following table provides a summary of plan assets that are measured in fair value as of June 30, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall: | |||||||||||||||||
(Dollars in millions) | Total Assets | Level 1 | Level 2 | Level 3 | |||||||||||||
Equity Securities | $ | 67.9 | $ | 6 | $ | 61.9 | — | ||||||||||
Debt Securities | 85.2 | 23.5 | 61.7 | — | |||||||||||||
Real Estate | 5.5 | — | 0.7 | 4.8 | |||||||||||||
Other | 39.8 | — | 18.1 | 21.7 | |||||||||||||
Total | $ | 198.4 | $ | 29.5 | $ | 142.4 | $ | 26.5 | |||||||||
The following table provides a summary of plan assets that are measured in fair value as of June 30, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall: | |||||||||||||||||
(Dollars in millions) | Total Assets | Level 1 | Level 2 | Level 3 | |||||||||||||
Equity Securities | $ | 75.7 | $ | 6.1 | $ | 69.6 | — | ||||||||||
Debt Securities | 97.9 | 26.8 | 71.1 | — | |||||||||||||
Real Estate | 6.6 | — | 0.4 | 6.2 | |||||||||||||
Other | 42 | — | 18.1 | 23.9 | |||||||||||||
Total | $ | 222.2 | $ | 32.9 | $ | 159.2 | $ | 30.1 | |||||||||
Reconciliation of beginning and ending balances of level 3 assets | ' | ||||||||||||||||
Asset Category Allocations - June 30, 2014 | |||||||||||||||||
Total ( Level 3) | Fair Value Measurement | Fair Value Measurement | Fair Value Measurement | ||||||||||||||
All figures in U.S. Dollars | Using Significant | Using Significant | Using Significant | ||||||||||||||
(Dollars in millions) | Unobservable Inputs | Unobservable Inputs | Unobservable Inputs | ||||||||||||||
Total (Level 3) | Insurance Contracts | Other | |||||||||||||||
Beginning Balance at June 30, 2013 | $ | 26.5 | $ | 4 | $ | 22.5 | |||||||||||
Actual return on plan assets: | |||||||||||||||||
Relating to assets still held at the reporting date | 4 | 1 | — | ||||||||||||||
Relating to assets sold during the period | — | — | 3.1 | ||||||||||||||
Purchases, sales, settlements, contributions and benefits paid | (0.4 | ) | (0.2 | ) | — | ||||||||||||
Transfers in and/or out of Level 3 | — | — | (0.2 | ) | |||||||||||||
Ending Balance at June 30, 2014 | $ | 30.1 | $ | 4.8 | $ | 25.4 | |||||||||||
Assumed healthcare cost trend rates | ' | ||||||||||||||||
At June 30, | Other Post-Retirement Benefits | ||||||||||||||||
(Actual dollar amounts) | 2014 | 2013 | |||||||||||||||
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date | |||||||||||||||||
Healthcare cost trend rate – initial (%) | |||||||||||||||||
Pre 65 | 7.6 | % | 7.81 | % | |||||||||||||
Post 65 | 10.91 | % | 7.14 | % | |||||||||||||
Healthcare cost trend rate – ultimate (%) | |||||||||||||||||
Pre 65 | 4.7 | % | 4.67 | % | |||||||||||||
Post 65 | 4.7 | % | 4.67 | % | |||||||||||||
Year in which ultimate rates are reached | |||||||||||||||||
Pre 65 | 2021 | 2021 | |||||||||||||||
Post 65 | 2020 | 2020 | |||||||||||||||
Effect of 1% Change in Healthcare Cost Trend Rate | |||||||||||||||||
Healthcare cost trend rate up 1% | |||||||||||||||||
on APBO at balance sheet date | $ | 278,651 | $ | 288,650 | |||||||||||||
on total service and interest cost | 11,363 | 10,129 | |||||||||||||||
Effect of 1% Change in Healthcare Cost Trend Rate | |||||||||||||||||
Healthcare cost trend rate down 1% | |||||||||||||||||
on APBO at balance sheet date | $ | (245,360 | ) | $ | (256,221 | ) | |||||||||||
on total service and interest cost | (10,008 | ) | (8,987 | ) | |||||||||||||
Expected Future Contributions | |||||||||||||||||
Financial Year | |||||||||||||||||
2015 | $ | 383,065 | |||||||||||||||
Equity_and_Accumulated_Other_C1
Equity and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Accumulated other comprehensive earnings/(loss) | ' | |||||||||||||||||||
Accumulated other comprehensive income/(loss) by component and changes for the fiscal years June 30, 2014, June 30, 2013 and June 30, 2012 consists of | ||||||||||||||||||||
(Dollars in millions) | Foreign Currency Translation Adjustments | Unrealized Gains/(Losses) on Derivatives | Deferred Compensation | Pension Liability Adjustments | Other Comprehensive Income/(Loss) | |||||||||||||||
Balance at June 30, 2011 | $ | 69.9 | $ | (36.8 | ) | 0.6 | $ | (8.1 | ) | $ | 25.6 | |||||||||
Activity, net of tax | (40.4 | ) | 12.3 | 0.1 | (26.5 | ) | (54.5 | ) | ||||||||||||
Balance at June 30, 2012 | 29.5 | (24.5 | ) | 0.7 | (34.6 | ) | (28.9 | ) | ||||||||||||
Activity, net of tax | (47.9 | ) | 24.5 | 0.8 | 8.7 | (13.9 | ) | |||||||||||||
Balance at June 30, 2013 | (18.4 | ) | — | 1.5 | (25.9 | ) | (42.8 | ) | ||||||||||||
Activity, net of tax | 32.4 | — | 1.7 | (15.5 | ) | 18.6 | ||||||||||||||
Balance at June 30, 2014 | $ | 14 | $ | — | $ | 3.2 | $ | (41.4 | ) | $ | (24.2 | ) | ||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Net investment hedge | (13.6 | ) | (20.9 | ) | 69.4 | |||||||||||||||
Long term inter-company loans | 28.3 | (4.8 | ) | — | ||||||||||||||||
Translation adjustments | 17.7 | (22.2 | ) | (96.7 | ) | |||||||||||||||
Total cumulative translation adjustment, pretax | 32.4 | (47.9 | ) | (27.3 | ) | |||||||||||||||
Tax (1) | — | — | (13.1 | ) | ||||||||||||||||
Total cumulative translation adjustment, net of tax | 32.4 | (47.9 | ) | (40.4 | ) | |||||||||||||||
Net change in minimum pension liability | ||||||||||||||||||||
Net (gain)/loss arising during the year | (20.4 | ) | 9.5 | (38.7 | ) | |||||||||||||||
Net gain/(loss) recognized during the year | 1.5 | 1.1 | 0.1 | |||||||||||||||||
Foreign Exchange Translation and Other | (0.5 | ) | (0.4 | ) | 3 | |||||||||||||||
Total Pension, pretax | (19.4 | ) | 10.2 | (35.6 | ) | |||||||||||||||
Tax (2) | 3.9 | (1.5 | ) | 9.1 | ||||||||||||||||
Net change in minimum pension liability, net of tax | (15.5 | ) | 8.7 | (26.5 | ) | |||||||||||||||
(1) Tax related to foreign currency translation adjustments relate to the Net investment hedge activity. | ||||||||||||||||||||
(2) Tax related to minimum pension liability relate to the Company's foreign operations. |
Equity_Based_Compensation_Tabl
Equity Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | |||||||||||||||||||||
The weighted average of assumptions used in estimating the fair value of stock options granted during each year were as follows: | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Expected volatility | 31% | 30% - 31% | 29% - 30% | |||||||||||||||||||
Expected life (in years) | 5.66 - 6.50 | 5.82 - 6.50 | 6.5 - 7.5 | |||||||||||||||||||
Risk-free interest rates | 0.3% - 2.2% | 0.3% - 1.9% | 1.3% - 1.6% | |||||||||||||||||||
Dividend yield | None | None | None | |||||||||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | ' | |||||||||||||||||||||
The following table summarizes stock option activity and shares outstanding for the year ended June 30, 2014. | ||||||||||||||||||||||
Time | Performance | Market | ||||||||||||||||||||
Weighted | ||||||||||||||||||||||
Average | Number | WA | Aggregate | Number | WA | Aggregate | Number | WA | Aggregate | |||||||||||||
Exercise | of | Contractual | Intrinsic | of | Contractual | Intrinsic | of | Contractual | Intrinsic | |||||||||||||
Price | shares | Term | Value | shares | Term | Value | shares | Term | Value | |||||||||||||
Outstanding as of June 30, 2013 | $ | 13.76 | 2,743,580 | 6.79 | $ | 17,708,630 | 1,617,980 | 8.47 | $ | 5,365,770 | 2,425,640 | 7.98 | $ | 10,616,630 | ||||||||
Granted | $ | 18.71 | 116,200 | 10 | — | 23,380 | 10 | — | 46,620 | 10 | — | |||||||||||
Exercised | $ | 12.14 | (22,960 | ) | 0 | — | (14,700 | ) | 0 | — | — | 0 | — | |||||||||
Forfeited | $ | 13.6 | (32,900 | ) | 0 | — | (31,500 | ) | 0 | — | (134,400 | ) | 0 | — | ||||||||
Expired / Canceled | $ | 12.03 | (153,720 | ) | 0 | — | (31,430 | ) | 0 | — | — | 0 | — | |||||||||
Outstanding as of June 30, 2014 | $ | 13.96 | 2,632,280 | 5.96 | $ | 24,001,410 | 1,563,730 | 7.55 | $ | 9,483,970 | 2,337,860 | 7.06 | $ | 16,702,850 | ||||||||
Expected to vest as of June 30, 2014 | $ | 13.85 | 2,541,840 | 5.89 | $ | 23,566,205 | 1,464,260 | 7.48 | $ | 9,142,187 | 2,260,160 | 7.06 | $ | 16,142,879 | ||||||||
Vested and Exercisable as of June 30, 2014 | $ | 11.92 | 1,787,240 | 5.47 | $ | 17,919,180 | 636,860 | 6.3 | $ | 5,638,880 | — | 0 | $ | — | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||||||||
The following table summarizes non-vested RSU activity for the year ended June 30, 2014. | ||||||||||||||||||||||
RSU Units | Weighted Average Grant- Date Fair Value | |||||||||||||||||||||
Non-vested as of June 30, 2013 | 79,310 | $11.93 | ||||||||||||||||||||
Granted | 29,400 | $21.64 | ||||||||||||||||||||
Vested | -53,690 | $11.62 | ||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||
Non-vested as of June 30, 2014 | 55,020 | $17.43 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||
Future minimum rental payments for operating leases | ' | |||||||||||||||||||||
The future minimum rental payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year at June 30, 2014 are: | ||||||||||||||||||||||
(Dollars in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||
Minimum rental payments | $ | 4.6 | $ | 3.5 | $ | 3 | $ | 2.7 | $ | 2.4 | $ | 6.8 | $ | 23 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Net Revenue and Segment EBITDA | ' | |||||||||||||||||||
The following tables include net revenue and Segment EBITDA during the fiscal years ended June 30, 2014, June 30, 2013, and June 30, 2012: | ||||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Oral Technologies | ||||||||||||||||||||
Net revenue | $ | 1,180.10 | $ | 1,186.30 | $ | 1,220.20 | ||||||||||||||
Segment EBITDA | $ | 324.3 | $ | 315.7 | $ | 334.6 | ||||||||||||||
Medication Delivery Solutions | ||||||||||||||||||||
Net revenue | 246.1 | 219.3 | 223.9 | |||||||||||||||||
Segment EBITDA | 48.7 | 31.5 | 27.5 | |||||||||||||||||
Development and Clinical Services | ||||||||||||||||||||
Net revenue | 412.2 | 404.8 | 268.3 | |||||||||||||||||
Segment EBITDA | 83.5 | 75 | 53 | |||||||||||||||||
Inter-segment revenue elimination | (10.7 | ) | (10.1 | ) | (17.6 | ) | ||||||||||||||
Unallocated costs (1) | (82.1 | ) | (90.6 | ) | (84.8 | ) | ||||||||||||||
Combined Total | ||||||||||||||||||||
Net revenue | $ | 1,827.70 | $ | 1,800.30 | $ | 1,694.80 | ||||||||||||||
EBITDA from continuing operations | $ | 374.4 | $ | 331.6 | $ | 330.3 | ||||||||||||||
-1 | Unallocated costs include restructuring and special items, equity-based compensation, impairment charges, certain other corporate directed costs, and other costs that are not allocated to the segments as follows: | |||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Impairment charges and gain/(loss) on sale of assets | $ | (3.2 | ) | $ | (5.2 | ) | $ | (1.8 | ) | |||||||||||
Equity compensation | (4.5 | ) | (2.8 | ) | (3.7 | ) | ||||||||||||||
Restructuring and other items (2) | (29.4 | ) | (29.0 | ) | (45.8 | ) | ||||||||||||||
Property and casualty losses | — | — | 8.8 | |||||||||||||||||
Sponsor advisory fee | (12.9 | ) | (12.4 | ) | (11.8 | ) | ||||||||||||||
Noncontrolling interest | 1 | 0.1 | (1.2 | ) | ||||||||||||||||
Other income/(expense), net (3) | (10.4 | ) | (25.1 | ) | 3.8 | |||||||||||||||
Non-allocated corporate costs, net | (22.7 | ) | (16.2 | ) | (33.1 | ) | ||||||||||||||
Total unallocated costs | $ | (82.1 | ) | $ | (90.6 | ) | $ | (84.8 | ) | |||||||||||
-2 | Segment results do not include restructuring and certain acquisition related costs | |||||||||||||||||||
-3 | Primarily relates to realized and unrealized gains/(losses) related to foreign currency translation and expenses related to financing transactions during the period | |||||||||||||||||||
Reconciliation of earnings/(loss) from continuing operations to EBITDA | ' | |||||||||||||||||||
Provided below is a reconciliation of earnings/(loss) from continuing operations to EBITDA from continuing operations: | ||||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Earnings/(loss) from continuing operations | $ | 17.9 | $ | (50.9 | ) | $ | 18.1 | |||||||||||||
Depreciation and amortization | 142.9 | 152.2 | 129.7 | |||||||||||||||||
Interest expense, net | 163.1 | 203.2 | 183.2 | |||||||||||||||||
Income tax (benefit)/expense | 49.5 | 27 | 0.5 | |||||||||||||||||
Noncontrolling interest | 1 | 0.1 | (1.2 | ) | ||||||||||||||||
EBITDA from continuing operations | $ | 374.4 | $ | 331.6 | $ | 330.3 | ||||||||||||||
Total Assets for Each Segment and Reconciling in Consolidated Financial Statements | ' | |||||||||||||||||||
The following table includes total assets for each segment, as well as reconciling items necessary to total the amounts reported in the Consolidated Financial Statements: | ||||||||||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Oral Technologies | $ | 2,585.60 | $ | 2,464.40 | ||||||||||||||||
Medication Delivery Solutions | 292.8 | 286.2 | ||||||||||||||||||
Development and Clinical Services | 672.1 | 645.9 | ||||||||||||||||||
Corporate and eliminations | (460.3 | ) | (447.0 | ) | ||||||||||||||||
Total assets | $ | 3,090.20 | $ | 2,949.50 | ||||||||||||||||
Representation of depreciation and amortization expense and capital expenditure in consolidated financial statements | ' | |||||||||||||||||||
Depreciation and Amortization Expense | ||||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Oral Technologies | $ | 80.8 | $ | 86.7 | $ | 82.5 | ||||||||||||||
Medication Delivery Solutions | 22.6 | 20.6 | 20.7 | |||||||||||||||||
Development and Clinical Services | 30.9 | 33.2 | 17.1 | |||||||||||||||||
Corporate | 8.6 | 11.7 | 9.4 | |||||||||||||||||
Total depreciation and amortization expense | $ | 142.9 | $ | 152.2 | $ | 129.7 | ||||||||||||||
Capital Expenditures by Segment | ' | |||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Oral Technologies | $ | 56.1 | $ | 47.7 | $ | 57.1 | ||||||||||||||
Medication Delivery Solutions | 25 | 47.7 | 22 | |||||||||||||||||
Development and Clinical Services | 28.2 | 21.3 | 16.9 | |||||||||||||||||
Corporate | 13.1 | 5.8 | 8.2 | |||||||||||||||||
Total capital expenditure | $ | 122.4 | $ | 122.5 | $ | 104.2 | ||||||||||||||
Presentation of revenue and long-lived assets by geographic area | ' | |||||||||||||||||||
The following table presents revenue and long-lived assets by geographic area: | ||||||||||||||||||||
Net Revenue | Long-Lived Assets(1) | |||||||||||||||||||
(Dollars in millions) | Fiscal Year Ended | |||||||||||||||||||
June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | June 30, | June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||||||
United States | $ | 682.3 | $ | 695.8 | $ | 591.9 | $ | 413.7 | $ | 375.7 | ||||||||||
Europe | 888.8 | 863.2 | 868.9 | 348.5 | 344.2 | |||||||||||||||
International Other | 278.8 | 270.1 | 288 | 110.8 | 94.6 | |||||||||||||||
Eliminations | (22.2 | ) | (28.8 | ) | (54.0 | ) | — | — | ||||||||||||
Total | $ | 1,827.70 | $ | 1,800.30 | $ | 1,694.80 | $ | 873 | $ | 814.5 | ||||||||||
-1 | Long-lived assets include property and equipment, net of accumulated depreciation. |
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||
Work-in-Process and Finished Goods Inventories Include Raw Materials, Labor and Overhead | ' | |||||||||||
Work-in-process and finished goods inventories include raw materials, labor and overhead. Total inventories consisted of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Raw materials and supplies | $ | 84.1 | $ | 70.6 | ||||||||
Work-in-process | 23.8 | 26.1 | ||||||||||
Finished goods | 39.8 | 40 | ||||||||||
Total inventory, gross | 147.7 | 136.7 | ||||||||||
Inventory reserve | (12.9 | ) | (11.8 | ) | ||||||||
Inventories | $ | 134.8 | $ | 124.9 | ||||||||
Prepaid and Other Assets | ' | |||||||||||
Prepaid expenses and other current assets consist of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Prepaid expenses | $ | 16.6 | $ | 16.2 | ||||||||
Spare parts supplies | 12.5 | 11.8 | ||||||||||
Deferred taxes | 12.7 | 17.5 | ||||||||||
Other current assets | 32.8 | 44.3 | ||||||||||
Prepaid expenses and other | $ | 74.6 | $ | 89.8 | ||||||||
Property and Equipment | ' | |||||||||||
Property, plant, and equipment, net consists of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Land, buildings and improvements | $ | 619 | $ | 552.7 | ||||||||
Machinery, equipment and capitalized software | 683.6 | 641.6 | ||||||||||
Furniture and fixtures | 8.1 | 9 | ||||||||||
Construction in progress | 110.9 | 61.6 | ||||||||||
Property and equipment, at cost | 1,421.60 | 1,264.90 | ||||||||||
Accumulated depreciation | (548.6 | ) | (450.4 | ) | ||||||||
Property, plant, and equipment, net | $ | 873 | $ | 814.5 | ||||||||
Other Assets Non Current | ' | |||||||||||
Other assets consist of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Deferred long term debt financing costs | $ | 19.7 | $ | 18.2 | ||||||||
Other | 29 | 18.4 | ||||||||||
Total other assets | $ | 48.7 | $ | 36.6 | ||||||||
Other Accrued Liabilities | ' | |||||||||||
Other accrued liabilities consist of the following: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | ||||||||||
2014 | 2013 | |||||||||||
Accrued employee-related expenses | $ | 86.7 | $ | 81.1 | ||||||||
Restructuring accrual | 10.3 | 6 | ||||||||||
Deferred income tax | 1 | 0.9 | ||||||||||
Accrued interest | 12.2 | 12.5 | ||||||||||
Deferred revenue and fees | 47.1 | 36.3 | ||||||||||
Accrued income tax | 61.5 | 30.7 | ||||||||||
Other accrued liabilities and expenses | 60.9 | 57 | ||||||||||
Other accrued liabilities | $ | 279.7 | $ | 224.5 | ||||||||
Trade receivables allowance for doubtful accounts | ' | |||||||||||
Trade receivables allowance for doubtful accounts activity as follows: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | June 30, | |||||||||
2014 | 2013 | 2012 | ||||||||||
Trade receivables allowance for doubtful accounts | ||||||||||||
Beginning balance | $ | 5.7 | $ | 4.2 | $ | 4.3 | ||||||
Charged to cost and expenses | 0.5 | 2.1 | 0.5 | |||||||||
Deductions and other | (1.0 | ) | (0.6 | ) | (0.3 | ) | ||||||
Impact of foreign exchange | 0.2 | — | (0.3 | ) | ||||||||
Closing balance | $ | 5.4 | $ | 5.7 | $ | 4.2 | ||||||
Inventory Reserve | ' | |||||||||||
Inventory reserve activity as follows: | ||||||||||||
(Dollars in millions) | June 30, | June 30, | June 30, | |||||||||
2014 | 2013 | 2012 | ||||||||||
Inventory reserve | ||||||||||||
Beginning balance | $ | 11.8 | $ | 8.5 | $ | 9.8 | ||||||
Charged to cost and expenses | 10.2 | 8.7 | 9.1 | |||||||||
Deductions | (9.5 | ) | (5.9 | ) | (9.6 | ) | ||||||
Impact of foreign exchange | 0.4 | 0.5 | (0.8 | ) | ||||||||
Closing balance | $ | 12.9 | $ | 11.8 | $ | 8.5 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Summarized Consolidated Statements of Operations Data for Discontinued Operations | ' | |||||||||||
Summarized Consolidated Statements of Operations data for discontinued operations are as follows: | ||||||||||||
Fiscal Year Ended June 30, | ||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | |||||||||
Net revenue | $ | — | $ | — | $ | 94.3 | ||||||
Earnings/(loss) before income taxes | (2.7 | ) | 1.2 | (41.2 | ) | |||||||
Income tax (benefit)/expense | — | — | 0.1 | |||||||||
Net earnings/(loss) from discontinued operations, net of tax | $ | (2.7 | ) | $ | 1.2 | $ | (41.3 | ) | ||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
The following table summarizes the Company's unaudited quarterly results of operation. | ||||||||||||||||
(Dollars in millions, except per share data) | Fiscal Year 2014 | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net revenue | $ | 414.3 | $ | 440.7 | $ | 453.1 | $ | 519.6 | ||||||||
Gross margin | 119.2 | 137.4 | 151.7 | 190.3 | ||||||||||||
Earnings/(loss) from continuing operations less net income (loss) attributable to noncontrolling interest | 1.9 | (18.6 | ) | 8.4 | 27.2 | |||||||||||
Net earnings/(loss) from discontinued operations, net of tax | (0.4 | ) | (0.6 | ) | (1.7 | ) | — | |||||||||
Net earnings/(loss) attributable to Catalent | $ | 1.5 | $ | (19.2 | ) | $ | 6.7 | $ | 27.2 | |||||||
Earnings per share attributable to Catalent: | ||||||||||||||||
Basic | ||||||||||||||||
Earnings/(loss) from continuing operations | $ | 0.03 | $ | (0.25 | ) | $ | 0.11 | $ | 0.36 | |||||||
Net earnings/(loss) | $ | 0.02 | $ | (0.26 | ) | $ | 0.09 | $ | 0.36 | |||||||
Diluted | ||||||||||||||||
Earnings/(loss) from continuing operations | $ | 0.02 | $ | (0.25 | ) | $ | 0.11 | $ | 0.36 | |||||||
Net earnings/(loss) | $ | 0.02 | $ | (0.26 | ) | $ | 0.09 | $ | 0.36 | |||||||
(Dollars in millions, except per share data) | Fiscal Year 2013 | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Net revenue | $ | 412 | $ | 436.1 | $ | 447 | $ | 505.2 | ||||||||
Gross margin | 117.5 | 140 | 137.4 | 173.7 | ||||||||||||
Earnings/(loss) from continuing operations less net income (loss) attributable to noncontrolling interest | (19.5 | ) | (27.6 | ) | (14.0 | ) | 10.3 | |||||||||
Net earnings/(loss) from discontinued operations, net of tax | (0.2 | ) | 0.2 | (4.9 | ) | 6.1 | ||||||||||
Net earnings/(loss) attributable to Catalent | $ | (19.7 | ) | $ | (27.4 | ) | $ | (18.9 | ) | $ | 16.4 | |||||
Earnings per share attributable to Catalent: | ||||||||||||||||
Basic | ||||||||||||||||
Earnings/(loss) from continuing operations | $ | (0.26 | ) | $ | (0.37 | ) | $ | (0.19 | ) | $ | 0.14 | |||||
Net earnings/(loss) | $ | (0.26 | ) | $ | (0.37 | ) | $ | (0.25 | ) | $ | 0.22 | |||||
Diluted | ||||||||||||||||
Earnings/(loss) from continuing operations | $ | (0.26 | ) | $ | (0.37 | ) | $ | (0.19 | ) | $ | 0.13 | |||||
Net earnings/(loss) | $ | (0.26 | ) | $ | (0.37 | ) | $ | (0.25 | ) | $ | 0.21 | |||||
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
segment | |||||||||||
Ownership Percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Number of reportable segments (segments) | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Net revenue | $519.60 | $453.10 | $440.70 | $414.30 | $505.20 | $447 | $436.10 | $412 | $1,827.70 | $1,800.30 | $1,694.80 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Number of Customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Customer Concentration Risk [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Number of Customers | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Oral Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,180.10 | 1,186.30 | 1,220.20 |
Intra Segment Revenue Elimination | ' | ' | ' | ' | ' | ' | ' | ' | 35.6 | ' | ' |
Oral Technologies [Member] | Softgel Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 857.5 | ' | ' |
Oral Technologies [Member] | Modified Release Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | $358.20 | ' | ' |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies Revision of Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Accumulated deficit | ($1,379.10) | ' | ' | ' | ($1,395.30) | ' | ' | ' | ($1,379.10) | ($1,395.30) | ($1,345.70) | ' |
Accumulated other comprehensive income/(loss) | 24.2 | ' | ' | ' | 42.8 | ' | ' | ' | 24.2 | 42.8 | 28.9 | -25.6 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -371.8 | ' | ' | ' | -410.3 | ' | ' | ' | -371.8 | -410.3 | -350.7 | -209.9 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 49.5 | 27 | 0.5 | ' |
Earnings/(loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 17.9 | -50.9 | 18.1 | ' |
Net earnings/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | 15.2 | -49.7 | -23.2 | ' |
Net Income (Loss) Attributable to Parent | 27.2 | 6.7 | -19.2 | 1.5 | 16.4 | -18.9 | -27.4 | -19.7 | 16.2 | -49.6 | -24.4 | ' |
Income (Loss) from Continuing Operations, Per Basic Share | $0.36 | $0.11 | ($0.25) | $0.03 | $0.14 | ($0.19) | ($0.37) | ($0.26) | $0.25 | ($0.68) | $0.23 | ' |
Earnings Per Share, Basic | $0.36 | $0.09 | ($0.26) | $0.02 | $0.22 | ($0.25) | ($0.37) | ($0.26) | $0.22 | ($0.66) | ($0.33) | ' |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.36 | $0.11 | ($0.25) | $0.02 | ($0.13) | ($0.19) | ($0.37) | ($0.26) | $0.25 | ($0.68) | $0.22 | ' |
Earnings Per Share, Diluted | $0.36 | $0.09 | ($0.26) | $0.02 | ($0.21) | ($0.25) | ($0.37) | ($0.26) | $0.21 | ($0.66) | ($0.32) | ' |
Prepaid Expense and Other Assets, Current | 74.6 | ' | ' | ' | 89.8 | ' | ' | ' | 74.6 | 89.8 | ' | ' |
Non-current deferred tax asset | 26.3 | ' | ' | ' | 23.7 | ' | ' | ' | 26.3 | 23.7 | ' | ' |
Total assets | 3,090.20 | ' | ' | ' | 2,949.50 | ' | ' | ' | 3,090.20 | 2,949.50 | ' | ' |
Other accrued liabilities | 279.7 | ' | ' | ' | 224.5 | ' | ' | ' | 279.7 | 224.5 | ' | ' |
Non-current deferred tax liability | 103.2 | ' | ' | ' | 111.8 | ' | ' | ' | 103.2 | 111.8 | ' | ' |
Liabilities | ' | ' | ' | ' | 3,359.80 | ' | ' | ' | ' | 3,359.80 | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | 178.3 | 137.7 | 87.9 | ' |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | ' | -1,428.80 | ' | ' | ' | ' | -1,428.80 | -1,382.10 | ' |
Accumulated other comprehensive income/(loss) | ' | ' | ' | ' | 9.3 | ' | ' | ' | ' | 9.3 | -7.5 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | -410.3 | ' | ' | ' | ' | -410.3 | -350.7 | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.1 | 16.5 | ' |
Earnings/(loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48 | 2.1 | ' |
Net earnings/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46.8 | -39.2 | ' |
Net Income (Loss) Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46.7 | -40.4 | ' |
Income (Loss) from Continuing Operations, Per Basic Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.64) | $0.01 | ' |
Earnings Per Share, Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.62) | ($0.54) | ' |
Income (Loss) from Continuing Operations, Per Diluted Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.64) | $0.01 | ' |
Earnings Per Share, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.62) | ($0.54) | ' |
Prepaid Expense and Other Assets, Current | ' | ' | ' | ' | 88.6 | ' | ' | ' | ' | 88.6 | ' | ' |
Non-current deferred tax asset | ' | ' | ' | ' | 132.2 | ' | ' | ' | ' | 132.2 | ' | ' |
Total assets | ' | ' | ' | ' | 3,056.80 | ' | ' | ' | ' | 3,056.80 | ' | ' |
Other accrued liabilities | ' | ' | ' | ' | 224.5 | ' | ' | ' | ' | 224.5 | ' | ' |
Non-current deferred tax liability | ' | ' | ' | ' | 219.1 | ' | ' | ' | ' | 219.1 | ' | ' |
Liabilities | ' | ' | ' | ' | 3,467.10 | ' | ' | ' | ' | 3,467.10 | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137.7 | 87.9 | ' |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ' | ' | 33.5 | ' | ' | ' | ' | 33.5 | 36.4 | ' |
Accumulated other comprehensive income/(loss) | ' | ' | ' | ' | 33.5 | ' | ' | ' | ' | 33.5 | 36.4 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.9 | -16 | ' |
Earnings/(loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.9 | 16 | ' |
Net earnings/(loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.9 | 16 | ' |
Net Income (Loss) Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.9 | 16 | ' |
Income (Loss) from Continuing Operations, Per Basic Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.04) | $0.22 | ' |
Earnings Per Share, Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.04) | $0.21 | ' |
Income (Loss) from Continuing Operations, Per Diluted Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.04) | $0.21 | ' |
Earnings Per Share, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.04) | $0.22 | ' |
Prepaid Expense and Other Assets, Current | ' | ' | ' | ' | 1.2 | ' | ' | ' | ' | 1.2 | ' | ' |
Non-current deferred tax asset | ' | ' | ' | ' | -108.5 | ' | ' | ' | ' | -108.5 | ' | ' |
Total assets | ' | ' | ' | ' | -107.3 | ' | ' | ' | ' | -107.3 | ' | ' |
Other accrued liabilities | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' |
Non-current deferred tax liability | ' | ' | ' | ' | -107.3 | ' | ' | ' | ' | -107.3 | ' | ' |
Liabilities | ' | ' | ' | ' | -107.3 | ' | ' | ' | ' | -107.3 | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' |
Basis_of_Presentation_and_Summ5
Basis of Presentation and Summary of Significant Accounting Policies Property and Equipment and Other Definite Lived Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Depreciation expense | $100.50 | $108.80 | $95.70 |
Impairment charges and (gain)/loss on sale of assets | $3.20 | $5.20 | $1.80 |
Building And Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Building And Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '50 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
Basis_of_Presentation_and_Summ6
Basis of Presentation and Summary of Significant Accounting Policies Research and Development Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cost of Sales [Member] | ' | ' | ' |
Research and Development Expense | $34 | $35 | $33.50 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Research and Development Expense | $17.50 | $14.50 | $16.90 |
Goodwill_Carrying_Amount_of_Go
Goodwill - Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning balance | $1,023.40 | $1,029.90 | [1] | |
Goodwill, Acquired During Period (Impairment Loss) | 32.6 | [2] | 0.9 | |
Foreign currency translation adjustments | 41.1 | -7.4 | ||
Ending balance | 1,097.10 | 1,023.40 | ||
Oral Technologies [Member] | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning balance | 833.2 | 839.8 | [1] | |
Goodwill, Acquired During Period (Impairment Loss) | 32.6 | [2] | 0 | |
Foreign currency translation adjustments | 26 | -6.6 | ||
Ending balance | 891.8 | 833.2 | ||
Medication Delivery Solutions [Member] | ' | ' | ||
Goodwill [Line Items] | ' | ' | ||
Goodwill, Impaired, Accumulated Impairment Loss | ' | 158 | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning balance | 0 | 0 | [1] | |
Goodwill, Acquired During Period (Impairment Loss) | 0 | [2] | 0 | |
Foreign currency translation adjustments | 0 | 0 | ||
Ending balance | 0 | 0 | ||
Development and Clinical Services [Member] | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning balance | 190.2 | 190.1 | [1] | |
Goodwill, Acquired During Period (Impairment Loss) | 0 | [2] | 0.9 | |
Foreign currency translation adjustments | 15.1 | -0.8 | ||
Ending balance | $205.30 | $190.20 | ||
[1] | The opening balance is reflective of historical impairment charges related to the Medication Delivery Solutions segment of approximately $158.0 million. | |||
[2] | Acquired goodwill of $32.6 million in the Company's Oral Technologies segment was generated from acquisitions in Brazil and China during the twelve months ended JuneB 30, 2014. |
Definite_Lived_LongLived_Asset2
Definite Lived Long-Lived Assets - Other Intangible Assets Subject to Amortization (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Product Rights [Line Items] | ' | ' |
Gross Carrying Value | $622.40 | $585.10 |
Accumulated Amortization | -264.8 | -212.9 |
Net Carrying Value | 357.6 | 372.2 |
Core technology [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '20 years | '20 years |
Gross Carrying Value | 150.2 | 143.7 |
Accumulated Amortization | -53.3 | -44.4 |
Net Carrying Value | 96.9 | 99.3 |
Customer relationships [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '14 years | '14 years |
Gross Carrying Value | 234.6 | 214.3 |
Accumulated Amortization | -68 | -50.1 |
Net Carrying Value | 166.6 | 164.2 |
Product relationships [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '12 years | '12 years |
Gross Carrying Value | 237.6 | 227.1 |
Accumulated Amortization | -143.5 | -118.4 |
Net Carrying Value | $94.10 | $108.70 |
Definite_Lived_LongLived_Asset3
Definite Lived Long-Lived Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Finite lived intangible assets disclosure [Abstract] | ' | ' | ' |
Amortization expense | $42.40 | $43.40 | $34 |
Definite_Lived_LongLived_Asset4
Definite Lived Long-Lived Assets - Future Amortization Expense (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Finite lived intangible assets disclosure [Abstract] | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $43.10 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 43.1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 42.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 42.3 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $37.10 |
Restructuring_and_Other_Costs_1
Restructuring and Other Costs (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Restructuring and Related Activities [Abstract] | ' | ' | ' | |||
Employee-related reorganization | $16.50 | [1] | $15.10 | [1] | $14.90 | [1] |
Asset impairments | 0 | 0.7 | 2.9 | |||
Facility exit and other costs | 3.2 | [2] | 2.6 | [2] | 1.7 | [2] |
Restructuring Charges | $19.70 | $18.40 | $19.50 | |||
[1] | Employee-related costs consist primarily of severance costs. Outplacement services provided to employees who have been involuntarily terminated and duplicate payroll costs during transition periods are also included within this classification. | |||||
[2] | Facility exit and other costs consist of accelerated depreciation, equipment relocation costs and costs associated with planned facility expansions and closures to streamline our operations. |
LongTerm_Obligations_and_Other2
Long-Term Obligations and Other Short-Term Borrowings - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 18, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 18, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 29, 2013 | Jun. 30, 2014 | 20-May-14 | Jun. 30, 2013 | Jun. 30, 2014 | 20-May-14 | Jun. 30, 2013 | Jun. 30, 2014 | 20-May-14 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 10, 2007 | Apr. 10, 2007 | Apr. 10, 2007 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 10, 2007 | Apr. 10, 2007 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 06, 2014 | Jul. 29, 2014 | Aug. 05, 2014 |
USD ($) | USD ($) | USD ($) | Other Obligations [Member] | Other Obligations [Member] | Seven Point Eight Seven Five Percent Senior Notes [Member] | Seven Point Eight Seven Five Percent Senior Notes [Member] | Seven Point Eight Seven Five Percent Senior Notes [Member] | Senior Unsecured Term Loan Facility [Member] | Senior Unsecured Term Loan Facility [Member] | Senior Unsecured Term Loan Facility [Member] | Revolving Credit Facility - Two [Member] | Revolving Credit Facility - Two [Member] | Revolving Credit Facility - Two [Member] | Term Loan Three Facility Euro Denominated [Member] | Term Loan Three Facility Euro Denominated [Member] | Term Loan Three Facility Euro Denominated [Member] | Term Loan Three Facility Dollar Denominated [Member] | Term Loan Three Facility Dollar Denominated [Member] | Term Loan Three Facility Dollar Denominated [Member] | Amendment Number 5 [Member] | Dollar Term Loans [Member] | Dollar Term-1 Loans [Member] | Dollar Term-1 Loans [Member] | Dollar Term-1 Loans [Member] | Dollar Term Two Loans [Member] | Term loan facility Euro-denominated [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Loan Facility [Member] | Senior Secured Credit Facility [Member] | 9 1/2 % Senior Toggle Notes [Member] | 9 3/4 % Senior Subordinated Euro-denominated Notes [Member] | 9 3/4 % Senior Subordinated Euro-denominated Notes [Member] | 9 3/4 % Senior Subordinated Euro-denominated Notes [Member] | 9 3/4 % Senior Subordinated Euro-denominated Notes [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Senior Secured Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Federal Funds Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Eurocurrency Rate [Member] | Eurocurrency Rate [Member] | Eurocurrency Rate [Member] | Eurocurrency Rate [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Other Obligations [Member] | Term Loan Three Facility Dollar Denominated [Member] | Term Loan Three Facility Euro Denominated [Member] | Revolving Credit Facility - Two [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Senior Unsecured Term Loan Facility [Member] | Senior Unsecured Term Loan Facility [Member] | Term Loan Three Facility Dollar Denominated [Member] | Dollar Term-1 Loans [Member] | Dollar Term Two Loans [Member] | Term Loan Three Facility Euro Denominated [Member] | Revolving Credit Facility - Two [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Senior Unsecured Term Loan Facility [Member] | Dollar Term-1 Loans [Member] | Dollar Term Two Loans [Member] | Minimum [Member] | Other Obligations [Member] | Seven Point Eight Seven Five Percent Senior Notes [Member] | 9 3/4 % Senior Subordinated Euro-denominated Notes [Member] | ||||||||
Term Loan Three Facility Dollar Denominated [Member] | Term Loan Three Facility Euro Denominated [Member] | Revolving Credit Facility - Two [Member] | Term Loan Three Facility Dollar Denominated [Member] | Dollar Term Two Loans [Member] | Term Loan Three Facility Euro Denominated [Member] | Revolving Credit Facility - Two [Member] | Dollar Term Two Loans [Member] | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and Capital Lease Obligations | ' | ' | ' | ' | $7.20 | $20.70 | $348.70 | $348.20 | ' | $274.30 | $274.10 | ' | $0 | ' | $0 | $338.60 | ' | $0 | $1,383.90 | ' | $0 | ' | ' | $0 | $791.30 | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | $293.90 | $281.90 | ' | ' | $64 | $62.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from (Payments for) Deposits Applied to Debt Retirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 114.5 | 350 | 225 |
Amount of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | 1,400 | 1,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | 3.50% | ' | ' | ' | 0.50% | 4.25% | 2.50% | 2.50% | 2.25% | 2.50% | 2.50% | ' | ' | ' | ' | 5.25% | 3.50% | 3.25% | ' | ' | ' | ' |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.48% | ' | ' | ' | ' | 4.29% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of initial commitment fee (percent) | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Interest on Senior Toggle Notes accrued percentage per annum (percent) | ' | ' | ' | ' | ' | ' | 7.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument issued amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300.3 | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.00% | ' | 2.25% | ' | ' | ' | ' | ' | 2.00% | 2.00% | 2.00% | 2.00% | 1.25% | ' | ' | 1.00% | ' | ' | ' |
Payments of Financing Costs | 23.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.75% | 9.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | 15-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | 17.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | 250 | ' | ' | 1,400 | ' | ' | ' | ' | ' | ' | 659.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 799.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred fomamce costs and debt discounts | 19.7 | 20.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs | 10.2 | 9.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tender offer | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price of notes (percent) | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | 1,741.30 | 708.5 | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 269.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Related Commitment Fees and Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital stock of the company (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interests directly held by the company (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum voting stock of a non-U.S. subsidiary held by a guarantor (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.50% | 101.63% |
LongTerm_Obligations_and_Other3
Long-Term Obligations and Other Short-Term Borrowings - Long-Term Obligations, Presented Net of Issue Discounts and Fees Paid to Lenders, and Other Short-Term Borrowings (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Senior Secured Credit Facilities | ' | ' |
Maturity date | 15-Oct-18 | ' |
Debt, Current | $25.20 | $35 |
Long-term Debt and Capital Lease Obligations | 2,685.40 | 2,656.60 |
Carrying Value [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 2,710.60 | 2,691.60 |
Revolving Credit Facility - Two [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 0 | 0 |
Revolving Credit Facility [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 0 | 0 |
Senior Unsecured Term Loan Facility [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 274.3 | 274.1 |
Senior Unsecured Term Loan Facility [Member] | Eurocurrency Rate [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 5.25% | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.25% | ' |
Senior Unsecured Term Loan Facility [Member] | Base Rate [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 4.25% | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.25% | ' |
Seven Point Eight Seven Five Percent Senior Notes [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 348.7 | 348.2 |
9 3/4 % Senior Subordinated Euro-denominated Notes [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 293.9 | 281.9 |
Term Loan Three Facility Euro Denominated [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 338.6 | 0 |
Term Loan Two Facility Euro Denominated [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 0 | 266.6 |
Term Loan Three Facility Dollar Denominated [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 1,383.90 | 0 |
Term Loan Three Facility Dollar Denominated [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ' |
Term Loan Three Facility Dollar Denominated [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | ' |
Term Loan Three Facility Dollar Denominated [Member] | Base Rate [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ' |
Term Loan Three Facility Dollar Denominated [Member] | Base Rate [Member] | Minimum [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | ' |
Term Loan Two Facility Dollar Denominated [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 0 | 646.3 |
Dollar Term-1 Loans [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 0 | 791.3 |
Dollar Term-1 Loans [Member] | Eurocurrency Rate [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ' |
Dollar Term-1 Loans [Member] | Base Rate [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ' |
Capital Lease Obligations [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | 64 | 62.5 |
Other Obligations [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Debt and Capital Lease Obligations | $7.20 | $20.70 |
Other Obligations [Member] | Minimum [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Maturity date | 1-Jan-15 | ' |
Other Obligations [Member] | Maximum [Member] | ' | ' |
Senior Secured Credit Facilities | ' | ' |
Maturity date | 31-Dec-32 | ' |
LongTerm_Obligations_and_Other4
Long-Term Obligations and Other Short-Term Borrowings- Maturities (Details) (USD $) | Jun. 30, 2014 |
Long-term and Short-term Debt [Abstract] | ' |
Long Term Debt and Capital Lease Obligations Repayments of Principal in the Next Twelve Months | $25,200,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Two | 19,500,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Three | 313,600,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Four | 294,200,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Five | 368,900,000 |
Long Term Debt and Capital Lease Obligations Repayments of Principal After Year Five | 1,689,200,000 |
Total | $2,710,600,000 |
Earnings_Per_Share_Calculation1
Earnings Per Share Calculations of Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | $27.20 | $8.40 | ($18.60) | $1.90 | $10.30 | ($14) | ($27.60) | ($19.50) | $18.90 | ($50.80) | $16.90 |
Net earnings/(loss) from discontinued operations, net of tax | 0 | -1.7 | -0.6 | -0.4 | 6.1 | -4.9 | 0.2 | -0.2 | -2.7 | 1.2 | -41.3 |
Net Income (Loss) Attributable to Parent | $27.20 | $6.70 | ($19.20) | $1.50 | $16.40 | ($18.90) | ($27.40) | ($19.70) | $16.20 | ($49.60) | ($24.40) |
Weighted Average Number of Shares Outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 75,045,147 | 74,970,628 | 74,875,377 |
Weighted Average Number Diluted Shares Outstanding Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 1,078,710 | 0 | 509,060 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 76,123,857 | 74,970,628 | 75,384,437 |
Income (Loss) from Continuing Operations, Per Basic Share | $0.36 | $0.11 | ($0.25) | $0.03 | $0.14 | ($0.19) | ($0.37) | ($0.26) | $0.25 | ($0.68) | $0.23 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ' | ' | ' | ' | ' | ' | ' | ' | ($0.03) | $0.02 | ($0.56) |
Earnings Per Share, Basic | $0.36 | $0.09 | ($0.26) | $0.02 | $0.22 | ($0.25) | ($0.37) | ($0.26) | $0.22 | ($0.66) | ($0.33) |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.36 | $0.11 | ($0.25) | $0.02 | ($0.13) | ($0.19) | ($0.37) | ($0.26) | $0.25 | ($0.68) | $0.22 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ' | ' | ' | ' | ' | ' | ' | ' | ($0.04) | $0.02 | ($0.54) |
Earnings Per Share, Diluted | $0.36 | $0.09 | ($0.26) | $0.02 | ($0.21) | ($0.25) | ($0.37) | ($0.26) | $0.21 | ($0.66) | ($0.32) |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share - Additional Details (Details) (Stock Compensation Plan [Member]) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.3 | 6.5 | 1.6 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 0.3 | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Feb. 28, 2013 |
USD ($) | USD ($) | USD ($) | Euribor Interest Rate Swap [Member] | Euro Notional [Member] | Term Loan Facilities, Euro Demoninated [Member] | Hedge of a Net Investment In Foreign Operations [Member] | Hedge of a Net Investment In Foreign Operations [Member] | Investment Hedges [Member] | Derivatives not designated as Hedging Instrument under ASC 815 [Member] | |
USD ($) | Interest Rate Contract [Member] | EUR (€) | USD ($) | USD ($) | USD ($) | Euro Notional [Member] | ||||
EUR (€) | Interest Rate Contract [Member] | |||||||||
EUR (€) | ||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | ' | ' | ' | ' | ' | ' | $632.50 | ' | ' | ' |
Loss within cumulative translation adjustment | -32.4 | 47.9 | 40.4 | ' | ' | ' | ' | ' | 13.6 | ' |
Net accumulated gain related to investment hedges | 49.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized foreign exchange loss | ' | ' | ' | ' | ' | ' | 9.6 | ' | ' | ' |
Unrealized foreign exchange gain(loss) | ' | ' | ' | ' | ' | ' | ' | 6.7 | ' | ' |
Debt instrument issued amount | ' | ' | ' | ' | ' | 44.9 | ' | ' | ' | ' |
Notional amount interest rate derivatives | ' | ' | ' | ' | 240 | ' | ' | ' | ' | 35 |
Losses reclassified into earnings as a result of discontinuance | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on Consolidated Statement of Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Interest income (expense), net [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Gain) or Loss Reclassified from AOCI into Income (Effective Portion) | $0 | $21.60 | $26.40 |
Other (income)/expense, net [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Gain) or Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effective Testing) | 0 | 0.1 | 0.2 |
Interest rate swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Gain) or Loss Recognized in AOCI on Derivative (Effective Portion) | $0 | $1.10 | $11 |
Recovered_Sheet1
Fair Value Measurements of Financial Instruments - Summary of Financial Assets and Liabilities That Measure at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash Equivalents - Money Market Funds | $1.40 | $5.80 |
Liabilities [Abstract] | ' | ' |
Business Combination, Contingent Consideration, Liability | 0.9 | 0 |
Level 1 [Member] | ' | ' |
Assets | ' | ' |
Cash Equivalents - Money Market Funds | 1.4 | 5.8 |
Liabilities [Abstract] | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets | ' | ' |
Cash Equivalents - Money Market Funds | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Level 3 [Member] | ' | ' |
Assets | ' | ' |
Cash Equivalents - Money Market Funds | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Business Combination, Contingent Consideration, Liability | $0.90 | $0 |
Recovered_Sheet2
Fair Value Measurements of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Debt and Capital Lease Obligations | $2,710.60 | $2,691.60 |
Estimated Fair Value [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $2,680.20 | $2,633.20 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Undistributed earnings from non-U.S. subsidiaries | $383,500,000 | ' | ' |
Accrued tax provision for repatriation of foreign earnings | 0 | ' | ' |
Carry forward period | '20 years | ' | ' |
Valuation allowance | 218,200,000 | 208,400,000 | ' |
Increase (decrease) in valuation allowance | ' | 9,800,000 | ' |
Unrecognized tax benefits | 60,600,000 | 37,700,000 | 33,400,000 |
Unrecognized tax benefits that impact the effective income tax rate | 41,400,000 | 9,600,000 | ' |
Unrecognized tax benefits that would not impact the effective income tax rate due to full valuation allowance | 19,200,000 | ' | ' |
Accrued interest related to uncertain tax positions | 5,100,000 | 5,000,000 | 6,000,000 |
Increase (decrease) in interest on income taxes accrued | 100,000 | ' | ' |
Interest and penalties subject to indemnification | 2,000,000 | ' | ' |
Increase (decrease) in interest on income taxes accrued subject to indemnification | 2,100,000 | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Federal net operating loss carry forward | 329,500,000 | ' | ' |
Losses Generated | 37,800,000 | ' | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Federal net operating loss carry forward | 7,800,000 | ' | ' |
Valuation allowance | ' | 145,900,000 | ' |
Increase (decrease) in valuation allowance | -1,300,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Federal net operating loss carry forward | 459,400,000 | ' | ' |
Losses Generated | 102,700,000 | ' | ' |
Valuation allowance | ' | 32,900,000 | ' |
Increase (decrease) in valuation allowance | -7,600,000 | 7,600,000 | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Federal net operating loss carry forward | 89,800,000 | ' | ' |
Carry forward period | '3 years | ' | ' |
Valuation allowance | ' | 29,600,000 | ' |
Increase (decrease) in valuation allowance | ($900,000) | ' | ' |
Income_TaxesComponents_of_Inco
Income Taxes-Components of Income Tax (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. Operations | ($75.60) | ($124.90) | ($402.10) |
Non-U.S. Operation | 143 | 101 | 420.7 |
Earnings/(loss) from continuing operations before income taxes | $67.40 | ($23.90) | $18.60 |
Income_TaxesComponents_of_Inco1
Income Taxes-Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Federal | $0 | ($0.40) | $0 |
State and local | -1.2 | -2.4 | 0.1 |
Non-U.S. | 55.7 | 21.2 | 19.2 |
Total | 54.5 | 18.4 | 19.3 |
Deferred: | ' | ' | ' |
Federal | 5.3 | 8.8 | -8.4 |
State and local | 0.4 | -0.3 | -1.4 |
Non-U.S. | -10.7 | 0.1 | -9 |
Total | -5 | 8.6 | -18.8 |
Total provision/(benefit) | $49.50 | $27 | $0.50 |
Income_TaxesIncome_Tax_Reconci
Income Taxes-Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Provision at U.S. federal statutory tax rate | $18.70 | ($4.90) | $8.60 |
State and local income taxes, net of federal benefit | 0.6 | 0.5 | 0.2 |
Foreign tax rate differential | -19.7 | -18.1 | -43.1 |
Permanent items | 24.8 | 53.5 | 36.6 |
Unrecognized tax positions | 33.9 | 0 | -2.8 |
Tax valuation allowance | -10.4 | 3.6 | 28.1 |
Foreign tax credit - Non U.S. | -0.8 | -3.4 | -0.2 |
Withholding tax and other foreign taxes | 6.2 | 5.1 | -6.5 |
Change in tax rate | -5.2 | -4.3 | -1.9 |
Effective Income Tax Rate Reconciliation, Tax Effect of Other Comprehensive Income Deferred Taxes, Federal | 0 | 2.9 | -16 |
Other | 1.4 | -7.9 | -2.5 |
Total provision/(benefit) | $49.50 | $27 | $0.50 |
Income_TaxesDeferred_Tax_Asset
Income Taxes-Deferred Tax Assets (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Accrued liabilities | $25.10 | $29.90 |
Equity compensation | 10 | 8.1 |
Loss and tax credit carry forwards | 196.2 | 211.2 |
Foreign Currency | 23.2 | 24.3 |
Pension | 50.6 | 44.7 |
Property-related | 11.8 | 28.1 |
Intangibles | 16.3 | 11.8 |
Other | 16.9 | 10.3 |
OCI | 4 | 3 |
Total deferred income tax assets | 354.1 | 371.4 |
Valuation Allowance | -218.2 | -208.4 |
Net deferred income tax assets | 135.9 | 163 |
Deferred income tax liabilities: | ' | ' |
Accrued Liabilities | -0.2 | -2.6 |
Equity Compensation | 0 | 0 |
Foreign Currency | -0.1 | -0.3 |
Property-related | -15.1 | -35.2 |
Goodwill and other intangibles | -164.7 | -171.9 |
Other | -1.2 | -0.4 |
Other comprehensive income | -19.8 | -24.1 |
Total deferred income tax liabilities | -201.1 | -234.5 |
Net deferred income tax liabilities | ($65.20) | ($71.50) |
Income_TaxesBalance_Sheet_Deta
Income Taxes-Balance Sheet (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred taxes | $12.70 | $17.50 |
Non-current deferred tax asset | 26.3 | 23.7 |
Current deferred tax liability | -1 | -0.9 |
Non-current deferred tax liability | 103.2 | 111.8 |
Net deferred income tax liabilities | ($65.20) | ($71.50) |
Income_TaxesUnrecognized_Tax_B
Income Taxes-Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' |
Beginning Balance | $37.70 | $33.40 |
Additions based on tax positions related to the current year | 7.5 | 5.4 |
Additions for tax positions of prior years | 25.1 | 1.9 |
Reductions for tax positions of prior years | -4.8 | -1.1 |
Settlements | -4.9 | 1.9 |
Ending Balance | $60.60 | $37.70 |
Employee_Retirement_Benefit_Pl2
Employee Retirement Benefit Plans-Additional Information (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Cash impact with long term obligation | $1.70 | ' |
Eberbach Pension Promissory Note or Loan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Stated interest rate (percent) | 5.00% | ' |
Multiemployer Plans, Pension [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Withdrawal obligation | $39.60 | $39.70 |
Employee_Retirement_Benefit_Pl3
Employee Retirement Benefit Plans-Accumulated Benefit Obligation (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Retirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | $1.30 | $0.90 |
Accumulated Benefit Obligation | 324.4 | 279.7 |
Change in Benefit Obligation | ' | ' |
Benefit obligation at beginning of year | 289.1 | 292.2 |
Company service cost | 2.8 | 2.8 |
Interest cost | 12.2 | 11.9 |
Employee contributions | 0 | 0.1 |
Plan amendments | 0 | 0 |
Curtailments | 0 | 0 |
Settlements | -1.7 | -1.6 |
Special termination benefits | 0 | 0 |
Divestitures | 0 | 0 |
Business combinations | 0 | 0 |
Benefits paid | -10.9 | -9.8 |
Actual expenses | -0.1 | 0 |
Actuarial (gain)/loss | 24.3 | -6.1 |
Exchange rate gain/(loss) | 18.1 | -0.4 |
Benefit obligation at end of year | 333.8 | 289.1 |
Employer contributions between measurement date and reporting date | ' | ' |
Fair value of plan assets at beginning of year | 198.4 | 191.4 |
Actual return on plan assets | 14 | 12.9 |
Company contributions | 8.6 | 8.9 |
Employee contributions | 0 | 0.1 |
Settlements | -1.7 | -1.6 |
Special company contributions to fund termination benefits | 0 | 0 |
Divestitures | 0 | 0 |
Business combinations | 0 | 0 |
Benefits paid | -10.9 | -9.8 |
Actual expenses | -0.1 | 0 |
Exchange rate gain/(loss) | 13.9 | -3.5 |
Fair value of plan assets at end of year | 222.2 | 198.4 |
Funded status at end of year | -111.4 | -90.7 |
Employer contributions between measurement date and reporting date | 0 | 0 |
Net pension asset (liability) | -90.7 | ' |
Other Post-Retirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 |
Accumulated Benefit Obligation | 4.4 | 4.9 |
Change in Benefit Obligation | ' | ' |
Benefit obligation at beginning of year | 4.9 | 5.3 |
Company service cost | 0 | 0 |
Interest cost | 0.2 | 0.2 |
Employee contributions | 0 | 0 |
Plan amendments | 0 | 0 |
Curtailments | 0 | 0 |
Settlements | 0 | 0 |
Special termination benefits | 0 | 0 |
Divestitures | 0 | 0 |
Business combinations | 0 | 0 |
Benefits paid | -0.3 | -0.2 |
Actual expenses | 0 | 0 |
Actuarial (gain)/loss | -0.4 | -0.3 |
Exchange rate gain/(loss) | 0 | -0.1 |
Benefit obligation at end of year | 4.4 | 4.9 |
Employer contributions between measurement date and reporting date | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Company contributions | 0.3 | 0.2 |
Employee contributions | 0 | 0 |
Settlements | 0 | 0 |
Special company contributions to fund termination benefits | 0 | 0 |
Divestitures | 0 | 0 |
Business combinations | 0 | 0 |
Benefits paid | -0.3 | -0.2 |
Actual expenses | 0 | 0 |
Exchange rate gain/(loss) | 0 | 0 |
Fair value of plan assets at end of year | 0 | 0 |
Funded status at end of year | -4.4 | -4.9 |
Employer contributions between measurement date and reporting date | 0 | 0 |
Net pension asset (liability) | ($4.90) | ' |
Employee_Retirement_Benefit_Pl4
Employee Retirement Benefit Plans-Balance Sheet (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Retirement Benefits [Member] | ' | ' |
Amounts Recognized in Statement of Financial Position | ' | ' |
Noncurrent assets | $0.70 | $0.40 |
Current liabilities | -1 | -1 |
Noncurrent liabilities | -111.1 | -90.1 |
Funded status at end of year | -111.4 | -90.7 |
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ' |
Transition (asset)/obligation | 0 | 0 |
Prior service cost | 0.2 | 0.2 |
Net (gain)/loss | 52.2 | 32.5 |
Total accumulated other comprehensive income at the end of the year | 52.4 | 32.7 |
Additional Information for Plan with ABO in Excess of Plan Assets | ' | ' |
Projected benefit obligation | 318.1 | 272.7 |
Accumulated benefit obligation | 311.2 | 265.7 |
Fair value of plan assets | 206 | 181.6 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Projected Benefit Obligation | 318.1 | 272.7 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 311.2 | 265.7 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 206 | 181.6 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Service Cost | 2.8 | 2.8 |
Interest Cost | 12.2 | 11.9 |
Expected return on plan assets | -10.4 | -9.8 |
Transition (asset)/obligation | 0 | 0 |
Prior service cost | 0 | 0 |
Net (gain)/loss | 1.3 | 0.9 |
Ongoing periodic cost | 5.9 | 5.8 |
Settlement/curtailment expense/(income) | 0.2 | 0.2 |
Net periodic benefit cost | 6.1 | 6 |
Other Post-Retirement Benefits [Member] | ' | ' |
Amounts Recognized in Statement of Financial Position | ' | ' |
Noncurrent assets | 0 | 0 |
Current liabilities | -0.4 | -0.5 |
Noncurrent liabilities | -4 | -4.4 |
Funded status at end of year | -4.4 | -4.9 |
Amounts Recognized in Accumulated Other Comprehensive Income | ' | ' |
Transition (asset)/obligation | 0 | 0 |
Prior service cost | 0 | 0 |
Net (gain)/loss | -0.9 | -0.6 |
Total accumulated other comprehensive income at the end of the year | -0.9 | -0.6 |
Additional Information for Plan with ABO in Excess of Plan Assets | ' | ' |
Projected benefit obligation | 4.4 | 4.9 |
Accumulated benefit obligation | 4.4 | 4.9 |
Fair value of plan assets | 0 | 0 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Projected Benefit Obligation | 4.4 | 4.9 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 4.4 | 4.9 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Service Cost | 0 | 0 |
Interest Cost | 0.2 | 0.2 |
Expected return on plan assets | 0 | 0 |
Transition (asset)/obligation | 0 | 0 |
Prior service cost | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Ongoing periodic cost | 0.2 | 0.2 |
Settlement/curtailment expense/(income) | 0 | 0 |
Net periodic benefit cost | $0.20 | $0.20 |
Employee_Retirement_Benefit_Pl5
Employee Retirement Benefit Plans-AOCI (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net (gain)/loss arising during the year | $20.40 | ($9.50) | $38.70 |
Net gain/(loss) recognized during the year | 1.5 | 1.1 | 0.1 |
Total Pension, pretax | -19.4 | 10.2 | -35.6 |
Retirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net (gain)/loss arising during the year | -20.7 | 9.2 | ' |
Prior service cost (credit) during the year | 0 | 0 | ' |
Transition asset/(obligation) recognized during the year | 0 | 0 | ' |
Net gain/(loss) recognized during the year | 0 | 0 | ' |
Net gain/(loss) recognized during the year | -1.5 | -1.1 | ' |
Exchange rate gain/(loss) recognized during the year | 0.5 | 0.4 | ' |
Total Pension, pretax | 19.7 | -9.9 | ' |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | 27.3 | -3.9 | ' |
Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | ' | ' | ' |
Transition (asset)/obligation | 0 | 0 | ' |
Prior service cost/(credit) | 0 | 0 | ' |
Net (gain)/loss | 2 | 1.2 | ' |
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date | ' | ' | ' |
Discount rate (percent) | 3.73% | 4.14% | ' |
Rate of compensation increases (percent) | 2.10% | 2.51% | ' |
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year | ' | ' | ' |
Discount rate (percent) | 4.14% | 4.09% | ' |
Rate of compensation increases (percent) | 2.51% | 2.51% | ' |
Expected long-term rate of return (percent) | 5.11% | 5.12% | ' |
Expected Future Contributions | ' | ' | ' |
2014 | 8.9 | ' | ' |
Other Post-Retirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net (gain)/loss arising during the year | 0.3 | 0.3 | ' |
Prior service cost (credit) during the year | 0 | 0 | ' |
Transition asset/(obligation) recognized during the year | 0 | 0 | ' |
Net gain/(loss) recognized during the year | 0 | 0 | ' |
Net gain/(loss) recognized during the year | 0 | 0 | ' |
Exchange rate gain/(loss) recognized during the year | 0 | 0 | ' |
Total Pension, pretax | -0.3 | -0.3 | ' |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | -0.2 | -0.1 | ' |
Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | ' | ' | ' |
Transition (asset)/obligation | 0 | 0 | ' |
Prior service cost/(credit) | 0 | 0 | ' |
Net (gain)/loss | -0.1 | 0 | ' |
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date | ' | ' | ' |
Discount rate (percent) | 3.67% | 3.92% | ' |
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year | ' | ' | ' |
Discount rate (percent) | 3.92% | 3.38% | ' |
Expected Future Contributions | ' | ' | ' |
2014 | $0.40 | ' | ' |
Employee_Retirement_Benefit_Pl6
Employee Retirement Benefit Plans-Fiscal Year Maturity (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Retirement Benefits [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
2014 | $9.70 | $10.90 |
2015 | 11.3 | 9.2 |
2016 | 10.6 | 10.7 |
2017 | 12.7 | 10.4 |
2018 | 12.7 | 12.1 |
2019-2023 | 77.5 | 69.3 |
Actual Asset Allocation (percent) | 100.00% | 100.00% |
Actual Asset Allocation | 222.2 | 198.4 |
Target Asset Allocation (percent) | 100.00% | 100.00% |
Retirement Benefits [Member] | Equity Securities [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 34.00% | 34.10% |
Actual Asset Allocation | 75.7 | 67.9 |
Target Asset Allocation (percent) | 34.30% | 33.80% |
Retirement Benefits [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 27.00% | 21.00% |
Actual Asset Allocation | 60 | 41.6 |
Target Asset Allocation (percent) | 24.50% | 18.10% |
Retirement Benefits [Member] | Corporate Debt Securities [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 17.10% | 22.00% |
Actual Asset Allocation | 37.9 | 43.6 |
Target Asset Allocation (percent) | 21.70% | 27.80% |
Retirement Benefits [Member] | Real Estate [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 3.00% | 2.80% |
Actual Asset Allocation | 6.6 | 5.5 |
Target Asset Allocation (percent) | 3.60% | 3.70% |
Retirement Benefits [Member] | Insurance Contracts [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 9.50% | 9.80% |
Actual Asset Allocation | 21 | 19.4 |
Target Asset Allocation (percent) | 7.10% | 7.50% |
Retirement Benefits [Member] | Other Assets [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 9.40% | 10.30% |
Actual Asset Allocation | 21 | 20.4 |
Target Asset Allocation (percent) | 8.80% | 9.10% |
Other Post-Retirement Benefits [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
2014 | 0.4 | 0.5 |
2015 | 0.4 | 0.5 |
2016 | 0.4 | 0.5 |
2017 | 0.4 | 0.4 |
2018 | 0.4 | 0.4 |
2019-2023 | 1.6 | 1.8 |
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | 0 | 0 |
Target Asset Allocation (percent) | 0.00% | 0.00% |
Other Post-Retirement Benefits [Member] | Equity Securities [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | 0 | 0 |
Target Asset Allocation (percent) | 0.00% | 0.00% |
Other Post-Retirement Benefits [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | 0 | 0 |
Target Asset Allocation (percent) | 0.00% | 0.00% |
Other Post-Retirement Benefits [Member] | Corporate Debt Securities [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | 0 | 0 |
Target Asset Allocation (percent) | 0.00% | 0.00% |
Other Post-Retirement Benefits [Member] | Real Estate [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | 0 | 0 |
Target Asset Allocation (percent) | 0.00% | 0.00% |
Other Post-Retirement Benefits [Member] | Insurance Contracts [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | 0 | 0 |
Target Asset Allocation (percent) | 0.00% | 0.00% |
Other Post-Retirement Benefits [Member] | Other Assets [Member] | ' | ' |
Expected Future Benefit Payments | ' | ' |
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | $0 | $0 |
Target Asset Allocation (percent) | 0.00% | 0.00% |
Employee_Retirement_Benefit_Pl7
Employee Retirement Benefit Plans-Fair Value (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Total Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | $222.20 | $198.40 |
Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 32.9 | 29.5 |
Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 159.2 | 142.4 |
Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 30.1 | 26.5 |
Equity Securities [Member] | Total Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 75.7 | 67.9 |
Equity Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 6.1 | 6 |
Equity Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 69.6 | 61.9 |
Equity Securities [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Debt Securities [Member] | Total Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 97.9 | 85.2 |
Debt Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 26.8 | 23.5 |
Debt Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 71.1 | 61.7 |
Debt Securities [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Real Estate [Member] | Total Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 6.6 | 5.5 |
Real Estate [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Real Estate [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 0.4 | 0.7 |
Real Estate [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 6.2 | 4.8 |
Other [Member] | Total Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 42 | 39.8 |
Other [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Other [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | 18.1 | 18.1 |
Other [Member] | Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets | $23.90 | $21.70 |
Employee_Retirement_Benefit_Pl8
Employee Retirement Benefit Plans-Level 3 (Details) (Level 3 [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Employer contributions between measurement date and reporting date | ' |
Beginning balance | $26.50 |
Relating to assets still held at the reporting date | 4 |
Relating to assets sold during the period | 0 |
Purchases, sales, settlements, contributions and benefits paid | -0.4 |
Transfers in and/or out of Level 3 | 0 |
Ending balance | 30.1 |
Insurance Contracts [Member] | ' |
Employer contributions between measurement date and reporting date | ' |
Beginning balance | 4 |
Relating to assets still held at the reporting date | 1 |
Relating to assets sold during the period | 0 |
Purchases, sales, settlements, contributions and benefits paid | -0.2 |
Transfers in and/or out of Level 3 | 0 |
Ending balance | 4.8 |
Other Unobservable Assets [Member] | ' |
Employer contributions between measurement date and reporting date | ' |
Beginning balance | 22.5 |
Relating to assets still held at the reporting date | 0 |
Relating to assets sold during the period | 3.1 |
Purchases, sales, settlements, contributions and benefits paid | 0 |
Transfers in and/or out of Level 3 | -0.2 |
Ending balance | $25.40 |
Employee_Retirement_Benefit_Pl9
Employee Retirement Benefit Plans-Assumed Healthcare Trend Rates (Details) (Other Post-Retirement Benefits [Member], USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Effect of 1% Change in Healthcare Cost Trend Rate | ' | ' |
Effect of 1% increase on APBO at balance sheet date | $278,651 | $288,650 |
Effect of 1% increase on total service and interest cost | 11,363 | 10,129 |
Effect of 1% decrease on APBO at balance sheet date | -245,360 | -256,221 |
Effect of 1% decrease on total service and interest cost | -10,008 | -8,987 |
2014 | $400,000 | ' |
Pre 65 [Member] | ' | ' |
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date | ' | ' |
Healthcare cost trend rate-initial (percent) | 7.60% | 7.81% |
Healthcare cost trend rate-ulitimate (percent) | 4.70% | 4.67% |
Year in which ultimate rates are reached | '2021 | '2021 |
Post 65 [Member] | ' | ' |
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date | ' | ' |
Healthcare cost trend rate-initial (percent) | 10.91% | 7.14% |
Healthcare cost trend rate-ulitimate (percent) | 4.70% | 4.67% |
Year in which ultimate rates are reached | '2020 | '2020 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 31, 2014 |
Blackstone and BHP PTS Holdings L.L.C. [Member] | Blackstone and BHP PTS Holdings L.L.C. [Member] | Blackstone and BHP PTS Holdings L.L.C. [Member] | Core Trust Purchasing Group [Member] | Equity Healthcare [Member] | Subsequent Event [Member] | |||
employee | Investor [Member] | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Sponsor advisory fee | ' | ' | $12.90 | $12.40 | $11.80 | ' | ' | ' |
Company paid in aggregate connection with the CTS Business acquisition | ' | ' | ' | ' | ' | 10 | ' | ' |
Loss on Contract Termination | ' | ' | ' | ' | ' | ' | ' | $29.80 |
Employer health program agreement, fee per participant (usd per employee) | 2.7 | 2.6 | ' | ' | ' | ' | ' | ' |
Employer healthcare program agreement, employees enrolled (employees) | ' | ' | ' | ' | ' | ' | 2,360 | ' |
Equity_and_Accumulated_Other_C2
Equity and Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
vote | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Selling, general and administrative expenses | $334.80 | $340.60 | $348.10 |
Income Tax Expense (Benefit) | -49.5 | -27 | -0.5 |
Common stock, shared authorized (shares) | 84,000,000 | 84,000,000 | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 | ' |
Number of votes per share (votes) | 1 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Selling, general and administrative expenses | 1.5 | ' | ' |
Income Tax Expense (Benefit) | 0.3 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), before Tax | ' | ' | 15.2 |
Other Comprehensive Income (Loss), Tax | ' | ' | $2.90 |
Equity_and_Accumulated_Other_C3
Equity and Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Earnings/(Loss) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income /(loss), net of tax | $18.60 | ($13.90) | ($54.50) | ' |
Accumulated other comprehensive income/(loss) | -24.2 | -42.8 | -28.9 | 25.6 |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income /(loss), net of tax | 32.4 | -47.9 | -40.4 | ' |
Accumulated other comprehensive income/(loss) | 14 | -18.4 | 29.5 | 69.9 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income /(loss), net of tax | 0 | 24.5 | 12.3 | ' |
Accumulated other comprehensive income/(loss) | 0 | 0 | -24.5 | -36.8 |
Accumulated Deferred Compensation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income /(loss), net of tax | 1.7 | 0.8 | 0.1 | ' |
Accumulated other comprehensive income/(loss) | 3.2 | 1.5 | 0.7 | 0.6 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income /(loss), net of tax | -15.5 | 8.7 | -26.5 | ' |
Accumulated other comprehensive income/(loss) | ($41.40) | ($25.90) | ($34.60) | ($8.10) |
Equity_and_Accumulated_Other_C4
Equity and Accumulated Other Comprehensive Income (Loss)-Minimum Pension Liability (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Equity [Abstract] | ' | ' | ' | |||
Net investment hedge | ($13.60) | ($20.90) | $69.40 | |||
Long term inter-company loans | 28.3 | -4.8 | 0 | |||
Translation adjustments | 17.7 | -22.2 | -96.7 | |||
Total cumulative translation adjustment, pretax | 32.4 | -47.9 | -27.3 | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | [1] | 0 | [1] | -13.1 | [1] |
Total cumulative translation adjustment, net of tax | 32.4 | -47.9 | -40.4 | |||
Net (gain)/loss arising during the year | -20.4 | 9.5 | -38.7 | |||
Net gain/(loss) recognized during the year | 1.5 | 1.1 | 0.1 | |||
Foreign Exchange Translation and Other | -0.5 | -0.4 | 3 | |||
Total Pension, pretax | -19.4 | 10.2 | -35.6 | |||
Pension liability tax | 3.9 | [2] | -1.5 | [2] | 9.1 | [2] |
Net change in minimum pension liability, net of tax | ($15.50) | $8.70 | ($26.50) | |||
[1] | Tax related to foreign currency translation adjustments relate to the Net investment hedge activity. | |||||
[2] | Tax related to minimum pension liability relate to the Company's foreign operations. |
Equity_Based_Compensation_Deta
Equity Based Compensation (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jul. 31, 2014 | |
Time [Member] | Time [Member] | Performance [Member] | Performance [Member] | Market [Member] | Market [Member] | Market [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Stock Compensation Plan - 2007 [Member] | Subsequent Event [Member] | ||||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Stock Compensation Plan - Omnibus [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 19,963 | 5,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $358,000 | $35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,287,980 | 6,700,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 428,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.41 | $4.23 | $3.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $13.96 | $13.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $18.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | 116,200 | ' | 23,380 | ' | 46,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award Options Granted Weighted Average Remaining Contractual Term | ' | ' | ' | '10 years | ' | '10 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $12.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $13.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $12.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | 2,632,280 | 2,743,580 | 1,563,730 | 1,617,980 | 2,337,860 | 2,425,640 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | '5 years 11 months 16 days | '6 years 9 months 15 days | '7 years 6 months 18 days | '8 years 5 months 19 days | '7 years 22 days | '7 years 11 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | 24,001,410,000,000 | 17,708,630 | 9,483,970 | 5,365,770 | 16,702,850 | 10,616,630 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | 4,500,000 | 2,800,000 | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | 30.00% | 29.00% | 31.00% | 31.00% | 30.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 7 months 28 days | '5 years 9 months 26 days | '6 years 6 months | '6 years 6 months | '6 years 6 months | '6 years 6 months | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.30% | 1.30% | 2.20% | 1.90% | 1.60% | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Fair Value Assumptions, Expected Dividend Payments, Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | 22,960 | ' | 14,700 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | ' | ' | ' | 153,720 | ' | 31,430 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | 32,900 | ' | 31,500 | ' | 134,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $13.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | ' | ' | 2,541,840 | ' | 1,464,260 | ' | 2,260,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Options Vested and Expected to Vest Exercisable Exercised Weighted Average Remaining Contractual Term (duration) | ' | ' | ' | '5 years 10 months 21 days | ' | ' | '7 years 5 months 23 days | ' | ' | '7 years 22 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | ' | ' | ' | 23,566,205 | ' | 9,142,187 | ' | 16,142,879 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $11.92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | ' | ' | ' | 1,787,240 | ' | 636,860 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | '5 years 5 months 19 days | ' | '6 years 3 months 18 days | ' | '0 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | ' | ' | ' | $17,919,180 | ' | $5,638,880 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Based_Compensation_Addi
Equity Based Compensation (Additional) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $7,300,000 | ' | ' |
Weighted Average Grant Date Fair Value of Restricted Stock Unit | 1.53 | ' | ' |
Stock Option Granted Contractual Term | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.41 | $4.23 | $3.89 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 600,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 9 months 15 days | ' | ' |
Weighted Average Grant Date Fair Value of Restricted Stock Unit | 0 | ' | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $600,000 | $600,000 | $500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $21.64 | ' | ' |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Stock Compensation Plan - 2007 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,287,980 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 428,000 | ' | ' |
Equity_Based_Compensation_Assu
Equity Based Compensation (Assumptions) (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Fair Value Assumptions, Expected Dividend Payments, Per Share | $0 | $0 | $0 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 31.00% | 30.00% | 29.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '5 years 7 months 28 days | '5 years 9 months 26 days | '6 years 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.30% | 0.30% | 1.30% |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 31.00% | 31.00% | 30.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 years 6 months | '6 years 6 months | '6 years 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.20% | 1.90% | 1.60% |
Equity_Based_Compensation_Opti
Equity Based Compensation (Option Activity) (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $13.96 | $13.76 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $13.60 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $18.71 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $12.03 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $12.14 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $13.85 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $11.92 | ' |
Time [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 1,787,240 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '5 years 5 months 19 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | -153,720 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 116,200 | ' |
Share-based Compensation Arrangement by Share-based Payment Award Options Granted Weighted Average Remaining Contractual Term | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $24,001,410,000,000 | $17,708,630 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,632,280 | 2,743,580 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 11 months 16 days | '6 years 9 months 15 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -32,900 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -22,960 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,541,840 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 23,566,205 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 17,919,180 | ' |
Performance [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 636,860 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '6 years 3 months 18 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | -31,430 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 23,380 | ' |
Share-based Compensation Arrangement by Share-based Payment Award Options Granted Weighted Average Remaining Contractual Term | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 9,483,970 | 5,365,770 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,563,730 | 1,617,980 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '7 years 6 months 18 days | '8 years 5 months 19 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -31,500 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -14,700 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,464,260 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 9,142,187 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 5,638,880 | ' |
Market [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '0 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 46,620 | ' |
Share-based Compensation Arrangement by Share-based Payment Award Options Granted Weighted Average Remaining Contractual Term | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 16,702,850 | 10,616,630 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,337,860 | 2,425,640 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '7 years 22 days | '7 years 11 months 23 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -134,400 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,260,160 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 16,142,879 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $0 | ' |
Equity_Based_Compensation_RSU_
Equity Based Compensation (RSU Activity) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $5.41 | $4.23 | $3.89 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 55,020 | 79,310 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $17.43 | $11.93 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,400 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $21.64 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -53,690 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $11.62 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $0 | ' | ' |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Redeemable_noncontrolling_inte1
Redeemable noncontrolling interest (Details) (Softgel Manufacturing Facility [Member]) | Jul. 31, 2013 |
Softgel Manufacturing Facility [Member] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 67.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 33.00% |
Commitments_and_ContingenciesF
Commitments and Contingencies-Future Payments (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $4.60 |
2015 | 3.5 |
2016 | 3 |
2017 | 2.7 |
2018 | 2.4 |
Thereafter | 6.8 |
Total | $23 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Lawsuits | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $9.50 | $9.40 | $13.10 |
Pending civil lawsuits (cases) | 380 | ' | ' |
Cash impact with long term obligation | $1.70 | ' | ' |
Segment_Information_Net_Revenu
Segment Information - Net Revenue and Segment Ebitda (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net revenue | $519.60 | $453.10 | $440.70 | $414.30 | $505.20 | $447 | $436.10 | $412 | $1,827.70 | $1,800.30 | $1,694.80 | |||
Segment EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 374.4 | 331.6 | 330.3 | |||
Inter-segment revenue elimination | ' | ' | ' | ' | ' | ' | ' | ' | -10.7 | -10.1 | -17.6 | |||
Impairment charges and gain/(loss) on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -3.2 | -5.2 | -1.8 | |||
Equity compensation | ' | ' | ' | ' | ' | ' | ' | ' | -4.5 | -2.8 | -3.7 | |||
Restructuring and other special items | ' | ' | ' | ' | ' | ' | ' | ' | -29.4 | [1] | -29 | [1] | -45.8 | [1] |
Property and casualty losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 8.8 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -0.1 | 1.2 | |||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -10.4 | -25.1 | 3.8 | |||
Non-allocated corporate costs, net | ' | ' | ' | ' | ' | ' | ' | ' | -22.7 | -16.2 | -33.1 | |||
Total unallocated costs | ' | ' | ' | ' | ' | ' | ' | ' | -82.1 | -90.6 | -84.8 | |||
Oral Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,180.10 | 1,186.30 | 1,220.20 | |||
Segment EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 324.3 | 315.7 | 334.6 | |||
Medication Delivery Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 246.1 | 219.3 | 223.9 | |||
Segment EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 48.7 | 31.5 | 27.5 | |||
Development and Clinical Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 412.2 | 404.8 | 268.3 | |||
Segment EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | $83.50 | $75 | $53 | |||
[1] | Segment results do not include restructuring and certain acquisition related costs |
Segment_Information_Total_Asse
Segment Information Total Assets (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $3,090.20 | $2,949.50 |
Oral Technologies [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 2,585.60 | 2,464.40 |
Medication Delivery Solutions [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 292.8 | 286.2 |
Development and Clinical Services [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 672.1 | 645.9 |
Corporate and Eliminations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | ($460.30) | ($447) |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Earnings/ (loss) from Continuing Operations to Ebitda (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' |
Earnings/(loss) from continuing operations | $17.90 | ($50.90) | $18.10 |
Depreciation and amortization | 142.9 | 152.2 | 129.7 |
Interest expense, net | 163.1 | 203.2 | 183.2 |
Income tax expense/(benefit) | 49.5 | 27 | 0.5 |
Net Income (Loss) Attributable to Noncontrolling Interest | -1 | -0.1 | 1.2 |
EBITDA from continuing operations | $374.40 | $331.60 | $330.30 |
Segment_Information_Depreciati
Segment Information Depreciation and Amortization (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | $142.90 | $152.20 | $129.70 |
Oral Technologies [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 80.8 | 86.7 | 82.5 |
Medication Delivery Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 22.6 | 20.6 | 20.7 |
Development and Clinical Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 30.9 | 33.2 | 17.1 |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | $8.60 | $11.70 | $9.40 |
Segment_Information_Capital_Ex
Segment Information Capital Expenditures (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | $122.40 | $122.50 | $104.20 |
Oral Technologies [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 56.1 | 47.7 | 57.1 |
Medication Delivery Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 25 | 47.7 | 22 |
Development and Clinical Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 28.2 | 21.3 | 16.9 |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | $13.10 | $5.80 | $8.20 |
Segment_Information_Assets_and
Segment Information - Assets and Revenues (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | $519.60 | $453.10 | $440.70 | $414.30 | $505.20 | $447 | $436.10 | $412 | $1,827.70 | $1,800.30 | $1,694.80 | ||||
Property, Plant and Equipment, Net | 873 | [1] | ' | ' | ' | 814.5 | [1] | ' | ' | ' | 873 | [1] | 814.5 | [1] | ' |
Oral Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,180.10 | 1,186.30 | 1,220.20 | ||||
Medication Delivery Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 246.1 | 219.3 | 223.9 | ||||
Development and Clinical Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 412.2 | 404.8 | 268.3 | ||||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 682.3 | 695.8 | 591.9 | ||||
Property, Plant and Equipment, Net | 413.7 | [1] | ' | ' | ' | 375.7 | [1] | ' | ' | ' | 413.7 | [1] | 375.7 | [1] | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 888.8 | 863.2 | 868.9 | ||||
Property, Plant and Equipment, Net | 348.5 | [1] | ' | ' | ' | 344.2 | [1] | ' | ' | ' | 348.5 | [1] | 344.2 | [1] | ' |
Rest of World [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 278.8 | 270.1 | 288 | ||||
Property, Plant and Equipment, Net | 110.8 | [1] | ' | ' | ' | 94.6 | [1] | ' | ' | ' | 110.8 | [1] | 94.6 | [1] | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | -22.2 | -28.8 | -54 | ||||
Property, Plant and Equipment, Net | $0 | [1] | ' | ' | ' | $0 | [1] | ' | ' | ' | $0 | [1] | $0 | [1] | ' |
[1] | Long-lived assets include property and equipment, net of accumulated depreciation. |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information - Work-in-Process and Finished Goods Inventories Include Raw Materials, Labor and Overhead (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Millions, unless otherwise specified | ||||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' |
Raw materials and supplies | $84.10 | $70.60 | ' | ' |
Work-in-process | 23.8 | 26.1 | ' | ' |
Finished goods | 39.8 | 40 | ' | ' |
Total inventory, gross | 147.7 | 136.7 | ' | ' |
Inventory reserve | -12.9 | -11.8 | -8.5 | -9.8 |
Inventories | $134.80 | $124.90 | ' | ' |
Supplemental_Balance_Sheet_Inf3
Supplemental Balance Sheet Information - Prepaid and Other Assets (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Prepaid Expense, Current | $16.60 | $16.20 |
Spare parts supplies | 12.5 | 11.8 |
Deferred taxes | 12.7 | 17.5 |
Other current assets | 32.8 | 44.3 |
Prepaid Expense and Other Assets, Current | $74.60 | $89.80 |
Supplemental_Balance_Sheet_Inf4
Supplemental Balance Sheet Information - Property and Equipment (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ||
Land, buildings and improvements | $619 | $552.70 | ||
Machinery, equipment and capitalized software | 683.6 | 641.6 | ||
Furniture and fixtures | 8.1 | 9 | ||
Construction in progress | 110.9 | 61.6 | ||
Property and equipment, at cost | 1,421.60 | 1,264.90 | ||
Accumulated depreciation | -548.6 | -450.4 | ||
Property, plant, and equipment, net | $873 | [1] | $814.50 | [1] |
[1] | Long-lived assets include property and equipment, net of accumulated depreciation. |
Supplemental_Balance_Sheet_Inf5
Supplemental Balance Sheet Information - Other Assets Non Current (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Deferred long term debt financing costs | $19.70 | $18.20 |
Other Assets, Miscellaneous, Noncurrent | 29 | 18.4 |
Other Assets, Noncurrent | $48.70 | $36.60 |
Supplemental_Balance_Sheet_Inf6
Supplemental Balance Sheet Information - Other Accrued Liabilities (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Accrued employee-related expenses | $86.70 | $81.10 |
Restructuring accrual | 10.3 | 6 |
Deferred income tax | 1 | 0.9 |
Interest Payable, Current | 12.2 | 12.5 |
Deferred revenue and fees | 47.1 | 36.3 |
Accrued income tax | 61.5 | 30.7 |
Other accrued liabilities and expenses | 60.9 | 57 |
Other accrued liabilities | $279.70 | $224.50 |
Supplemental_Balance_Sheet_Inf7
Supplemental Balance Sheet Information- Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Trade receivables allowance for doubtful accounts | ' | ' | ' |
Beginning balance | $5.70 | $4.20 | $4.30 |
Provision for Doubtful Accounts | 0.5 | 2.1 | 0.5 |
Allowance for Doubtful Accounts Receivable, Write-offs and Recoveries, net | -1 | -0.6 | -0.3 |
Impact of foreign exchange | -0.2 | 0 | 0.3 |
Closing balance | $5.40 | $5.70 | $4.20 |
Supplemental_Balance_Sheet_Inf8
Supplemental Balance Sheet Information-Inventory Reserve (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Inventory Valuation Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | $11.80 | $8.50 | $9.80 |
Inventory Write-down | 10.2 | 8.7 | 9.1 |
Deductions | -9.5 | -5.9 | -9.6 |
Impact of foreign exchange | -0.4 | -0.5 | 0.8 |
Closing balance | $12.90 | $11.80 | $8.50 |
Discontinued_Operations_Summar
Discontinued Operations - Summarized Consolidated Statements of Operations Data for Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $94.30 |
Earnings/(loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2.7 | 1.2 | -41.2 |
Income tax (benefit)/expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0.1 |
Net earnings/(loss) from discontinued operations, net of tax | $0 | ($1.70) | ($0.60) | ($0.40) | $6.10 | ($4.90) | $0.20 | ($0.20) | ($2.70) | $1.20 | ($41.30) |
Subsequent_Events_Stock_Split_
Subsequent Events Stock Split (Details) (Subsequent Event [Member]) | 0 Months Ended |
Jul. 17, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 70 |
Subsequent_Events_Redemption_o
Subsequent Events Redemption of Notes and Unsecured Term Loan Prepayment (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Jul. 29, 2014 | Aug. 05, 2014 | Aug. 06, 2014 |
Seven Point Eight Seven Five Percent Senior Notes [Member] | 9 3/4 % Senior Subordinated Euro-denominated Notes [Member] | Other Obligations [Member] | |
Subsequent Event [Line Items] | ' | ' | ' |
Proceeds from (Payments for) Deposits Applied to Debt Retirements | $350 | $225 | $114.50 |
Debt Instrument, Redemption Price, Percentage | 101.50% | 101.63% | ' |
Subsequent_Events_Initial_Publ
Subsequent Events Initial Public Offering (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | 1 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jul. 30, 2014 | Jul. 31, 2014 | Aug. 31, 2014 |
Investor [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 42.5 | ' | ' |
Share Price | ' | $20.50 | ' |
Proceeds from Issuance Initial Public Offering | $871 | ' | ' |
Deferred Offering Costs | ' | 828 | ' |
Loss on Contract Termination | ' | ' | $29.80 |
Subsequent_Events_Authorized_S
Subsequent Events Authorized Shares (Details) (Subsequent Event [Member], USD $) | Jul. 31, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Capital Units, Authorized | 1,000,000,000 |
Preferred Stock, Shares Authorized | 100,000,000 |
Preferred Stock, Par or Stated Value Per Share | $0.01 |
Subsequent_Events_Equity_Based
Subsequent Events Equity Based Compensation (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jul. 31, 2014 |
Subsequent Event [Member] | Stock Compensation Plan - Omnibus [Member] | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 | $0.01 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | 6,700,000 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data - Unaudited (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $519.60 | $453.10 | $440.70 | $414.30 | $505.20 | $447 | $436.10 | $412 | $1,827.70 | $1,800.30 | $1,694.80 |
Gross Profit | 190.3 | 151.7 | 137.4 | 119.2 | 173.7 | 137.4 | 140 | 117.5 | 598.6 | 568.6 | 558.6 |
Income (Loss) from Continuing Operations Attributable to Parent | 27.2 | 8.4 | -18.6 | 1.9 | 10.3 | -14 | -27.6 | -19.5 | 18.9 | -50.8 | 16.9 |
Net earnings/(loss) from discontinued operations, net of tax | 0 | -1.7 | -0.6 | -0.4 | 6.1 | -4.9 | 0.2 | -0.2 | -2.7 | 1.2 | -41.3 |
Net Income (Loss) Attributable to Parent | $27.20 | $6.70 | ($19.20) | $1.50 | $16.40 | ($18.90) | ($27.40) | ($19.70) | $16.20 | ($49.60) | ($24.40) |
Income (Loss) from Continuing Operations, Per Basic Share | $0.36 | $0.11 | ($0.25) | $0.03 | $0.14 | ($0.19) | ($0.37) | ($0.26) | $0.25 | ($0.68) | $0.23 |
Earnings Per Share, Basic | $0.36 | $0.09 | ($0.26) | $0.02 | $0.22 | ($0.25) | ($0.37) | ($0.26) | $0.22 | ($0.66) | ($0.33) |
Income (Loss) from Continuing Operations, Per Diluted Share | $0.36 | $0.11 | ($0.25) | $0.02 | ($0.13) | ($0.19) | ($0.37) | ($0.26) | $0.25 | ($0.68) | $0.22 |
Earnings Per Share, Diluted | $0.36 | $0.09 | ($0.26) | $0.02 | ($0.21) | ($0.25) | ($0.37) | ($0.26) | $0.21 | ($0.66) | ($0.32) |