Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 01, 2015 | Dec. 31, 2014 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Trading Symbol | CTLT | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Catalent, Inc. | ||
Entity Central Index Key | 1,596,783 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1.4 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding (shares) | 124,519,427 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | |||
Net revenue | $ 1,830.8 | $ 1,827.7 | $ 1,800.3 |
Cost of sales | 1,215.5 | 1,229.1 | 1,231.7 |
Gross margin | 615.3 | 598.6 | 568.6 |
Selling, general and administrative expenses | 337.3 | 334.8 | 340.6 |
Impairment charges and (gain)/loss on sale of assets | 4.7 | 3.2 | 5.2 |
Restructuring and other | 13.4 | 19.7 | 18.4 |
Operating earnings/(loss) | 259.9 | 240.9 | 204.4 |
Interest expense, net | 105 | 163.1 | 203.2 |
Nonoperating Income (Expense) | (42.4) | (10.4) | (25.1) |
Earnings/(loss) from continuing operations before income taxes | 112.5 | 67.4 | (23.9) |
Income tax expense/(benefit) | (97.7) | 49.5 | 27 |
Earnings/(loss) from continuing operations | 210.2 | 17.9 | (50.9) |
Net earnings/(loss) from discontinued operations, net of tax | 0.1 | (2.7) | 1.2 |
Net earnings/(loss) | 210.3 | 15.2 | (49.7) |
Less: Net earnings/(loss) attributable to noncontrolling interest, net of tax | (1.9) | (1) | (0.1) |
Net earnings/(loss) attributable to Catalent | 212.2 | 16.2 | (49.6) |
Income (Loss) from Continuing Operations Attributable to Parent | $ 212.1 | $ 18.9 | $ (50.8) |
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.77 | $ 0.25 | $ (0.68) |
Earnings Per Share, Basic | 1.77 | 0.22 | (0.66) |
Income (Loss) from Continuing Operations, Per Diluted Share | 1.75 | 0.25 | (0.68) |
Earnings Per Share, Diluted | $ 1.75 | $ 0.21 | $ (0.66) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings/(loss) | $ 210.3 | $ 15.2 | $ (49.7) |
Other comprehensive income/(loss), net of tax | |||
Foreign currency translation adjustments | (144) | 32.4 | (47.9) |
Defined benefit pension plan | (6.4) | (15.5) | 8.7 |
Deferred compensation/(benefit) | 0.6 | 1.7 | 0.8 |
Earnings/(loss) on derivatives for the period | 0 | 0 | 24.5 |
Other comprehensive income/(loss), net of tax | (149.8) | 18.6 | (13.9) |
Comprehensive income/(loss) | 60.5 | 33.8 | (63.6) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (1.9) | (0.6) | (0.1) |
Comprehensive income/(loss) attributable to Catalent | $ 62.4 | $ 34.4 | $ (63.5) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 | |
Current assets: | |||
Cash and cash equivalents | $ 151.3 | $ 74.4 | |
Trade receivables, net | 372.4 | 403.7 | |
Inventories | 132.9 | 134.8 | |
Prepaid Expense and Other Assets, Current | 80.9 | 74.6 | |
Total current assets | 737.5 | 687.5 | |
Property, plant, and equipment, net | [1] | 885.2 | 873 |
Other assets: | |||
Goodwill | 1,061.5 | 1,097.1 | |
Other intangibles, net | 368.7 | 357.6 | |
Deferred income taxes | 64.1 | 26.3 | |
Other Assets, Noncurrent | 28.4 | 48.7 | |
Total assets | 3,145.4 | 3,090.2 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND SHAREHOLDERS' EQUITY/(DEFICIT) | |||
Debt, Current | 23.8 | 25.2 | |
Accounts payable | 128.2 | 148.1 | |
Other accrued liabilities | 247 | 279.7 | |
Total current liabilities | 399 | 453 | |
Long-term Debt and Capital Lease Obligations | 1,864.1 | 2,685.4 | |
Pension liability | 143.7 | 154.7 | |
Non-current deferred tax liability | 56.3 | 103.2 | |
Other liabilities | 42.5 | 61.2 | |
Commitment and contingencies (see Note 16) | 0 | 0 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 5.8 | 4.5 | |
Common stock | 1.2 | 0.7 | |
Additional paid in capital | 1,973.7 | 1,031.4 | |
Accumulated deficit | (1,166.9) | (1,379.1) | |
Accumulated other comprehensive income/(loss) | (174) | (24.2) | |
Total shareholders' equity/(deficit) | 634 | (371.2) | |
Noncontrolling interest | 0 | (0.6) | |
Total Catalent shareholders' equity/(deficit) | 634 | (371.8) | |
Total liabilities, redeemable noncontrolling interest and shareholders' equity/(deficit) | $ 3,145.4 | $ 3,090.2 | |
[1] | Long-lived assets include property and equipment, net of accumulated depreciation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 84,000,000 |
Common stock, shares issued (shares) | 124,319,279 | 74,821,348 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholder's Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss)/Income [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Jun. 30, 2012 | $ (350.7) | $ 0.7 | $ 1,023.2 | $ (1,345.7) | $ (28.9) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Equity contribution | 1.2 | 0.7 | 0.5 | |||
Equity compensation | 2.8 | 2.8 | ||||
Net Income (Loss) Attributable to Parent | (49.6) | (49.6) | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (0.1) | |||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | (49.7) | |||||
Other comprehensive income /(loss), net of tax | (13.9) | (13.9) | ||||
Ending Balance at Jun. 30, 2013 | (410.3) | 0.7 | 1,026.7 | (1,395.3) | (42.8) | 0.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Equity contribution | (0.2) | 0.2 | (0.4) | |||
Equity compensation | 4.5 | 4.5 | ||||
Net Income (Loss) Attributable to Parent | 16.2 | 16.2 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (0.6) | |||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 15.6 | |||||
Other comprehensive income /(loss), net of tax | 18.6 | 18.6 | ||||
Ending Balance at Jun. 30, 2014 | (371.8) | 0.7 | 1,031.4 | (1,379.1) | (24.2) | (0.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Equity contribution | 946.6 | 0.5 | 946.1 | |||
Equity compensation | 9 | 9 | ||||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | (10.3) | (10.3) | ||||
Noncontrolling Interest Ownership Changes | (1.5) | (2.5) | 1 | |||
Net Income (Loss) Attributable to Parent | 212.2 | 212.2 | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (0.4) | |||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 211.8 | |||||
Other comprehensive income /(loss), net of tax | (149.8) | (149.8) | ||||
Ending Balance at Jun. 30, 2015 | $ 634 | $ 1.2 | $ 1,973.7 | $ (1,166.9) | $ (174) | $ 0 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Shareholder's Equity Consolidated Statment of Changes in Shareholder's Equity (Parenthetical) - shares | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock Issued During Period, Shares, New Issues | 48,900,000 | |||
Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance - Common Stock Outstanding (shares) | 74,821,300 | 74,821,300 | 74,796,100 | 74,756,100 |
Stock Issued During Period, Shares, New Issues | 48,875,000 | 25,200 | 40,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 623,000 | |||
Ending Balance - Common Stock Outstanding (shares) | 124,319,300 | 74,821,300 | 74,796,100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings/(loss) | $ 210.3 | $ 15.2 | $ (49.7) |
Net earnings/(loss) from discontinued operations | 0.1 | (2.7) | 1.2 |
Earnings/(loss) from continuing operations | 210.2 | 17.9 | (50.9) |
Adjustments to reconcile (loss)/earnings from continued operations to net cash from operations: | |||
Depreciation and amortization | 140.8 | 142.9 | 152.2 |
Foreign Currency Transaction Gain (Loss), before Tax | (16.4) | (17.1) | 6.6 |
Amortization and write off of debt financing costs | 16 | 14 | 19 |
Asset impairments and (gain)/loss on sale of assets | 4.7 | 3.2 | 5.2 |
Business Combination, Bargain Purchase, Gain Recognized, Amount Net of Tax | (8.9) | 0 | 0 |
Call premium and financing fees paid | 12.6 | 7.2 | 10.8 |
Equity compensation | 9 | 4.5 | 2.8 |
Provision/(benefit) for deferred income taxes | (120.7) | (15.1) | 8.3 |
Provision for bad debts and inventory | 12.7 | 9.8 | 10.4 |
Change in operating assets and liabilities: | |||
Decrease/(increase) in trade receivables | (7.5) | (38) | (23.6) |
Decrease/(increase) in inventories | (19.2) | (8.5) | (10.5) |
Increase/(decrease) in accounts payable | (11.7) | (7.6) | 17.9 |
Other accrued liabilities and operating items, net | (49.9) | 67 | (9.1) |
Net cash provided by/(used in) operating activities from continuing operations | 171.7 | 180.2 | 139.1 |
Net cash provided by/(used in) operating activities from discontinued operations | 0.1 | (1.9) | (1.4) |
Net cash provided by/(used in) operating activities | 171.8 | 178.3 | 137.7 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payments to Acquire Productive Assets | (141) | (122.4) | (122.5) |
Proceeds from sale of property and equipment | 0 | 0.9 | 2.9 |
Payment for acquisitions, net | (130.8) | (53.7) | (2.5) |
Net cash provided by/(used in) investing activities from continuing operations | (271.8) | (175.2) | (122.1) |
Net cash provided by/(used in) investing activities from discontinued operations | 0 | 4 | 0 |
Net cash provided by/(used in) investing activities | (271.8) | (171.2) | (122.1) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net change in short-term borrowings | 0 | (17.5) | (3.9) |
Proceeds from Borrowing, net | 150.4 | 1,723.7 | 672.7 |
Payments related to long-term obligations | (879.8) | (1,741.3) | (708.5) |
Call premium and financing fees paid | (12.6) | (7.2) | (10.8) |
Equity contribution | 948.8 | 0.2 | 1.2 |
Payments for Repurchase of Common Stock | (10.3) | 0 | 0 |
Net cash (used in)/provided by financing activities from continuing operations | 196.5 | (42.1) | (49.3) |
Net cash (used in)/provided by financing activities from discontinued operations | 0 | 0 | 0 |
Net cash (used in)/provided by financing activities | 196.5 | (42.1) | (49.3) |
Effect of foreign currency on cash | (19.6) | 3 | 1.1 |
NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS | 76.9 | (32) | (32.6) |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 74.4 | 106.4 | 139 |
CASH AND EQUIVALENTS AT END OF PERIOD | 151.3 | 74.4 | 106.4 |
SUPPLEMENTARY CASH FLOW INFORMATION: | |||
Interest paid | 107.1 | 153.8 | 200.1 |
Income taxes paid, net | $ 34 | $ 21 | $ 14.2 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
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”) directly and wholly owns PTS Intermediate Holdings LLC (“Intermediate Holdings”). Intermediate Holdings directly and wholly owns Catalent Pharma Solutions, Inc. (the “Operating Company”). The financial results of Catalent are primarily comprised of the financial results of Operating Company and its subsidiaries on a consolidated basis. In July 2014, the Company’s board of directors and holders of the requisite number of outstanding shares of its capital stock 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 outstanding share of 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 financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect this stock split. On July 31, 2014, the Company commenced an initial public offering of its common stock (the “IPO”). As part of its IPO, the Company sold a total of 48.9 million shares at a price of $20.50 per share, before underwriting discounts and commissions. Net of these discounts and commissions and other offering expenses, the Company obtained total proceeds from the IPO, including the underwriters’ over-allotment option, of $952.2 million , which it used to fully redeem the outstanding Senior Subordinated Notes, redeem the outstanding Senior Notes, repay portions of the Company’s unsecured term loan, and pay to Blackstone and certain other shareholders an advisory agreement termination fee of $29.8 million (recorded within other income/(expense), net on the Consolidated Statement of Operations), and for other corporate purposes. The Company’s common stock began trading on the New York Stock Exchange (the “NYSE”) under the symbol “CTLT” as of the IPO. Refer to Note 6 for further discussion regarding debt repayments. On March 9, 2015, an affiliate of The Blackstone Group, L.P. that owned shares in the Company (“Blackstone”), Genstar Capital and Aisling Capital (collectively the "selling stockholders") completed a secondary offering of 27.3 million shares of the Company’s common stock, including 3.6 million shares sold pursuant to the over-allotment option granted to the underwriters at a price of $29.50 per share before underwriting discounts and commissions. On June 2, 2015, the selling stockholders completed an additional secondary offering of 16.1 million shares, including 2.1 million shares sold pursuant to the over-allotment option, at a price of $29.00 per share, before underwriting discounts and commissions. The Company did not sell any stock in either secondary offering and did not receive any proceeds of the sales. Blackstone’s ownership in the Company was reduced to 32.7% following the March offering and to 20.8% following the June offering, and as a result the Company has not qualified as a “controlled company” under applicable NYSE listing standards since March 9, 2015. 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 operating segments: Development and 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 financial reporting segments based on criteria established by U.S. GAAP: Development and Clinical Services, Oral Technologies and Medication Delivery Solutions. The Oral Technologies segment includes the Softgel Technologies and Modified Release Technologies (“MRT”) 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 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 2015 , the Company generated approximately $787.5 million in revenue from its softgel products and approximately $391.5 million in revenue from its MRT products (including intra-segment revenue of approximately $37.9 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 two new technology platforms to the Modified Release business portfolio, including the highly flexible OptiDose tab-in-tab technology, already commercially proven in Japan, and the OptiMelt hot melt extrusion 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, GlaxoSmithKline, Eli Lilly, Johnson & Johnson and Allergan. 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 wide variety 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 that 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 otic 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 its 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 new 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. Additionally, in fiscal 2015, the Company completed a large-scale expansion at its Winchester, Kentucky manufacturing facility, doubling its footprint to 180,000 square feet. 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 provides 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 2013, the Company formed a joint venture with ShangPharma Corporation to expand its clinical supply services network into China and acquired the remaining interest in the venture in fiscal 2015. 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 intra-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 its 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. The Company acquired Micron Technologies in November 2014, extending its particle engineering capabilities. The Company is the leading provider of integrated development solutions and one of the leading providers of clinical trial supplies and respiratory products. Basis of Presentation These financial statements include all of the Company’s 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 the Company’s businesses have been eliminated. Reclassifications The Company made certain reclassifications to conform components of the prior periods’ income tax rate reconciliation, which is included in Footnote 9 Income Taxes , to current year presentation. There was no impact to the consolidated financial statements as a result of this reclassification. Use of Estimates The preparation of financial statements in conformity with US GAAP 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. The Company makes judgments as to its 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 years 2015 and 2014 , 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 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. The Company’s annual goodwill impairment test was conducted as of April 1, 2015 . 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 $94.3 million for the fiscal year ended June 30, 2015 , $100.5 million for the fiscal year ended June 30, 2014 , and $108.8 million for the fiscal year ended June 30, 2013 . 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, patents and trademarks are 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 ASC 360 Property, Plant and Equipment . 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 arm’s length transactions. The Company recorded impairment charges related to definite lived intangible assets and property, plant and equipment, net of gains on sale, of approximately $4.7 million , $3.2 million and $5.2 million , as of June 30, 2015 , June 30, 2014 and June 30, 2013 respectively. 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 the fiscal year 2013, the Company used such derivatives to hedge the variable cash flows associated with existing variable-rate debt; however, as of June 30, 2015 and June 30, 2014 , the Company did not have any such derivatives in place. The ineffective portion of the change in fair value of a derivative 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 its 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. The Company uses 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. The Company estimates fair value using an exit price approach, which requires, among other things, that it 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, the Company 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 |
Business Combinations Business
Business Combinations Business Combinations | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | BUSINESS COMBINATIONS During the twelve months ended June 30, 2015 , the Company completed acquisitions which were immaterial, individually and in the aggregate, to the overall consolidated financial position and results of operations of the Company. Notably, in October 2014, the Company acquired the remaining shares of Redwood Bioscience Inc. and its SMARTag Antibody-Drug Conjugate (ADC) technology platform. The acquired business is based in the U.S. and is included in the Medication Delivery Solutions segment. Additionally, in November 2014, the Company acquired 100% of the shares of MTI Pharma Solutions, Inc. (Micron Technologies), a company specializing in particle size reduction (micronization), milling and analytical contract services. The acquired business is based in the U.S. and the U.K. and is included in the Development and Clinical Services segment. The Company’s consolidated balance sheet as of June 30, 2015 includes the fair value allocation for these acquisitions which was completed in the fiscal year. Aggregate purchase consideration for both acquisitions totaled $110.8 million . As a result of the preliminary fair value allocation, the Company recognized intangible assets of $56 million , comprised of $34 million of Customer Relationships and $22 million of Core Technology. The remainder of fair value was allocated to tangible assets acquired and goodwill. |
Goodwill
Goodwill | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL The following table summarizes the changes between June 30, 2015 and June 30, 2014 in the carrying amount of goodwill in total and by reporting segment: (Dollars in millions) Oral Technologies Medication Delivery Solutions Development & Clinical Services Total Balance at June 30, 2013 (1) $ 833.2 $ — $ 190.2 $ 1,023.4 Additions/(impairments) 32.6 — — 32.6 Foreign currency translation adjustments 26.0 — 15.1 41.1 Balance at June 30, 2014 891.8 — 205.3 1,097.1 Additions/(impairments) 2.1 19.9 39.0 61.0 Foreign currency translation adjustments (81.9 ) — (14.7 ) (96.6 ) Balance at June 30, 2015 $ 812.0 $ 19.9 $ 229.6 $ 1,061.5 (1) The opening balance is reflective of impairment charges recorded in fiscal 2008 and fiscal 2009 related to the Medication Delivery Solutions segment of approximately $158.0 million . No goodwill impairment charges were required during the current or comparable prior year period. When required, impairment charges are recorded within the consolidated statements of operations as impairment charges and (gain)/loss on sale of assets. |
Definite Lived Long-Lived Asset
Definite Lived Long-Lived Assets | 12 Months Ended |
Jun. 30, 2015 | |
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 Note 18 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, 2015 and June 30, 2014 , are as follows: (Dollars in millions) Weighted Average Life Gross Carrying Value Accumulated Amortization Net Carrying Value June 30, 2015 Amortized intangibles: Core technology 18 years $ 177.6 $ (57.6 ) $ 120.0 Customer relationships 14 years 259.2 (81.8 ) 177.4 Product relationships 12 years 222.9 (151.6 ) 71.3 Total intangible assets $ 659.7 $ (291.0 ) $ 368.7 (Dollars in millions) Weighted Average Life Gross Carrying Value Accumulated Amortization Net Carrying Value June 30, 2014 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 Amortization expense was $46.5 million , $42.4 million , and $43.4 million for the fiscal year ended June 30, 2015 , June 30, 2014 , and June 30, 2013 , respectively. Future amortization expense for the next five years is estimated to be: (Dollars in millions) 2016 2017 2018 2019 2020 Amortization expense $ 47.6 $ 46.9 $ 46.8 $ 40.8 $ 26.1 The Company impaired definite lived intangible assets of $3.4 million in the fiscal year ended June 30, 2015. There was no intangible asset impairment in the fiscal years ended June 30, 2014 and June 30, 2013, respectively. |
Restructuring and Other Costs
Restructuring and Other Costs | 12 Months Ended |
Jun. 30, 2015 | |
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, the Company may incur restructuring charges in the future in cases where a material change in the scope of operation with its business occurs. The following table summarizes the significant costs recorded within restructuring costs: Year ended June 30, (Dollars in millions) 2015 2014 2013 Restructuring costs: Employee-related reorganization (1) $ 11.5 $ 16.5 $ 15.1 Asset impairments — — 0.7 Facility exit and other costs (2) 1.9 3.2 2.6 Total restructuring costs $ 13.4 $ 19.7 $ 18.4 (1) Employee-related costs consist primarily of severance costs and also include outplacement services provided to employees who have been involuntarily terminated and duplicate payroll costs during transition periods. (2) Facility exit and other costs consist of accelerated depreciation, equipment relocation costs and costs associated with planned facility expansions and closures to streamline Company operations. |
Long-Term Obligations and Other
Long-Term Obligations and Other Short-Term Borrowings | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and June 30, 2014 : (Dollars in millions) Maturity June 30, June 30, Senior Secured Credit Facilities Term loan facility dollar-denominated May 2021 $ 1,471.0 $ 1,383.9 Term loan facility euro-denominated May 2021 355.8 338.6 9 3/4 % Senior Subordinated euro-denominated Notes April 2017 — 293.9 7 7/8 % Senior Notes October 2018 — 348.7 Senior Unsecured Term Loan Facility December 2017 — 274.3 $200 million Revolving Credit Facility May 2019 — — Capital lease obligations 2020 to 2032 55.5 64.0 Other obligations 2016 to 2018 5.6 7.2 Total 1,887.9 2,710.6 Less: Current portion of long-term obligations and other short-term borrowings 23.8 25.2 Long-term obligations, less current portion $ 1,864.1 $ 2,685.4 Senior Secured Credit Facilities On May 20, 2014, the Operating 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. The Company expensed $7.2 million of unamortized deferred finance costs and debt discounts. On December 1, 2014, the Operating Company entered into Amendment No. 1 to the Amended and Restated Credit Agreement (as amended, the "Credit Agreement") to provide additional senior secured financing of incremental dollar- and euro- denominated term loan facilities of $100 million and €72.8 million ( $91 million ), respectively. The incremental term loans have substantially similar terms as Catalent’s existing term loan facilities. The proceeds of the borrowing were primarily used to pay the remaining $40.5 million outstanding on the unsecured term loans, fund acquisitions completed in the second quarter of $111.6 million and general corporate purposes. The Company incurred approximately $2.8 million in financing costs, of which $1.2 million was recorded in other (income) / expense, net in the consolidated statement of operations. As of June 30, 2015 , there were $11.7 million in outstanding letters of credit that reduced the borrowing capacity under the approximately $200 million revolving line of credit. Redemption of Notes and Unsecured Term Loan Prepayment In July 2014, the Company provided notice of its election to redeem the entire $350.0 million aggregate principal amount outstanding of 7.875% senior notes due 2018 and redeemed them in August 2014 at a redemption price of 101.5% of their principal amount plus accrued and unpaid interest. The redemption was funded with proceeds from the IPO. In connection with the redemption the Company recorded $5.3 million in expense related to the call premium and expensed $5.9 million of unamortized debt discount and deferred financing costs, both in other (income) / expense, net in the consolidated statements of operations. In August 2014, the Company provided notice of its election to redeem the entire €225.0 million aggregate principal amount outstanding of 9.75% senior subordinated notes due 2017 and redeemed them in September 2014 at a redemption price of 101.625% of their principal amount plus accrued and unpaid interest. The redemption was funded with proceeds from the IPO. In connection with the redemption the Company recorded $4.5 million in expense related to the call premium and expensed $4.0 million of unamortized debt discount and deferred financing costs, both in other (income) / expense, net in the consolidated statements of operations. In August 2014, the Company repaid $114.5 million of the outstanding borrowings under the unsecured term loans with proceeds from the IPO. In September 2014, the Company repaid $120.0 million of the outstanding borrowings under the unsecured term loans with proceeds from the additional shares purchased by the representatives of the underwriters in connection with the IPO. In connection with the debt payments, the Company expensed $0.9 million of unamortized debt discount and deferred financing costs in other (income) / expense, net in the consolidated statements of operations. In December 2014, the Company paid the remaining $40.5 million outstanding on the unsecured term loans with proceeds from the incremental senior secured term loans. 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 $55.5 million , and other short-term borrowings for future fiscal years are: (Dollars in millions) 2016 2017 2018 2019 2020 Thereafter Total Maturities of long-term and other obligations $ 24.3 22.9 21.1 21.4 21.7 1,793.0 $ 1,904.4 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 $9.5 million and $19.7 million as of June 30, 2015 and June 30, 2014, respectively. Amortization of debt issuance costs, excluding amounts expensed as part of the current year financing activity, totaled $2.2 million and $10.2 million for the fiscal years ended June 30, 2015 and June 30, 2014, respectively. Guarantees and Security 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 Operating Company and each guarantor, subject to certain exceptions: • a pledge of 100% of the capital stock of the borrower and 100% of the equity interests directly held by the borrower and each guarantor in any wholly owned material subsidiary of the borrower 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 borrower and of each guarantor, subject to certain limited exceptions. Debt Covenants The Credit Agreement contains 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; engage in certain transactions with affiliates; make investments, loans or advances; make certain acquisitions; enter into sale and leaseback transactions and change its lines of business. The Credit Agreement also contains change of control provisions and certain customary affirmative covenants and events of default. The revolving credit facility requires compliance with a net leverage covenant when there is a 30% or more draw outstanding at a period end. As of June 30, 2015 , the Company was in compliance with all material covenants related to its long-term obligations. Subject to certain exceptions, the Credit Agreement permits the Company and its restricted subsidiaries to incur certain additional indebtedness, including secured indebtedness. None of the Company’s non-U.S. subsidiaries or Puerto Rico subsidiaries is a guarantor of the loans. Under the Credit Agreement, 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 “Consolidated EBITDA” in the Credit Agreement). Adjusted EBITDA is based on the definitions in the Credit Agreement and is not defined under U.S. GAAP, and is subject to important limitations. Fair Value of Debt Measurements The estimated fair value of the long-term debt, which is considered a Level 2 liability, is based on the quoted market prices for the same or similar issues or on the current rates offered for debt of the same remaining maturities and considers collateral, if any. The carrying amounts and the estimated fair values of financial instruments as of June 30, 2015 and June 30, 2014 are as follows: June 30, 2015 June 30, 2014 (Dollars in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt and other $ 1,887.9 $ 1,854.7 $ 2,710.6 $ 2,680.2 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The reconciliations between basic and diluted earnings per share attributable to Catalent common shareholders for the fiscal years ended June 30, 2015 , 2014 and 2013 are as follows (in millions, except per share data): Year ended June 30, 2015 2014 2013 Earnings / (loss) from continuing operations less net income / (loss) attributable to noncontrolling interest $ 212.1 $ 18.9 $ (50.8 ) Earnings / (loss) from discontinued operations 0.1 (2.7 ) 1.2 Net earnings / (loss) attributable to Catalent $ 212.2 $ 16.2 $ (49.6 ) Weighted average shares outstanding 119,575,568 75,045,147 74,970,628 Dilutive securities issuable-stock plans 1,773,068 1,078,710 — Total weighted average diluted shares outstanding 121,348,636 76,123,857 74,970,628 Basic earnings per share of common stock: Earnings / (loss) from continuing operations $ 1.77 $ 0.25 $ (0.68 ) Earnings / (loss) from discontinued operations — (0.03 ) 0.02 Net earnings / (loss) attributable to Catalent $ 1.77 $ 0.22 $ (0.66 ) Diluted earnings per share of common stock-assuming dilution: Earnings / (loss) from continuing operations $ 1.75 $ 0.25 $ (0.68 ) Earnings / (loss) from discontinued operations — (0.04 ) 0.02 Net earnings / (loss) attributable to Catalent $ 1.75 $ 0.21 $ (0.66 ) The computation of diluted earnings per share for June 30, 2015 and 2014 excludes the effect of potential shares issuable under the Company's pre-IPO employee stock option plan of 2.1 million and 2.3 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 June 30, 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 Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jun. 30, 2015 | |
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 fluctuations in the applicable exchange rate on its investments in foreign operations. While the Company does not actively hedge against changes in foreign currency, the Company has mitigated the exposure of its investments in its European operations by denominating a portion of its debt in euros. At June 30, 2015 , the Company had euro-denominated debt outstanding of $355.8 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. The ineffective portions of the translation gains or losses are reported in the statement of operations. The following table includes net investment hedge activity during fiscal year ended June 30, 2015 and June 30, 2014 : (Dollars in millions) June 30, June 30, Unrealized foreign exchange gain/(loss) within other comprehensive income $ 30.0 $ (13.6 ) Unrealized foreign exchange gain/(loss) within statement of operations $ 47.7 $ (9.6 ) The net accumulated gain of this net investment as of June 30, 2015 within other comprehensive income/(loss) was approximately $79.5 million . Amounts are reclassified out of accumulated other comprehensive income/(loss) into earnings when the entity to which the gains and losses reside is either sold or substantially liquidated. Cash Flow Hedges of Interest Rate Risk During fiscal 2013, the Company’s 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. Its Japanese yen interest-rate swap, effective as an economic hedge but not designated as effective for financial reporting purposes also matured during fiscal 2013. As of June 30, 2015, the Company 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 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 was reclassified to earnings when the originally hedged forecasted interest payments on the hedged debt affected earnings. 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 was $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 years ended June 30, 2015 , June 30, 2014 and June 30, 2013 , (Dollars in millions) The Effect of Derivative Instruments on the Consolidated Statement of Operations for the Fiscal Years Ended June 30, 2015, June 30, 2014 and June 30, 2013 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 2015: Interest Rate Swaps $ — Interest expense, net $ — Other (income)/expense, net $ — Fiscal Year 2014: Interest Rate Swaps $ — Interest expense, net $ — Other (income)/expense, net $ — Fiscal Year 2013: Interest Rate Swaps $ 1.1 Interest income/ (expense), net $ 21.6 Other (income)/expense, net $ 0.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
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 2015 , 2014 , and 2013 : Fiscal Year Ended (Dollars in millions) 2015 2014 2013 U.S. Operations $ 25.8 $ (75.6 ) $ (124.9 ) Non-U.S. Operation $ 86.7 $ 143.0 $ 101.0 $ 112.5 $ 67.4 $ (23.9 ) The provision /(benefit) for income taxes consists of the following for the fiscal years ended 2015 , 2014 , and 2013 : Fiscal Year Ended (Dollars in millions) 2015 2014 2013 Current: Federal $ — $ — $ (0.4 ) State and local (0.8 ) (1.2 ) (2.4 ) Non-U.S. 31.9 55.7 21.2 Total $ 31.1 $ 54.5 $ 18.4 Deferred: Federal $ (125.3 ) $ 5.3 $ 8.8 State and local (1.1 ) 0.4 (0.3 ) Non-U.S. (2.4 ) (10.7 ) 0.1 Total (128.8 ) (5.0 ) 8.6 Total provision/(benefit) $ (97.7 ) $ 49.5 $ 27.0 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 2015 , 2014 , and 2013 : Fiscal Year Ended (Dollars in millions) 2015 2014 2013 Provision at U.S. federal statutory tax rate $ 39.4 $ 23.6 $ (8.4 ) State and local income taxes (2.4 ) 0.6 0.6 Foreign tax rate differential (23.9 ) (25.5 ) (15.1 ) Permanent items 1.7 24.6 52.6 Unrecognized tax positions 14.7 34.2 — Tax valuation allowance (133.2 ) (9.5 ) 3.8 Foreign tax credit - Non U.S. (0.1 ) (0.8 ) (3.3 ) Withholding tax and other foreign taxes 1.4 6.2 4.7 Change in tax rate 1.3 (5.0 ) (4.6 ) Tax effect of OCI deferred taxes - U.S. — — 2.9 Foreign currency impact on permanently reinvested loans 2.7 — — Other 0.7 1.1 (6.2 ) $ (97.7 ) $ 49.5 $ 27.0 The income tax benefit for the current period is not comparable to the same period of the prior year due to changes in pretax income over many jurisdictions and the impact of discrete items. Generally, fluctuations in the effective tax rate are primarily due to changes in the geographic mix of pretax income and changes in the tax impact of permanent differences, restructuring, other special items and other discrete tax items, which may have unique tax implications depending on the nature of the item. The effective tax rate at June 30, 2015 reflects the release of the U.S. federal valuation allowance and an increase in a tax reserve related to an adjustment to inter-company interest income in Germany, partially offset by a corresponding deduction in the United Kingdom due to enacted tax rate changes. As of June 30, 2015 , the Company had $412.5 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 carryforwards for tax purposes. The components of the deferred income tax assets and liabilities are as follows at June 30, 2015 and 2014 : Fiscal Year Ended (Dollars in millions) 2015 2014 Deferred income tax assets: Accrued liabilities $ 24.0 $ 25.1 Equity compensation 8.4 10.0 Loss and tax credit carryforwards 204.0 196.2 Foreign currency 18.4 23.2 Pension 38.8 50.6 Property-related 9.7 11.8 Intangibles 10.5 16.3 Other 17.1 16.9 Other comprehensive income 4.1 4.0 Total deferred income tax assets 335.0 354.1 Valuation allowance (82.4 ) (218.2 ) Net deferred income tax assets $ 252.6 $ 135.9 Fiscal Year Ended (Dollars in millions) 2015 2014 Deferred income tax liabilities: Accrued liabilities (0.6 ) (0.2 ) Equity compensation — — Foreign currency (0.4 ) (0.1 ) Property-related (44.5 ) (15.1 ) Goodwill and other intangibles (156.1 ) (164.7 ) Other (1.8 ) (1.2 ) Other comprehensive income (23.2 ) (19.8 ) Total deferred income tax liabilities $ (226.6 ) (201.1 ) Net deferred tax asset/(liability) $ 26.0 $ (65.2 ) Deferred tax assets and liabilities in the preceding table are in the following captions in the balance sheet at June 30, 2015 and 2014 : Fiscal Year Ended (Dollars in millions) 2015 2014 Current deferred tax asset $ 19.7 $ 12.7 Non-current deferred tax asset 64.1 26.3 Current deferred tax liability 1.5 1.0 Non-current deferred tax liability 56.3 103.2 Net deferred tax asset/(liability) $ 26.0 $ (65.2 ) At June 30, 2015 , the Company has federal net operating loss carryforwards of $344.6 million , all of which are subject to Internal Revenue Code Section 382 limitations; $13.2 million , because they were generated in years prior to April 10, 2007, when the Company was owned by Cardinal, and the remainder due to a change in ownership event when Blackstone, Genstar Capital, and Aisling Capital completed a secondary offering of the Company’s stock in March 2015. The federal loss carryforwards will expire in fiscal years 2022 through 2033. At June 30, 2015 , the Company has state tax loss carryforwards of $483.8 million . Approximately $181.5 million of these losses are state tax losses generated in periods prior to the period ending June 30, 2007. Substantially all state carryforwards have a twenty year carryforward period. In accordance with ASC 718, $56.8 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 carryforward amounts indicated above. At June 30, 2015 , the Company has international tax loss carryforwards of $101.8 million . Substantially all of these carryforwards are available for at least three years or have an indefinite carryforward period. The Company had valuation allowances of $82.4 million and $218.2 million as of June 30, 2015 and 2014, respectively, against our deferred tax assets. The Company considered all available evidence, both positive and negative, in assessing the need for a valuation allowance for deferred tax assets. Three possible sources of taxable income were evaluated when assessing the realization of deferred tax assets: • Future reversals of existing taxable temporary differences; • Tax planning strategies; and • Future taxable income exclusive of reversing temporary differences and carryforwards. The Company considered the need to maintain a valuation allowance on deferred tax assets based on management’s assessment of whether it is more likely than not that deferred tax assets would be realized based on future reversals of existing taxable temporary differences and the ability to generate sufficient taxable income within the carryforward period available under the applicable tax law. The deferred tax liabilities are expected to reverse in the same period and jurisdiction and are of the same character as the temporary differences giving rise to a portion of the deferred tax assets. During the current period, the Company released the majority of its U.S. federal valuation allowance of $136.7 million based on projected U.S. future earnings in excess of the $294.1 million required to realize its net U.S. federal deferred tax assets. Of the $294.1 million , $329.5 million relates to the federal net operating loss carryforward (NOL) which expires in the years 2028 to 2032. The remaining $35.4 million relates to other net deferred tax liabilities. A valuation allowance of $10.4 million was retained on U.S. federal deferred tax assets for capital losses. The reversal of the valuation allowance was the result of a continuing trend of U.S. taxable income and the expectation that this trend will continue, rather than relying on tax planning strategies to support the realization of deferred tax assets. We have experienced three consecutive years of positive U.S. taxable earnings as of the current quarter and expect to sustain this position in the future, due to the positive impact on U.S. earnings from reduced interest expense resulting from a reduction in our external debt, among other factors. While the U.S. federal valuation allowance was reversed, the U.S. state valuation allowance on $483.8 million of pre-apportioned state net operating losses were maintained. Due to uncertainty around earnings, apportionment, certain restrictions at the state level, and the history of tax losses, anticipated utilization rates were not sufficient to overcome the negative evidence and allow a release. 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. Additionally, as part of the 2015 purchase of the Micron Technologies businesses, the Company has been indemnified for tax liabilities that may arise in the future that relate to tax periods prior to the acquisition, on November 3, 2014. 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. 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, 2015 , the Company had a total of $66.9 million of unrecognized tax benefits. A reconciliation of our unrecognized tax benefit, excluding accrued interest for June 30, 2015 , June 30, 2014 and June 30, 2013 are as follows: (Dollars in millions) 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 Additions based on tax positions related to the current year 7.3 Additions for tax positions of prior years 5.5 Reductions for tax positions of prior years (5.4 ) Settlements (0.5 ) Lapse of the applicable statute of limitations (0.6 ) Balance at June 30, 2015 $ 66.9 Of this amount, $46.7 million and $41.4 million represent the amount of unrecognized tax benefits that, if recognized, would favorably impact the effective income tax rate as of June 30, 2015 and June 30, 2014 , respectively. An additional $20.2 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, the United States, and various states. The Company is no longer subject to examinations by the relevant tax authorities for years prior to fiscal 2005. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2015 , the Company has approximately $6.3 million of accrued interest related to uncertain tax positions, an increase of $1.2 million from the prior year. The Company had approximately $5.1 million and $5.0 million of accrued interest related to uncertain tax positions as of June 30, 2014 and 2013, respectively. The portion of such interest and penalties subject to indemnification by Cardinal is $2.3 million , an increase of $0.3 million from the prior year. |
Employee Retirement Benefit Pla
Employee Retirement Benefit Plans | 12 Months Ended |
Jun. 30, 2015 | |
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 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 withdrawal from the plan resulted in the recognition of liabilities associated with the Company’s long-term obligations in prior year periods not presented, which were primarily recorded as an expense within discontinued operations. The estimated discounted value of the projected contributions related to these plans is $39.5 million and $39.6 million as of June 30, 2015 and June 30, 2014 , respectively. The annual cash impact associated with the Company’s long-term obligation approximates $1.7 million per year. 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) 2015 2014 2015 2014 Accumulated Benefit Obligation $ 316.0 $ 324.4 $ 3.7 $ 4.4 Change in Benefit Obligation Benefit obligation at beginning of year 333.8 289.1 4.4 4.9 Company service cost 2.7 2.8 — — Interest cost 11.4 12.2 0.2 0.2 Employee contributions — — — — Plan amendments — — — — Curtailments (1.6 ) — — — Settlements — (1.7 ) — — Special termination benefits — — — — Divestitures — — — — Business combinations — — — — Benefits paid (9.6 ) (10.9 ) (0.2 ) (0.3 ) Actual expenses — (0.1 ) — — Actuarial (gain)/loss 20.8 24.3 (0.7 ) (0.4 ) Exchange rate gain/(loss) (33.8 ) 18.1 — — Benefit obligation at end of year 323.7 333.8 3.7 4.4 Change in Plan Assets Fair value of plan assets at beginning of year 222.2 198.4 — — Actual return on plan assets 18.4 14.0 — — Company contributions 9.0 8.6 0.2 0.3 Employee contributions — — — — Settlements — (1.7 ) — — Special company contributions to fund termination benefits — — — — Divestitures — — — — Business combinations — — — — Benefits paid (9.6 ) (10.9 ) (0.2 ) (0.3 ) Actual expenses — (0.1 ) — — Exchange rate gain/(loss) (18.0 ) 13.9 — — Fair value of plan assets at end of year 222.0 222.2 — — Funded Status Funded status at end of year (101.7 ) (111.4 ) (3.7 ) (4.4 ) Employer contributions between measurement date and reporting date — — — — Net pension asset (liability) (101.7 ) (111.4 ) (3.7 ) (4.4 ) 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) 2015 2014 2015 2014 Amounts Recognized in Statement of Financial Position Noncurrent assets $ 0.6 $ 0.7 $ — $ — Current liabilities (0.9 ) (1.0 ) (0.8 ) (0.4 ) Noncurrent liabilities (101.4 ) (111.1 ) (2.9 ) (4.0 ) Total asset/(liability) (101.7 ) (111.4 ) (3.7 ) (4.4 ) Amounts Recognized in Accumulated Other Comprehensive Income Transition (asset)/obligation — — — — Prior service cost 0.1 0.2 — — Net (gain)/loss 63.2 52.2 (1.6 ) (0.9 ) Total accumulated other comprehensive income at the end of the year 63.3 52.4 (1.6 ) (0.9 ) Additional Information for Plan with ABO in Excess of Plan Assets Projected benefit obligation 309.6 318.1 3.7 4.4 Accumulated benefit obligation 304.1 311.2 3.7 4.4 Fair value of plan assets 207.3 206.0 — — Additional Information for Plan with PBO in Excess of Plan Assets Projected benefit obligation 309.6 318.1 3.7 4.4 Accumulated benefit obligation 304.1 311.2 3.7 4.4 Fair value of plan assets 207.3 206.0 — — Components of Net Periodic Benefit Cost Service Cost 2.7 2.8 — — Interest Cost 11.4 12.2 0.2 0.2 Expected return on plan assets (10.5 ) (10.4 ) — — Amortization of unrecognized: Transition (asset)/obligation — — — — Prior service cost — — — — Net (gain)/loss 1.8 1.3 (0.1 ) — Ongoing periodic cost 5.4 5.9 0.1 0.2 Settlement/curtailment expense/(income) (0.2 ) 0.2 — — Net periodic benefit cost 5.2 6.1 0.1 0.2 At June 30, Retirement Benefits Other Post-Retirement Benefits (Dollars in millions) 2015 2014 2015 2014 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net (gain)/loss arising during the year $ 13.0 $ 20.7 (0.7 ) (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 (3.2 ) (1.5 ) 0.1 — Exchange rate gain/(loss) recognized during the year (0.6 ) 0.5 — — Total recognized in other comprehensive income $ 9.2 $ 19.7 $ (0.6 ) $ (0.3 ) Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income Total recognized in net periodic benefit cost and other comprehensive income $ 14.4 $ 27.3 $ (0.5 ) $ (0.2 ) 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 2.9 2.0 (0.1 ) (0.1 ) Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date Discount rate (%) 3.38 % 3.73 % 3.69 % 3.67 % Rate of compensation increases (%) 2.06 % 2.10 % N/A N/A Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year Discount rate (%) 3.73 % 4.14 % 3.67 % 3.92 % Rate of compensation increases (%) 2.10 % 2.51 % N/A N/A Expected long-term rate of return (%) 5.11 % 5.11 % N/A N/A Expected Future Contributions Financial Year 2016 $ 7.6 $ 0.8 At June 30, Retirement Benefits Other Post-Retirement Benefits (Dollars in millions) 2015 2014 2015 2014 Expected Future Benefit Payments Financial Year 2016 10.5 9.7 0.8 0.4 2017 9.5 11.3 0.3 0.4 2018 11.1 10.6 0.3 0.4 2019 11.2 12.7 0.3 0.4 2020 13.9 12.7 0.3 0.4 2021-2025 72.0 77.5 1.1 1.6 Actual Asset Allocation (%) Equities 34.2 % 34.0 % — % — % Government Bonds 28.2 % 27.0 % — % — % Corporate Bonds 17.3 % 17.1 % — % — % Property 3.1 % 3.0 % — % — % Insurance Contracts 8.5 % 9.5 % — % — % Other 8.7 % 9.4 % — % — % Total 100.0 % 100.0 % — % — % Actual Asset Allocation (Amount) Equities 75.7 75.7 — — Government Bonds 62.7 60.0 — — Corporate Bonds 38.5 37.9 — — Property 6.9 6.6 — — Insurance Contracts 18.9 21.0 — — Other 19.3 21.0 — — Total 222.0 222.2 — — Target Asset Allocation (%) Equities 34.5 % 34.3 % — % — % Government Bonds 24.8 % 24.5 % — % — % Corporate Bonds 22.1 % 21.7 % — % — % Property 3.5 % 3.6 % — % — % Insurance Contracts 6.3 % 7.1 % — % — % Other 8.8 % 8.8 % — % — % Total 100.0 % 100.0 % — % — % 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, 2015 , 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 $ — $ 75.7 — Debt Securities 101.2 — 101.2 — Real Estate 6.9 — 0.3 6.6 Other 38.2 — 17.3 20.9 Total $ 222.0 $ — $ 194.5 $ 27.5 Level 3 real estate assets consist of a U.K. Property fund ("UBS Life Triton Property Fund") that directly invests in properties that are held in the U.K. 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. Investment properties are measured at fair value as determined by third-party independent appraisers. 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 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 a pension liability relating to current and former employees of the Company’s Eberbach facility 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, 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 42.0 — 18.1 23.9 Total $ 222.2 $ 32.9 $ 159.2 $ 30.1 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: Asset Category Allocations - June 30, 2015 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, 2014 $ 30.1 $ 4.7 $ 25.4 Actual return on plan assets: Relating to assets still held at the reporting date (2.0 ) 0.2 (2.2 ) Relating to assets sold during the period — — — Purchases, sales, settlements, contributions and benefits paid (0.6 ) (0.2 ) (0.4 ) Transfers in and/or out of Level 3 — — — Ending Balance at June 30, 2015 $ 27.5 $ 4.7 $ 22.8 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 legal requirements. 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) 2015 2014 Assumed Healthcare Cost Trend Rates at the Balance Sheet Date Healthcare cost trend rate – initial (%) Pre-65 n/a 7.60 % Post-65 11.35 % 10.91 % Healthcare cost trend rate – ultimate (%) Pre-65 n/a 4.70 % Post-65 4.64 % 4.70 % Year in which ultimate rates are reached Pre-65 n/a 2021 Post-65 2022 2020 Effect of 1% Change in Healthcare Cost Trend Rate Healthcare cost trend rate up 1% on APBO at balance sheet date $ 171,309 $ 278,651 on total service and interest cost 8,181 11,363 Effect of 1% Change in Healthcare Cost Trend Rate Healthcare cost trend rate down 1% on APBO at balance sheet date $ (152,189 ) $ (245,360 ) on total service and interest cost (7,282 ) (10,008 ) Expected Future Contributions Financial Year 2016 $ 830,044 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Advisor Transaction and Management Fees Prior to the IPO, the Company was party to a transaction and advisory fee agreement with affiliates of Blackstone and certain other investors in BHP PTS Holdings L.L.C. (the “Investors”), pursuant to which the Company historically paid an annual sponsor advisory fee to Blackstone and the other Investors for certain monitoring, advisory and consulting services to the Company. In connection with the IPO, the Company paid the Investors an advisory agreement termination fee of $29.8 million in August 2014, which was recorded within other (income)/expense, net in the Consolidated Statements of Operations, and terminated the agreement. As a result, the Company did not have management fees for fiscal year ended June 30, 2015 . For fiscal years ended June 30, 2014 and 2013 , this management fee was approximately $12.9 million and $12.4 million , respectively. This fee was recorded as expense within selling, general and administrative expenses in the Consolidated Statements of Operations. In connection with each of two secondary offerings of our common stock demanded by Blackstone during fiscal 2015 following the IPO, we entered into underwriting agreements with Blackstone, the other shareholders selling in the offerings, and the underwriters managing the offerings setting forth the terms of the offerings and making various representations to the underwriters regarding various facts and circumstances relating to the offerings. The underwriting agreements required us to pay certain expenses relating to the offerings and to indemnify Blackstone, the other sellers, and the underwriters for the offerings against liabilities arising from breaches of our representations and certain other matters relating to the offerings. 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 $2.80 and $2.70 per participating employee per month in calendar years 2015 and 2014 , respectively. As of June 30, 2015 , the Company had approximately 2,500 employees enrolled in its health benefit plans in the United States. Equity Healthcare is an affiliate of Blackstone. |
Equity and Accumulated Other Co
Equity and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Equity | EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Description of Capital Stock and Initial Public Offering The Company is authorized to issue 1,000,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share. In accordance with the Company’s amended and restated certificate of incorporation, each share of common stock has one vote, and the common stock votes together as a single class. In July 2014, 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. The stock split became effective on July 17, 2014 upon the filing with the Delaware Secretary of State of an amendment to the Company’s amended and restated certificate of incorporation. Refer to Note 1 for further discussion of the Company’s July 2014 recapitalization and discussion of the Company’s public offerings of common stock. Accumulated other comprehensive income/(loss) Accumulated other comprehensive income/(loss) by component and changes for the fiscal years June 30, 2015 , June 30, 2014 and June 30, 2013 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, 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 14.0 — 3.2 (41.4 ) (24.2 ) Activity, net of tax (144.0 ) — 0.6 (6.4 ) (149.8 ) Balance at June 30, 2015 $ (130.0 ) $ — $ 3.8 $ (47.8 ) $ (174.0 ) The components of the changes in the cumulative translation adjustment and minimum pension liability for the fiscal years ended June 30, 2015 , June 30, 2014 and June 30, 2013 consists of: Year Ended June 30, 2015 2014 2013 Foreign currency translation adjustments: Net investment hedge $ 30.0 $ (13.6 ) $ (20.9 ) Long term inter-company loans (9.0 ) 28.3 (4.8 ) Translation adjustments (152.7 ) 17.7 (22.2 ) Total cumulative translation adjustment, pretax (131.7 ) 32.4 (47.9 ) Tax (1) (12.3 ) — — Total cumulative translation adjustment, net of tax $ (144.0 ) $ 32.4 $ (47.9 ) Net change in minimum pension liability Net gain/(loss) arising during the year $ (12.3 ) $ (20.4 ) $ 9.5 Net (gain)/loss recognized during the year 3.1 1.5 1.1 Foreign Exchange Translation and Other 0.6 (0.5 ) (0.4 ) Total Pension, pretax (8.6 ) (19.4 ) 10.2 Tax 2.2 3.9 (1.5 ) Net change in minimum pension liability, net of tax $ (6.4 ) $ (15.5 ) $ 8.7 (1) Tax related to foreign currency translation adjustments primarily relates to the Net investment hedge activity. |
Equity Based Compensation
Equity Based Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments | EQUITY-BASED COMPENSATION 2007 Stock Incentive Plan The Company’s stock-based compensation is comprised of stock options and restricted stock units. Awards issued under the Company’s pre-IPO incentive compensation plan, known as the 2007 PTS Holdings Corp. Stock Incentive Plan, as amended (the “2007 Plan”), were generally issued for the purpose of retaining key employees and directors. The Company adopted two forms of non-qualified stock option agreements (each, a “Form Option Agreement”) for awards granted under the 2007 Plan. Under the Company’s Form Option Agreement adopted in 2009, a portion of the stock option awards vest in equal annual installments over a five -year period contingent solely upon the participant’s continued employment with the Company, or one of its subsidiaries, another portion of the stock option awards 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 vest upon realization of certain internal rates of return or multiple of investment goals. Under the Company’s other Form Option Agreement, adopted in 2013, a portion of the stock option awards 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 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. Following the IPO, the Company decided not to grant any further awards under the 2007 Plan; however, all outstanding awards granted prior to the IPO remained outstanding in accordance with the terms of the 2007 Plan. 2014 Omnibus Incentive Plan In connection with the IPO, the Company’s Board of Directors adopted the 2014 Omnibus Incentive Plan effective July 31, 2014 (the “2014 Plan”). The 2014 Plan provides certain members of management, employees and directors of the Company and its subsidiaries with the opportunity to obtain various incentives, including grants of stock options and restricted stock units. A maximum of 6,700,000 shares of common stock may be issued under the 2014 Plan. Restricted stock units under the 2014 Plan may be granted to members of management and directors. At the IPO, the Company granted to members of management restricted stock units that had certain performance-related vesting requirements (“performance stock units”). These restricted stock units had a grant date fair value of $14.7 million , which represents approximately 692,000 shares of common stock. Under the 2014 Plan, the performance share units vest based on achieving Company financial performance metrics established at the outset of each three-year performance period. The metrics for fiscal 2015 are a mix of cumulative revenue growth and cumulative EBITDA growth targets. The performance share units vest following the end of the three-year performance period based on achievement of the targets. The restricted stock awards vest on the third anniversary of the date of grant subject to the participant’s continued employment with the Company. Stock options were also granted as part of the IPO under the 2014 Plan for selected executives of the Company with an aggregate intrinsic value of $2.3 million , which represents approximately 509,000 shares of common stock. Each stock option vests in equal annual installments over a four -year period from the date of grant, contingent solely upon the participant’s continued employment with the Company. Stock Compensation Expense Stock compensation expense recognized in the consolidated statements of income was $9.0 million , $4.5 million and $2.8 million in fiscal years 2015 , 2014 and 2013 , 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. 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, 2015 2014 2013 Expected volatility 32% 31% 30% - 31% Expected life (in years) 6.25 5.66 - 6.50 5.82 - 6.50 Risk-free interest rates 2% 0.3% - 2.2% 0.3% - 1.9% Dividend yield None None None The Company is newly public, and as a result has limited relevant historical volatility experience; 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 2015 , 2014 , and 2013 was $7.23 per share, $5.41 per share and $4.23 per share, respectively. The following table summarizes stock option activity and shares outstanding for the year ended June 30, 2015 : 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, 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 Granted $ 20.97 784,078 6.25 — — — — — — — Exercised $ 11.70 (1,279,524 ) — 21,268,432 (340,900 ) — 5,517,749 — — — Forfeited $ 16.05 (129,135 ) — — (125,580 ) — — (264,250 ) — — Expired / Canceled — — — — — — — — — — Outstanding as of June 30, 2015 $ 15.62 2,007,699 6.83 25,979,873 1,097,250 6.87 14,296,090 2,073,610 5.81 30,739,825 Expected to vest as of June 30, 2015 $ 15.56 1,934,120 6.75 25,327,072 1,071,956 6.85 14,025,624 1,399,048 5.63 21,319,082 Vested and expected to vest as of June 30, 2015 $ 12.83 961,932 4.96 $ 16,107,185 467,936 5.54 $ 7,485,413 — — — In fiscal 2015, participants exercised the option to purchase 623 thousand shares, resulting in $10.3 million of cash paid on behalf of participants for withholding taxes. The intrinsic value of the options exercised in fiscal 2015 was $26.8 million . The total fair value of options vested during the period was $3.6 million . In fiscal 2014, participants exercised the option to purchase 20 thousand shares, 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 was $0.4 million . As of June 30, 2015 , $4.8 million of unrecognized compensation cost related to stock options is expected to be recognized as expense over a weighted-average period of approximately 3.08 years . 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, 2015 : RSU Units Weighted Average Grant- Date Fair Value Non-vested as of June 30, 2014 55,020 $ 17.43 Granted (1) 800,654 21.49 Vested 26,703 12.94 Forfeited 55,671 21.27 Non-vested as of June 30, 2015 773,300 $ 21.51 (1) The number of shares granted in fiscal 2015 increased as compared to the prior year as a result of a change from a cash-based long-term incentive plan to an equity-based long-term incentive plan for the Company’s senior employees. As of June 30, 2015 , $10.5 million of unrecognized compensation cost related to RSUs is expected to be recognized as expense over a weighted-average period of approximately 2.1 years. The weighted-average grant-date fair value of RSUs in fiscal years 2015 and 2014 was $21.49 and $21.64 , respectively. There were no RSU grants in fiscal year 2013. The fair value of RSUs vested in fiscal 2015 , 2014 and 2013 was $0.6 million , $0.6 million and $0.6 million , respectively. |
Other Income _ Expense Other In
Other Income / Expense Other Income / Expense | 12 Months Ended |
Jun. 30, 2015 | |
Other Income Expense [Abstract] | |
Other Income and Other Expense Disclosure | OTHER (INCOME) / EXPENSE, NET The components of Other (Income) / Expense, net for the twelve months ended June 30, 2015 , 2014 , 2013 are as follows: Twelve Months Ended (Dollars in millions) 2015 2014 2013 Other (Income) / Expense, net Debt extinguishment costs $ 21.8 $ 11.1 $ 17.0 Gain on acquisition, net (1) (8.9 ) — — Sponsor advisory agreement termination fee (2) 29.8 — — Foreign currency (gains) and losses (2.4 ) (2.5 ) 3.2 Other 2.1 1.8 4.9 Total Other (Income) / Expense $ 42.4 $ 10.4 $ 25.1 (1) Included within Other (income) / expense, net are gains associated with acquisitions completed during the respective periods. Such income events are non-standard in nature and not reflective of the Company’s core operating results. During the twelve months ended June 30, 2015 , the Company recorded a gain of $3.2 million on the re-measurement of a cost investment in an entity that became a wholly owned subsidiary as of October 2014, a $7.0 million bargain purchase gain for an acquisition completed in July 2014, and a $1.3 million loss on the redeemable noncontrolling interest in June 2015. (2) The Company paid a sponsor advisory agreement termination fee of $29.8 million in connection with its IPO. |
Redeemable noncontrolling inter
Redeemable noncontrolling interest | 12 Months Ended |
Jun. 30, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Noncontrolling Interest Disclosure | 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. In June 2015, the Company reached an agreement to acquire the remaining 33% from the noncontrolling interest shareholders for purchase consideration of $5.8 million . As a result of the purchase agreement, the Company recorded a $1.3 million loss in Other Income/Expense, net to reflect the current redemption value as of June 30, 2015. The transaction is expected to close in fiscal 2016 after customary closing conditions are met, including regulatory approvals. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Rental Payments and Expense The future minimum rental payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year at June 30, 2015 are: (Dollars in millions) 2016 2017 2018 2019 2020 Thereafter Total Minimum rental payments $ 8.4 $ 6.0 $ 5.3 $ 4.2 $ 4.1 $ 7.8 $ 35.8 Rental expense relating to operating leases was approximately $10.0 million , $9.5 million , and $9.4 million for the fiscal years ended June 30, 2015 , June 30, 2014 and June 30, 2013 , respectively. Sublease rental income was not material for any period presented. 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 actuarial review process, which is administered by the plan trustees, was completed during the third quarter of fiscal 2015, and the resulting estimated liability reflects the present value of its expected future long-term obligations. 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. 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 governmental agencies continue to scrutinize certain practices affecting governmental programs and otherwise. From time to time, the Company receives subpoenas or requests for information from various governmental 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, 2015 | |
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, 2015 , June 30, 2014 , and June 30, 2013 : (Dollars in millions) Fiscal Year Ended 2015 2014 2013 Oral Technologies Net revenue $ 1,141.1 $ 1,180.1 $ 1,186.3 Segment EBITDA $ 313.7 $ 324.3 $ 315.7 Medication Delivery Solutions Net revenue 261.9 246.1 219.3 Segment EBITDA 53.9 48.7 31.5 Development and Clinical Services Net revenue 438.8 412.2 404.8 Segment EBITDA 93.4 83.5 75.0 Inter-segment revenue elimination (11.0 ) (10.7 ) (10.1 ) Unallocated costs (1) (100.8 ) (82.1 ) (90.6 ) Combined Total Net revenue $ 1,830.8 $ 1,827.7 $ 1,800.3 EBITDA from continuing operations $ 360.2 $ 374.4 $ 331.6 (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 2015 2014 2013 Impairment charges and gain/(loss) on sale of assets $ (4.7 ) $ (3.2 ) $ (5.2 ) Equity compensation (9.0 ) (4.5 ) (2.8 ) Restructuring and other items (2) (27.2 ) (29.4 ) (29.0 ) Sponsor advisory fee — (12.9 ) (12.4 ) Noncontrolling interest 1.9 1.0 0.1 Other income/(expense), net (3) (42.4 ) (10.4 ) (25.1 ) Non-allocated corporate costs, net (19.4 ) (22.7 ) (16.2 ) Total unallocated costs $ (100.8 ) $ (82.1 ) $ (90.6 ) (2) Segment results do not include restructuring and certain acquisition-related costs. (3) Amounts primarily relate to the expense associated with the termination of the sponsor advisory services agreement of $29.8 million in connection with the IPO, expenses related to financing transactions of $21.8 million and acquisition-related gains of $8.9 million , all during the current year; and foreign currency translation gains and losses during all periods presented. Provided below is a reconciliation of earnings/(loss) from continuing operations to EBITDA from continuing operations: (Dollars in millions) Fiscal Year Ended 2015 2014 2013 Earnings/(loss) from continuing operations $ 210.2 $ 17.9 $ (50.9 ) Depreciation and amortization 140.8 142.9 152.2 Interest expense, net 105.0 163.1 203.2 Income tax (benefit)/expense (97.7 ) 49.5 27.0 Noncontrolling interest 1.9 1.0 0.1 EBITDA from continuing operations $ 360.2 $ 374.4 $ 331.6 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, Assets Oral Technologies $ 2,477.3 $ 2,585.6 Medication Delivery Solutions 247.8 292.8 Development and Clinical Services 703.2 672.1 Corporate and eliminations (282.9 ) (460.3 ) Total assets $ 3,145.4 $ 3,090.2 The following tables include depreciation and amortization expense and capital expenditures for the fiscal years ended June 30, 2015 , June 30, 2014 and June 30, 2013 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 2015 2014 2013 Oral Technologies $ 73.6 $ 80.8 $ 86.7 Medication Delivery Solutions 23.7 22.6 20.6 Development and Clinical Services 36.6 30.9 33.2 Corporate 6.9 8.6 11.7 Total depreciation and amortization expense $ 140.8 $ 142.9 $ 152.2 Capital Expenditures (Dollars in millions) Fiscal Year Ended 2015 2014 2013 Oral Technologies $ 75.6 $ 56.1 $ 47.7 Medication Delivery Solutions 22.6 25.0 47.7 Development and Clinical Services 24.0 28.2 21.3 Corporate 18.8 13.1 5.8 Total capital expenditure $ 141.0 $ 122.4 $ 122.5 The following table presents revenue and long-lived assets by geographic area: Net Revenue Long-Lived Assets (1) (Dollars in millions) Fiscal Year Ended 2015 2014 2013 June 30, June 30, United States $ 799.3 $ 682.3 $ 695.8 $ 479.0 $ 413.7 Europe 795.4 888.8 863.2 314.6 348.5 International Other 268.6 278.8 270.1 91.6 110.8 Eliminations (32.5 ) (22.2 ) (28.8 ) — — Total $ 1,830.8 $ 1,827.7 $ 1,800.3 $ 885.2 $ 873.0 (1) Long-lived assets include property and equipment, net of accumulated depreciation. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | SUPPLEMENTAL BALANCE SHEET INFORMATION Supplementary balance sheet information at June 30, 2015 and June 30, 2014 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, Raw materials and supplies $ 76.9 $ 84.1 Work-in-process 26.3 23.8 Finished goods 43.8 39.8 Total inventory, gross 147.0 147.7 Inventory reserve (14.1 ) (12.9 ) Inventories $ 132.9 $ 134.8 Prepaid expenses and other Prepaid expenses and other current assets consist of the following: (Dollars in millions) June 30, June 30, Prepaid expenses $ 22.0 $ 16.6 Spare parts supplies 11.5 12.5 Deferred income taxes 19.7 12.7 Other current assets 27.7 32.8 Prepaid expenses and other $ 80.9 $ 74.6 Property, plant, and equipment, net Property, plant, and equipment, net consist of the following: (Dollars in millions) June 30, June 30, Land, buildings and improvements $ 637.6 $ 619.0 Machinery, equipment and capitalized software 727.9 683.6 Furniture and fixtures 10.1 8.1 Construction in progress 97.6 110.9 Property and equipment, at cost 1,473.2 1,421.6 Accumulated depreciation (588.0 ) (548.6 ) Property, plant, and equipment, net $ 885.2 $ 873.0 Other assets Other assets consist of the following: (Dollars in millions) June 30, June 30, Deferred long-term debt financing costs $ 9.5 $ 19.7 Other 18.9 29.0 Total other assets $ 28.4 $ 48.7 Other accrued liabilities Other accrued liabilities consist of the following: (Dollars in millions) June 30, June 30, Accrued employee-related expenses $ 87.8 $ 86.7 Restructuring accrual 7.3 10.3 Deferred income taxes 1.5 1.0 Accrued interest 0.2 12.2 Deferred revenue and fees 39.0 47.1 Accrued income tax 55.8 61.5 Other accrued liabilities and expenses 55.4 60.9 Other accrued liabilities $ 247.0 $ 279.7 Allowance for doubtful accounts Trade receivables allowance for doubtful accounts activity is as follows: (Dollars in millions) June 30, June 30, June 30, Trade receivables allowance for doubtful accounts Beginning balance $ 5.4 $ 5.7 $ 4.2 Charged to cost and expenses 2.7 0.5 2.1 Deductions and other (1.1 ) (1.0 ) (0.6 ) Impact of foreign exchange (0.4 ) 0.2 Closing balance $ 6.6 $ 5.4 $ 5.7 Inventory reserve Inventory reserve activity is as follows: (Dollars in millions) June 30, June 30, June 30, Inventory reserve Beginning balance $ 12.9 $ 11.8 $ 8.5 Charged to cost and expenses 9.5 10.2 8.7 Deductions (6.5 ) (9.5 ) (5.9 ) Impact of foreign exchange (1.8 ) 0.4 0.5 Closing balance $ 14.1 $ 12.9 $ 11.8 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS During the preparation of its consolidated financial statements, the Company completed an evaluation of the impact of subsequent events and determined there was no significant subsequent event requiring disclosure in or adjustment to these financial statements. |
Quarterly Financial Data - Unau
Quarterly Financial Data - Unaudited | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 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 2015, By Quarters First Second Third Fourth Net revenue $ 418.3 $ 455.8 $ 446.6 $ 510.1 Gross margin 125.3 156.1 152.2 181.7 Earnings/(loss) from continuing operations less net income (loss) attributable to noncontrolling interest (19.9 ) 46.7 31.5 153.8 Net earnings/(loss) from discontinued operations, net of tax 0.4 (0.2 ) — (0.1 ) Net earnings/(loss) attributable to Catalent $ (19.5 ) $ 46.5 $ 31.5 $ 153.7 Earnings per share attributable to Catalent: Basic Earnings/(loss) from continuing operations $ (0.19 ) $ 0.38 $ 0.25 $ 1.23 Net earnings/(loss) $ (0.18 ) $ 0.37 $ 0.25 $ 1.23 Diluted Earnings/(loss) from continuing operations $ (0.19 ) $ 0.37 $ 0.25 $ 1.22 Net earnings/(loss) $ (0.18 ) $ 0.37 $ 0.25 $ 1.22 (Dollars in millions, except per share data) Fiscal Year 2014, By Quarters 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 |
Basis of Presentation and Sum29
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These financial statements include all of the Company’s 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 the Company’s businesses have been eliminated. |
Reclassification | Reclassifications The Company made certain reclassifications to conform components of the prior periods’ income tax rate reconciliation, which is included in Footnote 9 Income Taxes , to current year presentation. There was no impact to the consolidated financial statements as a result of this reclassification. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP 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. The Company makes judgments as to its 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 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. The Company’s annual goodwill impairment test was conducted as of April 1, 2015 . 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 | 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 $94.3 million for the fiscal year ended June 30, 2015 , $100.5 million for the fiscal year ended June 30, 2014 , and $108.8 million for the fiscal year ended June 30, 2013 . 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, Finite-Lived | Intangible assets with finite lives, primarily including customer relationships, patents and trademarks are 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 ASC 360 Property, Plant and Equipment . 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 arm’s length transactions. |
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 and Hedging Activities | 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 the fiscal year 2013, the Company used such derivatives to hedge the variable cash flows associated with existing variable-rate debt; however, as of June 30, 2015 and June 30, 2014 , the Company did not have any such derivatives in place. The ineffective portion of the change in fair value of a derivative 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 its debt in euros. |
Fair Value Disclosures | 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. The Company uses 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. The Company estimates fair value using an exit price approach, which requires, among other things, that it 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, the Company 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 $12.2 million , $17.5 million and $14.5 million for fiscal years ended June 30, 2015 , June 30, 2014 and June 30, 2013 , respectively. Costs incurred in connection with research and development services the Company provides 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 $41.3 million , $34.0 million and $35.0 million for fiscal years ended June 30, 2015 , June 30, 2014 and June 30, 2013 , respectively. |
Earnings Per Share | Earnings / (Loss) Per Share The Company reports net earnings (loss) per share in accordance with ASC 260 Earnings per Share . 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 include 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 diluted earnings per share in a loss period. |
Income Taxes | Income Taxes In accordance with ASC 740 Income Taxes, 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 ASC 740 to determine 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 and providing guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. |
Share-based Compensation, Option and Incentive Plans | Equity-Based Compensation The Company accounts for its equity-based compensation awards in accordance with ASC 718 Compensation-Stock Compensation. Under ASC 718, companies 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. The terms of the Company’s equity-based compensation plans permit shares that are issued upon an employee’s exercise of an option to be withheld through a net settlement transaction as a means of paying the exercise price, meeting tax withholding requirements, or both. |
Recent Financial Accounting Standards | Recent Financial Accounting Standards In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory . The new standard changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. Entities are required to disclose the nature and reason for the change in accounting principle in the first interim and annual period of adoption. Catalent is currently evaluating the impact of this standard on its consolidated results of operations and financial positio n. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The new standard requires that debt issuance costs be presented in the balance sheet as a direct reduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The standard is effective for public entities for annual and interim periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. Catalent is currently evaluating the impact of this standard on its consolidated results of operations and financial positio n. In June 2014, the 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 . The new standard 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 its 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 . 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. On July 9, 2015, the FASB approved a one-year deferral of the effective date so that the standard is effective for public entities for annual and interim periods beginning after December 15, 2017. 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 permitted. Catalent is currently evaluating the impact of this standard on its consolidated results of operations and financial positio n. 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 ASC Subtopic 250-20 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 does not expect a material impact on its 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. The new standard 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 guidance applies prospectively to derecognition events occurring after the effective date; prior periods are not to be adjusted. Adoption did not have a material impact on the disclosures included in the Company’s consolidated financial statements. 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 guidance 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. Adoption did not have a material impact on the disclosures included in the Company’s consolidated financial statements. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill | The following table summarizes the changes between June 30, 2015 and June 30, 2014 in the carrying amount of goodwill in total and by reporting segment: (Dollars in millions) Oral Technologies Medication Delivery Solutions Development & Clinical Services Total Balance at June 30, 2013 (1) $ 833.2 $ — $ 190.2 $ 1,023.4 Additions/(impairments) 32.6 — — 32.6 Foreign currency translation adjustments 26.0 — 15.1 41.1 Balance at June 30, 2014 891.8 — 205.3 1,097.1 Additions/(impairments) 2.1 19.9 39.0 61.0 Foreign currency translation adjustments (81.9 ) — (14.7 ) (96.6 ) Balance at June 30, 2015 $ 812.0 $ 19.9 $ 229.6 $ 1,061.5 (1) The opening balance is reflective of impairment charges recorded in fiscal 2008 and fiscal 2009 related to the Medication Delivery Solutions segment of approximately $158.0 million . |
Definite Lived Long-Lived Ass31
Definite Lived Long-Lived Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and June 30, 2014 , are as follows: (Dollars in millions) Weighted Average Life Gross Carrying Value Accumulated Amortization Net Carrying Value June 30, 2015 Amortized intangibles: Core technology 18 years $ 177.6 $ (57.6 ) $ 120.0 Customer relationships 14 years 259.2 (81.8 ) 177.4 Product relationships 12 years 222.9 (151.6 ) 71.3 Total intangible assets $ 659.7 $ (291.0 ) $ 368.7 (Dollars in millions) Weighted Average Life Gross Carrying Value Accumulated Amortization Net Carrying Value June 30, 2014 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 |
Future Amortization Expense | Future amortization expense for the next five years is estimated to be: (Dollars in millions) 2016 2017 2018 2019 2020 Amortization expense $ 47.6 $ 46.9 $ 46.8 $ 40.8 $ 26.1 |
Restructuring and Other Costs (
Restructuring and Other Costs (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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) 2015 2014 2013 Restructuring costs: Employee-related reorganization (1) $ 11.5 $ 16.5 $ 15.1 Asset impairments — — 0.7 Facility exit and other costs (2) 1.9 3.2 2.6 Total restructuring costs $ 13.4 $ 19.7 $ 18.4 (1) Employee-related costs consist primarily of severance costs and also include outplacement services provided to employees who have been involuntarily terminated and duplicate payroll costs during transition periods. (2) Facility exit and other costs consist of accelerated depreciation, equipment relocation costs and costs associated with planned facility expansions and closures to streamline Company operations. |
Long-Term Obligations and Oth33
Long-Term Obligations and Other Short-Term Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and June 30, 2014 : (Dollars in millions) Maturity June 30, June 30, Senior Secured Credit Facilities Term loan facility dollar-denominated May 2021 $ 1,471.0 $ 1,383.9 Term loan facility euro-denominated May 2021 355.8 338.6 9 3/4 % Senior Subordinated euro-denominated Notes April 2017 — 293.9 7 7/8 % Senior Notes October 2018 — 348.7 Senior Unsecured Term Loan Facility December 2017 — 274.3 $200 million Revolving Credit Facility May 2019 — — Capital lease obligations 2020 to 2032 55.5 64.0 Other obligations 2016 to 2018 5.6 7.2 Total 1,887.9 2,710.6 Less: Current portion of long-term obligations and other short-term borrowings 23.8 25.2 Long-term obligations, less current portion $ 1,864.1 $ 2,685.4 |
Maturities of long-term obligations | Maturities of long-term obligations, including capital leases of $55.5 million , and other short-term borrowings for future fiscal years are: (Dollars in millions) 2016 2017 2018 2019 2020 Thereafter Total Maturities of long-term and other obligations $ 24.3 22.9 21.1 21.4 21.7 1,793.0 $ 1,904.4 |
Long-Term Obligations and Oth34
Long-Term Obligations and Other Short-Term Borrowings Fair Value Measurements of Financial Instruments - Carrying Amounts and Estimated Fair Value of FInancial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Carrying And Fair Value Of Financial Instruments Table [Text Block] | The carrying amounts and the estimated fair values of financial instruments as of June 30, 2015 and June 30, 2014 are as follows: June 30, 2015 June 30, 2014 (Dollars in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt and other $ 1,887.9 $ 1,854.7 $ 2,710.6 $ 2,680.2 |
Earnings Per Share Calculation
Earnings Per Share Calculation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 , 2014 and 2013 are as follows (in millions, except per share data): Year ended June 30, 2015 2014 2013 Earnings / (loss) from continuing operations less net income / (loss) attributable to noncontrolling interest $ 212.1 $ 18.9 $ (50.8 ) Earnings / (loss) from discontinued operations 0.1 (2.7 ) 1.2 Net earnings / (loss) attributable to Catalent $ 212.2 $ 16.2 $ (49.6 ) Weighted average shares outstanding 119,575,568 75,045,147 74,970,628 Dilutive securities issuable-stock plans 1,773,068 1,078,710 — Total weighted average diluted shares outstanding 121,348,636 76,123,857 74,970,628 Basic earnings per share of common stock: Earnings / (loss) from continuing operations $ 1.77 $ 0.25 $ (0.68 ) Earnings / (loss) from discontinued operations — (0.03 ) 0.02 Net earnings / (loss) attributable to Catalent $ 1.77 $ 0.22 $ (0.66 ) Diluted earnings per share of common stock-assuming dilution: Earnings / (loss) from continuing operations $ 1.75 $ 0.25 $ (0.68 ) Earnings / (loss) from discontinued operations — (0.04 ) 0.02 Net earnings / (loss) attributable to Catalent $ 1.75 $ 0.21 $ (0.66 ) |
Derivative Instruments and He36
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Net Investment Hedge in Accumulated Other Comprehensive Income (Loss) and Statement of Financial Performance [Table Text Block] | The following table includes net investment hedge activity during fiscal year ended June 30, 2015 and June 30, 2014 : (Dollars in millions) June 30, June 30, Unrealized foreign exchange gain/(loss) within other comprehensive income $ 30.0 $ (13.6 ) Unrealized foreign exchange gain/(loss) within statement of operations $ 47.7 $ (9.6 ) |
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 years ended June 30, 2015 , June 30, 2014 and June 30, 2013 , (Dollars in millions) The Effect of Derivative Instruments on the Consolidated Statement of Operations for the Fiscal Years Ended June 30, 2015, June 30, 2014 and June 30, 2013 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 2015: Interest Rate Swaps $ — Interest expense, net $ — Other (income)/expense, net $ — Fiscal Year 2014: Interest Rate Swaps $ — Interest expense, net $ — Other (income)/expense, net $ — Fiscal Year 2013: Interest Rate Swaps $ 1.1 Interest income/ (expense), net $ 21.6 Other (income)/expense, net $ 0.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 2015 , 2014 , and 2013 : Fiscal Year Ended (Dollars in millions) 2015 2014 2013 U.S. Operations $ 25.8 $ (75.6 ) $ (124.9 ) Non-U.S. Operation $ 86.7 $ 143.0 $ 101.0 $ 112.5 $ 67.4 $ (23.9 ) |
Provision/ (benefit) for income taxes | The provision /(benefit) for income taxes consists of the following for the fiscal years ended 2015 , 2014 , and 2013 : Fiscal Year Ended (Dollars in millions) 2015 2014 2013 Current: Federal $ — $ — $ (0.4 ) State and local (0.8 ) (1.2 ) (2.4 ) Non-U.S. 31.9 55.7 21.2 Total $ 31.1 $ 54.5 $ 18.4 Deferred: Federal $ (125.3 ) $ 5.3 $ 8.8 State and local (1.1 ) 0.4 (0.3 ) Non-U.S. (2.4 ) (10.7 ) 0.1 Total (128.8 ) (5.0 ) 8.6 Total provision/(benefit) $ (97.7 ) $ 49.5 $ 27.0 |
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 2015 , 2014 , and 2013 : Fiscal Year Ended (Dollars in millions) 2015 2014 2013 Provision at U.S. federal statutory tax rate $ 39.4 $ 23.6 $ (8.4 ) State and local income taxes (2.4 ) 0.6 0.6 Foreign tax rate differential (23.9 ) (25.5 ) (15.1 ) Permanent items 1.7 24.6 52.6 Unrecognized tax positions 14.7 34.2 — Tax valuation allowance (133.2 ) (9.5 ) 3.8 Foreign tax credit - Non U.S. (0.1 ) (0.8 ) (3.3 ) Withholding tax and other foreign taxes 1.4 6.2 4.7 Change in tax rate 1.3 (5.0 ) (4.6 ) Tax effect of OCI deferred taxes - U.S. — — 2.9 Foreign currency impact on permanently reinvested loans 2.7 — — Other 0.7 1.1 (6.2 ) $ (97.7 ) $ 49.5 $ 27.0 |
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 carryforwards for tax purposes. The components of the deferred income tax assets and liabilities are as follows at June 30, 2015 and 2014 : Fiscal Year Ended (Dollars in millions) 2015 2014 Deferred income tax assets: Accrued liabilities $ 24.0 $ 25.1 Equity compensation 8.4 10.0 Loss and tax credit carryforwards 204.0 196.2 Foreign currency 18.4 23.2 Pension 38.8 50.6 Property-related 9.7 11.8 Intangibles 10.5 16.3 Other 17.1 16.9 Other comprehensive income 4.1 4.0 Total deferred income tax assets 335.0 354.1 Valuation allowance (82.4 ) (218.2 ) Net deferred income tax assets $ 252.6 $ 135.9 Fiscal Year Ended (Dollars in millions) 2015 2014 Deferred income tax liabilities: Accrued liabilities (0.6 ) (0.2 ) Equity compensation — — Foreign currency (0.4 ) (0.1 ) Property-related (44.5 ) (15.1 ) Goodwill and other intangibles (156.1 ) (164.7 ) Other (1.8 ) (1.2 ) Other comprehensive income (23.2 ) (19.8 ) Total deferred income tax liabilities $ (226.6 ) (201.1 ) Net deferred tax asset/(liability) $ 26.0 $ (65.2 ) |
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, 2015 and 2014 : Fiscal Year Ended (Dollars in millions) 2015 2014 Current deferred tax asset $ 19.7 $ 12.7 Non-current deferred tax asset 64.1 26.3 Current deferred tax liability 1.5 1.0 Non-current deferred tax liability 56.3 103.2 Net deferred tax asset/(liability) $ 26.0 $ (65.2 ) |
Reconciliation of Unrecognized tax benefit, excluding accrued interest | A reconciliation of our unrecognized tax benefit, excluding accrued interest for June 30, 2015 , June 30, 2014 and June 30, 2013 are as follows: (Dollars in millions) 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 Additions based on tax positions related to the current year 7.3 Additions for tax positions of prior years 5.5 Reductions for tax positions of prior years (5.4 ) Settlements (0.5 ) Lapse of the applicable statute of limitations (0.6 ) Balance at June 30, 2015 $ 66.9 |
Employee Retirement Benefit P38
Employee Retirement Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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) 2015 2014 2015 2014 Accumulated Benefit Obligation $ 316.0 $ 324.4 $ 3.7 $ 4.4 Change in Benefit Obligation Benefit obligation at beginning of year 333.8 289.1 4.4 4.9 Company service cost 2.7 2.8 — — Interest cost 11.4 12.2 0.2 0.2 Employee contributions — — — — Plan amendments — — — — Curtailments (1.6 ) — — — Settlements — (1.7 ) — — Special termination benefits — — — — Divestitures — — — — Business combinations — — — — Benefits paid (9.6 ) (10.9 ) (0.2 ) (0.3 ) Actual expenses — (0.1 ) — — Actuarial (gain)/loss 20.8 24.3 (0.7 ) (0.4 ) Exchange rate gain/(loss) (33.8 ) 18.1 — — Benefit obligation at end of year 323.7 333.8 3.7 4.4 Change in Plan Assets Fair value of plan assets at beginning of year 222.2 198.4 — — Actual return on plan assets 18.4 14.0 — — Company contributions 9.0 8.6 0.2 0.3 Employee contributions — — — — Settlements — (1.7 ) — — Special company contributions to fund termination benefits — — — — Divestitures — — — — Business combinations — — — — Benefits paid (9.6 ) (10.9 ) (0.2 ) (0.3 ) Actual expenses — (0.1 ) — — Exchange rate gain/(loss) (18.0 ) 13.9 — — Fair value of plan assets at end of year 222.0 222.2 — — Funded Status Funded status at end of year (101.7 ) (111.4 ) (3.7 ) (4.4 ) Employer contributions between measurement date and reporting date — — — — Net pension asset (liability) (101.7 ) (111.4 ) (3.7 ) (4.4 ) |
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) 2015 2014 2015 2014 Amounts Recognized in Statement of Financial Position Noncurrent assets $ 0.6 $ 0.7 $ — $ — Current liabilities (0.9 ) (1.0 ) (0.8 ) (0.4 ) Noncurrent liabilities (101.4 ) (111.1 ) (2.9 ) (4.0 ) Total asset/(liability) (101.7 ) (111.4 ) (3.7 ) (4.4 ) Amounts Recognized in Accumulated Other Comprehensive Income Transition (asset)/obligation — — — — Prior service cost 0.1 0.2 — — Net (gain)/loss 63.2 52.2 (1.6 ) (0.9 ) Total accumulated other comprehensive income at the end of the year 63.3 52.4 (1.6 ) (0.9 ) Additional Information for Plan with ABO in Excess of Plan Assets Projected benefit obligation 309.6 318.1 3.7 4.4 Accumulated benefit obligation 304.1 311.2 3.7 4.4 Fair value of plan assets 207.3 206.0 — — Additional Information for Plan with PBO in Excess of Plan Assets Projected benefit obligation 309.6 318.1 3.7 4.4 Accumulated benefit obligation 304.1 311.2 3.7 4.4 Fair value of plan assets 207.3 206.0 — — Components of Net Periodic Benefit Cost Service Cost 2.7 2.8 — — Interest Cost 11.4 12.2 0.2 0.2 Expected return on plan assets (10.5 ) (10.4 ) — — Amortization of unrecognized: Transition (asset)/obligation — — — — Prior service cost — — — — Net (gain)/loss 1.8 1.3 (0.1 ) — Ongoing periodic cost 5.4 5.9 0.1 0.2 Settlement/curtailment expense/(income) (0.2 ) 0.2 — — Net periodic benefit cost 5.2 6.1 0.1 0.2 At June 30, Retirement Benefits Other Post-Retirement Benefits (Dollars in millions) 2015 2014 2015 2014 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net (gain)/loss arising during the year $ 13.0 $ 20.7 (0.7 ) (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 (3.2 ) (1.5 ) 0.1 — Exchange rate gain/(loss) recognized during the year (0.6 ) 0.5 — — Total recognized in other comprehensive income $ 9.2 $ 19.7 $ (0.6 ) $ (0.3 ) Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income Total recognized in net periodic benefit cost and other comprehensive income $ 14.4 $ 27.3 $ (0.5 ) $ (0.2 ) 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 2.9 2.0 (0.1 ) (0.1 ) Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date Discount rate (%) 3.38 % 3.73 % 3.69 % 3.67 % Rate of compensation increases (%) 2.06 % 2.10 % N/A N/A Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year Discount rate (%) 3.73 % 4.14 % 3.67 % 3.92 % Rate of compensation increases (%) 2.10 % 2.51 % N/A N/A Expected long-term rate of return (%) 5.11 % 5.11 % N/A N/A Expected Future Contributions Financial Year 2016 $ 7.6 $ 0.8 At June 30, Retirement Benefits Other Post-Retirement Benefits (Dollars in millions) 2015 2014 2015 2014 Expected Future Benefit Payments Financial Year 2016 10.5 9.7 0.8 0.4 2017 9.5 11.3 0.3 0.4 2018 11.1 10.6 0.3 0.4 2019 11.2 12.7 0.3 0.4 2020 13.9 12.7 0.3 0.4 2021-2025 72.0 77.5 1.1 1.6 Actual Asset Allocation (%) Equities 34.2 % 34.0 % — % — % Government Bonds 28.2 % 27.0 % — % — % Corporate Bonds 17.3 % 17.1 % — % — % Property 3.1 % 3.0 % — % — % Insurance Contracts 8.5 % 9.5 % — % — % Other 8.7 % 9.4 % — % — % Total 100.0 % 100.0 % — % — % Actual Asset Allocation (Amount) Equities 75.7 75.7 — — Government Bonds 62.7 60.0 — — Corporate Bonds 38.5 37.9 — — Property 6.9 6.6 — — Insurance Contracts 18.9 21.0 — — Other 19.3 21.0 — — Total 222.0 222.2 — — Target Asset Allocation (%) Equities 34.5 % 34.3 % — % — % Government Bonds 24.8 % 24.5 % — % — % Corporate Bonds 22.1 % 21.7 % — % — % Property 3.5 % 3.6 % — % — % Insurance Contracts 6.3 % 7.1 % — % — % Other 8.8 % 8.8 % — % — % Total 100.0 % 100.0 % — % — % |
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, 2015 , 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 $ — $ 75.7 — Debt Securities 101.2 — 101.2 — Real Estate 6.9 — 0.3 6.6 Other 38.2 — 17.3 20.9 Total $ 222.0 $ — $ 194.5 $ 27.5 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 42.0 — 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, 2015 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, 2014 $ 30.1 $ 4.7 $ 25.4 Actual return on plan assets: Relating to assets still held at the reporting date (2.0 ) 0.2 (2.2 ) Relating to assets sold during the period — — — Purchases, sales, settlements, contributions and benefits paid (0.6 ) (0.2 ) (0.4 ) Transfers in and/or out of Level 3 — — — Ending Balance at June 30, 2015 $ 27.5 $ 4.7 $ 22.8 |
Assumed healthcare cost trend rates | At June 30, Other Post-Retirement Benefits (Actual dollar amounts) 2015 2014 Assumed Healthcare Cost Trend Rates at the Balance Sheet Date Healthcare cost trend rate – initial (%) Pre-65 n/a 7.60 % Post-65 11.35 % 10.91 % Healthcare cost trend rate – ultimate (%) Pre-65 n/a 4.70 % Post-65 4.64 % 4.70 % Year in which ultimate rates are reached Pre-65 n/a 2021 Post-65 2022 2020 Effect of 1% Change in Healthcare Cost Trend Rate Healthcare cost trend rate up 1% on APBO at balance sheet date $ 171,309 $ 278,651 on total service and interest cost 8,181 11,363 Effect of 1% Change in Healthcare Cost Trend Rate Healthcare cost trend rate down 1% on APBO at balance sheet date $ (152,189 ) $ (245,360 ) on total service and interest cost (7,282 ) (10,008 ) Expected Future Contributions Financial Year 2016 $ 830,044 |
Equity and Accumulated Other 39
Equity and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated other comprehensive earnings/(loss) | Accumulated other comprehensive income/(loss) by component and changes for the fiscal years June 30, 2015 , June 30, 2014 and June 30, 2013 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, 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 14.0 — 3.2 (41.4 ) (24.2 ) Activity, net of tax (144.0 ) — 0.6 (6.4 ) (149.8 ) Balance at June 30, 2015 $ (130.0 ) $ — $ 3.8 $ (47.8 ) $ (174.0 ) |
Schedule of Comprehensive Income (Loss) | Year Ended June 30, 2015 2014 2013 Foreign currency translation adjustments: Net investment hedge $ 30.0 $ (13.6 ) $ (20.9 ) Long term inter-company loans (9.0 ) 28.3 (4.8 ) Translation adjustments (152.7 ) 17.7 (22.2 ) Total cumulative translation adjustment, pretax (131.7 ) 32.4 (47.9 ) Tax (1) (12.3 ) — — Total cumulative translation adjustment, net of tax $ (144.0 ) $ 32.4 $ (47.9 ) Net change in minimum pension liability Net gain/(loss) arising during the year $ (12.3 ) $ (20.4 ) $ 9.5 Net (gain)/loss recognized during the year 3.1 1.5 1.1 Foreign Exchange Translation and Other 0.6 (0.5 ) (0.4 ) Total Pension, pretax (8.6 ) (19.4 ) 10.2 Tax 2.2 3.9 (1.5 ) Net change in minimum pension liability, net of tax $ (6.4 ) $ (15.5 ) $ 8.7 (1) Tax related to foreign currency translation adjustments primarily relates to the Net investment hedge activity. |
Equity Based Compensation Equit
Equity Based Compensation Equity Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 2014 2013 Expected volatility 32% 31% 30% - 31% Expected life (in years) 6.25 5.66 - 6.50 5.82 - 6.50 Risk-free interest rates 2% 0.3% - 2.2% 0.3% - 1.9% 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, 2015 : 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, 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 Granted $ 20.97 784,078 6.25 — — — — — — — Exercised $ 11.70 (1,279,524 ) — 21,268,432 (340,900 ) — 5,517,749 — — — Forfeited $ 16.05 (129,135 ) — — (125,580 ) — — (264,250 ) — — Expired / Canceled — — — — — — — — — — Outstanding as of June 30, 2015 $ 15.62 2,007,699 6.83 25,979,873 1,097,250 6.87 14,296,090 2,073,610 5.81 30,739,825 Expected to vest as of June 30, 2015 $ 15.56 1,934,120 6.75 25,327,072 1,071,956 6.85 14,025,624 1,399,048 5.63 21,319,082 Vested and expected to vest as of June 30, 2015 $ 12.83 961,932 4.96 $ 16,107,185 467,936 5.54 $ 7,485,413 — — — |
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, 2015 : RSU Units Weighted Average Grant- Date Fair Value Non-vested as of June 30, 2014 55,020 $ 17.43 Granted (1) 800,654 21.49 Vested 26,703 12.94 Forfeited 55,671 21.27 Non-vested as of June 30, 2015 773,300 $ 21.51 |
Other Income _ Expense Other 41
Other Income / Expense Other Income / Expense (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Other Income Expense [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The components of Other (Income) / Expense, net for the twelve months ended June 30, 2015 , 2014 , 2013 are as follows: Twelve Months Ended (Dollars in millions) 2015 2014 2013 Other (Income) / Expense, net Debt extinguishment costs $ 21.8 $ 11.1 $ 17.0 Gain on acquisition, net (1) (8.9 ) — — Sponsor advisory agreement termination fee (2) 29.8 — — Foreign currency (gains) and losses (2.4 ) (2.5 ) 3.2 Other 2.1 1.8 4.9 Total Other (Income) / Expense $ 42.4 $ 10.4 $ 25.1 (1) Included within Other (income) / expense, net are gains associated with acquisitions completed during the respective periods. Such income events are non-standard in nature and not reflective of the Company’s core operating results. During the twelve months ended June 30, 2015 , the Company recorded a gain of $3.2 million on the re-measurement of a cost investment in an entity that became a wholly owned subsidiary as of October 2014, a $7.0 million bargain purchase gain for an acquisition completed in July 2014, and a $1.3 million loss on the redeemable noncontrolling interest in June 2015. (2) The Company paid a sponsor advisory agreement termination fee of $29.8 million in connection with its IPO. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 are: (Dollars in millions) 2016 2017 2018 2019 2020 Thereafter Total Minimum rental payments $ 8.4 $ 6.0 $ 5.3 $ 4.2 $ 4.1 $ 7.8 $ 35.8 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Net Revenue and Segment EBITDA | The following tables include net revenue and Segment EBITDA during the fiscal years ended June 30, 2015 , June 30, 2014 , and June 30, 2013 : (Dollars in millions) Fiscal Year Ended 2015 2014 2013 Oral Technologies Net revenue $ 1,141.1 $ 1,180.1 $ 1,186.3 Segment EBITDA $ 313.7 $ 324.3 $ 315.7 Medication Delivery Solutions Net revenue 261.9 246.1 219.3 Segment EBITDA 53.9 48.7 31.5 Development and Clinical Services Net revenue 438.8 412.2 404.8 Segment EBITDA 93.4 83.5 75.0 Inter-segment revenue elimination (11.0 ) (10.7 ) (10.1 ) Unallocated costs (1) (100.8 ) (82.1 ) (90.6 ) Combined Total Net revenue $ 1,830.8 $ 1,827.7 $ 1,800.3 EBITDA from continuing operations $ 360.2 $ 374.4 $ 331.6 (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 2015 2014 2013 Impairment charges and gain/(loss) on sale of assets $ (4.7 ) $ (3.2 ) $ (5.2 ) Equity compensation (9.0 ) (4.5 ) (2.8 ) Restructuring and other items (2) (27.2 ) (29.4 ) (29.0 ) Sponsor advisory fee — (12.9 ) (12.4 ) Noncontrolling interest 1.9 1.0 0.1 Other income/(expense), net (3) (42.4 ) (10.4 ) (25.1 ) Non-allocated corporate costs, net (19.4 ) (22.7 ) (16.2 ) Total unallocated costs $ (100.8 ) $ (82.1 ) $ (90.6 ) (2) Segment results do not include restructuring and certain acquisition-related costs. (3) Amounts primarily relate to the expense associated with the termination of the sponsor advisory services agreement of $29.8 million in connection with the IPO, expenses related to financing transactions of $21.8 million and acquisition-related gains of $8.9 million , all during the current year; and foreign currency translation gains and losses during all periods presented. |
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 2015 2014 2013 Earnings/(loss) from continuing operations $ 210.2 $ 17.9 $ (50.9 ) Depreciation and amortization 140.8 142.9 152.2 Interest expense, net 105.0 163.1 203.2 Income tax (benefit)/expense (97.7 ) 49.5 27.0 Noncontrolling interest 1.9 1.0 0.1 EBITDA from continuing operations $ 360.2 $ 374.4 $ 331.6 |
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, Assets Oral Technologies $ 2,477.3 $ 2,585.6 Medication Delivery Solutions 247.8 292.8 Development and Clinical Services 703.2 672.1 Corporate and eliminations (282.9 ) (460.3 ) Total assets $ 3,145.4 $ 3,090.2 |
Representation of depreciation and amortization expense and capital expenditure in consolidated financial statements | Depreciation and Amortization Expense (Dollars in millions) Fiscal Year Ended 2015 2014 2013 Oral Technologies $ 73.6 $ 80.8 $ 86.7 Medication Delivery Solutions 23.7 22.6 20.6 Development and Clinical Services 36.6 30.9 33.2 Corporate 6.9 8.6 11.7 Total depreciation and amortization expense $ 140.8 $ 142.9 $ 152.2 |
Capital Expenditures by Segment | Capital Expenditures (Dollars in millions) Fiscal Year Ended 2015 2014 2013 Oral Technologies $ 75.6 $ 56.1 $ 47.7 Medication Delivery Solutions 22.6 25.0 47.7 Development and Clinical Services 24.0 28.2 21.3 Corporate 18.8 13.1 5.8 Total capital expenditure $ 141.0 $ 122.4 $ 122.5 |
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 2015 2014 2013 June 30, June 30, United States $ 799.3 $ 682.3 $ 695.8 $ 479.0 $ 413.7 Europe 795.4 888.8 863.2 314.6 348.5 International Other 268.6 278.8 270.1 91.6 110.8 Eliminations (32.5 ) (22.2 ) (28.8 ) — — Total $ 1,830.8 $ 1,827.7 $ 1,800.3 $ 885.2 $ 873.0 (1) Long-lived assets include property and equipment, net of accumulated depreciation. |
Supplemental Balance Sheet In44
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, Raw materials and supplies $ 76.9 $ 84.1 Work-in-process 26.3 23.8 Finished goods 43.8 39.8 Total inventory, gross 147.0 147.7 Inventory reserve (14.1 ) (12.9 ) Inventories $ 132.9 $ 134.8 |
Prepaid and Other Assets | Prepaid expenses and other current assets consist of the following: (Dollars in millions) June 30, June 30, Prepaid expenses $ 22.0 $ 16.6 Spare parts supplies 11.5 12.5 Deferred income taxes 19.7 12.7 Other current assets 27.7 32.8 Prepaid expenses and other $ 80.9 $ 74.6 |
Property and Equipment | Property, plant, and equipment, net consist of the following: (Dollars in millions) June 30, June 30, Land, buildings and improvements $ 637.6 $ 619.0 Machinery, equipment and capitalized software 727.9 683.6 Furniture and fixtures 10.1 8.1 Construction in progress 97.6 110.9 Property and equipment, at cost 1,473.2 1,421.6 Accumulated depreciation (588.0 ) (548.6 ) Property, plant, and equipment, net $ 885.2 $ 873.0 |
Other Assets Non Current | Other assets consist of the following: (Dollars in millions) June 30, June 30, Deferred long-term debt financing costs $ 9.5 $ 19.7 Other 18.9 29.0 Total other assets $ 28.4 $ 48.7 |
Other Accrued Liabilities | Other accrued liabilities consist of the following: (Dollars in millions) June 30, June 30, Accrued employee-related expenses $ 87.8 $ 86.7 Restructuring accrual 7.3 10.3 Deferred income taxes 1.5 1.0 Accrued interest 0.2 12.2 Deferred revenue and fees 39.0 47.1 Accrued income tax 55.8 61.5 Other accrued liabilities and expenses 55.4 60.9 Other accrued liabilities $ 247.0 $ 279.7 |
Trade receivables allowance for doubtful accounts | Trade receivables allowance for doubtful accounts activity is as follows: (Dollars in millions) June 30, June 30, June 30, Trade receivables allowance for doubtful accounts Beginning balance $ 5.4 $ 5.7 $ 4.2 Charged to cost and expenses 2.7 0.5 2.1 Deductions and other (1.1 ) (1.0 ) (0.6 ) Impact of foreign exchange (0.4 ) 0.2 Closing balance $ 6.6 $ 5.4 $ 5.7 |
Inventory Reserve | Inventory reserve activity is as follows: (Dollars in millions) June 30, June 30, June 30, Inventory reserve Beginning balance $ 12.9 $ 11.8 $ 8.5 Charged to cost and expenses 9.5 10.2 8.7 Deductions (6.5 ) (9.5 ) (5.9 ) Impact of foreign exchange (1.8 ) 0.4 0.5 Closing balance $ 14.1 $ 12.9 $ 11.8 |
Quarterly Financial Data - Un45
Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 2015, By Quarters First Second Third Fourth Net revenue $ 418.3 $ 455.8 $ 446.6 $ 510.1 Gross margin 125.3 156.1 152.2 181.7 Earnings/(loss) from continuing operations less net income (loss) attributable to noncontrolling interest (19.9 ) 46.7 31.5 153.8 Net earnings/(loss) from discontinued operations, net of tax 0.4 (0.2 ) — (0.1 ) Net earnings/(loss) attributable to Catalent $ (19.5 ) $ 46.5 $ 31.5 $ 153.7 Earnings per share attributable to Catalent: Basic Earnings/(loss) from continuing operations $ (0.19 ) $ 0.38 $ 0.25 $ 1.23 Net earnings/(loss) $ (0.18 ) $ 0.37 $ 0.25 $ 1.23 Diluted Earnings/(loss) from continuing operations $ (0.19 ) $ 0.37 $ 0.25 $ 1.22 Net earnings/(loss) $ (0.18 ) $ 0.37 $ 0.25 $ 1.22 (Dollars in millions, except per share data) Fiscal Year 2014, By Quarters 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 |
Basis of Presentation and Sum46
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | Jun. 02, 2015$ / sharesshares | Mar. 09, 2015$ / sharesshares | Jul. 17, 2014 | Sep. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Jul. 31, 2014$ / shares |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 70 | |||||||
Stock Issued During Period, Shares, New Issues | 48.9 | |||||||
Share Price | $ / shares | $ 20.50 | |||||||
Proceeds from Issuance Initial Public Offering | $ | $ 952.2 | |||||||
Gain (Loss) on Contract Termination | $ | $ 29.8 | $ 0 | $ 0 | |||||
Sale of Stock, Number of Shares, Underwriters Option to Purchase | 2.1 | 3.6 | ||||||
Number of Reportable Segments | segment | 3 | |||||||
Blackstone [Member] | ||||||||
Share Price | $ / shares | $ 29 | $ 29.50 | ||||||
Sale of Stock, Number of Shares Sold by Entity | 16.1 | 27.3 | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 20.80% | 32.70% |
Basis of Presentation and Sum47
Basis of Presentation and Summary of Significant Accounting Policies Oral Technologies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net revenue | $ 510.1 | $ 446.6 | $ 455.8 | $ 418.3 | $ 519.6 | $ 453.1 | $ 440.7 | $ 414.3 | $ 1,830.8 | $ 1,827.7 | $ 1,800.3 |
Oral Technologies [Member] | |||||||||||
Net revenue | 1,141.1 | $ 1,180.1 | $ 1,186.3 | ||||||||
Intra Segment Revenue Elimination | 37.9 | ||||||||||
Oral Technologies [Member] | Modified Release Technologies [Member] | |||||||||||
Net revenue | 391.5 | ||||||||||
Oral Technologies [Member] | Softgel Technologies [Member] | |||||||||||
Net revenue | $ 787.5 |
Basis of Presentation and Sum48
Basis of Presentation and Summary of Significant Accounting Policies Concentrations of Credit Risk and Major Customers (Details) - Customer Concentration Risk [Member] | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Sales [Member] | ||
Concentration Risk, Number of Customers | 0 | 0 |
Accounts Receivable [Member] | ||
Concentration Risk, Number of Customers | 0 | 0 |
Basis of Presentation and Sum49
Basis of Presentation and Summary of Significant Accounting Policies Property and Equipment and Other Definite Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Depreciation expense | $ 94.3 | $ 100.5 | $ 108.8 |
Impairment charges and (gain)/loss on sale of assets | $ 4.7 | $ 3.2 | $ 5.2 |
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 Sum50
Basis of Presentation and Summary of Significant Accounting Policies Research and Development Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Selling, General and Administrative Expenses [Member] | |||
Research and Development Expense | $ 12.2 | $ 17.5 | $ 14.5 |
Cost of Sales [Member] | |||
Research and Development Expense | $ 41.3 | $ 34 | $ 35 |
Business Combinations Busines51
Business Combinations Business Combinations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 130.8 | $ 53.7 | $ 2.5 | |
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 111.6 | 110.8 | ||
Finite-lived Intangible Assets Acquired | 56 | |||
Customer relationships [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Finite-lived Intangible Assets Acquired | 34 | |||
Core technology [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 22 |
Goodwill - Carrying Amount of G
Goodwill - Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Goodwill [Roll Forward] | |||
Beginning balance | $ 1,097.1 | $ 1,023.4 | [1] |
Goodwill, Acquired During Period (Impairment Loss) | 61 | 32.6 | |
Foreign currency translation adjustments | (96.6) | 41.1 | |
Ending balance | 1,061.5 | 1,097.1 | |
Oral Technologies [Member] | |||
Goodwill [Roll Forward] | |||
Beginning balance | 891.8 | 833.2 | [1] |
Goodwill, Acquired During Period (Impairment Loss) | 2.1 | 32.6 | |
Foreign currency translation adjustments | (81.9) | 26 | |
Ending balance | 812 | 891.8 | |
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) | 19.9 | 0 | |
Foreign currency translation adjustments | 0 | 0 | |
Ending balance | 19.9 | 0 | |
Development and Clinical Services [Member] | |||
Goodwill [Roll Forward] | |||
Beginning balance | 205.3 | 190.2 | [1] |
Goodwill, Acquired During Period (Impairment Loss) | 39 | 0 | |
Foreign currency translation adjustments | (14.7) | 15.1 | |
Ending balance | $ 229.6 | $ 205.3 | |
[1] | The opening balance is reflective of impairment charges recorded in fiscal 2008 and fiscal 2009 related to the Medication Delivery Solutions segment of approximately $158.0 million. |
Definite Lived Long-Lived Ass53
Definite Lived Long-Lived Assets - Other Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Product Rights [Line Items] | ||
Gross Carrying Value | $ 659.7 | $ 622.4 |
Accumulated Amortization | (291) | (264.8) |
Net Carrying Value | $ 368.7 | $ 357.6 |
Core technology [Member] | ||
Product Rights [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | 20 years |
Gross Carrying Value | $ 177.6 | $ 150.2 |
Accumulated Amortization | (57.6) | (53.3) |
Net Carrying Value | $ 120 | $ 96.9 |
Customer relationships [Member] | ||
Product Rights [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | 14 years |
Gross Carrying Value | $ 259.2 | $ 234.6 |
Accumulated Amortization | (81.8) | (68) |
Net Carrying Value | $ 177.4 | $ 166.6 |
Product relationships [Member] | ||
Product Rights [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | 12 years |
Gross Carrying Value | $ 222.9 | $ 237.6 |
Accumulated Amortization | (151.6) | (143.5) |
Net Carrying Value | $ 71.3 | $ 94.1 |
Definite Lived Long-Lived Ass54
Definite Lived Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Finite lived intangible assets disclosure [Abstract] | |||
Impairment of Intangible Assets, Finite-lived | $ 3.4 | $ 0 | $ 0 |
Amortization expense | $ 46.5 | $ 42.4 | $ 43.4 |
Definite Lived Long-Lived Ass55
Definite Lived Long-Lived Assets - Future Amortization Expense (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Finite lived intangible assets disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 47.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 46.9 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 46.8 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 40.8 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 26.1 |
Restructuring and Other Costs56
Restructuring and Other Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Restructuring and Related Activities [Abstract] | ||||
Employee-related reorganization | [1] | $ 11.5 | $ 16.5 | $ 15.1 |
Asset impairments | 0 | 0 | 0.7 | |
Facility exit and other costs | [2] | 1.9 | 3.2 | 2.6 |
Restructuring Charges | $ 13.4 | $ 19.7 | $ 18.4 | |
[1] | Employee-related costs consist primarily of severance costs and also include outplacement services provided to employees who have been involuntarily terminated and duplicate payroll costs during transition periods. | |||
[2] | Facility exit and other costs consist of accelerated depreciation, equipment relocation costs and costs associated with planned facility expansions and closures to streamline Company operations. |
Long-Term Obligations and Oth57
Long-Term Obligations and Other Short-Term Borrowings - Additional Information (Detail) € in Millions, $ in Millions | Dec. 01, 2014USD ($) | Dec. 01, 2014EUR (€) | Sep. 12, 2014USD ($) | Sep. 04, 2014USD ($) | Sep. 04, 2014EUR (€) | Aug. 28, 2014USD ($) | Aug. 06, 2014USD ($) | Sep. 12, 2014USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | May. 20, 2014USD ($) | Feb. 28, 2013EUR (€) |
Senior Secured Credit Facilities | ||||||||||||||
Debt, Current | $ 23.8 | $ 25.2 | ||||||||||||
Long-term Debt and Capital Lease Obligations | 1,864.1 | 2,685.4 | ||||||||||||
Maximum borrowing capacity | 200 | |||||||||||||
Payments of Financing Costs | 0 | |||||||||||||
Unamortized Debt Issuance Expense | 9.5 | 19.7 | ||||||||||||
Repayments of Long-term Debt | 879.8 | 1,741.3 | $ 708.5 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 130.8 | 53.7 | 2.5 | |||||||||||
Debt Issuance Cost | $ 2.8 | |||||||||||||
Letters of Credit Outstanding, Amount | 11.7 | |||||||||||||
Call Premium Paid For Redemption Of Debt | 12.6 | 7.2 | $ 10.8 | |||||||||||
Amortization of Financing Costs | 2.2 | 10.2 | ||||||||||||
Term Loan Three Facility Dollar Denominated [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt and Capital Lease Obligations | 1,471 | $ 1,383.9 | ||||||||||||
Maximum borrowing capacity | $ 1,400 | |||||||||||||
Unamortized Debt Issuance Expense | 7.2 | |||||||||||||
Line of Credit Facility, Increase (Decrease), Net | 100 | |||||||||||||
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% | |||||||||||||
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% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | |||||||||||||
Term Loan Three Facility Euro Denominated [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt and Capital Lease Obligations | $ 355.8 | $ 338.6 | ||||||||||||
Maximum borrowing capacity | 250 | |||||||||||||
Line of Credit Facility, Increase (Decrease), Net | 91 | € 72.8 | ||||||||||||
Debt instrument issued amount | € | € 44.9 | |||||||||||||
Term Loan Three Facility Euro Denominated [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | |||||||||||||
Term Loan Three Facility Euro Denominated [Member] | Base Rate [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | |||||||||||||
9 3/4 % Senior Subordinated Euro-denominated Notes [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt and Capital Lease Obligations | $ 0 | 293.9 | ||||||||||||
Proceeds from (Payments for) Deposits Applied to Debt Retirements | € | € 225 | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.625% | 101.625% | ||||||||||||
Call Premium Paid For Redemption Of Debt | $ 4.5 | |||||||||||||
Unamortized Deferred Financing Costs Written Off | $ 4 | |||||||||||||
Seven Point Eight Seven Five Percent Senior Notes [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt and Capital Lease Obligations | 0 | 348.7 | ||||||||||||
Proceeds from (Payments for) Deposits Applied to Debt Retirements | $ 350 | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.50% | |||||||||||||
Call Premium Paid For Redemption Of Debt | $ 5.3 | |||||||||||||
Unamortized Deferred Financing Costs Written Off | $ 5.9 | |||||||||||||
Senior Unsecured Term Loan Facility [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt and Capital Lease Obligations | 0 | 274.3 | ||||||||||||
Repayments of Long-term Debt | $ 40.5 | |||||||||||||
Revolving Credit Facility - Two [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt and Capital Lease Obligations | $ 0 | 0 | ||||||||||||
Maximum borrowing capacity | $ 200 | |||||||||||||
Revolving Credit Facility - Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | |||||||||||||
Revolving Credit Facility - Two [Member] | Base Rate [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | |||||||||||||
Capital Lease Obligations [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt and Capital Lease Obligations | $ 55.5 | 64 | ||||||||||||
Other Obligations [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Debt and Capital Lease Obligations | 5.6 | $ 7.2 | ||||||||||||
Proceeds from (Payments for) Deposits Applied to Debt Retirements | $ 120 | $ 114.5 | ||||||||||||
Unamortized Deferred Financing Costs Written Off | $ 0.9 | |||||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||||||||
Senior Secured Credit Facilities | ||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 111.6 | $ 110.8 |
Long-Term Obligations and Oth58
Long-Term Obligations and Other Short-Term Borrowings- Maturities (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Long Term Debt and Capital Lease Obligations Repayments of Principal in the Next Twelve Months | $ 24.3 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Two | 22.9 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Three | 21.1 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Four | 21.4 |
Long Term Debt and Capital Lease Obligations Repayments of Principal in Year Five | 21.7 |
Long Term Debt and Capital Lease Obligations Repayments of Principal After Year Five | 1,793 |
Total | $ 1,904.4 |
Senior Secured Credit Facility [Member] | |
Pledge Percentage Of Capital Stock | 100.00% |
Pledge Percentage Of Equity Interest | 100.00% |
Maximum Percentage Of Voting Stock | 65.00% |
Long-Term Obligations and Oth59
Long-Term Obligations and Other Short-Term Borrowings Fair Value Measurements of Financial Instruments - Carrying Amounts and Estimated Fair Value of FInancial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Reported Value Measurement [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Debt and Capital Lease Obligations | $ 1,887.9 | $ 2,710.6 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,854.7 | $ 2,680.2 |
Earnings Per Share Calculations
Earnings Per Share Calculations of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 153.8 | $ 31.5 | $ 46.7 | $ (19.9) | $ 27.2 | $ 8.4 | $ (18.6) | $ 1.9 | $ 212.1 | $ 18.9 | $ (50.8) |
Net earnings/(loss) from discontinued operations, net of tax | (0.1) | 0 | (0.2) | 0.4 | 0 | (1.7) | (0.6) | (0.4) | 0.1 | (2.7) | 1.2 |
Net Income (Loss) Attributable to Parent | $ 153.7 | $ 31.5 | $ 46.5 | $ (19.5) | $ 27.2 | $ 6.7 | $ (19.2) | $ 1.5 | $ 212.2 | $ 16.2 | $ (49.6) |
Weighted Average Number of Shares Outstanding, Basic | 119,575,568 | 75,045,147 | 74,970,628 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,773,068 | 1,078,710 | 0 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 121,348,636 | 76,123,857 | 74,970,628 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.23 | $ 0.25 | $ 0.38 | $ (0.19) | $ 0.36 | $ 0.11 | $ (0.25) | $ 0.03 | $ 1.77 | $ 0.25 | $ (0.68) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.03) | 0.02 | ||||||||
Earnings Per Share, Basic | 1.23 | 0.25 | 0.37 | (0.18) | 0.36 | 0.09 | (0.26) | 0.02 | 1.77 | 0.22 | (0.66) |
Income (Loss) from Continuing Operations, Per Diluted Share | 1.22 | 0.25 | 0.37 | (0.19) | (0.36) | 0.11 | (0.25) | 0.02 | 1.75 | 0.25 | (0.68) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.04) | 0.02 | ||||||||
Earnings Per Share, Diluted | $ 1.22 | $ 0.25 | $ 0.37 | $ (0.18) | $ (0.36) | $ 0.09 | $ (0.26) | $ 0.02 | $ 1.75 | $ 0.21 | $ (0.66) |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share - Additional Details (Details) - Stock Compensation Plan [Member] - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.1 | 2.3 | 6.5 |
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 He62
Derivative Instruments and Hedging Activities - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Feb. 28, 2013EUR (€) | |
Derivative [Line Items] | ||||
Net investment hedge | $ 30 | $ (13.6) | $ (20.9) | |
Loss within cumulative translation adjustment | 144 | (32.4) | $ 47.9 | |
Net accumulated gain related to investment hedges | 79.5 | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 47.7 | $ (9.6) | ||
Euribor Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Losses reclassified into earnings as a result of discontinuance | $ 0.1 | |||
Euro Notional [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Notional amount interest rate derivatives | € | € 240 | |||
Derivatives not designated as Hedging Instrument under ASC 815 [Member] | Euro Notional [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Notional amount interest rate derivatives | € | 35 | |||
Term Loan Three Facility Euro Denominated [Member] | ||||
Derivative [Line Items] | ||||
Debt instrument issued amount | € | € 44.9 |
Derivative Instruments and He63
Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on Consolidated Statement of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Interest income (expense), net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Reclassified from AOCI into Income (Effective Portion) | $ 0 | $ 0 | $ 21.6 |
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 | 0.1 |
Interest rate swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Recognized in AOCI on Derivative (Effective Portion) | $ 0 | $ 0 | $ 1.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Contingency [Line Items] | |||
Undistributed earnings from non-U.S. subsidiaries | $ 412,500,000 | ||
Accrued tax provision for repatriation of foreign earnings | 0 | ||
Deferred Tax Liabilities, Gross | $ 226,600,000 | $ 201,100,000 | |
Carry forward period | 20 years | ||
Valuation allowance | $ 82,400,000 | 218,200,000 | |
Deferred Tax Assets, Net | (26,000,000) | ||
Unrecognized tax benefits | 66,900,000 | 60,600,000 | $ 37,700,000 |
Unrecognized tax benefits that impact the effective income tax rate | 46,700,000 | 41,400,000 | |
Unrecognized tax benefits that would not impact the effective income tax rate due to full valuation allowance | 20,200,000 | ||
Accrued interest related to uncertain tax positions | 6,300,000 | 5,100,000 | $ 5,000,000 |
Increase (decrease) in interest on income taxes accrued | 1,200,000 | ||
Interest and penalties subject to indemnification | 2,300,000 | ||
Increase (decrease) in interest on income taxes accrued subject to indemnification | 300,000 | ||
Domestic Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 344,600,000 | $ 329,500,000 | |
Deferred Tax Liabilities, Gross | 35,400,000 | ||
Losses Generated | 56,800,000 | ||
Valuation allowance | 10,400,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 136,700,000 | ||
Deferred Tax Assets, Net | 294,100,000 | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 13,200,000 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | 483,800,000 | ||
Losses Generated | 181,500,000 | ||
Valuation allowance | 483,800,000 | ||
Foreign Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating Loss Carryforwards | $ 101,800,000 | ||
Carry forward period | 3 years |
Income Taxes-Components of Inco
Income Taxes-Components of Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. Operations | $ 25.8 | $ (75.6) | $ (124.9) |
Non-U.S. Operation | 86.7 | 143 | 101 |
Earnings/(loss) from continuing operations before income taxes | $ 112.5 | $ 67.4 | $ (23.9) |
Income Taxes-Components of In66
Income Taxes-Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | $ 0 | $ 0 | $ (0.4) |
State and local | (0.8) | (1.2) | (2.4) |
Non-U.S. | 31.9 | 55.7 | 21.2 |
Total | 31.1 | 54.5 | 18.4 |
Deferred: | |||
Federal | (125.3) | 5.3 | 8.8 |
State and local | (1.1) | 0.4 | (0.3) |
Non-U.S. | (2.4) | (10.7) | 0.1 |
Total | (128.8) | (5) | 8.6 |
Total provision/(benefit) | $ (97.7) | $ 49.5 | $ 27 |
Income Taxes-Income Tax Reconci
Income Taxes-Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Provision at U.S. federal statutory tax rate | $ 39.4 | $ 23.6 | $ (8.4) |
State and local income taxes | (2.4) | 0.6 | 0.6 |
Foreign tax rate differential | (23.9) | (25.5) | (15.1) |
Permanent items | 1.7 | 24.6 | 52.6 |
Unrecognized tax positions | 14.7 | 34.2 | 0 |
Tax valuation allowance | (133.2) | (9.5) | 3.8 |
Foreign tax credit - Non U.S. | (0.1) | (0.8) | (3.3) |
Withholding tax and other foreign taxes | 1.4 | 6.2 | 4.7 |
Change in tax rate | 1.3 | (5) | (4.6) |
Effective Income Tax Rate Reconciliation, Tax Effect of Other Comprehensive Income Deferred Taxes, Federal | 0 | 0 | 2.9 |
Effective Income Tax Reconciliation, Foreign Currency Impact on Permanently Reinvested Loans | 2.7 | 0 | 0 |
Other | 0.7 | 1.1 | (6.2) |
Total provision/(benefit) | $ (97.7) | $ 49.5 | $ 27 |
Income Taxes-Deferred Tax Asset
Income Taxes-Deferred Tax Assets (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred income tax assets: | ||
Accrued liabilities | $ 24 | $ 25.1 |
Equity compensation | 8.4 | 10 |
Loss and tax credit carryforwards | 204 | 196.2 |
Foreign currency | 18.4 | 23.2 |
Pension | 38.8 | 50.6 |
Property-related | 9.7 | 11.8 |
Intangibles | 10.5 | 16.3 |
Other | 17.1 | 16.9 |
Other comprehensive income | 4.1 | 4 |
Total deferred income tax assets | 335 | 354.1 |
Valuation allowance | (82.4) | (218.2) |
Net deferred income tax assets | 252.6 | 135.9 |
Deferred income tax liabilities: | ||
Accrued liabilities | (0.6) | (0.2) |
Equity compensation | 0 | 0 |
Foreign currency | (0.4) | (0.1) |
Property-related | (44.5) | (15.1) |
Goodwill and other intangibles | (156.1) | (164.7) |
Other | (1.8) | (1.2) |
Other comprehensive income | (23.2) | (19.8) |
Total deferred income tax liabilities | (226.6) | (201.1) |
Deferred Tax Assets, Net | $ (26) | |
Deferred Tax Liability, Net | $ (65.2) |
Income Taxes-Balance Sheet (Det
Income Taxes-Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred income taxes | $ 19.7 | $ 12.7 |
Non-current deferred tax asset | 64.1 | 26.3 |
Current deferred tax liability | (1.5) | (1) |
Non-current deferred tax liability | 56.3 | 103.2 |
Deferred Tax Assets, Net | $ (26) | |
Deferred Tax Liability, Net | $ (65.2) |
Income Taxes-Unrecognized Tax B
Income Taxes-Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Beginning Balance | $ 60.6 | $ 37.7 |
Additions based on tax positions related to the current year | 7.3 | 7.5 |
Additions for tax positions of prior years | 5.5 | 25.1 |
Reductions for tax positions of prior years | (5.4) | (4.8) |
Settlements | (0.5) | (4.9) |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (0.6) | |
Ending Balance | $ 66.9 | $ 60.6 |
Employee Retirement Benefit P71
Employee Retirement Benefit Plans-Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cash impact with long term obligation | $ 1.7 | |
Multiemployer Plans, Estimated Annual Cash Contribution | $ 1.7 | |
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 | $ 39.5 | $ 39.6 |
Employee Retirement Benefit P72
Employee Retirement Benefit Plans-Accumulated Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Employer contributions between measurement date and reporting date | ||
Fair value of plan assets at beginning of year | $ 222.2 | |
Fair value of plan assets at end of year | 222 | $ 222.2 |
Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amortization of Gains (Losses) | 1.8 | 1.3 |
Accumulated Benefit Obligation | 316 | 324.4 |
Change in Benefit Obligation | ||
Benefit obligation at beginning of year | 333.8 | 289.1 |
Company service cost | 2.7 | 2.8 |
Interest cost | 11.4 | 12.2 |
Employee contributions | 0 | 0 |
Plan amendments | 0 | 0 |
Curtailments | (1.6) | 0 |
Settlements | 0 | (1.7) |
Special termination benefits | 0 | 0 |
Divestitures | 0 | 0 |
Business combinations | 0 | 0 |
Benefits paid | (9.6) | (10.9) |
Actual expenses | 0 | (0.1) |
Actuarial (gain)/loss | 20.8 | 24.3 |
Exchange rate gain/(loss) | (33.8) | 18.1 |
Benefit obligation at end of year | 323.7 | 333.8 |
Employer contributions between measurement date and reporting date | ||
Fair value of plan assets at beginning of year | 222.2 | 198.4 |
Actual return on plan assets | 18.4 | 14 |
Company contributions | 9 | 8.6 |
Employee contributions | 0 | 0 |
Settlements | 0 | (1.7) |
Special company contributions to fund termination benefits | 0 | 0 |
Divestitures | 0 | 0 |
Business combinations | 0 | 0 |
Benefits paid | (9.6) | (10.9) |
Actual expenses | 0 | (0.1) |
Exchange rate gain/(loss) | (18) | 13.9 |
Fair value of plan assets at end of year | 222 | 222.2 |
Funded status at end of year | (101.7) | (111.4) |
Employer contributions between measurement date and reporting date | 0 | 0 |
Net pension asset (liability) | (111.4) | |
Other Post-Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amortization of Gains (Losses) | (0.1) | 0 |
Accumulated Benefit Obligation | 3.7 | 4.4 |
Change in Benefit Obligation | ||
Benefit obligation at beginning of year | 4.4 | 4.9 |
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 | (0.2) | (0.3) |
Actual expenses | 0 | 0 |
Actuarial (gain)/loss | (0.7) | (0.4) |
Exchange rate gain/(loss) | 0 | 0 |
Benefit obligation at end of year | 3.7 | 4.4 |
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 | 0.2 | 0.3 |
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 | (0.2) | (0.3) |
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 | (3.7) | (4.4) |
Employer contributions between measurement date and reporting date | 0 | $ 0 |
Net pension asset (liability) | $ (4.4) |
Employee Retirement Benefit P73
Employee Retirement Benefit Plans-Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Retirement Benefits [Member] | ||
Amounts Recognized in Statement of Financial Position | ||
Noncurrent assets | $ 0.6 | $ 0.7 |
Current liabilities | (0.9) | (1) |
Noncurrent liabilities | (101.4) | (111.1) |
Funded status at end of year | (101.7) | (111.4) |
Amounts Recognized in Accumulated Other Comprehensive Income | ||
Transition (asset)/obligation | 0 | 0 |
Prior service cost | 0.1 | 0.2 |
Net (gain)/loss | 63.2 | 52.2 |
Total accumulated other comprehensive income at the end of the year | 63.3 | 52.4 |
Additional Information for Plan with ABO in Excess of Plan Assets | ||
Projected benefit obligation | 309.6 | 318.1 |
Accumulated benefit obligation | 304.1 | 311.2 |
Fair value of plan assets | 207.3 | 206 |
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 | 309.6 | 318.1 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 304.1 | 311.2 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 207.3 | 206 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service Cost | 2.7 | 2.8 |
Interest Cost | 11.4 | 12.2 |
Expected return on plan assets | (10.5) | (10.4) |
Transition (asset)/obligation | 0 | 0 |
Prior service cost | 0 | 0 |
Net (gain)/loss | 1.8 | 1.3 |
Ongoing periodic cost | 5.4 | 5.9 |
Settlement/curtailment expense/(income) | (0.2) | 0.2 |
Net periodic benefit cost | 5.2 | 6.1 |
Other Post-Retirement Benefits [Member] | ||
Amounts Recognized in Statement of Financial Position | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (0.8) | (0.4) |
Noncurrent liabilities | (2.9) | (4) |
Funded status at end of year | (3.7) | (4.4) |
Amounts Recognized in Accumulated Other Comprehensive Income | ||
Transition (asset)/obligation | 0 | 0 |
Prior service cost | 0 | 0 |
Net (gain)/loss | (1.6) | (0.9) |
Total accumulated other comprehensive income at the end of the year | (1.6) | (0.9) |
Additional Information for Plan with ABO in Excess of Plan Assets | ||
Projected benefit obligation | 3.7 | 4.4 |
Accumulated benefit obligation | 3.7 | 4.4 |
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 | 3.7 | 4.4 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 3.7 | 4.4 |
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 | (0.1) | 0 |
Ongoing periodic cost | 0.1 | 0.2 |
Settlement/curtailment expense/(income) | 0 | 0 |
Net periodic benefit cost | $ 0.1 | $ 0.2 |
Employee Retirement Benefit P74
Employee Retirement Benefit Plans-AOCI (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (gain)/loss arising during the year | $ 12,300,000 | $ 20,400,000 | $ (9,500,000) |
Net (gain)/loss recognized during the year | 3,100,000 | 1,500,000 | 1,100,000 |
Total Pension, pretax | (8,600,000) | (19,400,000) | $ 10,200,000 |
Retirement Benefits [Member] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (gain)/loss arising during the year | (13,000,000) | (20,700,000) | |
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 | (3,200,000) | (1,500,000) | |
Exchange rate gain/(loss) recognized during the year | (600,000) | 500,000 | |
Total Pension, pretax | 9,200,000 | 19,700,000 | |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | 14,400,000 | 27,300,000 | |
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 | $ 2,900,000 | $ 2,000,000 | |
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date | |||
Discount rate (percent) | 3.38% | 3.73% | |
Rate of compensation increases (percent) | 2.06% | 2.10% | |
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year | |||
Discount rate (percent) | 3.73% | 4.14% | |
Rate of compensation increases (percent) | 2.10% | 2.51% | |
Expected long-term rate of return (percent) | 5.11% | 5.11% | |
Expected Future Contributions | |||
2,016 | $ 7,600,000 | ||
Other Post-Retirement Benefits [Member] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Net (gain)/loss arising during the year | 700,000 | $ 300,000 | |
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 | 100,000 | 0 | |
Exchange rate gain/(loss) recognized during the year | 0 | 0 | |
Total Pension, pretax | (600,000) | (300,000) | |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | (500,000) | (200,000) | |
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 | $ (100,000) | $ (100,000) | |
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date | |||
Discount rate (percent) | 3.69% | 3.67% | |
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year | |||
Discount rate (percent) | 3.67% | 3.92% | |
Expected Future Contributions | |||
2,016 | $ 830,044 |
Employee Retirement Benefit P75
Employee Retirement Benefit Plans-Fiscal Year Maturity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Retirement Benefits [Member] | ||
Expected Future Benefit Payments | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 10.5 | $ 9.7 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 9.5 | 11.3 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 11.1 | 10.6 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 11.2 | 12.7 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 13.9 | 12.7 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 72 | $ 77.5 |
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | $ 222 | $ 222.2 |
Target Asset Allocation (percent) | 100.00% | 100.00% |
Retirement Benefits [Member] | Equity Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | $ 75.7 | $ 75.7 |
Target Asset Allocation (percent) | 34.50% | 34.30% |
Retirement Benefits [Member] | US Government Agencies Debt Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | $ 62.7 | $ 60 |
Target Asset Allocation (percent) | 24.80% | 24.50% |
Retirement Benefits [Member] | Corporate Debt Securities [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | $ 38.5 | $ 37.9 |
Target Asset Allocation (percent) | 22.10% | 21.70% |
Retirement Benefits [Member] | Real Estate [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | $ 6.9 | $ 6.6 |
Target Asset Allocation (percent) | 3.50% | 3.60% |
Retirement Benefits [Member] | Insurance Contracts [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | $ 18.9 | $ 21 |
Target Asset Allocation (percent) | 6.30% | 7.10% |
Retirement Benefits [Member] | Other Assets [Member] | ||
Expected Future Benefit Payments | ||
Actual Asset Allocation (percent) | 0.00% | 0.00% |
Actual Asset Allocation | $ 19.3 | $ 21 |
Target Asset Allocation (percent) | 8.80% | 8.80% |
Other Post-Retirement Benefits [Member] | ||
Expected Future Benefit Payments | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 0.8 | $ 0.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.3 | 0.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 0.3 | 0.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 0.3 | 0.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 0.3 | 0.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 1.1 | $ 1.6 |
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 P76
Employee Retirement Benefit Plans-Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 222 | $ 222.2 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 32.9 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 194.5 | 159.2 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27.5 | 30.1 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 75.7 | 75.7 |
Equity Securities [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 6.1 |
Equity Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 75.7 | 69.6 |
Equity Securities [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 101.2 | 97.9 |
Debt Securities [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 26.8 |
Debt Securities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 101.2 | 71.1 |
Debt Securities [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.9 | 6.6 |
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 | 0.3 | 0.4 |
Real Estate [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.6 | 6.2 |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 38.2 | 42 |
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 | 17.3 | 18.1 |
Other [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 20.9 | $ 23.9 |
Employee Retirement Benefit P77
Employee Retirement Benefit Plans-Level 3 (Details) - Level 3 [Member] $ in Millions | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Employer contributions between measurement date and reporting date | |
Beginning balance | $ 30.1 |
Relating to assets still held at the reporting date | (2) |
Relating to assets sold during the period | 0 |
Purchases, sales, settlements, contributions and benefits paid | (0.6) |
Transfers in and/or out of Level 3 | 0 |
Ending balance | 27.5 |
Insurance Contracts [Member] | |
Employer contributions between measurement date and reporting date | |
Beginning balance | 4.7 |
Relating to assets still held at the reporting date | 0.2 |
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 | 4.7 |
Other Unobservable Assets [Member] | |
Employer contributions between measurement date and reporting date | |
Beginning balance | 25.4 |
Relating to assets still held at the reporting date | (2.2) |
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 | $ 22.8 |
Employee Retirement Benefit P78
Employee Retirement Benefit Plans-Assumed Healthcare Trend Rates (Details) - Other Post-Retirement Benefits [Member] - USD ($) number in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Effect of 1% Change in Healthcare Cost Trend Rate | ||
Effect of 1% increase on APBO at balance sheet date | $ 171,309 | $ 278,651 |
Effect of 1% increase on total service and interest cost | 8,181 | 11,363 |
Effect of 1% decrease on APBO at balance sheet date | (152,189) | (245,360) |
Effect of 1% decrease on total service and interest cost | (7,282) | $ (10,008) |
2,016 | $ 830,044 | |
Pre 65 [Member] | ||
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date | ||
Healthcare cost trend rate-initial (percent) | 0.00% | |
Healthcare cost trend rate-ulitimate (percent) | 0.00% | |
Year in which ultimate rates are reached | 2,021 | |
Post 65 [Member] | ||
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date | ||
Healthcare cost trend rate-initial (percent) | 0.00% | 0.00% |
Healthcare cost trend rate-ulitimate (percent) | 0.00% | 0.00% |
Year in which ultimate rates are reached | 2,022 | 2,020 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015USD ($)employee$ / employee | Jun. 30, 2014USD ($)$ / employee | Jun. 30, 2013USD ($) | |
Related Party Transaction [Line Items] | |||
Gain (Loss) on Contract Termination | $ 29.8 | $ 0 | $ 0 |
Sponsor advisory fee | $ 0 | $ 12.9 | $ 12.4 |
Employer health program agreement, fee per participant (usd per employee) | $ / employee | 2.80 | 2.70 | |
Equity Healthcare [Member] | |||
Related Party Transaction [Line Items] | |||
Employer healthcare program agreement, employees enrolled (employees) | employee | 2,500 |
Equity and Accumulated Other 80
Equity and Accumulated Other Comprehensive Income (Loss) Equity (Details) | Jul. 17, 2014 | Jun. 30, 2015vote$ / sharesshares | Jun. 30, 2014$ / sharesshares |
Equity [Abstract] | |||
Common Stock, Shares Authorized | shares | 1,000,000,000 | 84,000,000 | |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized | shares | 100,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||
Common Stock, Amount of Votes | vote | 1 | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 70 |
Equity and Accumulated Other 81
Equity and Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Earnings/(Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income /(loss), net of tax | $ (149.8) | $ 18.6 | $ (13.9) | |
Accumulated other comprehensive income/(loss) | (174) | (24.2) | (42.8) | $ (28.9) |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income /(loss), net of tax | (144) | 32.4 | (47.9) | |
Accumulated other comprehensive income/(loss) | (130) | 14 | (18.4) | 29.5 |
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 | 0 | 24.5 | |
Accumulated other comprehensive income/(loss) | 0 | 0 | 0 | (24.5) |
Accumulated Deferred Compensation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income /(loss), net of tax | 0.6 | 1.7 | 0.8 | |
Accumulated other comprehensive income/(loss) | 3.8 | 3.2 | 1.5 | 0.7 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income /(loss), net of tax | (6.4) | (15.5) | 8.7 | |
Accumulated other comprehensive income/(loss) | $ (47.8) | $ (41.4) | $ (25.9) | $ (34.6) |
Equity and Accumulated Other 82
Equity and Accumulated Other Comprehensive Income (Loss)-Minimum Pension Liability (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Equity [Abstract] | ||||
Net investment hedge | $ 30 | $ (13.6) | $ (20.9) | |
Long term inter-company loans | (9) | 28.3 | (4.8) | |
Translation adjustments | (152.7) | 17.7 | (22.2) | |
Total cumulative translation adjustment, pretax | (131.7) | 32.4 | (47.9) | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | [1] | (12.3) | 0 | 0 |
Total cumulative translation adjustment, net of tax | (144) | 32.4 | (47.9) | |
Net gain/(loss) arising during the year | (12.3) | (20.4) | 9.5 | |
Net (gain)/loss recognized during the year | 3.1 | 1.5 | 1.1 | |
Foreign Exchange Translation and Other | 0.6 | (0.5) | (0.4) | |
Total Pension, pretax | (8.6) | (19.4) | 10.2 | |
Pension liability tax | 2.2 | 3.9 | (1.5) | |
Net change in minimum pension liability, net of tax | $ (6.4) | $ (15.5) | $ 8.7 | |
[1] | Tax related to foreign currency translation adjustments primarily relates to the Net investment hedge activity. |
Equity Based Compensation (Addi
Equity Based Compensation (Additional) (Details) - Equity Award [Domain] - Range [Domain] - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | |
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 | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 26.8 | $ 0.4 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 29 days | ||||
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 | $ 7.23 | $ 5.41 | $ 4.23 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 9 | $ 4.5 | $ 2.8 | ||
Stock Compensation Plan - Omnibus [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,700,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 509,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2.3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 692,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value of Granted Shares | $ 14.7 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Equity Based Compensation (Assu
Equity Based Compensation (Assumptions) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2015 | |
Employee Stock Option [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 | 32.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% | |||
Share Based Compensation Arrangement by Share Based Payment Award, Fair Value Assumptions, Expected Dividend Payments, Per Share | $ 0 | $ 0 | $ 0 | |
Employee Stock Option [Member] | 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% | ||
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 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.30% | 0.30% | ||
Employee Stock Option [Member] | 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% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 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% | ||
Stock Compensation Plan - Omnibus [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value of Granted Shares | $ 14.7 |
Equity Based Compensation (Opti
Equity Based Compensation (Option Activity) (Details) - Plan Name [Domain] - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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 | 623,000 | 20,000 |
Payments Related to Tax Withholding for Share-based Compensation | $ 10,300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 26,800,000 | $ 400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 3,600,000 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 15.62 | $ 13.96 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 16.05 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 20.97 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 11.70 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 15.56 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 12.83 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,800,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 29 days | |
Time [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 21,268,432 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 961,932 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 4 months 17 days | |
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 | 784,078 | |
Share-based Compensation Arrangement by Share-based Payment Award Options Granted Weighted Average Remaining Contractual Term | 6 years 3 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 25,979,873 | $ 24,001,410 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,007,699 | 2,632,280 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 9 months 29 days | 5 years 11 months 16 days |
Share Based Compensation Arrangement by Share Based Payment Award Options Vested and Expected to Vest Exercisable Exercised Weighted Average Remaining Contractual Term (duration) | 6 years 6 months 4 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (129,135) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (1,279,524) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,934,120 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 25,327,072 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 16,107,185 | |
Performance [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 5,517,749 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 467,936 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 4 months 10 days | |
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 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award Options Granted Weighted Average Remaining Contractual Term | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 14,296,090 | $ 9,483,970 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,097,250 | 1,563,730 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 10 months 13 days | 7 years 6 months 18 days |
Share Based Compensation Arrangement by Share Based Payment Award Options Vested and Expected to Vest Exercisable Exercised Weighted Average Remaining Contractual Term (duration) | 6 years 8 months 9 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (125,580) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (340,900) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,071,956 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 14,025,624 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 7,485,413 | |
Market [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | |
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 | ||
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 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award Options Granted Weighted Average Remaining Contractual Term | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 30,739,825 | $ 16,702,850 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,073,610 | 2,337,860 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 9 months 22 days | 7 years 22 days |
Share Based Compensation Arrangement by Share Based Payment Award Options Vested and Expected to Vest Exercisable Exercised Weighted Average Remaining Contractual Term (duration) | 3 years 9 months 18 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (264,250) | |
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 | 1,399,048 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 21,319,082 | |
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) - Plan Name [Domain] - USD ($) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 | 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 | $ 7.23 | $ 5.41 | $ 4.23 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 29 days | |||
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 | $ 10,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 773,300 | 55,020 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 21.51 | $ 17.43 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 800,654 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 26,703 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 12.94 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 55,671 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 21.27 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month | |||
Weighted Average Grant Date Fair Value of Restricted Stock Unit | $ 21.49 | $ 21.64 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 600,000 | $ 600,000 | $ 600,000 | |
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 |
Other Income _ Expense Other 87
Other Income / Expense Other Income / Expense (Details) - USD ($) $ in Millions | Dec. 01, 2014 | Oct. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Income Expense [Abstract] | ||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ 1.2 | $ 21.8 | $ 11.1 | $ 17 | ||
Business Combination, Gain Recognized on Bargain Purchase plus Gain/(Loss) from Change in Redeemable Noncontrolling Interest | (8.9) | 0 | 0 | |||
Gain (Loss) on Contract Termination | 29.8 | 0 | 0 | |||
Foreign Currency Transaction Gain (Loss), Unrealized | (2.4) | (2.5) | 3.2 | |||
Other Nonoperating Income (Expense) | 2.1 | 1.8 | 4.9 | |||
Nonoperating Income (Expense) | 42.4 | 10.4 | 25.1 | |||
Business Combination, Bargain Purchase, Gain Recognized, Amount Net of Tax | $ 3.2 | $ 7 | 8.9 | $ 0 | $ 0 | |
Noncontrolling Interest, Change in Redemption Value | $ 1.3 |
Redeemable noncontrolling int88
Redeemable noncontrolling interest Redeemable noncontrolling interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jul. 31, 2013 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 5.8 | $ 4.5 | |
Noncontrolling Interest, Change in Redemption Value | $ 1.3 | ||
Softgel Manufacturing Facility [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 67.00% | ||
Ownership percentage by noncontrolling owners (percent) | 33.00% |
Commitments and Contingencies-F
Commitments and Contingencies-Future Payments (Details) $ in Millions | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 8.4 |
Operating Leases, Future Minimum Payments, Due in Two Years | 6 |
Operating Leases, Future Minimum Payments, Due in Three Years | 5.3 |
Operating Leases, Future Minimum Payments, Due in Four Years | 4.2 |
Operating Leases, Future Minimum Payments, Due in Five Years | 4.1 |
Operating Leases, Future Minimum Payments, Due Thereafter | 7.8 |
Operating Leases, Future Minimum Payments Due | $ 35.8 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 10 | $ 9.5 | $ 9.4 |
Cash impact with long term obligation | $ 1.7 |
Segment Information - Net Reven
Segment Information - Net Revenue and Segment Ebitda (Detail) - USD ($) $ in Millions | Dec. 01, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||
Net revenue | $ 510.1 | $ 446.6 | $ 455.8 | $ 418.3 | $ 519.6 | $ 453.1 | $ 440.7 | $ 414.3 | $ 1,830.8 | $ 1,827.7 | $ 1,800.3 | ||
Segment EBITDA | 360.2 | 374.4 | 331.6 | ||||||||||
Inter-segment revenue elimination | (11) | (10.7) | (10.1) | ||||||||||
Impairment charges and gain/(loss) on sale of assets | (4.7) | (3.2) | (5.2) | ||||||||||
Equity compensation | (9) | (4.5) | (2.8) | ||||||||||
Restructuring and other special items | [1] | (27.2) | (29.4) | (29) | |||||||||
Sponsor advisory fee | 0 | 12.9 | 12.4 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1.9) | (1) | (0.1) | ||||||||||
Other income (expense), net | [2] | (42.4) | (10.4) | (25.1) | |||||||||
Non-allocated corporate costs, net | (19.4) | (22.7) | (16.2) | ||||||||||
Total unallocated costs | (100.8) | (82.1) | (90.6) | ||||||||||
Gain (Loss) on Contract Termination | 29.8 | 0 | 0 | ||||||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ (1.2) | (21.8) | (11.1) | (17) | |||||||||
Business Combination, Gain Recognized on Bargain Purchase plus Gain/(Loss) from Change in Redeemable Noncontrolling Interest | 8.9 | 0 | 0 | ||||||||||
Oral Technologies [Member] | |||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||
Net revenue | 1,141.1 | 1,180.1 | 1,186.3 | ||||||||||
Segment EBITDA | 313.7 | 324.3 | 315.7 | ||||||||||
Medication Delivery Solutions [Member] | |||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||
Net revenue | 261.9 | 246.1 | 219.3 | ||||||||||
Segment EBITDA | 53.9 | 48.7 | 31.5 | ||||||||||
Development and Clinical Services [Member] | |||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||
Net revenue | 438.8 | 412.2 | 404.8 | ||||||||||
Segment EBITDA | $ 93.4 | $ 83.5 | $ 75 | ||||||||||
[1] | Segment results do not include restructuring and certain acquisition-related costs | ||||||||||||
[2] | Amounts primarily relate to the expense associated with the termination of the sponsor advisory services agreement of $29.8 million in connection with the IPO, expenses related to financing transactions of $21.8 million and acquisition-related gains of $8.9 million, all during the current year; and foreign currency translation gains and losses during all periods presented. |
Segment Information - Reconcili
Segment Information - Reconciliation of Earnings/ (loss) from Continuing Operations to Ebitda (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting [Abstract] | |||
Earnings/(loss) from continuing operations | $ 210.2 | $ 17.9 | $ (50.9) |
Depreciation and amortization | 140.8 | 142.9 | 152.2 |
Interest expense, net | 105 | 163.1 | 203.2 |
Income tax expense/(benefit) | (97.7) | 49.5 | 27 |
Net Income (Loss) Attributable to Noncontrolling Interest | (1.9) | (1) | (0.1) |
EBITDA from continuing operations | $ 360.2 | $ 374.4 | $ 331.6 |
Segment Information Total Asset
Segment Information Total Assets (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 3,145.4 | $ 3,090.2 |
Oral Technologies [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 2,477.3 | 2,585.6 |
Medication Delivery Solutions [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 247.8 | 292.8 |
Development and Clinical Services [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 703.2 | 672.1 |
Corporate and Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ (282.9) | $ (460.3) |
Segment Information Depreciatio
Segment Information Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 140.8 | $ 142.9 | $ 152.2 |
Oral Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 73.6 | 80.8 | 86.7 |
Medication Delivery Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 23.7 | 22.6 | 20.6 |
Development and Clinical Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 36.6 | 30.9 | 33.2 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 6.9 | $ 8.6 | $ 11.7 |
Segment Information Capital Exp
Segment Information Capital Expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 141 | $ 122.4 | $ 122.5 |
Oral Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 75.6 | 56.1 | 47.7 |
Medication Delivery Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 22.6 | 25 | 47.7 |
Development and Clinical Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 24 | 28.2 | 21.3 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 18.8 | $ 13.1 | $ 5.8 |
Segment Information - Assets an
Segment Information - Assets and Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | $ 510.1 | $ 446.6 | $ 455.8 | $ 418.3 | $ 519.6 | $ 453.1 | $ 440.7 | $ 414.3 | $ 1,830.8 | $ 1,827.7 | $ 1,800.3 | |
Property, Plant and Equipment, Net | [1] | 885.2 | 873 | 885.2 | 873 | |||||||
Oral Technologies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | 1,141.1 | 1,180.1 | 1,186.3 | |||||||||
Medication Delivery Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | 261.9 | 246.1 | 219.3 | |||||||||
Development and Clinical Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | 438.8 | 412.2 | 404.8 | |||||||||
United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | 799.3 | 682.3 | 695.8 | |||||||||
Property, Plant and Equipment, Net | [1] | 479 | 413.7 | 479 | 413.7 | |||||||
Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | 795.4 | 888.8 | 863.2 | |||||||||
Property, Plant and Equipment, Net | [1] | 314.6 | 348.5 | 314.6 | 348.5 | |||||||
Rest of World [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | 268.6 | 278.8 | 270.1 | |||||||||
Property, Plant and Equipment, Net | [1] | 91.6 | 110.8 | 91.6 | 110.8 | |||||||
Consolidation, Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenue | (32.5) | (22.2) | $ (28.8) | |||||||||
Property, Plant and Equipment, Net | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
[1] | Long-lived assets include property and equipment, net of accumulated depreciation. |
Supplemental Balance Sheet In97
Supplemental Balance Sheet Information - Work-in-Process and Finished Goods Inventories Include Raw Materials, Labor and Overhead (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Balance Sheet Related Disclosures [Abstract] | ||||
Raw materials and supplies | $ 76.9 | $ 84.1 | ||
Work-in-process | 26.3 | 23.8 | ||
Finished goods | 43.8 | 39.8 | ||
Total inventory, gross | 147 | 147.7 | ||
Inventory reserve | (14.1) | (12.9) | $ (11.8) | $ (8.5) |
Inventories | $ 132.9 | $ 134.8 |
Supplemental Balance Sheet In98
Supplemental Balance Sheet Information - Prepaid and Other Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid Expense, Current | $ 22 | $ 16.6 |
Spare parts supplies | 11.5 | 12.5 |
Deferred income taxes | 19.7 | 12.7 |
Other current assets | 27.7 | 32.8 |
Prepaid Expense and Other Assets, Current | $ 80.9 | $ 74.6 |
Supplemental Balance Sheet In99
Supplemental Balance Sheet Information - Property and Equipment (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 | |
Balance Sheet Related Disclosures [Abstract] | |||
Land, buildings and improvements | $ 637.6 | $ 619 | |
Machinery, equipment and capitalized software | 727.9 | 683.6 | |
Furniture and fixtures | 10.1 | 8.1 | |
Construction in progress | 97.6 | 110.9 | |
Property and equipment, at cost | 1,473.2 | 1,421.6 | |
Accumulated depreciation | (588) | (548.6) | |
Property, plant, and equipment, net | [1] | $ 885.2 | $ 873 |
[1] | Long-lived assets include property and equipment, net of accumulated depreciation. |
Supplemental Balance Sheet I100
Supplemental Balance Sheet Information - Other Assets Non Current (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred long term debt financing costs | $ 9.5 | $ 19.7 |
Other Assets, Miscellaneous, Noncurrent | 18.9 | 29 |
Other Assets, Noncurrent | $ 28.4 | $ 48.7 |
Supplemental Balance Sheet I101
Supplemental Balance Sheet Information - Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued employee-related expenses | $ 87.8 | $ 86.7 |
Restructuring accrual | 7.3 | 10.3 |
Deferred income taxes | 1.5 | 1 |
Interest Payable, Current | 0.2 | 12.2 |
Deferred revenue and fees | 39 | 47.1 |
Accrued income tax | 55.8 | 61.5 |
Other accrued liabilities and expenses | 55.4 | 60.9 |
Other accrued liabilities | $ 247 | $ 279.7 |
Supplemental Balance Sheet I102
Supplemental Balance Sheet Information- Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Trade receivables allowance for doubtful accounts | |||
Beginning balance | $ 5.4 | $ 5.7 | $ 4.2 |
Provision for Doubtful Accounts | 2.7 | 0.5 | 2.1 |
Allowance for Doubtful Accounts Receivable, Write-offs and Recoveries, net | (1.1) | (1) | $ (0.6) |
Impact of foreign exchange | 0.4 | (0.2) | |
Closing balance | $ 6.6 | $ 5.4 | $ 5.7 |
Supplemental Balance Sheet I103
Supplemental Balance Sheet Information-Inventory Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Inventory Valuation Reserve [Roll Forward] | |||
Beginning balance | $ 12.9 | $ 11.8 | $ 8.5 |
Inventory Write-down | 9.5 | 10.2 | 8.7 |
Deductions | (6.5) | (9.5) | (5.9) |
Impact of foreign exchange | 1.8 | (0.4) | (0.5) |
Closing balance | $ 14.1 | $ 12.9 | $ 11.8 |
Quarterly Financial Data - U104
Quarterly Financial Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenue | $ 510.1 | $ 446.6 | $ 455.8 | $ 418.3 | $ 519.6 | $ 453.1 | $ 440.7 | $ 414.3 | $ 1,830.8 | $ 1,827.7 | $ 1,800.3 |
Gross Profit | 181.7 | 152.2 | 156.1 | 125.3 | 190.3 | 151.7 | 137.4 | 119.2 | 615.3 | 598.6 | 568.6 |
Income (Loss) from Continuing Operations Attributable to Parent | 153.8 | 31.5 | 46.7 | (19.9) | 27.2 | 8.4 | (18.6) | 1.9 | 212.1 | 18.9 | (50.8) |
Net earnings/(loss) from discontinued operations, net of tax | (0.1) | 0 | (0.2) | 0.4 | 0 | (1.7) | (0.6) | (0.4) | 0.1 | (2.7) | 1.2 |
Net Income (Loss) Attributable to Parent | $ 153.7 | $ 31.5 | $ 46.5 | $ (19.5) | $ 27.2 | $ 6.7 | $ (19.2) | $ 1.5 | $ 212.2 | $ 16.2 | $ (49.6) |
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.23 | $ 0.25 | $ 0.38 | $ (0.19) | $ 0.36 | $ 0.11 | $ (0.25) | $ 0.03 | $ 1.77 | $ 0.25 | $ (0.68) |
Earnings Per Share, Basic | 1.23 | 0.25 | 0.37 | (0.18) | 0.36 | 0.09 | (0.26) | 0.02 | 1.77 | 0.22 | (0.66) |
Income (Loss) from Continuing Operations, Per Diluted Share | 1.22 | 0.25 | 0.37 | (0.19) | (0.36) | 0.11 | (0.25) | 0.02 | 1.75 | 0.25 | (0.68) |
Earnings Per Share, Diluted | $ 1.22 | $ 0.25 | $ 0.37 | $ (0.18) | $ (0.36) | $ 0.09 | $ (0.26) | $ 0.02 | $ 1.75 | $ 0.21 | $ (0.66) |