Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Aug. 15, 2014 | Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' | 54,732,592 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,504,000,000 |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Sales Revenue, Services, Net | $1,939,360 | $1,734,442 | $1,396,508 |
Reimbursement revenue | 326,982 | 261,524 | 221,726 |
Total revenue | 2,266,342 | 1,995,966 | 1,618,234 |
Costs and expenses: | ' | ' | ' |
Direct Operating Costs | 1,279,178 | 1,207,536 | 971,829 |
Cost of Reimbursable Expense | 326,982 | 261,524 | 221,726 |
Selling, General and Administrative Expense | 379,800 | 318,806 | 263,462 |
Depreciation | 66,376 | 63,187 | 57,419 |
Amortization | 14,952 | 9,999 | 8,753 |
Restructuring charge (benefit) | -444 | -1,209 | 6,243 |
Total costs and expenses | 2,066,844 | 1,859,843 | 1,529,432 |
Income from operations | 199,498 | 136,123 | 88,802 |
Interest expense | -9,088 | -7,238 | -7,003 |
Miscellaneous expense, net | -2,549 | 4,265 | -2,093 |
Total other expense, net | -11,637 | -2,973 | -9,096 |
Income before provision for income taxes | 187,861 | 133,150 | 79,706 |
Provision for income taxes | 58,767 | 37,178 | 16,548 |
Net Income (Loss) Attributable to Parent | 129,094 | 95,972 | 63,158 |
Weighted average shares: | ' | ' | ' |
Basic | 56,504 | 58,388 | 59,464 |
Diluted | 57,477 | 59,447 | 60,426 |
Earnings per share: | ' | ' | ' |
Basic | $2.28 | $1.64 | $1.06 |
Diluted | $2.25 | $1.61 | $1.05 |
Comprehensive Income | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 129,094 | 95,972 | 63,158 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 5,078 | 624 | -1,660 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 27,050 | -1,523 | -46,334 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $161,222 | $95,073 | $15,164 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $188,171 | $144,027 |
Marketable securities | 95,641 | 130,137 |
Accounts Receivable, Net, Current | 497,109 | 457,155 |
Unbilled accounts receivable, net | 225,514 | 248,219 |
Prepaid Expense, Current | 13,641 | 19,358 |
Deferred tax assets | 54,061 | 44,236 |
Income taxes receivable | 0 | 4,071 |
Other current assets | 47,995 | 30,254 |
Total current assets | 1,122,132 | 1,077,457 |
Property, Plant and Equipment, Net | 234,164 | 224,225 |
Goodwill | 329,520 | 319,478 |
Intangible Assets, Net (Excluding Goodwill) | 91,855 | 103,514 |
Non-current deferred tax assets | 6,669 | 8,556 |
Long-term income taxes receivable | 13,406 | 11,153 |
Other assets | 36,254 | 35,241 |
Total assets | 1,834,000 | 1,779,624 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Notes payable and current portion of long-term debt | 12,501 | 20,399 |
Accounts payable | 66,483 | 54,232 |
Deferred revenue | 422,441 | 378,950 |
Accrued expenses | 52,034 | 42,211 |
Accrued employee benefits and withholdings | 175,840 | 149,290 |
Current deferred tax liabilities | 16,592 | 16,512 |
Income taxes payable | 19,384 | 0 |
Other current liabilities | 5,957 | 12,634 |
Total current liabilities | 771,232 | 674,228 |
Long-term Debt, Excluding Current Maturities | 334,443 | 424,074 |
Non-current deferred tax liabilities | 32,598 | 35,443 |
Long-term income tax liabilities | 29,525 | 46,731 |
Long-term deferred revenue | 44,523 | 29,386 |
Other liabilities | 43,998 | 30,816 |
Total liabilities | 1,256,319 | 1,240,678 |
Stockholders' equity: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 547 | 563 |
Additional Paid in Capital | 0 | 113,771 |
Retained Earnings (Accumulated Deficit) | 575,044 | 454,650 |
Accumulated other comprehensive income (loss) | 2,090 | -30,038 |
Total stockholders' equity | 577,681 | 538,946 |
Total liabilities and stockholders' equity | $1,834,000 | $1,779,624 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Par value | $0.01 | $0.01 |
Shares authorized | 5,000,000 | 5,000,000 |
Shares issued and outstanding | 0 | 0 |
Par value | $0.01 | $0.01 |
Shares authorized | 150,000,000 | 150,000,000 |
Balance, shares | 54,661,877 | 56,310,582 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Shares issued under stock option/restricted stock/employee stock purchase plans, shares | ' | ' | 788,000 | 1,470,000 | 1,143,000 | ' |
Shares issued under stock option/restricted stock/employee stock purchase plans, value | ' | ' | $6,762 | $15,271 | $12,120 | ' |
Purchase of non-controlling interests | ' | ' | ' | 5,400 | 5,256 | ' |
Stock-based compensation | ' | ' | 15,329 | 11,168 | 11,131 | ' |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | ' | ' | 7,837 | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | -2,437,000 | -5,306,000 | ' | ' |
Stock Repurchased and Retired During Period, Value | ' | ' | -152,415 | ' | ' | ' |
Unrealized gain (loss) on derivative instruments, net of taxes | ' | ' | 5,078 | 624 | -1,660 | ' |
Foreign currency translation adjustment | ' | ' | 27,050 | -1,523 | -46,334 | ' |
Net income | 40,072 | 30,041 | 129,094 | 95,972 | 63,158 | ' |
Balance, shares | 54,661,877 | 56,310,582 | 54,661,877 | 56,310,582 | ' | ' |
Balance, value | 577,681 | 538,946 | 577,681 | 538,946 | 609,675 | 566,004 |
Common Stock [Member] | ' | ' | ' | ' | ' | ' |
Shares issued under stock option/restricted stock/employee stock purchase plans, value | ' | ' | 8 | 15 | 17 | ' |
Stock Repurchased and Retired During Period, Value | ' | ' | -24 | -53 | ' | ' |
Balance, shares | 54,662,000 | 56,311,000 | 54,662,000 | 56,311,000 | 60,147,000 | 59,004,000 |
Balance, value | 547 | 563 | 547 | 563 | 601 | 584 |
Additional Paid-In Capital [Member] | ' | ' | ' | ' | ' | ' |
Shares issued under stock option/restricted stock/employee stock purchase plans, value | ' | ' | 6,754 | 15,256 | 12,103 | ' |
Stock Repurchased and Retired During Period, Value | ' | ' | -143,691 | -197,588 | ' | ' |
Balance, value | 0 | 113,771 | 0 | 113,771 | 279,535 | 251,045 |
Retained Earnings [Member] | ' | ' | ' | ' | ' | ' |
Stock Repurchased and Retired During Period, Value | ' | ' | -8,700 | ' | ' | ' |
Balance, value | 575,044 | 454,650 | 575,044 | 454,650 | 358,678 | 295,520 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' |
Balance, value | $2,090 | ($30,038) | $2,090 | ($30,038) | ($29,139) | $18,855 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flow from operating activities: | ' | ' | ' |
Net income | $129,094 | $95,972 | $63,158 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation, Depletion and Amortization | 81,328 | 73,186 | 66,172 |
Stock-based compensation | 15,329 | 11,168 | 11,131 |
Loss (gain) on disposal of assets | 273 | -884 | 1,119 |
Deferred income taxes | -14,704 | 2,830 | -9,754 |
Asset Impairment Charges | 0 | 1,071 | 1,150 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | -7,850 | -5,624 | -5,256 |
Other Noncash (Income) Expense | -953 | 659 | 818 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Billed and unbilled accounts receivable | -23,089 | -51,292 | -20,083 |
Prepaid expenses and other current assets | -10,803 | -6,751 | -1,593 |
Other assets | 6,780 | -6,693 | -5,460 |
Accounts payable | 11,529 | 3,955 | 20,202 |
Deferred revenue | 46,687 | 47,531 | 35,940 |
Accrued expenses and other current liabilities | 28,861 | 18,659 | 63,303 |
Long-term income taxes payable, net of long-term income taxes receivable | 13,119 | -1,440 | 11,958 |
Other liabilities | 11,600 | 1,468 | 1,652 |
Net cash (used in) provided by operating activities | 287,201 | 183,815 | 234,457 |
Cash flow from investing activities: | ' | ' | ' |
Purchases of marketable securities | -250,318 | -312,403 | -53,647 |
Proceeds from sale of marketable securities | 291,824 | 182,800 | 51,529 |
Proceeds from Collection of Notes Receivable | 0 | 659 | 0 |
Purchases of property and equipment | -72,585 | -81,089 | -74,403 |
Acquisition of businesses | -150 | -97,099 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 1,677 | 0 |
Net cash used in investing activities | -31,229 | -305,455 | -76,521 |
Cash flow from financing activities: | ' | ' | ' |
Proceeds from issuance of common stock | 6,762 | 15,271 | 12,120 |
Payments for Repurchase of Common Stock | -154,906 | -195,149 | 0 |
Excess tax benefit from stock-based compensation | 7,850 | 5,624 | 5,256 |
Borrowings under lines of credit | 502,500 | 795,000 | 268,000 |
Repayments under lines of credit | -590,000 | -577,500 | -293,000 |
Proceees under factoring agreement | 4,497 | 10,394 | 0 |
Payments for deferred financing costs | -671 | -1,231 | 0 |
(Repayments) borrowings under long-term debt | 0 | 0 | -943 |
Net cash provided by (used in) financing activities | -223,968 | 52,409 | -8,567 |
Effect of Exchange Rate on Cash and Cash Equivalents | 12,140 | -321 | -24,846 |
Net (decrease) increase in cash and cash equivalents | 44,144 | -69,552 | 124,523 |
Cash and cash equivalents at beginning of year | 144,027 | 213,579 | 89,056 |
Cash and cash equivalents at end of year | 188,171 | 144,027 | 213,579 |
Supplemental disclosures of cash flow information | ' | ' | ' |
Non-cash debt settlement under factoring agreement | 14,891 | 0 | 0 |
Interest paid | 13,710 | 9,962 | 10,802 |
Income taxes, net of refunds | $61,027 | $37,764 | $9,709 |
Description_Of_Business
Description Of Business | 12 Months Ended |
Jun. 30, 2014 | |
Description Of Business [Abstract] | ' |
Description Of Business | ' |
DESCRIPTION OF BUSINESS | |
PAREXEL International Corporation (“PAREXEL,” “the Company,” or “we”) is a leading biopharmaceutical outsourcing services company, providing a broad range of expertise in clinical research, clinical logistics, medical communications, consulting, commercialization and advanced technology products and services to the worldwide pharmaceutical, biotechnology, and medical device industries. Our primary objective is to provide quality solutions for managing the biopharmaceutical product lifecycle with the goal of reducing the time, risk, and cost associated with the development and commercialization of new therapies. Since our incorporation in 1983, we have developed significant expertise in processes and technologies supporting this strategy. Our product and service offerings include: clinical trials management, observational studies and patient/disease registries, data management, biostatistical analysis, epidemiology, health economics/outcomes research, pharmacovigilance, medical communications, clinical pharmacology, patient recruitment, clinical supply and drug logistics, post-marketing surveillance, regulatory and product development and commercialization consulting, health policy and reimbursement and market access consulting, medical imaging services, regulatory information management (“RIM”) solutions, randomization and trial supply management services (“RTSM”), electronic data capture systems (“EDC”), clinical trial management systems (“CTMS”), web-based portals, systems integration, patient diary applications, and other product development tools and services. |
Acquisitions_Notes
Acquisitions (Notes) | 12 Months Ended |
Jun. 30, 2014 | |
Business Combination [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
ACQUISITIONS | |
LIQUENT ACQUISITION | |
On December 21, 2012, we acquired all of the outstanding equity securities of LIQUENT, Inc. (“LIQUENT”), a leading global provider of Regulatory Information Management (“RIM”) solutions for total cash consideration of $74.3 million. By combining LIQUENT with our PI segment, we believe that we have strengthened our regulatory capabilities by adding a regulatory information technology platform and provide our clients access to comprehensive regulatory agency submission planning, viewing, tracking, publishing, and registration management throughout the entire product lifecycle of a life sciences entity. Effective July 1, 2014, a component of LIQUENT’s RIM solutions, the regulatory outsourcing services, will be reported as part of our PC segment (see Note 17). | |
The acquisition was initially funded through a new $100.0 million unsecured term loan agreement (the “2012 Term Loan”) with Bank of America, N.A. (“Bank of America”) (see Note 8). | |
HERON ACQUISITION | |
On April 30, 2013, we acquired all of the outstanding equity securities of 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 specific financial targets for HERON are achieved. We determined the fair value of the contingent consideration as part of the HERON acquisition based on the probability of HERON attaining the specified financial targets and at acquisition assigned a fair value of $5.9 million to the liability. The acquisition was funded through use of existing cash. HERON's results of operations are included in our PC segment. |
Derivatives
Derivatives | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 employed an interest rate cap, which matured in March 2014, 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 mitigate foreign currency exchange rate volatility due to the foreign currency exchange exposure related to intercompany and significant external 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 direct costs. In the third quarter of Fiscal Year 2014, we further expanded the program to reduce the foreign exchange rate risk on our service revenues. 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 June 30, 2014 and June 30, 2013. All asset and liability amounts are reported in other current and non-current assets and other current and non-current liabilities. | ||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||
(in thousands) | Notional | Asset | Notional | Asset | ||||||||||||
Amount | (Liability) | Amount | (Liability) | |||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Derivatives in an asset position: | ||||||||||||||||
Interest rate contracts | $ | 100,000 | $ | 2,049 | $ | 125,000 | $ | 3,269 | ||||||||
Foreign exchange contracts | 154,845 | 5,375 | 20,245 | 333 | ||||||||||||
Cross-currency swap contracts | 25,560 | 528 | 27,312 | 1,032 | ||||||||||||
Derivatives in a liability position: | ||||||||||||||||
Interest rate contracts | 100,000 | (1,469 | ) | 100,000 | (2,208 | ) | ||||||||||
Foreign exchange contracts | 37,736 | (369 | ) | 129,254 | (3,889 | ) | ||||||||||
Total designated derivatives | $ | 418,141 | $ | 6,114 | $ | 401,811 | $ | (1,463 | ) | |||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Derivatives in an asset position: | ||||||||||||||||
Foreign exchange contracts | $ | 100,849 | $ | 1,062 | $ | 20,756 | $ | 91 | ||||||||
Derivatives in a liability position: | ||||||||||||||||
Foreign exchange contracts | 49,863 | (133 | ) | 42,800 | (992 | ) | ||||||||||
Cross-currency interest rate swap contracts | — | — | 44,580 | (1,910 | ) | |||||||||||
Total non-designated derivatives | $ | 150,712 | $ | 929 | $ | 108,136 | $ | (2,811 | ) | |||||||
Total derivatives | $ | 568,853 | $ | 7,043 | $ | 509,947 | $ | (4,274 | ) | |||||||
Under certain circumstances, such as the occurrence of significant differences between actual cash payments and forecasted cash payments, the ASC 815 programs could be deemed ineffective. 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 (expense) income, net in our consolidated statements of income. During Fiscal Years 2014 and 2013, the amounts recorded in miscellaneous (expense) income, net in our consolidated statements of income to reflect ineffective portions of any hedges were a gain of $0.2 million and a loss of $0.8 million, respectively. | ||||||||||||||||
The amounts recognized for Fiscal Year 2014 and Fiscal Year 2013 in other comprehensive income (loss) are presented below: | ||||||||||||||||
Years Ended | ||||||||||||||||
(in thousands) | June 30, 2014 | June 30, 2013 | ||||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Interest rate contracts, net of taxes | $ | (322 | ) | $ | 2,818 | |||||||||||
Foreign exchange contracts, net of taxes | 5,423 | (2,129 | ) | |||||||||||||
Cross-currency swap contracts, net of taxes | (23 | ) | (65 | ) | ||||||||||||
Total designated derivative unrealized gain (loss), net | $ | 5,078 | $ | 624 | ||||||||||||
The unrealized gain (loss) on derivative instruments is net of $3.2 million and $0.4 million of taxes for Fiscal Years 2014 and 2013, respectively. The estimated net amount of the existing gains that are expected to be reclassified into earnings within the next twelve months is $3.9 million. | ||||||||||||||||
The change in the fair value of derivatives not designated as hedging instruments under ASC 815 is recorded to miscellaneous (expense) income, net in our consolidated statements of income. The unrealized (loss) gain recognized are presented below: | ||||||||||||||||
Years Ended | ||||||||||||||||
(in thousands) | June 30, 2014 | June 30, 2013 | ||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Cross-currency interest rate swap contracts | $ | 1,910 | $ | 2,634 | ||||||||||||
Foreign exchange contracts | 1,830 | (688 | ) | |||||||||||||
Total non-designated derivative unrealized gain (loss), net | $ | 3,740 | $ | 1,946 | ||||||||||||
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property And Equipment | ' | ||||||||
PROPERTY AND EQUIPMENT | |||||||||
Property and equipment at June 30, 2014 and June 30, 2013 consisted of the following: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Property and equipment: | |||||||||
Computer software | $ | 337,494 | $ | 282,681 | |||||
Computer hardware and office equipment | 108,717 | 94,932 | |||||||
Leasehold improvements | 97,280 | 87,982 | |||||||
Medical equipment | 17,577 | 16,337 | |||||||
Furniture and fixtures | 28,837 | 26,370 | |||||||
Office equipment and other assets | 17,930 | 19,224 | |||||||
Total | 607,835 | 527,526 | |||||||
Less: accumulated depreciation | (373,671 | ) | (303,301 | ) | |||||
Total | $ | 234,164 | $ | 224,225 | |||||
We retired $2.0 million, $13.0 million and $35.8 million of fully-depreciated assets for Fiscal Years 2014, 2013, and 2012, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets Goodwill and Intangible Assets (Notes) | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||
Goodwill | |||||||||||||||
The changes in the carrying amount of goodwill for Fiscal Years 2014 and 2013 were as follows: | |||||||||||||||
(in thousands) | Fiscal Year 2014 | Fiscal Year 2013 | |||||||||||||
Beginning Balance | $ | 319,478 | $ | 255,455 | |||||||||||
Goodwill arising from LIQUENT acquisition | 304 | 51,244 | |||||||||||||
Goodwill arising from HERON acquisition | 280 | 16,631 | |||||||||||||
Effect of changes in exchange rates used for translation | 9,458 | (3,852 | ) | ||||||||||||
Ending Balance | $ | 329,520 | $ | 319,478 | |||||||||||
As of June 30, 2014, the carrying value of our goodwill by reportable segment was $125.5 million in CRS, $22.1 million in PC, and $181.9 million in PI. | |||||||||||||||
Long-lived Assets and Other Intangible Assets | |||||||||||||||
As of June 30, 2014, intangible assets consisted of the following: | |||||||||||||||
(in thousands) | Weighted | Cost | Accumulated | Net | |||||||||||
Average Useful | Amortization/ | ||||||||||||||
Life (years) | Effect | ||||||||||||||
of Exchange Rate | |||||||||||||||
Intangible Asset | Changes | ||||||||||||||
Customer relationships | 12.8 | $ | 104,048 | $ | (45,028 | ) | $ | 59,020 | |||||||
Technology and other intangibles | 7.9 | 35,647 | (24,191 | ) | 11,456 | ||||||||||
Definite-life tradename | 7.7 | 3,900 | (673 | ) | 3,227 | ||||||||||
Indefinite-life tradename * | indefinite | 22,158 | (4,006 | ) | 18,152 | ||||||||||
Total intangible assets | $ | 165,753 | $ | (73,898 | ) | $ | 91,855 | ||||||||
* The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | |||||||||||||||
As of June 30, 2013, intangible assets consisted of the following: | |||||||||||||||
(in thousands) | Weighted | Cost | Accumulated | Net | |||||||||||
Average Useful | Amortization/ | ||||||||||||||
Life (years) | Effect | ||||||||||||||
of Exchange Rate | |||||||||||||||
Intangible Asset | Changes | ||||||||||||||
Customer relationships and backlog | 12.1 | $ | 112,274 | $ | (44,706 | ) | $ | 67,568 | |||||||
Technology and other intangibles | 7.9 | 35,647 | (20,582 | ) | 15,065 | ||||||||||
Definite-life tradename | 7.7 | 3,800 | (235 | ) | 3,565 | ||||||||||
Indefinite-life tradename * | indefinite | 22,158 | (4,842 | ) | 17,316 | ||||||||||
Total intangible assets | $ | 173,879 | $ | (70,365 | ) | $ | 103,514 | ||||||||
* The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | |||||||||||||||
The changes in the carrying amounts of other intangible assets for Fiscal Years 2014 and 2013 were as follows: | |||||||||||||||
(in thousands) | Fiscal Year 2014 | Fiscal Year 2013 | |||||||||||||
Beginning Balance | $ | 103,514 | $ | 70,004 | |||||||||||
Intangibles assets (adjusted) acquired from LIQUENT acquisition | (400 | ) | 32,600 | ||||||||||||
Intangibles assets acquired from HERON acquisition | — | 15,500 | |||||||||||||
Amortization | (14,952 | ) | (9,999 | ) | |||||||||||
Effect of changes in exchange rates used for translation | 3,693 | (4,591 | ) | ||||||||||||
Ending Balance | $ | 91,855 | $ | 103,514 | |||||||||||
Estimated amortization expense for the next five years is as follows: | |||||||||||||||
(in thousands) | |||||||||||||||
FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | |||||||||||
$13,983 | $13,050 | $10,313 | $8,861 | $7,753 |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||
RESTRUCTURING CHARGES | |||||||||||||||||
In April 2011, we adopted a plan to restructure our operations to reduce expenses, better align costs with current and future geographic sources of revenue, and improve operating efficiencies (the “2011 Restructuring Plan”). The 2011 Restructuring Plan focused primarily on the Early Phase business and corporate functions. The total cost of the 2011 Restructuring Plan was approximately $14.2 million and included the elimination of approximately 150 managerial and staff positions and abandonment of certain property leases. | |||||||||||||||||
In October 2009, we adopted a plan to restructure our operations to reduce expenses, better align costs with current and future geographic sources of revenue, and improve operating efficiencies (the “2010 Restructuring Plan”). The total cost of the 2010 Restructuring Plan was approximately $16.7 million, including the elimination of 240 managerial and staff positions and abandonment of certain property leases. | |||||||||||||||||
Various restructuring plans adopted by us since Fiscal Year 2005 are included in the Pre-2010 Plans. | |||||||||||||||||
Changes in the restructuring accrual during Fiscal Years 2014, 2013, and 2012 are summarized below: | |||||||||||||||||
Balance at | Provisions/ | Payments/Foreign | Balance at | ||||||||||||||
(in thousands) | June 30, 2013 | Adjustments | Currency Exchange | June 30, 2014 | |||||||||||||
2011 Restructuring Plan | |||||||||||||||||
Facilities-related | 975 | (370 | ) | (137 | ) | 468 | |||||||||||
2010 Restructuring Plan | |||||||||||||||||
Facilities-related | 468 | (74 | ) | (349 | ) | 45 | |||||||||||
Pre-2010 Plans | |||||||||||||||||
Facilities-related | 1,116 | — | (434 | ) | 682 | ||||||||||||
Total | $ | 2,559 | $ | (444 | ) | $ | (920 | ) | $ | 1,195 | |||||||
Balance at | Provisions/ | Payments/Foreign | Balance at | ||||||||||||||
(in thousands) | 30-Jun-12 | Adjustments | Currency Exchange | 30-Jun-13 | |||||||||||||
2011 Restructuring Plan | |||||||||||||||||
Employee severance | $ | 1,884 | $ | (182 | ) | $ | (1,702 | ) | $ | — | |||||||
Facilities-related | 3,663 | (1,027 | ) | (1,661 | ) | 975 | |||||||||||
2010 Restructuring Plan | |||||||||||||||||
Facilities-related | 642 | — | (174 | ) | 468 | ||||||||||||
Pre-2010 Plans | |||||||||||||||||
Facilities-related | 1,585 | — | (469 | ) | 1,116 | ||||||||||||
Total | $ | 7,774 | $ | (1,209 | ) | $ | (4,006 | ) | $ | 2,559 | |||||||
Balance at | Provisions/ | Payments/Foreign | Balance at | ||||||||||||||
(in thousands) | 30-Jun-11 | Adjustments | Currency Exchange | 30-Jun-12 | |||||||||||||
2011 Restructuring Plan | |||||||||||||||||
Employee severance | $ | 1,622 | $ | 5,307 | $ | (5,045 | ) | $ | 1,884 | ||||||||
Facilities-related | 3,720 | 2,004 | (2,061 | ) | 3,663 | ||||||||||||
2010 Restructuring Plan | |||||||||||||||||
Employee severance | 1,160 | (984 | ) | (176 | ) | — | |||||||||||
Facilities-related | 855 | (84 | ) | (129 | ) | 642 | |||||||||||
Pre-2010 Plans | |||||||||||||||||
Facilities-related | 2,041 | — | (456 | ) | 1,585 | ||||||||||||
Total | $ | 9,398 | $ | 6,243 | $ | (7,867 | ) | $ | 7,774 | ||||||||
Credit_Arrangements
Credit Arrangements | 12 Months Ended | |
Jun. 30, 2014 | ||
Line of Credit Facility [Abstract] | ' | |
Credit Arrangements | ' | |
CREDIT ARRANGEMENTS | ||
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 portion of the 2013 Credit Agreement. 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 subsidiaries of ours entered into a Subsidiary Guaranty, pursuant to which such subsidiaries guaranteed our obligations under the Notes and the Note Purchase Agreement. | ||
As of June 30, 2014, we had $100 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. | ||
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 our Notes that were issued in July 2013. The three treasury locks were used to minimize our interest rate exposure prior to locking in the fixed interest rate on our 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 ASC 815, and as such, the unrealized gains related to these derivatives are recorded as other comprehensive income and are amortized over the life of the Notes as interest income. As of June 30, 2014, our debt under the Note Purchase Agreement carried an average annualized interest rate of 3.05%. | ||
Receivable Purchase Agreement | ||
On February 19, 2013, we entered into a receivables purchase agreement (the “Receivable Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). Under the Receivable Agreement, we sell to JPMorgan or other investors on an ongoing basis certain of our trade receivables, together with ancillary rights and the proceeds thereof, which arise under contracts with a client of ours, or its subsidiaries or affiliates. The Receivable Agreement includes customary representations and covenants on behalf of us, and may be terminated by either us or JPMorgan upon five business days advance notice. The Receivable Agreement provides a mechanism for accelerating the receipt of cash due on outstanding receivables. We account for the transfer of our receivables with respect to which we have satisfied the applicable revenue recognition criteria in accordance with FASB ASC 860, “Transfers and Servicing.” If we have not satisfied the applicable revenue recognition criteria for the underlying sales transaction, the transfer of the receivable is accounted for as a financing activity in accordance with FASB ASC 470, “Debt.” The accounts receivable and short-term debt balances are derecognized from our consolidated balance sheets at the earlier of the factored receivable’s due date or when all of the revenue recognition criteria are met for those billed services. For Fiscal Year 2014 and 2013, we transferred approximately $184.6 million and $36.5 million of trade receivables, respectively. As of June 30, 2013, we accounted for $10.4 million of the total transfers as financing activities which are recorded in accounts receivable and short-term debt on our consolidated balance sheets. As of June 30, 2014, no transfers were accounted for as a financing activity. | ||
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 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 resulting in total outstanding borrowings of $400.0 million . We 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. | ||
Our obligations under the 2013 Credit Agreement are guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any of our 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 in 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 material indebtedness, defaults relating to such matters as 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 June 30, 2014, 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. | ||
As of June 30, 2014, we had $62.5 million of principal borrowed under the revolving credit facility and $187.5 million of | ||
principal under the term loan. For Fiscal Year 2014, we made principal payments of $10.0 million on the term loan under the 2013 Credit Agreement. The outstanding amounts are presented net of debt issuance cost of approximately $2.7 million in our consolidated balance sheets. We have borrowing availability of $237.5 million under the revolving credit facility. | ||
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 2011 Credit Agreement, as discussed below. The interest rate swap and cap agreements now hedge a portion of the principal under our 2013 Credit Agreement. Specifically, principal in the amount of $100.0 million under our 2013 Credit Agreement has been hedged with the interest rate swap agreement and carries a fixed interest rate of 1.30% plus an applicable margin. Principal in the amount of $25.0 million has been hedged with the interest rate cap arrangement with an interest rate cap of 2.00% plus an applicable margin. In March 2014, the interest rate cap agreement matured and the related accumulated other comprehensive income was reclassified to net income during Fiscal Year 2014. | ||
In May 2013, we entered into another interest rate swap agreement and hedged an additional principal amount of $100.0 million under our 2013 Credit Agreement with a fixed interest rate of 0.73% plus an applicable margin. As of June 30, 2014, 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 1.60%. These interest rate hedges were deemed to be fully effective in accordance with ASC 815, “Derivatives and Hedging,” and, as such, unrealized gains and losses related to these derivatives are recorded as other comprehensive income. | ||
2012 Term Loan and Facilities | ||
On December 20, 2012, we entered into a new $100.0 million unsecured term loan agreement (the “2012 Term Loan”) with Bank of America, which was initially guaranteed by certain of our subsidiaries, but which guarantees were released in connection with the partial prepayment of the 2012 Term Loan in January 2013. The 2012 Term Loan was used to fund our acquisition of LIQUENT (see Note 3). | ||
The 2012 Term Loan consisted of a term loan facility for $100.0 million, the full amount of which was advanced to us on December 21, 2012 and was scheduled to mature on June 30, 2013. Borrowings made under the 2012 Term Loan bore interest, at our option, at a base rate plus a margin (such margin not to exceed a per annum rate of 0.75%) based on a ratio of consolidated funded debt to EBITDA for the preceding twelve months (the “2012 Term Loan Leverage Ratio”), or at a LIBOR rate plus a margin (such margin not to exceed a per annum rate of 1.75%) based on the 2012 Term Loan Leverage Ratio. As of June 30, 2014, all outstanding amounts under the 2012 Term Loan were fully repaid with the proceeds from the 2013 Credit Agreement. | ||
On January 22, 2013, we entered into additional short term unsecured term loan agreements with each of HSBC, TD Bank, N.A., and US Bank, each in the amount of $25.0 million (collectively, the “2013 Facilities”). The key terms of the 2013 Facilities were substantially the same as the 2012 Term Loan, including the loan maturities on June 30, 2013, except that there were no guaranties provided by any of our subsidiaries. The $75.0 million aggregate proceeds of the 2013 Facilities were used to partially pay down balances owed under the 2012 Term Loan, and in connection with such payment, Bank of America released our subsidiaries from their guaranty obligations under the 2012 Term Loan. | ||
As of June 30, 2014, all outstanding amounts under the 2013 Facilities were fully repaid with the proceeds from the 2013 Credit Agreement. | ||
2011 Credit Agreement | ||
On June 30, 2011, we entered into the 2011 Credit Agreement providing for a five-year term loan of $100 million and a five-year revolving credit facility in the principal amount of up to $300 million. The borrowings all carried a variable interest rate based on LIBOR, prime, or a similar index, plus a margin (such margin not to exceed a per annum rate of 1.75%). | ||
On March 22, 2013, the 2011 Credit Agreement was amended and restated in its entirety by the 2013 Credit Agreement. All amounts outstanding under the 2011 Credit Agreement immediately prior to the execution of the 2013 Credit Agreement were deemed to be outstanding under the terms and conditions of the 2013 Credit Agreement. | ||
As discussed above, in September 2011, we entered into an interest rate swap and an interest rate cap agreement. Prior to the execution of the 2013 Credit Agreement, principal in the amount of $100.0 million under the 2011 Credit Agreement had been hedged with an interest rate swap agreement and carried a fixed interest rate of 1.30% plus an applicable margin. Principal in the amount of $25.0 million had been hedged with an interest rate cap arrangement with an interest rate cap of 2.00% plus an applicable margin. As of June 30, 2014, the interest rate swap agreements hedged a portion of the outstanding principal under our 2013 Credit Agreement. | ||
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 June 30, 2014, 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 June 30, 2014, we had 5.0 million Euros available under this line of credit. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Attributable to Parent [Abstract] | ' |
Stockholders' Equity | ' |
STOCKHOLDERS’ EQUITY | |
During Fiscal Year 2014, 144,048 shares of common stock were surrendered as part of the cashless exercise of stock options and vesting of restricted stock to satisfy exercise costs and tax withholding payments. | |
Share Repurchase Plan | |
Fiscal Year 2014 Share Repurchase | |
On June 2, 2014, we announced that our Board of Directors approved a share repurchase program (the "2014 Program") authorizing the repurchase of up to $150.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. On June 13, 2014, we entered into an agreement (the “2014 Agreement”) to purchase shares of our common stock from Goldman Sachs & Co. (“GS”), for an aggregate purchase price of $150.0 million pursuant to an accelerated share purchase program. Pursuant to the 2014 Agreement, in June 2014, we paid $150.0 million to GS and received from GS 2,284,844 shares of common stock, representing 80% of the shares to be repurchased by us under the 2014 Agreement. The shares were repurchased at a price of $52.52 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on June 13, 2014. These shares were canceled and restored to the status of authorized and unissued shares. As of June 30, 2014, we recorded the $150.0 million payment to GS as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital. As additional paid-in capital was reduced to zero, the remainder was applied as a reduction in retained earnings. | |
The final number of shares to be delivered to us by GS under the 2014 Agreement at program maturity, net of the initial delivery, will be adjusted based on an agreed upon discount to the average of the daily volume weighted average price of the common stock during the term of the 2014 Agreement. If the number of shares to be delivered to us at maturity is less than the initial delivery of shares by GS, we would be required to remit shares or cash, at our option, to GS in an amount equivalent to such shortfall. We expect the 2014 Program to be completed by December 31, 2014. | |
Fiscal Year 2013 Share Repurchase | |
In August 2012, our Board of Directors approved a share repurchase program (the “2013 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. While the 2013 Program did not obligate us to acquire any particular dollar value or number of shares of common stock, we repurchased $197.6 million of our common stock from the period September 2012 to June 2013, with the remaining $2.4 million of purchases occurring early in July 2013. This was achieved by entering into two separate $50.0 million accelerated share repurchase ("ASR") agreements and two separate $50.0 million open market agreements (the "Open Market Agreements") as described below. The Fiscal Year 2013 buyback activity also resulted in a reduction of our stockholders' equity of $197.6 million for the value of shares repurchased and retired by us. | |
In September 2012, we entered into an ASR agreement (the “September Agreement”) to purchase shares of our common stock from J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National Association, London Branch (“JPMorgan”), for an aggregate purchase price of $50.0 million. In March 2013, we finalized the settlement of the September Agreement and received an additional 234,898 shares representing the final shares delivered by JPMorgan. These shares were in addition to the initial 1,328,462 shares of our common stock delivered to us in September 2012. The total number of shares repurchased under the September Agreement was 1,563,360 at an average price per share of $31.98. | |
In March 2013, we entered into a second $50.0 million ASR agreement (the “March Agreement”) with JPMorgan. Pursuant to the March Agreement, JPMorgan delivered 1,044,932 shares of our common stock, representing an estimated 80% of the shares to be repurchased by us under the Agreement based on a price of $38.28 per share, which was the closing price of our common stock on March 15, 2013. In July 2013, subsequent to our fiscal year end, we finalized the settlement of the March Agreement and received an additional 101,247 shares representing the final shares delivered by JPMorgan. The total number of shares repurchased under the March Agreement was 1,146,179 at an average price per share of $43.62. | |
During Fiscal Year 2013, we also entered into two separate $50.0 million Open Market Agreements to buy back an additional $100.0 million of our common stock under the Program. For Fiscal Year 2013, we purchased 2,697,675 shares pursuant to the Open Market Agreements at an average price of $36.17 per share for a total of $97.6 million in common stock repurchases. As of June 30, 2013, approximately $2.4 million remained available under the 2013 Program for the purchase of additional shares. In July 2013, we purchased an additional 51,071 shares in the open market and completed our available purchases under the 2013 Program. Upon the completion of the purchases under our Open Market Agreements in July 2013, the total number of shares repurchased under the Open Market Agreements was 2,748,746 at an average price per share of $36.38. | |
In July 2013, with the completion of our Open Market Agreements and the final settlement of the March Agreement, the 2013 Program was completed. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
The following table outlines the basic and diluted earnings per common share computations: | |||||||||||||
Years ended June 30, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income attributable to common shares | $ | 129,094 | $ | 95,972 | $ | 63,158 | |||||||
Weighted average number of shares outstanding, used in computing basic earnings per share | 56,504 | 58,388 | 59,464 | ||||||||||
Dilutive common stock equivalents | 973 | 1,059 | 962 | ||||||||||
Weighted average shares used in computing diluted earnings per share | 57,477 | 59,447 | 60,426 | ||||||||||
Basic earnings per share | $ | 2.28 | $ | 1.64 | $ | 1.06 | |||||||
Diluted earnings per share | $ | 2.25 | $ | 1.61 | $ | 1.05 | |||||||
Anti-dilutive options (excluded from the calculation of diluted earnings per share) | 536 | 503 | 2,231 | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
The following table reflects the activity for the components of accumulated other comprehensive income (loss), net of tax, for the years ended June 30, 2014, 2013 and 2012: | |||||||||||||||
(in thousands) | Foreign Currency | Unrealized Gain/Loss on Derivatives | Total | ||||||||||||
Balance as of June 30, 2011 | $ | 18,719 | $ | 136 | $ | 18,855 | |||||||||
Other comprehensive income before reclassifications | (46,334 | ) | (2,412 | ) | (48,746 | ) | |||||||||
Loss reclassified from accumulated other comprehensive income | — | 752 | 752 | ||||||||||||
Net current-period other comprehensive income | $ | (46,334 | ) | $ | (1,660 | ) | $ | (47,994 | ) | ||||||
Balance at June 30, 2012 | $ | (27,615 | ) | $ | (1,524 | ) | $ | (29,139 | ) | ||||||
Other comprehensive income before reclassifications | (1,523 | ) | (1,363 | ) | (2,886 | ) | |||||||||
Loss reclassified from accumulated other comprehensive income | — | 1,987 | 1,987 | ||||||||||||
Net current-period other comprehensive income | $ | (1,523 | ) | $ | 624 | $ | (899 | ) | |||||||
Balance at June 30, 2013 | $ | (29,138 | ) | $ | (900 | ) | $ | (30,038 | ) | ||||||
Other comprehensive income before reclassifications | 27,050 | 6,411 | 33,461 | ||||||||||||
Gain reclassified from accumulated other comprehensive income | — | (1,333 | ) | (1,333 | ) | ||||||||||
Net current-period other comprehensive income | $ | 27,050 | $ | 5,078 | $ | 32,128 | |||||||||
Balance at June 30, 2014 | $ | (2,088 | ) | $ | 4,178 | $ | 2,090 | ||||||||
The details regarding pre-tax gain (loss) on derivative instruments reclassified to net income from accumulated other comprehensive income are presented below: | |||||||||||||||
Years Ended | Affected Line in the Consolidated Statements of Income | ||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Interest rate contracts | $ | (1,719 | ) | $ | (1,260 | ) | $ | (812 | ) | Interest expense, net | |||||
Foreign exchange contracts | 3,420 | (2,048 | ) | — | Direct Costs | ||||||||||
Foreign exchange contracts | 281 | — | — | Service revenue | |||||||||||
Cross-currency swap contracts | 114 | 218 | (276 | ) | Miscellaneous (expense) income, net | ||||||||||
Total | $ | 2,096 | $ | (3,090 | ) | $ | (1,088 | ) | |||||||
The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $0.8 million, $1.1 million, and $0.3 million and for years ended June 30, 2014, 2013 and 2012, respectively. |
Stock_And_Employee_Benefit_Pla
Stock And Employee Benefit Plans | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||||||||
Stock And Employee Benefit Plans | ' | |||||||||||||
STOCK AND EMPLOYEE BENEFIT PLANS | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
We account for stock-based compensation under ASC 718, “Compensation-Stock Compensation.” The stock option compensation cost calculated under the fair value approach is recognized over the vesting period of the stock options (generally over four years). All stock option grants are subject to graded vesting as services are rendered. The fair value for granted options is estimated at the time of the grant using the Black-Scholes option-pricing model. Expected volatilities are based on historical volatilities and we use historical data to estimate option exercise behavior. The expected term represents an estimate of the period of time we expect the options to remain outstanding based on historical exercise and post-vesting termination data. The dividend yield equals the most recent dividend payment over the market price of the stock at the beginning of the period. The risk-free interest rate is the rate at the date of grant for a zero-coupon U.S. Treasury bond with a term that approximates the expected term of the option. The following weighted average assumptions were used in the Black-Scholes option-pricing model for awards issued during the respective periods: | ||||||||||||||
Years ended June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Expected volatility | 54.1 | % | 56.4 | % | 56.9 | % | ||||||||
Risk-free interest rate | 1.6 | % | 0.9 | % | 0.9 | % | ||||||||
Expected term (in years) | 5.2 | 5.2 | 5.1 | |||||||||||
For the last three fiscal years, we recognized the following stock-based compensation expense: | ||||||||||||||
Years ended June 30, | ||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||
Direct costs related | $ | 3,027 | $ | 1,918 | $ | 1,815 | ||||||||
Selling, general and administrative related | 12,302 | 9,250 | 9,316 | |||||||||||
Total stock-based compensation | $ | 15,329 | $ | 11,168 | $ | 11,131 | ||||||||
For Fiscal Years 2014, 2013, and 2012, the tax benefit related to stock compensation expense that we recognized was $4.4 million, $3.1 million, and $3.8 million, respectively. As of June 30, 2014, unearned stock-based compensation expense related to unvested awards (stock options and restricted stock) was approximately $28.6 million, which will be recognized over a weighted-average period of 2.7 years. | ||||||||||||||
Stock Options | ||||||||||||||
The Compensation Committee of the Board of Directors is responsible for the administration of our stock option plans and determines the term of each option, the option exercise price, the number of option shares granted, and the rate at which options become exercisable. | ||||||||||||||
We adopted stock incentive plans in December 2010, December 2007, and September 2005, each of which provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based award grants of up to 9,000,000 shares in aggregate to employees, officers, directors, consultants, and advisors. The granting of awards under these plans is discretionary, including the individuals who may become participants and receive awards under these plans and the number of shares they may acquire. | ||||||||||||||
In September 2001, we adopted the 2001 Stock Incentive Plan, which provides for the grant of incentive and non-qualified stock options for the purchase of up to an aggregate of 2,000,000 shares of common stock to our employees, officers, directors, consultants, and advisors (and any individuals who have accepted an offer for employment). | ||||||||||||||
Options under all our stock incentive plans described above expire no more than ten years from the date of grant and the expiration date and vesting period may vary at the Board of Directors’ discretion. | ||||||||||||||
The following table summarizes information related to stock option activity for the respective periods: | ||||||||||||||
Years ended June 30, | ||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | |||||||||||
Weighted-average fair value of options granted per share | $20.70 | $16.20 | $10.07 | |||||||||||
Intrinsic value of options exercised | $24,066 | $24,872 | $11,170 | |||||||||||
Stock option activity for the year ended June 30, 2014 was as follows: | ||||||||||||||
Number of Options | Weighted-Average | Weighted- | Aggregate | |||||||||||
Exercise Price | Average | Intrinsic | ||||||||||||
Remaining | Value | |||||||||||||
Contractual | (In Thousands) | |||||||||||||
Life In Years | ||||||||||||||
Balance at June 30, 2013 | 3,224,897 | $ | 23.51 | 5.5 | $ | 72,450 | ||||||||
Granted | 850,455 | $ | 42.82 | |||||||||||
Exercised | (811,048 | ) | $ | 20.6 | ||||||||||
Canceled | (84,125 | ) | $ | 31.14 | ||||||||||
Balance at June 30, 2014 | 3,180,179 | $ | 29.21 | 5.3 | $ | 75,229 | ||||||||
Exercisable at June 30, 2014 | 1,112,121 | $ | 21.37 | 3.3 | $ | 34,998 | ||||||||
Expected to vest at June 30, 2014 | 1,904,051 | $ | 33.18 | 6.4 | $ | 37,519 | ||||||||
Restricted Stock | ||||||||||||||
We use restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), granted under the plans described above, as a component of compensation for executive officers, non-employee members of the Board of Directors, and other employees. In general, we granted RSAs and RSUs that will vest at the end of a three-year service period for employees or one-year service period for non-employee members of the Board. The fair values of restricted stock awards and restricted stock units were based upon the closing stock prices on the day of the grants. For Fiscal Year 2014, 2013, and 2012, the fair value of restricted stock awards vested was $4.0 million, $4.6 million, and $5.2 million, respectively. Restricted stock activity for the year ended June 30, 2014 was: | ||||||||||||||
Shares | Weighted-Average Grant- | |||||||||||||
Date Fair Value | ||||||||||||||
Unvested Balance at June 30, 2013 | 469,266 | $ | 24.56 | |||||||||||
Granted | 121,552 | $ | 48.9 | |||||||||||
Vested | (167,866 | ) | $ | 23.75 | ||||||||||
Forfeited | (11,600 | ) | $ | 38.53 | ||||||||||
Unvested Balance at June 30, 2014 | 411,352 | $ | 31.69 | |||||||||||
Employee Stock Purchase Plan | ||||||||||||||
We sponsor an employee stock purchase plan (the “Purchase Plan”). The Purchase Plan allows eligible employees to purchase common stock at 95% of the fair market value of the stock on the last day of each purchase period (as defined by the Purchase Plan). The Purchase Plan also includes the automatic enrollment of contributions whereby an eligible employee’s compensation would be reduced and automatic enrollment contributions made on his/her behalf unless an affirmative election not to do so was made. The Purchase Plan is non-compensatory, and as such, no stock based compensation is recorded. An aggregate of approximately 1,800,000 shares may be issued under the Purchase Plan. | ||||||||||||||
The following table summarizes the purchases under the Purchase Plan for the last three fiscal years: | ||||||||||||||
Shares Purchased | Average Purchase Price | |||||||||||||
Fiscal Year 2014 | 68,867 | $ | 43.2 | |||||||||||
Fiscal Year 2013 | 62,777 | $ | 35.54 | |||||||||||
Fiscal Year 2012 | 86,735 | $ | 21.81 | |||||||||||
Savings Plan | ||||||||||||||
We sponsor an employee savings plan (“the Plan”) as defined by Section 401(k) of the Internal Revenue Code of 1986, as amended. The Plan covers substantially all employees in the U.S. who elect to participate. Participants have the opportunity to invest on a pre-tax basis in a variety of mutual fund options and our stock. We match 100% of each participant’s voluntary contributions up to 3% of gross salary per payroll period subject to an annual cap of $3,000. Our contributions vest to the participants in 20% increments for each year of employment and become fully vested after five years of continuous employment. Our contributions to the Plan were approximately $9.6 million, $8.6 million, and $6.1 million for the Fiscal Years 2014, 2013, and 2012, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
We apply the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value and provides guidance for measuring fair value and expands disclosures about fair value measurements. ASC 820 enables 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 June 30, 2014: | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Contingent Consideration | $ | — | $ | — | $ | (5,152 | ) | $ | (5,152 | ) | |||||||
Interest Rate Derivative Instruments | — | 580 | — | 580 | |||||||||||||
Foreign Currency Exchange Contracts | — | 6,463 | — | 6,463 | |||||||||||||
Total | $ | — | $ | 7,043 | $ | (5,152 | ) | $ | 1,891 | ||||||||
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 original maturity (less than 90 days) of the investments. | |||||||||||||||||
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 June 30, 2014, we had marketable securities of $95.6 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. | |||||||||||||||||
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. | |||||||||||||||||
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 55% | ||||||||||||||||
Projected period of payment | Aug-15 | ||||||||||||||||
The following table provides a roll-forward of the fair value of the contingent consideration, which was determined by Level 3 inputs: | |||||||||||||||||
(in thousands) | Fair Value | ||||||||||||||||
Balance at June 30, 2012 | $ | — | |||||||||||||||
Contingent consideration from the HERON acquisition | 5,934 | ||||||||||||||||
Balance at June 30, 2013 | $ | 5,934 | |||||||||||||||
Change in fair value related to contingent consideration from HERON acquisition | (782 | ) | |||||||||||||||
Balance at June 30, 2014 | $ | 5,152 | |||||||||||||||
Contingent consideration liabilities are re-measured 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 take into consideration of alternate scenarios that could result in more or less profitability for our commercialization service line. Increases or decreases in projected financial targets and probabilities of payment may result in significant changes in the 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. Given the subjectivity of the inputs, the variation of estimated contingent payments related to the HERON acquisition range from zero to $14.2 million. The final obligation will be measured on June 30, 2015 based upon the operating results for the fiscal year ending June 30, 2015. For Fiscal Year 2014, the change in fair value of contingent consideration of $0.8 million was recorded in selling, general and administrative expense. | |||||||||||||||||
For the fiscal years ended June 30, 2014 and June 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 assets or liabilities over the same periods. | |||||||||||||||||
The fair value of the debt under Note Purchase Agreement was estimated to be $95.4 million as of June 30, 2014, and was determined using U.S. government treasury rates and Level 3 inputs, including a credit risk adjustment. | |||||||||||||||||
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. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | |||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||
INCOME TAXES | ||||||||||||||||||||||
Domestic and foreign income (loss) before income taxes for the three years ended June 30 were as follows: | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||
Domestic | $ | 98,154 | $ | 35,792 | $ | 18,347 | ||||||||||||||||
Foreign | 89,707 | 97,358 | 61,359 | |||||||||||||||||||
$ | 187,861 | $ | 133,150 | $ | 79,706 | |||||||||||||||||
Provisions for income taxes for the three years ended June 30 were as follows: | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 27,264 | $ | 6,279 | $ | 8,054 | ||||||||||||||||
State | 9,456 | 2,565 | 1,010 | |||||||||||||||||||
Foreign | 33,242 | 26,651 | 9,608 | |||||||||||||||||||
69,962 | 35,495 | 18,672 | ||||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal | 4,001 | 7,650 | 2,447 | |||||||||||||||||||
State | (905 | ) | (2,113 | ) | (869 | ) | ||||||||||||||||
Foreign | (14,291 | ) | (3,854 | ) | (3,702 | ) | ||||||||||||||||
(11,195 | ) | 1,683 | (2,124 | ) | ||||||||||||||||||
$ | 58,767 | $ | 37,178 | $ | 16,548 | |||||||||||||||||
Our consolidated effective income tax rate differed from the U.S. federal statutory income tax rate as set forth below: | ||||||||||||||||||||||
(in thousands) | 2014 | % | 2013 | % | 2012 | % | ||||||||||||||||
Income tax expense computed at the federal statutory rate | $ | 65,751 | 35 | % | $ | 46,602 | 35 | % | $ | 27,897 | 35 | % | ||||||||||
State income taxes, net of federal benefit | 5,419 | 2.9 | % | 1,914 | 1.4 | % | (232 | ) | (0.3 | )% | ||||||||||||
Foreign rate differential | (4,857 | ) | (2.6 | )% | (7,960 | ) | (6.0 | )% | (6,539 | ) | (8.2 | )% | ||||||||||
Change in valuation allowances | (491 | ) | (0.3 | )% | (4,708 | ) | (3.5 | )% | 1,630 | 2 | % | |||||||||||
Change in reserves | (5,193 | ) | (2.8 | )% | 394 | 0.3 | % | (7,655 | ) | (9.6 | )% | |||||||||||
Research and development | (3,284 | ) | (1.7 | )% | (2,986 | ) | (2.2 | )% | (2,734 | ) | (3.4 | )% | ||||||||||
Non-deductible losses | 69 | — | % | 440 | 0.3 | % | 678 | 0.9 | % | |||||||||||||
Other non-deductible expenses | 1,315 | 0.7 | % | 2,074 | 1.6 | % | 393 | 0.5 | % | |||||||||||||
Adjustment of net operating losses | — | — | % | 608 | 0.5 | % | 2,243 | 2.8 | % | |||||||||||||
Statutory tax rate changes | (623 | ) | (0.3 | )% | 798 | 0.5 | % | (1,047 | ) | (1.3 | )% | |||||||||||
Other, net | 661 | 0.4 | % | 2 | — | % | 1,914 | 2.4 | % | |||||||||||||
$ | 58,767 | 31.3 | % | $ | 37,178 | 27.9 | % | $ | 16,548 | 20.8 | % | |||||||||||
Provision has not been made for U.S. or additional foreign taxes on undistributed earnings of foreign subsidiaries as those earnings are indefinitely reinvested. Undistributed earnings of foreign subsidiaries that are indefinitely reinvested are approximately $423.0 million and $368.0 million at June 30, 2014 and June 30, 2013, respectively. Due to the complexities associated with this hypothetical calculation, it is not practicable to estimate the unrecognized deferred tax liability on the earnings that are indefinitely reinvested in foreign operations. | ||||||||||||||||||||||
Significant components of our net deferred tax assets (liabilities) as of June 30, 2014 and June 30, 2013 were as follows: | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
U.S. loss carryforwards | $ | 1,764 | $ | 1,981 | ||||||||||||||||||
Foreign loss carryforwards | 2,814 | 6,240 | ||||||||||||||||||||
Accrued expenses | 38,915 | 35,340 | ||||||||||||||||||||
Tax credit carryforwards | 5,711 | 14,559 | ||||||||||||||||||||
Provision for losses on receivables | 920 | 1,161 | ||||||||||||||||||||
Deferred compensation | 8,219 | 7,517 | ||||||||||||||||||||
Deferred revenue | 12,698 | 8,949 | ||||||||||||||||||||
Intercompany loans | 2,752 | 2,765 | ||||||||||||||||||||
Other | 3,597 | 1,168 | ||||||||||||||||||||
Gross deferred tax assets | 77,390 | 79,680 | ||||||||||||||||||||
Deferred tax asset valuation allowance | (5,318 | ) | (6,023 | ) | ||||||||||||||||||
Total deferred tax assets | 72,072 | 73,657 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Property and equipment | (6,521 | ) | (5,606 | ) | ||||||||||||||||||
Revenue recognition | (17,601 | ) | (26,537 | ) | ||||||||||||||||||
Intangible assets | (35,372 | ) | (38,186 | ) | ||||||||||||||||||
Other | (1,038 | ) | (2,491 | ) | ||||||||||||||||||
Total deferred tax liabilities | (60,532 | ) | (72,820 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 11,540 | $ | 837 | ||||||||||||||||||
The net deferred tax assets and liabilities included in the consolidated balance sheets as of June 30, 2014 and June 30, 2013 were as follows: | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||
Current deferred tax assets | $ | 54,061 | $ | 44,236 | ||||||||||||||||||
Non-current deferred tax assets | 6,669 | 8,556 | ||||||||||||||||||||
Current deferred tax liabilities | (16,592 | ) | (16,512 | ) | ||||||||||||||||||
Non-current deferred tax liabilities | (32,598 | ) | (35,443 | ) | ||||||||||||||||||
$ | 11,540 | $ | 837 | |||||||||||||||||||
At June 30, 2014, federal, state and foreign loss carryforwards of $2.8 million, $35.8 million and $15.8 million, respectively, were available to offset future liabilities for income taxes. The federal net operating losses expire in the years 2025 through 2034. Included in the state loss carryforwards is $3.7 million attributable to deductions from the exercise of equity awards. The benefit from these deductions will be recorded as a credit to additional paid-in capital if and when realized through a reduction of taxes paid in cash. Use of these loss carryforwards is limited based on the future income of certain subsidiaries. The state net operating losses expire in the years 2016 through 2033. Of the non-U.S. loss carryforwards, $4.8 million will expire between 2015 and 2034; the remainder does not expire. We also have U.S. foreign tax credit carryforwards of $28.0 million, which expire in the years 2018 through 2024. Included in the U.S. foreign tax credit carryforwards is $15.4 million attributable to deductions from the exercise of equity awards. The benefit from these credits will be recorded as a credit to additional paid-in capital if and when realized through a reduction of taxes paid in cash. | ||||||||||||||||||||||
A valuation allowance has been established for certain future income tax benefits related to loss carryforwards and temporary tax adjustments based on an assessment that it is more likely than not that these benefits will not be realized. The decrease in the valuation allowance in Fiscal Year 2013 was principally due to improved profitability in various jurisdictions. | ||||||||||||||||||||||
As of June 30, 2014, we had $41.5 million of gross unrecognized tax benefits of which $25.4 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. This reserve primarily relates to exposures for income tax matters such as changes in the jurisdiction in which income is taxable. | ||||||||||||||||||||||
Unrecognized tax benefits represent favorable positions we have taken, or expect to take, on tax returns. These positions have reduced, or are expected to reduce, our income tax liability on our tax returns and financial statements. As a result of the uncertainty associated with these positions, we have established a liability that effectively reverses the previous recognition of the tax benefits, making them “unrecognized.” Our unrecognized income tax benefits, excluding accrued interest and penalties, are as follows: | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||
Balance at beginning of year | $ | 46,591 | $ | 53,813 | $ | 62,211 | ||||||||||||||||
Additions related to tax positions in prior years | 792 | — | 4,433 | |||||||||||||||||||
Reductions related to tax positions in prior years | (1,115 | ) | (2,869 | ) | (1,898 | ) | ||||||||||||||||
Reductions related to settlements with tax authorities | — | — | (477 | ) | ||||||||||||||||||
Reductions related to the expiration of statutes | (5,630 | ) | (4,662 | ) | (6,789 | ) | ||||||||||||||||
Currency translation adjustments | 833 | 309 | (3,667 | ) | ||||||||||||||||||
Balance at end of year | $ | 41,471 | $ | 46,591 | $ | 53,813 | ||||||||||||||||
As of June 30, 2014, we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could change by up to $6.6 million in the next twelve months primarily as a result of the expiration of statutes of limitation and settlement with tax authorities. This change is composed primarily of reserves associated with the jurisdiction in which income is taxable. | ||||||||||||||||||||||
We recognize interest and penalties related to income tax matters in income tax expense. As of June 30, 2014 and June 30, 2013, interest and penalties of $5.5 million and $5.0 million, respectively, were included in our liability for unrecognized tax benefits. For Fiscal Years 2014, 2013 and 2012, an expense of $0.3 million, and a benefit of $0.9 million and $2.1 million, respectively, was recorded 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 state and local income tax matters through 2005 have been concluded. All material federal income tax matters have been concluded through 2005. Substantially all material foreign income tax matters have been concluded for all years through 2000. |
Debt_Commitments_Contingencies
Debt, Commitments, Contingencies And Guarantees | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Debt, Commitments, Contingencies And Guarantees [Abstract] | ' | ||||||||||||||||||||||||||||
Debt, Commitments, Contingencies And Guarantees | ' | ||||||||||||||||||||||||||||
DEBT, COMMITMENTS, CONTINGENCIES AND GUARANTEES | |||||||||||||||||||||||||||||
We lease facilities under operating leases that include renewal and escalation clauses. Rent expense is recorded on a straight-line basis over the lease term. Total rent expense was $59.4 million, $54.7 million, and $52.2 million for Fiscal Years 2014, 2013, and 2012, respectively. Future minimum debt obligations, lease payments under non-cancelable leases, and purchase commitments due are as follows (excluding future potential payments in connection with the HERON acquisition - see Note 3): | |||||||||||||||||||||||||||||
(in thousands) | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | Thereafter | Total | ||||||||||||||||||||||
Debt obligations (principal) | $ | 12,501 | $ | 25,000 | $ | 45,000 | $ | 167,500 | $ | — | $ | 100,000 | $ | 350,001 | |||||||||||||||
Operating leases | 62,103 | 51,270 | 40,642 | 31,454 | 24,930 | 99,818 | 310,217 | ||||||||||||||||||||||
Purchase commitments* | 55,036 | 17,783 | 6,146 | 1,588 | 1,020 | — | 81,573 | ||||||||||||||||||||||
Total | $ | 129,640 | $ | 94,053 | $ | 91,788 | $ | 200,542 | $ | 25,950 | $ | 199,818 | $ | 741,791 | |||||||||||||||
*includes commitments to purchase software, hardware and services | |||||||||||||||||||||||||||||
We have letter-of-credit agreements with banks, totaling approximately $10.5 million, guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2013 Credit Agreement and Note Purchase Agreement are 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. |
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Geographic Information [Abstract] | ' | ||||||||||||
Geographic Information | ' | ||||||||||||
GEOGRAPHIC INFORMATION | |||||||||||||
Financial information by geographic area for the three years ended June 30 was as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Service revenue: | |||||||||||||
The Americas | $ | 970,894 | $ | 866,998 | $ | 635,290 | |||||||
Europe, Middle East & Africa | 709,137 | 624,010 | 555,467 | ||||||||||
Asia/Pacific | 259,329 | 243,434 | 205,751 | ||||||||||
Total | $ | 1,939,360 | $ | 1,734,442 | $ | 1,396,508 | |||||||
Income from operations: | |||||||||||||
The Americas | $ | 111,718 | $ | 44,743 | $ | 27,493 | |||||||
Europe, Middle East & Africa | 51,793 | 59,466 | 34,044 | ||||||||||
Asia/Pacific | 35,987 | 31,914 | 27,265 | ||||||||||
Total | $ | 199,498 | $ | 136,123 | $ | 88,802 | |||||||
Tangible long-lived assets: | |||||||||||||
The Americas | $ | 151,111 | $ | 146,137 | |||||||||
Europe, Middle East & Africa | 63,215 | 55,853 | |||||||||||
Asia/Pacific | 19,838 | 22,235 | |||||||||||
Total | $ | 234,164 | $ | 224,225 | |||||||||
The following countries represented greater than 10% of consolidated service revenue for the three years ended June 30: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Service revenue: | |||||||||||||
United States | $ | 902,931 | $ | 797,380 | $ | 580,340 | |||||||
United Kingdom | $ | 245,098 | $ | 227,964 | $ | 181,386 | |||||||
Germany | $ | 229,858 | $ | 187,099 | $ | 194,528 | |||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
We have three reportable segments: CRS, PC and PI. | |||||||||||||||||
• | 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/Post-Approval Services, formerly known as Peri-Approval Clinical Excellence. 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 and Peri/Post-Approval Services due to economic similarities in these operating segments. | ||||||||||||||||
• | PC 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 PC consultants identify alternatives and propose solutions to address client issues associated with product development, registration, and commercialization. HERON is included in our PC reportable segment. | ||||||||||||||||
• | PI provides information technology solutions designed to help improve clients’ product development and regulatory submission processes. PI offers a portfolio of products and services that includes medical imaging services, ClinPhone® RTSM, IMPACT® CTMS, DataLabs® EDC, web-based portals, systems integration, electronic patient reported outcomes (“ePRO”), and LIQUENT InSight® RIM solutions. These services are often bundled together and integrated with other applications to provide eClinical solutions for our clients. LIQUENT is included in our PI reportable segment. | ||||||||||||||||
In February 2014, we announced the launch of PAREXEL Regulatory Outsourcing Services (“PROS”), which was designed to provide a focused, market-driven approach to regulatory outsourcing services in the life science industry, with a primary emphasis on post-approval regulatory activities. Effective July 1, 2014, the operating results of PROS are included in the PC segment. This service line offering was previously included within LIQUENT RIM solutions and reported within the PI segment. For interim and annual periods beginning July 1, 2014, we will disclose the reportable segment on this new basis and prior periods will be retroactively restated to reflect the change. | |||||||||||||||||
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, we have a global infrastructure supporting its business segments, and therefore, assets are not identified by reportable segment. | |||||||||||||||||
(in thousands) | CRS | PC | PI | TOTAL | |||||||||||||
Service revenue: | |||||||||||||||||
2014 | $ | 1,455,279 | $ | 216,184 | $ | 267,897 | $ | 1,939,360 | |||||||||
2013 | 1,303,569 | 202,524 | 228,349 | 1,734,442 | |||||||||||||
2012 | 1,038,705 | 167,125 | 190,678 | 1,396,508 | |||||||||||||
Gross profit on service revenue: | |||||||||||||||||
2014 | $ | 445,210 | $ | 91,498 | $ | 123,474 | $ | 660,182 | |||||||||
2013 | 347,056 | 81,570 | 98,280 | 526,906 | |||||||||||||
2012 | 279,166 | 69,565 | 75,948 | 424,679 | |||||||||||||
Quarterly_Operating_Results
Quarterly Operating Results | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ||||||||||||||||||||
Quarterly Operating Results | ' | ||||||||||||||||||||
QUARTERLY OPERATING RESULTS (UNAUDITED) | |||||||||||||||||||||
The following is a summary of unaudited quarterly results of operations for Fiscal Years 2014 and 2013: | |||||||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
Service revenue | $ | 449,245 | $ | 487,145 | $ | 492,375 | $ | 510,595 | $ | 1,939,360 | |||||||||||
Gross profit | 146,051 | 162,638 | 169,226 | 182,267 | 660,182 | ||||||||||||||||
Income from operations | 41,881 | 46,664 | 52,171 | 58,782 | 199,498 | ||||||||||||||||
Net income | 25,954 | 28,329 | 34,739 | 40,072 | 129,094 | ||||||||||||||||
Diluted earnings per share | $ | 0.45 | $ | 0.49 | $ | 0.6 | $ | 0.7 | $ | 2.25 | |||||||||||
Fiscal Year 2013 | |||||||||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
Service revenue | $ | 394,753 | $ | 422,068 | $ | 454,493 | $ | 463,128 | $ | 1,734,442 | |||||||||||
Gross profit | 115,349 | 120,743 | 142,576 | 148,238 | 526,906 | ||||||||||||||||
Income from operations | 29,752 | 31,437 | 36,606 | 38,328 | 136,123 | ||||||||||||||||
Net income | 15,064 | 21,343 | 29,524 | 30,041 | 95,972 | ||||||||||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.36 | $ | 0.5 | ` | $ | 0.52 | $ | 1.61 | ||||||||||
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation And Principles Of Consolidation | ' |
Basis of Presentation and Principles of Consolidation | |
The consolidated financial statements include the accounts of PAREXEL International Corporation, our wholly-owned and majority-owned subsidiaries. All inter-company accounts and transactions have been eliminated. | |
Net Presentation Adjustment | |
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 payable or receivable 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. | |
We adjusted the presentation for interest income and interest expense in our results of operation for the fiscal years ended June 30, 2013 and 2012 (“Fiscal Year 2013” and “Fiscal Year 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 compared to our prior practice of reporting interest income and expense on a gross basis. For Fiscal Years 2013 and 2012, we incurred net interest expense on our cash pooling arrangement, and therefore we netted the previously reported interest income of $3.8 million against the interest expense of $11.1 million for Fiscal Year 2013 and interest income of $5.4 million against the interest expense of $12.4 million for Fiscal Year 2012. This adjustment had no impact on our consolidated financial positions for June 30, 2013 and 2012 or our consolidated statement of cash flow for Fiscal Years 2013 and 2012. | |
Use Of Estimates | ' |
Use of Estimates | |
We prepare our financial statements in conformity with U.S. generally accepted accounting principles which require us to make estimates and assumptions that affect the amounts reported in the financial statements. Estimates are used in accounting for, among other items, revenue recognition, allowance for credit losses on receivables, valuation of derivative instruments, periodic impairment reviews of goodwill and intangible assets, contingent consideration, income taxes, and the valuation of long-term assets. Our estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions, trends, and assessments of the probable future outcomes of these matters. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the statement of operations in the period in which they are determined. | |
Fair Values Of Financial Instruments | ' |
Fair Values of Financial Instruments | |
The fair value of our cash and cash equivalents, marketable securities, accounts receivable, and accounts payable approximates the carrying value of these financial instruments because of the short-term nature of any maturities. We determine the estimated fair values of other financial instruments, using available market information and valuation methodologies, primarily discounted cash flow analysis or input from independent investment bankers. | |
Revenue Recognition | ' |
Revenue Recognition | |
We derive revenue from the delivery of service or software solutions to clients in the worldwide pharmaceutical, biotechnology, and medical device industries. We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the service offering has been delivered to the client; (3) the collection of fees is probable; and (4) the amount of fees to be paid by the client is fixed or determinable. Revenue recognition treatment of each business segment is described below. | |
Clinical Research Services (“CRS”) and PAREXEL Consulting Services (“PC”) Service Revenue | |
Service revenues in our CRS and PC businesses are derived principally from fee-for-service or fixed-price executory contracts, which typically involve competitive bid awards and multi-year terms. Client billing schedules and payment arrangements are prescribed under negotiated contract terms. Contract provisions do not provide for rights of return or refund, but normally include rights of cancellation with notice, in which case services delivered through the cancellation date are due and payable by the client, including certain costs to conclude the trial or study. | |
Our client arrangements generally involve multiple service deliverables, where bundled service deliverables are accounted for in accordance with Accounting Standards Codification (“ASC”) 605-25, “Multiple-Element Arrangements.” We determined that each of our service deliverables have standalone value. ASC 605-25 requires the allocation of contract (arrangement) value to each separate unit of accounting based on the relative selling price of the various separate units of accounting in the arrangement. ASC 605-25 requires a hierarchy of evidence be followed when determining if evidence of the selling price of an item exists such that the best evidence of selling price of a unit of accounting is vendor-specific objective evidence (“VSOE”), or the price charged when a deliverable is sold separately. When VSOE is not available to determine selling price, relevant third-party evidence (“TPE”) of selling price should be used, if available. Lastly, when neither VSOE nor TPE of selling price for similar deliverables exists, management must use its best estimate of selling price considering all relevant information that is available without undue cost and effort. | |
We generally are not able to establish VSOE as our deliverables are seldom sold separately. We have established TPE of selling price for each of our arrangement deliverables based on the price we charge for equivalent services when sold to other similar customers as well as our knowledge of market-pricing from the competitive bidding process for customer contracts offering similar services to comparably situated customers. Consequently, we allocate arrangement consideration at the inception of the arrangement using the relative selling prices of the deliverables within the contract based on TPE. | |
We recognize revenues for the separate elements of our contracts upon delivery of actual units of output and when all other revenue recognition criteria are met. Revenue from fee-for-service contracts generally is recognized as units of output are delivered. Revenue on fixed-price contracts generally is measured by applying a proportional performance model using output units, such as site or investigator recruitment, patient enrollment, data management, or other deliverables common to our CRS business. Performance-based output units are pre-defined in contracts and revenue is recognized based upon actual units of completion. Revenue related to changes in contract scope, which are subject to client approval, is recognized when realization is assured and amounts are fixed or determinable. | |
PAREXEL Informatics, Inc. (“PI”) Service Revenue | |
Service revenue is derived principally from the delivery of software solutions through our PI business segment. Software solutions include ClinPhone®RTSM, CTMS, EDC and RIM. | |
Within PI’s Clinphone® RTSM business, we offer selected software solutions through a hosted application delivered through a standard web-browser. We recognize revenue from application hosting services in accordance with ASC 985-605, “Revenue Recognition in the Software Industry” and ASC 605-25 as our customers do not have the right to take possession of the software. Revenue resulting from these hosting services consists of three stages: set-up (client specification and workflow), hosting and support services, and closeout reporting. | |
Fees charged and costs incurred in the set-up stage are deferred until the start of the hosting period and are amortized and recognized ratably over the estimated hosting period, including customary and expected extensions. Deferred costs are direct costs associated with the trial and application setup. These costs include salary and benefits associated with direct labor costs incurred during trial setup, as well as third-party subcontract fees and other contract labor costs. In the event of a contract cancellation by a client, all deferred revenue is recognized and all deferred setup costs are expensed. To the extent that termination-related fees are payable under the contract, such fees are recognized in the period of termination. | |
PI's Medical Imaging business provides a service allowing customers to manage the image acquisitions and the analysis and quality of data obtained during a clinical trial. Service revenue is derived from executory contracts that are tailored to meet individual client requirements. Client billing schedules and payment arrangements are prescribed under negotiated contract terms. We recognize service revenue related to our Medical Imaging business based upon a proportional performance method utilizing a unitized output method. The defined units used for revenue recognition are used to track output measures that are specific to the services being provided in the contract, and may include site survey reports, project management tasks, number of reviews completed, and image receipt and processing. | |
Reimbursement Revenue & Investigator Fees | ' |
Reimbursement Revenue & Investigator Fees | |
Reimbursable out-of-pocket expenses are reflected in our Consolidated Statements of Income under “Reimbursement revenue” and “Reimbursable out-of-pocket expenses,” as we are the primary obligor for these expenses despite being reimbursed by our clients. In addition, as is customary in our industry, we routinely subcontract on behalf of our clients with independent physician investigators in connection with clinical trials. The related investigator fees are not reflected in our Service revenue, Reimbursement revenue, Reimbursable out-of-pocket expenses, or Direct costs, because these fees are reimbursed by clients on a “pass through basis,” without risk or reward to us. The amounts of these investigator fees were $523.1 million, $421.2 million, and $250.8 million for the fiscal years ended June 30, 2014, 2013, and 2012, respectively. | |
Business Combinations Policy | ' |
Business Combinations | |
We account for acquisitions as business combinations in accordance with ASC Topic 805, “Business Combinations.” We allocate the amounts that we pay for each acquisition to the assets we acquire and liabilities we assume based on their fair values at the dates of acquisition, including identifiable intangible assets. We base the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions determined by management and which consider management's best estimates of inputs and assumptions that a market participant would use. We allocate any excess purchase price over the fair value of the net tangible and identifiable intangible assets acquired to goodwill. | |
Cash And Cash Equivalents | ' |
Cash and Cash Equivalents | |
We consider all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. We had no cash equivalents balance as of June 30, 2014 and 2013. | |
Cash and Cash Equivalents | |
We consider all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. We had no cash equivalents balance as of June 30, 2014 and 2013. | |
Marketable Securities | ' |
Marketable Securities | |
We account for investments in debt and equity securities in accordance with ASC 320, “Investments - Debt and Equity Securities.” | |
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. Our foreign government treasury certificates securities 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. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of their amortized cost bases, which may be maturity. Interest and dividends related to these securities are reported as a component of interest income in our consolidated statements of income. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration of Credit Risk | |
Financial instruments that subject us to credit risk primarily consist of cash and cash equivalents, marketable securities, derivative financial instrument contracts, and accounts receivable. We maintain our cash and cash equivalent balances with high-quality financial institutions and, consequently, we believe that such funds are subject to minimal credit risk. Our marketable securities primarily consist of foreign government treasury certificates. | |
We have approximately nine different counterparties in our derivative contracts, which include interest rate swaps, an interest rate cap and foreign currency hedges. Each of these counterparties is in the financial services industry and is subject to the credit risks inherent to that industry. We perform ongoing credit evaluations of these counterparties. | |
We perform ongoing credit evaluations related to the financial condition of our clients and, generally, do not require collateral. As of June 30, 2014, one client individually accounted for 20% of our total billed and unbilled accounts receivables. As of June 30, 2013, two clients individually accounted for 18% and 12% of our billed and unbilled accounts receivables. For the year ended June 30, 2014 (“Fiscal Year 2014”), two clients individually accounted for 16% and 11% of our consolidated service revenue. For Fiscal Year 2013, two clients individually accounted for 17% and 12% of our consolidated service revenue. No single client accounted for 10% or more of our consolidated service revenue in Fiscal Year 2012. | |
Billed Accounts Receivable, Unbilled Accounts Receivable And Deferred Revenue | ' |
Billed Accounts Receivable, Unbilled Accounts Receivable and Deferred Revenue | |
Billed accounts receivable represent amounts for which invoices have been sent to clients based on contract terms. Unbilled accounts receivable represent amounts recognized as revenue for which invoices have not yet been sent to clients due to contract terms. Deferred revenue represents amounts billed based on contractual provisions or payments received for which revenue has not yet been earned. We maintain a provision for losses on receivables based on historical collectability and specific identification of potential problem accounts. Uncollectible invoices are written off when collection efforts have been exhausted. | |
Property And Equipment | ' |
Property and Equipment | |
Property and equipment is stated at cost. Depreciation is provided using the straight-line method based on estimated useful lives of 3 to 8 years for computer software and hardware, and 5 years for office furniture, fixtures and equipment. Leasehold improvements are amortized over the lesser of the estimated useful lives of the improvements or the remaining lease term, which include lease extensions when reasonably assured. Repair and maintenance costs are expensed as incurred. | |
Development Of Software For Internal Use | ' |
Development of Software for Internal Use | |
PAREXEL accounts for the costs of software developed or obtained for internal use in accordance with ASC 350-40, “Internal-Use Software.” We capitalize costs of materials, consultants, payroll, and payroll-related costs for employees incurred in developing internal-use software. These costs are included in computer software in Note 5 below. Costs incurred during the preliminary project and post-implementation stages are charged to expense. | |
Research And Development Costs | ' |
Research and Development Costs | |
We incur ongoing research and development costs related to core technologies used internally as well as software and technology sold externally. Unless eligible for capitalization, these costs are expensed as incurred. Research and development expense was $26.9 million, $23.8 million, and $21.0 million in Fiscal Years 2014, 2013, and 2012, respectively, and is included in selling, general and administrative expenses in the consolidated statements of income. | |
Long-lived Assets and Other Intangible Assets | ' |
Goodwill | |
PAREXEL follows the provisions of ASC 350, “Intangibles—Goodwill and Other.” Under this statement, goodwill as well as certain other intangible assets, determined to have an indefinite life, are not amortized. Instead, these assets are evaluated for impairment at least annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. For Fiscal Years 2014 and 2013, we performed the intangibles impairment testing in accordance with the guidance of Accounting Standards Update (“ASU”) 2011-08, “Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment,” and conducted an assessment of qualitative factors. We concluded that it was not more likely than not the fair value of a reporting unit was less than its carrying amount, including goodwill as of June 30, 2014 and 2013. There was no evidence of impairment of our goodwill balances as of June 30, 2014 or 2013. | |
Long-lived Assets and Other Intangible Assets | |
Long-lived assets, including fixed assets and intangible assets which have a definitive life, are reviewed for impairment when circumstances indicate that the carrying amount of assets might not be recoverable. | |
Indefinite-lived assets are reviewed annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value below the carrying value of the asset. For Fiscal Years 2014 and 2013, we performed the intangibles impairment testing in accordance with the guidance under ASU No. 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” and conducted an assessment of qualitative factors and concluded that it was not more likely than not that the fair value of our indefinite-lived intangible assets was less than its carrying amount as of June 30, 2014 and 2013. There was no evidence of impairment of our indefinite-lived intangible asset balances as of June 30, 2014 or 2013. | |
Income Taxes | ' |
Income Taxes | |
Deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are recognized for the estimated future tax benefits of deductible temporary differences and tax operating loss and credit carryforwards and are presented net of valuation allowances. Valuation allowances are established in jurisdictions where it is more likely than not that the benefits of the associated deferred tax assets will not be realized. Deferred income tax expense represents the change in the net deferred tax asset and liability balances. Interest and penalties are recognized as a component of income tax expense | |
Foreign Currency | ' |
Foreign Currency | |
Assets and liabilities of PAREXEL’s international operations are translated into U.S. dollars at exchange rates that are in effect on the balance sheet date and equity accounts are translated at historical exchange rates. Income and expense items are translated at average exchange rates in effect during the year. Translation adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity in the consolidated balance sheet. Transaction gains and losses are included in miscellaneous expense, net in the consolidated statements of operations. Transaction gains (losses) were $(3.5) million, $4.1 million, and $0.3 million in Fiscal Years 2014, 2013, and 2012, respectively. | |
Earnings Per Share | ' |
Earnings Per Share | |
Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options. We do not have any participating securities outstanding nor do we have more than one class of common stock. | |
New Accounting Pronouncements, Policy | ' |
Recently Implemented Accounting Standards | |
In December 2011, the Financial Accounting Standard Board (“FASB”) issued 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 fiscal quarter ended September 30, 2013. The adoption of ASU 2013-02 did not impact 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 a 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. We adopted ASU 2013-11 beginning in our fiscal quarter ended June 30, 2014. The adoption of ASU 2013-11 did not have a material impact on 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 May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 will be effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2016, early adoption is not permitted. The impact on our Financial Statements of adopting ASU 2014-09 is being assessed by our management. | |
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12"). ASU 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC 718, Compensation—Stock Compensation, as it relates to such awards. ASU 2014-12 is effective in the first quarter of our fiscal year ending June 30, 2017 with early adoption permitted using either of two methods: (i) prospective to all awards granted or modified after the effective date; or (ii) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying ASU 2014-12 as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | |||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Changes In Carrying Amount Of Goodwill | ' | ' | ||||||||||||||||||||||||||||
(in thousands) | Fiscal Year 2014 | Fiscal Year 2013 | ||||||||||||||||||||||||||||
Beginning Balance | $ | 319,478 | $ | 255,455 | ||||||||||||||||||||||||||
Goodwill arising from LIQUENT acquisition | 304 | 51,244 | ||||||||||||||||||||||||||||
Goodwill arising from HERON acquisition | 280 | 16,631 | ||||||||||||||||||||||||||||
Effect of changes in exchange rates used for translation | 9,458 | (3,852 | ) | |||||||||||||||||||||||||||
Ending Balance | $ | 329,520 | $ | 319,478 | ||||||||||||||||||||||||||
Changes In Carrying Amounts Of Intangible Assets | ' | ' | ||||||||||||||||||||||||||||
(in thousands) | Fiscal Year 2014 | Fiscal Year 2013 | ||||||||||||||||||||||||||||
Beginning Balance | $ | 103,514 | $ | 70,004 | ||||||||||||||||||||||||||
Intangibles assets (adjusted) acquired from LIQUENT acquisition | (400 | ) | 32,600 | |||||||||||||||||||||||||||
Intangibles assets acquired from HERON acquisition | — | 15,500 | ||||||||||||||||||||||||||||
Amortization | (14,952 | ) | (9,999 | ) | ||||||||||||||||||||||||||
Effect of changes in exchange rates used for translation | 3,693 | (4,591 | ) | |||||||||||||||||||||||||||
Ending Balance | $ | 91,855 | $ | 103,514 | ||||||||||||||||||||||||||
Intangible Assets | ' | ' | ||||||||||||||||||||||||||||
(in thousands) | Weighted | Cost | Accumulated | Net | (in thousands) | Weighted | Cost | Accumulated | Net | |||||||||||||||||||||
Average Useful | Amortization/ | Average Useful | Amortization/ | |||||||||||||||||||||||||||
Life (years) | Effect | Life (years) | Effect | |||||||||||||||||||||||||||
of Exchange Rate | of Exchange Rate | |||||||||||||||||||||||||||||
Intangible Asset | Changes | Intangible Asset | Changes | |||||||||||||||||||||||||||
Customer relationships | 12.8 | $ | 104,048 | $ | (45,028 | ) | $ | 59,020 | Customer relationships and backlog | 12.1 | $ | 112,274 | $ | (44,706 | ) | $ | 67,568 | |||||||||||||
Technology and other intangibles | 7.9 | 35,647 | (24,191 | ) | 11,456 | Technology and other intangibles | 7.9 | 35,647 | (20,582 | ) | 15,065 | |||||||||||||||||||
Definite-life tradename | 7.7 | 3,900 | (673 | ) | 3,227 | Definite-life tradename | 7.7 | 3,800 | (235 | ) | 3,565 | |||||||||||||||||||
Indefinite-life tradename * | indefinite | 22,158 | (4,006 | ) | 18,152 | Indefinite-life tradename * | indefinite | 22,158 | (4,842 | ) | 17,316 | |||||||||||||||||||
Total intangible assets | $ | 165,753 | $ | (73,898 | ) | $ | 91,855 | Total intangible assets | $ | 173,879 | $ | (70,365 | ) | $ | 103,514 | |||||||||||||||
* The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | |||||||||||||||||||||||||||||
Estimated Amortization Expense | ' | ' | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | ||||||||||||||||||||||||||
$13,983 | $13,050 | $10,313 | $8,861 | $7,753 |
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||
Schedule of Notional Amounts and Fair Values of Derivatives [Table Text Block] | ' | |||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||
(in thousands) | Notional | Asset | Notional | Asset | ||||||||||||
Amount | (Liability) | Amount | (Liability) | |||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Derivatives in an asset position: | ||||||||||||||||
Interest rate contracts | $ | 100,000 | $ | 2,049 | $ | 125,000 | $ | 3,269 | ||||||||
Foreign exchange contracts | 154,845 | 5,375 | 20,245 | 333 | ||||||||||||
Cross-currency swap contracts | 25,560 | 528 | 27,312 | 1,032 | ||||||||||||
Derivatives in a liability position: | ||||||||||||||||
Interest rate contracts | 100,000 | (1,469 | ) | 100,000 | (2,208 | ) | ||||||||||
Foreign exchange contracts | 37,736 | (369 | ) | 129,254 | (3,889 | ) | ||||||||||
Total designated derivatives | $ | 418,141 | $ | 6,114 | $ | 401,811 | $ | (1,463 | ) | |||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Derivatives in an asset position: | ||||||||||||||||
Foreign exchange contracts | $ | 100,849 | $ | 1,062 | $ | 20,756 | $ | 91 | ||||||||
Derivatives in a liability position: | ||||||||||||||||
Foreign exchange contracts | 49,863 | (133 | ) | 42,800 | (992 | ) | ||||||||||
Cross-currency interest rate swap contracts | — | — | 44,580 | (1,910 | ) | |||||||||||
Total non-designated derivatives | $ | 150,712 | $ | 929 | $ | 108,136 | $ | (2,811 | ) | |||||||
Total derivatives | $ | 568,853 | $ | 7,043 | $ | 509,947 | $ | (4,274 | ) | |||||||
Schedule Of Change In Fair Value Derivatives Designated As Hedging Instruments | ' | |||||||||||||||
Years Ended | ||||||||||||||||
(in thousands) | June 30, 2014 | June 30, 2013 | ||||||||||||||
Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||
Interest rate contracts, net of taxes | $ | (322 | ) | $ | 2,818 | |||||||||||
Foreign exchange contracts, net of taxes | 5,423 | (2,129 | ) | |||||||||||||
Cross-currency swap contracts, net of taxes | (23 | ) | (65 | ) | ||||||||||||
Total designated derivative unrealized gain (loss), net | $ | 5,078 | $ | 624 | ||||||||||||
Schedule Of Change In Fair Value Derivatives Not Designated As Hedging Instruments | ' | |||||||||||||||
Years Ended | ||||||||||||||||
(in thousands) | June 30, 2014 | June 30, 2013 | ||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | ||||||||||||||||
Cross-currency interest rate swap contracts | $ | 1,910 | $ | 2,634 | ||||||||||||
Foreign exchange contracts | 1,830 | (688 | ) | |||||||||||||
Total non-designated derivative unrealized gain (loss), net | $ | 3,740 | $ | 1,946 | ||||||||||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Property and equipment: | |||||||||
Computer software | $ | 337,494 | $ | 282,681 | |||||
Computer hardware and office equipment | 108,717 | 94,932 | |||||||
Leasehold improvements | 97,280 | 87,982 | |||||||
Medical equipment | 17,577 | 16,337 | |||||||
Furniture and fixtures | 28,837 | 26,370 | |||||||
Office equipment and other assets | 17,930 | 19,224 | |||||||
Total | 607,835 | 527,526 | |||||||
Less: accumulated depreciation | (373,671 | ) | (303,301 | ) | |||||
Total | $ | 234,164 | $ | 224,225 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | |||||||||||||||||||||||||||||
Goodwill [Line Items] | ' | ' | ||||||||||||||||||||||||||||
Schedule Of Changes In Carrying Amount Of Goodwill [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||
(in thousands) | Fiscal Year 2014 | Fiscal Year 2013 | ||||||||||||||||||||||||||||
Beginning Balance | $ | 319,478 | $ | 255,455 | ||||||||||||||||||||||||||
Goodwill arising from LIQUENT acquisition | 304 | 51,244 | ||||||||||||||||||||||||||||
Goodwill arising from HERON acquisition | 280 | 16,631 | ||||||||||||||||||||||||||||
Effect of changes in exchange rates used for translation | 9,458 | (3,852 | ) | |||||||||||||||||||||||||||
Ending Balance | $ | 329,520 | $ | 319,478 | ||||||||||||||||||||||||||
Schedule Of Intangible Assets [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||
(in thousands) | Weighted | Cost | Accumulated | Net | (in thousands) | Weighted | Cost | Accumulated | Net | |||||||||||||||||||||
Average Useful | Amortization/ | Average Useful | Amortization/ | |||||||||||||||||||||||||||
Life (years) | Effect | Life (years) | Effect | |||||||||||||||||||||||||||
of Exchange Rate | of Exchange Rate | |||||||||||||||||||||||||||||
Intangible Asset | Changes | Intangible Asset | Changes | |||||||||||||||||||||||||||
Customer relationships | 12.8 | $ | 104,048 | $ | (45,028 | ) | $ | 59,020 | Customer relationships and backlog | 12.1 | $ | 112,274 | $ | (44,706 | ) | $ | 67,568 | |||||||||||||
Technology and other intangibles | 7.9 | 35,647 | (24,191 | ) | 11,456 | Technology and other intangibles | 7.9 | 35,647 | (20,582 | ) | 15,065 | |||||||||||||||||||
Definite-life tradename | 7.7 | 3,900 | (673 | ) | 3,227 | Definite-life tradename | 7.7 | 3,800 | (235 | ) | 3,565 | |||||||||||||||||||
Indefinite-life tradename * | indefinite | 22,158 | (4,006 | ) | 18,152 | Indefinite-life tradename * | indefinite | 22,158 | (4,842 | ) | 17,316 | |||||||||||||||||||
Total intangible assets | $ | 165,753 | $ | (73,898 | ) | $ | 91,855 | Total intangible assets | $ | 173,879 | $ | (70,365 | ) | $ | 103,514 | |||||||||||||||
* The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | |||||||||||||||||||||||||||||
Schedule Of Changes In Carrying Amounts Of Intangible Assets [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||
(in thousands) | Fiscal Year 2014 | Fiscal Year 2013 | ||||||||||||||||||||||||||||
Beginning Balance | $ | 103,514 | $ | 70,004 | ||||||||||||||||||||||||||
Intangibles assets (adjusted) acquired from LIQUENT acquisition | (400 | ) | 32,600 | |||||||||||||||||||||||||||
Intangibles assets acquired from HERON acquisition | — | 15,500 | ||||||||||||||||||||||||||||
Amortization | (14,952 | ) | (9,999 | ) | ||||||||||||||||||||||||||
Effect of changes in exchange rates used for translation | 3,693 | (4,591 | ) | |||||||||||||||||||||||||||
Ending Balance | $ | 91,855 | $ | 103,514 | ||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | ||||||||||||||||||||||||||
$13,983 | $13,050 | $10,313 | $8,861 | $7,753 |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||
Schedule Of Changes In Restructuring Accrual | ' | ||||||||||||||||
Balance at | Provisions/ | Payments/Foreign | Balance at | ||||||||||||||
(in thousands) | June 30, 2013 | Adjustments | Currency Exchange | June 30, 2014 | |||||||||||||
2011 Restructuring Plan | |||||||||||||||||
Facilities-related | 975 | (370 | ) | (137 | ) | 468 | |||||||||||
2010 Restructuring Plan | |||||||||||||||||
Facilities-related | 468 | (74 | ) | (349 | ) | 45 | |||||||||||
Pre-2010 Plans | |||||||||||||||||
Facilities-related | 1,116 | — | (434 | ) | 682 | ||||||||||||
Total | $ | 2,559 | $ | (444 | ) | $ | (920 | ) | $ | 1,195 | |||||||
Balance at | Provisions/ | Payments/Foreign | Balance at | ||||||||||||||
(in thousands) | 30-Jun-12 | Adjustments | Currency Exchange | 30-Jun-13 | |||||||||||||
2011 Restructuring Plan | |||||||||||||||||
Employee severance | $ | 1,884 | $ | (182 | ) | $ | (1,702 | ) | $ | — | |||||||
Facilities-related | 3,663 | (1,027 | ) | (1,661 | ) | 975 | |||||||||||
2010 Restructuring Plan | |||||||||||||||||
Facilities-related | 642 | — | (174 | ) | 468 | ||||||||||||
Pre-2010 Plans | |||||||||||||||||
Facilities-related | 1,585 | — | (469 | ) | 1,116 | ||||||||||||
Total | $ | 7,774 | $ | (1,209 | ) | $ | (4,006 | ) | $ | 2,559 | |||||||
Balance at | Provisions/ | Payments/Foreign | Balance at | ||||||||||||||
(in thousands) | 30-Jun-11 | Adjustments | Currency Exchange | 30-Jun-12 | |||||||||||||
2011 Restructuring Plan | |||||||||||||||||
Employee severance | $ | 1,622 | $ | 5,307 | $ | (5,045 | ) | $ | 1,884 | ||||||||
Facilities-related | 3,720 | 2,004 | (2,061 | ) | 3,663 | ||||||||||||
2010 Restructuring Plan | |||||||||||||||||
Employee severance | 1,160 | (984 | ) | (176 | ) | — | |||||||||||
Facilities-related | 855 | (84 | ) | (129 | ) | 642 | |||||||||||
Pre-2010 Plans | |||||||||||||||||
Facilities-related | 2,041 | — | (456 | ) | 1,585 | ||||||||||||
Total | $ | 9,398 | $ | 6,243 | $ | (7,867 | ) | $ | 7,774 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule Of Basic And Diluted Earnings Per Share | ' | ||||||||||||
Years ended June 30, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income attributable to common shares | $ | 129,094 | $ | 95,972 | $ | 63,158 | |||||||
Weighted average number of shares outstanding, used in computing basic earnings per share | 56,504 | 58,388 | 59,464 | ||||||||||
Dilutive common stock equivalents | 973 | 1,059 | 962 | ||||||||||
Weighted average shares used in computing diluted earnings per share | 57,477 | 59,447 | 60,426 | ||||||||||
Basic earnings per share | $ | 2.28 | $ | 1.64 | $ | 1.06 | |||||||
Diluted earnings per share | $ | 2.25 | $ | 1.61 | $ | 1.05 | |||||||
Anti-dilutive options (excluded from the calculation of diluted earnings per share) | 536 | 503 | 2,231 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
(in thousands) | Foreign Currency | Unrealized Gain/Loss on Derivatives | Total | ||||||||||
Balance as of June 30, 2011 | $ | 18,719 | $ | 136 | $ | 18,855 | |||||||
Other comprehensive income before reclassifications | (46,334 | ) | (2,412 | ) | (48,746 | ) | |||||||
Loss reclassified from accumulated other comprehensive income | — | 752 | 752 | ||||||||||
Net current-period other comprehensive income | $ | (46,334 | ) | $ | (1,660 | ) | $ | (47,994 | ) | ||||
Balance at June 30, 2012 | $ | (27,615 | ) | $ | (1,524 | ) | $ | (29,139 | ) | ||||
Other comprehensive income before reclassifications | (1,523 | ) | (1,363 | ) | (2,886 | ) | |||||||
Loss reclassified from accumulated other comprehensive income | — | 1,987 | 1,987 | ||||||||||
Net current-period other comprehensive income | $ | (1,523 | ) | $ | 624 | $ | (899 | ) | |||||
Balance at June 30, 2013 | $ | (29,138 | ) | $ | (900 | ) | $ | (30,038 | ) | ||||
Other comprehensive income before reclassifications | 27,050 | 6,411 | 33,461 | ||||||||||
Gain reclassified from accumulated other comprehensive income | — | (1,333 | ) | (1,333 | ) | ||||||||
Net current-period other comprehensive income | $ | 27,050 | $ | 5,078 | $ | 32,128 | |||||||
Balance at June 30, 2014 | $ | (2,088 | ) | $ | 4,178 | $ | 2,090 | ||||||
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Reclassification out of Accumulated other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Reclassification from Other Comprehensive Income [Abstract] | ' | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
Years Ended | Affected Line in the Consolidated Statements of Income | ||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Interest rate contracts | $ | (1,719 | ) | $ | (1,260 | ) | $ | (812 | ) | Interest expense, net | |||||
Foreign exchange contracts | 3,420 | (2,048 | ) | — | Direct Costs | ||||||||||
Foreign exchange contracts | 281 | — | — | Service revenue | |||||||||||
Cross-currency swap contracts | 114 | 218 | (276 | ) | Miscellaneous (expense) income, net | ||||||||||
Total | $ | 2,096 | $ | (3,090 | ) | $ | (1,088 | ) | |||||||
Stock_And_Employee_Benefit_Pla1
Stock And Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||||||||
Schedule Of Weighted Average Assumptions | ' | |||||||||||||
Years ended June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Expected volatility | 54.1 | % | 56.4 | % | 56.9 | % | ||||||||
Risk-free interest rate | 1.6 | % | 0.9 | % | 0.9 | % | ||||||||
Expected term (in years) | 5.2 | 5.2 | 5.1 | |||||||||||
Schedule Of Recognized Stock-Based Compensation Expense | ' | |||||||||||||
Years ended June 30, | ||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||
Direct costs related | $ | 3,027 | $ | 1,918 | $ | 1,815 | ||||||||
Selling, general and administrative related | 12,302 | 9,250 | 9,316 | |||||||||||
Total stock-based compensation | $ | 15,329 | $ | 11,168 | $ | 11,131 | ||||||||
Schedule Of Information Related To Stock Option Activity | ' | |||||||||||||
Years ended June 30, | ||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | |||||||||||
Weighted-average fair value of options granted per share | $20.70 | $16.20 | $10.07 | |||||||||||
Intrinsic value of options exercised | $24,066 | $24,872 | $11,170 | |||||||||||
Schedule Of Stock Option Activity | ' | |||||||||||||
Number of Options | Weighted-Average | Weighted- | Aggregate | |||||||||||
Exercise Price | Average | Intrinsic | ||||||||||||
Remaining | Value | |||||||||||||
Contractual | (In Thousands) | |||||||||||||
Life In Years | ||||||||||||||
Balance at June 30, 2013 | 3,224,897 | $ | 23.51 | 5.5 | $ | 72,450 | ||||||||
Granted | 850,455 | $ | 42.82 | |||||||||||
Exercised | (811,048 | ) | $ | 20.6 | ||||||||||
Canceled | (84,125 | ) | $ | 31.14 | ||||||||||
Balance at June 30, 2014 | 3,180,179 | $ | 29.21 | 5.3 | $ | 75,229 | ||||||||
Exercisable at June 30, 2014 | 1,112,121 | $ | 21.37 | 3.3 | $ | 34,998 | ||||||||
Expected to vest at June 30, 2014 | 1,904,051 | $ | 33.18 | 6.4 | $ | 37,519 | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||
Shares | Weighted-Average Grant- | |||||||||||||
Date Fair Value | ||||||||||||||
Unvested Balance at June 30, 2013 | 469,266 | $ | 24.56 | |||||||||||
Granted | 121,552 | $ | 48.9 | |||||||||||
Vested | (167,866 | ) | $ | 23.75 | ||||||||||
Forfeited | (11,600 | ) | $ | 38.53 | ||||||||||
Unvested Balance at June 30, 2014 | 411,352 | $ | 31.69 | |||||||||||
Schedule Of Purchases Under The 2000 Purchase Plan | ' | |||||||||||||
Shares Purchased | Average Purchase Price | |||||||||||||
Fiscal Year 2014 | 68,867 | $ | 43.2 | |||||||||||
Fiscal Year 2013 | 62,777 | $ | 35.54 | |||||||||||
Fiscal Year 2012 | 86,735 | $ | 21.81 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||
Fair Value Hierarchy By Level | ' | ' | ||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Contingent Consideration | $ | — | $ | — | $ | (5,152 | ) | $ | (5,152 | ) | Contingent Consideration | $ | — | $ | — | $ | (5,934 | ) | $ | (5,934 | ) | |||||||||||||
Interest Rate Derivative Instruments | — | 580 | — | 580 | Interest Rate Derivative Instruments | — | (849 | ) | — | (849 | ) | |||||||||||||||||||||||
Foreign Currency Exchange Contracts | — | 6,463 | — | 6,463 | Foreign Currency Exchange Contracts | — | (3,425 | ) | — | (3,425 | ) | |||||||||||||||||||||||
Total | $ | — | $ | 7,043 | $ | (5,152 | ) | $ | 1,891 | Total | $ | — | $ | (4,274 | ) | $ | (5,934 | ) | $ | (10,208 | ) | |||||||||||||
Fair_Value_Measurements_Unobse
Fair Value Measurements Unobservable Input (Tables) | 12 Months Ended | ||
Jun. 30, 2014 | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | ' | ||
Unobservable Input | Range | ||
Discount rate | 18% | ||
Probability of achieving financial targets | 10% to 55% | ||
Projected period of payment | Aug-15 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value, Liabilities Measured on Recurring Basis (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||
(in thousands) | Fair Value | ||||
Balance at June 30, 2012 | $ | — | |||
Contingent consideration from the HERON acquisition | 5,934 | ||||
Balance at June 30, 2013 | $ | 5,934 | |||
Change in fair value related to contingent consideration from HERON acquisition | (782 | ) | |||
Balance at June 30, 2014 | $ | 5,152 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | |||||||||||||||||||||
Domestic And Foreign Income (Loss) Before Income Taxes | ' | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||
Domestic | $ | 98,154 | $ | 35,792 | $ | 18,347 | ||||||||||||||||
Foreign | 89,707 | 97,358 | 61,359 | |||||||||||||||||||
$ | 187,861 | $ | 133,150 | $ | 79,706 | |||||||||||||||||
Provisions For Income Taxes | ' | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | 27,264 | $ | 6,279 | $ | 8,054 | ||||||||||||||||
State | 9,456 | 2,565 | 1,010 | |||||||||||||||||||
Foreign | 33,242 | 26,651 | 9,608 | |||||||||||||||||||
69,962 | 35,495 | 18,672 | ||||||||||||||||||||
Deferred: | ||||||||||||||||||||||
Federal | 4,001 | 7,650 | 2,447 | |||||||||||||||||||
State | (905 | ) | (2,113 | ) | (869 | ) | ||||||||||||||||
Foreign | (14,291 | ) | (3,854 | ) | (3,702 | ) | ||||||||||||||||
(11,195 | ) | 1,683 | (2,124 | ) | ||||||||||||||||||
$ | 58,767 | $ | 37,178 | $ | 16,548 | |||||||||||||||||
Consolidated Effective Income Tax Rate Differed From The U.S Federal Statutory Income Tax Rate | ' | |||||||||||||||||||||
(in thousands) | 2014 | % | 2013 | % | 2012 | % | ||||||||||||||||
Income tax expense computed at the federal statutory rate | $ | 65,751 | 35 | % | $ | 46,602 | 35 | % | $ | 27,897 | 35 | % | ||||||||||
State income taxes, net of federal benefit | 5,419 | 2.9 | % | 1,914 | 1.4 | % | (232 | ) | (0.3 | )% | ||||||||||||
Foreign rate differential | (4,857 | ) | (2.6 | )% | (7,960 | ) | (6.0 | )% | (6,539 | ) | (8.2 | )% | ||||||||||
Change in valuation allowances | (491 | ) | (0.3 | )% | (4,708 | ) | (3.5 | )% | 1,630 | 2 | % | |||||||||||
Change in reserves | (5,193 | ) | (2.8 | )% | 394 | 0.3 | % | (7,655 | ) | (9.6 | )% | |||||||||||
Research and development | (3,284 | ) | (1.7 | )% | (2,986 | ) | (2.2 | )% | (2,734 | ) | (3.4 | )% | ||||||||||
Non-deductible losses | 69 | — | % | 440 | 0.3 | % | 678 | 0.9 | % | |||||||||||||
Other non-deductible expenses | 1,315 | 0.7 | % | 2,074 | 1.6 | % | 393 | 0.5 | % | |||||||||||||
Adjustment of net operating losses | — | — | % | 608 | 0.5 | % | 2,243 | 2.8 | % | |||||||||||||
Statutory tax rate changes | (623 | ) | (0.3 | )% | 798 | 0.5 | % | (1,047 | ) | (1.3 | )% | |||||||||||
Other, net | 661 | 0.4 | % | 2 | — | % | 1,914 | 2.4 | % | |||||||||||||
$ | 58,767 | 31.3 | % | $ | 37,178 | 27.9 | % | $ | 16,548 | 20.8 | % | |||||||||||
Components Of Net Deferred Tax Assets | ' | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
U.S. loss carryforwards | $ | 1,764 | $ | 1,981 | ||||||||||||||||||
Foreign loss carryforwards | 2,814 | 6,240 | ||||||||||||||||||||
Accrued expenses | 38,915 | 35,340 | ||||||||||||||||||||
Tax credit carryforwards | 5,711 | 14,559 | ||||||||||||||||||||
Provision for losses on receivables | 920 | 1,161 | ||||||||||||||||||||
Deferred compensation | 8,219 | 7,517 | ||||||||||||||||||||
Deferred revenue | 12,698 | 8,949 | ||||||||||||||||||||
Intercompany loans | 2,752 | 2,765 | ||||||||||||||||||||
Other | 3,597 | 1,168 | ||||||||||||||||||||
Gross deferred tax assets | 77,390 | 79,680 | ||||||||||||||||||||
Deferred tax asset valuation allowance | (5,318 | ) | (6,023 | ) | ||||||||||||||||||
Total deferred tax assets | 72,072 | 73,657 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Property and equipment | (6,521 | ) | (5,606 | ) | ||||||||||||||||||
Revenue recognition | (17,601 | ) | (26,537 | ) | ||||||||||||||||||
Intangible assets | (35,372 | ) | (38,186 | ) | ||||||||||||||||||
Other | (1,038 | ) | (2,491 | ) | ||||||||||||||||||
Total deferred tax liabilities | (60,532 | ) | (72,820 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 11,540 | $ | 837 | ||||||||||||||||||
Net Deferred Tax Assets And Liabilities Included In The Consolidated Balance Sheets | ' | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||
Current deferred tax assets | $ | 54,061 | $ | 44,236 | ||||||||||||||||||
Non-current deferred tax assets | 6,669 | 8,556 | ||||||||||||||||||||
Current deferred tax liabilities | (16,592 | ) | (16,512 | ) | ||||||||||||||||||
Non-current deferred tax liabilities | (32,598 | ) | (35,443 | ) | ||||||||||||||||||
$ | 11,540 | $ | 837 | |||||||||||||||||||
Unrecognized Income Tax Benefits, Excluding Accrued Interest And Penalties | ' | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||
Balance at beginning of year | $ | 46,591 | $ | 53,813 | $ | 62,211 | ||||||||||||||||
Additions related to tax positions in prior years | 792 | — | 4,433 | |||||||||||||||||||
Reductions related to tax positions in prior years | (1,115 | ) | (2,869 | ) | (1,898 | ) | ||||||||||||||||
Reductions related to settlements with tax authorities | — | — | (477 | ) | ||||||||||||||||||
Reductions related to the expiration of statutes | (5,630 | ) | (4,662 | ) | (6,789 | ) | ||||||||||||||||
Currency translation adjustments | 833 | 309 | (3,667 | ) | ||||||||||||||||||
Balance at end of year | $ | 41,471 | $ | 46,591 | $ | 53,813 | ||||||||||||||||
Debt_Commitments_Contingencies1
Debt, Commitments, Contingencies And Guarantees (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Debt, Commitments, Contingencies And Guarantees [Abstract] | ' | ||||||||||||||||||||||||||||
Future Minimum Debt Obligations, Lease Payments Under Non-Cancelable Leases, And Purchase Commitments | ' | ||||||||||||||||||||||||||||
(in thousands) | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | Thereafter | Total | ||||||||||||||||||||||
Debt obligations (principal) | $ | 12,501 | $ | 25,000 | $ | 45,000 | $ | 167,500 | $ | — | $ | 100,000 | $ | 350,001 | |||||||||||||||
Operating leases | 62,103 | 51,270 | 40,642 | 31,454 | 24,930 | 99,818 | 310,217 | ||||||||||||||||||||||
Purchase commitments* | 55,036 | 17,783 | 6,146 | 1,588 | 1,020 | — | 81,573 | ||||||||||||||||||||||
Total | $ | 129,640 | $ | 94,053 | $ | 91,788 | $ | 200,542 | $ | 25,950 | $ | 199,818 | $ | 741,791 | |||||||||||||||
*includes commitments to purchase software, hardware and services |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segments, Geographical Areas [Abstract] | ' | ||||||||||||
Schedule Of Financial Information By Geographic Area | ' | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Service revenue: | |||||||||||||
The Americas | $ | 970,894 | $ | 866,998 | $ | 635,290 | |||||||
Europe, Middle East & Africa | 709,137 | 624,010 | 555,467 | ||||||||||
Asia/Pacific | 259,329 | 243,434 | 205,751 | ||||||||||
Total | $ | 1,939,360 | $ | 1,734,442 | $ | 1,396,508 | |||||||
Income from operations: | |||||||||||||
The Americas | $ | 111,718 | $ | 44,743 | $ | 27,493 | |||||||
Europe, Middle East & Africa | 51,793 | 59,466 | 34,044 | ||||||||||
Asia/Pacific | 35,987 | 31,914 | 27,265 | ||||||||||
Total | $ | 199,498 | $ | 136,123 | $ | 88,802 | |||||||
Tangible long-lived assets: | |||||||||||||
The Americas | $ | 151,111 | $ | 146,137 | |||||||||
Europe, Middle East & Africa | 63,215 | 55,853 | |||||||||||
Asia/Pacific | 19,838 | 22,235 | |||||||||||
Total | $ | 234,164 | $ | 224,225 | |||||||||
Schedule Of Service Revenue From Countries | ' | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Service revenue: | |||||||||||||
United States | $ | 902,931 | $ | 797,380 | $ | 580,340 | |||||||
United Kingdom | $ | 245,098 | $ | 227,964 | $ | 181,386 | |||||||
Germany | $ | 229,858 | $ | 187,099 | $ | 194,528 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Service Revenue And Gross Profit On Service Revenue Of Reportable Segment | ' | ||||||||||||||||
(in thousands) | CRS | PC | PI | TOTAL | |||||||||||||
Service revenue: | |||||||||||||||||
2014 | $ | 1,455,279 | $ | 216,184 | $ | 267,897 | $ | 1,939,360 | |||||||||
2013 | 1,303,569 | 202,524 | 228,349 | 1,734,442 | |||||||||||||
2012 | 1,038,705 | 167,125 | 190,678 | 1,396,508 | |||||||||||||
Gross profit on service revenue: | |||||||||||||||||
2014 | $ | 445,210 | $ | 91,498 | $ | 123,474 | $ | 660,182 | |||||||||
2013 | 347,056 | 81,570 | 98,280 | 526,906 | |||||||||||||
2012 | 279,166 | 69,565 | 75,948 | 424,679 | |||||||||||||
Quarterly_Operating_Results_Ta
Quarterly Operating Results (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ||||||||||||||||||||
Schedule Of Unaudited Quarterly Results Of Operations | ' | ||||||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
Service revenue | $ | 449,245 | $ | 487,145 | $ | 492,375 | $ | 510,595 | $ | 1,939,360 | |||||||||||
Gross profit | 146,051 | 162,638 | 169,226 | 182,267 | 660,182 | ||||||||||||||||
Income from operations | 41,881 | 46,664 | 52,171 | 58,782 | 199,498 | ||||||||||||||||
Net income | 25,954 | 28,329 | 34,739 | 40,072 | 129,094 | ||||||||||||||||
Diluted earnings per share | $ | 0.45 | $ | 0.49 | $ | 0.6 | $ | 0.7 | $ | 2.25 | |||||||||||
Fiscal Year 2013 | |||||||||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||
Service revenue | $ | 394,753 | $ | 422,068 | $ | 454,493 | $ | 463,128 | $ | 1,734,442 | |||||||||||
Gross profit | 115,349 | 120,743 | 142,576 | 148,238 | 526,906 | ||||||||||||||||
Income from operations | 29,752 | 31,437 | 36,606 | 38,328 | 136,123 | ||||||||||||||||
Net income | 15,064 | 21,343 | 29,524 | 30,041 | 95,972 | ||||||||||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.36 | $ | 0.5 | ` | $ | 0.52 | $ | 1.61 | ||||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Investment Income, Interest | ' | $3,800,000 | $5,400,000 |
Interest Expense, Gross | ' | 11,100,000 | 12,400,000 |
Cash Equivalents, at Carrying Value | 0 | ' | ' |
Investigator fees | 523,100,000 | 421,200,000 | 250,800,000 |
Number of counterparties in derivative contracts | 9 | ' | ' |
Research and development expense | 26,900,000 | 23,800,000 | 21,000,000 |
Transaction (losses) gains | ($3,500,000) | $4,100,000 | $300,000 |
Office Furniture, Fixtures And Equipment [Member] | ' | ' | ' |
Estimated useful lives, minimum, years | '5 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Marketable Securities Maturity Period | '90 days | ' | ' |
Minimum [Member] | Computer Software And Hardware [Member] | ' | ' | ' |
Estimated useful lives, minimum, years | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Marketable Securities Maturity Period | '1 year | ' | ' |
Maximum [Member] | Computer Software And Hardware [Member] | ' | ' | ' |
Estimated useful lives, minimum, years | '8 years | ' | ' |
Customer A [Member] | Sales Revenue, Services, Net [Member] | ' | ' | ' |
Percentage of consolidated service revenue attributable to largest client | 16.00% | 17.00% | ' |
Customer A [Member] | Accounts Receivable [Member] | ' | ' | ' |
Percentage of consolidated service revenue attributable to largest client | 20.00% | 18.00% | ' |
Customer B [Member] | Sales Revenue, Services, Net [Member] | ' | ' | ' |
Percentage of consolidated service revenue attributable to largest client | 11.00% | 12.00% | ' |
Acquisitions_Additional_Inform
Acquisitions, Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | 1-May-13 | Dec. 20, 2012 |
Liquent Acquisition [Member] | Heron Acquisition [Member] | Heron Acquisition [Member] | 2012 Term Loan [Member] | |||
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | $74,349,000 | $22,750,000 | ' | ' |
Business Acquisition, Contingent Consideration, Potential Cash Payment | ' | ' | ' | ' | 14,200,000 | ' |
Business Acquisition, Contingent Consideration, at Fair Value | 5,152,000 | 5,934,000 | ' | ' | 5,934,000 | ' |
Short-term Debt | ' | ' | ' | ' | ' | $100,000,000 |
Derivatives_Schedule_Of_Notion
Derivatives (Schedule Of Notional Amounts And Fair Values Of Derivatives) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Notional Amount | $568,853 | $509,947 |
Asset (Liability) | 7,043 | -4,274 |
Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Notional Amount | 150,712 | 108,136 |
Asset (Liability) | 929 | -2,811 |
Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Notional Amount | 418,141 | 401,811 |
Asset (Liability) | 6,114 | -1,463 |
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Notional Amount | 100,000 | 125,000 |
Derivative Asset, Fair Value, Gross Asset | 2,049 | 3,269 |
Cross Currency Interest Rate Contract [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative Liability, Notional Amount | 0 | 44,580 |
Derivative Liability, Fair Value, Gross Liability | 0 | -1,910 |
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Notional Amount | 200,000 | ' |
Derivative Liability, Notional Amount | 100,000 | 100,000 |
Derivative Liability, Fair Value, Gross Liability | -1,469 | -2,208 |
Foreign Exchange Contract [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Derivative Asset, Notional Amount | 100,849 | 20,756 |
Derivative Asset, Fair Value, Gross Asset | 1,062 | 91 |
Derivative Liability, Notional Amount | 49,863 | 42,800 |
Derivative Liability, Fair Value, Gross Liability | -133 | -992 |
Foreign Exchange Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivative Asset, Notional Amount | 154,845 | 20,245 |
Derivative Asset, Fair Value, Gross Asset | 5,375 | 333 |
Derivative Liability, Notional Amount | 37,736 | 129,254 |
Derivative Liability, Fair Value, Gross Liability | -369 | -3,889 |
Cross Currency Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivative Asset, Notional Amount | 25,560 | 27,312 |
Derivative Asset, Fair Value, Gross Asset | $528 | $1,032 |
Derivatives_Schedule_Of_Change
Derivatives (Schedule Of Change In Fair Value Derivatives Designated As Hedging Instruments) (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | $3,900,000 |
Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 5,078,000 | 624,000 |
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | -322,000 | 2,818,000 |
Derivatives Designated As Hedging Instruments [Member] | Currency Swap [Member] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | -23,000 | -65,000 |
Foreign Exchange Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $5,423,000 | ($2,129,000) |
Derivatives_Schedule_Of_Change1
Derivatives (Schedule Of Change In Fair Value Derivatives Not Designated As Hedging Instruments) (Details) (Derivatives Not Designated As Hedging Instruments [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Fair value of derivative not designated as hedging instruments | $3,740 | $1,946 |
Foreign Exchange Contracts [Member] | ' | ' |
Fair value of derivative not designated as hedging instruments | 1,830 | -688 |
Currency Swap [Member] | ' | ' |
Fair value of derivative not designated as hedging instruments | $1,910 | $2,634 |
Derivatives_Derivative_Additio
Derivatives Derivative Additional Information (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $3.20 | $0.40 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ($0.20) | $0.80 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Computer software | $337,494,000 | $282,681,000 | ' |
Computer and office equipment | 108,717,000 | 94,932,000 | ' |
Leasehold improvements | 97,280,000 | 87,982,000 | ' |
Medical equipment | 17,577,000 | 16,337,000 | ' |
Furniture and fixtures | 28,837,000 | 26,370,000 | ' |
Office equipment & other assets | 17,930,000 | 19,224,000 | ' |
Total | 607,835,000 | 527,526,000 | ' |
Less: accumulated depreciation | -373,671,000 | -303,301,000 | ' |
Total | 234,164,000 | 224,225,000 | ' |
Retired fully- depreciated assets | $2,000,000 | $13,000,000 | $35,800,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Changes in carrying amount of goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill | $329,520 | $319,478 | $255,455 |
Goodwill, Translation and Purchase Accounting Adjustments | 9,458 | -3,852 | ' |
Liquent Acquisition [Member] | ' | ' | ' |
Goodwill, Acquired During Period | 304 | 51,244 | ' |
Heron Acquisition [Member] | ' | ' | ' |
Goodwill, Acquired During Period | $280 | $16,631 | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Changes in carrying amount of intangible assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Finite-Lived Intangible Assets, Accumulated Amortization | ($73,898) | ($70,365) | ' |
Finite-Lived Intangible Assets, Net | 91,855 | 103,514 | ' |
Finite-Lived Intangible Assets, Gross | 165,753 | 173,879 | ' |
Amortization of Intangible Assets | -14,952 | -9,999 | -8,753 |
Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments | 3,693 | -4,591 | ' |
Intangible Assets, Net (Excluding Goodwill) | 91,855 | 103,514 | 70,004 |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '12 years 9 months 6 days | '12 years 1 month 6 days | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -45,028 | -44,706 | ' |
Finite-Lived Intangible Assets, Net | 59,020 | 67,568 | ' |
Finite-Lived Intangible Assets, Gross | 104,048 | 112,274 | ' |
Technology & Other Intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years 10 months 24 days | '7 years 10 months 24 days | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -24,191 | -20,582 | ' |
Finite-Lived Intangible Assets, Net | 11,456 | 15,065 | ' |
Finite-Lived Intangible Assets, Gross | 35,647 | 35,647 | ' |
Trade Names [Member] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years 8 months 12 days | '7 years 8 months 12 days | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -673 | -235 | ' |
Finite-Lived Intangible Assets, Net | 3,227 | 3,565 | ' |
Finite-Lived Intangible Assets, Gross | 3,900 | 3,800 | ' |
Trade Names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -4,006 | -4,842 | ' |
Finite-Lived Intangible Assets, Net | 18,152 | 17,316 | ' |
Finite-Lived Intangible Assets, Gross | 22,158 | 22,158 | ' |
Liquent Acquisition [Member] | ' | ' | ' |
Finite-lived Intangible Assets Acquired | -400 | 32,600 | ' |
Heron Acquisition [Member] | ' | ' | ' |
Finite-lived Intangible Assets Acquired | $0 | $15,500 | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Schedule of Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Finite-Lived Intangible Assets, Accumulated Amortization | ($73,898) | ($70,365) |
Finite-Lived Intangible Assets, Net | 91,855 | 103,514 |
Finite-Lived Intangible Assets, Gross | 165,753 | 173,879 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -45,028 | -44,706 |
Finite-Lived Intangible Assets, Net | 59,020 | 67,568 |
Finite-Lived Intangible Asset, Useful Life | '12 years 9 months 6 days | '12 years 1 month 6 days |
Finite-Lived Intangible Assets, Gross | 104,048 | 112,274 |
Technology & Other Intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -24,191 | -20,582 |
Finite-Lived Intangible Assets, Net | 11,456 | 15,065 |
Finite-Lived Intangible Asset, Useful Life | '7 years 10 months 24 days | '7 years 10 months 24 days |
Finite-Lived Intangible Assets, Gross | 35,647 | 35,647 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -673 | -235 |
Finite-Lived Intangible Assets, Net | 3,227 | 3,565 |
Finite-Lived Intangible Asset, Useful Life | '7 years 8 months 12 days | '7 years 8 months 12 days |
Finite-Lived Intangible Assets, Gross | 3,900 | 3,800 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -4,006 | -4,842 |
Finite-Lived Intangible Assets, Net | 18,152 | 17,316 |
Finite-Lived Intangible Assets, Gross | $22,158 | $22,158 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets Estimated Amortization Expense (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' |
Amortization | $7,753 | $8,861 | $10,313 | $13,050 | $13,983 |
Goodwill_and_Intangible_Assets6
Goodwill and Intangible Assets Goodwill and Intangible Assets Narrative (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill | $329,520 | $319,478 | $255,455 |
CRS [Member] | ' | ' | ' |
Goodwill | 125,500 | ' | ' |
PC [Member] | ' | ' | ' |
Goodwill | 22,100 | ' | ' |
PI [Member] | ' | ' | ' |
Goodwill | $181,900 | ' | ' |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
2011 Restructuring Plan [Member] | ' |
Number managerial and staff positions eliminated | 150 |
Restructuring charges | $14.20 |
2010 Restructuring Plan [Member] | ' |
Number managerial and staff positions eliminated | 240 |
Restructuring charges | $16.70 |
Restructuring_Charges_Schedule
Restructuring Charges (Schedule Of Changes In Restructuring Accrual) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Restructuring Reserve, Beginning Balance | $2,559 | $7,774 | $9,398 |
Provisions/Adjustments | -444 | -1,209 | 6,243 |
Payments/Foreign Currency Exchange | -920 | -4,006 | -7,867 |
Restructuring Reserve, Ending Balance | 1,195 | 2,559 | 7,774 |
2011 Restructuring Plan [Member] | Employee Severance Costs [Member] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | ' | 1,884 | 1,622 |
Provisions/Adjustments | ' | -182 | 5,307 |
Payments/Foreign Currency Exchange | ' | -1,702 | -5,045 |
Restructuring Reserve, Ending Balance | ' | 0 | 1,884 |
2011 Restructuring Plan [Member] | Facilities-Related Charges [Member] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 975 | 3,663 | 3,720 |
Provisions/Adjustments | -370 | -1,027 | 2,004 |
Payments/Foreign Currency Exchange | -137 | -1,661 | -2,061 |
Restructuring Reserve, Ending Balance | 468 | 975 | 3,663 |
2010 Restructuring Plan [Member] | Employee Severance Costs [Member] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | ' | ' | 1,160 |
Provisions/Adjustments | ' | ' | -984 |
Payments/Foreign Currency Exchange | ' | ' | -176 |
Restructuring Reserve, Ending Balance | ' | ' | 0 |
2010 Restructuring Plan [Member] | Facilities-Related Charges [Member] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 468 | 642 | 855 |
Provisions/Adjustments | -74 | 0 | -84 |
Payments/Foreign Currency Exchange | -349 | -174 | -129 |
Restructuring Reserve, Ending Balance | 45 | 468 | 642 |
Pre-2010 Plans [Member] | Facilities-Related Charges [Member] | ' | ' | ' |
Restructuring Reserve, Beginning Balance | 1,116 | 1,585 | 2,041 |
Provisions/Adjustments | 0 | 0 | 0 |
Payments/Foreign Currency Exchange | -434 | -469 | -456 |
Restructuring Reserve, Ending Balance | 682 | 1,116 | 1,585 |
without_abandonmentcharge [Member] | ' | ' | ' |
Provisions/Adjustments | ' | ' | $6,243 |
Credit_Arrangements_Note_Purch
Credit Arrangements - Note Purchase Agreement (Details) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Mar. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 22, 2013 | Jul. 25, 2013 | Jun. 30, 2014 | Jul. 25, 2013 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | |
Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Treasury Lock [Member] | Treasury Lock 1 [Member] | Treasury Lock 2 [Member] | Treasury Lock 3 [Member] | |||||
3.11% Senior Notes due in 2020 [Member] | 3.11% Senior Notes due in 2020 [Member] | 2013 Credit Agreement [Member] | Treasury Lock [Member] | Treasury Lock [Member] | Treasury Lock [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 3.11% | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | 107,500,000 | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Lines of Credit | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' |
Prepayment of aggregate principal amount, minimum percent | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | 400,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Number of treasury lock agreements | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Notional Amount | ' | $568,853,000 | $509,947,000 | ' | ' | ' | ' | ' | $25,000,000 | $25,000,000 | $25,000,000 |
Debt, Weighted Average Interest Rate | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit_Arrangements_Receivable
Credit Arrangements - Receivable Purchase Agreement (Details) (JP Morgan [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
JP Morgan [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Transfers of trade receivables including debt | $184.60 | $36.50 |
Other Short-term Borrowings | $0 | $10.40 |
Credit_Arrangements_2013_Credi
Credit Arrangements - 2013 Credit Agreement (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||
Mar. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | 31-May-13 | Mar. 22, 2013 | Sep. 30, 2011 | Jun. 30, 2014 | Mar. 22, 2013 | Jun. 30, 2011 | Jun. 30, 2014 | Mar. 22, 2013 | Jun. 30, 2011 | Mar. 22, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 31-May-13 | Sep. 30, 2011 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Swingline Loan [Member] | 2013 Credit Agreement LIBOR [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] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Cap [Member] | Credit Facility [Domain] | Derivatives Designated As Hedging Instruments [Member] | Derivatives Designated As Hedging Instruments [Member] | Derivatives Designated As Hedging Instruments [Member] | |||||||
Interest Rate Contract [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | $350,001,000 | ' | ' | ' | ' | ' | $200,000,000 | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | 107,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | 400,000,000 | ' | 187,500,000 | ' | ' | 62,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | 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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on revolving loan unused amount, percentage | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' |
Remaining borrowing capacity available | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt hedged with an interest rate swap agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | 25,000,000 | ' | ' | ' | ' |
Derivative Interest Rate Cap Arrangement | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | 0.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | ' | ' | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | ' | $568,853,000 | $509,947,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $418,141,000 | $401,811,000 | $200,000,000 |
Debt, Weighted Average Interest Rate | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | 3.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit_Arrangements_2012_Term_
Credit Arrangements - 2012 Term Loan and Facilities (Details) (USD $) | Dec. 20, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jan. 22, 2013 |
In Millions, unless otherwise specified | 2012 Term Loan [Member] | 2012 Term Loan Base Rate [Member] | 2012 Term Loan LIBOR [Member] | HSBC TD US Banks Term Loan [Member] | HSBC TD US Banks Term Loan [Member] |
Short-term Debt [Line Items] | ' | ' | ' | ' | ' |
Short-term Debt | $100 | ' | ' | ' | $25 |
Debt Instrument, Basis Spread on Variable Rate | ' | 0.75% | 1.75% | ' | ' |
Proceeds from Short-term Debt | ' | ' | ' | $75 | ' |
Credit_Arrangements_2011_Credi
Credit Arrangements - 2011 Credit Agreement (Details) (USD $) | Jun. 30, 2014 | 31-May-13 | Sep. 30, 2011 | Jun. 30, 2014 | Mar. 22, 2013 | Jun. 30, 2011 | Jun. 30, 2014 | Mar. 22, 2013 | Jun. 30, 2011 | Jun. 30, 2012 | 31-May-13 | Sep. 30, 2011 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 2011 Credit Agreement [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Cap [Member] | JPMorganLOC [Member] | RBSLOC [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||
JPMorganLOC [Member] | RBSLOC [Member] | JPMorganLOC [Member] | RBSLOC [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | $237,500,000 | ' | ' | ' | ' | ' | ' | $4,500,000 | $5,000,000 | ' | ' | ' | ' |
Long-term Debt | 350,001,000 | ' | ' | ' | 200,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt hedged with an interest rate swap agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' |
Derivative Interest Rate Cap Arrangement | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | 0.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,500,000 | $5,000,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 4.00% | 4.00% |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 13 Months Ended | 12 Months Ended | 3 Months Ended | 13 Months Ended | 3 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jul. 31, 2013 | Aug. 01, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Sep. 30, 2013 |
September 2012 Accelerated Share Repurchase [Member] | September 2012 Accelerated Share Repurchase [Member] | September 2012 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | 2012StockRepurchasePlan [Member] | 2012StockRepurchasePlan [Member] | September Open Market Repurchases [Member] | Open Market Repurchases [Member] | Open Market Repurchases [Member] | Open Market Repurchases [Member] | March Open Market Repurchases [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation | 144,048 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.40 | ' | ' | ' | ' | ' |
Stock repurchase program, authorized value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | $197.60 | ' | ' | $50 | ' | $50 | ' | $50 | ' | ' | ' | $50 | $97.60 | ' | $100 | $50 |
Treasury Stock, Shares, Acquired | ' | ' | 1,328,462 | 234,898 | 1,563,360 | 1,044,932 | ' | 101,247 | ' | 1,146,179 | ' | ' | ' | 2,697,675 | 51,071 | 2,748,746 | ' |
Percent of advance payment under accelerated share repurchase agreement | 80.00% | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | ' | $31.98 | ' | ' | ' | $38.28 | $43.62 | ' | ' | ' | $36.17 | ' | $36.38 | ' |
Equity_and_Earnings_Per_Share_
Equity and Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 13 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 13 Months Ended | 3 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 15, 2014 | Aug. 01, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Sep. 30, 2013 |
2012 Stock Repurchase Plan [Member] | 2012 Stock Repurchase Plan [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | September 2012 Accelerated Share Repurchase [Member] | September 2012 Accelerated Share Repurchase [Member] | September 2012 Accelerated Share Repurchase [Member] | Open Market Repurchases [Member] | Open Market Repurchases [Member] | Open Market Repurchases [Member] | March Open Market Repurchases [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program Authorized Amount | ' | ' | ' | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | 197.6 | ' | ' | ' | ' | 50 | ' | 50 | ' | ' | ' | 50 | 97.6 | ' | 100 | 50 |
Treasury Stock, Shares, Acquired | ' | ' | ' | ' | ' | 1,044,932 | ' | 101,247 | ' | 1,146,179 | 1,328,462 | 234,898 | 1,563,360 | 2,697,675 | 51,071 | 2,748,746 | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 54,732,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 54,661,877 | 56,310,582 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of advance payment under accelerated share repurchase agreement | 80.00% | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Average Cost Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $38.28 | $43.62 | ' | ' | $31.98 | $36.17 | ' | $36.38 | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | $2.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Fiscal_Yea
Stockholders' Equity Fiscal Year 2014 Share Repurchase Plan (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 02, 2014 |
FiscalYear2014StockRepurchasePlan [Member] [Member] | FiscalYear2014StockRepurchasePlan [Member] [Member] | |||
PercentOfSharesReceivedUnderASR | 80.00% | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | $150 |
Accelerated Share Repurchases, Initial Price Paid Per Share | ' | ' | $52.52 | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | $197.60 | $150 | ' |
Treasury Stock, Shares, Acquired | ' | ' | 2,284,844 | ' |
Stockholders_Equity_Fiscal_Yea1
Stockholders' Equity Fiscal Year 2013 Share Repurchase Plan (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 13 Months Ended | 12 Months Ended | 3 Months Ended | 13 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 01, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 |
FiscalYear2013StockRepurchasePlan [Member] | FiscalYear2013StockRepurchasePlan [Member] | September 2012 Accelerated Share Repurchase [Member] | September 2012 Accelerated Share Repurchase [Member] | September 2012 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | March 2013 Accelerated Share Repurchase [Member] | September Open Market Repurchases [Member] | Open Market Repurchases [Member] | Open Market Repurchases [Member] | Open Market Repurchases [Member] | |||
Stock Repurchase Program, Authorized Amount | ' | ' | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | 197.6 | ' | ' | ' | ' | 50 | ' | 50 | ' | 50 | ' | 50 | 97.6 | ' | 100 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | $2.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | ' | 1,328,462 | 234,898 | 1,563,360 | 1,044,932 | ' | 101,247 | ' | 1,146,179 | ' | 2,697,675 | 51,071 | 2,748,746 |
PercentOfSharesReceivedUnderASR | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | ' | ' | ' | $31.98 | ' | ' | ' | $38.28 | $43.62 | ' | $36.17 | ' | $36.38 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common shares | $40,072 | $34,739 | $28,329 | $25,954 | $30,041 | $29,524 | $21,343 | $15,064 | $129,094 | $95,972 | $63,158 |
Weighted average number of shares outstanding, used in computing basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 56,504 | 58,388 | 59,464 |
Dilutive common stock equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 973 | 1,059 | 962 |
Weighted average shares used in computing diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 57,477 | 59,447 | 60,426 |
Basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $2.28 | $1.64 | $1.06 |
Diluted earnings per share | $0.70 | $0.60 | $0.49 | $0.45 | $0.52 | $0.50 | $0.36 | $0.25 | $2.25 | $1.61 | $1.05 |
Anti-dilutive options | ' | ' | ' | ' | ' | ' | ' | ' | 536 | 503 | 2,231 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income (loss), foreign currency translation adjustments | ($2,088) | ($29,138) | ($27,615) | $18,719 |
Accumulated other comprehensive income (loss), unrealized gain (loss) on derivative instruments | 4,178 | -900 | -1,524 | 136 |
Accumulated other comprehensive income (loss) | 2,090 | -30,038 | -29,139 | 18,855 |
Other comprehensive income before reclassifications | 33,461 | -2,886 | -48,746 | ' |
Other comprehensive income (loss), unrealized gain (loss) on derivative instruments | 5,078 | 624 | -1,660 | ' |
Other comprehensive income (loss) | 32,128 | -899 | -47,994 | ' |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | -1,333 | 1,987 | 752 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 27,050 | -1,523 | -46,334 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income before reclassifications | 27,050 | -1,523 | -46,334 | ' |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 0 | 0 | 0 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income before reclassifications | 6,411 | -1,363 | -2,412 | ' |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | ($1,333) | $1,987 | $752 | ' |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income Reclassification out of Accumulated Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $2,096,000 | ($3,090,000) | ($1,088,000) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 800,000 | -1,100,000 | -300,000 |
Interest Rate Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,719,000 | -1,260,000 | -812,000 |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3,420,000 | -2,048,000 | 0 |
Foreign Exchange Contract [Member] | Sales Revenue, Services, Net [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 281,000 | 0 | 0 |
Cross Currency Swap Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $114,000 | $218,000 | ($276,000) |
Stock_And_Employee_Benefit_Pla2
Stock And Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $4 | $4.60 | $5.20 |
Recognized tax benefit related to stock compensation expense | 4.4 | 3.1 | 3.8 |
Unearned stock-based compensation expense related to unvested awards | 28.6 | ' | ' |
Recognition term of unearned stock-based compensation expense, in years | '2 years 8 months | ' | ' |
Employer contributions to plan | $9.60 | $8.60 | $6.10 |
2001 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ' | ' |
2010, 2007, and 2005 Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 9,000,000 | ' | ' |
ESPP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 | ' | ' |
Stock_And_Employee_Benefit_Pla3
Stock And Employee Benefit Plans (Schedule Of Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 54.10% | 56.40% | 56.90% |
Risk-free interest rate | 1.60% | 0.90% | 0.90% |
Expected term (in years) | '5 years 2 months 12 days | '5 years 2 months 12 days | '5 years 1 month 6 days |
Stock_And_Employee_Benefit_Pla4
Stock And Employee Benefit Plans (Schedule Of Recognized Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Total stock-based compensation | $15,329 | $11,168 | $11,131 |
Selling, General And Administrative Related [Member] | ' | ' | ' |
Total stock-based compensation | 12,302 | 9,250 | 9,316 |
Direct Costs Related [Member] | ' | ' | ' |
Total stock-based compensation | $3,027 | $1,918 | $1,815 |
Stock_And_Employee_Benefit_Pla5
Stock And Employee Benefit Plans (Schedule Of Information Related To Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' | ' |
Weighted-average fair value of options granted per share | $20.70 | $16.20 | $10.07 |
Intrinsic value of options exercised | $24,066 | $24,872 | $11,170 |
Stock_And_Employee_Benefit_Pla6
Stock And Employee Benefit Plans (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 4 months | '5 years 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $75,229 | $72,450 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,112,121 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $21.37 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 4 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 34,998 | ' |
Beginning Balance, Number of Options | 3,224,897 | ' |
Beginning Balance, Weighted-Average Exercise Price | $23.51 | ' |
Granted, Number of Options | 850,455 | ' |
Granted, Weighted-Average Exercise Price | $42.82 | ' |
Exercised, Number of Options | -811,048 | ' |
Exercised, Weighted-Average Exercise Price | $20.60 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -84,125 | ' |
Canceled, Weighted-Average Exercise Price | $31.14 | ' |
Ending Balance, Number of Options | 3,180,179 | 3,224,897 |
Ending Balance, Weighted-Average Exercise Price | $29.21 | $23.51 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 1,904,051 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $33.18 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | '6 years 5 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $37,519 | ' |
Stock_And_Employee_Benefit_Pla7
Stock And Employee Benefit Plans (Schedule Of Stock Options Outstanding) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Outstanding, Number of Options | 3,180,179 | 3,224,897 |
Exercisable, Number of Options | 1,112,121 | ' |
Outstanding, Weighted-Average Exercise Price | $29.21 | $23.51 |
Expected to vest, Weighted-Average Exercise Price | $33.18 | ' |
Outstanding, Weighted-Average Remaining Contractual Life In Years | '5 years 4 months | '5 years 6 months |
Exercisable, Weighted-Average Remaining Contractual Life In Years | '3 years 4 months | ' |
Outstanding, Aggregate Intrinsic Value | $75,229 | $72,450 |
Expected to vest, Aggregate Intrinsic Value | $37,519 | ' |
Stock_And_Employee_Benefit_Pla8
Stock And Employee Benefit Plans (Schedule Of Share-Based Compensation, Restricted Stock And Restricted Stock Units Activity) (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Beginning Balance, Shares | 469,266 |
RSAs Granted, Shares | 121,552 |
Ending Balance, Shares | 411,352 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $24.56 |
RSUs Granted, Weighted-Average Grant Date Fair Value | $48.90 |
Ending Balance, Weighted-Average Grant Date Fair Value | $31.69 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -167,866 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $23.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -11,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $38.53 |
Stock_And_Employee_Benefit_Pla9
Stock And Employee Benefit Plans (Schedule Of Purchases Under The 2000 Purchase Plan) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' | ' |
Shares Purchased | 68,867 | 62,777 | 86,735 |
Average Purchase Price | $43.20 | $35.54 | $21.81 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Hierarchy By Level) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | 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] | Minimum [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable Securities Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | '1 year |
Marketable Securities, Current | $95,641 | $130,137 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | -5,152 | -5,934 | 0 | 0 | 0 | 0 | -5,152 | -5,934 | ' | ' |
Interest Rate Derivative Instruments | 580 | -849 | 0 | 0 | 580 | -849 | 0 | 0 | ' | ' |
Foreign Currency Exchange Contracts | 6,463 | -3,425 | 0 | 0 | 6,463 | -3,425 | 0 | 0 | ' | ' |
Assets, Fair Value Disclosure | $1,891 | ($10,208) | $0 | $0 | $7,043 | ($4,274) | ($5,152) | ($5,934) | ' | ' |
Fair_Value_Measurements_Unobse1
Fair Value Measurements Unobservable Input (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $5,152 | $5,934 | $0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | ($782) | $5,934 | ' |
Fair Value Inputs, Discount Rate | 18.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' |
Fair value input, Probability of Outcome | 10.00% | ' | ' |
Fair value input, Project Years of Payment | NaN, NaN | ' | ' |
Maximum [Member] | ' | ' | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' |
Fair value input, Probability of Outcome | 55.00% | ' | ' |
Fair value input, Project Years of Payment | 31-Aug-15 | ' | ' |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements Fair Value Disclosure Narrative (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 1-May-13 | Jun. 30, 2014 | Jun. 30, 2014 |
Maximum [Member] | Minimum [Member] | Heron Acquisition [Member] | Heron Acquisition [Member] | Heron Acquisition [Member] | |||
Maximum [Member] | Minimum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Marketable Securities Maturity Period | ' | ' | '1 year | '90 days | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | $14,200,000 | $14,200,000 | $0 |
Long-term Debt, Fair Value | 95,400,000 | ' | ' | ' | ' | ' | ' |
Marketable Securities, Current | $95,641,000 | $130,137,000 | ' | ' | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Undistributed earnings of foreign subsidiaries that have been indefinitely reinvested | $423,000,000 | $368,000,000 | ' | ' |
Non-U.S. loss carryforwards subject to expiration | 4,800,000 | ' | ' | ' |
U.S. foreign tax credit carryforwards | 28,000,000 | ' | ' | ' |
U.S. foreign tax credit carryforwards attributable to deductions from the exercise of equity awards | 15,400,000 | ' | ' | ' |
Gross unrecognized tax benefits | 41,471,000 | 46,591,000 | 53,813,000 | 62,211,000 |
Gross unrecognized tax benefits that would impact the effective tax rate if recognized | 25,400,000 | 31,000,000 | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 0 | -477,000 | ' |
Decrease resulting from the expiration of statutes of limitations | -5,630,000 | -4,662,000 | -6,789,000 | ' |
Change in liability for unrecognized tax benefits for uncertain tax positions | 6,600,000 | ' | ' | ' |
Interest and penalties included in liability for unrecognized tax benefits | 5,500,000 | 5,000,000 | ' | ' |
Interest and penalties included in income tax expense | 300,000 | 900,000 | 2,100,000 | ' |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -1,115,000 | -2,869,000 | -1,898,000 | ' |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 792,000 | 0 | 4,433,000 | ' |
United States [Member] | ' | ' | ' | ' |
Operating loss carryforwards | 2,800,000 | ' | ' | ' |
State [Member] | ' | ' | ' | ' |
Operating loss carryforwards | 35,800,000 | ' | ' | ' |
Deductions from the exercise of equity awards | 3,700,000 | ' | ' | ' |
DateTaxMattersConcluded | '2005 | ' | ' | ' |
Federal [Member] | ' | ' | ' | ' |
DateTaxMattersConcluded | '2005 | ' | ' | ' |
Foreign [Member] | ' | ' | ' | ' |
Operating loss carryforwards | $15,800,000 | ' | ' | ' |
DateTaxMattersConcluded | '2000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
U.S. foreign tax credit carryforwards expiration date | 1-Jan-18 | ' | ' | ' |
Minimum [Member] | United States [Member] | ' | ' | ' | ' |
Net operating losses expiration date | 1-Jan-25 | ' | ' | ' |
Minimum [Member] | State [Member] | ' | ' | ' | ' |
Net operating losses expiration date | 1-Jan-16 | ' | ' | ' |
Minimum [Member] | Foreign [Member] | ' | ' | ' | ' |
Net operating losses expiration date | 1-Jan-15 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
U.S. foreign tax credit carryforwards expiration date | 1-Jan-24 | ' | ' | ' |
Maximum [Member] | United States [Member] | ' | ' | ' | ' |
Net operating losses expiration date | 1-Jan-34 | ' | ' | ' |
Maximum [Member] | State [Member] | ' | ' | ' | ' |
Net operating losses expiration date | 1-Jan-33 | ' | ' | ' |
Maximum [Member] | Foreign [Member] | ' | ' | ' | ' |
Net operating losses expiration date | 1-Jan-34 | ' | ' | ' |
Income_Taxes_Domestic_And_Fore
Income Taxes (Domestic And Foreign Income (Loss) Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Income before provision for income taxes | $98,154 | $35,792 | $18,347 |
Foreign | 89,707 | 97,358 | 61,359 |
Income before provision for income taxes | $187,861 | $133,150 | $79,706 |
Income_Taxes_Provisions_For_In
Income Taxes (Provisions For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Current, Federal | $27,264 | $6,279 | $8,054 |
Current, State | 9,456 | 2,565 | 1,010 |
Current, Foreign | 33,242 | 26,651 | 9,608 |
Current, Total | 69,962 | 35,495 | 18,672 |
Deferred, Federal | 4,001 | 7,650 | 2,447 |
Deferred, State | -905 | -2,113 | -869 |
Deferred, Foreign | -14,291 | -3,854 | -3,702 |
Deferred, Total | -11,195 | 1,683 | -2,124 |
Provision for income taxes | $58,767 | $37,178 | $16,548 |
Income_Taxes_Consolidated_Effe
Income Taxes (Consolidated Effective Income Tax Rate Differed From The U.S. Federal Statutory Income Tax Rate) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Income tax expense computed at the federal statutory rate | $65,751 | $46,602 | $27,897 |
Income tax expense computed at the federal statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 5,419 | 1,914 | -232 |
State income taxes, net of federal benefit, percentage | 2.90% | 1.40% | -0.30% |
Foreign rate differential | -4,857 | -7,960 | -6,539 |
Foreign rate differential, percentage | -2.60% | -6.00% | -8.20% |
Change in valuation allowances | -491 | -4,708 | 1,630 |
Change in valuation allowances, percentage | -0.30% | -3.50% | 2.00% |
Change in reserves | -5,193 | 394 | -7,655 |
Change in reserves, percentage | -2.80% | 0.30% | -9.60% |
Research and development | -3,284 | -2,986 | -2,734 |
Research and development, percentage | -1.70% | -2.20% | -3.40% |
Non-deductible losses | 69 | 440 | 678 |
Non-deductible losses, percentage | 0.00% | 0.30% | 0.90% |
Income Tax Reconciliation, Prior Year Income Taxes | 0 | 608 | 2,243 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes | 0.00% | 0.50% | 2.80% |
Other non-deductible expenses | 1,315 | 2,074 | 393 |
Other non-deductible expenses, percentage | 0.70% | 1.60% | 0.50% |
Statutory tax rate changes | -623 | 798 | -1,047 |
Statutory tax rate changes, percentage | -0.30% | 0.50% | -1.30% |
Other, net | 661 | 2 | 1,914 |
Other, net, percentage | 0.40% | 0.00% | 2.40% |
Provision for income taxes | $58,767 | $37,178 | $16,548 |
Consolidated effective income tax rate, percentage | 31.30% | 27.90% | 20.80% |
Income_Taxes_Components_Of_Net
Income Taxes (Components Of Net Deferred Tax Assets) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' |
U.S. loss carryforwards | $1,764 | $1,981 |
Foreign loss carryforwards | 2,814 | 6,240 |
Accrued expenses | 38,915 | 35,340 |
Tax credit carryforwards | 5,711 | 14,559 |
Provision for losses on receivables | 920 | 1,161 |
Deferred compensation | 8,219 | 7,517 |
Deferred revenue | 12,698 | 8,949 |
Intercompany loans | 2,752 | 2,765 |
Other | 3,597 | 1,168 |
Gross deferred tax assets | 77,390 | 79,680 |
Deferred tax asset valuation allowance | -5,318 | -6,023 |
Total deferred tax assets | 72,072 | 73,657 |
Property and equipment | -6,521 | -5,606 |
Revenue recognition | -17,601 | -26,537 |
Intangible assets | -35,372 | -38,186 |
Other | -1,038 | -2,491 |
Total deferred tax liabilities | -60,532 | -72,820 |
Deferred tax assets (liabilities), net | $11,540 | $837 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes (Net Deferred Tax Assets and Liabilities Included In The Consolidated Balance Sheets) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' |
Current deferred tax assets | $54,061 | $44,236 |
Non-current deferred tax assets | 6,669 | 8,556 |
Current deferred tax liabilities | -16,592 | -16,512 |
Deferred tax assets (liabilities), net | 11,540 | 837 |
Non-current deferred tax liabilities | ($32,598) | ($35,443) |
Income_Taxes_Unrecognized_Inco
Income Taxes (Unrecognized Income Tax Benefits, Excluding Accrued Interest And Penalties) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Balance at beginning of year | $46,591 | $53,813 | $62,211 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 792 | 0 | 4,433 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -1,115 | -2,869 | -1,898 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 0 | -477 |
Reductions related to the expiration of statutes | -5,630 | -4,662 | -6,789 |
Currency translation adjustments | 833 | 309 | -3,667 |
Balance at end of year | $41,471 | $46,591 | $53,813 |
Debt_Commitments_Contingencies2
Debt, Commitments, Contingencies And Guarantees (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Total rent expense, net of sublease income | $59.40 | $54.70 | $52.20 |
Letter Of Credit [Member] | ' | ' | ' |
Line of credit | $10.50 | ' | ' |
Debt_Commitments_Contingencies3
Debt, Commitments, Contingencies And Guarantees (Future Minimum Debt Obligations, Lease Payments Under Non-Cancelable Leases, And Purchase Commitments) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt, Commitments, Contingencies And Guarantees [Abstract] | ' |
Debt obligations (principal), FY 2015 | $12,501 |
Debt obligations (principal), FY 2016 | 25,000 |
Debt obligations (principal), FY 2017 | 45,000 |
Debt obligations (principal), FY 2018 | 167,500 |
Debt obligations (principal), FY 2019 | 0 |
Debt obligations (principal), Thereafter | 100,000 |
Debt obligations (principal), Total | 350,001 |
Operating leases, FY 2015 | 62,103 |
Operating leases, FY 2016 | 51,270 |
Operating leases, FY 2017 | 40,642 |
Operating leases, FY 2018 | 31,454 |
Operating leases, FY 2019 | 24,930 |
Operating leases, Thereafter | 99,818 |
Operating leases, Total | 310,217 |
Purchase commitments, FY 2015 | 55,036 |
Purchase commitments, FY 2016 | 17,783 |
Purchase commitments, FY 2017 | 6,146 |
Purchase commitments, FY 2018 | 1,588 |
Purchase commitments, FY 2017 | 1,020 |
Purchase commitments, Thereafter | 0 |
Purchase commitments, Total | 81,573 |
Debt, commitments, contingencies and guarantees, FY 2015 | 129,640 |
Debt, commitments, contingencies and guarantees, FY 2016 | 94,053 |
Debt, commitments, contingencies and guarantees, FY 2017 | 91,788 |
Debt, commitments, contingencies and guarantees, FY 2018 | 200,542 |
Debt, commitments, contingencies and guarantees, FY 2019 | 25,950 |
Debt, commitments, contingencies and guarantees, Thereafter | 199,818 |
Debt, commitments, contingencies and guarantees, Total | $741,791 |
Geographic_Information_Schedul
Geographic Information (Schedule Of Financial Information By Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Sales Revenue, Services, Net | $510,595 | $492,375 | $487,145 | $449,245 | $463,128 | $454,493 | $422,068 | $394,753 | $1,939,360 | $1,734,442 | $1,396,508 |
Income from operations | 58,782 | 52,171 | 46,664 | 41,881 | 38,328 | 36,606 | 31,437 | 29,752 | 199,498 | 136,123 | 88,802 |
Tangible long-lived assets | 234,164 | ' | ' | ' | 224,225 | ' | ' | ' | 234,164 | 224,225 | ' |
The Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | 970,894 | 866,998 | 635,290 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 111,718 | 44,743 | 27,493 |
Tangible long-lived assets | 151,111 | ' | ' | ' | 146,137 | ' | ' | ' | 151,111 | 146,137 | ' |
Europe, Middle East & Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | 709,137 | 624,010 | 555,467 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 51,793 | 59,466 | 34,044 |
Tangible long-lived assets | 63,215 | ' | ' | ' | 55,853 | ' | ' | ' | 63,215 | 55,853 | ' |
Asia/Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | 259,329 | 243,434 | 205,751 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 35,987 | 31,914 | 27,265 |
Tangible long-lived assets | $19,838 | ' | ' | ' | $22,235 | ' | ' | ' | $19,838 | $22,235 | ' |
Geographic_Information_Schedul1
Geographic Information (Schedule Of Service Revenue From Countries) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Sales Revenue, Services, Net | $510,595 | $492,375 | $487,145 | $449,245 | $463,128 | $454,493 | $422,068 | $394,753 | $1,939,360 | $1,734,442 | $1,396,508 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | 902,931 | 797,380 | 580,340 |
Germany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | 229,858 | 187,099 | 194,528 |
United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | $245,098 | $227,964 | $181,386 |
Segment_Information_Service_Re
Segment Information (Service Revenue and Gross Profit On Service Revenue Of Reportable Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Sales Revenue, Services, Net | $510,595 | $492,375 | $487,145 | $449,245 | $463,128 | $454,493 | $422,068 | $394,753 | $1,939,360 | $1,734,442 | $1,396,508 |
Gross profit on service revenue | 182,267 | 169,226 | 162,638 | 146,051 | 148,238 | 142,576 | 120,743 | 115,349 | 660,182 | 526,906 | 424,679 |
CRS [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,455,279 | 1,303,569 | 1,038,705 |
Gross profit on service revenue | ' | ' | ' | ' | ' | ' | ' | ' | 445,210 | 347,056 | 279,166 |
PCMS [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | 216,184 | 202,524 | 167,125 |
Gross profit on service revenue | ' | ' | ' | ' | ' | ' | ' | ' | 91,498 | 81,570 | 69,565 |
PI [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | ' | ' | ' | ' | ' | ' | ' | ' | 267,897 | 228,349 | 190,678 |
Gross profit on service revenue | ' | ' | ' | ' | ' | ' | ' | ' | $123,474 | $98,280 | $75,948 |
Quarterly_Operating_Results_Sc
Quarterly Operating Results (Schedule Of Unaudited Quarterly Results Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | $510,595 | $492,375 | $487,145 | $449,245 | $463,128 | $454,493 | $422,068 | $394,753 | $1,939,360 | $1,734,442 | $1,396,508 |
Gross profit | 182,267 | 169,226 | 162,638 | 146,051 | 148,238 | 142,576 | 120,743 | 115,349 | 660,182 | 526,906 | 424,679 |
Income from operations | 58,782 | 52,171 | 46,664 | 41,881 | 38,328 | 36,606 | 31,437 | 29,752 | 199,498 | 136,123 | 88,802 |
Net income | $40,072 | $34,739 | $28,329 | $25,954 | $30,041 | $29,524 | $21,343 | $15,064 | $129,094 | $95,972 | $63,158 |
Diluted earnings per share | $0.70 | $0.60 | $0.49 | $0.45 | $0.52 | $0.50 | $0.36 | $0.25 | $2.25 | $1.61 | $1.05 |