Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PAREXEL INTERNATIONAL CORP | ||
Entity Central Index Key | 799,729 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 55,338,272 | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,012,000,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No |
Consolidated Statements Of Inco
Consolidated Statements Of Income and Comprehensive Income - Scenario, Unspecified [Domain] - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | |||
Service revenue | $ 2,015,981 | $ 1,939,360 | $ 1,734,442 |
Reimbursement revenue | 314,293 | 326,982 | 261,524 |
Total revenue | 2,330,274 | 2,266,342 | 1,995,966 |
Costs and expenses: | |||
Direct costs | 1,344,153 | 1,279,178 | 1,207,536 |
Reimbursable out-of-pocket expenses | 314,293 | 326,982 | 261,524 |
Selling, general and administrative | 367,192 | 379,800 | 318,806 |
Depreciation | 69,321 | 66,376 | 63,187 |
Amortization | 15,618 | 14,952 | 9,999 |
Restructuring charge (benefit) | 19,845 | (444) | (1,209) |
Total costs and expenses | 2,130,422 | 2,066,844 | 1,859,843 |
Income from operations | 199,852 | 199,498 | 136,123 |
Interest expense, net | (7,009) | (9,088) | (7,238) |
Miscellaneous expense, net | 7,387 | (2,549) | 4,265 |
Total other expense, net | 378 | (11,637) | (2,973) |
Income before provision for income taxes | 200,230 | 187,861 | 133,150 |
Provision for income taxes | 52,409 | 58,767 | 37,178 |
Net income | $ 147,821 | $ 129,094 | $ 95,972 |
Weighted average shares: | |||
Basic | 54,915 | 56,504 | 58,388 |
Diluted | 55,838 | 57,477 | 59,447 |
Earnings per share: | |||
Basic | $ 2.69 | $ 2.28 | $ 1.64 |
Diluted | $ 2.65 | $ 2.25 | $ 1.61 |
Net income | $ 147,821 | $ 129,094 | $ 95,972 |
Unrealized (loss) gain on derivative instruments, net of taxes | (3,883) | 5,078 | 624 |
Foreign currency translation adjustment | (94,075) | 27,050 | (1,523) |
Total comprehensive income | $ 49,863 | $ 161,222 | $ 95,073 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 207,404 | $ 188,171 |
Marketable securities | 0 | 95,641 |
Billed accounts receivable, net | 460,561 | 497,109 |
Unbilled accounts receivable, net | 262,200 | 225,514 |
Prepaid expenses | 15,650 | 13,641 |
Deferred tax assets | 59,058 | 54,061 |
Income taxes receivable | 12,761 | 0 |
Other current assets | 44,405 | 47,995 |
Total current assets | 1,062,039 | 1,122,132 |
Property, Plant and Equipment, Net | 241,211 | 234,164 |
Goodwill | 354,907 | 329,520 |
Other intangible assets, net | 142,090 | 91,855 |
Non-current deferred tax assets | 11,703 | 6,669 |
Long-term income taxes receivable | 11,128 | 13,406 |
Other assets | 41,943 | 36,254 |
Total assets | 1,865,021 | 1,834,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Notes payable and current portion of long-term debt | 8,915 | 12,501 |
Accounts payable | 81,242 | 66,483 |
Deferred revenue | 371,815 | 422,441 |
Accrued expenses | 33,446 | 51,189 |
Accrued restructuring charges, current portion | 20,172 | 845 |
Accrued employee benefits and withholdings | 152,712 | 175,840 |
Current deferred tax liabilities | 9,976 | 16,592 |
Income taxes payable | 13,130 | 19,384 |
Other current liabilities | 18,164 | 5,957 |
Total current liabilities | 709,572 | 771,232 |
Long-term debt, net of current portion | 345,374 | 334,443 |
Non-current deferred tax liabilities | 32,954 | 32,598 |
Long-term income tax liabilities | 27,121 | 29,525 |
Long-term deferred revenue | 42,147 | 44,523 |
Other liabilities | 42,567 | 43,998 |
Total liabilities | 1,199,735 | 1,256,319 |
Stockholders' equity: | ||
Preferred stock - $0.01 par value; 5,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2015 and June 30, 2014, respectively. | 0 | 0 |
Common stock - $0.01 par value; 150,000,000 shares authorized; 55,237,068 and 54,661,877 shares issued and outstanding at June 30, 2015 and June 30, 2014, respectively. | 552 | 547 |
Additional Paid in Capital | 37,737 | 0 |
Retained earnings | 722,865 | 575,044 |
Accumulated other comprehensive (loss) gain | (95,868) | 2,090 |
Total stockholders' equity | 665,286 | 577,681 |
Total liabilities and stockholders' equity | $ 1,865,021 | $ 1,834,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common Stock, Shares, Outstanding | 60,147,000 | ||||
Balance, value | $ 609,675 | $ 601 | $ 279,535 | $ 358,678 | $ (29,139) |
Shares issued under stock option/restricted stock/employee stock purchase plans, net | 1,470,000 | ||||
Shares issued under stock option/restricted stock/employee stock purchase plans, net | $ 15,271 | 15 | 15,256 | ||
Excess tax benefit related to employee equity awards | 0 | 0 | |||
Stock-based compensation | 11,168 | ||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 5,400 | ||||
Stock Repurchased During Period, Shares | (5,306,000) | ||||
Stock Repurchased and Retired During Period, Value | $ (197,641) | $ (53) | (197,588) | ||
Unrealized gain (loss) on derivative instruments, net of taxes | 624 | ||||
Foreign currency translation adjustment | (1,523) | ||||
Net income | 95,972 | ||||
Common Stock, Shares, Outstanding | 56,311,000 | ||||
Balance, value | $ 538,946 | $ 563 | 113,771 | 454,650 | (30,038) |
Shares issued under stock option/restricted stock/employee stock purchase plans, net | 788,000 | ||||
Shares issued under stock option/restricted stock/employee stock purchase plans, net | $ 6,762 | 8 | 6,754 | ||
Excess tax benefit related to employee equity awards | 0 | 0 | |||
Stock-based compensation | 15,329 | ||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 7,837 | ||||
Stock Repurchased During Period, Shares | (2,437,000) | ||||
Stock Repurchased and Retired During Period, Value | $ (152,415) | $ (24) | (143,691) | (8,700) | |
Unrealized gain (loss) on derivative instruments, net of taxes | 5,078 | ||||
Foreign currency translation adjustment | 27,050 | ||||
Net income | $ 129,094 | ||||
Common Stock, Shares, Outstanding | 54,661,877 | 54,662,000 | |||
Balance, value | $ 577,681 | $ 547 | 0 | 575,044 | 2,090 |
Shares issued under stock option/restricted stock/employee stock purchase plans, net | 920,000 | ||||
Shares issued under stock option/restricted stock/employee stock purchase plans, net | $ 12,657 | 9 | 12,648 | ||
Excess tax benefit related to employee equity awards | 0 | 0 | |||
Stock-based compensation | 17,932 | ||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 7,153 | ||||
Stock Repurchased During Period, Shares | (345,000) | ||||
Stock Repurchased and Retired During Period, Value | $ 0 | $ (4) | 4 | 0 | |
Unrealized gain (loss) on derivative instruments, net of taxes | (3,883) | ||||
Foreign currency translation adjustment | (94,075) | ||||
Net income | $ 147,821 | ||||
Common Stock, Shares, Outstanding | 55,237,068 | 55,237,000 | |||
Balance, value | $ 665,286 | $ 552 | $ 37,737 | $ 722,865 | $ (95,868) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flow from operating activities: | |||
Net income | $ 147,821 | $ 129,094 | $ 95,972 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 84,939 | 81,328 | 73,186 |
Stock-based compensation | 17,932 | 15,329 | 11,168 |
Loss (gain) on disposal of assets | 317 | 273 | (884) |
Deferred income taxes | (16,128) | (14,704) | 2,830 |
Impairment charges | 0 | 0 | 1,071 |
Excess tax benefit from stock-based compensation | (7,185) | (7,850) | (5,624) |
Other non-cash items | (5,315) | (953) | 659 |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Billed and unbilled accounts receivable | (24,445) | (23,089) | (51,292) |
Prepaid expenses and other current assets | (3,090) | (10,803) | (6,751) |
Other assets | (11,941) | 6,780 | (6,693) |
Accounts payable | 19,000 | 11,529 | 3,955 |
Deferred revenue | (33,661) | 46,687 | 47,531 |
Accrued expenses and other current liabilities | 9,682 | 28,861 | 18,659 |
Long-term income taxes payable, net of long-term income taxes receivable | (10,626) | 13,119 | (1,440) |
Other liabilities | (9,457) | 11,600 | 1,468 |
Net cash provided by operating activities | 157,843 | 287,201 | 183,815 |
Cash flow from investing activities: | |||
Purchases of marketable securities | 0 | (250,318) | (312,403) |
Proceeds from sale of marketable securities | 88,564 | 291,824 | 182,800 |
Purchases of property and equipment | (80,167) | (72,585) | (81,089) |
Acquisition of businesses | (104,462) | (150) | (97,099) |
Proceeds from collection of note receivable | 0 | 0 | 659 |
Proceeds from sale of property and equipment | 0 | 0 | 1,677 |
Net cash used in investing activities | (96,065) | (31,229) | (305,455) |
Cash flow from financing activities: | |||
Proceeds from issuance of common stock, net of tax payments for cashless exercises | 12,657 | 6,762 | 15,271 |
Payments for share repurchase | 0 | (154,906) | (195,149) |
Excess tax benefit from stock-based compensation | 7,185 | 7,850 | 5,624 |
Borrowings under credit agreement/facility | 429,579 | 502,500 | 795,000 |
Repayments under credit agreement/facility | (422,500) | (590,000) | (577,500) |
Borrowings under factoring agreement | 0 | 4,497 | 10,394 |
Payments for debt issuance costs | (684) | (671) | (1,231) |
Repayments under other debt | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 26,237 | (223,968) | 52,409 |
Effect of Exchange Rate on Cash and Cash Equivalents | (68,782) | 12,140 | (321) |
Net increase (decrease) in cash and cash equivalents | 19,233 | 44,144 | (69,552) |
Cash and cash equivalents at beginning of year | 188,171 | 144,027 | 213,579 |
Cash and cash equivalents at end of year | 207,404 | 188,171 | 144,027 |
Supplemental disclosures of cash flow information | |||
Non-cash capital expenditures | (6,855) | 0 | 0 |
Non-cash debt settlement under factoring agreement | 0 | 14,891 | 0 |
Interest | 10,820 | 13,710 | 9,962 |
Income taxes, net of refunds | $ 78,432 | $ 61,027 | $ 37,764 |
Description Of Business
Description Of Business | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 | |
Business Combination [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS The pro forma effects of the acquisitions described below are not significant to the Company's reported results for any period presented. Accordingly, no pro forma financial statements have been presented herein. L IQUENT A CQUISITION On December 21, 2012, we acquired all of the outstanding equity securities of LIQUENT, Inc. (“LIQUENT”), a leading global provider of 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, began being 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). H ERON A CQUISITION On April 30, 2013, we acquired all of the outstanding equity securities of HERON Group LTD (“HERON”), a life sciences consultancy which provides evidence-based commercialization services to support biopharmaceutical companies throughout the lifecycle of their products. The net purchase price was approximately $22.8 million , plus the potential for us to pay up to an additional $14.2 million over a twenty-six month period if 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. A TLAS A CQUISITION On July 1, 2014, we acquired all of the outstanding equity securities of ATLAS, a provider of clinical research services in Turkey, the Middle East, and North Africa, for approximately $ 2.1 million . ATLAS provides services across all phases of clinical development, has broad therapeutic expertise, and provides clinical trial-related services from study planning and feasibility, through site selection, data management and medical writing. The business has been integrated into our CRS segment. The acquisition was funded with existing cash. The fair value of the acquired assets and assumed liabilities are reflected in the Consolidated Balance Sheets. The goodwill of $1.4 million arising from the Atlas acquisition largely reflects the expansion of our service offerings across geographic markets complementary to our existing markets. None of the goodwill is expected to be deductible for tax purposes. C LIN I NTEL A CQUISITION On October 3, 2014, we acquired all of the outstanding equity securities of privately-owned ClinIntel, a provider of clinical Randomization and Trial Supply Management (RTSM) services, based in the United Kingdom. ClinIntel’s offerings have been combined into the ClinPhone® RTSM suite and are designed to make patient randomization and clinical supply chain solutions more efficient. Capabilities include advanced RTSM technologies for planning, forecasting and supply chain eLogistics. The business has been integrated into the PI segment. The purchase price for the acquisition was approximately $ 8.8 million , plus the potential to pay up to an additional $ 16.2 million over a twenty-one month period following the acquisition date if ClinIntel achieves certain financial targets. We funded the acquisition with existing cash. The acquired assets and assumed liabilities from ClinIntel were recorded at fair value at the date of acquisition. We finalized the fair value estimates of the acquired assets and the assumed liabilities in June 2015. The components of the consideration transferred in conjunction with the ClinIntel acquisition and the respective fair value of the assets acquired and liabilities assumed as of the acquisition date is as follows (in thousands): Total Consideration transferred: Cash paid, net of cash acquired $ 8,780 Fair value of contingent consideration 9,882 Net purchase price $ 18,662 Fair value of assets acquired and liabilities assumed: Accounts receivable $ 460 Definite-lived intangible assets 6,200 Goodwill 13,377 Total assets acquired 20,037 Current liabilities 135 Deferred tax liabilities 1,240 Total liabilities assumed 1,375 Fair value of net assets acquired: $ 18,662 The fair value of the acquired assets and assumed liabilities are reflected in the Consolidated Balance Sheets. The goodwill of $ 13.4 million arising from the ClinIntel acquisition largely reflects the potential synergies and expansion of our service offerings across products and markets complementary to our existing service offering and markets. None of the goodwill is expected to be deductible for tax purposes. The following are the identifiable intangible assets acquired and their respective fair value and estimated useful lives (dollars in thousands): Amount Estimated Useful Life (Years) Customer relationships $ 2,300 10 Technology 3,900 8 Total $ 6,200 Q UANTUM S OLUTIONS I NDIA A CQUISITION On April 13, 2015, we acquired all of the business assets of privately-owned Quantum Solutions India (“QSI”), a leading provider of specialized pharmacovigilance services, based in Chandigarh, India. Pharmacovigilance is the collection, detection, assessment, monitoring, and prevention of adverse effects associated with pharmaceutical products. The business has been integrated into our CRS segment. We paid approximately $93.6 million for the assets of QSI. We funded the acquisition through use of existing cash held outside of the United States. The acquired assets and assumed liabilities from QSI were recorded at fair value at the date of acquisition. The consideration transferred in conjunction with the QSI acquisition and the respective estimated fair value of the assets acquired and liabilities assumed as of the acquisition date is as follows (in thousands): Total Consideration transferred: Cash paid, net of cash acquired $ 93,582 Preliminary Fair value of assets acquired and liabilities assumed: Accounts receivable $ 4,896 Other Current Assets 1,381 Property and equipment 1,955 Definite-lived intangible assets 62,390 Goodwill 24,061 Total assets acquired 94,683 Current liabilities 1,101 Total liabilities assumed 1,101 Fair value of net assets acquired: $ 93,582 The amounts above represent our preliminary fair value estimates as of June 30, 2015 and may be subject to subsequent adjustment as we obtain additional information during the measurement period and finalize our fair value estimates. We expect to complete our accounting for the QSI acquisition by the year ended June 30, 2016. The goodwill of $ 24.1 million arising from the QSI acquisition largely reflects the potential synergies and expansion of our service offerings across products and markets complementary to our existing service offering and markets. All of the goodwill held in the respective jurisdiction is deductible for tax purposes. The following are the preliminary identifiable intangible assets acquired and their respective estimated useful lives, as determined based on preliminary valuations (dollars in thousands): Amount Estimated Useful Life (Years) Customer relationships $ 56,300 10 Backlog 4,730 1 Trade name 1,360 5 Total $ 62,390 |
Derivatives
Derivatives | 12 Months Ended |
Jun. 30, 2015 | |
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 Fiscal Year 2013 in order to reduce the impact of foreign exchange rate risk on our direct costs. In 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, 2015 and June 30, 2014 . All asset and liability amounts are reported in other current and non-current assets and other current and non-current liabilities. June 30, 2015 June 30, 2014 (in thousands) Notional Amount Asset (Liability) Notional Amount Asset (Liability) Derivatives designated as hedging instruments under ASC 815 Derivatives in an asset position: Interest rate contracts $ 100,000 $ 788 $ 100,000 $ 2,049 Foreign exchange contracts 140,596 2,904 154,845 5,375 Cross-currency swap contracts — — 25,560 528 Derivatives in a liability position: Interest rate contracts 25,000 (69 ) 100,000 (1,469 ) Foreign exchange contracts 56,105 (4,564 ) 37,736 (369 ) Cross-currency swap contracts 18,998 (2,744 ) — — Total designated derivatives $ 340,699 $ (3,685 ) $ 418,141 $ 6,114 Derivatives not designated as hedging instruments under ASC 815 Derivatives in an asset position: Foreign exchange contracts $ 46,119 $ 635 $ 100,849 $ 1,062 Derivatives in a liability position: Foreign exchange contracts 81,662 (1,843 ) 49,863 (133 ) Total non-designated derivatives $ 127,781 $ (1,208 ) $ 150,712 $ 929 Total derivatives $ 468,480 $ (4,893 ) $ 568,853 $ 7,043 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 2015 and 2014 , the amounts recorded in miscellaneous (expense) income, net in our consolidated statements of income to reflect ineffective portions of any hedges were a loss of $2.5 million and $0.2 million , respectively. The amounts recognized for Fiscal Year 2015 and Fiscal Year 2014 in other comprehensive income (loss) are presented below: Years Ended (in thousands) June 30, 2015 June 30, 2014 Derivatives designated as hedging instruments under ASC 815 Interest rate contracts, net of taxes $ 50 $ (322 ) Foreign exchange contracts, net of taxes (3,860 ) 5,423 Cross-currency swap contracts, net of taxes (73 ) (23 ) Total designated derivative unrealized gain (loss), net $ (3,883 ) $ 5,078 The unrealized gain (loss) on derivative instruments is net of $2.6 million and $3.2 million of taxes for Fiscal Years 2015 and 2014 , respectively. The estimated net amount of the existing gains that are expected to be reclassified into earnings within the next twelve months is $1.0 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 total gains and losses related to foreign exchange contracts not designated as hedging instruments were a loss of $18.1 million for the year ended June 30, 2015 and a gain of $0.7 million for the year ended June 30, 2014 . The unrealized (loss) gain recognized are presented below: Years Ended (in thousands) June 30, 2015 June 30, 2014 Derivatives not designated as hedging instruments under ASC 815 Cross-currency interest rate swap contracts $ — $ 1,910 Foreign exchange contracts (2,137 ) 1,830 Total non-designated derivative unrealized gain (loss), net $ (2,137 ) $ 3,740 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | PROPERTY AND EQUIPMENT Property and equipment at June 30, 2015 and June 30, 2014 consisted of the following: (in thousands) 2015 2014 Property and equipment: Computer software $ 377,843 $ 337,494 Computer hardware and office equipment 110,874 108,717 Leasehold improvements 100,372 97,280 Medical equipment 16,496 17,577 Furniture and fixtures 30,179 28,837 Office equipment and other assets 16,370 17,930 Total 652,134 607,835 Less: accumulated depreciation (410,923 ) (373,671 ) Total $ 241,211 $ 234,164 We retired $6.5 million , $2.0 million and $13.0 million of fully-depreciated assets for Fiscal Years 2015 , 2014 , and 2013 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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 2015 and 2014 were as follows: (in thousands) Fiscal Year 2015 Fiscal Year 2014 Beginning Balance $ 329,520 $ 319,478 Goodwill arising from QSI acquisition 24,060 — Goodwill arising from ClinIntel acquisition 13,377 — Goodwill arising from ATLAS acquisition 1,447 — Goodwill arising from Heron acquisition — 304 Goodwill arising from Liquent acquisition — 280 Effect of changes in exchange rates used for translation (13,497 ) 9,458 Ending Balance $ 354,907 $ 329,520 As of June 30, 2015 , the carrying value of our goodwill by reportable segment was $143.8 million in CRS, $20.6 million in PC, and $190.5 million in PI. Long-lived Assets and Other Intangible Assets As of June 30, 2015 , intangible assets consisted of the following: (in thousands) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships and backlog 11.5 $ 167,378 $ (57,501 ) $ 109,877 Technology and other intangibles 8.0 39,547 (28,822 ) 10,725 Definite-life tradename 7.0 5,260 (1,321 ) 3,939 Indefinite-life tradename * indefinite 22,158 (4,609 ) 17,549 Total intangible assets $ 234,343 $ (92,253 ) $ 142,090 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. As of June 30, 2014 , intangible assets consisted of the following: (in thousands) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset 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. The changes in the carrying amounts of other intangible assets for Fiscal Years 2015 and 2014 were as follows: (in thousands) Fiscal Year 2015 Fiscal Year 2014 Beginning Balance $ 91,855 $ 103,514 Intangibles assets acquired from QSI acquisition 62,390 — Intangibles assets acquired from ClinIntel acquisition 6,200 — Intangibles assets (adjusted) acquired from LIQUENT acquisition — (400 ) Amortization (15,618 ) (14,952 ) Effect of changes in exchange rates used for translation (2,737 ) 3,693 Ending Balance $ 142,090 $ 91,855 Estimated amortization expense for the next five years is as follows: (in thousands) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 $22,316 $19,460 $17,589 $15,723 $14,112 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Jun. 30, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | RESTRUCTURING CHARGES In June 2015, the Board of Directors approved a plan (the “Margin Acceleration Program”) to restructure our operations to improve the productivity and efficiency of the Company, simplify the organization, and streamline decision-making, thereby enhancing client engagement. The Margin Acceleration Program is company wide. The activities under the Margin Acceleration Program are expected to be substantially completed by June 2016. For Fiscal Year 2015, we recorded $20.0 million in restructuring charges related to the Margin Acceleration Program. Various restructuring plans adopted by us since Fiscal Year 2005 are included in the Pre-2012 Plans. Changes in the restructuring accrual during Fiscal Years 2015 , 2014 , and 2013 are summarized below: Balance at Charges/(Benefits) Payments/Foreign Balance at (in thousands) June 30, 2014 June 30, 2015 2015 Margin Acceleration Program Employee severance $ — $ 20,010 $ — $ 20,010 Pre-2012 Restructuring Plans Facilities-related 1,195 (165 ) (741 ) 289 Total $ 1,195 $ 19,845 $ (741 ) $ 20,299 Balance at Charges/(Benefits) Payments/Foreign Balance at (in thousands) June 30, 2013 June 30, 2014 Pre-2012 Restructuring Plans Facilities-related $ 2,559 $ (444 ) $ (920 ) $ 1,195 Total $ 2,559 $ (444 ) $ (920 ) $ 1,195 Balance at Charges/(Benefits) Payments/Foreign Balance at (in thousands) June 30, 2012 June 30, 2013 Pre-2012 Restructuring Plans Employee severance $ 1,884 $ (182 ) $ (1,702 ) $ — Facilities-related 5,890 (1,027 ) (2,304 ) 2,559 Total $ 7,774 $ (1,209 ) $ (4,006 ) $ 2,559 |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Jun. 30, 2015 | |
Line of Credit Facility [Abstract] | |
Credit Arrangements | CREDIT ARRANGEMENTS Master Financing Agreement On June 12, 2015, we entered into a 3 year, interest free Master Financing Agreement for $7.1 million with General Electric Capital Corporation, (“GECC”), in conjunction with a software term license purchase. On June 30, 2015 we received the gross proceeds of $7.1 million from GECC. Repayment of the principal borrowed under the Master Financing Agreement is due annually on July 1st as follows: • $1.4 million made on or prior to July 1, 2015; • $2.8 million made on or prior to July 1, 2016; and • $2.8 million made on or prior to July 1, 2017. 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, 2015 , we had $100 million of principal borrowed under the Note Purchase Agreement. The outstanding amounts are presented net of debt issuance cost of approximately $0.3 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, 2015 , 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 2015 and 2014, we transferred approximately $122.6 million and $184.6 million of trade receivables, respectively. As of June 30, 2015 and June 30, 2014 , no transfers were accounted for as a financing activity. 2014 Credit Agreement On October 15, 2014, we, certain of our subsidiaries, Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swingline Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS”), J.P. Morgan Securities LLC (“JPM Securities”), HSBC Bank USA, National Association (“HSBC”) and U.S. Bank, National Association (“US Bank”), as Joint Lead Arrangers and Joint Book Managers, JPMorgan Chase Bank N.A. (“JPMorgan”), HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto entered into an amended and restated credit agreement (the “2014 Credit Agreement”) providing for a five-year term loan and revolving credit facility in the principal amount of up to $500.0 million (collectively, the “Loan Amount”), plus additional amounts of up to $300.0 million of loans to be made available upon request of the Company subject to specified terms and conditions. The 2014 Credit Agreement amends and restates the amended and restated credit agreement dated as of March 22, 2013, by and among us, certain of our subsidiaries, Bank of America, as Administrative Agent, Swingline Lender and L/C Issuer, MLPFS, JPM Securities, HSBC, and US Bank as Joint Lead Arrangers and Joint Book Managers, JPMorgan, HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto (the “2013 Credit Agreement”). The loan facility available under the 2014 Credit Agreement consists of a term loan facility and a revolving credit facility. The principal amount of up to $200.0 million of the Loan Amount is available through the term loan facility, and the principal amount of up to $300.0 million of the Loan Amount is available through the revolving credit facility. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $100.0 million and for the issuance of standby letters of credit of up to a sublimit of $10.0 million . The 2014 Credit Agreement is intended to provide funds for (i) stock repurchases, (ii) the issuance of letters of credit and (iii) our and our subsidiaries' other general corporate purposes, including permitted acquisitions. As of June 30, 2015 , we had $50 million of principal borrowed under the revolving credit facility and $200.0 million of principal borrowed under the term loan. The outstanding amounts are presented net of debt issuance cost of approximately $2.5 million in our consolidated balance sheets. As of June 30, 2015 , we had borrowing availability of $250 million under the revolving credit facility. The obligations under the 2014 Credit Agreement are guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower are guaranteed by us and certain of our material domestic subsidiaries. Borrowings (other than swingline loans) under the 2014 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 0.500% , and (iii) the one month LIBOR rate plus 1.000% (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 2014 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 2014 Credit Agreement. The 2014 Credit Agreement terminates and any outstanding loans under it mature and must be repaid on October 15, 2019. Repayment of the principal borrowed under the revolving credit facility (other than a swingline loan) is due on October 15, 2019. A swingline loan under the 2014 Credit Agreement generally must be paid ten business days after the loan is made. 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 October 15, 2019: • 1.25% by quarterly term loan amortization payments to be made commencing December 2015 and made on or prior to September 30, 2017; • 2.50% by quarterly term loan amortization payments to be made after September 30, 2017, but on or prior to September 30, 2018; • 5.00% by quarterly term loan amortization payments to be made after September 30, 2018, but prior to October 15, 2019; and • 60.00% on October 15, 2019. Interest due under the revolving credit facility (other than a swingline loan) and the term loan facility must be paid quarterly for borrowings with an interest rate determined with reference to the Alternate Base Rate. Interest must be paid on the last day of the interest period selected by the Company for borrowings determined with reference to LIBOR; provided that for interest periods of longer than three months, interest is required to be paid every three months. Interest under U.S. dollar swingline loans at the alternate base rate is payable quarterly. Our obligations under the 2014 Credit Agreement may be accelerated upon the occurrence of an event of default under the 2014 Credit Agreement, 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 2014 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 that would result in us exceeding an agreed-to leverage ratio), transactions with affiliates, and other restrictive covenants. As of June 30, 2015 , we were in compliance with all covenants under the 2014 Credit Agreement. In connection with the 2014 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 0.300% (based on the Leverage Ratio). To the extent there are letters of credit outstanding under the 2014 Credit Agreement, we will pay letter of credit fees plus a fronting fee and additional charges. We agreed to pay Bank of America (i) for its own account, an arrangement fee, (ii) for the account of each of the lenders, an upfront fee and (iii) for its own account, an annual agency fee. In September 2011, we entered into an interest rate swap agreement which hedged $100.0 million of principal under our prior debt obligations and carries a fixed interest rate of 1.30% plus an applicable margin. In May 2013, we entered into another interest rate swap agreement and hedged an additional principal amount of $100.0 million under the 2013 Credit Agreement with a fixed interest rate of 0.73% plus an applicable margin. Both interest rate swap agreements now hedge $125.0 million of principal under our 2014 Credit Agreement. As of June 30, 2015 , our debt under the 2014 Credit Agreement, including the $125.0 million of principal hedged with both interest swap agreements, carried an average annualized interest rate of 1.68% . These interest rate hedges were deemed to be fully effective in accordance with FASB ASC 815, “Derivatives and Hedging” (“ASC 815”) and, as such, unrealized gains and losses related to these derivatives are recorded as other comprehensive income in our consolidated balance sheets. 2013 Credit Agreement The 2013 Credit Agreement provided 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 was 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 . The 2013 Credit Agreement was amended and restated on October 15, 2014 as discussed above. Our obligations under the 2013 Credit Agreement were guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower were guaranteed by us and certain of our material domestic subsidiaries. Borrowings (other than swingline loans) under the 2013 Credit Agreement bore interest, at our determination, at a rate based on either (i) LIBOR plus a margin (not to have exceeded a per annum rate of 1.750% ) based on the Leverage Ratio or (ii) the Alternate Base Rate, plus a margin (not to have exceeded a per annum rate of 0.750% ) based on the Leverage Ratio. Swingline loans in U.S. dollars bore interest calculated at the Alternate Base Rate plus a margin (not to have exceeded a per annum rate of 0.750% ). On October 15, 2014, all outstanding amounts under the 2013 Credit Agreement were fully repaid with the proceeds from the 2014 Credit Agreement. In September 2011, we also entered into an interest rate cap agreement. The interest rate cap agreement hedged $25.0 million of principal under our 2013 Credit Agreement 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. 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, 2015 , 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 March 22, 2013, 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. 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, 2015 , 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 4.0 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, 2015 , we had 4.0 million Euros available under this line of credit. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY During Fiscal Year 2015, 205,842 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 statutory minimum 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. On October 31, 2014, we received 345,165 shares representing the final settlement of the 2014 Agreement and the 2014 Program was completed. Pursuant to the 2014 Program, we repurchased 2,630,009 shares of our common stock at an average price of $57.03 per share from June 2014 to October 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. During the fiscal year ended June 30, 2013, we repurchased $197.6 million of our common stock. We repurchased the remaining $2.4 million of our common stock in July 2013. The 2013 Program repurchases were effected pursuant to two separate $50.0 million accelerated share repurchase (“ASR”) agreements and two separate $50.0 million open market agreements (the “Open Market Agreements”) entered into in September 2012 and March 2013. Pursuant to the 2013 Program, we repurchased 5,458,285 shares of our common stock at an average price of $36.64 per share from September 2012 to July 2013. The buyback activity also resulted in a reduction of our stockholders’ equity of $200.0 million for the value of shares that we repurchased and retired. 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 ASR agreements, the 2013 Program was completed. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2015 | |
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) 2015 2014 2013 Net income attributable to common shares $ 147,821 $ 129,094 $ 95,972 Weighted average number of shares outstanding, used in computing basic earnings per share 54,915 56,504 58,388 Dilutive common stock equivalents 923 973 1,059 Weighted average shares used in computing diluted earnings per share 55,838 57,477 59,447 Basic earnings per share $ 2.69 $ 2.28 $ 1.64 Diluted earnings per share $ 2.65 $ 2.25 $ 1.61 Anti-dilutive options and restricted stock (excluded from the calculation of diluted earnings per share) 774 536 503 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 , 2014 and 2013 : (in thousands) Foreign Currency Unrealized Gain/Loss on Derivatives Total Balance as of 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 Other comprehensive income before reclassifications (94,075 ) (14,272 ) (108,347 ) Loss reclassified from accumulated other comprehensive income — 10,389 10,389 Net current-period other comprehensive income $ (94,075 ) $ (3,883 ) $ (97,958 ) Balance at June 30, 2015 $ (96,163 ) $ 295 $ (95,868 ) 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) 2015 2014 2013 Interest rate contracts $ (1,450 ) $ (1,719 ) $ (1,260 ) Interest expense, net Foreign exchange contracts (12,290 ) 3,420 (2,048 ) Direct Costs Foreign exchange contracts (2,755 ) 281 — Service revenue Cross-currency swap contracts 184 114 218 Miscellaneous (expense) income, net Total $ (16,311 ) $ 2,096 $ (3,090 ) The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $5.9 million , $0.8 million , and $1.1 million and for years ended June 30, 2015 , 2014 and 2013 , respectively. |
Stock And Employee Benefit Plan
Stock And Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 2014 2013 Dividend yield 0.0 % 0.0 % 0.0 % Expected volatility 36.2 % 54.1 % 56.4 % Risk-free interest rate 1.7 % 1.6 % 0.9 % Expected term (in years) 5.0 5.2 5.2 For the last three fiscal years, we recognized the following stock-based compensation expense: Years ended June 30, (in thousands) 2015 2014 2013 Direct costs related $ 4,392 $ 3,027 $ 1,918 Selling, general and administrative related 13,540 12,302 9,250 Total stock-based compensation $ 17,932 $ 15,329 $ 11,168 For Fiscal Years 2015 , 2014 , and 2013 , the tax benefit related to stock compensation expense that we recognized was $5.6 million , $4.4 million , and $3.1 million , respectively. As of June 30, 2015 , unearned stock-based compensation expense related to unvested awards (stock options and restricted stock) was approximately $34.0 million , which will be recognized over a weighted-average period of 2.6 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) 2015 2014 2013 Weighted-average fair value of options granted per share $20.16 $20.70 $16.20 Intrinsic value of options exercised $33,833 $24,066 $24,872 Stock option activity for the year ended June 30, 2015 was as follows: Number of Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Life In Years Aggregate Intrinsic Value (In Thousands) Balance at June 30, 2014 3,180,179 $ 29.21 5.3 $ 75,229 Granted 987,599 $ 59.07 Exercised (895,279 ) $ 24.72 Canceled (113,062 ) $ 41.37 Balance at June 30, 2015 3,159,437 $ 39.40 5.6 $ 78,954 Exercisable at June 30, 2015 968,250 $ 25.13 3.7 $ 37,936 Expected to vest at June 30, 2015 2,015,621 $ 45.31 6.4 $ 38,506 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 2015 , 2014 , and 2013 , the fair value of restricted stock awards vested was $3.9 million , $4.0 million , and $4.6 million , respectively. Restricted stock activity for the year ended June 30, 2015 was: Shares Weighted-Average Grant- Date Fair Value Unvested Balance at June 30, 2014 411,352 $ 31.69 Granted 108,772 $ 60.39 Vested (173,362 ) $ 22.37 Forfeited (7,750 ) $ 53.19 Unvested Balance at June 30, 2015 339,012 $ 45.17 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 2015 57,557 $ 59.09 Fiscal Year 2014 68,867 $ 43.20 Fiscal Year 2013 62,777 $ 35.54 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 $10.7 million , $9.6 million , and $8.6 million for the Fiscal Years 2015 , 2014 , and 2013 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 : (in thousands) Level 1 Level 2 Level 3 Total Contingent Consideration $ — $ — $ (7,291 ) $ (7,291 ) Interest Rate Derivative Instruments — 719 — 719 Foreign Currency Exchange Contracts — (5,612 ) — (5,612 ) Total $ — $ (4,893 ) $ (7,291 ) $ (12,184 ) 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 Level 1 Estimates Cash equivalents are measured at quoted prices in active markets. 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, 2015 , we did not hold any marketable securities. 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. Level 2 Estimates 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. Level 3 Estimates 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 may take into consideration of alternate scenarios that could result in more or less profitability for the respective 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. As described in Note 3 above, the purchase price for HERON acquisition was approximately $22.8 million purchase price included the potential for us to pay up to an additional $14.2 million over the twenty-six month period following the acquisition date if HERON achieves specific financial targets. We determined the fair value of the contingent consideration at the date of the acquisition to be $5.9 million . The contingent consideration related to the HERON acquisition was measured at fair value using an income approach valuation technique. For the fiscal year ended June 30, 2015, HERON did not achieve the specific financial targets associated with the contingent consideration and no payout was made. As described in Note 3 above, the purchase price for the ClinIntel acquisition was approximately $8.8 million , plus the potential to pay up to an additional $16.2 million over a twenty-one month period following the acquisition date if ClinIntel achieves specific financial targets. The contingent consideration related to the ClinIntel acquisition is measured at fair value using an income approach valuation technique, specifically with probability weighted and discounted cash flows. Increases or decreases in the fair value of our contingent consideration liability are primarily impacted by the likelihood of achieving financial targets, but also from changes in discount periods and rates. The recurring Level 3 fair value measurements of our contingent consideration liability include the following significant unobservable inputs: Unobservable Input ClinIntel Range Discount rate 4% Probability of achieving financial targets 100% Projected period of payment August 2016 The following table provides a summary of the change in our valuation of the fair value of the contingent consideration, which was determined by Level 3 inputs: (in thousands) Fair Value Balance at June 30, 2013 $ 5,934 Change in fair value related to contingent consideration from HERON acquisition (782 ) Balance at June 30, 2014 $ 5,152 Additions of contingent consideration from ClinIntel acquisition 9,882 Change in fair value of contingent consideration (7,421 ) Effect of changes in exchange rates used for translation (322 ) Balance at June 30, 2015 $ 7,291 For the fiscal years ended June 30, 2015 and June 30, 2014 , the change in fair value of contingent consideration of $7.4 million and $0.8 million was recorded in selling, general and administrative expense, respectively. For the fiscal years ended June 30, 2015 and June 30, 2014 , 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 the Notes was estimated to be $96.2 million as of June 30, 2015 , 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 2014 Credit Agreement approximates fair value because all of the debt bears variable rate interest. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
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) 2015 2014 2013 Domestic $ 101,132 $ 98,154 $ 35,792 Foreign 99,098 89,707 97,358 $ 200,230 $ 187,861 $ 133,150 Provisions for income taxes for the three years ended June 30 were as follows: (in thousands) 2015 2014 2013 Current: Federal $ 36,552 $ 27,264 $ 6,279 State 8,623 9,456 2,565 Foreign 23,025 33,242 26,651 68,200 69,962 35,495 Deferred: Federal 6,691 4,001 7,650 State (1,180 ) (905 ) (2,113 ) Foreign (21,302 ) (14,291 ) (3,854 ) (15,791 ) (11,195 ) 1,683 $ 52,409 $ 58,767 $ 37,178 Our consolidated effective income tax rate differed from the U.S. federal statutory income tax rate as set forth below: (in thousands) 2015 % 2014 % 2013 % Income tax expense computed at the federal statutory rate $ 70,081 35.0 % $ 65,751 35.0 % $ 46,602 35.0 % State income taxes, net of federal benefit 5,081 2.5 % 5,419 2.9 % 1,914 1.4 % Foreign rate differential (4,350 ) (2.2 )% (4,857 ) (2.6 )% (7,960 ) (6.0 )% Change in valuation allowances (796 ) (0.4 )% (491 ) (0.3 )% (4,708 ) (3.5 )% Change in reserves (2,066 ) (1.0 )% (5,193 ) (2.8 )% 394 0.3 % Research and development (13,376 ) (6.7 )% (3,284 ) (1.7 )% (2,986 ) (2.2 )% Non-taxable contingent consideration (1,805 ) (0.9 )% (376 ) (0.2 )% — — % Other non-deductible expenses — — % — — % 968 0.7 % Statutory tax rate changes (576 ) (0.2 )% (623 ) (0.3 )% 798 0.6 % Other, net 216 0.1 % 2,421 1.3 % 2,156 1.6 % $ 52,409 26.2 % $ 58,767 31.3 % $ 37,178 27.9 % 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 $479.0 million and $423.0 million at June 30, 2015 and June 30, 2014 , 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, 2015 and June 30, 2014 were as follows: (in thousands) 2015 2014 Deferred tax assets: U.S. loss carryforwards $ 2,528 $ 1,764 Foreign loss carryforwards 4,503 2,814 Accrued expenses 42,535 38,915 Tax credit carryforwards 2,780 5,711 Provision for losses on receivables 2,665 920 Deferred compensation 10,017 8,219 Deferred revenue 21,331 12,698 Intercompany loans 1,299 2,752 Other 2,228 3,597 Gross deferred tax assets 89,886 77,390 Deferred tax asset valuation allowance (4,344 ) (5,318 ) Total deferred tax assets 85,542 72,072 Deferred tax liabilities: Property and equipment (6,784 ) (6,521 ) Revenue recognition (10,656 ) (17,601 ) Intangible assets (35,526 ) (35,372 ) Other (4,745 ) (1,038 ) Total deferred tax liabilities (57,711 ) (60,532 ) Net deferred tax assets $ 27,831 $ 11,540 The net deferred tax assets and liabilities included in the consolidated balance sheets as of June 30, 2015 and June 30, 2014 were as follows: (in thousands) 2015 2014 Current deferred tax assets $ 59,058 $ 54,061 Non-current deferred tax assets 11,703 6,669 Current deferred tax liabilities (9,976 ) (16,592 ) Non-current deferred tax liabilities (32,954 ) (32,598 ) $ 27,831 $ 11,540 At June 30, 2015 , federal, state and foreign loss carryforwards of $4.8 million , $30.5 million and $21.4 million , respectively, were available to offset future liabilities for income taxes. The federal net operating losses expire in the years 2023 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 2034 . Of the non-U.S. loss carryforwards, $3.2 million will expire between 2016 and 2025 ; the remainder does not expire. We also have U.S. foreign tax credit carryforwards of $26.1 million , which expire in the years 2018 through 2025 . 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 2015 was principally due to improved profitability in various jurisdictions. As of June 30, 2015 , we had $35.2 million of gross unrecognized tax benefits of which $23.9 million would impact the effective tax rate if recognized. 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. 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) 2015 2014 2013 Balance at beginning of year $ 41,471 $ 46,591 $ 53,813 Additions related to tax positions in prior years — 792 — Additions related to tax positions in the current year 3,595 — — Reductions related to tax positions in prior years (500 ) (1,115 ) (2,869 ) Reductions related to settlements with tax authorities (6,459 ) — — Reductions related to the expiration of statutes (76 ) (5,630 ) (4,662 ) Currency translation adjustments (2,810 ) 833 309 Balance at end of year $ 35,221 $ 41,471 $ 46,591 As of June 30, 2015 , we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could change by up to $14.2 million in the next twelve months primarily as a result of the expiration of statutes of limitation and settlement with tax authorities. We recognize interest and penalties related to income tax matters in income tax expense. As of June 30, 2015 and June 30, 2014 , interest and penalties of $4.2 million and $5.5 million , respectively, were included in our liability for unrecognized tax benefits. For Fiscal Years 2015, 2014 and 2013, a benefit of $0.7 million , an expense of $0.3 million and a benefit of $0.9 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 states, 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 2001 . |
Debt, Commitments, Contingencie
Debt, Commitments, Contingencies And Guarantees | 12 Months Ended |
Jun. 30, 2015 | |
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 $56.4 million , $59.4 million , and $54.7 million for Fiscal Years 2015 , 2014 , and 2013 , 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 acquisitions - see Note 3): (in thousands) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Thereafter Total Debt obligations (principal) $ 8,915 $ 12,832 $ 20,332 $ 35,000 $ 280,000 $ — $ 357,079 Operating leases 55,805 44,415 35,285 30,023 23,036 96,426 284,990 Purchase commitments* 105,143 38,704 5,919 1,950 166 — 151,882 Total $ 169,863 $ 95,951 $ 61,536 $ 66,973 $ 303,202 $ 96,426 $ 793,951 *includes commitments to purchase software, hardware and services We have letter-of-credit agreements with banks, totaling approximately $9.9 million , guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2014 Credit Agreement and the Notes 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 are also regularly subject to, and are currently undergoing, audits by tax authorities in the United States and foreign jurisdictions for prior tax years. Although we believe our tax estimates are reasonable, and we intend to defend our positions through litigation if necessary, the final outcome of tax audits and related litigation is inherently uncertain and could be materially different than that reflected in our historical income tax provisions and accruals. Adverse outcomes of tax audits could also result in assessments of substantial additional taxes and/or fines or penalties relating to ongoing or future audits. We believe, after consultation with counsel or other experts, 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, 2015 | |
Geographic Information [Abstract] | |
Geographic Information | GEOGRAPHIC INFORMATION Financial information by geographic area for the three years ended June 30 was as follows: (in thousands) 2015 2014 2013 Service revenue: The Americas $ 1,055,581 $ 970,894 $ 866,998 Europe, Middle East & Africa 691,104 709,137 624,010 Asia/Pacific 269,296 259,329 243,434 Total $ 2,015,981 $ 1,939,360 $ 1,734,442 Income from operations: The Americas $ 112,809 $ 111,718 $ 44,743 Europe, Middle East & Africa 56,282 51,793 59,466 Asia/Pacific 30,761 35,987 31,914 Total $ 199,852 $ 199,498 $ 136,123 Tangible long-lived assets: The Americas $ 161,159 $ 151,111 Europe, Middle East & Africa 61,450 63,215 Asia/Pacific 18,602 19,838 Total $ 241,211 $ 234,164 The following countries represented greater than 10% of consolidated service revenue for the three years ended June 30: (in thousands) 2015 2014 2013 Service revenue: United States $ 984,683 $ 902,931 $ 797,380 United Kingdom $ 239,649 $ 245,098 $ 227,964 Germany N/A* $ 229,858 $ 187,099 * For Fiscal Year 2015 service revenue for Germany was less than 10% of our consolidated service revenue. |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2015 | |
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. 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. 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: 2015 $ 1,535,359 $ 215,954 $ 264,668 $ 2,015,981 2014 1,455,279 229,842 254,239 1,939,360 2013 1,303,569 211,202 219,671 1,734,442 Gross profit on service revenue: 2015 $ 449,613 $ 94,755 $ 127,460 $ 671,828 2014 445,210 96,220 118,752 660,182 2013 347,056 84,745 95,105 526,906 |
Quarterly Operating Results
Quarterly Operating Results | 12 Months Ended |
Jun. 30, 2015 | |
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 2015 and 2014 : Fiscal Year 2015 (in thousands, except per share data) First Second Third Fourth Total Service revenue $ 491,696 $ 499,269 $ 502,033 $ 522,983 $ 2,015,981 Gross profit 172,877 171,948 164,079 162,924 671,828 Income from operations 53,580 52,784 54,229 39,259 199,852 Net income 37,142 38,760 37,741 34,178 147,821 Diluted earnings per share $ 0.67 $ 0.70 $ 0.68 $ 0.61 $ 2.65 Fiscal Year 2014 (in thousands, except per share data) First Second Third Fourth Total 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 $ 0.60 $ 0.70 $ 2.25 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2015 | |
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. Cash Pooling Arrangement, Net Presentation 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. |
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 acquired and 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. CRS and 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 Financial Accounting Standards Board (“FASB”), 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. 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, “Software” 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 $461.0 million , $523.1 million , and $421.2 million for the fiscal years ended June 30, 2015 , 2014 , and 2013 , 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. Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. |
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 seven 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, 2015 , two clients individually accounted for 12% and 11% of our total billed and unbilled accounts receivables. As of June 30, 2014 , one client individually accounted for 20% of our billed and unbilled accounts receivables. For the year ended June 30, 2015 (“ Fiscal Year 2015 ”), one client individually accounted for 14% of our consolidated service revenue. For the year ended June 30, 2014 (“ Fiscal Year 2014 ”), two clients individually accounted for 16% and 11% of our consolidated service revenue. For the year ended June 30, 2013 (“ Fiscal Year 2013 ”), two clients individually accounted for 17% and 12% of our consolidated service revenue. |
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 $24.0 million , $26.9 million , and $23.8 million in Fiscal Years 2015 , 2014 , and 2013 , 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 2015 and 2014 , 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, 2015 and 2014 . There was no evidence of impairment of our goodwill balances as of June 30, 2015 or 2014 . 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 2015 and 2014 , 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, 2015 and 2014 . There was no evidence of impairment of our indefinite-lived intangible asset balances as of June 30, 2015 or 2014 . |
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 $7.0 million , $(3.5) million , and $4.1 million in Fiscal Years 2015 , 2014 , and 2013 , 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 and restricted stock awards. 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 March 2013, the FASB issued Accounting Standard Update (“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. We adopted ASU 2013-05 beginning in our fiscal quarter ended September 30, 2014. The adoption of ASU 2013-05 did not impact our consolidated financial statements. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , 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. As originally issued, ASU 2014-09 will be effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2016. On July 9, 2015, the FASB approved the proposal to defer the effective date of this standard by one year. Early adoption is permitted for annual periods beginning after December 16, 2016. We are assessing the impact of adopting ASU No. 2014-09 on our consolidated financial statements. 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. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU No. 2015-02 amended the process that a reporting entity must follow to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years ending after December 15, 2015. Early application is permitted. We do not expect the adoption of ASU 2015-02 to have a material impact on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires the presentation of debt issuance costs in the consolidated balance sheets as a reduction to the related debt liability rather than as an asset. Amortization of debt issue costs continues to be classified as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | ||
Changes In Carrying Amount Of Goodwill | (in thousands) Fiscal Year 2015 Fiscal Year 2014 Beginning Balance $ 329,520 $ 319,478 Goodwill arising from QSI acquisition 24,060 — Goodwill arising from ClinIntel acquisition 13,377 — Goodwill arising from ATLAS acquisition 1,447 — Goodwill arising from Heron acquisition — 304 Goodwill arising from Liquent acquisition — 280 Effect of changes in exchange rates used for translation (13,497 ) 9,458 Ending Balance $ 354,907 $ 329,520 | |
Changes In Carrying Amounts Of Intangible Assets | (in thousands) Fiscal Year 2015 Fiscal Year 2014 Beginning Balance $ 91,855 $ 103,514 Intangibles assets acquired from QSI acquisition 62,390 — Intangibles assets acquired from ClinIntel acquisition 6,200 — Intangibles assets (adjusted) acquired from LIQUENT acquisition — (400 ) Amortization (15,618 ) (14,952 ) Effect of changes in exchange rates used for translation (2,737 ) 3,693 Ending Balance $ 142,090 $ 91,855 | |
Intangible Assets | (in thousands) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships and backlog 11.5 $ 167,378 $ (57,501 ) $ 109,877 Technology and other intangibles 8.0 39,547 (28,822 ) 10,725 Definite-life tradename 7.0 5,260 (1,321 ) 3,939 Indefinite-life tradename * indefinite 22,158 (4,609 ) 17,549 Total intangible assets $ 234,343 $ (92,253 ) $ 142,090 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | (in thousands) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset 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. |
Estimated Amortization Expense | (in thousands) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 $22,316 $19,460 $17,589 $15,723 $14,112 |
Acquisitions Acquisition (Table
Acquisitions Acquisition (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
ClinIntel Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amount Estimated Useful Life (Years) Customer relationships $ 2,300 10 Technology 3,900 8 Total $ 6,200 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Total Consideration transferred: Cash paid, net of cash acquired $ 8,780 Fair value of contingent consideration 9,882 Net purchase price $ 18,662 Fair value of assets acquired and liabilities assumed: Accounts receivable $ 460 Definite-lived intangible assets 6,200 Goodwill 13,377 Total assets acquired 20,037 Current liabilities 135 Deferred tax liabilities 1,240 Total liabilities assumed 1,375 Fair value of net assets acquired: $ 18,662 |
QSI Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amount Estimated Useful Life (Years) Customer relationships $ 56,300 10 Backlog 4,730 1 Trade name 1,360 5 Total $ 62,390 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Total Consideration transferred: Cash paid, net of cash acquired $ 93,582 Preliminary Fair value of assets acquired and liabilities assumed: Accounts receivable $ 4,896 Other Current Assets 1,381 Property and equipment 1,955 Definite-lived intangible assets 62,390 Goodwill 24,061 Total assets acquired 94,683 Current liabilities 1,101 Total liabilities assumed 1,101 Fair value of net assets acquired: $ 93,582 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Derivative [Line Items] | |
Schedule of Notional Amounts and Fair Values of Derivatives [Table Text Block] | June 30, 2015 June 30, 2014 (in thousands) Notional Amount Asset (Liability) Notional Amount Asset (Liability) Derivatives designated as hedging instruments under ASC 815 Derivatives in an asset position: Interest rate contracts $ 100,000 $ 788 $ 100,000 $ 2,049 Foreign exchange contracts 140,596 2,904 154,845 5,375 Cross-currency swap contracts — — 25,560 528 Derivatives in a liability position: Interest rate contracts 25,000 (69 ) 100,000 (1,469 ) Foreign exchange contracts 56,105 (4,564 ) 37,736 (369 ) Cross-currency swap contracts 18,998 (2,744 ) — — Total designated derivatives $ 340,699 $ (3,685 ) $ 418,141 $ 6,114 Derivatives not designated as hedging instruments under ASC 815 Derivatives in an asset position: Foreign exchange contracts $ 46,119 $ 635 $ 100,849 $ 1,062 Derivatives in a liability position: Foreign exchange contracts 81,662 (1,843 ) 49,863 (133 ) Total non-designated derivatives $ 127,781 $ (1,208 ) $ 150,712 $ 929 Total derivatives $ 468,480 $ (4,893 ) $ 568,853 $ 7,043 |
Schedule Of Change In Fair Value Derivatives Designated As Hedging Instruments | Years Ended (in thousands) June 30, 2015 June 30, 2014 Derivatives designated as hedging instruments under ASC 815 Interest rate contracts, net of taxes $ 50 $ (322 ) Foreign exchange contracts, net of taxes (3,860 ) 5,423 Cross-currency swap contracts, net of taxes (73 ) (23 ) Total designated derivative unrealized gain (loss), net $ (3,883 ) $ 5,078 |
Schedule Of Change In Fair Value Derivatives Not Designated As Hedging Instruments | Years Ended (in thousands) June 30, 2015 June 30, 2014 Derivatives not designated as hedging instruments under ASC 815 Cross-currency interest rate swap contracts $ — $ 1,910 Foreign exchange contracts (2,137 ) 1,830 Total non-designated derivative unrealized gain (loss), net $ (2,137 ) $ 3,740 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | (in thousands) 2015 2014 Property and equipment: Computer software $ 377,843 $ 337,494 Computer hardware and office equipment 110,874 108,717 Leasehold improvements 100,372 97,280 Medical equipment 16,496 17,577 Furniture and fixtures 30,179 28,837 Office equipment and other assets 16,370 17,930 Total 652,134 607,835 Less: accumulated depreciation (410,923 ) (373,671 ) Total $ 241,211 $ 234,164 |
Goodwill and Intangible Asset29
Goodwill and Intangible Assets Goodwill and Intangible Assets (Tables) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill [Line Items] | ||
Schedule Of Changes In Carrying Amount Of Goodwill [Table Text Block] | (in thousands) Fiscal Year 2015 Fiscal Year 2014 Beginning Balance $ 329,520 $ 319,478 Goodwill arising from QSI acquisition 24,060 — Goodwill arising from ClinIntel acquisition 13,377 — Goodwill arising from ATLAS acquisition 1,447 — Goodwill arising from Heron acquisition — 304 Goodwill arising from Liquent acquisition — 280 Effect of changes in exchange rates used for translation (13,497 ) 9,458 Ending Balance $ 354,907 $ 329,520 | |
Schedule Of Intangible Assets [Table Text Block] | (in thousands) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships and backlog 11.5 $ 167,378 $ (57,501 ) $ 109,877 Technology and other intangibles 8.0 39,547 (28,822 ) 10,725 Definite-life tradename 7.0 5,260 (1,321 ) 3,939 Indefinite-life tradename * indefinite 22,158 (4,609 ) 17,549 Total intangible assets $ 234,343 $ (92,253 ) $ 142,090 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | (in thousands) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset 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. |
Schedule Of Changes In Carrying Amounts Of Intangible Assets [Table Text Block] | (in thousands) Fiscal Year 2015 Fiscal Year 2014 Beginning Balance $ 91,855 $ 103,514 Intangibles assets acquired from QSI acquisition 62,390 — Intangibles assets acquired from ClinIntel acquisition 6,200 — Intangibles assets (adjusted) acquired from LIQUENT acquisition — (400 ) Amortization (15,618 ) (14,952 ) Effect of changes in exchange rates used for translation (2,737 ) 3,693 Ending Balance $ 142,090 $ 91,855 | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 $22,316 $19,460 $17,589 $15,723 $14,112 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Restructuring Charges [Abstract] | |
Schedule Of Changes In Restructuring Accrual | Balance at Charges/(Benefits) Payments/Foreign Balance at (in thousands) June 30, 2014 June 30, 2015 2015 Margin Acceleration Program Employee severance $ — $ 20,010 $ — $ 20,010 Pre-2012 Restructuring Plans Facilities-related 1,195 (165 ) (741 ) 289 Total $ 1,195 $ 19,845 $ (741 ) $ 20,299 Balance at Charges/(Benefits) Payments/Foreign Balance at (in thousands) June 30, 2013 June 30, 2014 Pre-2012 Restructuring Plans Facilities-related $ 2,559 $ (444 ) $ (920 ) $ 1,195 Total $ 2,559 $ (444 ) $ (920 ) $ 1,195 Balance at Charges/(Benefits) Payments/Foreign Balance at (in thousands) June 30, 2012 June 30, 2013 Pre-2012 Restructuring Plans Employee severance $ 1,884 $ (182 ) $ (1,702 ) $ — Facilities-related 5,890 (1,027 ) (2,304 ) 2,559 Total $ 7,774 $ (1,209 ) $ (4,006 ) $ 2,559 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Years ended June 30, (in thousands, except per share data) 2015 2014 2013 Net income attributable to common shares $ 147,821 $ 129,094 $ 95,972 Weighted average number of shares outstanding, used in computing basic earnings per share 54,915 56,504 58,388 Dilutive common stock equivalents 923 973 1,059 Weighted average shares used in computing diluted earnings per share 55,838 57,477 59,447 Basic earnings per share $ 2.69 $ 2.28 $ 1.64 Diluted earnings per share $ 2.65 $ 2.25 $ 1.61 Anti-dilutive options and restricted stock (excluded from the calculation of diluted earnings per share) 774 536 503 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 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 Other comprehensive income before reclassifications (94,075 ) (14,272 ) (108,347 ) Loss reclassified from accumulated other comprehensive income — 10,389 10,389 Net current-period other comprehensive income $ (94,075 ) $ (3,883 ) $ (97,958 ) Balance at June 30, 2015 $ (96,163 ) $ 295 $ (95,868 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Years Ended Affected Line in the Consolidated Statements of Income (in thousands) 2015 2014 2013 Interest rate contracts $ (1,450 ) $ (1,719 ) $ (1,260 ) Interest expense, net Foreign exchange contracts (12,290 ) 3,420 (2,048 ) Direct Costs Foreign exchange contracts (2,755 ) 281 — Service revenue Cross-currency swap contracts 184 114 218 Miscellaneous (expense) income, net Total $ (16,311 ) $ 2,096 $ (3,090 ) |
Stock And Employee Benefit Pl33
Stock And Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Schedule Of Weighted Average Assumptions | Years ended June 30, 2015 2014 2013 Dividend yield 0.0 % 0.0 % 0.0 % Expected volatility 36.2 % 54.1 % 56.4 % Risk-free interest rate 1.7 % 1.6 % 0.9 % Expected term (in years) 5.0 5.2 5.2 |
Schedule Of Recognized Stock-Based Compensation Expense | Years ended June 30, (in thousands) 2015 2014 2013 Direct costs related $ 4,392 $ 3,027 $ 1,918 Selling, general and administrative related 13,540 12,302 9,250 Total stock-based compensation $ 17,932 $ 15,329 $ 11,168 |
Schedule Of Information Related To Stock Option Activity | Years ended June 30, (in thousands, except per share data) 2015 2014 2013 Weighted-average fair value of options granted per share $20.16 $20.70 $16.20 Intrinsic value of options exercised $33,833 $24,066 $24,872 |
Schedule Of Stock Option Activity | Number of Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Life In Years Aggregate Intrinsic Value (In Thousands) Balance at June 30, 2014 3,180,179 $ 29.21 5.3 $ 75,229 Granted 987,599 $ 59.07 Exercised (895,279 ) $ 24.72 Canceled (113,062 ) $ 41.37 Balance at June 30, 2015 3,159,437 $ 39.40 5.6 $ 78,954 Exercisable at June 30, 2015 968,250 $ 25.13 3.7 $ 37,936 Expected to vest at June 30, 2015 2,015,621 $ 45.31 6.4 $ 38,506 |
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, 2014 411,352 $ 31.69 Granted 108,772 $ 60.39 Vested (173,362 ) $ 22.37 Forfeited (7,750 ) $ 53.19 Unvested Balance at June 30, 2015 339,012 $ 45.17 |
Schedule Of Purchases Under The 2000 Purchase Plan | Shares Purchased Average Purchase Price Fiscal Year 2015 57,557 $ 59.09 Fiscal Year 2014 68,867 $ 43.20 Fiscal Year 2013 62,777 $ 35.54 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | Unobservable Input ClinIntel Range Discount rate 4% Probability of achieving financial targets 100% Projected period of payment August 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (in thousands) Fair Value Balance at June 30, 2013 $ 5,934 Change in fair value related to contingent consideration from HERON acquisition (782 ) Balance at June 30, 2014 $ 5,152 Additions of contingent consideration from ClinIntel acquisition 9,882 Change in fair value of contingent consideration (7,421 ) Effect of changes in exchange rates used for translation (322 ) Balance at June 30, 2015 $ 7,291 | |
Fair Value Hierarchy By Level | (in thousands) Level 1 Level 2 Level 3 Total Contingent Consideration $ — $ — $ (7,291 ) $ (7,291 ) Interest Rate Derivative Instruments — 719 — 719 Foreign Currency Exchange Contracts — (5,612 ) — (5,612 ) Total $ — $ (4,893 ) $ (7,291 ) $ (12,184 ) | (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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Domestic And Foreign Income (Loss) Before Income Taxes | (in thousands) 2015 2014 2013 Domestic $ 101,132 $ 98,154 $ 35,792 Foreign 99,098 89,707 97,358 $ 200,230 $ 187,861 $ 133,150 |
Provisions For Income Taxes | (in thousands) 2015 2014 2013 Current: Federal $ 36,552 $ 27,264 $ 6,279 State 8,623 9,456 2,565 Foreign 23,025 33,242 26,651 68,200 69,962 35,495 Deferred: Federal 6,691 4,001 7,650 State (1,180 ) (905 ) (2,113 ) Foreign (21,302 ) (14,291 ) (3,854 ) (15,791 ) (11,195 ) 1,683 $ 52,409 $ 58,767 $ 37,178 |
Consolidated Effective Income Tax Rate Differed From The U.S Federal Statutory Income Tax Rate | (in thousands) 2015 % 2014 % 2013 % Income tax expense computed at the federal statutory rate $ 70,081 35.0 % $ 65,751 35.0 % $ 46,602 35.0 % State income taxes, net of federal benefit 5,081 2.5 % 5,419 2.9 % 1,914 1.4 % Foreign rate differential (4,350 ) (2.2 )% (4,857 ) (2.6 )% (7,960 ) (6.0 )% Change in valuation allowances (796 ) (0.4 )% (491 ) (0.3 )% (4,708 ) (3.5 )% Change in reserves (2,066 ) (1.0 )% (5,193 ) (2.8 )% 394 0.3 % Research and development (13,376 ) (6.7 )% (3,284 ) (1.7 )% (2,986 ) (2.2 )% Non-taxable contingent consideration (1,805 ) (0.9 )% (376 ) (0.2 )% — — % Other non-deductible expenses — — % — — % 968 0.7 % Statutory tax rate changes (576 ) (0.2 )% (623 ) (0.3 )% 798 0.6 % Other, net 216 0.1 % 2,421 1.3 % 2,156 1.6 % $ 52,409 26.2 % $ 58,767 31.3 % $ 37,178 27.9 % |
Components Of Net Deferred Tax Assets | (in thousands) 2015 2014 Deferred tax assets: U.S. loss carryforwards $ 2,528 $ 1,764 Foreign loss carryforwards 4,503 2,814 Accrued expenses 42,535 38,915 Tax credit carryforwards 2,780 5,711 Provision for losses on receivables 2,665 920 Deferred compensation 10,017 8,219 Deferred revenue 21,331 12,698 Intercompany loans 1,299 2,752 Other 2,228 3,597 Gross deferred tax assets 89,886 77,390 Deferred tax asset valuation allowance (4,344 ) (5,318 ) Total deferred tax assets 85,542 72,072 Deferred tax liabilities: Property and equipment (6,784 ) (6,521 ) Revenue recognition (10,656 ) (17,601 ) Intangible assets (35,526 ) (35,372 ) Other (4,745 ) (1,038 ) Total deferred tax liabilities (57,711 ) (60,532 ) Net deferred tax assets $ 27,831 $ 11,540 |
Net Deferred Tax Assets And Liabilities Included In The Consolidated Balance Sheets | (in thousands) 2015 2014 Current deferred tax assets $ 59,058 $ 54,061 Non-current deferred tax assets 11,703 6,669 Current deferred tax liabilities (9,976 ) (16,592 ) Non-current deferred tax liabilities (32,954 ) (32,598 ) $ 27,831 $ 11,540 |
Unrecognized Income Tax Benefits, Excluding Accrued Interest And Penalties | (in thousands) 2015 2014 2013 Balance at beginning of year $ 41,471 $ 46,591 $ 53,813 Additions related to tax positions in prior years — 792 — Additions related to tax positions in the current year 3,595 — — Reductions related to tax positions in prior years (500 ) (1,115 ) (2,869 ) Reductions related to settlements with tax authorities (6,459 ) — — Reductions related to the expiration of statutes (76 ) (5,630 ) (4,662 ) Currency translation adjustments (2,810 ) 833 309 Balance at end of year $ 35,221 $ 41,471 $ 46,591 |
Debt, Commitments, Contingenc36
Debt, Commitments, Contingencies And Guarantees (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt, Commitments, Contingencies And Guarantees [Abstract] | |
Future Minimum Debt Obligations, Lease Payments Under Non-Cancelable Leases, And Purchase Commitments | (in thousands) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Thereafter Total Debt obligations (principal) $ 8,915 $ 12,832 $ 20,332 $ 35,000 $ 280,000 $ — $ 357,079 Operating leases 55,805 44,415 35,285 30,023 23,036 96,426 284,990 Purchase commitments* 105,143 38,704 5,919 1,950 166 — 151,882 Total $ 169,863 $ 95,951 $ 61,536 $ 66,973 $ 303,202 $ 96,426 $ 793,951 *includes commitments to purchase software, hardware and services |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segments, Geographical Areas [Abstract] | |
Schedule Of Financial Information By Geographic Area | (in thousands) 2015 2014 2013 Service revenue: The Americas $ 1,055,581 $ 970,894 $ 866,998 Europe, Middle East & Africa 691,104 709,137 624,010 Asia/Pacific 269,296 259,329 243,434 Total $ 2,015,981 $ 1,939,360 $ 1,734,442 Income from operations: The Americas $ 112,809 $ 111,718 $ 44,743 Europe, Middle East & Africa 56,282 51,793 59,466 Asia/Pacific 30,761 35,987 31,914 Total $ 199,852 $ 199,498 $ 136,123 Tangible long-lived assets: The Americas $ 161,159 $ 151,111 Europe, Middle East & Africa 61,450 63,215 Asia/Pacific 18,602 19,838 Total $ 241,211 $ 234,164 |
Schedule Of Service Revenue From Countries | (in thousands) 2015 2014 2013 Service revenue: United States $ 984,683 $ 902,931 $ 797,380 United Kingdom $ 239,649 $ 245,098 $ 227,964 Germany N/A* $ 229,858 $ 187,099 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Service Revenue And Gross Profit On Service Revenue Of Reportable Segment | (in thousands) CRS PC PI TOTAL Service revenue: 2015 $ 1,535,359 $ 215,954 $ 264,668 $ 2,015,981 2014 1,455,279 229,842 254,239 1,939,360 2013 1,303,569 211,202 219,671 1,734,442 Gross profit on service revenue: 2015 $ 449,613 $ 94,755 $ 127,460 $ 671,828 2014 445,210 96,220 118,752 660,182 2013 347,056 84,745 95,105 526,906 |
Quarterly Operating Results (Ta
Quarterly Operating Results (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule Of Unaudited Quarterly Results Of Operations | Fiscal Year 2015 (in thousands, except per share data) First Second Third Fourth Total Service revenue $ 491,696 $ 499,269 $ 502,033 $ 522,983 $ 2,015,981 Gross profit 172,877 171,948 164,079 162,924 671,828 Income from operations 53,580 52,784 54,229 39,259 199,852 Net income 37,142 38,760 37,741 34,178 147,821 Diluted earnings per share $ 0.67 $ 0.70 $ 0.68 $ 0.61 $ 2.65 Fiscal Year 2014 (in thousands, except per share data) First Second Third Fourth Total 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 $ 0.60 $ 0.70 $ 2.25 |
Summary Of Significant Accoun40
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Cash Equivalents, at Carrying Value | $ 0 | ||
Investigator fees | $ 461,000 | $ 523,100 | $ 421,200 |
Number of counterparties in derivative contracts | 7 | ||
Research and development expense | $ 24,000 | 26,900 | 23,800 |
Transaction (losses) gains | $ 7,000 | $ (3,500) | $ 4,100 |
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 | 14.00% | 16.00% | 17.00% |
Customer A [Member] | Accounts Receivable [Member] | |||
Percentage of consolidated service revenue attributable to largest client | 12.00% | 20.00% | |
Customer B [Member] | Sales Revenue, Services, Net [Member] | |||
Percentage of consolidated service revenue attributable to largest client | 11.00% | 12.00% | |
Customer B [Member] | Accounts Receivable [Member] | |||
Percentage of consolidated service revenue attributable to largest client | 11.00% |
Acquisitions, Additional Inform
Acquisitions, Additional Information (Detail) - USD ($) $ in Thousands | Oct. 03, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | May. 01, 2013 | Dec. 20, 2012 |
Payments to Acquire Businesses, Gross | $ 104,462 | $ 150 | $ 97,099 | |||
Business Acquisition, Contingent Consideration, at Fair Value | 7,291 | 5,152 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,381 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,955 | |||||
Goodwill | 354,907 | 329,520 | 319,478 | |||
ClinIntel Acquisition [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 93,582 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4,896 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 62,390 | |||||
Goodwill | 24,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 94,683 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current | 1,101 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,101 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 93,582 | |||||
Liquent Acquisition [Member] | ||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 74,300 | |||||
Heron Acquisition [Member] | ||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 22,800 | |||||
Business Acquisition, Contingent Consideration, Potential Cash Payment | 14,200 | $ 14,200 | ||||
Business Acquisition, Contingent Consideration, at Fair Value | $ 5,900 | |||||
Atlas [Member] | ||||||
Goodwill | 1,400 | |||||
2012 Term Loan [Member] | ||||||
Short-term Debt | $ 100,000 | |||||
Customer Relationships [Member] | ClinIntel Acquisition [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 56,300 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||
Order or Production Backlog [Member] | ClinIntel Acquisition [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,730 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | |||||
Trade Names [Member] | ClinIntel Acquisition [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,360 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Acquisitions ClinIntel Acquisit
Acquisitions ClinIntel Acquisition (Details) - USD ($) $ in Thousands | Oct. 03, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 104,462 | $ 150 | $ 97,099 | |
Business Combination, Contingent Consideration, Liability | 7,291 | 5,152 | ||
Goodwill | 354,907 | $ 329,520 | $ 319,478 | |
ClinIntel Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 8,780 | |||
Business Combination, Contingent Consideration, Liability | 9,882 | |||
Business Combination, Consideration Transferred | 18,662 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 460 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,200 | |||
Goodwill | 13,400 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 20,037 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 135 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current | 1,240 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,375 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 18,662 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 16,200 | |||
Customer Relationships [Member] | ClinIntel Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,300 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Technology-Based Intangible Assets [Member] | ClinIntel Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,900 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years |
Acquisitions QSI Acquisition (D
Acquisitions QSI Acquisition (Details) - USD ($) $ in Thousands | Oct. 03, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 104,462 | $ 150 | $ 97,099 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,381 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,955 | |||
Goodwill | 354,907 | $ 329,520 | $ 319,478 | |
QSI Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 93,582 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4,896 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 62,390 | |||
Goodwill | 24,100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 94,683 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current | 1,101 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,101 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 93,582 |
Acquisitions ATLAS Acquisition
Acquisitions ATLAS Acquisition (Details) $ in Millions | Jul. 01, 2014USD ($) |
Atlas [Member] | |
Business Acquisition [Line Items] | |
Payments to Acquire Businesses, Gross | $ 2.1 |
Derivatives (Schedule Of Notion
Derivatives (Schedule Of Notional Amounts And Fair Values Of Derivatives) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Notional Amount | $ 468,480 | $ 568,853 |
Asset (Liability) | (4,893) | 7,043 |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Notional Amount | 127,781 | 150,712 |
Asset (Liability) | (1,208) | 929 |
Derivatives Designated As Hedging Instruments [Member] | ||
Notional Amount | 340,699 | 418,141 |
Asset (Liability) | (3,685) | 6,114 |
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ||
Notional Amount | 100,000 | 100,000 |
Derivative Asset, Fair Value, Gross Asset | 788 | 2,049 |
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ||
Notional Amount | 125,000 | |
Derivative Liability, Notional Amount | 25,000 | 100,000 |
Derivative Liability, Fair Value, Gross Liability | (69) | (1,469) |
Foreign Exchange Contract [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ||
Derivative Asset, Notional Amount | 46,119 | 100,849 |
Derivative Asset, Fair Value, Gross Asset | 635 | 1,062 |
Derivative Liability, Notional Amount | 81,662 | 49,863 |
Derivative Liability, Fair Value, Gross Liability | (1,843) | (133) |
Foreign Exchange Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ||
Derivative Asset, Notional Amount | 140,596 | 154,845 |
Derivative Asset, Fair Value, Gross Asset | 2,904 | 5,375 |
Derivative Liability, Notional Amount | 56,105 | 37,736 |
Derivative Liability, Fair Value, Gross Liability | (4,564) | (369) |
Cross Currency Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ||
Derivative Asset, Notional Amount | 0 | 25,560 |
Derivative Asset, Fair Value, Gross Asset | 0 | 528 |
Derivative Liability, Notional Amount | 18,998 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ (2,744) | $ 0 |
Derivatives (Schedule Of Change
Derivatives (Schedule Of Change In Fair Value Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (1,000) | |
Derivatives Designated As Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (3,883) | 5,078 |
Derivatives Designated As Hedging Instruments [Member] | Currency Swap [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | (73) | (23) |
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 50 | (322) |
Foreign Exchange Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (3,860) | $ 5,423 |
Derivatives (Schedule Of Chan47
Derivatives (Schedule Of Change In Fair Value Derivatives Not Designated As Hedging Instruments) (Details) - Derivatives Not Designated As Hedging Instruments [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair value of derivative not designated as hedging instruments | $ (2,137) | $ 3,740 |
Foreign Exchange Contracts [Member] | ||
Fair value of derivative not designated as hedging instruments | (2,137) | 1,830 |
Currency Swap [Member] | ||
Fair value of derivative not designated as hedging instruments | 0 | 1,910 |
Foreign Exchange Contracts [Member] | ||
Fair value of derivative not designated as hedging instruments | $ (18,134) | $ 660 |
Derivatives Derivative Addition
Derivatives Derivative Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ (2.6) | $ 3.2 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (2.5) | $ (0.2) |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Computer software | $ 377,843 | $ 337,494 | |
Computer and office equipment | 110,874 | 108,717 | |
Leasehold improvements | 100,372 | 97,280 | |
Medical equipment | 16,496 | 17,577 | |
Furniture and fixtures | 30,179 | 28,837 | |
Office equipment & other assets | 16,370 | 17,930 | |
Total | 652,134 | 607,835 | |
Less: accumulated depreciation | (410,923) | (373,671) | |
Total | 241,211 | 234,164 | |
Retired fully- depreciated assets | $ 6,500 | $ 2,000 | $ 13,000 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Goodwill | $ 354,907 | $ 329,520 | $ 319,478 |
Goodwill, Translation and Purchase Accounting Adjustments | (13,497) | 9,458 | |
QSI Acquisition [Member] | |||
Goodwill | 24,100 | ||
Goodwill, Acquired During Period | 24,060 | 0 | |
Liquent Acquisition [Member] | |||
Goodwill, Acquired During Period | 0 | 280 | |
ClinIntel Acquisition [Member] | |||
Goodwill | 13,400 | ||
Goodwill, Acquired During Period | 13,377 | 0 | |
Heron Acquisition [Member] | |||
Goodwill, Acquired During Period | 0 | 304 | |
Atlas [Member] | |||
Goodwill | 1,400 | ||
Goodwill, Acquired During Period | $ 1,447 | $ 0 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets Changes in carrying amount of intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (92,253) | $ (73,898) | |
Finite-Lived Intangible Assets, Net | 142,090 | 91,855 | |
Finite-Lived Intangible Assets, Gross | 234,343 | 165,753 | |
Amortization of Intangible Assets | (15,618) | (14,952) | $ (9,999) |
Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments | (2,737) | 3,693 | |
Other intangible assets, net | $ 142,090 | $ 91,855 | $ 103,514 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 11 years 6 months | 12 years 9 months 6 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (57,501) | $ (45,028) | |
Finite-Lived Intangible Assets, Net | 109,877 | 59,020 | |
Finite-Lived Intangible Assets, Gross | $ 167,378 | $ 104,048 | |
Technology & Other Intangibles [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 8 years | 7 years 10 months 24 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (28,822) | $ (24,191) | |
Finite-Lived Intangible Assets, Net | 10,725 | 11,456 | |
Finite-Lived Intangible Assets, Gross | $ 39,547 | $ 35,647 | |
Trade Names [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | 7 years 8 months 12 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,321) | $ (673) | |
Finite-Lived Intangible Assets, Net | 3,939 | 3,227 | |
Finite-Lived Intangible Assets, Gross | 5,260 | 3,900 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (4,609) | (4,006) | |
Finite-Lived Intangible Assets, Net | 17,549 | 18,152 | |
Finite-Lived Intangible Assets, Gross | 22,158 | 22,158 | |
QSI Acquisition [Member] | |||
Finite-lived Intangible Assets Acquired | 62,390 | 0 | |
ClinIntel Acquisition [Member] | |||
Finite-lived Intangible Assets Acquired | 6,200 | 0 | |
Liquent Acquisition [Member] | |||
Finite-lived Intangible Assets Acquired | $ 0 | $ (400) |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (92,253) | $ (73,898) |
Finite-Lived Intangible Assets, Net | 142,090 | 91,855 |
Finite-Lived Intangible Assets, Gross | 234,343 | 165,753 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (57,501) | (45,028) |
Finite-Lived Intangible Assets, Net | $ 109,877 | $ 59,020 |
Finite-Lived Intangible Asset, Useful Life | 11 years 6 months | 12 years 9 months 6 days |
Finite-Lived Intangible Assets, Gross | $ 167,378 | $ 104,048 |
Technology & Other Intangibles [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (28,822) | (24,191) |
Finite-Lived Intangible Assets, Net | $ 10,725 | $ 11,456 |
Finite-Lived Intangible Asset, Useful Life | 8 years | 7 years 10 months 24 days |
Finite-Lived Intangible Assets, Gross | $ 39,547 | $ 35,647 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,321) | (673) |
Finite-Lived Intangible Assets, Net | $ 3,939 | $ 3,227 |
Finite-Lived Intangible Asset, Useful Life | 7 years | 7 years 8 months 12 days |
Finite-Lived Intangible Assets, Gross | $ 5,260 | $ 3,900 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (4,609) | (4,006) |
Finite-Lived Intangible Assets, Net | 17,549 | 18,152 |
Finite-Lived Intangible Assets, Gross | $ 22,158 | $ 22,158 |
Goodwill and Intangible Asset53
Goodwill and Intangible Assets Estimated Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization | $ 14,112 | $ 15,723 | $ 17,589 | $ 19,460 | $ 22,316 |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets Goodwill and Intangible Assets Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill | $ 354,907 | $ 329,520 | $ 319,478 |
CRS [Member] | |||
Goodwill | 143,800 | ||
PC [Member] | |||
Goodwill | 20,600 | ||
PI [Member] | |||
Goodwill | $ 190,500 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restructuring Charges | $ 19,845 | $ (444) | $ (1,209) |
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | Employee Severance Costs [Member] | |||
Restructuring Charges | $ 20,010 | ||
2011 Restructuring Plan [Member] | Employee Severance Costs [Member] | |||
Restructuring Charges | $ (182) |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Changes In Restructuring Accrual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restructuring Reserve, Beginning Balance | $ 1,195 | $ 2,559 | $ 7,774 |
Provisions/Adjustments | 19,845 | (444) | (1,209) |
Payments/Foreign Currency Exchange | (741) | (920) | (4,006) |
Restructuring Reserve, Ending Balance | 20,299 | 1,195 | 2,559 |
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | Employee Severance Costs [Member] | |||
Provisions/Adjustments | 20,010 | ||
2011 Restructuring Plan [Member] | Employee Severance Costs [Member] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | 1,884 |
Provisions/Adjustments | (182) | ||
Payments/Foreign Currency Exchange | 0 | (1,702) | |
Restructuring Reserve, Ending Balance | 0 | 0 | |
2011 Restructuring Plan [Member] | Facilities-Related Charges [Member] | |||
Restructuring Reserve, Beginning Balance | 1,195 | 2,559 | 5,890 |
Provisions/Adjustments | (165) | (444) | (1,027) |
Payments/Foreign Currency Exchange | (741) | (920) | (2,304) |
Restructuring Reserve, Ending Balance | $ 289 | $ 1,195 | 2,559 |
without_abandonmentcharge [Member] | |||
Provisions/Adjustments | $ (1,209) |
Credit Arrangements - Note Purc
Credit Arrangements - Note Purchase Agreement (Details) $ in Thousands | Jul. 25, 2013USD ($) | Jun. 30, 2015USD ($) | Jun. 12, 2015USD ($) | Jun. 30, 2014USD ($) | May. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 7,100 | ||||
Notional Amount | $ 468,480 | $ 568,853 | |||
Senior Notes [Member] | 3.11% Senior Notes due in 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | $ 100,000 | ||||
Interest rate | 3.11% | ||||
Proceeds from Issuance of Long-term Debt | $ 100,000 | ||||
Prepayment of aggregate principal amount, minimum percent | 10.00% | ||||
Long-term Line of Credit | 100,000 | ||||
Deferred Finance Costs, Net | $ 300 | ||||
Revolving Credit Facility [Member] | 2013 Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Lines of Credit | $ 100,000 | ||||
Treasury Lock [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of treasury lock agreements | 3 | ||||
Treasury Lock 1 [Member] | Treasury Lock [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional Amount | $ 25,000 | ||||
Treasury Lock 2 [Member] | Treasury Lock [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional Amount | 25,000 | ||||
Treasury Lock 3 [Member] | Treasury Lock [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional Amount | $ 25,000 |
Credit Arrangements - Receivabl
Credit Arrangements - Receivable Purchase Agreement (Details) - JP Morgan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Short-term Debt [Line Items] | ||
Transfers of trade receivables including debt | $ 122.6 | $ 184.6 |
Other Short-term Borrowings | $ 0 |
Credit Arrangements Master Fina
Credit Arrangements Master Financing Agreement (Details) - Long-term Debt, Type [Domain] - Debt Instrument, Name [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 12, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 7,100 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 8,915 | 1,400 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 12,832 | 2,800 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 20,332 | $ 2,800 |
Credit Arrangements 2014 Credit
Credit Arrangements 2014 Credit Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2011 | Mar. 31, 2015 | Jun. 30, 2015 | Oct. 15, 2014 | Jun. 30, 2014 | May. 31, 2013 | Mar. 22, 2013 | Jun. 30, 2011 | |
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 357,079 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||||||
Derivative, Fixed Interest Rate | 0.73% | |||||||
Notional Amount | 468,480 | $ 568,853 | ||||||
2014 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $ 500,000 | |||||||
2014 Credit Agreement [Member] | LIBOR Plus Margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
2014 Credit Agreement [Member] | Federal Funds Plus Margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
2014 Credit Agreement [Member] | One Month LIBOR Plus Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
2014 Credit Agreement [Member] | One Month LIBOR Plus Margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
2013 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred Finance Costs, Noncurrent, Net | 2,500 | |||||||
Debt, Weighted Average Interest Rate | 0.00% | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 250,000 | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000 | $ 300,000 | ||||||
Debt, Weighted Average Interest Rate | 3.05% | |||||||
Revolving Credit Facility [Member] | 2014 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | $ 50,000 | |||||||
Line of Credit Facility, Current Borrowing Capacity | 300,000 | |||||||
Letters of Credit, maximum issuance amount | 10,000 | |||||||
Swingline Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 75,000 | |||||||
Swingline Loan [Member] | 2014 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 100,000 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 200,000 | $ 100,000 | ||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 200,000 | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 1.25% | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 2.50% | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 5.00% | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 60.00% | |||||||
Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount Of Debt Hedged By Interest Rate Derivatives | $ 100,000 | $ 100,000 | ||||||
Derivative, Fixed Interest Rate | 1.30% | |||||||
Designated as Hedging Instrument [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional Amount | 340,699 | $ 418,141 | ||||||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional Amount | $ 125,000 |
Credit Arrangements - 2013 Cred
Credit Arrangements - 2013 Credit Agreement (Details) - Debt Instrument, Name [Domain] - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2011 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 12, 2015 | Jun. 30, 2014 | May. 31, 2013 | Mar. 22, 2013 | Jun. 30, 2011 | |
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 357,079 | |||||||
Long-term Debt, Gross | $ 7,100 | |||||||
Commitment fee on revolving loan unused amount, percentage | 0.30% | |||||||
Derivative Interest Rate Cap Arrangement | 2.00% | |||||||
Derivative, Fixed Interest Rate | 0.73% | |||||||
Notional Amount | 468,480 | $ 568,853 | ||||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 200,000 | $ 100,000 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 300,000 | $ 300,000 | ||||||
Line of Credit Facility, Additional Borrowing Capacity | 200,000 | |||||||
Letters of Credit Outstanding, Amount | 10,000 | |||||||
Remaining borrowing capacity available | $ 250,000 | |||||||
Debt, Weighted Average Interest Rate | 3.05% | |||||||
Swingline Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000 | |||||||
2013 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, Weighted Average Interest Rate | 0.00% | |||||||
2013 Credit Agreement LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
2013 Credit Agreement One Month LIBOR Margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
2013 Credit Agreement Swingline [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt hedged with an interest rate swap agreement | $ 100,000 | $ 100,000 | ||||||
Derivative, Fixed Interest Rate | 1.30% | |||||||
Interest Rate Cap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt hedged with an interest rate swap agreement | $ 25,000 | |||||||
Derivatives Designated As Hedging Instruments [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional Amount | $ 340,699 | $ 418,141 | ||||||
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Contract [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional Amount | $ 125,000 |
Credit Arrangements - 2012 Term
Credit Arrangements - 2012 Term Loan and Facilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2014 | Jan. 22, 2013 | Dec. 20, 2012 | |
2012 Term Loan [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt | $ 100 | ||
2012 Term Loan Base Rate [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
2012 Term Loan LIBOR [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
HSBC TD US Banks Term Loan [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt | $ 25 | ||
Proceeds from Short-term Debt | $ 75 |
Credit Arrangements - 2011 Cred
Credit Arrangements - 2011 Credit Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2011 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2013 | May. 31, 2013 | Mar. 22, 2013 | Jun. 30, 2011 | |
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 357,079 | ||||||
Derivative Interest Rate Cap Arrangement | 2.00% | ||||||
Derivative, Fixed Interest Rate | 0.73% | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 200,000 | $ 100,000 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 250,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000 | $ 300,000 | |||||
2011 Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
Interest Rate Swap [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of debt hedged with an interest rate swap agreement | $ 100,000 | $ 100,000 | |||||
Derivative, Fixed Interest Rate | 1.30% | ||||||
Interest Rate Cap [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of debt hedged with an interest rate swap agreement | $ 25,000 | ||||||
JPMorganLOC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 4,500 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,500 | ||||||
RBSLOC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 4,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000 | ||||||
Minimum [Member] | JPMorganLOC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 2.00% | ||||||
Minimum [Member] | RBSLOC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 2.00% | ||||||
Maximum [Member] | JPMorganLOC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 4.00% | ||||||
Maximum [Member] | RBSLOC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 4.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | 13 Months Ended | 15 Months Ended | |||||
Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Aug. 01, 2013 | |
Class of Stock [Line Items] | ||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 205,842 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 197.6 | |||||||||||
Percent of advance payment under accelerated share repurchase agreement | 80.00% | |||||||||||
September 2012 Accelerated Share Repurchase [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | 50 | ||||||||||
Treasury Stock, Shares, Acquired | 1,328,462 | 234,898 | 1,563,360 | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 31.98 | |||||||||||
March 2013 Accelerated Share Repurchase [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | $ 50 | ||||||||||
Treasury Stock, Shares, Acquired | 1,044,932 | 101,247 | 1,146,179 | |||||||||
Percent of advance payment under accelerated share repurchase agreement | 80.00% | |||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 43.62 | $ 38.28 | ||||||||||
2012StockRepurchasePlan [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2.4 | |||||||||||
Stock repurchase program, authorized value | $ 200 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 200 | |||||||||||
Treasury Stock, Shares, Acquired | 5,458,285 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 36.64 | |||||||||||
September Open Market Repurchases [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 50 | |||||||||||
Open Market Repurchases [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 97.6 | $ 100 | ||||||||||
Treasury Stock, Shares, Acquired | 51,071 | 2,697,675 | 2,748,746 | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 36.17 | $ 36.38 | ||||||||||
March Open Market Repurchases [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 |
Equity and Earnings Per Share (
Equity and Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | 13 Months Ended | 15 Months Ended | ||||||
Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Aug. 14, 2015 | Jun. 30, 2015 | Aug. 01, 2013 | |
Class of Stock [Line Items] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 197.6 | ||||||||||||
Entity Common Stock, Shares Outstanding | 55,338,272 | ||||||||||||
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 | 55,237,068 | |||||||||||
Percent of advance payment under accelerated share repurchase agreement | 80.00% | ||||||||||||
2012 Stock Repurchase Plan [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock Repurchase Program Authorized Amount | $ 200 | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 200 | ||||||||||||
Treasury Stock, Shares, Acquired | 5,458,285 | ||||||||||||
Treasury Stock, Value, Acquired, Average Cost Per Share | $ 36.64 | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 2.4 | ||||||||||||
March 2013 Accelerated Share Repurchase [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | $ 50 | |||||||||||
Treasury Stock, Shares, Acquired | 1,044,932 | 101,247 | 1,146,179 | ||||||||||
Percent of advance payment under accelerated share repurchase agreement | 80.00% | ||||||||||||
Treasury Stock, Value, Acquired, Average Cost Per Share | $ 43.62 | $ 38.28 | |||||||||||
September 2012 Accelerated Share Repurchase [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | $ 50 | |||||||||||
Treasury Stock, Shares, Acquired | 1,328,462 | 234,898 | 1,563,360 | ||||||||||
Treasury Stock, Value, Acquired, Average Cost Per Share | $ 31.98 | ||||||||||||
Open Market Repurchases [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 97.6 | $ 100 | |||||||||||
Treasury Stock, Shares, Acquired | 51,071 | 2,697,675 | 2,748,746 | ||||||||||
Treasury Stock, Value, Acquired, Average Cost Per Share | $ 36.17 | $ 36.38 | |||||||||||
March Open Market Repurchases [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 |
Stockholders' Equity Fiscal Yea
Stockholders' Equity Fiscal Year 2014 Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 5 Months Ended | 12 Months Ended | |||
Oct. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 02, 2014 | |
PercentOfSharesReceivedUnderASR | 80.00% | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 197.6 | ||||
FiscalYear2014StockRepurchasePlan [Member] [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 150 | ||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 57.03 | $ 52.52 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 150 | ||||
Treasury Stock, Shares, Acquired | 2,630,009 | 345,165 | 2,284,844 |
Stockholders' Equity Fiscal Y67
Stockholders' Equity Fiscal Year 2013 Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | 13 Months Ended | 15 Months Ended | ||||
Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Aug. 01, 2013 | |
Treasury Stock, Value, Acquired, Cost Method | $ 197.6 | ||||||||||
PercentOfSharesReceivedUnderASR | 80.00% | ||||||||||
FiscalYear2013StockRepurchasePlan [Member] | |||||||||||
Stock Repurchase Program, Authorized Amount | $ 200 | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 200 | ||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 2.4 | ||||||||||
Treasury Stock, Shares, Acquired | 5,458,285 | ||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 36.64 | ||||||||||
September 2012 Accelerated Share Repurchase [Member] | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | 50 | |||||||||
Treasury Stock, Shares, Acquired | 1,328,462 | 234,898 | 1,563,360 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 31.98 | ||||||||||
March 2013 Accelerated Share Repurchase [Member] | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | $ 50 | |||||||||
Treasury Stock, Shares, Acquired | 1,044,932 | 101,247 | 1,146,179 | ||||||||
PercentOfSharesReceivedUnderASR | 80.00% | ||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 43.62 | $ 38.28 | |||||||||
September Open Market Repurchases [Member] | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | ||||||||||
Open Market Repurchases [Member] | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 97.6 | $ 100 | |||||||||
Treasury Stock, Shares, Acquired | 51,071 | 2,697,675 | 2,748,746 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 36.17 | $ 36.38 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to common shares | $ 34,178 | $ 37,741 | $ 38,760 | $ 37,142 | $ 40,072 | $ 34,739 | $ 28,329 | $ 25,954 | $ 147,821 | $ 129,094 | $ 95,972 |
Weighted average number of shares outstanding, used in computing basic earnings per share | 54,915 | 56,504 | 58,388 | ||||||||
Dilutive common stock equivalents | 923 | 973 | 1,059 | ||||||||
Weighted average shares used in computing diluted earnings per share | 55,838 | 57,477 | 59,447 | ||||||||
Basic earnings per share | $ 2.69 | $ 2.28 | $ 1.64 | ||||||||
Diluted earnings per share | $ 0.61 | $ 0.68 | $ 0.70 | $ 0.67 | $ 0.70 | $ 0.60 | $ 0.49 | $ 0.45 | $ 2.65 | $ 2.25 | $ 1.61 |
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount | 774 | 536 | 503 |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), foreign currency translation adjustments | $ (96,163) | $ (2,088) | $ (29,138) | $ (27,615) |
Accumulated other comprehensive income (loss), unrealized gain (loss) on derivative instruments | 295 | 4,178 | (900) | (1,524) |
Accumulated other comprehensive income (loss) | (95,868) | 2,090 | (30,038) | $ (29,139) |
Other comprehensive income before reclassifications | (108,347) | 33,461 | (2,886) | |
Other comprehensive income (loss), unrealized gain (loss) on derivative instruments | (3,883) | 5,078 | 624 | |
Other comprehensive income (loss) | (97,958) | 32,128 | (899) | |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 10,389 | (1,333) | 1,987 | |
Foreign currency translation adjustment | (94,075) | 27,050 | (1,523) | |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income before reclassifications | (94,075) | 27,050 | (1,523) | |
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 | (14,272) | 6,411 | (1,363) | |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | $ 10,389 | $ (1,333) | $ 1,987 |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income Reclassification out of Accumulated Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (16,311) | $ 2,096 | $ (3,090) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (5,900) | 800 | (1,100) |
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,450) | (1,719) | (1,260) |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (12,290) | 3,420 | (2,048) |
Foreign Exchange Contract [Member] | Sales Revenue, Services, Net [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,755) | 281 | 0 |
Cross Currency Swap Contracts [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 184 | $ 114 | $ 218 |
Stock And Employee Benefit Pl71
Stock And Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 95.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 3,000 | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Vesting period of employer contributions | P5Y | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 3,900,000 | $ 4,000,000 | $ 4,600,000 |
Recognized tax benefit related to stock compensation expense | 5,600,000 | 4,400,000 | 3,100,000 |
Unearned stock-based compensation expense related to unvested awards | $ 34,000,000 | ||
Recognition term of unearned stock-based compensation expense, in years | 2 years 7 months 6 days | ||
Employer contributions to plan | $ 10,700,000 | $ 9,600,000 | $ 8,600,000 |
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 Pl72
Stock And Employee Benefit Plans (Schedule Of Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 36.20% | 54.10% | 56.40% |
Risk-free interest rate | 1.70% | 1.60% | 0.90% |
Expected term (in years) | 5 years 12 days | 5 years 2 months 12 days | 5 years 2 months 12 days |
Stock And Employee Benefit Pl73
Stock And Employee Benefit Plans (Schedule Of Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Total stock-based compensation | $ 17,932 | $ 15,329 | $ 11,168 |
Selling, General And Administrative Related [Member] | |||
Total stock-based compensation | 13,540 | 12,302 | 9,250 |
Direct Costs Related [Member] | |||
Total stock-based compensation | $ 4,392 | $ 3,027 | $ 1,918 |
Stock And Employee Benefit Pl74
Stock And Employee Benefit Plans (Schedule Of Information Related To Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Weighted-average fair value of options granted per share | $ 20.16 | $ 20.70 | $ 16.20 |
Intrinsic value of options exercised | $ 33,833 | $ 24,066 | $ 24,872 |
Stock And Employee Benefit Pl75
Stock And Employee Benefit Plans (Schedule Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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 7 months 6 days | 5 years 3 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 78,954 | $ 75,229 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 968,250 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 25.13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 8 months 12 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 37,936 | |
Beginning Balance, Number of Options | 3,180,179 | |
Beginning Balance, Weighted-Average Exercise Price | $ 29.21 | |
Granted, Number of Options | 987,599 | |
Granted, Weighted-Average Exercise Price | $ 59.07 | |
Exercised, Number of Options | (895,279) | |
Exercised, Weighted-Average Exercise Price | $ 24.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (113,062) | |
Canceled, Weighted-Average Exercise Price | $ 41.37 | |
Ending Balance, Number of Options | 3,159,437 | 3,180,179 |
Ending Balance, Weighted-Average Exercise Price | $ 39.40 | $ 29.21 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 2,015,621 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 45.31 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 38,506 |
Stock And Employee Benefit Pl76
Stock And Employee Benefit Plans (Schedule Of Stock Options Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Outstanding, Number of Options | 3,159,437 | 3,180,179 |
Exercisable, Number of Options | 968,250 | |
Outstanding, Weighted-Average Exercise Price | $ 39.40 | $ 29.21 |
Expected to vest, Weighted-Average Exercise Price | $ 45.31 | |
Outstanding, Weighted-Average Remaining Contractual Life In Years | 5 years 7 months 6 days | 5 years 3 months 18 days |
Exercisable, Weighted-Average Remaining Contractual Life In Years | 3 years 8 months 12 days | |
Outstanding, Aggregate Intrinsic Value | $ 78,954 | $ 75,229 |
Expected to vest, Aggregate Intrinsic Value | $ 38,506 |
Stock And Employee Benefit Pl77
Stock And Employee Benefit Plans (Schedule Of Share-Based Compensation, Restricted Stock And Restricted Stock Units Activity) (Details) - 12 months ended Jun. 30, 2015 - $ / shares | Total |
Beginning Balance, Shares | 411,352 |
RSAs Granted, Shares | 108,772 |
Ending Balance, Shares | 339,012 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ 31.69 |
RSUs Granted, Weighted-Average Grant Date Fair Value | 60.39 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ 45.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (173,362) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 22.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (7,750) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 53.19 |
Stock And Employee Benefit Pl78
Stock And Employee Benefit Plans (Schedule Of Purchases Under The 2000 Purchase Plan) (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Shares Purchased | 57,557 | 68,867 | 62,777 |
Average Purchase Price | $ 59.09 | $ 43.20 | $ 35.54 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Hierarchy By Level) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Current | $ 0 | $ 95,641 |
Business Combination, Contingent Consideration, Liability | (7,291) | (5,152) |
Derivative, Fair Value, Net | 719 | 580 |
Foreign Currency Exchange Contracts | (5,612) | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 6,463 | |
Fair Value, Net Asset (Liability) | (12,184) | 1,891 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Derivative, Fair Value, Net | 0 | 0 |
Foreign Currency Exchange Contracts | 0 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Fair Value, Net Asset (Liability) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Derivative, Fair Value, Net | 719 | 580 |
Foreign Currency Exchange Contracts | (5,612) | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 6,463 | |
Fair Value, Net Asset (Liability) | (4,893) | 7,043 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | (7,291) | (5,152) |
Derivative, Fair Value, Net | 0 | 0 |
Foreign Currency Exchange Contracts | 0 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Fair Value, Net Asset (Liability) | $ (7,291) | $ (5,152) |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities Maturity Period | 90 days | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities Maturity Period | 1 year |
Fair Value Measurements Unobser
Fair Value Measurements Unobservable Input (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 7,291 | $ 5,152 | $ 5,934 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 9,882 | ||
Effect of exchange rate on contingent consideration | (322) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | $ (7,421) | $ (782) | |
Fair Value Inputs, Discount Rate | 4.00% | ||
Minimum [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair value input, Probability of Outcome | 100.00% | ||
Maximum [Member] | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Fair value input, Probability of Outcome | |||
Fair value input, Project Years of Payment | Aug. 31, 2016 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Disclosure Narrative (Details) - Fair Value Hierarchy [Domain] - USD ($) $ in Thousands | Oct. 03, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | May. 01, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (7,421) | $ (782) | |||
Long-term Debt, Fair Value | 96,200 | ||||
Marketable Securities, Current | 0 | 95,641 | |||
Business Combination, Contingent Consideration, Liability | $ 7,291 | $ 5,152 | |||
Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Marketable Securities Maturity Period | 1 year | ||||
Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Marketable Securities Maturity Period | 90 days | ||||
Heron Acquisition [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Consideration Transferred | $ 22,800 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 14,200 | $ 14,200 | |||
Business Combination, Contingent Consideration, Liability | $ 5,900 | ||||
ClinIntel Acquisition [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Business Combination, Consideration Transferred | 18,662 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 16,200 | ||||
Business Combination, Contingent Consideration, Liability | $ 9,882 | ||||
Payments to Acquire Businesses, Gross | $ 8,800 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Undistributed earnings of foreign subsidiaries that have been indefinitely reinvested | $ 479,000 | $ 423,000 | ||
Non-U.S. loss carryforwards subject to expiration | 3,200 | |||
U.S. foreign tax credit carryforwards | 26,100 | |||
U.S. foreign tax credit carryforwards attributable to deductions from the exercise of equity awards | 15,400 | |||
Gross unrecognized tax benefits | 35,200 | 41,471 | $ 46,591 | $ 53,813 |
Gross unrecognized tax benefits that would impact the effective tax rate if recognized | 23,900 | 25,400 | ||
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | (6,459) | 0 | 0 | |
Decrease resulting from the expiration of statutes of limitations | (76) | (5,630) | (4,662) | |
Change in liability for unrecognized tax benefits for uncertain tax positions | 14,200 | |||
Interest and penalties included in liability for unrecognized tax benefits | 4,200 | 5,500 | ||
Interest and penalties included in income tax expense | 700 | 300 | 900 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (500) | (1,115) | (2,869) | |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0 | $ 792 | $ 0 | |
United States [Member] | ||||
Operating loss carryforwards | 4,800 | |||
State [Member] | ||||
Operating loss carryforwards | 30,500 | |||
Deductions from the exercise of equity awards | $ 3,700 | |||
DateTaxMattersConcluded | 2,005 | |||
Federal [Member] | ||||
DateTaxMattersConcluded | 2,005 | |||
Foreign [Member] | ||||
Operating loss carryforwards | $ 21,400 | |||
DateTaxMattersConcluded | 2,001 | |||
Minimum [Member] | ||||
U.S. foreign tax credit carryforwards expiration date | Jan. 1, 2018 | |||
Minimum [Member] | United States [Member] | ||||
Net operating losses expiration date | Jan. 1, 2023 | |||
Minimum [Member] | State [Member] | ||||
Net operating losses expiration date | Jan. 1, 2016 | |||
Minimum [Member] | Foreign [Member] | ||||
Net operating losses expiration date | Jan. 1, 2016 | |||
Maximum [Member] | ||||
U.S. foreign tax credit carryforwards expiration date | Jan. 1, 2025 | |||
Maximum [Member] | United States [Member] | ||||
Net operating losses expiration date | Jan. 1, 2034 | |||
Maximum [Member] | State [Member] | ||||
Net operating losses expiration date | Jan. 1, 2034 | |||
Maximum [Member] | Foreign [Member] | ||||
Net operating losses expiration date | Jan. 1, 2025 |
Income Taxes (Domestic And Fore
Income Taxes (Domestic And Foreign Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income before provision for income taxes | $ 101,132 | $ 98,154 | $ 35,792 |
Foreign | 99,098 | 89,707 | 97,358 |
Income before provision for income taxes | $ 200,230 | $ 187,861 | $ 133,150 |
Income Taxes (Provisions For In
Income Taxes (Provisions For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current, Federal | $ 36,552 | $ 27,264 | $ 6,279 |
Current, State | 8,623 | 9,456 | 2,565 |
Current, Foreign | 23,025 | 33,242 | 26,651 |
Current, Total | 68,200 | 69,962 | 35,495 |
Deferred, Federal | 6,691 | 4,001 | 7,650 |
Deferred, State | (1,180) | (905) | (2,113) |
Deferred, Foreign | (21,302) | (14,291) | (3,854) |
Deferred, Total | (15,791) | (11,195) | 1,683 |
Provision for income taxes | $ 52,409 | $ 58,767 | $ 37,178 |
Income Taxes (Consolidated Effe
Income Taxes (Consolidated Effective Income Tax Rate Differed From The U.S. Federal Statutory Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income tax expense computed at the federal statutory rate | $ 70,081 | $ 65,751 | $ 46,602 |
Income tax expense computed at the federal statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | $ 5,081 | $ 5,419 | $ 1,914 |
State income taxes, net of federal benefit, percentage | 2.50% | 2.90% | 1.40% |
Foreign rate differential | $ (4,350) | $ (4,857) | $ (7,960) |
Foreign rate differential, percentage | (2.20%) | (2.60%) | (6.00%) |
Change in valuation allowances | $ (796) | $ (491) | $ (4,708) |
Change in valuation allowances, percentage | (0.40%) | (0.30%) | (3.50%) |
Change in reserves | $ (2,066) | $ (5,193) | $ 394 |
Change in reserves, percentage | (1.00%) | (2.80%) | 0.30% |
Research and development | $ (13,376) | $ (3,284) | $ (2,986) |
Research and development, percentage | (6.70%) | (1.70%) | (2.20%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | $ (1,805) | $ (376) | $ 0 |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent | (0.90%) | (0.20%) | 0.00% |
Other non-deductible expenses | $ 0 | $ 0 | $ 968 |
Other non-deductible expenses, percentage | 0.00% | 0.00% | 0.70% |
Statutory tax rate changes | $ (576) | $ (623) | $ 798 |
Statutory tax rate changes, percentage | (0.20%) | (0.30%) | 0.60% |
Other, net | $ 216 | $ 2,421 | $ 2,156 |
Other, net, percentage | 0.10% | 1.30% | 1.60% |
Provision for income taxes | $ 52,409 | $ 58,767 | $ 37,178 |
Consolidated effective income tax rate, percentage | 26.20% | 31.30% | 27.90% |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
U.S. loss carryforwards | $ 2,528 | $ 1,764 |
Foreign loss carryforwards | 4,503 | 2,814 |
Accrued expenses | 42,535 | 38,915 |
Tax credit carryforwards | 2,780 | 5,711 |
Provision for losses on receivables | 2,665 | 920 |
Deferred compensation | 10,017 | 8,219 |
Deferred revenue | 21,331 | 12,698 |
Intercompany loans | 1,299 | 2,752 |
Other | 2,228 | 3,597 |
Gross deferred tax assets | 89,886 | 77,390 |
Deferred tax asset valuation allowance | (4,344) | (5,318) |
Total deferred tax assets | 85,542 | 72,072 |
Property and equipment | (6,784) | (6,521) |
Revenue recognition | (10,656) | (17,601) |
Intangible assets | (35,526) | (35,372) |
Other | (4,745) | (1,038) |
Total deferred tax liabilities | (57,711) | (60,532) |
Deferred tax assets (liabilities), net | $ 27,831 | $ 11,540 |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets and Liabilities Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Current deferred tax assets | $ 59,058 | $ 54,061 |
Non-current deferred tax assets | 11,703 | 6,669 |
Current deferred tax liabilities | (9,976) | (16,592) |
Deferred tax assets (liabilities), net | 27,831 | 11,540 |
Non-current deferred tax liabilities | $ (32,954) | $ (32,598) |
Income Taxes (Unrecognized Inco
Income Taxes (Unrecognized Income Tax Benefits, Excluding Accrued Interest And Penalties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Balance at beginning of year | $ 41,471 | $ 46,591 | $ 53,813 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0 | 792 | 0 |
Additions related to tax positions in the current year | 3,595 | 0 | 0 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (500) | (1,115) | (2,869) |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | (6,459) | 0 | 0 |
Reductions related to the expiration of statutes | (76) | (5,630) | (4,662) |
Currency translation adjustments | (2,810) | 833 | 309 |
Balance at end of year | $ 35,200 | $ 41,471 | $ 46,591 |
Debt, Commitments, Contingenc89
Debt, Commitments, Contingencies And Guarantees (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Total rent expense, net of sublease income | $ 56.4 | $ 59.4 | $ 54.7 |
Letter Of Credit [Member] | |||
Line of credit | $ 9.9 |
Debt, Commitments, Contingenc90
Debt, Commitments, Contingencies And Guarantees (Future Minimum Debt Obligations, Lease Payments Under Non-Cancelable Leases, And Purchase Commitments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 12, 2015 |
Debt, Commitments, Contingencies And Guarantees [Abstract] | ||
Debt obligations (principal), FY 2015 | $ 8,915 | $ 1,400 |
Debt obligations (principal), FY 2016 | 12,832 | 2,800 |
Debt obligations (principal), FY 2017 | 20,332 | $ 2,800 |
Debt obligations (principal), FY 2018 | 35,000 | |
Debt obligations (principal), FY 2019 | 280,000 | |
Debt obligations (principal), Thereafter | 0 | |
Debt obligations (principal), Total | 357,079 | |
Operating leases, FY 2015 | 55,805 | |
Operating leases, FY 2016 | 44,415 | |
Operating leases, FY 2017 | 35,285 | |
Operating leases, FY 2018 | 30,023 | |
Operating leases, FY 2019 | 23,036 | |
Operating leases, Thereafter | 96,426 | |
Operating leases, Total | 284,990 | |
Purchase commitments, FY 2015 | 105,143 | |
Purchase commitments, FY 2016 | 38,704 | |
Purchase commitments, FY 2017 | 5,919 | |
Purchase commitments, FY 2018 | 1,950 | |
Purchase commitments, FY 2017 | 166 | |
Purchase commitments, Thereafter | 0 | |
Purchase commitments, Total | 151,882 | |
Debt, commitments, contingencies and guarantees, FY 2015 | 169,863 | |
Debt, commitments, contingencies and guarantees, FY 2016 | 95,951 | |
Debt, commitments, contingencies and guarantees, FY 2017 | 61,536 | |
Debt, commitments, contingencies and guarantees, FY 2018 | 66,973 | |
Debt, commitments, contingencies and guarantees, FY 2019 | 303,202 | |
Debt, commitments, contingencies and guarantees, Thereafter | 96,426 | |
Debt, commitments, contingencies and guarantees, Total | $ 793,951 |
Geographic Information (Schedul
Geographic Information (Schedule Of Financial Information By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Sales Revenue, Services, Net | $ 522,983 | $ 502,033 | $ 499,269 | $ 491,696 | $ 510,595 | $ 492,375 | $ 487,145 | $ 449,245 | $ 2,015,981 | $ 1,939,360 | $ 1,734,442 |
Income from operations | 39,259 | $ 54,229 | $ 52,784 | $ 53,580 | 58,782 | $ 52,171 | $ 46,664 | $ 41,881 | 199,852 | 199,498 | 136,123 |
Tangible long-lived assets | 241,211 | 234,164 | 241,211 | 234,164 | |||||||
The Americas [Member] | |||||||||||
Sales Revenue, Services, Net | 1,055,581 | 970,894 | 866,998 | ||||||||
Income from operations | 112,809 | 111,718 | 44,743 | ||||||||
Tangible long-lived assets | 161,159 | 151,111 | 161,159 | 151,111 | |||||||
Europe, Middle East & Africa [Member] | |||||||||||
Sales Revenue, Services, Net | 691,104 | 709,137 | 624,010 | ||||||||
Income from operations | 56,282 | 51,793 | 59,466 | ||||||||
Tangible long-lived assets | 61,450 | 63,215 | 61,450 | 63,215 | |||||||
Asia/Pacific [Member] | |||||||||||
Sales Revenue, Services, Net | 269,296 | 259,329 | 243,434 | ||||||||
Income from operations | 30,761 | 35,987 | $ 31,914 | ||||||||
Tangible long-lived assets | $ 18,602 | $ 19,838 | $ 18,602 | $ 19,838 |
Geographic Information (Sched92
Geographic Information (Schedule Of Service Revenue From Countries) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Sales Revenue, Services, Net | $ 522,983 | $ 502,033 | $ 499,269 | $ 491,696 | $ 510,595 | $ 492,375 | $ 487,145 | $ 449,245 | $ 2,015,981 | $ 1,939,360 | $ 1,734,442 |
United States [Member] | |||||||||||
Sales Revenue, Services, Net | 984,683 | 902,931 | 797,380 | ||||||||
Germany [Member] | |||||||||||
Sales Revenue, Services, Net | 229,858 | 187,099 | |||||||||
United Kingdom [Member] | |||||||||||
Sales Revenue, Services, Net | $ 239,649 | $ 245,098 | $ 227,964 |
Segment Information (Service Re
Segment Information (Service Revenue and Gross Profit On Service Revenue Of Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Sales Revenue, Services, Net | $ 522,983 | $ 502,033 | $ 499,269 | $ 491,696 | $ 510,595 | $ 492,375 | $ 487,145 | $ 449,245 | $ 2,015,981 | $ 1,939,360 | $ 1,734,442 |
Gross profit on service revenue | $ 162,924 | $ 164,079 | $ 171,948 | $ 172,877 | $ 182,267 | $ 169,226 | $ 162,638 | $ 146,051 | 671,828 | 660,182 | 526,906 |
CRS [Member] | |||||||||||
Sales Revenue, Services, Net | 1,535,359 | 1,455,279 | 1,303,569 | ||||||||
Gross profit on service revenue | 449,613 | 445,210 | 347,056 | ||||||||
PCMS [Member] | |||||||||||
Sales Revenue, Services, Net | 215,954 | 229,842 | 211,202 | ||||||||
Gross profit on service revenue | 94,755 | 96,220 | 84,745 | ||||||||
PI [Member] | |||||||||||
Sales Revenue, Services, Net | 264,668 | 254,239 | 219,671 | ||||||||
Gross profit on service revenue | $ 127,460 | $ 118,752 | $ 95,105 |
Quarterly Operating Results (Sc
Quarterly Operating Results (Schedule Of Unaudited Quarterly Results Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Sales Revenue, Services, Net | $ 522,983 | $ 502,033 | $ 499,269 | $ 491,696 | $ 510,595 | $ 492,375 | $ 487,145 | $ 449,245 | $ 2,015,981 | $ 1,939,360 | $ 1,734,442 |
Gross profit | 162,924 | 164,079 | 171,948 | 172,877 | 182,267 | 169,226 | 162,638 | 146,051 | 671,828 | 660,182 | 526,906 |
Income from operations | 39,259 | 54,229 | 52,784 | 53,580 | 58,782 | 52,171 | 46,664 | 41,881 | 199,852 | 199,498 | 136,123 |
Net income | $ 34,178 | $ 37,741 | $ 38,760 | $ 37,142 | $ 40,072 | $ 34,739 | $ 28,329 | $ 25,954 | $ 147,821 | $ 129,094 | $ 95,972 |
Diluted earnings per share | $ 0.61 | $ 0.68 | $ 0.70 | $ 0.67 | $ 0.70 | $ 0.60 | $ 0.49 | $ 0.45 | $ 2.65 | $ 2.25 | $ 1.61 |