Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 53,238,556 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 30, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 157.9 | $ 207.4 |
Billed and unbilled accounts receivable, net | 428.1 | 460.6 |
Unbilled Receivables, Current | 284 | 262.2 |
Prepaid expenses | 29.8 | 15.6 |
Deferred tax assets | 56.7 | 59.1 |
Income taxes receivable | 7.3 | 12.8 |
Other current assets | 41.4 | 44.4 |
Total current assets | 1,005.2 | 1,062.1 |
Property and equipment, net | 245.3 | 241.2 |
Goodwill | 346.9 | 354.9 |
Other intangible assets, net | 135.1 | 142.1 |
Non-current deferred tax assets | 14.9 | 11.7 |
Long-term income taxes receivable | 10.7 | 11.1 |
Other assets | 42 | 41.9 |
Total assets | 1,800.1 | 1,865 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Notes payable and current portion of long-term debt | 12.8 | 8.9 |
Accounts payable | 56.5 | 81.2 |
Deferred revenue | 367.6 | 371.8 |
Accrued expenses | 29.7 | 33.4 |
Restructuring Reserve, Current | 32.7 | 20.2 |
Accrued employee benefits and withholdings | 161 | 152.7 |
Current deferred tax liabilities | 9 | 10 |
Taxes Payable, Current | 13.7 | 13.1 |
Other current liabilities | 20.5 | 18.2 |
Total current liabilities | 703.5 | 709.5 |
Long-term debt, net of current portion | 470.2 | 345.4 |
Non-current deferred tax liabilities | 26.3 | 33 |
Long-term income tax liabilities | 32.8 | 27.1 |
Long-term deferred revenue | 43.9 | 42.2 |
Other liabilities | 43.8 | 42.5 |
Total liabilities | 1,320.5 | 1,199.7 |
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 0.5 | 0.6 |
Additional paid-in capital | 0 | 37.7 |
Retained earnings | 592.2 | 722.9 |
Accumulated other comprehensive (loss) income | (113.1) | (95.9) |
Total stockholders' equity | 479.6 | 665.3 |
Total liabilities and stockholders' equity | $ 1,800.1 | $ 1,865 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Parenthethical - $ / shares | Sep. 30, 2015 | Jun. 30, 2015 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Outstanding | 53,200,000 | 55,200,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ (15) | $ (38.2) |
Revenues [Abstract] | ||
Service revenue | 512.1 | 491.7 |
Reimbursement revenue | 73.1 | 82 |
Total revenue | 585.2 | 573.7 |
Costs and Expenses [Abstract] | ||
Direct costs | 343.2 | 318.8 |
Reimbursable out-of-pocket expenses | 73.1 | 82 |
Selling, general and administrative | 94.9 | 99 |
Depreciation | 18 | 16.9 |
Amortization of Intangible Assets | 5.7 | 3.5 |
Restructuring charge (benefit) | 14.8 | (0.1) |
Total costs and expenses | 549.7 | 520.1 |
Income from operations | 35.5 | 53.6 |
Interest Income (Expense), Net | (1.6) | (1.7) |
Miscellaneous income (expense) | 1.8 | 3.3 |
Total other income (expense) | 0.2 | 1.6 |
Income before income taxes | 35.7 | 55.2 |
Provision for income taxes | 10.8 | 18.1 |
Net income | $ 24.9 | $ 37.1 |
Earnings per common share | ||
Basic | $ 0.45 | $ 0.68 |
Diluted | $ 0.45 | $ 0.67 |
Shares used in computing earnings per common share | ||
Basic | 55 | 54.7 |
Diluted | 55.9 | 55.8 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income (Loss) Attributable to Parent | $ 24.9 | $ 37.1 |
Unrealized gain (loss) on derivative instruments, net of taxes | (2.2) | (7.2) |
Foreign currency translation adjustment | (15) | (38.2) |
Total comprehensive income (loss) | $ 7.7 | $ (8.3) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flow from operating activities: | ||
Net Income (Loss) Attributable to Parent | $ 24.9 | $ 37.1 |
Depreciation and amortization | 23.7 | 20.4 |
Share-based Compensation | 5.1 | 4.1 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | (1.5) | (2.7) |
Deferred income taxes | (7.5) | (7.4) |
Other Noncash (Income) Expense | 6.3 | (0.2) |
Changes in operating assets and liabilities | 3.2 | (32.4) |
Net cash provided by (used in) operating activities: | 54.2 | 18.9 |
Cash flow from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (1.6) |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 88.5 |
Purchases of property and equipment | (30.9) | (12.1) |
Net cash used in investing activities | (30.9) | 74.8 |
Cash flow from financing activities: | ||
(Payments) proceeds from issuance of common stock | 3.7 | 0.1 |
Payments for Repurchase of Common Stock | (200) | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 1.5 | 2.8 |
Borrowing under credit agreement/facility | 280 | 107.5 |
Repayments of Lines of Credit | (151.4) | (87.5) |
Net cash (used in) provided by financing activities | (66.2) | 22.9 |
Effect of exchange rate changes on cash and cash equivalents | (6.6) | (23.4) |
Net increase (decrease) in cash and cash equivalents | (49.5) | 93.2 |
Cash and cash equivalents at beginning of period | 207.4 | 188.2 |
Cash and cash equivalents at end of period | 157.9 | 281.4 |
Supplemental disclosures of cash flow information | ||
Capital expenditure paid but incurred in prior periods | 6.9 | 0 |
Interest | 3.5 | 3.5 |
Income taxes, net of refunds | $ 4.3 | $ 35.3 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of PAREXEL International Corporation (“PAREXEL,” the “Company,” “we,” “our” or “us”) have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information in the United States and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company’s financial position as of September 30, 2015 , results of operations for the three months ended September 30, 2015 and 2014 have been included. Operating results for the three months ended September 30, 2015 are not necessarily indicative of the results that may be expected for other quarters or the entire fiscal year. For further information, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2015 (the “2015 10-K”) filed with the Securities and Exchange Commission on August 25, 2015. 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 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 Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation, as it relates to such awards. ASU 2014-12 will be effective in the first quarter of our fiscal year ending June 30, 2017 with early adoption permitted using either of two methods: (1) prospective to all awards granted or modified after the effective date; or (2) 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 awards granted or modified 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 ASU No. 2014-12 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 ASU 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 issuance 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. We are assessing the impact of adopting ASU No. 2015-03 on our consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16 ("ASU 2015-16"), Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires adjustments to provisional amounts that are identified during the measurement period of a business combination to be recognized in the reporting period in which the adjustment amounts are determined. Acquirers are no longer required to revise comparative information for prior periods as if the accounting for the business combination had been completed as of the acquisition date. The provisions of ASU 2015-16 are effective for reporting periods beginning after December 15, 2015. We are assessing the impact of adopting ASU No. 2015-16 on our consolidated financial statements. |
Equity and Earnings Per Share
Equity and Earnings Per Share | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Equity and Earnings Per Share | EQUITY AND EARNINGS PER SHARE We have authorized 5.0 million shares of preferred stock at $0.01 par value. As of September 30, 2015 and June 30, 2015 , we had no shares of preferred stock issued and outstanding. We have authorized 150.0 million shares of common stock at $0.01 par value. As of September 30, 2015 and June 30, 2015 , respectively, we had 53.2 million and 55.2 million shares of common stock issued and outstanding. We compute basic earnings per share by dividing net income for the period by the weighted average number of common shares outstanding during the period. We compute diluted earnings per share by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options and restricted stock awards and units. The following table outlines the basic and diluted earnings per share computations: (in millions, except per share data) Three Months Ended September 30, 2015 September 30, 2014 Net income attributable to common stock $ 24.9 $ 37.1 Weighted average number of shares outstanding, used in computing basic earnings per share 55.0 54.7 Dilutive common stock equivalents 0.9 1.1 Weighted average number of shares outstanding used in computing diluted earnings per share 55.9 55.8 Basic earnings per share $ 0.45 $ 0.68 Diluted earnings per share $ 0.45 $ 0.67 Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) 0.9 0.4 Share Repurchase Plan Fiscal Year 2016 Share Repurchase On September 14, 2015, we announced that our Board of Directors approved a share repurchase program (the “2016 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. On September 15, 2015, we entered into an agreement (the “2016 Agreement”) to purchase shares of our common stock from Wells Fargo Bank, National Association (“WF”), for an aggregate purchase price of $200.0 million pursuant to an accelerated share purchase program. Pursuant to the 2016 Agreement, in September 2015, we paid $ 200.0 million to WF and received from WF 2,274,343 shares of our common stock, representing 80% of the shares to be repurchased by us under the 2016 Agreement. The shares were repurchased at a price of $70.35 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on September 16, 2015. These shares were canceled and restored to the status of authorized and unissued shares. As of September 30, 2015 , we recorded the $200.0 million payment to WF 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. 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 our 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Sep. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | COMPREHENSIVE INCOME (LOSS) The following table reflects the activity for the components of accumulated other comprehensive income (loss), net of tax, for the three months ended September 30, 2015 : (in millions) Foreign Currency Unrealized Gain/Loss on Derivatives Total Balance as of June 30, 2015 $ (96.2 ) $ 0.3 $ (95.9 ) Other comprehensive loss before reclassifications (15.0 ) (4.1 ) (19.1 ) Loss reclassified from accumulated other comprehensive income — 1.9 1.9 Net current-period other comprehensive loss $ (15.0 ) $ (2.2 ) $ (17.2 ) Balance as of September 30, 2015 $ (111.2 ) $ (1.9 ) $ (113.1 ) The details regarding pre-tax gain (loss) on derivative instruments reclassified to net income from accumulated other comprehensive income (loss) for the three months ended September 30, 2015 and 2014 are presented below: Three Months Ended Affected Line in the Consolidated Statements of Income (in millions) September 30, 2015 September 30, 2014 Interest rate contracts $ (0.2 ) $ 0.4 Interest expense, net Foreign exchange contracts (0.2 ) — Service Revenue Foreign exchange contracts (2.8 ) 1.3 Direct Costs Cross-currency swap contracts — 0.1 Miscellaneous income (expense), net Total $ (3.2 ) $ 1.8 The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $1.3 million , and $0.7 million for the three months ended September 30, 2015 and September 30, 2014 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We account for stock-based compensation according to FASB ASC 718, “Compensation—Stock Compensation.” The classification of compensation expense within the consolidated statements of income is presented in the following table: (in millions) Three Months Ended September 30, 2015 September 30, 2014 Direct costs $ 1.2 $ 1.0 Selling, general and administrative 3.9 3.1 Total stock-based compensation $ 5.1 $ 4.1 |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Sep. 30, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | In June 2015, our 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. In the fourth quarter of Fiscal Year 2015 and the first quarter of Fiscal Year 2016, we recorded $20.0 million and $14.8 million , respectively, in restructuring charges related to the Margin Acceleration Program. Changes in the restructuring accrual during the first quarter of Fiscal Year 2016 are summarized below: Balance at Charges/(Benefits) Payments/Foreign Balance at June 30, 2015 September 30, 2015 2015 Margin Acceleration Program Employee severance $ 20.0 $ 14.2 $ (1.6 ) $ 32.6 Facilities-related — 0.6 (0.6 ) — Pre-Fiscal Year 2012 Restructuring Plans Facilities-related 0.3 — (0.1 ) 0.2 Total $ 20.3 $ 14.8 $ (2.3 ) $ 32.8 |
Segment Information
Segment Information | 3 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We have three reporting segments: Clinical Research Services (“CRS”), PAREXEL Consulting Services (“PC”), and PAREXEL Informatics (“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, known as Peri/Post Approval Services. Our services include clinical trials management and biostatistics, commercialization, data management and clinical pharmacology, as well as related medical advisory, patient recruitment, clinical supply and drug logistics, pharmacovigilance, and investigator site services. PAREXEL Medical Communications Services ("MedCom") provides targeted communications services in support of product launch. 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 and strategic compliance. It also provides a full spectrum of market development and product development. Our PC consultants identify alternatives and propose solutions to address client issues associated with product development and registration. • 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 ® clinical trials management systems (“CTMS”), DataLabs ® electronic data capture, web-based portals, systems integration, electronic patient reported outcomes, and LIQUENT InSight® Regulatory Information Management ("RIM") solutions. These services are often bundled together and integrated with other applications to provide eClinical solutions for our clients. Effective July 1, 2015, certain components of the our business segments were reorganized to better align services offered to clients. Specifically, HERON™ and MedCom were transferred to the CRS segment from our PC segment to broaden the range of fully-integrated services to help clients position their products for market access and ongoing commercial success. For the three months ended September 30, 2015 , we included the operating results of HERON™ and MedCom within the CRS segment and retroactively revised the three months ended September 30, 2014 to reflect this presentation change. We evaluate our segment performance and allocate resources based on service revenue and gross profit (service revenue less direct costs), while other operating costs are allocated and evaluated on a geographic basis. Accordingly, we do not include the impact of selling, general, and administrative expenses, depreciation and amortization expense, other income (expense), and income tax expense in segment profitability. We attribute revenue to individual countries based upon the revenue earned in the respective countries; however, inter-segment transactions are not included in service revenue. Furthermore, we have a global infrastructure supporting our business segments, and therefore do not identify assets by reportable segment. Our segment results were as follows: (in millions) Three Months Ended September 30, 2015 September 30, 2014 Service revenue CRS $ 410.2 $ 384.9 PC 39.3 41.3 PI 62.6 65.5 Total service revenue $ 512.1 $ 491.7 Direct costs CRS $ 287.5 $ 263.1 PC 20.2 21.6 PI 35.5 34.1 Total direct costs $ 343.2 $ 318.8 Gross profit CRS $ 122.7 $ 121.8 PC 19.1 19.7 PI 27.1 31.4 Total gross profit $ 168.9 $ 172.9 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We determine our global provision for corporate income taxes in accordance with FASB ASC 740, “Income Taxes.” We recognize our deferred tax assets and liabilities based upon the effect of temporary differences between the book and tax basis of recorded assets and liabilities. Further, we follow a methodology in which we identify, recognize, measure and disclose in our financial statements the effects of any uncertain tax return reporting positions that we have taken or expect to take. The methodology is based on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances. Our quarterly effective income tax rate reflects management’s estimates of our annual projected profitability in the various taxing jurisdictions in which we operate. Since the statutory tax rates differ in the jurisdictions in which we operate, changes in the distribution of profits and losses may have a significant impact on our effective income tax rate. As of September 30, 2015 , we had $35.8 million of gross unrecognized tax benefits, of which $24.9 million would impact the effective tax rate if recognized. 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. The reserves for unrecognized tax positions primarily relate to exposures for income tax matters such as changes in the jurisdiction in which income is taxable. The $0.6 million net increase in gross unrecognized tax benefits is primarily attributable to favorable positions we have taken, or expect to take, on tax returns. As of September 30, 2015 , we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could decrease by approximately $15.1 million over the next 12 months primarily as a result of the expiration of statutes of limitations and settlements with tax authorities. We recognize interest and penalties related to income tax matters in income tax expense. As of September 30, 2015 and June 30, 2015 , $4.3 million and $4.2 million , respectively of gross interest and penalties were included in the liability for unrecognized tax benefits. For the three month periods ended September 30, 2015 and 2014 , expenses of $ 0.2 million and $0.3 million , respectively, were recorded for interest and penalties related to tax matters. We are subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. All material U.S. federal, state and local income tax matters have been concluded with the respective taxing authority through 2005. Substantially all material foreign income tax matters have been concluded for all years through 2001. For the three months ended September 30, 2015 and 2014, we had effective income tax rates of 30.3% and 32.7% , respectively. The tax rates for these periods were lower than the expected statutory rate of 35% primarily as a result of the favorable effect of statutory tax rates applicable to income earned outside the United States on the projected annual effective tax rate. |
Credit Agreements
Credit Agreements | 3 Months Ended |
Sep. 30, 2015 | |
Line of Credit Facility [Abstract] | |
Lines Of Credit | Master Financing Agreement On June 12, 2015, we entered into a three 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 paid on or prior to July 1, 2015; • $2.8 million paid on or prior to July 1, 2016; and • $2.9 million paid on or prior to July 1, 2017. As of September 30, 2015 , we had $5.7 million of principal borrowed under the Master Financing Agreement. 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 September 30, 2015 , we had $180.0 million of principal borrowed under the revolving credit facility and $200.0 million of principal borrowed under the term loan. As of June 30, 2015, we had $50.0 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 $2.4 million and $2.5 million in our consolidated balance sheets at September 30, 2015 and June 30, 2015, respectively. As of September 30, 2015 , we had borrowing availability of $120.0 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 our exceeding an agreed-to leverage ratio), transactions with affiliates, and other restrictive covenants. As of September 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% . In September 2015, the interest rate swap agreement matured and the related accumulated other comprehensive income was reclassified to net income during the three months ended September 30, 2015. 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% . The interest rate swap agreement now hedges $100.0 million of principal under our 2014 Credit Agreement. As of September 30, 2015 , our debt under the 2014 Credit Agreement, including the $100.0 million of principal hedged with both interest swap agreements, carried an average annualized interest rate of 1.49% . 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. On October 1, 2015, we entered into a two year interest rate swap agreement effective September 30, 2016 and hedged an additional principal amount of $100.0 million under the 2014 Credit Agreement with a fixed interest rate of 1.104% . Note Purchase Agreement On July 25, 2013, we issued $100.0 million principal amount of 3.11% senior notes due July 25, 2020 (the “Notes”) for aggregate gross proceeds of $100.0 million in a private placement solely to accredited investors. The Notes were issued pursuant to a Note Purchase Agreement entered into by us with certain institutional investors on June 25, 2013 (the “Note Purchase Agreement”). Proceeds from the Notes were used to pay down $100.0 million of principal borrowed under the revolving credit facility of the 2013 Credit Agreement, as described below. We will pay interest on the outstanding balance of the Notes at a rate of 3.11% per annum, payable semi-annually on January 25 and July 25 of each year until the principal on the Notes shall have become due and payable. We may, at our option, upon notice and subject to the terms of the Note Purchase Agreement, prepay at any time all or part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding, plus a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes become due and payable on July 25, 2020, unless payment is required to be made earlier under the terms of the Note Purchase Agreement. The Note Purchase Agreement includes operational and financial covenants, with which we are required to comply, including, among others, maintenance of certain financial ratios and restrictions on additional indebtedness, liens and dispositions. As of September 30, 2015 , we were in compliance with all covenants under the Note Purchase Agreement. In connection with the Note Purchase Agreement, certain of our subsidiaries entered into a Subsidiary Guaranty, pursuant to which such subsidiaries guaranteed our obligations under the Notes and the Note Purchase Agreement. As of September 30, 2015 , there was $100.0 million in aggregate principal amount outstanding under the Notes. The outstanding amounts are presented net of debt issuance cost of approximately $0.3 million in our consolidated balance sheets. 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, 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. During the three months ended September 30, 2015 , we transferred approximately $40.0 million of trade receivables. As of September 30, 2015 and June 30, 2015 , no transfers were accounted for as a financing activity. 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. 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 from 2.00% to 4.00% . We entered into this line of credit to facilitate business transactions. At September 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 September 30, 2015 , we had 4.0 million Euros available under this line of credit. |
Debt, Commitments, Contingencie
Debt, Commitments, Contingencies And Guarantees | 3 Months Ended |
Sep. 30, 2015 | |
Commitments, Contingencies And Guarantees [Abstract] | |
Commitments, Contingencies And Guarantees | COMMITMENTS, CONTINGENCIES AND GUARANTEES As of September 30, 2015 , our future minimum debt obligations related to the 2014 Credit Agreement and the Notes described in Note 8 above are as follows: (in millions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Thereafter Total Debt obligations (principal) $ 7.5 $ 12.8 $ 20.4 $ 35.0 $ 410.0 $ — $ 485.7 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. |
Derivatives
Derivatives | 3 Months Ended |
Sep. 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. 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 also intends to reduce the impact of foreign exchange rate risk on our direct costs and 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 related to intercompany and significant external transactions. These contracts are not designated as hedges in accordance with ASC 815. The following table presents the notional amounts and fair values of our derivatives as of September 30, 2015 and June 30, 2015 . The gross position of all asset and liability amounts is reported in other current assets, other assets, other current liabilities, and other liabilities in our consolidated balance sheets. (in millions) September 30, 2015 June 30, 2015 Notional Amount Asset (Liability) Notional Amount Asset (Liability) Derivatives designated as hedging instruments under ASC 815 Derivatives in an asset position: Interest rate contracts $ 100.0 $ — $ 100.0 $ 0.8 Foreign exchange contracts 43.1 1.0 140.6 2.9 Derivatives in a liability position: Interest rate contracts — — 25.0 — Foreign exchange contracts 137.6 (4.0 ) 56.0 (4.6 ) Cross-currency swap contracts — — 19.0 (2.7 ) Total designated derivatives $ 280.7 $ (3.0 ) $ 340.6 $ (3.6 ) Derivatives not designated as hedging instruments under ASC 815 Derivatives in an asset position: Foreign exchange contracts $ 49.1 $ 0.3 $ 46.0 $ 0.6 Derivatives in a liability position: Foreign exchange contracts 78.3 (2.2 ) 82.0 (1.8 ) Total non-designated derivatives $ 127.4 $ (1.9 ) $ 128.0 $ (1.2 ) Total derivatives $ 408.1 $ (4.9 ) $ 468.6 $ (4.8 ) 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 income (expense), net in our consolidated statements of income. During the three months ended September 30, 2015 and 2014 , we recorded losses of $1.0 million and $0.7 million , respectively, in miscellaneous income (expense), net in our consolidated statements of income to reflect ineffective portions of hedges. The amounts recognized in other comprehensive income (loss), net of taxes, are presented below: (in millions) Three Months Ended September 30, 2015 September 30, 2014 Derivatives designated as hedging instruments under ASC 815 Interest rate contracts $ (0.4 ) $ 0.5 Foreign exchange contracts (1.8 ) (7.7 ) Total designated derivatives $ (2.2 ) $ (7.2 ) The unrealized gain (loss) on derivative instruments is net of $0.7 million and $4.1 million taxes, respectively, for the three months ended September 30, 2015 and 2014 . The estimated net amount of the existing losses that are expected to be reclassified into earnings within the next twelve months is $3.3 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 losses of $2.8 million and $7.5 million for the three months ended September 30, 2015 and 2014 , respectively. The unrealized losses recognized are presented below: (in millions) Three Months Ended September 30, 2015 September 30, 2014 Derivatives not designated as hedging instruments under ASC 815 Foreign exchange contracts $ (0.7 ) $ (2.7 ) Total non-designated derivative unrealized loss, net $ (0.7 ) $ (2.7 ) |
Goodwill Goodwill
Goodwill Goodwill | 3 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | NOTE 11. – GOODWILL As of September 30, 2015 and June 30, 2015, we had goodwill of $346.9 million and $354.9 million . We evaluate goodwill for impairment annually, as well as whenever events or changes in circumstances suggest that the carrying value of goodwill may not be recoverable. We test goodwill for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis on June 30th of each fiscal year or more frequently if indicators of impairment exist. As discussed in Note 6, we reorganized certain components of our PC segment to our CRS segment on July 1, 2015. We performed an impairment analysis immediately prior to and subsequent to the movement of these components and evaluated goodwill for impairment as of July 1, 2015 for our PC reporting unit, which had $20.6 million of goodwill as of June 30, 2015. The performance of the test involves a two-step process. The first step of the impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. We determined the fair value of our PC reporting unit using the income approach methodology of valuation that includes the discounted cash flow method, as well as other generally accepted valuation methodologies. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, we perform the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit with the carrying value of that reporting unit. Based on this analysis, no impairment was identified. The Company's next annual impairment assessment will be performed as of June 30, 2016 unless indicators arise that would require the Company to re-evaluate at an earlier date. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We apply the provisions of FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value and provides guidance for measuring fair value and expands disclosures about fair value measurements. ASC 820 seeks to enable the reader of financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. ASC 820 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: • Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. • Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: ◦ quoted prices for similar assets and liabilities in active markets ◦ quoted prices for identical or similar assets or liabilities in markets that are not active ◦ observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals) ◦ inputs that are derived principally from or corroborated by observable market data by correlation or other means • Level 3 – Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of September 30, 2015 : (in millions) Level 1 Level 2 Level 3 Total Contingent consideration $ — $ — $ (12.0 ) $ (12.0 ) Foreign currency exchange contracts — (4.9 ) — (4.9 ) Total $ — $ (4.9 ) $ (12.0 ) $ (16.9 ) 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 millions) Level 1 Level 2 Level 3 Total Contingent consideration $ — $ — $ (7.3 ) $ (7.3 ) Interest rate derivative instruments — 0.7 — 0.7 Foreign currency exchange contracts — (5.6 ) — (5.6 ) Total $ — $ (4.9 ) $ (7.3 ) $ (12.2 ) Level 1 Estimates Cash equivalents are measured at quoted prices in active markets. These investments are considered cash equivalents due to the short maturity (less than 90 days) of the investments. Level 2 Estimates Interest rate derivative instruments are measured at fair value using a market approach valuation technique. The valuation is based on an estimate of net present value of the expected cash flows using relevant mid-market observable data inputs and based on the assumption of no unusual market conditions or forced liquidation. Foreign currency exchange contracts are measured at fair value using a market approach valuation technique. The inputs to this technique utilize current foreign currency exchange forward market rates published by leading third-party financial news and data providers. This is observable data that represent the rates that the financial institution uses for contracts entered into at that date; however, they are not based on actual transactions so they are classified as Level 2. 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 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. We acquired ClinIntel Limited (“ClinIntel”), a provider of clinical randomization and trial supply management services, which are designed to make patient randomization and clinical supply chain solutions more efficient, in October 2014. 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 is 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: ClinIntel Unobservable Input 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 millions) Fair Value Balance at June 30, 2015 $ 7.3 Change in fair value of contingent consideration 5.0 Effect of changes in exchange rates used for translation (0.3 ) Balance at September 30, 2015 $ 12.0 For the three months ended September 30, 2015 and 2014 , the change in the fair value of the contingent consideration of $5.0 million and $1.0 million were recorded in selling, general and administrative expense, respectively. For the three months ended September 30, 2015 , there were no transfers among Level 1, Level 2, or Level 3 categories. Additionally, there were no changes in the valuation techniques used to determine the fair values of our Level 2 or Level 3 assets or liabilities. The fair value of the debt under the Notes was estimated to be $98.0 million as of September 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 current and long-term debt under the 2014 Credit Agreement approximates fair value because all of the debt bears variable rate interest. |
Equity and Earnings Per Share (
Equity and Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Common Share | (in millions, except per share data) Three Months Ended September 30, 2015 September 30, 2014 Net income attributable to common stock $ 24.9 $ 37.1 Weighted average number of shares outstanding, used in computing basic earnings per share 55.0 54.7 Dilutive common stock equivalents 0.9 1.1 Weighted average number of shares outstanding used in computing diluted earnings per share 55.9 55.8 Basic earnings per share $ 0.45 $ 0.68 Diluted earnings per share $ 0.45 $ 0.67 Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) 0.9 0.4 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule Of Comprehensive Income | (in millions) Foreign Currency Unrealized Gain/Loss on Derivatives Total Balance as of June 30, 2015 $ (96.2 ) $ 0.3 $ (95.9 ) Other comprehensive loss before reclassifications (15.0 ) (4.1 ) (19.1 ) Loss reclassified from accumulated other comprehensive income — 1.9 1.9 Net current-period other comprehensive loss $ (15.0 ) $ (2.2 ) $ (17.2 ) Balance as of September 30, 2015 $ (111.2 ) $ (1.9 ) $ (113.1 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | Three Months Ended Affected Line in the Consolidated Statements of Income (in millions) September 30, 2015 September 30, 2014 Interest rate contracts $ (0.2 ) $ 0.4 Interest expense, net Foreign exchange contracts (0.2 ) — Service Revenue Foreign exchange contracts (2.8 ) 1.3 Direct Costs Cross-currency swap contracts — 0.1 Miscellaneous income (expense), net Total $ (3.2 ) $ 1.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Classification Of Compensation Expense Within Consolidated Statements Of Income | (in millions) Three Months Ended September 30, 2015 September 30, 2014 Direct costs $ 1.2 $ 1.0 Selling, general and administrative 3.9 3.1 Total stock-based compensation $ 5.1 $ 4.1 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Restructuring Charges [Abstract] | |
Schedule Of Charges Against The Restructuring Accrual | Balance at Charges/(Benefits) Payments/Foreign Balance at June 30, 2015 September 30, 2015 2015 Margin Acceleration Program Employee severance $ 20.0 $ 14.2 $ (1.6 ) $ 32.6 Facilities-related — 0.6 (0.6 ) — Pre-Fiscal Year 2012 Restructuring Plans Facilities-related 0.3 — (0.1 ) 0.2 Total $ 20.3 $ 14.8 $ (2.3 ) $ 32.8 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Service Revenue, Direct Costs And Gross Profit On Service Revenue Of Reportable Segment | (in millions) Three Months Ended September 30, 2015 September 30, 2014 Service revenue CRS $ 410.2 $ 384.9 PC 39.3 41.3 PI 62.6 65.5 Total service revenue $ 512.1 $ 491.7 Direct costs CRS $ 287.5 $ 263.1 PC 20.2 21.6 PI 35.5 34.1 Total direct costs $ 343.2 $ 318.8 Gross profit CRS $ 122.7 $ 121.8 PC 19.1 19.7 PI 27.1 31.4 Total gross profit $ 168.9 $ 172.9 |
Debt, Commitments, Contingenc24
Debt, Commitments, Contingencies And Guarantees Schedule of Contractual Obligation (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Schedule of Long-term Debt Obligation [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in millions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Thereafter Total Debt obligations (principal) $ 7.5 $ 12.8 $ 20.4 $ 35.0 $ 410.0 $ — $ 485.7 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Summary of Derivative Instruments by Hedge Designation [Abstract] | |
Schedule Of Notional Amounts And Fair Values Of Derivatives | (in millions) September 30, 2015 June 30, 2015 Notional Amount Asset (Liability) Notional Amount Asset (Liability) Derivatives designated as hedging instruments under ASC 815 Derivatives in an asset position: Interest rate contracts $ 100.0 $ — $ 100.0 $ 0.8 Foreign exchange contracts 43.1 1.0 140.6 2.9 Derivatives in a liability position: Interest rate contracts — — 25.0 — Foreign exchange contracts 137.6 (4.0 ) 56.0 (4.6 ) Cross-currency swap contracts — — 19.0 (2.7 ) Total designated derivatives $ 280.7 $ (3.0 ) $ 340.6 $ (3.6 ) Derivatives not designated as hedging instruments under ASC 815 Derivatives in an asset position: Foreign exchange contracts $ 49.1 $ 0.3 $ 46.0 $ 0.6 Derivatives in a liability position: Foreign exchange contracts 78.3 (2.2 ) 82.0 (1.8 ) Total non-designated derivatives $ 127.4 $ (1.9 ) $ 128.0 $ (1.2 ) Total derivatives $ 408.1 $ (4.9 ) $ 468.6 $ (4.8 ) |
Schedule Of Change In The Fair Value Of Derivatives Designated As Hedging Instruments | (in millions) Three Months Ended September 30, 2015 September 30, 2014 Derivatives designated as hedging instruments under ASC 815 Interest rate contracts $ (0.4 ) $ 0.5 Foreign exchange contracts (1.8 ) (7.7 ) Total designated derivatives $ (2.2 ) $ (7.2 ) |
Schedule Of Change In The Fair Value Derivatives Not Designated As Hedging Instruments | (in millions) Three Months Ended September 30, 2015 September 30, 2014 Derivatives not designated as hedging instruments under ASC 815 Foreign exchange contracts $ (0.7 ) $ (2.7 ) Total non-designated derivative unrealized loss, net $ (0.7 ) $ (2.7 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Hierarchy, Assets (Liabilities) Carried At Fair Value | (in millions) Level 1 Level 2 Level 3 Total Contingent consideration $ — $ — $ (12.0 ) $ (12.0 ) Foreign currency exchange contracts — (4.9 ) — (4.9 ) Total $ — $ (4.9 ) $ (12.0 ) $ (16.9 ) (in millions) Level 1 Level 2 Level 3 Total Contingent consideration $ — $ — $ (7.3 ) $ (7.3 ) Interest rate derivative instruments — 0.7 — 0.7 Foreign currency exchange contracts — (5.6 ) — (5.6 ) Total $ — $ (4.9 ) $ (7.3 ) $ (12.2 ) |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The recurring Level 3 fair value measurements of our contingent consideration liability include the following significant unobservable inputs: ClinIntel Unobservable Input 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] | 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 millions) Fair Value Balance at June 30, 2015 $ 7.3 Change in fair value of contingent consideration 5.0 Effect of changes in exchange rates used for translation (0.3 ) Balance at September 30, 2015 $ 12.0 |
Acquisitions, Goodwill, and Oth
Acquisitions, Goodwill, and Other Intangible Assets (Details) - USD ($) $ in Millions | Oct. 03, 2014 | Sep. 30, 2015 | Jun. 30, 2015 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Fair value of contingent consideration | $ 12 | $ 7.3 | |
Goodwill | $ 346.9 | $ 354.9 | |
ClinIntel Acquisition [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||
Cash paid, net of cash acquired | $ 8.8 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 16.2 |
Equity and Earnings Per Share28
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 | 12 Months Ended | |||||
Sep. 30, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Oct. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 15, 2015 | Sep. 14, 2015 | Jun. 02, 2014 | |
Class of Stock [Line Items] | |||||||||
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 | 53,200,000 | 55,200,000 | |||||||
Disclosure of Repurchase Agreements [Abstract] | |||||||||
PercentOfSharesReceivedUnderASR | 80.00% | ||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |||||||||
Net income attributable to common stock | $ 24.9 | $ 37.1 | |||||||
Weighted average number of shares outstanding, used in computing basic earnings per share | 55,000,000 | 54,700,000 | |||||||
Dilutive common stock equivalents | 900,000 | 1,100,000 | |||||||
Weighted average number of shares outstanding used in computing diluted earnings per share | 55,900,000 | 55,800,000 | |||||||
Basic earnings per share | $ 0.45 | $ 0.68 | |||||||
Diluted earnings per share | $ 0.45 | $ 0.67 | |||||||
Anti-dilutive options (excluded from the calculation of diluted earnings per share) | 900,000 | 400,000 | |||||||
FY2016StockRepurchasePlan [Member] [Member] [Domain] | |||||||||
Disclosure of Repurchase Agreements [Abstract] | |||||||||
Stock Repurchase Program Authorized Amount | $ 200 | $ 200 | |||||||
Treasury Stock, Shares, Acquired | 2,274,343 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 70.35 | ||||||||
FiscalYear2014StockRepurchasePlan [Member] [Member] | |||||||||
Disclosure of Repurchase Agreements [Abstract] | |||||||||
Stock Repurchase Program Authorized Amount | $ 150 | ||||||||
Treasury Stock, Shares, Acquired | 345,165 | 2,630,009 | 2,284,844 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 150 | $ 150 | |||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 57.03 | $ 52.52 | |||||||
September 2012 Accelerated Share Repurchase [Member] | |||||||||
Disclosure of Repurchase Agreements [Abstract] | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | ||||||||
September Open Market Repurchases [Member] | |||||||||
Disclosure of Repurchase Agreements [Abstract] | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 |
Comprehensive Income (Schedule
Comprehensive Income (Schedule Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (111.2) | $ (96.2) | |
Other comprehensive income before reclassifications | (19.1) | ||
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 1.9 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (15) | $ (38.2) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (2.2) | (7.2) | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (17.2) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (1.9) | 0.3 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (113.1) | $ (95.9) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (3.2) | 1.8 | |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 1.3 | 0.7 | |
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.2) | ||
Cross Currency Swap Contracts [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ||
Accumulated Translation Adjustment [Member] | |||
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 0 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Other comprehensive income before reclassifications | (4.1) | ||
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 1.9 | ||
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.4 | ||
Sales Revenue, Services, Net [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2.8) | 0 | |
Cost of Sales [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (0.2) | 1.3 | |
Other Expense [Member] | Cross Currency Swap Contracts [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0.1 |
Stock-Based Compensation (Class
Stock-Based Compensation (Classification Of Compensation Expense Within Consolidated Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | $ 5.1 | $ 4.1 |
Cost of Sales [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | 1.2 | 1 |
Selling, General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based Compensation | $ 3.9 | $ 3.1 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 32.8 | $ 20.3 | |
Restructuring Charges | 14.8 | $ (0.1) | |
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 14.8 | ||
Employee Severance [Member] | Two Thousand Fifteen Restructuring Plan [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Capital Expenditures Incurred but Not yet Paid | 32.6 | ||
Restructuring Reserve | 32.6 | 20 | |
Restructuring Charges | 14.2 | ||
Facilities Related Charges [Member] | Two Thousand Fifteen Restructuring Plan [Member] [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Capital Expenditures Incurred but Not yet Paid | 0.1 | ||
Restructuring Reserve | 0 | $ 0 | |
Restructuring Charges | $ 0.6 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Charges Against The Restructuring Accrual) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance at June 30, 2013 | $ 20.3 | |
Provisions/Adjustments | 14.8 | $ (0.1) |
Balance at September 30, 2013 | 32.8 | |
Restructuring Reserve, Translation Adjustment | (2.3) | |
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Provisions/Adjustments | 14.8 | |
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance at June 30, 2013 | 20 | |
Provisions/Adjustments | 14.2 | |
Balance at September 30, 2013 | 32.6 | |
Restructuring Reserve, Translation Adjustment | (1.6) | |
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | Facilities-Related Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance at June 30, 2013 | 0 | |
Provisions/Adjustments | 0.6 | |
Balance at September 30, 2013 | 0 | |
Restructuring Reserve, Translation Adjustment | (0.6) | |
Two Thousand Eleven Restructuring Plan [Member] | Facilities-Related Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance at June 30, 2013 | 0.3 | |
Provisions/Adjustments | 0 | |
Balance at September 30, 2013 | 0.2 | |
Restructuring Reserve, Translation Adjustment | $ (0.1) |
Segment Information (Service Re
Segment Information (Service Revenue, Direct Costs And Gross Profit On Service Revenue Of Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||
Service revenue | $ 512.1 | $ 491.7 |
Direct costs | 343.2 | 318.8 |
Gross profit | 168.9 | 172.9 |
CRS [Member] | ||
Segment Reporting Information [Line Items] | ||
Service revenue | 410.2 | 384.9 |
Direct costs | 287.5 | 263.1 |
Gross profit | 122.7 | 121.8 |
PC [Member] | ||
Segment Reporting Information [Line Items] | ||
Service revenue | 39.3 | 41.3 |
Direct costs | 20.2 | 21.6 |
Gross profit | 19.1 | 19.7 |
PI [Member] | ||
Segment Reporting Information [Line Items] | ||
Service revenue | 62.6 | 65.5 |
Direct costs | 35.5 | 34.1 |
Gross profit | $ 27.1 | $ 31.4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Income Tax Holiday [Line Items] | |||
Gross unrecognized tax benefits | $ 35.8 | $ 35.2 | |
Gross unrecognized tax benefits that would impact the effective tax rate if recognized | 24.9 | 23.9 | |
Net change in liability for unrecognized tax benefits for uncertain tax positions | 0.6 | ||
Anticipated liability decrease for unrecognized tax benefits for uncertain tax positions | 15.1 | ||
Interest and penalties included in liability for unrecognized tax benefits | 4.3 | $ 4.2 | |
Interest and penalties included in income tax expense | $ 0.2 | $ 0.3 | |
Effective income tax rate | 30.30% | 32.70% |
Credit Agreements (Details)
Credit Agreements (Details) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | ||||||
May. 31, 2013USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 12, 2015USD ($) | Jul. 25, 2013 | Mar. 22, 2013USD ($) | |
Line of Credit Facility [Line Items] | ||||||||
Derivative, Notional Amount | $ 408,100 | $ 468,600 | ||||||
Letters of Credit Outstanding, Amount | 9,900 | |||||||
Long-term Debt, Gross | $ 485,700 | $ 7,100 | ||||||
Max commitment fee on revolving loan unused amount, percentage | 0.30% | |||||||
Interest rate swap, fixed interest rate | 0.73% | 1.30% | 1.30% | |||||
JP Morgan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Transfers of Financial Assets Including Debt Activity | $ 40,000 | |||||||
Other Short-term Borrowings | $ 0 | |||||||
JP Morgan UK [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit agreement maximum borrowing capacity | 4,500 | |||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | |||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.00% | |||||||
Remaining borrowing available under revolving credit facility | 4,500 | |||||||
RBSNederlandNV [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit agreement maximum borrowing capacity | € | € 4 | |||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | |||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.00% | |||||||
Remaining borrowing available under revolving credit facility | € | € 4 | |||||||
Interest Rate Swap [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Principal amount of debt hedged with an interest rate swap agreement | $ 100,000 | $ 100,000 | ||||||
Senior Notes due in 2020 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Deferred Finance Costs, Noncurrent, Net | 300 | |||||||
2013 Credit Agreement LIBOR [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
2013 Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Deferred Finance Costs, Noncurrent, Net | $ 2,400 | 2,500 | ||||||
Debt, Weighted Average Interest Rate | 0.00% | 0.00% | ||||||
Swingline Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Face Amount | 200,000 | |||||||
Line of Credit Facility, Current Borrowing Capacity | 300,000 | |||||||
Letters of Credit Outstanding, Amount | 10,000 | |||||||
Remaining borrowing available under revolving credit facility | $ 120,000 | |||||||
2013 Credit Agreement One Month LIBOR Margin [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
2013 Credit Agreement Swingline [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Term Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Long-term Debt | $ 200,000 | |||||||
Senior Notes due in 2020 [Member] | Senior Notes [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.11% | |||||||
Long-term Debt, Gross | 100,000 | |||||||
Designated as Hedging Instrument [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Derivative, Notional Amount | 280,700 | $ 340,600 | ||||||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Derivative, Notional Amount | $ 100,000 |
Credit Agreements 2014 Credit A
Credit Agreements 2014 Credit Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Oct. 15, 2014 | Mar. 22, 2013 | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 200 | |||
2013 Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred Finance Costs, Noncurrent, Net | $ 2.4 | $ 2.5 | ||
Swingline Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | 75 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 120 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 300 | |||
2014 Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 500 | |||
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% | |||
2014 Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 200 | |||
2014 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan, Quarterly Principal Payment Percentage | 1.25% | |||
2014 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan, Quarterly Principal Payment Percentage | 2.50% | |||
2014 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan, Quarterly Principal Payment Percentage | 5.00% | |||
2014 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan, Quarterly Principal Payment Percentage | 60.00% | |||
2014 Credit Agreement [Member] | Swingline Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 100 | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
2014 Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 50 | 180 | ||
Line of Credit Facility, Current Borrowing Capacity | 300 | |||
Letters of Credit, maximum issuance amount | $ 10 |
Credit Agreements Master Financ
Credit Agreements Master Financing Agreement (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 12, 2015 |
Master Financing Agreement [Line Items] | ||
Long-term Debt, Gross | $ 485.7 | $ 7.1 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 7.5 | 1.4 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 12.8 | 2.8 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 20.4 | $ 2.9 |
Master Financing Agreement [Member] | ||
Master Financing Agreement [Line Items] | ||
Long-term Debt, Gross | $ 5.7 |
Debt, Commitments, Contingenc38
Debt, Commitments, Contingencies And Guarantees Schedule of Contractual Obligation (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 12, 2015 |
Contractual Obligation [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 7.5 | $ 1.4 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 12.8 | 2.8 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 20.4 | 2.9 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 35 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 410 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |
Long-term Debt, Gross | $ 485.7 | $ 7.1 |
Commitments, Contingencies And
Commitments, Contingencies And Guarantees (Details) $ in Millions | Sep. 30, 2015USD ($) |
Commitments, Contingencies And Guarantees [Abstract] | |
Letters of Credit Outstanding, Amount | $ 9.9 |
Derivatives (Schedule Of Notion
Derivatives (Schedule Of Notional Amounts And Fair Values Of Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 1 | $ (0.7) | |
Notional Amount | 408.1 | $ 468.6 | |
Asset (Liability) | (4.9) | (4.8) | |
Derivatives Not Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 127.4 | 128 | |
Asset (Liability) | (1.9) | (1.2) | |
Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 280.7 | 340.6 | |
Asset (Liability) | (3) | (3.6) | |
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 100 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | 0.8 | |
Derivative Liability, Notional Amount | 0 | 25 | |
Derivative Asset, Notional Amount | 100 | 100 | |
Cross Currency Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 0 | (2.7) | |
Derivative Liability, Notional Amount | 0 | 19 | |
Foreign Exchange Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (2.2) | (1.8) | |
Derivative Asset, Fair Value, Gross Asset | 0.3 | 0.6 | |
Derivative Liability, Notional Amount | 78.3 | 82 | |
Derivative Asset, Notional Amount | 49.1 | 46 | |
Foreign Exchange Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (4) | (4.6) | |
Derivative Asset, Fair Value, Gross Asset | 1 | 2.9 | |
Derivative Liability, Notional Amount | 137.6 | 56 | |
Derivative Asset, Notional Amount | $ 43.1 | $ 140.6 |
Derivatives (Schedule Of Change
Derivatives (Schedule Of Change In The Fair Value Of Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ (0.7) | $ (4.1) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 1 | (0.7) |
Estimated net amount of existing losses that are expected to be reclassified into earnings | 3.3 | |
Derivatives Designated As Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total | (2.2) | (7.2) |
Interest Rate Contract [Member] | Derivatives Designated As Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total | (0.4) | 0.5 |
Foreign Exchange Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total | $ (1.8) | $ (7.7) |
Derivatives (Schedule Of Chan42
Derivatives (Schedule Of Change In The Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) - Derivatives Not Designated As Hedging Instruments [Member] - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized Gain on Foreign Currency Derivatives, before Tax | $ (0.7) | $ (2.7) |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives not designated as hedging instruments | (2.8) | (7.5) |
Unrealized Gain on Foreign Currency Derivatives, before Tax | $ (0.7) | $ (2.7) |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 30, 2015 |
Goodwill [Line Items] | ||
Goodwill | $ 346.9 | $ 354.9 |
PC [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 20.6 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Hierarchy, Assets (Liabilities) Carried At Fair Value) (Details) - USD ($) $ in Millions | Oct. 03, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 12 | $ 7.3 | ||
Long-term Debt, Fair Value | 98 | |||
Interest Rate Derivative Instruments | 0.7 | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | (4.9) | (5.6) | ||
Business Acquisition, Contingent Consideration, at Fair Value | (12) | (7.3) | ||
Total | (16.9) | (12.2) | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Derivative Instruments | 0 | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 0 | 0 | ||
Business Acquisition, Contingent Consideration, at Fair Value | 0 | 0 | ||
Total | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Derivative Instruments | 0.7 | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | (4.9) | (5.6) | ||
Business Acquisition, Contingent Consideration, at Fair Value | 0 | 0 | ||
Total | (4.9) | (4.9) | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Derivative Instruments | 0 | |||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 0 | 0 | ||
Business Acquisition, Contingent Consideration, at Fair Value | (12) | (7.3) | ||
Total | $ (12) | $ (7.3) | ||
ClinIntel Acquisition [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 8.8 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 16.2 | |||
Fair Value Inputs, Discount Rate | 4.00% | |||
Selling, General and Administrative Expenses [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ 5 | $ 1 |
Fair Value Measurements Unobser
Fair Value Measurements Unobservable Inputs (Details) | 3 Months Ended |
Sep. 30, 2015 | |
ClinIntel Acquisition [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Discount Rate | 4.00% |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Contingent Consideration [Roll Forward] | ||
Balance at June 30, 2015 | $ 7.3 | |
Effect of exchange rate on contingent consideration | (0.3) | |
Balance at September 30, 2015 | 12 | |
Selling, General And Administrative [Member] | ||
Contingent Consideration [Roll Forward] | ||
Change in fair value of contingent consideration | $ 5 | $ 1 |