Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Entity Registrant Name | 'MICROS SYSTEMS INC |
Entity Central Index Key | '0000320345 |
Current Fiscal Year End Date | '--06-30 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 74,820,350 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ||
Cash and cash equivalents | $582,895 | $486,023 | ||
Short-term investments | 75,482 | 148,046 | ||
Accounts receivable, net of allowance for doubtful accounts of $29,455 at March 31, 2014 and $30,418 at June 30, 2013 | 265,069 | 228,455 | ||
Inventory | 63,597 | 49,273 | ||
Income taxes receivable | 3,646 | 12,771 | ||
Deferred income taxes | 14,685 | 15,022 | ||
Prepaid expenses and other current assets | 51,689 | 44,648 | ||
Total current assets | 1,057,063 | 984,238 | ||
Property, plant and equipment, net | 58,192 | 44,127 | ||
Deferred income taxes, non-current | 50,278 | 50,186 | ||
Goodwill | 454,086 | 432,950 | ||
Intangible assets, net | 36,068 | 37,754 | ||
Purchased and internally developed software costs, net of accumulated amortization of $100,919 at March 31, 2014 and $93,307 at June 30, 2013 | 37,987 | 32,543 | ||
Other assets | 9,233 | 7,240 | ||
Total assets | 1,702,907 | 1,589,038 | ||
Current Liabilities: | ' | ' | ||
Bank lines of credit | 0 | 1,757 | ||
Accounts payable | 74,347 | 73,099 | ||
Accrued expenses and other current liabilities | 157,361 | 155,491 | ||
Income taxes payable | 9,725 | 11,002 | ||
Deferred revenue | 230,083 | 177,236 | ||
Total current liabilities | 471,516 | 418,585 | ||
Income taxes payable, non-current | 42,467 | 35,019 | ||
Deferred income taxes, non-current | 470 | 1,157 | ||
Other non-current liabilities | 14,705 | 16,007 | ||
Total liabilities | 529,158 | 470,768 | ||
Commitments and contingencies (Note 12) | ' | ' | ||
MICROS Systems, Inc. Stockholders' Equity: | ' | ' | ||
Common stock, $0.025 par value; authorized 120,000 shares; issued and outstanding 74,820 at March 31, 2014 and 76,732 at June 30, 2013 | 1,871 | 1,918 | ||
Retained earnings | 1,152,756 | 1,136,763 | ||
Accumulated other comprehensive income (loss) | 15,946 | -23,625 | ||
Total MICROS Systems, Inc. stockholders' equity | 1,170,573 | 1,115,056 | ||
Noncontrolling interest | 3,176 | 3,214 | ||
Total equity | 1,173,749 | 1,118,270 | ||
Total liabilities and equity | $1,702,907 | [1] | $1,589,038 | [1] |
[1] | Amounts based on the physical location of the assets. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $29,455 | $30,418 |
Accumulated amortization | $100,919 | $93,307 |
Par value (in dollars per share) | $0.03 | $0.03 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 74,820,000 | 76,732,000 |
Common stock, shares outstanding | 74,820,000 | 76,732,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Revenue: | ' | ' | ' | ' | ||||
Hardware | $78,621 | $64,523 | $216,249 | $195,527 | ||||
Software | 39,242 | 36,821 | 118,361 | 106,346 | ||||
Services | 231,105 | 213,761 | 674,642 | 637,603 | ||||
Total revenue | 348,968 | [1] | 315,105 | [1] | 1,009,252 | [1] | 939,476 | [1] |
Cost of sales: | ' | ' | ' | ' | ||||
Hardware | 50,476 | 41,514 | 139,394 | 127,867 | ||||
Software | 6,939 | 5,813 | 19,519 | 16,434 | ||||
Services | 109,909 | 102,290 | 324,152 | 304,308 | ||||
Total cost of sales | 167,324 | 149,617 | 483,065 | 448,609 | ||||
Gross margin | 181,644 | 165,488 | 526,187 | 490,867 | ||||
Selling, general and administrative expenses | 92,336 | 83,175 | 268,402 | 248,073 | ||||
Research and development expenses | 19,510 | 18,460 | 60,858 | 53,116 | ||||
Depreciation and amortization | 5,473 | 5,702 | 16,251 | 16,748 | ||||
Total operating expenses | 117,319 | 107,337 | 345,511 | 317,937 | ||||
Income from operations | 64,325 | 58,151 | 180,676 | 172,930 | ||||
Non-operating income (expense): | ' | ' | ' | ' | ||||
Interest income | 956 | 943 | 2,856 | 3,513 | ||||
Interest expense | -79 | -24 | -1,213 | -290 | ||||
Other (expense) income, net | -163 | 645 | -208 | 3,175 | ||||
Total non-operating income, net | 714 | 1,564 | 1,435 | 6,398 | ||||
Income before taxes | 65,039 | [1] | 59,715 | [1] | 182,111 | [1] | 179,328 | [1] |
Income tax provision | 14,896 | 15,370 | 56,080 | 49,627 | ||||
Net income | 50,143 | 44,345 | 126,031 | 129,701 | ||||
Less: Net loss (income) attributable to noncontrolling interest | 151 | -81 | -51 | -287 | ||||
Net income attributable to MICROS Systems, Inc. | 50,294 | 44,264 | 125,980 | 129,414 | ||||
Net income per share attributable to MICROS Systems, Inc. common stockholders: | ' | ' | ' | ' | ||||
Basic (in dollars per share) | $0.67 | $0.56 | $1.67 | $1.62 | ||||
Diluted (in dollars per share) | $0.66 | $0.55 | $1.63 | $1.59 | ||||
Weighted-average number of shares outstanding: | ' | ' | ' | ' | ||||
Basic (in shares) | 75,100 | 79,050 | 75,435 | 79,695 | ||||
Diluted (in shares) | 76,771 | 80,502 | 77,081 | 81,272 | ||||
Other-than-temporary impairment losses on investments, net | $0 | $0 | $0 | $600 | ||||
[1] | Amounts based on the location of the selling entity. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $50,143 | $44,345 | $126,031 | $129,701 |
Other comprehensive income, net of taxes: | ' | ' | ' | ' |
Foreign currency translation adjustments, net of tax | 3,540 | -26,713 | 39,548 | -4,110 |
Change in unrealized losses on long-term investments, net of taxes | ' | ' | 0 | 2,683 |
Change in unrealized gains related to pension plans, net of taxes | 3 | 0 | 44 | 0 |
Total other comprehensive income (loss), net of taxes | 3,543 | -26,713 | 39,592 | -1,427 |
Comprehensive income | 53,686 | 17,632 | 165,623 | 128,274 |
Comprehensive income attributable to noncontrolling interest | 136 | -47 | -72 | -303 |
Comprehensive income attributable to MICROS Systems, Inc. | $53,822 | $17,585 | $165,551 | $127,971 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustments, tax | $0 | $0 | $0 | $0 |
Unrealized losses on long-term investments, tax (benefit) | 0 | 0 | 0 | 1,652 |
Unrealized gains related to pension plans, net of taxes | $1 | $0 | $13 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $126,031 | $129,701 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 16,251 | 16,748 |
Share-based compensation | 16,394 | 16,266 |
Amortization of capitalized software | 4,836 | 3,696 |
Provision for losses on accounts receivable | 879 | 2,871 |
Litigation reserve, including interest expense | 3,700 | 0 |
Gain on sales of auction rate securities | 0 | -4,094 |
Other-than-temporary impairment losses on investments, net | 0 | 600 |
Net losses (gains) on disposal of property, plant and equipment | 3 | -48 |
Changes in operating assets and liabilities: | ' | ' |
Increase in accounts receivable | -30,701 | -5,846 |
Increase in inventory | -13,280 | -9,946 |
Increase in prepaid expenses and other assets | -6,198 | -7,091 |
Decrease in accounts payable | -410 | -5,020 |
Decrease in accrued expenses and other current liabilities | -2,906 | -28,283 |
Increase (decrease) in income tax assets and liabilities | 15,366 | -2,089 |
Increase in deferred revenue | 46,780 | 32,430 |
Net cash flows provided by operating activities | 176,745 | 139,895 |
Cash flows from investing activities: | ' | ' |
Proceeds from maturities of investments | 168,120 | 24,685 |
Proceeds from sales of auction rate securities | 0 | 42,119 |
Purchases of investments | -94,374 | -108,423 |
Purchases of property, plant and equipment | -26,639 | -15,692 |
Internally developed and purchased software costs | -8,415 | -3,398 |
Other | 189 | -299 |
Net cash flows provided by (used in) investing activities | 38,881 | -61,008 |
Cash flows from financing activities: | ' | ' |
Repurchases of common stock | -170,616 | -90,887 |
Proceeds from stock option exercises | 41,470 | 7,326 |
Proceeds from advance on line of credit | 0 | 4,014 |
Principal payments on lines of credit | -1,795 | 0 |
Realized tax benefits from stock option exercises | 2,639 | 3,069 |
Cash paid for acquisition of non-controlling interest | 0 | -846 |
Other | -183 | -70 |
Net cash flows used in financing activities | -128,485 | -77,394 |
Effect of exchange rate changes on cash and cash equivalents | 9,731 | 1,419 |
Net increase in cash and cash equivalents | 96,872 | 2,912 |
Cash and cash equivalents at beginning of period | 486,023 | 562,786 |
Cash and cash equivalents at end of period | $582,895 | $565,698 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital In Excess Of Par [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-Controlling Interest [Member] |
In Thousands, unless otherwise specified | ||||||
Balance Beginning at Jun. 30, 2012 | $1,096,131 | $2,008 | $107,662 | $1,000,822 | ($17,847) | $3,486 |
Balance Beginning, shares at Jun. 30, 2012 | ' | 80,309 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 129,701 | ' | ' | 129,414 | ' | 287 |
Foreign currency translation adjustments, net of tax | -4,110 | ' | ' | ' | -4,126 | 16 |
Change in unrealized losses on long-term investments, net of taxes | 2,683 | ' | ' | ' | 2,683 | ' |
Acquisition of noncontrolling interest | -846 | ' | -197 | ' | ' | -649 |
Share-based compensation | 16,266 | ' | 16,266 | ' | ' | ' |
Change in unrealized gains related to pension plans, net of taxes | 0 | ' | ' | ' | ' | ' |
Stock issued upon exercise of options, shares | ' | 407 | ' | ' | ' | ' |
Stock issued upon exercise of options | 7,326 | 9 | 7,317 | ' | ' | ' |
Repurchases of stock, shares | ' | -2,057 | ' | ' | ' | ' |
Repurchases of stock | -90,887 | -51 | -90,836 | ' | ' | ' |
Income tax benefit from options exercised | 3,124 | ' | 3,124 | ' | ' | ' |
Balance Ending at Mar. 31, 2013 | 1,159,388 | 1,966 | 43,336 | 1,130,236 | -19,290 | 3,140 |
Balance Ending, shares at Mar. 31, 2013 | ' | 78,659 | ' | ' | ' | ' |
Balance Beginning at Jun. 30, 2013 | 1,118,270 | 1,918 | ' | 1,136,763 | -23,625 | 3,214 |
Balance Beginning, shares at Jun. 30, 2013 | 76,732 | 76,732 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 126,031 | ' | ' | 125,980 | ' | 51 |
Foreign currency translation adjustments, net of tax | 39,548 | ' | ' | ' | 39,527 | 21 |
Change in unrealized losses on long-term investments, net of taxes | 0 | ' | ' | ' | ' | ' |
Change in unrealized gains related to pension plans, net of taxes | 44 | ' | ' | ' | 44 | ' |
Dividends to noncontrolling interest | -110 | ' | ' | ' | ' | -110 |
Share-based compensation | 16,394 | ' | ' | 16,394 | ' | ' |
Stock issued upon exercise of options, shares | ' | 1,425 | ' | ' | ' | ' |
Stock issued upon exercise of options | 41,470 | 36 | ' | 41,434 | ' | ' |
Repurchases of stock, shares | ' | -3,337 | ' | ' | ' | ' |
Repurchases of stock | -170,616 | -83 | ' | -170,533 | ' | ' |
Income tax benefit from options exercised | 2,718 | ' | ' | 2,718 | ' | ' |
Balance Ending at Mar. 31, 2014 | $1,173,749 | $1,871 | ' | $1,152,756 | $15,946 | $3,176 |
Balance Ending, shares at Mar. 31, 2014 | 74,820 | 74,820 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustments, tax | $0 | $0 | $0 | $0 |
Unrealized losses on long-term investments, tax (benefit) | 0 | 0 | 0 | 1,652 |
Unrealized gains related to pension plans, net of taxes | $1 | $0 | $13 | $0 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The accompanying condensed consolidated financial statements of MICROS Systems, Inc. and its subsidiaries (collectively, the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all disclosures required by U.S. generally accepted accounting principles for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. | |
The condensed consolidated financial statements included in this report reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial position of the Company, its results of operations and cash flows for the interim periods set forth herein. The results for the three and nine months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year or any future periods. |
INVENTORY
INVENTORY | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORY | ' | ||||||||
INVENTORY | |||||||||
The following table provides information on the components of inventory: | |||||||||
As of | |||||||||
(in thousands) | 31-Mar-14 | June 30, | |||||||
2013 | |||||||||
Raw materials | $ | 1,509 | $ | 1,065 | |||||
Finished goods | 62,088 | 48,208 | |||||||
Total inventory | $ | 63,597 | $ | 49,273 | |||||
FINANCIAL_INSTRUMENTS_AND_FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | |||||||||||||||||
Investments consist of the following: | |||||||||||||||||
As of March 31, 2014 | As of June 30, 2013 | ||||||||||||||||
(in thousands) | Amortized | Aggregate | Amortized | Aggregate | |||||||||||||
Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||||
Time deposit – U.S. | $ | 111 | $ | 111 | $ | 53,862 | $ | 53,862 | |||||||||
Time deposit - international | 70,236 | 70,236 | 28,832 | 28,832 | |||||||||||||
U.S. government debt securities | 5,135 | 5,135 | 65,352 | 65,352 | |||||||||||||
Total investments | $ | 75,482 | $ | 75,482 | $ | 148,046 | $ | 148,046 | |||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following hierarchy prioritizes the inputs (generally, assumptions that market participants use in pricing an asset or liability) used to measure fair value based on the quality and reliability of the information provided by the inputs: | |||||||||||||||||
• | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. The Company considers active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||||||||||||||
• | Level 2 - Quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; inputs that are derived principally from or corroborated by observable market data or other means. | ||||||||||||||||
• | Level 3 - Measured based on prices or valuation models using unobservable inputs to the extent relevant observable inputs are not available (i.e., where there is little or no market activity for the asset or liability). | ||||||||||||||||
The following table provides information regarding the financial assets accounted for at fair value and the type of inputs used to value the assets: | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | ||||||||||||||
Balance, March 31, 2014: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Time deposit – U.S. | $ | — | $ | 111 | $ | 111 | |||||||||||
Time deposit - international | — | 70,236 | 70,236 | ||||||||||||||
U.S. government debt securities | 5,135 | — | 5,135 | ||||||||||||||
Total investments | $ | 5,135 | $ | 70,347 | $ | 75,482 | |||||||||||
Balance, June 30, 2013: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Time deposit – U.S. | $ | — | $ | 53,862 | $ | 53,862 | |||||||||||
Time deposit - international | — | 28,832 | 28,832 | ||||||||||||||
U.S. government debt securities | 60,352 | 5,000 | 65,352 | ||||||||||||||
Total investments | $ | 60,352 | $ | 87,694 | $ | 148,046 | |||||||||||
At March 31, 2014 and June 30, 2013, the Company’s investments were recognized at fair value determined based upon observable input information provided by the Company’s pricing service vendors for identical or similar assets. For these investments, cost approximated fair value. During the nine months ended March 31, 2014, the Company did not hold any level 3 investments or recognize any gains or losses on its investments. During the nine months ended March 31, 2013, the Company sold auction rate securities having a cost basis of approximately $52.6 million and a carrying value of approximately $38.0 million. As a result of the transaction, the Company recognized a gain of approximately $4.1 million. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
GOODWILL AND INTANGIBLE ASSETS | ' |
GOODWILL AND INTANGIBLE ASSETS | |
During the three months ended September 30, 2013, the Company determined, based on its assessment of qualitative factors as of July 1, 2013, the date of the annual goodwill impairment test, that none of its reporting units met the “more likely than not” threshold (i.e., it is more likely than not that the fair values of the Company’s reporting units are less than their respective carrying values) that would require the Company to perform the first step of the two-step quantitative goodwill impairment test. Accordingly, the Company did not perform any further analysis. For the nine months ended March 31, 2014, the increase in goodwill of approximately $21.1 million was primarily due to foreign currency exchange fluctuations. | |
As of July 1, 2013, the Company's annual impairment analysis date, the Company adopted revised guidance on how an entity tests indefinite-lived intangible assets for impairment. Under the new guidance, an entity is no longer required to calculate the fair value of the indefinite-lived intangible assets and perform the quantitative impairment test unless the entity determines, based on a qualitative assessment, that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. The Company determined, based on its assessment of qualitative factors as of July 1, 2013, that its indefinite-lived trademarks did not meet the "more likely than not" threshold requiring that the Company calculate fair value of its indefinite-lived trademarks. Accordingly, the Company did not perform any further analysis. | |
Subsequent to the annual impairment analysis date of July 1, 2013, there have been no events or circumstances that caused the Company to determine that it is more likely than not that the fair values of the Company’s reporting units are less than their respective carrying values. Subsequent to July 1, 2013, there have been no events or circumstances that caused the Company to determine that it is more likely than not that its indefinite-lived trademarks have been impaired. |
CREDIT_AGREEMENTS
CREDIT AGREEMENTS | 9 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
CREDIT AGREEMENTS | ' |
CREDIT AGREEMENTS | |
The Company had two credit agreements (the “Former Credit Agreements”) that expired on September 30, 2013. The Former Credit Agreements provided an aggregate $50.0 million multi-currency committed line of credit. The international facility was secured by 65% of the capital stock of the Company’s main operating Ireland subsidiary and 100% of the capital stock of all of the remaining major foreign subsidiaries. The U.S. facility was secured by 100% of the capital stock of certain U.S. subsidiaries of the Company as well as inventory and receivables located in the U.S. For borrowings in U.S. currency, the interest rate under the Former Credit Agreements was equal to the higher of the federal funds rate plus 50 basis points or the prime rate. For borrowings in foreign currencies, the interest rate was determined by a LIBOR-based formula, plus an additional margin of 125 to 200 basis points, depending upon the Company’s consolidated earnings before interest, taxes, depreciation and amortization for the immediately preceding four calendar quarters. Under the terms of the Former Credit Agreements, the Company was required to pay to the lenders insignificant commitment fees on the unused portion of the line of credit. The Former Credit Agreements also contained certain financial covenants and restrictions on the Company’s ability to assume additional debt, repurchase stock, sell subsidiaries or acquire companies. On September 30, 2013, the expiration date of the Former Credit Agreements, the Company repaid the approximately $1.8 million outstanding under the Former Credit Agreements. | |
The Company also has a credit relationship with a European bank in the amount of EUR 1.0 million (approximately $1.4 million at the March 31, 2014 exchange rate). Under the terms of this facility, the Company may borrow in the form of either a line of credit or term debt. As of March 31, 2014, there were no balances outstanding on this credit facility, but approximately EUR 0.3 million (approximately $0.4 million at the March 31, 2014 exchange rate) of the credit facility has been used for guarantees. As of March 31, 2014, the Company had a borrowing capacity of approximately EUR 0.7 million (approximately $1.0 million at the March 31, 2014 exchange rate) available under this credit facility. | |
Under a credit agreement dated March 28, 2014 that closed on April 10, 2014, the Company entered into a $50.0 million multi-currency committed line of credit (the "Credit Agreement"), with terms and conditions that are comparable to the terms and conditions of the Former Credit Agreements. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||||
The non-cash share-based compensation expenses included in the condensed consolidated statements of operations are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Selling, general and administrative | $ | 5,037 | $ | 4,161 | $ | 14,557 | $ | 14,766 | |||||||||
Research and development | 540 | 490 | 1,571 | 1,256 | |||||||||||||
Cost of sales | 77 | 89 | 266 | 244 | |||||||||||||
Total non-cash share-based compensation expense | 5,654 | 4,740 | 16,394 | 16,266 | |||||||||||||
Income tax benefit | (1,841 | ) | (1,570 | ) | (5,215 | ) | (5,225 | ) | |||||||||
Total non-cash share-based compensation expense, net of tax benefit | $ | 3,813 | $ | 3,170 | $ | 11,179 | $ | 11,041 | |||||||||
Impact on diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.05 | $ | 0.04 | $ | 0.15 | $ | 0.14 | |||||||||
No non-cash share-based compensation expense has been capitalized for the three and nine months ended March 31, 2014 and 2013. As of March 31, 2014, the Company expects to recognize approximately $36.3 million (net of estimated forfeitures) in non-cash share-based compensation expense related to non-vested awards over a weighted-average period of 2.0 years. |
Net_Income_Per_Share_Attributa
Net Income Per Share Attributable To MICROS Systems, Inc. Common Shareholders | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share Attributable To MICROS Systems, Inc. Common Shareholders | ' | ||||||||||||||||
NET INCOME PER SHARE ATTRIBUTABLE TO MICROS SYSTEMS, INC. COMMON STOCKHOLDERS | |||||||||||||||||
Basic net income per share attributable to MICROS Systems, Inc. common stockholders is computed by dividing net income available to MICROS Systems, Inc. by the weighted-average number of shares outstanding. Diluted net income per share attributable to MICROS Systems, Inc. common stockholders includes additional dilution from shares of common stock issuable upon the exercise of outstanding stock options. | |||||||||||||||||
The following table provides a reconciliation of the net income available to MICROS Systems, Inc. to basic and diluted net income per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to MICROS Systems, Inc. | $ | 50,294 | $ | 44,264 | $ | 125,980 | $ | 129,414 | |||||||||
Weighted-average common shares outstanding | 75,100 | 79,050 | 75,435 | 79,695 | |||||||||||||
Dilutive effect of outstanding stock options | 1,671 | 1,452 | 1,646 | 1,577 | |||||||||||||
Weighted-average common shares outstanding assuming dilution | 76,771 | 80,502 | 77,081 | 81,272 | |||||||||||||
Basic net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.67 | $ | 0.56 | $ | 1.67 | $ | 1.62 | |||||||||
Diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.66 | $ | 0.55 | $ | 1.63 | $ | 1.59 | |||||||||
Anti-dilutive weighted shares excluded from reconciliation | 1,597 | 2,963 | 1,755 | 2,306 | |||||||||||||
Results for the three months ended March 31, 2014 and 2013 include approximately $5.7 million ($3.8 million, net of tax) and $4.7 million ($3.2 million, net of tax), in non-cash share-based compensation expense, respectively. The non-cash share-based compensation expense reduced diluted net income per share attributable to MICROS Systems, Inc. common stockholders by $0.05 and $0.04 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
Results for the nine months ended March 31, 2014 and 2013 include approximately $16.4 million ($11.2 million, net of tax) and $16.3 million ($11.0 million, net of tax), in non-cash share-based compensation expense, respectively. The non-cash share-based compensation expense reduced diluted net income per share attributable to MICROS Systems, Inc. common stockholders by $0.15 and $0.14 for the nine months ended March 31, 2014 and 2013, respectively. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The effective tax rate for the three months ended March 31, 2014 and 2013 was 22.9% and 25.7%, respectively. The decrease in effective tax rate for the three months ended March 31, 2014 compared to the same period last year was primarily attributable to favorable changes in the mix of earnings among jurisdictions. | |
The effective tax rate for the nine months ended March 31, 2014 and 2013 was 30.8% and 27.7%, respectively. The increase in the effective tax rate for the nine months ended March 31, 2014 compared to the same period last year was primarily attributable to increases resulting from the following: | |
(i) The change in our uncertain tax positions increased the effective tax rate and tax expense for the nine months ended March 31, 2014 by 3.5% and approximately $6.3 million, respectively, as compared to the same period last year. This increase primarily reflected the tax benefit of the settlements with tax authorities and the expiration of statutes of limitations recorded during the nine months ended March 31, 2013. | |
(ii) The effect of the reduction in the U.K. tax rate to 20% increased the effective tax rate and income tax expense for the nine months ended March 31, 2014 by 1.3% and approximately $2.4 million, respectively, as compared to the same period last year. The rate reduction caused the effective tax rate to increase by reducing the carrying value of the Company's U.K. net deferred tax assets. | |
The above increases for the nine month ended period were partially offset by a decrease in taxes due to favorable changes in the earnings mix among jurisdictions. | |
The effective tax rate for the three and nine months ended March 31, 2014 is less than the 35.0% U.S. statutory federal income tax rate for corporations primarily due to the favorable mix of earnings from jurisdictions that have a lower statutory tax rate than the U.S. and the Company's intention to permanently reinvest internationally its cumulative unremitted foreign earnings. | |
The Company estimates that, within the next 12 months, its unrecognized income tax benefits will decrease by between approximately $5.0 million and approximately $7.0 million due to the expiration of statutes of limitations and from expected settlements with tax authorities. However, audit outcomes and the timing of audit settlements are subject to significant uncertainty. Over the next 12 months, it is reasonably possible that the Company’s tax positions will continue to generate liabilities related to uncertain tax positions. | |
The Company currently has no plans to repatriate to the U.S. its cumulative unremitted foreign earnings, as it intends to permanently reinvest such earnings internationally. If the Company changes its strategy in the future and repatriates such funds, the amount of any taxes, which could be significant, and the application of any tax credits, would be determined based on the appropriate jurisdictional income tax laws at the time of such repatriation. Due to the extent of uncertainty as to which remittance structure would be used should a decision be made in the future to repatriate, the availability and the complexity of calculating foreign tax credits, and the implications of indirect taxes, including withholding taxes, determination of the unrecognized deferred income tax liability related to these unremitted earnings is not practicable. | |
The Company’s income tax returns are no longer subject to examination by the U.S. tax authorities for tax years ending before June 2011, by the U.K. tax authorities for tax years ending before June 2010, by the German tax authorities for tax years ending before June 2007 and the Irish tax authorities for tax years ending before June 2010. Certain periods prior to these dates, however, could be subject to adjustment as a result of the competent authority process, or due to the impact of items such as carryback or carryforward claims. |
RECENT_ACCOUNTING_GUIDANCE
RECENT ACCOUNTING GUIDANCE | 9 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
RECENT ACCOUNTING GUIDANCE | ' |
RECENT ACCOUNTING GUIDANCE | |
Recently Adopted Accounting Pronouncements | |
On July 1, 2013, the Company adopted Financial Accounting Standards Board ("FASB") guidance on how an entity tests indefinite-lived intangible assets for impairment. Under the new guidance, an entity is no longer required to calculate the fair value of the indefinite-lived intangible assets and perform the quantitative impairment test unless the entity determines, based on a qualitative assessment, that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. The adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements. | |
On July 1, 2013, the Company adopted FASB guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statement or in the notes to the financial statements) the effects on the line items of the income statement when amounts are reclassified out of AOCI. The adoption of this guidance did not have a significant impact on the Company’s condensed consolidated financial statements. | |
Recent Accounting Guidance Not Yet Adopted | |
In July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent that the deferred tax asset is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of the tax position, or if the tax law of the jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. This guidance is effective for the Company beginning in its fiscal year ending June 30, 2015, and will result only in presentation changes in the consolidated balance sheet. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
The Company is organized and operates in four operating segments: U.S./Canada, Europe/Africa/Middle East (EAME), Asia-Pacific, and Latin America regions. The Company has identified U.S./Canada as a separate reportable segment and has aggregated its three international operating segments into one reportable segment, International, as the three international operating segments share many similar economic characteristics. Management views the U.S./Canada and International segments separately in operating its business, although the products and services are similar for each segment. The Company’s chief operating decision maker is the Company’s Chief Executive Officer. | |||||||||||||||||
Historically, all of the Company’s new business acquisitions have been integrated into the existing operating segments, based on their respective geographic locations, and are subsequently operated and managed as part of that operating segment. | |||||||||||||||||
A summary of certain financial information regarding the Company’s reportable segments is set forth below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues (1): | |||||||||||||||||
U.S./Canada | $ | 159,387 | $ | 135,768 | $ | 449,463 | $ | 403,342 | |||||||||
International | 203,131 | 191,664 | 600,725 | 573,224 | |||||||||||||
Intersegment eliminations (2) | (13,550 | ) | (12,327 | ) | (40,936 | ) | (37,090 | ) | |||||||||
Total revenues | $ | 348,968 | $ | 315,105 | $ | 1,009,252 | $ | 939,476 | |||||||||
Income before taxes (1): | |||||||||||||||||
U.S./Canada | $ | 34,543 | $ | 32,050 | $ | 96,371 | $ | 103,430 | |||||||||
International | 39,721 | 36,931 | 115,892 | 103,569 | |||||||||||||
Intersegment eliminations (2) | (9,225 | ) | (9,266 | ) | (30,152 | ) | (27,671 | ) | |||||||||
Total income before taxes | $ | 65,039 | $ | 59,715 | $ | 182,111 | $ | 179,328 | |||||||||
As of | |||||||||||||||||
(in thousands) | 31-Mar-14 | June 30, | |||||||||||||||
2013 | |||||||||||||||||
Identifiable assets (3): | |||||||||||||||||
U.S./Canada | $ | 614,981 | $ | 664,607 | |||||||||||||
International | 1,087,926 | 924,431 | |||||||||||||||
Total identifiable assets | $ | 1,702,907 | $ | 1,589,038 | |||||||||||||
-1 | Amounts based on the location of the selling entity. | ||||||||||||||||
-2 | Amounts primarily represent elimination of U.S./Canada and Ireland’s intercompany business. | ||||||||||||||||
-3 | Amounts based on the physical location of the assets. |
STOCKHOLDERS_EQUITY
STOCKHOLDERSb EQUITY | 9 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
STOCKHOLDERSb EQUITY | ' | |||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||
The Company’s Board of Directors has periodically authorized the repurchase of the Company’s common stock over a specified time period. On April 23, 2013, the Company's Board of Directors authorized the purchase of up to $225 million of the Company's common stock, to be purchased from time to time over the ensuing three years depending on market conditions and other corporate considerations as determined by management. On January 28, 2014, the Company's Board of Directors authorized the purchase of up to an additional $200 million of the Company's common stock, to be purchased from time to time over the ensuing three years depending on market conditions and other corporate considerations as determined by management. | ||||||||||||
As of March 31, 2014, approximately $236.6 million remains available for purchase under the April 2013 and January 2014 authorizations. All of the purchased shares referenced in the table below were retired and reverted to the status of authorized but unissued shares: | ||||||||||||
(in thousands, except per share data) | Number of | Average | Total Purchase | |||||||||
Shares | Purchase Price | Value | ||||||||||
per Share | ||||||||||||
Total shares purchased: | ||||||||||||
As of June 30, 2013 (1) | 18,417 | $ | 28.49 | $ | 524,669 | |||||||
Three months ended September 30, 2013 | 1,850 | $ | 49.52 | 91,603 | ||||||||
Three months ended December 31, 2013 | 395 | $ | 49.91 | 19,709 | ||||||||
Three months ended March 31, 2014 | 1,093 | $ | 54.28 | 59,304 | ||||||||
As of March 31, 2014 | 21,755 | $ | 31.96 | $ | 695,285 | |||||||
(1) The total shares purchased as of June 30, 2013, includes shares repurchased under the April 2013 authorization as well as shares purchased under prior repurchase authorizations. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
On November 26, 2013, a complaint was filed against the Company in the United States District Court for the Middle District of Tennessee by Kristy Wilson, Darren Moore and Kisha Ulysse, three former employees of the Company, individually and on behalf of a purported class and, in the case of plaintiff Ulysee, on behalf of a purported California class. As subsequently stipulated by the parties, a conditional class was designated consisting of all individuals who worked for the Company as an Implementation Specialist paid by salary at any time within the period beginning three years before the filing date of the complaint through the date of judgment (the “Conditional Class”), and a conditional subclass was designated including any such individual who performed any work as an Implementation Specialist within the State of California at any time within the period beginning four years before the filing date of the complaint through the date of judgment (the “Conditional California Subclass”). The complaint alleges, among other things, that the Company willfully violated the Fair Labor Standards Act (FLSA) by willfully classifying the plaintiffs as exempt and thereby failing to pay them the legally required amount of overtime compensation for all hours worked in excess of 40 hours per workweek. With respect to the Conditional California Subclass, the complaint alleges, among other things, that the Company violated the California Labor Code by failing to pay overtime and other premium wages allegedly required under the applicable statutory provisions. The complaint seeks, among other things, damages equal to unpaid overtime wages, an equal amount to the overtime wages as liquidated damages, interest, attorneys' fees and other costs and, with respect to the Purported California Class, in addition to the foregoing, the complaint seeks unpaid premium wages, statutory penalties, and injunctive and other equitable relief. On January 17, 2014, the Company filed an answer to the complaint denying the allegations of the complaint, and asserting a number of affirmative defenses. Also on that date the Company moved to dismiss certain of the claims for injunctive and equitable relief asserting, among other things, that because the three original plaintiffs are no longer Company employees, they lack standing to seek such injunctive or equitable relief. On March 7, 2014, the parties agreed to stipulate to the dismissal without prejudice of those claims. On January 30, 2014, the Company and the plaintiffs entered into a stipulation designating the Conditional Class and the California Conditional Subclass, which was agreed to by the parties solely to preserve resources and in the interests of judicial economy; the Company maintains its right to seek decertification of the conditionally certified classes. The Court granted the stipulation, ordered that the Company provide the plaintiffs with specified information relating to all individuals in the Conditional Class, and ordered the plaintiffs to send notices to the identified individuals that, among other things, provide an opportunity to opt into the Conditional Class. The opt-in period expired on April 29, 2014 (separately, the members of the Conditional California Subclass will be subject to an “opt-out” process). The Company intends to vigorously contest this action. | |
The Company is and has been involved in legal proceedings arising in the normal course of business, and the Company is of the opinion, based upon presently available information and the advice of counsel concerning pertinent legal matters, that any resulting liability should not have a material adverse effect on the Company’s results of operations, financial position, or cash flows. However, litigation is subject to many uncertainties, and the outcome of litigation is not predictable with assurance. An adverse outcome in current or future litigation could have a material adverse effect on the Company’s business, financial condition, results of operations, and liquidity. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
BASIS OF PRESENTATION | |
The accompanying condensed consolidated financial statements of MICROS Systems, Inc. and its subsidiaries (collectively, the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all disclosures required by U.S. generally accepted accounting principles for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. | |
The condensed consolidated financial statements included in this report reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial position of the Company, its results of operations and cash flows for the interim periods set forth herein. The results for the three and nine months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year or any future periods. | |
Recently Adopted Accounting Pronouncements | ' |
Recently Adopted Accounting Pronouncements | |
On July 1, 2013, the Company adopted Financial Accounting Standards Board ("FASB") guidance on how an entity tests indefinite-lived intangible assets for impairment. Under the new guidance, an entity is no longer required to calculate the fair value of the indefinite-lived intangible assets and perform the quantitative impairment test unless the entity determines, based on a qualitative assessment, that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. The adoption of this guidance did not have an impact on the Company’s condensed consolidated financial statements. | |
On July 1, 2013, the Company adopted FASB guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statement or in the notes to the financial statements) the effects on the line items of the income statement when amounts are reclassified out of AOCI. The adoption of this guidance did not have a significant impact on the Company’s condensed consolidated financial statements. | |
Recent Accounting Guidance Not Yet Adopted | |
In July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent that the deferred tax asset is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of the tax position, or if the tax law of the jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. This guidance is effective for the Company beginning in its fiscal year ending June 30, 2015, and will result only in presentation changes in the consolidated balance sheet. |
INVENTORY_Tables
INVENTORY (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components Of Inventory | ' | ||||||||
The following table provides information on the components of inventory: | |||||||||
As of | |||||||||
(in thousands) | 31-Mar-14 | June 30, | |||||||
2013 | |||||||||
Raw materials | $ | 1,509 | $ | 1,065 | |||||
Finished goods | 62,088 | 48,208 | |||||||
Total inventory | $ | 63,597 | $ | 49,273 | |||||
FINANCIAL_INSTRUMENTS_AND_FAIR1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
Summary Of Short-Term And Long-Term Investments | ' | ||||||||||||||||
Investments consist of the following: | |||||||||||||||||
As of March 31, 2014 | As of June 30, 2013 | ||||||||||||||||
(in thousands) | Amortized | Aggregate | Amortized | Aggregate | |||||||||||||
Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||||
Time deposit – U.S. | $ | 111 | $ | 111 | $ | 53,862 | $ | 53,862 | |||||||||
Time deposit - international | 70,236 | 70,236 | 28,832 | 28,832 | |||||||||||||
U.S. government debt securities | 5,135 | 5,135 | 65,352 | 65,352 | |||||||||||||
Total investments | $ | 75,482 | $ | 75,482 | $ | 148,046 | $ | 148,046 | |||||||||
Summary Of Financial Assets At Fair Value | ' | ||||||||||||||||
The following table provides information regarding the financial assets accounted for at fair value and the type of inputs used to value the assets: | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | ||||||||||||||
Balance, March 31, 2014: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Time deposit – U.S. | $ | — | $ | 111 | $ | 111 | |||||||||||
Time deposit - international | — | 70,236 | 70,236 | ||||||||||||||
U.S. government debt securities | 5,135 | — | 5,135 | ||||||||||||||
Total investments | $ | 5,135 | $ | 70,347 | $ | 75,482 | |||||||||||
Balance, June 30, 2013: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Time deposit – U.S. | $ | — | $ | 53,862 | $ | 53,862 | |||||||||||
Time deposit - international | — | 28,832 | 28,832 | ||||||||||||||
U.S. government debt securities | 60,352 | 5,000 | 65,352 | ||||||||||||||
Total investments | $ | 60,352 | $ | 87,694 | $ | 148,046 | |||||||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Non-Cash Share-Based Compensation Expense | ' | ||||||||||||||||
The non-cash share-based compensation expenses included in the condensed consolidated statements of operations are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Selling, general and administrative | $ | 5,037 | $ | 4,161 | $ | 14,557 | $ | 14,766 | |||||||||
Research and development | 540 | 490 | 1,571 | 1,256 | |||||||||||||
Cost of sales | 77 | 89 | 266 | 244 | |||||||||||||
Total non-cash share-based compensation expense | 5,654 | 4,740 | 16,394 | 16,266 | |||||||||||||
Income tax benefit | (1,841 | ) | (1,570 | ) | (5,215 | ) | (5,225 | ) | |||||||||
Total non-cash share-based compensation expense, net of tax benefit | $ | 3,813 | $ | 3,170 | $ | 11,179 | $ | 11,041 | |||||||||
Impact on diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.05 | $ | 0.04 | $ | 0.15 | $ | 0.14 | |||||||||
Net_Income_Per_Share_Attributa1
Net Income Per Share Attributable To MICROS Systems, Inc. Common Shareholders (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation Of Net Income To Basic And Diluted Net Income Per Share | ' | ||||||||||||||||
The following table provides a reconciliation of the net income available to MICROS Systems, Inc. to basic and diluted net income per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to MICROS Systems, Inc. | $ | 50,294 | $ | 44,264 | $ | 125,980 | $ | 129,414 | |||||||||
Weighted-average common shares outstanding | 75,100 | 79,050 | 75,435 | 79,695 | |||||||||||||
Dilutive effect of outstanding stock options | 1,671 | 1,452 | 1,646 | 1,577 | |||||||||||||
Weighted-average common shares outstanding assuming dilution | 76,771 | 80,502 | 77,081 | 81,272 | |||||||||||||
Basic net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.67 | $ | 0.56 | $ | 1.67 | $ | 1.62 | |||||||||
Diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $ | 0.66 | $ | 0.55 | $ | 1.63 | $ | 1.59 | |||||||||
Anti-dilutive weighted shares excluded from reconciliation | 1,597 | 2,963 | 1,755 | 2,306 | |||||||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary Of Certain Financial Information | ' | ||||||||||||||||
A summary of certain financial information regarding the Company’s reportable segments is set forth below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues (1): | |||||||||||||||||
U.S./Canada | $ | 159,387 | $ | 135,768 | $ | 449,463 | $ | 403,342 | |||||||||
International | 203,131 | 191,664 | 600,725 | 573,224 | |||||||||||||
Intersegment eliminations (2) | (13,550 | ) | (12,327 | ) | (40,936 | ) | (37,090 | ) | |||||||||
Total revenues | $ | 348,968 | $ | 315,105 | $ | 1,009,252 | $ | 939,476 | |||||||||
Income before taxes (1): | |||||||||||||||||
U.S./Canada | $ | 34,543 | $ | 32,050 | $ | 96,371 | $ | 103,430 | |||||||||
International | 39,721 | 36,931 | 115,892 | 103,569 | |||||||||||||
Intersegment eliminations (2) | (9,225 | ) | (9,266 | ) | (30,152 | ) | (27,671 | ) | |||||||||
Total income before taxes | $ | 65,039 | $ | 59,715 | $ | 182,111 | $ | 179,328 | |||||||||
As of | |||||||||||||||||
(in thousands) | 31-Mar-14 | June 30, | |||||||||||||||
2013 | |||||||||||||||||
Identifiable assets (3): | |||||||||||||||||
U.S./Canada | $ | 614,981 | $ | 664,607 | |||||||||||||
International | 1,087,926 | 924,431 | |||||||||||||||
Total identifiable assets | $ | 1,702,907 | $ | 1,589,038 | |||||||||||||
-1 | Amounts based on the location of the selling entity. | ||||||||||||||||
-2 | Amounts primarily represent elimination of U.S./Canada and Ireland’s intercompany business. | ||||||||||||||||
-3 | Amounts based on the physical location of the assets. |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERSb EQUITY (Tables) | 9 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Cumulative Number Of Shares Purchased Under The Purchase Authorizations | ' | |||||||||||
All of the purchased shares referenced in the table below were retired and reverted to the status of authorized but unissued shares: | ||||||||||||
(in thousands, except per share data) | Number of | Average | Total Purchase | |||||||||
Shares | Purchase Price | Value | ||||||||||
per Share | ||||||||||||
Total shares purchased: | ||||||||||||
As of June 30, 2013 (1) | 18,417 | $ | 28.49 | $ | 524,669 | |||||||
Three months ended September 30, 2013 | 1,850 | $ | 49.52 | 91,603 | ||||||||
Three months ended December 31, 2013 | 395 | $ | 49.91 | 19,709 | ||||||||
Three months ended March 31, 2014 | 1,093 | $ | 54.28 | 59,304 | ||||||||
As of March 31, 2014 | 21,755 | $ | 31.96 | $ | 695,285 | |||||||
(1) The total shares purchased as of June 30, 2013, includes shares repurchased under the April 2013 authorization as well as shares purchased under prior repurchase authorizations. |
INVENTORY_Details
INVENTORY (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $1,509 | $1,065 |
Finished goods | 62,088 | 48,208 |
Total inventory | $63,597 | $49,273 |
FINANCIAL_INSTRUMENTS_AND_FAIR2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Summary Of Short-Term And Long-Term Investments) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Investments, Amortized Cost Basis | $75,482 | $148,046 |
Investments, Aggregate Fair Value | 75,482 | 148,046 |
U.S. Government Debt Securities [Member] | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Investments, Amortized Cost Basis | 5,135 | 65,352 |
Investments, Aggregate Fair Value | 5,135 | 65,352 |
Domestic [Member] | Time Deposits [Member] | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Investments, Amortized Cost Basis | 111 | 53,862 |
Investments, Aggregate Fair Value | 111 | 53,862 |
International [Member] | Time Deposits [Member] | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' |
Investments, Amortized Cost Basis | 70,236 | 28,832 |
Investments, Aggregate Fair Value | $70,236 | $28,832 |
FINANCIAL_INSTRUMENTS_AND_FAIR3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Summary Of Financial Assets At Fair Value) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | $75,482 | $148,046 |
Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 5,135 | 60,352 |
Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 70,347 | 87,694 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 75,482 | 148,046 |
U.S. Government Debt Securities [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 5,135 | 65,352 |
U.S. Government Debt Securities [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 5,135 | 60,352 |
U.S. Government Debt Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 0 | 5,000 |
U.S. Government Debt Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 5,135 | 65,352 |
Domestic [Member] | Time Deposits [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 111 | 53,862 |
Domestic [Member] | Time Deposits [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 0 | 0 |
Domestic [Member] | Time Deposits [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 111 | 53,862 |
Domestic [Member] | Time Deposits [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 111 | 53,862 |
International [Member] | Time Deposits [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 70,236 | 28,832 |
International [Member] | Time Deposits [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 0 | 0 |
International [Member] | Time Deposits [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | 70,236 | 28,832 |
International [Member] | Time Deposits [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investments | $70,236 | $28,832 |
FINANCIAL_INSTRUMENTS_AND_FAIR4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Narrative detail (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Gain (loss) on sales of auction rate securities | $0 | $4,094,000 |
Auction Rate Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Redemptions, cost | 0 | 52,600,000 |
Redemptions, carrying value | 0 | 38,000,000 |
Gain (loss) on sales of auction rate securities | $0 | $4,100,000 |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Increase in goodwill due to foreign currency exchanges | $21.10 |
CREDIT_AGREEMENTS_Details
CREDIT AGREEMENTS (Details) | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 10, 2014 | |
USD ($) | USD ($) | USD ($) | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Lines Of Credit, All [Member] | Subsequent Event [Member] | |
USD ($) | EUR (€) | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | Bank Of America, Wells Fargo And US Bank [Member] | European Bank [Member] | European Bank [Member] | Lines Of Credit, All [Member] | ||||
USD ($) | Borrowings In USD Based [Member] | Borrowings In Foreign Currency Based [Member] | Borrowings In Foreign Currency Based [Member] | Borrowings In Foreign Currency Based [Member] | Capital Stock Of Main Operating Ireland Subsidiary [Member] | Capital Stock Of Remaining Major Foreign Subsidiaries [Member] | Capital Stock Of United States Subsidiaries [Member] | USD ($) | EUR (€) | Wells Fargo [Member] | ||||||
Agreement | Maximum [Member] | Minimum [Member] | International Facility [Member] | International Facility [Member] | U.S. Facility [Member] | USD ($) | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of credit agreements | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreements, maturity date | ' | ' | ' | ' | ' | 30-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility aggregate borrowing capacity | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 |
Percentage of capital stock pledged as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 100.00% | 100.00% | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | 'federal funds rate | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | 0.50% | ' | 2.00% | 1.25% | ' | ' | ' | ' | ' | ' |
Principal payments on line of credits | 1,795,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility current borrowing capacity | ' | ' | ' | 1,000,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 1,000,000 | ' |
Bank lines of credit | 0 | ' | 1,757,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Credit facility used for guarantees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | € 300,000 | ' |
SHAREBASED_COMPENSATION_Narrat
SHARE-BASED COMPENSATION (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Non-cash share-based compensation expense, capitalized | $0 | $0 | $0 | $0 |
Non-cash share-based compensation related to non-vested awards | $36,300,000 | ' | $36,300,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '2 years 0 months | ' |
SHAREBASED_COMPENSATION_NonCas
SHARE-BASED COMPENSATION (Non-Cash Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total non-cash share-based compensation expense | $5,654 | $4,740 | $16,394 | $16,266 |
Income tax benefit | -1,841 | -1,570 | -5,215 | -5,225 |
Total non-cash share-based compensation expense, net of tax benefit | 3,813 | 3,170 | 11,179 | 11,041 |
Impact on diluted net income per share attributable to MICROS Systems, Inc. common stockholders (in dollars per share) | $0.05 | $0.04 | $0.15 | $0.14 |
Selling, General, And Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total non-cash share-based compensation expense | 5,037 | 4,161 | 14,557 | 14,766 |
Research And Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total non-cash share-based compensation expense | 540 | 490 | 1,571 | 1,256 |
Cost Of Sales [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total non-cash share-based compensation expense | $77 | $89 | $266 | $244 |
Net_Income_Per_Share_Attributa2
Net Income Per Share Attributable To MICROS Systems, Inc. Common Shareholders (Reconciliation Of Net Income To Basic And Diluted Net Income Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to MICROS Systems, Inc. | $50,294 | $44,264 | $125,980 | $129,414 |
Weighted-average common shares outstanding | 75,100 | 79,050 | 75,435 | 79,695 |
Dilutive effect of outstanding stock options | 1,671 | 1,452 | 1,646 | 1,577 |
Weighted-average common shares outstanding assuming dilution | 76,771 | 80,502 | 77,081 | 81,272 |
Basic net income per share attributable to MICROS Systems, Inc. common stockholders | $0.67 | $0.56 | $1.67 | $1.62 |
Diluted net income per share attributable to MICROS Systems, Inc. common stockholders | $0.66 | $0.55 | $1.63 | $1.59 |
Anti-dilutive weighted shares excluded from reconciliation | 1,597 | 2,963 | 1,755 | 2,306 |
Non-cash share-based compensation expense | 5,654 | 4,740 | 16,394 | 16,266 |
Non-cash share-based compensation expense, net of tax | $3,813 | $3,170 | $11,179 | $11,041 |
Impact on diluted net income per share attributable to MICROS Systems, Inc. common stockholders (in dollars per share) | $0.05 | $0.04 | $0.15 | $0.14 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 22.90% | 25.70% | 30.80% | 27.70% |
Increase in effective tax rate percentage due to unrecognized tax benefits | ' | ' | 3.50% | ' |
Increase (decrease) in unrecognized tax benefits | ' | ' | $6.30 | ' |
UKTaxRateAfterEnactmentEffectiveApril12015 | ' | ' | 20.00% | ' |
Increase in effective tax rate due to enacted UK tax rate reduction | ' | ' | 1.30% | ' |
Increase in income tax expense due to decrease in UK tax rate | ' | ' | 2.4 | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | ' | ' | 35.00% | ' |
Unrecognized tax benefits decrease, lower limit | 5 | ' | 5 | ' |
Unrecognized tax benefit decrease, upper limit | $7 | ' | $7 | ' |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | |||||
Segment | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Number of operating segments | ' | ' | 4 | ' | ' | |||||
Total revenues | $348,968 | [1] | $315,105 | [1] | $1,009,252 | [1] | $939,476 | [1] | ' | |
Income before taxes | 65,039 | [1] | 59,715 | [1] | 182,111 | [1] | 179,328 | [1] | ' | |
Identifiable assets | 1,702,907 | ' | 1,702,907 | ' | 1,589,038 | |||||
Liabilities and Equity | 1,702,907 | [2] | ' | 1,702,907 | [2] | ' | 1,589,038 | [2] | ||
U.S./Canada [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total revenues | 159,387 | [1] | 135,768 | [1] | 449,463 | [1] | 403,342 | [1] | ' | |
Income before taxes | 34,543 | [1] | 32,050 | [1] | 96,371 | [1] | 103,430 | [1] | ' | |
Identifiable assets | 614,981 | [2] | ' | 614,981 | [2] | ' | 664,607 | [2] | ||
International [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Number of operating segments | ' | ' | 3 | ' | ' | |||||
Number of reporting segments | ' | ' | 1 | ' | ' | |||||
Total revenues | 203,131 | [1] | 191,664 | [1] | 600,725 | [1] | 573,224 | [1] | ' | |
Income before taxes | 39,721 | [1] | 36,931 | [1] | 115,892 | [1] | 103,569 | [1] | ' | |
Identifiable assets | 1,087,926 | [2] | ' | 1,087,926 | [2] | ' | 924,431 | [2] | ||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total revenues | -13,550 | [1],[3] | -12,327 | [1],[3] | -40,936 | [1],[3] | -37,090 | [1],[3] | ' | |
Income before taxes | ($9,225) | [1],[3] | ($9,266) | [1],[3] | ($30,152) | [1],[3] | ($27,671) | [1],[3] | ' | |
[1] | Amounts based on the location of the selling entity. | |||||||||
[2] | Amounts based on the physical location of the assets. | |||||||||
[3] | Amounts primarily represent elimination of U.S./Canada and Irelandbs intercompany business. |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERSb EQUITY (Narrative) (Details) (USD $) | 0 Months Ended | ||
Jan. 31, 2014 | Apr. 23, 2013 | Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Value of common stock authorized for repurchase | $200,000,000 | $225,000,000 | ' |
Stock repurchase program, remaining number of shares authorized | ' | ' | $236,600,000 |
STOCKHOLDERS_EQUITY_Cumulative
STOCKHOLDERSb EQUITY (Cumulative Number Of Shares Purchased Under The Purchase Authorizations) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Cummulative Number of Shares Repurchased [Roll Forward] | ' | ' | ' | |
Total shares purchased, Beginning Balance Number of Shares | ' | ' | 18,417 | [1] |
Total shares purchased, Number of Shares | 1,093 | 395 | 1,850 | |
Total shares purchased, Ending Balance Number of Shares | 21,755 | ' | ' | |
Total shares purchased, Beginning Balance Average Purchase Price per Share | ' | ' | $28.49 | [1] |
Total shares purchased, Average Purchase Price per Share | $54.28 | $49.91 | $49.52 | |
Total shares purchased, Ending Balance Average Purchase Price per Share | $31.96 | ' | ' | |
Total shares purchased, Beginning Balance Total Purchase Price | ' | ' | $524,669 | [1] |
Total shares purchased, Total Purchase Value | 59,304 | 19,709 | 91,603 | |
Total shares purchased, Ending Balance Total Purchase Price | $695,285 | ' | ' | |
[1] | The total shares purchased as of June 30, 2013, includes shares repurchased under the April 2013 authorization as well as shares purchased under prior repurchase authorizations. |