Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'PAREXEL INTERNATIONAL CORP | ' |
Entity Central Index Key | '0000799729 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 56,505,348 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $203,295 | $144,027 |
Marketable Securities, Current | 101,325 | 130,137 |
Billed and unbilled accounts receivable, net | 751,227 | 705,374 |
Prepaid expenses | 29,088 | 19,358 |
Deferred tax assets | 37,257 | 44,236 |
Income taxes receivable | 13,691 | 4,071 |
Other current assets | 40,039 | 30,254 |
Total current assets | 1,175,922 | 1,077,457 |
Property and equipment, net | 224,887 | 224,225 |
Goodwill | 326,246 | 319,478 |
Other intangible assets, net | 101,415 | 103,514 |
Non-current deferred tax assets | 8,985 | 8,556 |
Long-term income taxes receivable | 11,549 | 11,153 |
Other assets | 36,731 | 35,241 |
Total assets | 1,885,735 | 1,779,624 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Notes payable and current portion of long-term debt | 10,003 | 20,399 |
Accounts payable | 51,714 | 54,232 |
Deferred revenue | 385,923 | 378,950 |
Accrued expenses | 46,458 | 42,211 |
Accrued employee benefits and withholdings | 132,621 | 149,290 |
Current deferred tax liabilities | 19,550 | 16,512 |
Other current liabilities | 12,979 | 12,634 |
Total current liabilities | 659,248 | 674,228 |
Long-term debt, net of current portion | 491,349 | 424,074 |
Non-current deferred tax liabilities | 37,208 | 35,443 |
Long-term income tax liabilities | 48,434 | 45,183 |
Long-term deferred revenue | 32,116 | 29,386 |
Other liabilities | 30,392 | 32,364 |
Total liabilities | 1,298,747 | 1,240,678 |
Stockholders' equity: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 565 | 563 |
Additional paid-in capital | 114,389 | 113,771 |
Retained earnings | 480,604 | 454,650 |
Accumulated other comprehensive (loss) income | -8,570 | -30,038 |
Total stockholders' equity | 586,988 | 538,946 |
Total liabilities and stockholders' equity | $1,885,735 | $1,779,624 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthethical (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Outstanding | 56,457,259 | 56,310,582 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues [Abstract] | ' | ' |
Service revenue | $449,245 | $394,753 |
Reimbursement revenue | 79,819 | 67,767 |
Total revenue | 529,064 | 462,520 |
Costs and Expenses [Abstract] | ' | ' |
Direct costs | 303,194 | 279,404 |
Reimbursable out-of-pocket expenses | 79,819 | 67,767 |
Selling, general and administrative | 84,912 | 70,028 |
Depreciation | 15,462 | 14,795 |
Amortization of Intangible Assets | 3,796 | 1,084 |
Restructuring (benefit) charges | 0 | -310 |
Total costs and expenses | 487,183 | 432,768 |
Income from operations | 41,881 | 29,752 |
Interest Income (Expense), Net | -2,764 | -1,436 |
Miscellaneous income (expense) | -201 | -952 |
Total other expense | -2,965 | -2,388 |
Income before income taxes | 38,916 | 27,364 |
Provision for income taxes | 12,962 | 12,300 |
Net income | $25,954 | $15,064 |
Earnings per common share | ' | ' |
Basic | $0.46 | $0.25 |
Diluted | $0.45 | $0.25 |
Shares used in computing earnings per common share | ' | ' |
Basic | 56,254 | 60,111 |
Diluted | 57,395 | 61,226 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income (Loss) Attributable to Parent | $25,954 | $15,064 |
Unrealized gain on derivative instruments, net of taxes | 3,971 | 312 |
Foreign currency translation adjustment | 17,497 | 13,560 |
Total comprehensive income | $47,422 | $28,936 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow from operating activities: | ' | ' |
Net Income (Loss) Attributable to Parent | $25,954 | $15,064 |
Depreciation and amortization | 19,258 | 15,879 |
Stock-based compensation | 3,381 | 2,736 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | -2,803 | 0 |
Deferred income taxes | 9,783 | 3,252 |
Other Noncash (Income) Expense | -116 | -1,232 |
Changes in operating assets and liabilities | -92,594 | 308 |
Net cash provided by (used in) operating activities: | -37,137 | 36,007 |
Cash flow from investing activities: | ' | ' |
Payments to Acquire Marketable Securities | -59,540 | -25,763 |
Proceeds from Sale and Maturity of Marketable Securities | 93,315 | 0 |
Purchases of property and equipment | -14,266 | -11,511 |
Net cash used in investing activities | 19,509 | -37,274 |
Cash flow from financing activities: | ' | ' |
(Payments ) proceeds from issuance of common stock | -506 | 1,189 |
Payments for Repurchase of Common Stock | -4,906 | -50,000 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 2,803 | 0 |
Borrowing under credit agreement/facility | 275,000 | 165,000 |
Repayments under credit agreements/facilities | -207,500 | -111,250 |
Payments of Financing Costs | -671 | 0 |
Net cash (used in) provided by financing activities | 64,220 | 4,939 |
Effect of exchange rate changes on cash and cash equivalents | 12,676 | 6,078 |
Net increase (decrease) in cash and cash equivalents | 59,268 | 9,750 |
Cash and cash equivalents at beginning of period | 144,027 | 213,579 |
Cash and cash equivalents at end of period | 203,295 | 223,329 |
Supplemental disclosures of cash flow information | ' | ' |
Non-cash debt settlement under factoring agreement | 10,394 | 0 |
Interest | 3,198 | 2,466 |
Income taxes, net of refunds | $10,819 | $5,072 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements of PAREXEL International Corporation (“PAREXEL,” “the Company,” “we,” “our” or “us”) have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations as of September 30, 2013 and for the three months ended September 30, 2013 and 2012 have been included. Operating results for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for other quarters or the entire fiscal year. For further information, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (the “2013 10-K”) filed with the Securities and Exchange Commission on August 22, 2013. | |
Net Presentation Adjustment | |
We adjusted the presentation for interest income and interest expense in our results of operation for the three months ended September 30, 2012. We determined a net presentation of either interest expense or interest income better reflects the impact on our results of operations for the cash pooling arrangement (see Note 9) compared to our prior practice of reporting interest income and expense on a gross basis. For the three months ended September 30, 2012, we incurred net interest expense on our cash pooling arrangement and therefore we netted the previously reported interest income of $1.1 million against the interest expense of $2.5 million. This adjustment had no impact on our consolidated financial positions for June 30, 2013 or statement of cash flow for three month ended September 30, 2012. | |
Recently Implemented Accounting Standards | |
In December 2011, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 requires a company to disclose information about offsetting and related arrangements to enable readers of its financial statements to understand the effects of those arrangements on its financial position. ASU 2011-11 is effective for fiscal years beginning after January 1, 2013. In January 2013, the FASB issued ASU No. 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2013-01 was issued to limit the scope of ASU 2011-11 to derivatives (including bifurcated embedded derivatives), repurchase and reverse repurchase arrangements, and securities borrowing and lending transactions. We adopted ASU 2013-01 beginning in our fiscal quarter ended September 30, 2013. The adoption of ASU 2013-01 did not impact our consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires reporting and disclosure about changes in accumulated other comprehensive income (AOCI) balances and reclassifications out of AOCI. We adopted ASU 2013-02 beginning in our first quarter ended September 30, 2013. The adoption of ASU 2013-02 did not impact our consolidated financial statements. | |
Recently Issued Accounting Standards | |
In March 2013, the FASB issued ASU No. 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” ASU 2013-05 addresses the accounting for the cumulative translation adjustment 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 that is a nonprofit activity or a business within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years and interim periods within those fiscal years beginning after December 15, 2013 and early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires that entities present an unrecognized tax benefit, or portion of an unrecognized tax benefit, as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. ASU 2013-11 is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2013, however early adoption and retrospective application is permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
Equity_and_Earnings_Per_Share
Equity and Earnings Per Share | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Equity and Earnings Per Share | ' | |||||||
EQUITY AND EARNINGS PER SHARE | ||||||||
We have authorized five million shares of preferred stock at $0.01 par value. As of September 30, 2013 and June 30, 2013, we had no shares of preferred stock issued and outstanding. | ||||||||
We have authorized 150 million shares of common stock at $0.01 par value. As of September 30, 2013 and June 30, 2013, we had 56,457,259 and 56,310,582 shares of common stock issued and outstanding, respectively. | ||||||||
We compute basic earnings per share by dividing net income for the period by the weighted average number of common shares outstanding during the period. We compute diluted earnings per share by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options and restricted stock awards and units. The following table outlines the basic and diluted earnings per common share computations: | ||||||||
(in thousands, except per share data) | Three Months Ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
Net income attributable to common stock | $ | 25,954 | $ | 15,064 | ||||
Weighted average number of shares outstanding, used in computing basic earnings per share | 56,254 | 60,111 | ||||||
Dilutive common stock equivalents | 1,141 | 1,115 | ||||||
Weighted average number of shares outstanding used in computing diluted earnings per share | 57,395 | 61,226 | ||||||
Basic earnings per share | $0.46 | $0.25 | ||||||
Diluted earnings per share | $0.45 | $0.25 | ||||||
Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) | 95 | 470 | ||||||
Share Repurchase Plan | ||||||||
In August 2012, our Board of Directors approved a share repurchase program (the “Program”) authorizing the repurchase of up to $200.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. During the fiscal year ended June 30, 2013, we repurchased $197.6 million of our common stock. We repurchased the remaining $2.4 million of our common stock in July 2013. The Program repurchases were effected pursuant to two separate $50.0 million accelerated share repurchase agreements (“ASR Agreements”) and two separate $50.0 million open market agreements (“Open Market Agreements”). Pursuant to the Program, we repurchased 5,458,285 shares of our common stock at an average price of $36.64 per share from September 2012 to July 2013. The buyback activity also resulted in a reduction of our stockholders' equity of $200.0 million for the value of shares repurchased and retired by the Company. | ||||||||
In July 2013, we purchased 51,071 shares under our second Open Market Agreement and received 101,247 shares representing the final settlement of our March ASR Agreement. With the completion of our second Open Market Agreement and the final settlement of the March ASR Agreement, the Program was completed. No further share repurchases have been authorized by our Board of Directors as of the date of this quarterly report on Form 10-Q. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||
Comprehensive Income | ' | ||||||||||||
COMPREHENSIVE INCOME | |||||||||||||
The following table reflects the activity for the components of accumulated other comprehensive income, net of tax, for the three months ended September 30, 2013: | |||||||||||||
(in thousands) | Foreign Currency | Unrealized Gain/(loss) on Derivatives | Total | ||||||||||
Balance as of June 30, 2013 | $ | (29,138 | ) | $ | (900 | ) | $ | (30,038 | ) | ||||
Other comprehensive income before reclassifications | 17,497 | 5,114 | 22,611 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (1,143 | ) | (1,143 | ) | ||||||||
Net current-period other comprehensive income | $ | 17,497 | $ | 3,971 | $ | 21,468 | |||||||
Balance at September 30, 2013 | $ | (11,641 | ) | $ | 3,071 | $ | (8,570 | ) | |||||
The details regarding pre-tax gains (loss) on derivative instruments reclassified to net income from accumulated other comprehensive income for the three months ended September 30, 2013 and 2012 are the follows: | |||||||||||||
Three months ended | |||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||
(in thousands) | Amount of Pre-tax Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion) | Amount of Pre-tax Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion) | Affected Line in the Consolidated Statements of Income | ||||||||||
Interest rate contracts | $ | 429 | $ | 279 | Interest expense, net | ||||||||
Foreign exchange contracts | 1,335 | (70 | ) | Direct Costs | |||||||||
Cross-currency swap contracts | 114 | 218 | Miscellaneous expense, net | ||||||||||
Total | $ | 1,878 | $ | 427 | |||||||||
The amounts of gain (loss) reclassified from accumulated other comprehensive income into earnings are net of taxes of $0.7 million and $0.1 million for the three months ended September 30, 2013 and 2012. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||
Stock-Based Compensation | ' | |||||||
STOCK-BASED COMPENSATION | ||||||||
We account for stock-based compensation according to FASB Accounting Standards Codification ("ASC") 718, “Compensation—Stock Compensation.” The classification of compensation expense within the consolidated statements of income is presented in the following table: | ||||||||
(in thousands) | Three Months Ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
Direct costs | $ | 424 | $ | 380 | ||||
Selling, general and administrative | 2,957 | 2,356 | ||||||
Total stock-based compensation | $ | 3,381 | $ | 2,736 | ||||
Restructuring_Charges
Restructuring Charges | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||||||||||||||
RESTRUCTURING CHARGES | ||||||||||||||||
We have not adopted any plans in accordance with FASB ASC 420, “Exit or Disposal Cost Obligations,” to restructure our operations since the fiscal year ended June 30, 2012. The remaining accrued balances for the restructuring plans adopted by us prior to June 30, 2012 are included in Pre-2012 Plans. | ||||||||||||||||
We recorded the following benefits related to our restructuring plans: | ||||||||||||||||
(in thousands) | Three Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||
Pre-2012 Plans | ||||||||||||||||
Facilities-related and other | $ | — | $ | (310 | ) | |||||||||||
Current activity charged against restructuring accruals is presented in the following table. | ||||||||||||||||
(in thousands) | Balance at | Provisions/ | Payments/Foreign | Balance at | ||||||||||||
June 30, 2013 | Adjustments | Currency Exchange | September 30, 2013 | |||||||||||||
Pre-2012 Plans | ||||||||||||||||
Facilities-related charges and other | $ | 2,559 | $ | — | $ | (202 | ) | $ | 2,357 | |||||||
The balances are included in accrued expenses and other non-current liabilities on our condensed consolidated balance sheets. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
SEGMENT INFORMATION | ||||||||
We have three reporting segments: Clinical Research Services (“CRS”), PAREXEL Consulting and MedCom Services (“PCMS”) and Perceptive Informatics, Inc. (“Perceptive”). | ||||||||
• | CRS constitutes our core business and includes all phases of clinical research from Early Phase (encompassing the early stages of clinical testing that range from first-in-man through proof-of-concept studies) to Phase II-III and Phase IV, which we call Peri-Approval Clinical Excellence (“PACE”). Our services include clinical trials management and biostatistics, data management and clinical pharmacology, as well as related medical advisory, patient recruitment, clinical supply and drug logistics, pharmacovigilance, and investigator site services. We aggregate Early Phase with Phase II-III/PACE due to economic similarities in these operating segments. | |||||||
• | PCMS provides technical expertise and advice in such areas as drug development, regulatory affairs, product pricing and reimbursement, commercialization and strategic compliance. It also provides a full spectrum of market development, product development, and targeted communications services in support of product launch. Our PCMS consultants identify alternatives and propose solutions to address client issues associated with product development, registration, and commercialization. | |||||||
• | Perceptive provides information technology solutions designed to help improve clients’ product development and regulatory submission processes. Perceptive offers a portfolio of products and services that includes medical imaging services, ClinPhone® randomization and trial supply management ("RTSM"), IMPACT® clinical trials management systems ("CTMS"), DataLabs® electronic data capture ("EDC"), web-based portals, systems integration, electronic patient reported outcomes ("ePRO"), and LIQUENT InSight® Regulatory Information Management (RIM) solutions. These services are often bundled together and integrated with other applications to provide eClinical solutions for our clients. | |||||||
We evaluate our segment performance and allocate resources based on service revenue and gross profit (service revenue less direct costs), while other operating costs are allocated and evaluated on a geographic basis. Accordingly, we do not include the impact of selling, general, and administrative expenses, depreciation and amortization expense, other income (expense), and income tax expense in segment profitability. We attribute revenue to individual countries based upon the revenue earned in the respective countries; however, inter-segment transactions are not included in service revenue. Furthermore, PAREXEL has a global infrastructure supporting its business segments, and therefore, assets are not identified by reportable segment. | ||||||||
Our segment results are as follows: | ||||||||
(in thousands) | Three Months Ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
Service revenue | ||||||||
CRS | $ | 332,592 | $ | 297,167 | ||||
PCMS | 53,537 | 48,351 | ||||||
Perceptive | 63,116 | 49,235 | ||||||
Total service revenue | $ | 449,245 | $ | 394,753 | ||||
Direct costs | ||||||||
CRS | $ | 238,188 | $ | 220,166 | ||||
PCMS | 31,266 | 29,685 | ||||||
Perceptive | 33,740 | 29,553 | ||||||
Total direct costs | $ | 303,194 | $ | 279,404 | ||||
Gross profit | ||||||||
CRS | $ | 94,404 | $ | 77,001 | ||||
PCMS | 22,271 | 18,666 | ||||||
Perceptive | 29,376 | 19,682 | ||||||
Total gross profit | $ | 146,051 | $ | 115,349 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Expense (Benefit) [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
We determine our global provision for corporate income taxes in accordance with FASB ASC 740, “Income Taxes.” We recognize our deferred tax assets and liabilities based upon the effect of temporary differences between the book and tax basis of recorded assets and liabilities. Further, we follow a methodology in which we identify, recognize, measure and disclose in our financial statements the effects of any uncertain tax return reporting positions that we have taken or expect to take. The methodology is based on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances. Our quarterly effective income tax rate contains management's estimates of our annual projected profitability in the various taxing jurisdictions in which we operate. Since the statutory tax rates differ in the jurisdictions in which we operate, changes in the distribution of profits and losses may have a significant impact on our effective income tax rate. | |
As of September 30, 2013, we had $49.1 million of gross unrecognized tax benefits, of which $32.4 million would impact the effective tax rate if recognized. As of June 30, 2013, we had $46.6 million of gross unrecognized tax benefits, of which $31.0 million would impact the effective tax rate if recognized. The reserves for unrecognized tax positions primarily relate to exposures for income tax matters such as changes in the jurisdiction in which income is taxable. The $2.5 million net increase in gross unrecognized tax benefits is primarily associated with tax positions taken in prior periods related to the jurisdiction in which income is taxable and restrictions on the use of operating loss carryforwards. | |
As of September 30, 2013, we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could decrease by approximately $6.0 million over the next 12 months primarily as a result of the expiration of statutes of limitation. | |
We recognize interest and penalties related to income tax matters in income tax expense. As of September 30, 2013, $5.4 million of gross interest and penalties were included in our liability for unrecognized tax benefits. As of June 30, 2013, $5.0 million of gross interest and penalties were included in our liability for unrecognized tax benefits. Income tax expense recorded for the three months ended September 30, 2013 and 2012 includes an expense of approximately $0.3 million and $0.4 million, respectively, for interest and penalties related to tax matters. | |
We are subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. All material U.S. federal, state, and local income tax matters through 2004 have been concluded with the respective taxing authority. Substantially all material foreign income tax matters have been concluded for all years through 2000 with the respective taxing authority. | |
For the three months ended September 30, 2013 and 2012, we had effective income tax rates of 33.3% and 44.9%, respectively. The tax rate for the three months ended September 30, 2013 was lower than the expected statutory rate of 35% primarily as a result of the favorable effect of statutory rates applicable to income earned outside the United States. | |
The tax rate for the three months ended September 30, 2012 was higher than the expected statutory rate primarily as a result of a $2.0 million quarter-specific expense associated with the limitation of certain compensation-related deductions as well as the effect of a high annual effective tax rate for our fiscal year ended June 30, 2013 ("Fiscal Year 2013") as projected at September 30, 2012. The high Fiscal Year 2013 projected annual effective tax rate was attributable to a projected increase in income subject to tax in the United States as compared to lower rate foreign jurisdictions due in part to the expiration of certain United States Internal Revenue Code provisions which were subsequently reinstated in January 2013. |
Credit_Agreements
Credit Agreements | 3 Months Ended | |
Sep. 30, 2013 | ||
Line of Credit Facility [Abstract] | ' | |
Lines Of Credit | ' | |
Note Purchase Agreement | ||
On July 25, 2013, we issued $100.0 million principal amount of 3.11% senior notes due July 25, 2020 (the “Notes”) for aggregate gross proceeds of $100.0 million in a private placement solely to accredited investors. The Notes were issued pursuant to a Note Purchase Agreement entered into by us with certain institutional investors on June 25, 2013 (the “Note Purchase Agreement”). Proceeds from the Notes were used to pay down $100.0 million of principal borrowed under the revolving credit facility of the 2013 Credit Agreement, as described below. We will pay interest on the outstanding balance of the Notes at a rate of 3.11% per annum, payable semi-annually on January 25 and July 25 of each year until the principal on the Notes shall have become due and payable. We may, at our option, upon notice and subject to the terms of the Note Purchase Agreement, prepay at any time all or part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding, plus a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes become due and payable on July 25, 2020, unless payment is required to be made earlier under the terms of the Note Purchase Agreement. | ||
The Note Purchase Agreement includes operational and financial covenants, with which we are required to comply, including, among others, maintenance of certain financial ratios and restrictions on additional indebtedness, liens and dispositions. | ||
In connection with the Note Purchase Agreement, certain of our subsidiaries entered into a Subsidiary Guaranty, pursuant to which such subsidiaries guaranteed our obligations under the Notes and the Note Purchase Agreement. | ||
In April and May 2013, we entered into three treasury lock agreements each with a notional amount of $25.0 million in connection with the planned issuance of the Notes. The three treasury locks were used to minimize our interest rate exposure prior to locking in the fixed interest rate on the Notes. The treasury locks matured in May 2013 when the interest rate on our Notes was fixed. The treasury locks were deemed to be fully effective in accordance with FASB ASC 815, “Derivatives and Hedging” (“ASC 815”) and as such, the unrealized gains related to these derivatives were initially recorded as other comprehensive income in our consolidated balance sheets and are amortized into net income over the life of the Notes. | ||
As of September 30, 2013, we had $100.0 million of principal borrowed under the Note Purchase Agreement. The outstanding amounts are presented net of debt issuance cost of approximately $0.4 million in our consolidated balance sheets. | ||
2013 Credit Agreement | ||
On March 22, 2013, we, certain of our subsidiaries, Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swingline Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS”), J.P. Morgan Securities LLC (“JPM Securities”), HSBC Bank USA, National Association (“HSBC”) and U.S. Bank, National Association (“US Bank”), as Joint Lead Arrangers and Joint Book Managers, JPMorgan Chase Bank N.A. (“JPMorgan”), HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto entered into an amended and restated credit agreement (the “2013 Credit Agreement”) providing for a five-year term loan of $200.0 million and a revolving credit facility in the amount of up to $300.0 million, plus additional amounts of up to $200.0 million of loans to be made available upon our request subject to specified terms and conditions. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $75.0 million and for the issuance of standby letters of credit of up to a sublimit of $10.0 million. | ||
On March 22, 2013, we drew down $107.5 million under the 2013 Credit Agreement and used the proceeds of the borrowing (i) to repay outstanding amounts under our existing four short-term credit facilities with each of Bank of America, HSBC, TD Bank, N.A. and US Bank (collectively, the “Short Term Credit Facilities”), (ii) for stock repurchases and (iii) for other general corporate purposes. | ||
As of September 30, 2013, we had $210.0 million of principal borrowed under the revolving credit facility and $195.0 million of principal borrowed under the term loan. The outstanding amounts are presented net of debt issuance cost of approximately $3.3 million in our consolidated balance sheets. We have borrowing availability of $90.0 million under the revolving credit facility. | ||
Our obligations under the 2013 Credit Agreement are guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower are guaranteed by us and certain of our material domestic subsidiaries. | ||
Borrowings (other than swingline loans) under the 2013 Credit Agreement bear interest, at our determination, at a rate based on either (a) LIBOR plus a margin (not to exceed a per annum rate of 1.750%) based on a ratio of consolidated funded debt to consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) (the “Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 0.50%, and (iii) the one month LIBOR rate plus 1.00% (such highest rate, the “Alternate Base Rate”), plus a margin (not to exceed a per annum rate of 0.750%) based on the Leverage Ratio. Swingline loans in U.S. dollars bear interest calculated at the Alternate Base Rate plus a margin (not to exceed a per annum rate of 0.750%). | ||
Loans outstanding under the 2013 Credit Agreement may be prepaid at any time in whole or in part without premium or penalty, other than customary breakage costs, if any, subject to the terms and conditions contained in the 2013 Credit Agreement. The 2013 Credit Agreement terminates and any outstanding loans under it mature on March 22, 2018 (“the Maturity Date”). | ||
Repayment of the principal borrowed under the revolving credit facility (other than a swingline loan) is due on the Maturity Date. Repayment of principal borrowed under the term loan facility is as follows, with the final payment of all amounts outstanding, plus accrued interest, being due on the Maturity Date: | ||
• | 1.25% by quarterly term loan amortization payments to be made commencing June 2013 and made prior to June 30, 2015; | |
• | 2.50% by quarterly term loan amortization payments to be made on or after June 30, 2015, but prior to June 30, 2016; | |
• | 5.00% by quarterly term loan amortization payments to be made on or after June 30, 2016, but prior to June 30, 2017; | |
• | 7.50% by quarterly term loan amortization payment to be made on or after June 30, 2017, but prior to the Maturity Date; and | |
• | 37.50% on the Maturity Date | |
Our obligations under the 2013 Credit Agreement may be accelerated upon the occurrence of an event of default, which includes customary events of default, including payment defaults, defaults in the performance of affirmative and negative covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, cross defaults to other material indebtedness, defaults relating to such matters as the Employee Retirement Income Security Act (ERISA) and judgments, and a change of control default. | ||
The 2013 Credit Agreement contains negative covenants applicable to us and our subsidiaries, including financial covenants requiring us to comply with maximum leverage ratios and minimum interest coverage ratios, as well as restrictions on liens, investments, indebtedness, fundamental changes, acquisitions, dispositions of property, making specified restricted payments (including stock repurchases exceeding an agreed to percentage of consolidated net income), and transactions with affiliates. As of September 30, 2013, we were in compliance with all covenants under the 2013 Credit Agreement. | ||
In connection with the 2013 Credit Agreement, we agreed to pay a commitment fee on the revolving loan commitment calculated as a percentage of the unused amount of the revolving loan commitment at a per annum rate of up to 0.350% (based on the Leverage Ratio). To the extent there are letters of credit outstanding under the 2013 Credit Agreement, we will pay letter of credit fees plus a fronting fee and additional charges. We also paid various customary fees to secure this arrangement, which are being amortized using the effective interest method over the life of the debt. | ||
In September 2011, we entered into an interest rate swap agreement and an interest rate cap agreement. Prior to the execution of the 2013 Credit Agreement, the interest rate swap and cap agreements hedged principal under our prior debt obligations. The interest rate swap agreement now hedges the principal of $100.0 million under our 2013 Credit Agreement carrying a fixed interest rate of 1.30% plus an applicable margin. The interest rate cap agreement now hedges the principal of $25.0 million under our 2013 Credit Agreement with an interest rate cap of 2.00% plus an applicable margin. In May 2013, we entered into another interest rate swap agreement and hedged an additional principal amount of $100.0 million under the 2013 Credit Agreement with a fixed interest rate of 0.73% plus an applicable margin. As of September 30, 2013, our debt under the 2013 Credit Agreement, including the $200.0 million of principal hedged with both interest swap agreements, carried an average annualized interest rate of 1.51%. These interest rate hedges were deemed to be fully effective in accordance with ASC 815 and, as such, unrealized gains and losses related to these derivatives are recorded as other comprehensive income in our consolidated balance sheets. | ||
Additional Lines of Credit | ||
We have an unsecured line of credit with JP Morgan UK in the amount of $4.5 million that bears interest at an annual rate ranging between 2.00% and 4.00%. We entered into this line of credit to facilitate business transactions. At September 30, 2013, we had $4.5 million available under this line of credit. | ||
We have a cash pool facility with RBS Nederland, NV in the amount of 5.0 million Euros that bears interest at an annual rate ranging between 2.00% and 4.00%. We entered into this line of credit to facilitate business transactions. At September 30, 2013, we had 5.0 million Euros available under this line of credit. | ||
We have a cash pooling arrangement with RBS Nederland, NV. Pooling occurs when debit balances are offset against credit balances and the overall net position is used as a basis by the bank for calculating the overall pool interest amount. Each legal entity owned by us and party to this arrangement remains the owner of either a credit (deposit) or a debit (overdraft) balance. Therefore, interest income is earned by legal entities with credit balances, while interest expense is charged to legal entities with debit balances. Based on the pool’s aggregate balance, the bank then (1) recalculates the overall interest to be charged or earned, (2) compares this amount with the sum of previously charged/earned interest amounts per account and (3) additionally pays/charges the difference. The gross overdraft balance related to this pooling arrangement was $36.7 million and $40.8 million at September 30, 2013 and June 30, 2013, respectively, and was included in cash and cash equivalents in our consolidated balance sheets. |
Debt_Commitments_Contingencies
Debt, Commitments, Contingencies And Guarantees | 3 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Commitments, Contingencies And Guarantees [Abstract] | ' | ||||||||||||||||||||||||||||
Commitments, Contingencies And Guarantees | ' | ||||||||||||||||||||||||||||
COMMITMENTS, CONTINGENCIES AND GUARANTEES | |||||||||||||||||||||||||||||
Our future minimum debt obligations related to the Note Purchase Agreement and 2013 Credit Agreement are as follows: | |||||||||||||||||||||||||||||
(in thousands) | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | Thereafter | Total | ||||||||||||||||||||||
Debt obligations (principal) | $ | 7,503 | $ | 12,500 | $ | 25,000 | $ | 45,000 | $ | 315,000 | $ | 100,000 | $ | 505,003 | |||||||||||||||
We have letter-of-credit agreements with banks totaling approximately $9.8 million guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2013 Credit Agreement and Note Purchase Agreement is guaranteed by certain of our U.S. subsidiaries. | |||||||||||||||||||||||||||||
We periodically become involved in various claims and lawsuits that are incidental to our business. We believe, after consultation with counsel, that no matters currently pending would, in the event of an adverse outcome, either individually or in the aggregate, have a material impact on our consolidated financial position, results of operations, or liquidity. |
Derivatives
Derivatives | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Summary of Derivative Instruments by Hedge Designation [Abstract] | ' | |||||||||||||||
Derivatives | ' | |||||||||||||||
DERIVATIVES | ||||||||||||||||
We are exposed to certain risks relating to our ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk and foreign currency exchange rate risk. Accordingly, we have instituted interest rate and foreign currency hedging programs that are accounted for in accordance with ASC 815. | ||||||||||||||||
• | Our interest rate hedging program is a cash flow hedge program designed to minimize interest rate volatility. We swap the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount, at specified intervals. We also employ an interest rate cap that compensates us if variable interest rates rise above a pre-determined rate. Our interest rate contracts are designated as hedging instruments. | |||||||||||||||
• | Our foreign currency hedging program is a cash flow hedge program designed to minimize foreign currency exchange rate volatility due to the foreign currency exchange exposure related to intercompany transactions. This program was expanded in the first quarter of Fiscal Year 2013 in order to reduce the impact of foreign exchange rate risk on our gross margin. We primarily utilize forward currency exchange contracts and cross-currency swaps with maturities of no more than 12 months. These contracts are designated as hedging instruments. | |||||||||||||||
We also enter into other economic hedges to mitigate foreign currency exchange risk and interest rate risk related to intercompany and significant external transactions. These contracts are not designated as hedges in accordance with ASC 815. | ||||||||||||||||
The following table presents the notional amounts and fair values of our derivatives as of September 30, 2013 and June 30, 2013. The gross position of all asset and liability amounts are reported in other current assets, other assets, other current liabilities, and other liabilities in our consolidated balance sheets. | ||||||||||||||||
(in thousands) | September 30, 2013 | June 30, 2013 | ||||||||||||||
Notional | Asset | Notional | Asset | |||||||||||||
Amount | (Liability) | Amount | (Liability) | |||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Derivatives in an asset position: | ||||||||||||||||
Interest rate contracts | $ | 125,000 | $ | 2,641 | $ | 125,000 | $ | 3,269 | ||||||||
Foreign exchange contracts | 144,925 | 5,014 | 20,245 | 333 | ||||||||||||
Cross-currency swap contracts | — | — | 27,312 | 1,032 | ||||||||||||
Derivatives in a liability position: | ||||||||||||||||
Interest rate contracts | 100,000 | (2,115 | ) | 100,000 | (2,208 | ) | ||||||||||
Foreign exchange contracts | 27,361 | (1,179 | ) | 129,254 | (3,889 | ) | ||||||||||
Cross-currency swap contracts | 25,277 | (177 | ) | — | — | |||||||||||
Total designated derivatives | $ | 422,563 | $ | 4,184 | $ | 401,811 | $ | (1,463 | ) | |||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Derivatives in an asset position: | ||||||||||||||||
Foreign exchange contracts | $ | 28,010 | $ | 377 | $ | 20,756 | $ | 91 | ||||||||
Derivatives in a liability position: | ||||||||||||||||
Cross-currency interest rate swap contracts | 46,283 | (3,182 | ) | 44,580 | (1,910 | ) | ||||||||||
Foreign exchange contracts | 35,607 | (365 | ) | 42,800 | (992 | ) | ||||||||||
Total non-designated derivatives | $ | 109,900 | $ | (3,170 | ) | $ | 108,136 | $ | (2,811 | ) | ||||||
Total derivatives | $ | 532,463 | $ | 1,014 | $ | 509,947 | $ | (4,274 | ) | |||||||
We record the effective portion of any change in the fair value of derivatives designated as hedging instruments under ASC 815 to other accumulated comprehensive income (loss) in our consolidated balance sheets, net of deferred taxes, and any ineffective portion to miscellaneous income (expense) in our consolidated statements of income. The amounts recognized in other comprehensive income (loss), net of taxes, are presented below: | ||||||||||||||||
(in thousands) | Three Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Interest rate contracts, net of taxes | $ | (321 | ) | $ | (51 | ) | ||||||||||
Foreign exchange contracts, net of taxes | 4,445 | 440 | ||||||||||||||
Cross-currency swap contracts, net of taxes | (153 | ) | (77 | ) | ||||||||||||
Total designated derivatives | $ | 3,971 | $ | 312 | ||||||||||||
The unrealized gain on derivative instruments is net of $2.7 million of taxes for the three months ended September 30, 2013 and net of $0.2 million of taxes for the three months ended September 30, 2012, respectively. | ||||||||||||||||
Under certain circumstances, such as the occurrence of significant differences between actual cash receipts and forecasted cash receipts, the ASC 815 programs could be deemed ineffective. During three months ended September 30, 2013 and 2012, the amounts recorded in miscellaneous expense, net in our consolidated statements of income to reflect ineffective portions of any hedges were a loss of $0.1 million and a gain of $0.1 million, respectively. The estimated net amount of the existing gains that are expected to be reclassified into earnings within the next twelve months is $2.2 million. | ||||||||||||||||
The change in the fair value of derivatives not designated as hedging instruments under ASC 815 is recorded to miscellaneous expense, net in our consolidated statements of income. The gains (losses) recognized are presented below: | ||||||||||||||||
(in thousands) | Three Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Cross-currency interest rate swap contracts | $ | (1,272 | ) | $ | (901 | ) | ||||||||||
Foreign exchange contracts | 913 | 1,432 | ||||||||||||||
Total non-designated derivative unrealized (loss) gain, net | $ | (359 | ) | $ | 531 | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
We apply the provisions of ASC 820, “Fair Value Measurements and Disclosures” ("ASC 8210"). ASC 820 defines fair value and provides guidance for measuring fair value and expands disclosures about fair value measurements. ASC 820 seeks to enable the reader of financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. ASC 820 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: | ||||||||||||||||
• | Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. | |||||||||||||||
• | Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: | |||||||||||||||
◦ | quoted prices for similar assets and liabilities in active markets | |||||||||||||||
◦ | quoted prices for identical or similar assets or liabilities in markets that are not active | |||||||||||||||
◦ | observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals) | |||||||||||||||
◦ | inputs that are derived principally from or corroborated by observable market data by correlation or other means | |||||||||||||||
• | Level 3 – Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |||||||||||||||
The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of September 30, 2013: | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Contingent Consideration | $ | — | $ | — | $ | (5,458 | ) | $ | (5,458 | ) | ||||||
Interest rate derivative instruments | — | (2,656 | ) | — | (2,656 | ) | ||||||||||
Foreign currency exchange contracts | — | 3,670 | — | 3,670 | ||||||||||||
Total | $ | — | $ | 1,014 | $ | (5,458 | ) | $ | (4,444 | ) | ||||||
The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of June 30, 2013: | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Contingent Consideration | $ | — | $ | — | $ | (5,934 | ) | $ | (5,934 | ) | ||||||
Interest rate derivative instruments | — | (849 | ) | — | (849 | ) | ||||||||||
Foreign currency exchange contracts | — | (3,425 | ) | — | (3,425 | ) | ||||||||||
Total | $ | — | $ | (4,274 | ) | $ | (5,934 | ) | $ | (10,208 | ) | |||||
Cash equivalents are measured at quoted prices in active markets. These investments are considered cash equivalents due to the short maturity (less than 90 days) of the investments. | ||||||||||||||||
Interest rate derivative instruments are measured at fair value using a market approach valuation technique. The valuation is based on an estimate of net present value of the expected cash flows using relevant mid-market observable data inputs and based on the assumption of no unusual market conditions or forced liquidation. | ||||||||||||||||
Foreign currency exchange contracts are measured at fair value using a market approach valuation technique. The inputs to this technique utilize current foreign currency exchange forward market rates published by leading third-party financial news and data providers. This is observable data that represent the rates that the financial institution uses for contracts entered into at that date; however, they are not based on actual transactions so they are classified as Level 2. | ||||||||||||||||
On April 30, 2013, we acquired all of the outstanding equity securities of HERON Group LTD ("HERON"), a life sciences consultancy which provides evidence-based commercialization services to support biopharmaceutical companies throughout the lifecycle of their products. The net purchase price was approximately $22.8 million, plus the potential for us to pay up to an additional $14.2 million over a twenty-six month period if HERON achieves specific financial targets. We determined the fair value of the contingent consideration at the date of the acquisition to be $5.9 million. | ||||||||||||||||
Contingent consideration related to the HERON acquisition is measured at fair value using an income approach valuation technique, specifically, with probability weighted and discounted cash flow methods. Increases or decreases in the fair value of our contingent consideration liability can result from changes in discount periods and rates, as well as the likelihood of achieving financial targets. The recurring Level 3 fair value measurements of our contingent consideration liability include the following significant unobservable inputs: | ||||||||||||||||
Unobservable Input | Range | |||||||||||||||
Discount rate | 18% | |||||||||||||||
Probability of achieving financial targets | 10% to 60% | |||||||||||||||
Projected years of payment | 2014 - 2015 | |||||||||||||||
The following table provides a summary of the change in our valuation of the fair value of the contingent consideration, which was determined by Level 3 inputs: | ||||||||||||||||
(in thousands) | Fair Value | |||||||||||||||
Balance at June 30, 2013 | $ | 5,934 | ||||||||||||||
Change in fair value related to contingent consideration from HERON acquisition | (476 | ) | ||||||||||||||
Balance at September 30, 2013 | $ | 5,458 | ||||||||||||||
Contingent consideration liabilities are remeasured to fair value each reporting period using projected financial targets, discount rates, probabilities of payment and projected payment dates. Projected contingent payment amounts are discounted back to the current period using a discounted cash flow model. Projected financial targets are based on our most recent internal operational budgets and long-range strategic plans. Increases in projected financial targets and probabilities of payment may result in higher fair value measurements. Increases in discount rates and the time to payment may result in lower fair value measurements. Increases or decreases in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. For the three months ended September 30, 2013, the change in fair value of contingent consideration of $0.5 million was recorded in selling, general and administrative expense. | ||||||||||||||||
The fair value of the debt under Note Purchase Agreement was estimated to be $95.8 million as of September 30, 2013, and was determined using U.S. government treasury rates and Level 3 inputs, including a credit risk adjustment. | ||||||||||||||||
For the three months ended September 30, 2013, there were no transfers among Level 1, Level 2, or Level 3 categories. Additionally, there were no changes in the valuation techniques used to determine the fair values of our Level 2 or Level 3 assets or liabilities. | ||||||||||||||||
Marketable securities are held in foreign government treasury certificates that are actively traded and have original maturities over 90 days but less than one year. As of September 30, 2013, we had marketable securities of $101.3 million. Our marketable securities were invested in foreign government treasury certificates securities and they are classified as held-to-maturity based on our intent and ability to hold the securities to maturity and are recorded at amortized cost, which is not materially different than fair value. Interest and dividends related to these securities are reported as a component of interest income in our consolidated statements of income. | ||||||||||||||||
The carrying value of our short-term and long-term debt under the 2013 Credit Agreement approximates fair value because all of the debt bears variable rate interest. |
Equity_and_Earnings_Per_Share_
Equity and Earnings Per Share (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation Of Basic And Diluted Earnings Per Common Share | ' | |||||||
(in thousands, except per share data) | Three Months Ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
Net income attributable to common stock | $ | 25,954 | $ | 15,064 | ||||
Weighted average number of shares outstanding, used in computing basic earnings per share | 56,254 | 60,111 | ||||||
Dilutive common stock equivalents | 1,141 | 1,115 | ||||||
Weighted average number of shares outstanding used in computing diluted earnings per share | 57,395 | 61,226 | ||||||
Basic earnings per share | $0.46 | $0.25 | ||||||
Diluted earnings per share | $0.45 | $0.25 | ||||||
Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) | 95 | 470 | ||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ||||||||||||
Schedule Of Comprehensive Income | ' | ||||||||||||
(in thousands) | Foreign Currency | Unrealized Gain/(loss) on Derivatives | Total | ||||||||||
Balance as of June 30, 2013 | $ | (29,138 | ) | $ | (900 | ) | $ | (30,038 | ) | ||||
Other comprehensive income before reclassifications | 17,497 | 5,114 | 22,611 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (1,143 | ) | (1,143 | ) | ||||||||
Net current-period other comprehensive income | $ | 17,497 | $ | 3,971 | $ | 21,468 | |||||||
Balance at September 30, 2013 | $ | (11,641 | ) | $ | 3,071 | $ | (8,570 | ) | |||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||
Three months ended | |||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||
(in thousands) | Amount of Pre-tax Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion) | Amount of Pre-tax Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion) | Affected Line in the Consolidated Statements of Income | ||||||||||
Interest rate contracts | $ | 429 | $ | 279 | Interest expense, net | ||||||||
Foreign exchange contracts | 1,335 | (70 | ) | Direct Costs | |||||||||
Cross-currency swap contracts | 114 | 218 | Miscellaneous expense, net | ||||||||||
Total | $ | 1,878 | $ | 427 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||
Classification Of Compensation Expense Within Consolidated Statements Of Income | ' | |||||||
(in thousands) | Three Months Ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
Direct costs | $ | 424 | $ | 380 | ||||
Selling, general and administrative | 2,957 | 2,356 | ||||||
Total stock-based compensation | $ | 3,381 | $ | 2,736 | ||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Schedule Of Charges Against The Restructuring Accrual | ' | |||||||||||||||
(in thousands) | Three Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||
Pre-2012 Plans | ||||||||||||||||
Facilities-related and other | $ | — | $ | (310 | ) | |||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | |||||||||||||||
(in thousands) | Balance at | Provisions/ | Payments/Foreign | Balance at | ||||||||||||
June 30, 2013 | Adjustments | Currency Exchange | September 30, 2013 | |||||||||||||
Pre-2012 Plans | ||||||||||||||||
Facilities-related charges and other | $ | 2,559 | $ | — | $ | (202 | ) | $ | 2,357 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Service Revenue, Direct Costs And Gross Profit On Service Revenue Of Reportable Segment | ' | |||||||
(in thousands) | Three Months Ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
Service revenue | ||||||||
CRS | $ | 332,592 | $ | 297,167 | ||||
PCMS | 53,537 | 48,351 | ||||||
Perceptive | 63,116 | 49,235 | ||||||
Total service revenue | $ | 449,245 | $ | 394,753 | ||||
Direct costs | ||||||||
CRS | $ | 238,188 | $ | 220,166 | ||||
PCMS | 31,266 | 29,685 | ||||||
Perceptive | 33,740 | 29,553 | ||||||
Total direct costs | $ | 303,194 | $ | 279,404 | ||||
Gross profit | ||||||||
CRS | $ | 94,404 | $ | 77,001 | ||||
PCMS | 22,271 | 18,666 | ||||||
Perceptive | 29,376 | 19,682 | ||||||
Total gross profit | $ | 146,051 | $ | 115,349 | ||||
Debt_Commitments_Contingencies1
Debt, Commitments, Contingencies And Guarantees Schedule of Contractual Obligation (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Schedule of Long-term Debt Obligation [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||||||||||
(in thousands) | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | Thereafter | Total | ||||||||||||||||||||||
Debt obligations (principal) | $ | 7,503 | $ | 12,500 | $ | 25,000 | $ | 45,000 | $ | 315,000 | $ | 100,000 | $ | 505,003 | |||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Summary of Derivative Instruments by Hedge Designation [Abstract] | ' | |||||||||||||||
Schedule Of Notional Amounts And Fair Values Of Derivatives | ' | |||||||||||||||
(in thousands) | September 30, 2013 | June 30, 2013 | ||||||||||||||
Notional | Asset | Notional | Asset | |||||||||||||
Amount | (Liability) | Amount | (Liability) | |||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Derivatives in an asset position: | ||||||||||||||||
Interest rate contracts | $ | 125,000 | $ | 2,641 | $ | 125,000 | $ | 3,269 | ||||||||
Foreign exchange contracts | 144,925 | 5,014 | 20,245 | 333 | ||||||||||||
Cross-currency swap contracts | — | — | 27,312 | 1,032 | ||||||||||||
Derivatives in a liability position: | ||||||||||||||||
Interest rate contracts | 100,000 | (2,115 | ) | 100,000 | (2,208 | ) | ||||||||||
Foreign exchange contracts | 27,361 | (1,179 | ) | 129,254 | (3,889 | ) | ||||||||||
Cross-currency swap contracts | 25,277 | (177 | ) | — | — | |||||||||||
Total designated derivatives | $ | 422,563 | $ | 4,184 | $ | 401,811 | $ | (1,463 | ) | |||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Derivatives in an asset position: | ||||||||||||||||
Foreign exchange contracts | $ | 28,010 | $ | 377 | $ | 20,756 | $ | 91 | ||||||||
Derivatives in a liability position: | ||||||||||||||||
Cross-currency interest rate swap contracts | 46,283 | (3,182 | ) | 44,580 | (1,910 | ) | ||||||||||
Foreign exchange contracts | 35,607 | (365 | ) | 42,800 | (992 | ) | ||||||||||
Total non-designated derivatives | $ | 109,900 | $ | (3,170 | ) | $ | 108,136 | $ | (2,811 | ) | ||||||
Total derivatives | $ | 532,463 | $ | 1,014 | $ | 509,947 | $ | (4,274 | ) | |||||||
Schedule Of Change In The Fair Value Of Derivatives Designated As Hedging Instruments | ' | |||||||||||||||
(in thousands) | Three Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Interest rate contracts, net of taxes | $ | (321 | ) | $ | (51 | ) | ||||||||||
Foreign exchange contracts, net of taxes | 4,445 | 440 | ||||||||||||||
Cross-currency swap contracts, net of taxes | (153 | ) | (77 | ) | ||||||||||||
Total designated derivatives | $ | 3,971 | $ | 312 | ||||||||||||
Schedule Of Change In The Fair Value Derivatives Not Designated As Hedging Instruments | ' | |||||||||||||||
(in thousands) | Three Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Cross-currency interest rate swap contracts | $ | (1,272 | ) | $ | (901 | ) | ||||||||||
Foreign exchange contracts | 913 | 1,432 | ||||||||||||||
Total non-designated derivative unrealized (loss) gain, net | $ | (359 | ) | $ | 531 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule Of Fair Value Hierarchy, Assets (Liabilities) Carried At Fair Value | ' | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Contingent Consideration | $ | — | $ | — | $ | (5,934 | ) | $ | (5,934 | ) | ||||||
Interest rate derivative instruments | — | (849 | ) | — | (849 | ) | ||||||||||
Foreign currency exchange contracts | — | (3,425 | ) | — | (3,425 | ) | ||||||||||
Total | $ | — | $ | (4,274 | ) | $ | (5,934 | ) | $ | (10,208 | ) | |||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Contingent Consideration | $ | — | $ | — | $ | (5,458 | ) | $ | (5,458 | ) | ||||||
Interest rate derivative instruments | — | (2,656 | ) | — | (2,656 | ) | ||||||||||
Foreign currency exchange contracts | — | 3,670 | — | 3,670 | ||||||||||||
Total | $ | — | $ | 1,014 | $ | (5,458 | ) | $ | (4,444 | ) | ||||||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | ' | |||||||||||||||
Unobservable Input | Range | |||||||||||||||
Discount rate | 18% | |||||||||||||||
Probability of achieving financial targets | 10% to 60% | |||||||||||||||
Projected years of payment | 2014 - 2015 | |||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
(in thousands) | Fair Value | |||||||||||||||
Balance at June 30, 2013 | $ | 5,934 | ||||||||||||||
Change in fair value related to contingent consideration from HERON acquisition | (476 | ) | ||||||||||||||
Balance at September 30, 2013 | $ | 5,458 | ||||||||||||||
Basis_Of_Presentation_Details
Basis Of Presentation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 |
Basis Of Presentation [Abstract] | ' |
Investment Income, Interest | $1.10 |
Interest Expense | $2.50 |
Equity_and_Earnings_Per_Share_1
Equity and Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | |
September 2012 Accelerated Share Repurchase [Member] | September Open Market Repurchases [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March Open Market Repurchases [Member] | March Open Market Repurchases [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 5,000,000 | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 150,000,000 | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 56,457,259 | ' | 56,310,582 | 56,457,259 | ' | ' | ' | ' | ' | ' |
Disclosure of Repurchase Agreements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program Authorized Amount | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | 5,458,285 | ' | ' | ' | 101,247 | ' | 51,071 |
Treasury Stock, Value, Acquired, Cost Method | 2,400,000 | ' | 197,600,000 | 200,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ' | 50,000,000 | ' |
Treasury Stock, Value, Acquired, Average Cost Per Share | $36.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common stock | $25,954,000 | $15,064,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding, used in computing basic earnings per share | 56,254,000 | 60,111,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive common stock equivalents | 1,141,000 | 1,115,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding used in computing diluted earnings per share | 57,395,000 | 61,226,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share | $0.46 | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share | $0.45 | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive options (excluded from the calculation of diluted earnings per share) | 95,000 | 470,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive_Income_Schedule_
Comprehensive Income (Schedule Of Comprehensive Income) (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $3,971,000 | $312,000 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 21,468,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -11,641,000 | ' | -29,138,000 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 3,071,000 | ' | -900,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -8,570,000 | ' | -30,038,000 |
Other comprehensive income before reclassifications | 22,611,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | -1,143,000 | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,878,000 | 427,000 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 700,000 | 100,000 | ' |
Interest Rate Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 429,000 | 279,000 | ' |
Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,335,000 | -70,000 | ' |
Cross Currency Swap Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 114,000 | 218,000 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Other comprehensive income before reclassifications | 17,497,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 0 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Other comprehensive income before reclassifications | 5,114,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | ($1,143,000) | ' | ' |
StockBased_Compensation_Classi
Stock-Based Compensation (Classification Of Compensation Expense Within Consolidated Statements Of Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation | $3,381 | $2,736 |
Direct Costs [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation | 424 | 380 |
Selling, General And Administrative [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation | $2,957 | $2,356 |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Restructuring Plans Charges (Benefits)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring (benefit) charges | $0 | ($310) |
Facilities-Related Charges [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring (benefit) charges | $0 | ($310) |
Restructuring_Charges_Schedule1
Restructuring Charges (Schedule Of Charges Against The Restructuring Accrual) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Provisions/Adjustments | $0 | ($310) |
Facilities-Related Charges [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at June 30, 2013 | 2,559 | ' |
Provisions/Adjustments | 0 | -310 |
Payments/Foreign Currency Exchange | -202 | ' |
Balance at September 30, 2013 | $2,357 | ' |
Segment_Information_Service_Re
Segment Information (Service Revenue, Direct Costs And Gross Profit On Service Revenue Of Reportable Segment) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' |
Service revenue | $449,245 | $394,753 |
Direct costs | 303,194 | 279,404 |
Gross profit | 146,051 | 115,349 |
CRS [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Service revenue | 332,592 | 297,167 |
Direct costs | 238,188 | 220,166 |
Gross profit | 94,404 | 77,001 |
PCMS [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Service revenue | 53,537 | 48,351 |
Direct costs | 31,266 | 29,685 |
Gross profit | 22,271 | 18,666 |
Perceptive [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Service revenue | 63,116 | 49,235 |
Direct costs | 33,740 | 29,553 |
Gross profit | $29,376 | $19,682 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 |
Income Tax Holiday [Line Items] | ' | ' | ' |
Gross unrecognized tax benefits | $49.10 | ' | $46.60 |
Gross unrecognized tax benefits that would impact the effective tax rate if recognized | 32.4 | ' | 31 |
Net change in liability for unrecognized tax benefits for uncertain tax positions | 2.5 | ' | ' |
Anticipated liability decrease for unrecognized tax benefits for uncertain tax positions | 6 | ' | ' |
Interest and penalties included in liability for unrecognized tax benefits | 5.4 | ' | 5 |
Interest and penalties included in income tax expense | 0.3 | 0.4 | ' |
Effective income tax rate | 33.30% | 44.90% | ' |
Income Tax Reconciliation, Other Adjustments | ' | $2 | ' |
Credit_Agreements_Details
Credit Agreements (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | 31-May-13 | Mar. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 22, 2013 | Sep. 30, 2013 | Mar. 22, 2013 | Sep. 30, 2013 | Mar. 22, 2013 | Mar. 22, 2013 | Mar. 22, 2013 | Mar. 22, 2013 | Mar. 22, 2013 | Sep. 30, 2013 | Mar. 22, 2013 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | Jul. 25, 2013 | |
JP Morgan UK [Member] | RBSNederlandNV [Member] | Interest Rate Cap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Senior Notes due in 2020 [Member] | 2013 Credit Agreement LIBOR [Member] | 2013 Credit Agreement [Member] | Swingline Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 2013 Credit Agreement Federal Funds Rate [Member] | 2013 Credit Agreement One Month LIBOR [Member] | 2013 Credit Agreement One Month LIBOR Margin [Member] | 2013 Credit Agreement Swingline [Member] | Term Loan [Member] | Term Loan [Member] | Treasury Lock [Member] | Treasury Lock [Member] | Treasury Lock [Member] | Treasury Lock [Member] | Senior Notes due in 2020 [Member] | ||||||
agreement | Treasury Lock 1 [Member] | Treasury Lock 2 [Member] | Treasury Lock 3 [Member] | Senior Notes [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.11% |
Derivative, Number of Instruments Held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Derivative, Notional Amount | $532,463,000 | ' | $509,947,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | $25,000,000 | $25,000,000 | ' |
Deferred Finance Costs, Noncurrent, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | 107,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | 0.50% | 1.00% | 0.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' |
Term Loan, Quarterly Principal Payment Percentage,year one and two | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan, Quarterly Principal Payment Percentage,year three | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan, Quarterly Principal Payment Percentage,year four | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan, Quarterly Principal Payment Percentage,year five | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan, Quarterly Principal Payment Percentage,maturity date | ' | ' | ' | ' | 37.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement maximum borrowing capacity | ' | ' | ' | ' | ' | 4,500,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 505,003,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 195,000,000 | ' | ' | ' | ' | ' | 100,000,000 |
Max commitment fee on revolving loan unused amount, percentage | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing available under revolving credit facility | ' | ' | ' | ' | ' | 4,500,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, fixed interest rate | 1.30% | ' | ' | 0.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative interest rate cap arrangement | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt hedged with an interest rate swap agreement | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank Overdrafts | $36,700,000 | ' | $40,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Contingencies_And_
Commitments, Contingencies And Guarantees (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Commitments, Contingencies And Guarantees [Abstract] | ' |
Letters of Credit Outstanding, Amount | $9.80 |
Debt_Commitments_Contingencies2
Debt, Commitments, Contingencies And Guarantees Schedule of Contractual Obligation (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Contractual Obligation [Abstract] | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $7,503 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 12,500 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 25,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 45,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 315,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 100,000 |
Long-term Debt, Gross | $505,003 |
Derivatives_Schedule_Of_Notion
Derivatives (Schedule Of Notional Amounts And Fair Values Of Derivatives) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | $532,463 | $509,947 |
Asset (Liability) | 1,014 | -4,274 |
Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 109,900 | 108,136 |
Asset (Liability) | -3,170 | -2,811 |
Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 422,563 | 401,811 |
Asset (Liability) | 4,184 | -1,463 |
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | -2,115 | -2,208 |
Derivative Asset, Fair Value, Gross Asset | 2,641 | 3,269 |
Derivative Liability, Notional Amount | 100,000 | 100,000 |
Derivative Asset, Notional Amount | 125,000 | 125,000 |
Cross Currency Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | -177 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 1,032 |
Derivative Liability, Notional Amount | 25,277 | 0 |
Derivative Asset, Notional Amount | 0 | 27,312 |
Cross-Currency Interest Rate Swap Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | -3,182 | -1,910 |
Derivative Liability, Notional Amount | 46,283 | 44,580 |
Foreign Exchange Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | -365 | -992 |
Derivative Asset, Fair Value, Gross Asset | 377 | 91 |
Derivative Liability, Notional Amount | 35,607 | 42,800 |
Derivative Asset, Notional Amount | 28,010 | 20,756 |
Foreign Exchange Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | -1,179 | -3,889 |
Derivative Asset, Fair Value, Gross Asset | 5,014 | 333 |
Derivative Liability, Notional Amount | 27,361 | 129,254 |
Derivative Asset, Notional Amount | $144,925 | $20,245 |
Derivatives_Schedule_Of_Change
Derivatives (Schedule Of Change In The Fair Value Of Derivatives Designated As Hedging Instruments) (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $2,700,000 | $200,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -100,000 | 100,000 |
Estimated net amount of existing losses that are expected to be reclassified into earnings | 2,200,000 | ' |
Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total | 3,971,000 | 312,000 |
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total | -321,000 | -51,000 |
Foreign Exchange Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total | 4,445,000 | 440,000 |
Cross Currency Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total | ($153,000) | ($77,000) |
Derivatives_Schedule_Of_Change1
Derivatives (Schedule Of Change In The Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) (Derivatives Not Designated As Hedging Instruments [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value of derivatives not designated as hedging instruments | ($359) | $531 |
Foreign Exchange Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value of derivatives not designated as hedging instruments | 913 | 1,432 |
Cross-Currency Interest Rate Swap Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value of derivatives not designated as hedging instruments | ($1,272) | ($901) |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Hierarchy, Assets (Liabilities) Carried At Fair Value) (Details) (USD $) | 3 Months Ended | ||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | 1-May-13 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Heron Acquisition [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | $22,750,000 |
Business Acquisition, Contingent Consideration, Potential Cash Payment | ' | ' | ' | ' | ' | ' | ' | ' | 14,200,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 5,458,000 | 5,934,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -476,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | 95,800,000 | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Instruments | -2,656,000 | -849,000 | 0 | 0 | -2,656,000 | -849,000 | 0 | 0 | ' |
Foreign Currency Exchange Contracts | 3,670,000 | -3,425,000 | 0 | 0 | 3,670,000 | -3,425,000 | 0 | 0 | ' |
Total | -4,444,000 | -10,208,000 | 0 | 0 | 1,014,000 | -4,274,000 | -5,458,000 | -5,934,000 | ' |
Marketable Securities, Current | 101,325,000 | 130,137,000 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Contingent Consideration, at Fair Value | ($5,458,000) | ($5,934,000) | $0 | $0 | $0 | $0 | ($5,458,000) | ($5,934,000) | ($5,934,000) |