Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 52,887,809 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 209.7 | $ 207.4 |
Billed and unbilled accounts receivable, net | 558.3 | 460.6 |
Unbilled Receivables, Current | 304.7 | 262.2 |
Prepaid expenses | 24.3 | 15.6 |
Deferred tax assets | 63.2 | 59.1 |
Income taxes receivable | 24.8 | 12.8 |
Other current assets | 52.5 | 44.4 |
Total current assets | 1,237.5 | 1,062.1 |
Property and equipment, net | 256.6 | 241.2 |
Goodwill | 396 | 354.9 |
Other intangible assets, net | 137.3 | 142.1 |
Non-current deferred tax assets | 14.5 | 11.7 |
Long-term income taxes receivable | 10.7 | 11.1 |
Other assets | 40 | 41.9 |
Total assets | 2,092.6 | 1,865 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Notes payable and current portion of long-term debt | 12.8 | 8.9 |
Accounts payable | 53 | 81.2 |
Deferred revenue | 433.2 | 371.8 |
Accrued expenses | 33.3 | 33.4 |
Restructuring Reserve, Current | 20.9 | 20.2 |
Accrued employee benefits and withholdings | 163.9 | 152.7 |
Current deferred tax liabilities | 12.3 | 10 |
Taxes Payable, Current | 11.4 | 13.1 |
Other current liabilities | 17.3 | 18.2 |
Total current liabilities | 758.1 | 709.5 |
Long-term debt, net of current portion | 554.6 | 345.4 |
Non-current deferred tax liabilities | 56.7 | 33 |
Long-term income tax liabilities | 31.6 | 27.1 |
Long-term deferred revenue | 38.7 | 42.2 |
Other liabilities | 51.8 | 42.5 |
Total liabilities | 1,491.5 | 1,199.7 |
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 0.5 | 0.6 |
Additional paid-in capital | 21.3 | 37.7 |
Retained earnings | 694.8 | 722.9 |
Accumulated other comprehensive (loss) income | (115.5) | (95.9) |
Total stockholders' equity | 601.1 | 665.3 |
Total liabilities and stockholders' equity | $ 2,092.6 | $ 1,865 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Parenthethical - $ / shares | Mar. 31, 2016 | 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 | 52,800,000 | 55,200,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 8,400 | $ (36,100) | $ (18,800) | $ (105,000) |
Revenues [Abstract] | ||||
Service revenue | 527,100 | 502,000 | 1,557,700 | 1,493,000 |
Reimbursement revenue | 84,300 | 74,400 | 243,100 | 232,100 |
Total revenue | 611,400 | 576,400 | 1,800,800 | 1,725,100 |
Costs and Expenses [Abstract] | ||||
Direct costs | 337,800 | 338,000 | 1,013,500 | 984,100 |
Reimbursable out-of-pocket expenses | 84,300 | 74,400 | 243,100 | 232,100 |
Selling, general and administrative | 97,100 | 88,600 | 289,400 | 286,400 |
Depreciation | 18,400 | 17,900 | 54,300 | 51,600 |
Amortization of Intangible Assets | 5,900 | 3,400 | 17,300 | 10,500 |
Restructuring charge (benefit) | (1,800) | (100) | 23,400 | (200) |
Total costs and expenses | 541,700 | 522,200 | 1,641,000 | 1,564,500 |
Income from operations | 69,700 | 54,200 | 159,800 | 160,600 |
Interest Income (Expense), Net | (2,300) | (1,800) | (6,000) | (5,400) |
Miscellaneous income (expense) | (300) | 1,300 | 1,400 | 7,600 |
Total other income (expense) | (2,600) | (500) | (4,600) | 2,200 |
Income before income taxes | 67,100 | 53,700 | 155,200 | 162,800 |
Provision for income taxes | 19,200 | 16,000 | 43,000 | 49,200 |
Net income | $ 47,900 | $ 37,700 | $ 112,200 | $ 113,600 |
Earnings per common share | ||||
Basic | $ 0.91 | $ 0.69 | $ 2.09 | $ 2.07 |
Diluted | $ 0.89 | $ 0.68 | $ 2.06 | $ 2.04 |
Shares used in computing earnings per common share | ||||
Basic | 52,900 | 54,900 | 53,700 | 54,800 |
Diluted | 53,600 | 55,800 | 54,500 | 55,800 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Income (Loss) Attributable to Parent | $ 47,900 | $ 37,700 | $ 112,200 | $ 113,600 |
Unrealized gain (loss) on derivative instruments, net of taxes | 1,400 | (800) | (800) | (12,100) |
Foreign currency translation adjustment | 8,400 | (36,100) | (18,800) | (105,000) |
Total comprehensive income (loss) | $ 57,700 | $ 800 | $ 92,600 | $ (3,500) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flow from operating activities: | ||
Net Income (Loss) Attributable to Parent | $ 112,200 | $ 113,600 |
Depreciation and amortization | 71,600 | 62,200 |
Share-based Compensation | 15,200 | 13,200 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | (3,500) | (7,600) |
Deferred income taxes | 20,900 | (5,500) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 8,200 | (5,000) |
Other Noncash (Income) Expense | (100) | 700 |
Changes in operating assets and liabilities | (94,400) | (73,000) |
Net cash provided by (used in) operating activities: | 130,100 | 98,600 |
Cash flow from investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (67,300) | (10,900) |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 88,600 |
Purchases of property and equipment | (76,800) | (45,600) |
Net cash used in investing activities | (144,100) | 32,100 |
Cash flow from financing activities: | ||
(Payments) proceeds from issuance of common stock | 13,100 | 8,800 |
Payments for Repurchase of Common Stock | (200,000) | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 3,500 | 7,600 |
business combination, contingent consideration arrangement, payment | (9,900) | 0 |
Borrowing under credit agreement/facility | 1,150,000 | 342,500 |
Repayments of Lines of Credit | (936,400) | (307,500) |
Payments of Financing Costs | (1,000) | (700) |
Net cash (used in) provided by financing activities | 19,300 | 50,700 |
Effect of exchange rate changes on cash and cash equivalents | (3,000) | (74,200) |
Net increase (decrease) in cash and cash equivalents | 2,300 | 107,200 |
Cash and cash equivalents at beginning of period | 207,400 | 188,200 |
Cash and cash equivalents at end of period | 209,700 | 295,400 |
Supplemental disclosures of cash flow information | ||
Capital expenditure paid but incurred in prior periods | 3,900 | 0 |
Interest | 9,800 | 8,900 |
Income taxes, net of refunds | $ 12,900 | $ 61,500 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 , results of operations for the three and nine months ended March 31, 2016 and 2015 have been included. Operating results for the three and nine months ended March 31, 2016 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. In November 2015, the FASB issued ASU No. 2015-17 ("ASU 2015-17"), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU simplifies the balance sheet classification of deferred taxes and requires that all deferred taxes be presented as noncurrent. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU No. 2015-17 on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01 ("ASU 2016-01"), Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU is intended to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. We are assessing the impact of adopting ASU No. 2016-01 on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 ("ASU 2016-02"), Le ase s (Topic 842) Section A-Leases: Amendments to the FASB Accounting Standards Codification® Section B-Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification® Section C-Background Information and Basis for Conclusions. This ASU requires an entity that leases assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 with early adoption permitted. We are assessing the impact of adopting ASU No. 2016-02 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05 ("ASU 2016-05"), Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships(a consensus of the Emerging Issues Task Force). This ASU clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-05 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU No. 2016-05 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-08 ("ASU 2016-08"), Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). This ASU amends the revenue recognition guidance on determining whether an entity is a principal or an agent in an agreement. ASU 2016-08 is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We are assessing the impact of adopting ASU No. 2016-08 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09 ("ASU 2016-09"), Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU No. 2016-09 on our consolidated financial statements. |
Acquisitions, Goodwill, and Oth
Acquisitions, Goodwill, and Other Intangible Assets (Notes) | 9 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions, Goodwill, and Other Intangible Assets | NOTE 2. – ACQUISITIONS The pro forma effects of the acquisition described below are not significant to the Company's reported results for any period presented. Accordingly, no pro forma financial statements have been presented herein. We accounted for this acquisition as a business combination in accordance with FASB ASC Topic 805, "Business Combinations." We allocate the amount that we pay for each acquisition to the assets we acquire and liabilities we assume based on their fair values at the dates of acquisition, including identifiable intangible assets. We base the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions determined by management and that consider management's best estimates of inputs and assumptions that a market participant would use. We allocate any excess purchase price over the fair value of the net tangible and identifiable intangible assets acquired to goodwill. The use of alternative valuation assumptions, including estimated revenue projections, growth rates, cash flows, discount rates, and estimated useful lives, could result in different purchase price allocations and amortization expense in current and future periods. Health Advances On January 19, 2016, we entered into a definitive agreement to acquire all of the outstanding equity securities of Health Advances, LLC (“Health Advances”), an independent life sciences strategy consulting firm. Health Advances combines clinical, scientific and business expertise to provide strategic advice to executives leading life sciences companies and investors. The acquisition closed on February 10, 2016 and is part of the PAREXEL Consulting Services (“PC”) segment. The net purchase price for the acquisition was approximately $67.3 million , plus the potential to pay up to an additional $15.8 million over a thirty-six month period following the acquisition date if Health Advances achieves certain financial targets. We funded the acquisition with credit facilities. The components of the consideration transferred in conjunction with the Health Advances acquisition and the preliminary allocation of that consideration is as follows (in millions): Total Consideration transferred: Cash paid, net of cash acquired $ 67.3 Fair value of contingent consideration 4.5 Net purchase price $ 71.8 Preliminary Allocation of consideration transferred: Accounts receivable $ 4.0 Other current assets 0.7 Property and equipment, net 1.0 Definite-lived intangible assets 15.0 Goodwill 52.9 Total assets acquired 73.6 Current liabilities 1.8 Total liabilities assumed 1.8 Net assets acquired: $ 71.8 The amounts above represent our preliminary fair value estimates as of March 31, 2016 and may be subject to subsequent adjustment as we obtain additional information during the measurement period and finalize our fair value estimates. We expect to complete our accounting for the Health Advances acquisition in the beginning of Fiscal Year 2017. The goodwill of $52.9 million arising from the Health Advances acquisition largely reflects the potential synergies and expansion of our service offerings across products and markets complementary to our existing service offering and markets. All of the goodwill is expected to be deductible for tax purposes. The following are the preliminary identifiable intangible assets acquired and their respective estimated useful lives, as determined based on preliminary valuations (dollars in millions): Amount Estimated Useful Life (Years) Customer relationships $ 11.6 10 Technology 1.8 3 Trade name 1.6 5 Total $ 15.0 |
Equity and Earnings Per Share
Equity and Earnings Per Share | 9 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 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 March 31, 2016 and June 30, 2015 , respectively, we had 52.8 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 Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Net income attributable to common stock $ 47.9 $ 37.7 $ 112.2 $ 113.6 Weighted average number of shares outstanding, used in computing basic earnings per share 52.9 54.9 53.7 54.8 Dilutive common stock equivalents 0.7 0.9 0.8 1.0 Weighted average number of shares outstanding used in computing diluted earnings per share 53.6 55.8 54.5 55.8 Basic earnings per share $ 0.91 $ 0.69 $ 2.09 $ 2.07 Diluted earnings per share $ 0.89 $ 0.68 $ 2.06 $ 2.04 Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) 1.7 0.9 1.3 0.7 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 2.3 million 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 March 31, 2016 , 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. On February 10, 2016 we received 0.9 million shares representing the final settlement of the 2016 Agreement and the 2016 Program was completed. Pursuant to the 2016 Program, we repurchased 3.2 million shares of our common stock at an average price of $62.92 per share from September 2015 to February 2016. 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 2.3 million 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 0.3 million shares representing the final settlement of the 2014 Agreement and the 2014 Program was completed. Pursuant to the 2014 Program, we repurchased 2.6 million 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 | 9 Months Ended |
Mar. 31, 2016 | |
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 nine months ended March 31, 2016 : (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 (18.8 ) 3.8 (15.0 ) Loss reclassified from accumulated other comprehensive income — (4.6 ) (4.6 ) Net current-period other comprehensive loss $ (18.8 ) $ (0.8 ) $ (19.6 ) Balance as of March 31, 2016 $ (115.0 ) $ (0.5 ) $ (115.5 ) The change in our translation adjustment was due primarily to the movements in the Great British Pound (GBP) exchange rates against the United States Dollar (USD). The USD strengthened by 8.5% versus the GBP between June 30, 2015 and March 31, 2016 . The movement in the GBP represented $9.6 million out of the $18.8 million foreign currency translation adjustment during the nine months ended March 31, 2016 . The remaining foreign currency translation adjustment is attributable to the USD appreciation against other major world-wide currencies, including Indian Rupees, South African Rand and Russian Ruble. The details regarding pre-tax gain (loss) on derivative instruments reclassified to net income from accumulated other comprehensive income (loss) for the three and nine months ended March 31, 2016 and 2015 are presented below: Three Months Ended Affected Line in the Consolidated Statements of Income (in millions) March 31, 2016 March 31, 2015 Interest rate contracts $ (0.1 ) $ (0.3 ) Interest expense, net Foreign exchange contracts (1.2 ) (1.4 ) Service Revenue Foreign exchange contracts (0.7 ) (6.1 ) Direct Costs Total $ (2.0 ) $ (7.8 ) Nine Months Ended Affected Line in the Consolidated Statements of Income (in millions) March 31, 2016 March 31, 2015 Interest rate contracts $ (0.4 ) $ (1.1 ) Interest expense, net Foreign exchange contracts (1.6 ) (2.1 ) Service Revenue Foreign exchange contracts (5.3 ) (8.0 ) Direct Costs Cross-currency swap contracts — 0.2 Miscellaneous income (expense), net Total $ (7.3 ) $ (11.0 ) The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $0.5 million , and $2.6 million for the three and nine months ended March 31, 2016 , respectively. The amounts of gain (loss) reclassified from accumulated other comprehensive income into net income are net of taxes of $2.8 million , and $4.0 million for the three and nine months ended March 31, 2015 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2016 | |
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 Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Direct costs $ 1.3 $ 1.3 $ 3.5 $ 3.3 Selling, general and administrative 4.0 3.4 11.7 9.9 Total stock-based compensation $ 5.3 $ 4.7 $ 15.2 $ 13.2 On December 3, 2015, the shareholders approved a new share-based compensation plan, the 2015 Stock Incentive Plan (the “2015 Plan”). The 2015 Plan allows for the issuance of up to the sum of (i) 3.0 million shares of PAREXEL common stock plus (ii) up to an additional 3.4 million shares of PAREXEL common stock from awards under the Existing Plans (as defined below), which expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company. The Company stopped making awards under its Existing Plans upon approval of the 2015 Plan by its shareholders. The term “Existing Plans” refers collectively to the Company’s 2005 Stock Incentive Plan, 2007 Stock Incentive Plan and 2010 Stock Incentive Plan. The 2015 Plan allows for the grant of incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards, which are referred to collectively as “Awards.” The 2015 Plan became effective upon approval by the Company’s shareholders. No Awards may be made under the 2015 Plan after December 3, 2025. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Mar. 31, 2016 | |
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, the first quarter of Fiscal Year 2016, and the second quarter of Fiscal Year 2016, we recorded restructuring charges of $20.0 million , $14.8 million , and $10.4 million, respectively, while in the third quarter of Fiscal Year 2016 we recorded a benefit of $1.8 million related to the Margin Acceleration Program. Changes in the restructuring accrual during the first nine months of Fiscal Year 2016 are summarized below: Balance at Charges/(Benefits) Payments/Foreign Balance at June 30, 2015 March 31, 2016 2015 Margin Acceleration Program Employee severance $ 20.0 $ 18.0 $ (19.7 ) $ 18.3 Facilities-related — 5.4 (1.1 ) 4.3 Pre-Fiscal Year 2012 Restructuring Plans Facilities-related 0.3 — (0.2 ) 0.1 Total $ 20.3 $ 23.4 $ (21.0 ) $ 22.7 |
Segment Information
Segment Information | 9 Months Ended |
Mar. 31, 2016 | |
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 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 and nine months ended March 31, 2016 , we included the operating results of HERON™ and MedCom within the CRS segment and retroactively revised the presentation for the three and nine months ended March 31, 2015 to reflect this 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 Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Service revenue CRS $ 402.8 $ 401.3 $ 1,220.1 $ 1,179.9 PC 49.9 33.5 130.6 114.6 PI 74.4 67.2 207.0 198.5 Total service revenue $ 527.1 $ 502.0 $ 1,557.7 $ 1,493.0 Direct costs CRS $ 271.1 $ 284.8 $ 833.0 $ 822.0 PC 28.2 18.0 69.2 60.2 PI 38.5 35.2 111.3 101.9 Total direct costs $ 337.8 $ 338.0 $ 1,013.5 $ 984.1 Gross profit CRS $ 131.7 $ 116.5 $ 387.1 $ 357.9 PC 21.7 15.5 61.4 54.4 PI 35.9 32.0 95.7 96.6 Total gross profit $ 189.3 $ 164.0 $ 544.2 $ 508.9 |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2016 | |
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. For the three months ended March 31, 2016 and 2015 , we had effective income tax rates of 28.6% and 29.7% , respectively. For the nine months ended March 31, 2016 and 2015, we had effective income tax rates of 27.7% and 30.2% , 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. For the three and nine months ended March 31, 2016, we recognized income tax benefits of $5.5 million and $6.1 million, respectively, as a result of the expiration of statutes of limitation and settlements with tax authorities. These benefits were partially offset by $4.4 million of expenses related to foreign tax credits. As of March 31, 2016 , we had $29.6 million of gross unrecognized tax benefits, of which $18.7 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. As of March 31, 2016 , we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could decrease by approximately $0.4 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 March 31, 2016 and June 30, 2015 , $3.4 million and $4.2 million , respectively, of gross interest and penalties were included in the liability for unrecognized tax benefits. For the nine months ended March 31, 2016 and 2015 , benefit of $0.8 million and expenses of $0.7 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. |
Credit Agreements
Credit Agreements | 9 Months Ended |
Mar. 31, 2016 | |
Line of Credit Facility [Abstract] | |
Lines Of Credit | 2016 Credit Agreement On March 11, 2016, PAREXEL, certain subsidiaries of PAREXEL, Bank of America, N.A. (“Bank of America”), as Administrative Agent, Swingline Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPFS”), HSBC Bank USA, National Association (“HSBC”), U.S. Bank, National Association (“US Bank”), TD Securities (USA) LLC (“TD Securities”) and Wells Fargo Securities, LLC (“Wells Fargo Securities”) as Joint Lead Arrangers and Joint Book Managers, HSBC, US Bank, TD Bank, N.A. (“TD Bank”) and Wells Fargo Bank, National Association (“Wells Fargo Bank”) as Joint Syndication Agents, and the other lenders party thereto entered into an amended and restated credit agreement (the “2016 Credit Agreement”) providing for a five-year term loan and revolving credit facility in the principal amount of up to $750.0 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 2016 Credit Agreement amends and restates the amended and restated credit agreement dated as of October 15, 2014, (the “2014 Credit Agreement”), by and among the Company, certain subsidiaries of the Company, Bank of America, as Administrative Agent, Swingline Lender and L/C Issuer, MLPFS, J.P. Morgan Securities LLC, HSBC, and US Bank, as Joint Lead Arrangers and Joint Book Managers, JPMorgan Chase Bank N.A., HSBC and US Bank, as Joint Syndication Agents, and the other lenders party thereto. The 2016 Credit Agreement provides for a revolving credit facility in the principal amount of up to $350.0 million from time to time outstanding. 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 up to a sublimit of $10.0 million. On the closing date of March 11, 2016, after giving effect to the amendment and restatement of the 2014 Credit Agreement and the effectiveness of the 2016 Credit Agreement, the Company was obligated under the 2016 Credit Agreement for term loans in the principal amount of $400.0 million and revolving loans in the principal amount of $65.0 million. As of March 31, 2016 , we had $65.0 million of principal borrowed under the revolving credit facility and $400.0 million of principal borrowed under the term loan. The outstanding amount is presented net of debt issuance costs of approximately $3.3 million in our consolidated balance sheet at March 31, 2016 . As of March 31, 2016 , we had borrowing availability of $285.0 million under the revolving credit facility. The 2016 Credit Agreement is intended to provide funds (i) for stock repurchases, (ii) for the issuance of letters of credit and (iii) for other general corporate purposes of PAREXEL and its subsidiaries, including permitted acquisitions. PAREXEL’s obligations under the 2016 Credit Agreement are guaranteed by certain material domestic subsidiaries of the Company, and the obligations, if any, of any foreign designated borrower are guaranteed by the Company and certain of its material domestic subsidiaries. Borrowings (other than swingline loans) under the 2016 Credit Agreement bear interest, at PAREXEL’s determination, at a rate based on either (a) LIBOR plus a margin (not to exceed a per annum rate of 2.0% ) based on a ratio of consolidated net funded debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Net Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Alternate Base Rate”), plus a margin (not to exceed a per annum rate of 1.0% ) based on the Consolidated Net 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 1.0% ). Loans outstanding under the 2016 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 2016 Credit Agreement. The 2016 Credit Agreement terminates and any outstanding loans under it mature on March 11, 2021. Repayment of the principal borrowed under the revolving credit facility (other than a swingline loan) is due on March 11, 2021. A swingline loan under the 2016 Credit Agreement generally must be paid ten (10) 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 March 11, 2021: • 0.63% by quarterly term loan amortization payments to be made commencing June 30, 2016 and made on or prior to March 31, 2017; • 1.25% by quarterly term loan amortization payments to be made on or after June 30, 2017, but on or prior to March 31, 2019; • 1.88% by quarterly term loan amortization payments to be made on or after June 30, 2019, but on or prior to March 31, 2020; • 2.50% by quarterly term loan amortization payments to be made on or after June 30, 2020, but prior to March 11, 2021; and • 72.5% (or if less, the remaining principal amount of the term loan) on March 11, 2021. To the extent not previously paid, all borrowings under the 2016 Credit Agreement must be repaid on March 11, 2021. 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 US dollar swingline loans at the alternate base rate is payable quarterly. The obligations of PAREXEL under the 2016 Credit Agreement may be accelerated upon the occurrence of an event of default under the 2016 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 2016 Credit Agreement contains negative covenants applicable to PAREXEL and its subsidiaries, including financial covenants requiring PAREXEL to comply with maximum net 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 cash dividends and stock repurchases that would result in the Company exceeding an agreed to Consolidated Net Leverage Ratio), transactions with affiliates, and other restrictive covenants. As of March 31, 2016 , we were in compliance with all covenants under the 2016 Credit Agreement. Under the terms of the 2016 Credit Agreement, neither we nor any of our subsidiaries may pay any dividend or make any other distribution with respect to any shares of capital stock except that (a) we and our subsidiaries may declare and pay dividends with respect to equity interests payable solely in additional shares of common stock, (b) our subsidiaries may declare and pay dividends and other distributions ratably with respect to their equity interests, (c) we may make payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Company and our subsidiaries, and (d) the Company and certain of its subsidiaries may make payments in connection with permitted repurchases of their respective capital stock. In connection with the 2016 Credit Agreement, PAREXEL 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 0.250% (based on the Consolidated Net Leverage Ratio). To the extent there are letters of credit outstanding under the 2016 Credit Agreement, PAREXEL will pay letter of credit fees plus a fronting fee and additional charges. PAREXEL 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 May 2013, we entered into an 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 2016 Credit Agreement. 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, which hedges an additional principal amount of $100.0 million under the 2016 Credit Agreement with a fixed interest rate of 1.104% . 2016 Term Loan Agreement On February 10, 2016, PAREXEL entered into a short term unsecured term loan agreement with TD Bank, providing for a loan to the Company in the amount of $75.0 million (the “Loan”). The Loan would have matured on April 30, 2016 (the “Maturity Date”) unless earlier payment is required under the terms of the Company loan agreement with TD Bank. The Loan bore interest, at PAREXEL’s determination, at a base rate plus a margin (such margin not to exceed a per annum rate of 0.750% ) based on a ratio of consolidated funded debt to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the prior four fiscal quarters (the “Leverage Ratio”), or at a LIBOR rate plus a margin (such margin not to exceed a per annum rate of 1.750% ) based on the Leverage Ratio. The Loan could have been 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 of the loan agreement. The proceeds of the Loan were advanced to the Company on February 12, 2016 and were used to repay borrowings under the Company’s 2014 Facility. The obligations of PAREXEL under the Loan could have been accelerated upon the occurrence of an event of default under the Loan, which included customary events of default, including payment defaults, the inaccuracy of representations or warranties and cross defaults to the 2014 Facility. As of March 31, 2016, all outstanding amounts under the Loan were fully repaid with the proceeds from the 2016 Credit Agreement. 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 March 31, 2016 , we had $5.7 million of principal borrowed under the Master Financing Agreement. 2014 Credit Agreement The 2014 Credit Agreement provided 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 loan facility available under the 2014 Credit Agreement consisted of a term loan facility and a revolving credit facility. The principal amount of up to $200.0 million of the Loan Amount was available through the term loan facility, and the principal amount of up to $300.0 million of the Loan Amount was available through the revolving credit facility. A portion of the revolving credit facility was 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 . Our obligations under the 2014 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. 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 amount is presented net of debt issuance costs of approximately $2.5 million in our consolidated balance sheet at June 30, 2015. The 2014 Credit Agreement was superseded by the 2016 Credit Agreement and as of March 31, 2016 all outstanding amounts under the 2014 Credit Agreement were fully repaid. Borrowings (other than swingline loans) under the 2014 Credit Agreement bore 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 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% ). 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 contained 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. Under the terms of the 2014 Credit Agreement, neither we nor any of our subsidiaries may pay any dividend or make any other distribution with respect to any shares of capital stock except that (a) we and our subsidiaries may declare and pay dividends with respect to equity interests payable solely in additional shares of common stock, (b) our subsidiaries may declare and pay dividends and other distributions ratably with respect to their equity interests, (c) we may make payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Company and our subsidiaries, and (d) the Company and certain of its subsidiaries may make payments in connection with permitted repurchases of their respective capital stock. 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 carried 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. As discussed above, in May 2013, we entered into an interest rate swap agreement. Prior to the execution of the 2016 Credit Agreement, principal in the amount of $100.0 million under the 2014 Credit Agreement had been hedged with an interest rate swap agreement and carried a fixed interest rate of 0.73% . The interest rate swap agreement now hedges $100.0 million of principal under our 2016 Credit Agreement. These interest rate hedges were deemed to be fully effective in accordance with ASC 815 and, as such, unrealized gains and losses related to these derivatives are recorded as other comprehensive income in our consolidated balance sheets. On October 1, 2015, we entered into a two year interest rate swap agreement effective September 30, 2016. Prior to the execution of the 2016 Credit Agreement, additional principal in the amount of $100.0 million under the 2014 Credit Agreement had been hedged with an interest rate swap agreement and carried a fixed interest rate 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 March 31, 2016 , 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 March 31, 2016 , 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 nine months ended March 31, 2016 , we transferred approximately $73.6 million of trade receivables. As of March 31, 2016 and June 30, 2015 , no transfers were accounted for as a financing activity. 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 March 31, 2016 , we had $4.2 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 March 31, 2016 , we had 4.0 million Euros available under this line of credit. |
Debt, Commitments, Contingencie
Debt, Commitments, Contingencies And Guarantees | 9 Months Ended |
Mar. 31, 2016 | |
Commitments, Contingencies And Guarantees [Abstract] | |
Commitments, Contingencies And Guarantees | COMMITMENTS, CONTINGENCIES AND GUARANTEES As of March 31, 2016 , our future minimum debt obligations related to the 2016 Credit Agreement and the Notes described in Note 9 above are as follows: (in millions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Thereafter Total Debt obligations (principal) $ 2.5 $ 15.3 $ 22.9 $ 22.5 $ 132.5 $ 375.0 $ 570.7 We have letter-of-credit agreements with banks totaling approximately $10.0 million guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2016 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 | 9 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 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) March 31, 2016 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 $ 0.8 Foreign exchange contracts 122.9 4.1 140.6 2.9 Derivatives in a liability position: Interest rate contracts 200.0 (0.7 ) 25.0 (0.1 ) Foreign exchange contracts 73.5 (4.0 ) 56.1 (4.5 ) Cross-currency swap contracts — — 19.0 (2.7 ) Total designated derivatives $ 396.4 $ (0.6 ) $ 340.7 $ (3.6 ) Derivatives not designated as hedging instruments under ASC 815 Derivatives in an asset position: Foreign exchange contracts $ 75.8 $ 0.9 $ 46.1 $ 0.6 Derivatives in a liability position: Foreign exchange contracts 49.9 (1.5 ) 81.7 (1.8 ) Total non-designated derivatives $ 125.7 $ (0.6 ) $ 127.8 $ (1.2 ) Total derivatives $ 522.1 $ (1.2 ) $ 468.5 $ (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 March 31, 2016 and 2015 , we recorded less than $0.1 million of losses and $0.7 million , respectively, in miscellaneous income (expense), net in our consolidated statements of income to reflect ineffective portions of hedges. During the nine months ended March 31, 2016 and 2015 , we recorded losses of $1.7 million and $2.2 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 Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Derivatives designated as hedging instruments under ASC 815 Interest rate contracts $ (1.1 ) $ (0.3 ) $ (0.9 ) $ — Foreign exchange contracts 2.5 (0.5 ) 0.1 (12.1 ) Cross-currency swap contracts — — — — Total designated derivatives $ 1.4 $ (0.8 ) $ (0.8 ) $ (12.1 ) The unrealized gain (loss) on derivative instruments is net of $0.7 million and $0.4 million taxes, respectively, for the three months ended March 31, 2016 and 2015 . The unrealized gain (loss) on derivative instruments is net of $0.3 million and $6.7 million taxes, respectively, for the nine months ended March 31, 2016 and 2015 . The estimated net amount of the existing losses that are expected to be reclassified into earnings within the next twelve months is $0.3 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 gains of $2.6 million and losses of $5.7 million for the three months ended March 31, 2016 and 2015 , respectively. The total losses related to foreign exchange contracts not designated as hedging instruments were $1.1 million and $20.9 million for the nine months ended March 31, 2016 and 2015 , respectively. The unrealized losses recognized are presented below: (in millions) Three Months Ended Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Derivatives not designated as hedging instruments under ASC 815 Foreign exchange contracts $ 1.6 $ (0.8 ) $ 0.9 $ (3.9 ) Total non-designated derivative unrealized loss, net $ 1.6 $ (0.8 ) $ 0.9 $ (3.9 ) |
Goodwill Goodwill
Goodwill Goodwill | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | NOTE 12. – GOODWILL As of March 31, 2016 and June 30, 2015 , we had goodwill of $396.0 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 7, 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 | 9 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 : (in millions) Level 1 Level 2 Level 3 Total Contingent consideration $ — $ — $ (4.7 ) $ (4.7 ) Interest rate derivative instruments — (0.7 ) — (0.7 ) Foreign currency exchange contracts — (0.5 ) — (0.5 ) Total $ — $ (1.2 ) $ (4.7 ) $ (5.9 ) 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 $15.0 million over a twenty-one month period following the acquisition date. To achieve the maximum payment of $15.0 million , billings of $13.4 million in the 21 month period needed to be achieved. The contingent consideration related to the ClinIntel acquisition was 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 was primarily impacted by the likelihood of achieving financial targets, but also from changes in discount periods and rates. In February 2016, we acquired Health Advances, LLC (“Health Advances”), an independent life sciences strategy consulting firm. Health Advances combines clinical, scientific and business expertise to provide strategic advice to executives leading life sciences companies and investors. The purchase price for the Health Advances acquisition was approximately $67.3 million , plus the potential to pay up to an additional $15.8 million over a thirty-six month period following the acquisition date if Health Advances achieves specific financial targets. The contingent consideration related to the Health Advances acquisition is measured at fair value with market conditions based on the use of a Monte-Carlo Simulation Model. 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: Health Advances Unobservable Input Range Risk free rate 1% Revenue Volatility 25% Projected period of payment Approximately 3 years 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 Additions of contingent consideration due to Health Advances acquisition 4.5 Change in fair value of contingent consideration 8.2 Payment of contingent consideration (14.1 ) Effect of changes in exchange rates used for translation (1.2 ) Balance at March 31, 2016 $ 4.7 For the nine months ended March 31, 2016 , the change in the fair value of the contingent consideration of $8.2 million expense was recorded in selling, general and administrative expense. As of June 30, 2015, the forecasted payout of the contingent consideration for the ClinIntel acquisition was significantly below the maximum payout obligation due to billings through June 30, 2015, which were below the originally forecasted levels. In the second half of calendar year 2015, the billings increased strongly, ahead of plans, which led to the increase in the contingent consideration obligation of $8.2 million . The contingent consideration performance period was primarily completed on November 30, 2015 and the contingent consideration earned was $14.8 million. The sellers of ClinIntel still have the potential to earn up to $0.2 million by June 2016. For the nine months ended March 31, 2016 , there were no transfers among Level 1, Level 2, or Level 3 categories. Additionally, there were no changes in the valuation techniques used to determine the fair values of our Level 2 assets or liabilities. The fair value of the debt under the Notes was estimated to be $99.0 million as of March 31, 2016 , 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 2016 Credit Agreement approximates fair value because all of the debt bears variable rate interest. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 2. – ACQUISITIONS The pro forma effects of the acquisition described below are not significant to the Company's reported results for any period presented. Accordingly, no pro forma financial statements have been presented herein. We accounted for this acquisition as a business combination in accordance with FASB ASC Topic 805, "Business Combinations." We allocate the amount that we pay for each acquisition to the assets we acquire and liabilities we assume based on their fair values at the dates of acquisition, including identifiable intangible assets. We base the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions determined by management and that consider management's best estimates of inputs and assumptions that a market participant would use. We allocate any excess purchase price over the fair value of the net tangible and identifiable intangible assets acquired to goodwill. The use of alternative valuation assumptions, including estimated revenue projections, growth rates, cash flows, discount rates, and estimated useful lives, could result in different purchase price allocations and amortization expense in current and future periods. Health Advances On January 19, 2016, we entered into a definitive agreement to acquire all of the outstanding equity securities of Health Advances, LLC (“Health Advances”), an independent life sciences strategy consulting firm. Health Advances combines clinical, scientific and business expertise to provide strategic advice to executives leading life sciences companies and investors. The acquisition closed on February 10, 2016 and is part of the PAREXEL Consulting Services (“PC”) segment. The net purchase price for the acquisition was approximately $67.3 million , plus the potential to pay up to an additional $15.8 million over a thirty-six month period following the acquisition date if Health Advances achieves certain financial targets. We funded the acquisition with credit facilities. The components of the consideration transferred in conjunction with the Health Advances acquisition and the preliminary allocation of that consideration is as follows (in millions): Total Consideration transferred: Cash paid, net of cash acquired $ 67.3 Fair value of contingent consideration 4.5 Net purchase price $ 71.8 Preliminary Allocation of consideration transferred: Accounts receivable $ 4.0 Other current assets 0.7 Property and equipment, net 1.0 Definite-lived intangible assets 15.0 Goodwill 52.9 Total assets acquired 73.6 Current liabilities 1.8 Total liabilities assumed 1.8 Net assets acquired: $ 71.8 The amounts above represent our preliminary fair value estimates as of March 31, 2016 and may be subject to subsequent adjustment as we obtain additional information during the measurement period and finalize our fair value estimates. We expect to complete our accounting for the Health Advances acquisition in the beginning of Fiscal Year 2017. The goodwill of $52.9 million arising from the Health Advances acquisition largely reflects the potential synergies and expansion of our service offerings across products and markets complementary to our existing service offering and markets. All of the goodwill is expected to be deductible for tax purposes. The following are the preliminary identifiable intangible assets acquired and their respective estimated useful lives, as determined based on preliminary valuations (dollars in millions): Amount Estimated Useful Life (Years) Customer relationships $ 11.6 10 Technology 1.8 3 Trade name 1.6 5 Total $ 15.0 |
Acquisitions, Goodwill, and O21
Acquisitions, Goodwill, and Other Intangible Assets (Tables) - Health Advances Acquisition [Member] | 9 Months Ended |
Mar. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The components of the consideration transferred in conjunction with the Health Advances acquisition and the preliminary allocation of that consideration is as follows (in millions): Total Consideration transferred: Cash paid, net of cash acquired $ 67.3 Fair value of contingent consideration 4.5 Net purchase price $ 71.8 Preliminary Allocation of consideration transferred: Accounts receivable $ 4.0 Other current assets 0.7 Property and equipment, net 1.0 Definite-lived intangible assets 15.0 Goodwill 52.9 Total assets acquired 73.6 Current liabilities 1.8 Total liabilities assumed 1.8 Net assets acquired: $ 71.8 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following are the preliminary identifiable intangible assets acquired and their respective estimated useful lives, as determined based on preliminary valuations (dollars in millions): Amount Estimated Useful Life (Years) Customer relationships $ 11.6 10 Technology 1.8 3 Trade name 1.6 5 Total $ 15.0 |
Equity and Earnings Per Share (
Equity and Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Common Share | (in millions, except per share data) Three Months Ended Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Net income attributable to common stock $ 47.9 $ 37.7 $ 112.2 $ 113.6 Weighted average number of shares outstanding, used in computing basic earnings per share 52.9 54.9 53.7 54.8 Dilutive common stock equivalents 0.7 0.9 0.8 1.0 Weighted average number of shares outstanding used in computing diluted earnings per share 53.6 55.8 54.5 55.8 Basic earnings per share $ 0.91 $ 0.69 $ 2.09 $ 2.07 Diluted earnings per share $ 0.89 $ 0.68 $ 2.06 $ 2.04 Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share) 1.7 0.9 1.3 0.7 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
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 (18.8 ) 3.8 (15.0 ) Loss reclassified from accumulated other comprehensive income — (4.6 ) (4.6 ) Net current-period other comprehensive loss $ (18.8 ) $ (0.8 ) $ (19.6 ) Balance as of March 31, 2016 $ (115.0 ) $ (0.5 ) $ (115.5 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | Three Months Ended Affected Line in the Consolidated Statements of Income (in millions) March 31, 2016 March 31, 2015 Interest rate contracts $ (0.1 ) $ (0.3 ) Interest expense, net Foreign exchange contracts (1.2 ) (1.4 ) Service Revenue Foreign exchange contracts (0.7 ) (6.1 ) Direct Costs Total $ (2.0 ) $ (7.8 ) Nine Months Ended Affected Line in the Consolidated Statements of Income (in millions) March 31, 2016 March 31, 2015 Interest rate contracts $ (0.4 ) $ (1.1 ) Interest expense, net Foreign exchange contracts (1.6 ) (2.1 ) Service Revenue Foreign exchange contracts (5.3 ) (8.0 ) Direct Costs Cross-currency swap contracts — 0.2 Miscellaneous income (expense), net Total $ (7.3 ) $ (11.0 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Classification Of Compensation Expense Within Consolidated Statements Of Income | (in millions) Three Months Ended Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Direct costs $ 1.3 $ 1.3 $ 3.5 $ 3.3 Selling, general and administrative 4.0 3.4 11.7 9.9 Total stock-based compensation $ 5.3 $ 4.7 $ 15.2 $ 13.2 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Restructuring Charges [Abstract] | |
Schedule Of Charges Against The Restructuring Accrual | Balance at Charges/(Benefits) Payments/Foreign Balance at June 30, 2015 March 31, 2016 2015 Margin Acceleration Program Employee severance $ 20.0 $ 18.0 $ (19.7 ) $ 18.3 Facilities-related — 5.4 (1.1 ) 4.3 Pre-Fiscal Year 2012 Restructuring Plans Facilities-related 0.3 — (0.2 ) 0.1 Total $ 20.3 $ 23.4 $ (21.0 ) $ 22.7 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Service Revenue, Direct Costs And Gross Profit On Service Revenue Of Reportable Segment | (in millions) Three Months Ended Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Service revenue CRS $ 402.8 $ 401.3 $ 1,220.1 $ 1,179.9 PC 49.9 33.5 130.6 114.6 PI 74.4 67.2 207.0 198.5 Total service revenue $ 527.1 $ 502.0 $ 1,557.7 $ 1,493.0 Direct costs CRS $ 271.1 $ 284.8 $ 833.0 $ 822.0 PC 28.2 18.0 69.2 60.2 PI 38.5 35.2 111.3 101.9 Total direct costs $ 337.8 $ 338.0 $ 1,013.5 $ 984.1 Gross profit CRS $ 131.7 $ 116.5 $ 387.1 $ 357.9 PC 21.7 15.5 61.4 54.4 PI 35.9 32.0 95.7 96.6 Total gross profit $ 189.3 $ 164.0 $ 544.2 $ 508.9 |
Debt, Commitments, Contingenc27
Debt, Commitments, Contingencies And Guarantees Schedule of Contractual Obligation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
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) $ 2.5 $ 15.3 $ 22.9 $ 22.5 $ 132.5 $ 375.0 $ 570.7 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Summary of Derivative Instruments by Hedge Designation [Abstract] | |
Schedule Of Notional Amounts And Fair Values Of Derivatives | (in millions) March 31, 2016 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 $ 0.8 Foreign exchange contracts 122.9 4.1 140.6 2.9 Derivatives in a liability position: Interest rate contracts 200.0 (0.7 ) 25.0 (0.1 ) Foreign exchange contracts 73.5 (4.0 ) 56.1 (4.5 ) Cross-currency swap contracts — — 19.0 (2.7 ) Total designated derivatives $ 396.4 $ (0.6 ) $ 340.7 $ (3.6 ) Derivatives not designated as hedging instruments under ASC 815 Derivatives in an asset position: Foreign exchange contracts $ 75.8 $ 0.9 $ 46.1 $ 0.6 Derivatives in a liability position: Foreign exchange contracts 49.9 (1.5 ) 81.7 (1.8 ) Total non-designated derivatives $ 125.7 $ (0.6 ) $ 127.8 $ (1.2 ) Total derivatives $ 522.1 $ (1.2 ) $ 468.5 $ (4.8 ) |
Schedule Of Change In The Fair Value Of Derivatives Designated As Hedging Instruments | (in millions) Three Months Ended Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Derivatives designated as hedging instruments under ASC 815 Interest rate contracts $ (1.1 ) $ (0.3 ) $ (0.9 ) $ — Foreign exchange contracts 2.5 (0.5 ) 0.1 (12.1 ) Cross-currency swap contracts — — — — Total designated derivatives $ 1.4 $ (0.8 ) $ (0.8 ) $ (12.1 ) |
Schedule Of Change In The Fair Value Derivatives Not Designated As Hedging Instruments | (in millions) Three Months Ended Nine Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Derivatives not designated as hedging instruments under ASC 815 Foreign exchange contracts $ 1.6 $ (0.8 ) $ 0.9 $ (3.9 ) Total non-designated derivative unrealized loss, net $ 1.6 $ (0.8 ) $ 0.9 $ (3.9 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
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 $ — $ — $ (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 ) (in millions) Level 1 Level 2 Level 3 Total Contingent consideration $ — $ — $ (4.7 ) $ (4.7 ) Interest rate derivative instruments — (0.7 ) — (0.7 ) Foreign currency exchange contracts — (0.5 ) — (0.5 ) Total $ — $ (1.2 ) $ (4.7 ) $ (5.9 ) |
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: Health Advances Unobservable Input Range Risk free rate 1% Revenue Volatility 25% Projected period of payment Approximately 3 years |
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 Additions of contingent consideration due to Health Advances acquisition 4.5 Change in fair value of contingent consideration 8.2 Payment of contingent consideration (14.1 ) Effect of changes in exchange rates used for translation (1.2 ) Balance at March 31, 2016 $ 4.7 |
Acquisitions, Goodwill, and O30
Acquisitions, Goodwill, and Other Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 10, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | Oct. 03, 2014 |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 67,300 | $ 67,300 | $ 10,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Fair value of contingent consideration | 4,700 | $ 7,300 | |||
Net purchase price | 71,800 | ||||
Goodwill | 396,000 | $ 354,900 | |||
Health Advances Acquisition [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Fair value of contingent consideration | 4,500 | ||||
Net purchase price | $ 67,300 | ||||
Accounts receivable | 4,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 700 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,000 | ||||
Definite-lived intangible assets | 15,000 | ||||
Goodwill | 52,900 | ||||
Total assets acquired | 73,600 | ||||
Total liabilities assumed | 1,800 | ||||
Net assets acquired: | 71,800 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15,800 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 1,800 | ||||
Health Advances Acquisition [Member] | Customer relationships | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Definite-lived intangible assets | $ 11,600 | ||||
Estimated Useful Life (Years) | 10 years | ||||
Health Advances Acquisition [Member] | Technology | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Definite-lived intangible assets | $ 1,800 | ||||
Estimated Useful Life (Years) | 3 years | ||||
Health Advances Acquisition [Member] | Trade Names [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||
Definite-lived intangible assets | $ 1,600 | ||||
Estimated Useful Life (Years) | 5 years |
Equity and Earnings Per Share31
Equity and Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 10, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Oct. 31, 2014 | Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | 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 | 5,000,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | |||||||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Common Stock, Shares, Outstanding | 52,800,000 | 52,800,000 | 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 | $ 47,900 | $ 37,700 | $ 112,200 | $ 113,600 | ||||||||
Weighted average number of shares outstanding, used in computing basic earnings per share | 52,900,000 | 54,900,000 | 53,700,000 | 54,800,000 | ||||||||
Dilutive common stock equivalents | 700,000 | 900,000 | 800,000 | 1,000,000 | ||||||||
Weighted average number of shares outstanding used in computing diluted earnings per share | 53,600,000 | 55,800,000 | 54,500,000 | 55,800,000 | ||||||||
Basic earnings per share | $ 0.91 | $ 0.69 | $ 2.09 | $ 2.07 | ||||||||
Diluted earnings per share | $ 0.89 | $ 0.68 | $ 2.06 | $ 2.04 | ||||||||
Anti-dilutive options (excluded from the calculation of diluted earnings per share) | 1,700,000 | 900,000 | 1,300,000 | 700,000 | ||||||||
FY2016StockRepurchasePlan [Member] [Member] [Domain] | ||||||||||||
Disclosure of Repurchase Agreements [Abstract] | ||||||||||||
Stock Repurchase Program Authorized Amount | $ 200,000 | $ 200,000 | ||||||||||
Treasury Stock, Shares, Acquired | 900,000 | 2,300,000 | 3,200,000 | |||||||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 62.92 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 200,000 | |||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 70.35 | |||||||||||
FiscalYear2014StockRepurchasePlan [Member] [Member] | ||||||||||||
Disclosure of Repurchase Agreements [Abstract] | ||||||||||||
Stock Repurchase Program Authorized Amount | $ 150,000 | |||||||||||
Treasury Stock, Shares, Acquired | 300,000 | 2,600,000 | 2,300,000 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 150,000 | $ 150,000 | ||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 57.03 | $ 52.52 |
Comprehensive Income (Schedule
Comprehensive Income (Schedule Of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (115,000) | $ (115,000) | $ (96,200) | ||
Other comprehensive income before reclassifications | (15,000) | ||||
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | (4,600) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 8,400 | $ (36,100) | (18,800) | $ (105,000) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,400 | (800) | (800) | (12,100) | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (19,600) | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (500) | (500) | 300 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (115,500) | (115,500) | $ (95,900) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,000) | (7,800) | (7,300) | (11,000) | |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 500 | 2,800 | 2,600 | 4,000 | |
Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (100) | (400) | |||
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 | 3,800 | ||||
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | (4,600) | ||||
Interest Expense [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (300) | (1,100) | |||
Sales Revenue, Services, Net [Member] | Foreign Exchange Contract [Member] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,200) | (1,400) | (1,600) | (2,100) | |
Cost of Sales [Member] | Foreign Exchange Contract [Member] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (700) | $ (6,100) | (5,300) | (8,000) | |
Other Expense [Member] | Cross Currency Swap Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 200 | ||||
United Kingdom, Pounds | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 0 |
Stock-Based Compensation (Class
Stock-Based Compensation (Classification Of Compensation Expense Within Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation | $ 5,300 | $ 4,700 | $ 15,200 | $ 13,200 |
Cost of Sales [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation | 1,300 | 1,300 | 3,500 | 3,300 |
Selling, General And Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation | $ 4,000 | $ 3,400 | $ 11,700 | $ 9,900 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve, Current | $ 20,900 | $ 20,900 | $ 20,200 | ||||
Restructuring Reserve | 22,700 | 22,700 | 20,300 | ||||
Restructuring Charges | (1,800) | $ (100) | $ 10,400 | 23,400 | $ (200) | ||
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | $ 14,800 | 20,000 | |||||
Employee Severance [Member] | Two Thousand Fifteen Restructuring Plan [Member] [Domain] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve, Current | 18,300 | 18,300 | |||||
Restructuring Reserve | 18,300 | 18,300 | |||||
Restructuring Charges | 18,000 | ||||||
Facilities Related Charges [Member] | Two Thousand Fifteen Restructuring Plan [Member] [Domain] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve, Current | 1,800 | 1,800 | |||||
Restructuring Reserve | $ 4,300 | 4,300 | $ 0 | ||||
Restructuring Charges | $ 5,400 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Charges Against The Restructuring Accrual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Balance at June 30, 2013 | $ 20,300 | $ 20,300 | |||
Provisions/Adjustments | $ (1,800) | $ (100) | 10,400 | 23,400 | $ (200) |
Balance at September 30, 2013 | 22,700 | 22,700 | |||
Restructuring Reserve, Translation Adjustment | (21,000) | ||||
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Balance at June 30, 2013 | 20,000 | 20,000 | |||
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Provisions/Adjustments | 18,000 | ||||
Balance at September 30, 2013 | 18,300 | 18,300 | |||
Restructuring Reserve, Translation Adjustment | (19,700) | ||||
Two Thousand Fifteen Restructuring Plan [Member] [Domain] | Facilities-Related Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Balance at June 30, 2013 | 0 | 0 | |||
Provisions/Adjustments | 5,400 | ||||
Balance at September 30, 2013 | 4,300 | 4,300 | |||
Restructuring Reserve, Translation Adjustment | (1,100) | ||||
Two Thousand Eleven Restructuring Plan [Member] | Facilities-Related Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Balance at June 30, 2013 | $ 300 | 300 | |||
Provisions/Adjustments | 0 | ||||
Balance at September 30, 2013 | $ 100 | 100 | |||
Restructuring Reserve, Translation Adjustment | $ (200) |
Segment Information (Service Re
Segment Information (Service Revenue, Direct Costs And Gross Profit On Service Revenue Of Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Service revenue | $ 527,100 | $ 502,000 | $ 1,557,700 | $ 1,493,000 |
Direct costs | 337,800 | 338,000 | 1,013,500 | 984,100 |
Gross profit | 189,300 | 164,000 | 544,200 | 508,900 |
CRS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Service revenue | 402,800 | 401,300 | 1,220,100 | 1,179,900 |
Direct costs | 271,100 | 284,800 | 833,000 | 822,000 |
Gross profit | 131,700 | 116,500 | 387,100 | 357,900 |
PC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Service revenue | 49,900 | 33,500 | 130,600 | 114,600 |
Direct costs | 28,200 | 18,000 | 69,200 | 60,200 |
Gross profit | 21,700 | 15,500 | 61,400 | 54,400 |
PI [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Service revenue | 74,400 | 67,200 | 207,000 | 198,500 |
Direct costs | 38,500 | 35,200 | 111,300 | 101,900 |
Gross profit | $ 35,900 | $ 32,000 | $ 95,700 | $ 96,600 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Income Tax Holiday [Line Items] | |||||
Gross unrecognized tax benefits | $ 29.6 | $ 29.6 | $ 35.2 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 4.4 | ||||
Gross unrecognized tax benefits that would impact the effective tax rate if recognized | 18.7 | 18.7 | 23.9 | ||
Anticipated liability decrease for unrecognized tax benefits for uncertain tax positions | 0.4 | 0.4 | |||
Interest and penalties included in liability for unrecognized tax benefits | 3.4 | $ 3.4 | $ 4.2 | ||
Interest and penalties included in income tax expense | $ 0.8 | $ 0.7 | |||
Effective income tax rate | 28.60% | 29.70% | 27.70% | 30.20% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Income Tax Expense (Benefit), Intraperiod Tax Allocation | $ 5.5 | $ 6.1 |
Credit Agreements (Details)
Credit Agreements (Details) $ in Thousands, € in Millions | Oct. 01, 2015USD ($) | May. 31, 2013USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 12, 2015USD ($) | Jul. 25, 2013 |
Line of Credit Facility [Line Items] | ||||||||
Derivative, Notional Amount | $ 522,100 | $ 468,500 | ||||||
Letters of Credit Outstanding, Amount | 10,000 | |||||||
Long-term Debt, Gross | $ 570,700 | $ 7,100 | ||||||
Max commitment fee on revolving loan unused amount, percentage | 0.30% | |||||||
Interest rate swap, fixed interest rate | 1.10% | 0.73% | 1.30% | 1.30% | ||||
JP Morgan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Transfers of Financial Assets Including Debt Activity | $ 73,600 | |||||||
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 | 4,200 | |||||||
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 | $ 100,000 | |||||
2016 Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Deferred Finance Costs, Noncurrent, Net | 3,300 | |||||||
Senior Notes due in 2020 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Deferred Finance Costs, Noncurrent, Net | 300 | |||||||
2013 Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Deferred Finance Costs, Noncurrent, Net | 2,500 | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Remaining borrowing available under revolving credit facility | 285,000 | |||||||
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 | 396,400 | $ 340,700 | ||||||
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 | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 11, 2016 | Jun. 30, 2015 | Oct. 15, 2014 | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||
2013 Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred Finance Costs, Noncurrent, Net | $ 2.5 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 285 | |||
2016 Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
2016 Credit Agreement [Member] | LIBOR Plus Margin [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
2016 Credit Agreement [Member] | Federal Funds Plus Margin [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
2016 Credit Agreement [Member] | One Month LIBOR Plus Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
2016 Credit Agreement [Member] | One Month LIBOR Plus Margin [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
2016 Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 400 | $ 400 | ||
2016 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan, Quarterly Principal Payment Percentage | 0.63% | |||
2016 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan, Quarterly Principal Payment Percentage | 1.25% | |||
2016 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan, Quarterly Principal Payment Percentage | 1.88% | |||
2016 Credit Agreement [Member] | Term Loan [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan, Quarterly Principal Payment Percentage | 2.50% | |||
2016 Credit Agreement [Member] | Swingline Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 100 | |||
2016 Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 65 | 65 | ||
Line of Credit Facility, Current Borrowing Capacity | 350 | |||
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 | |||
Line of Credit Facility, Current Borrowing Capacity | 300 | |||
Letters of Credit, maximum issuance amount | $ 10 | $ 10 |
Credit Agreements Master Financ
Credit Agreements Master Financing Agreement (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 12, 2015 |
Master Financing Agreement [Line Items] | ||
Long-term Debt, Gross | $ 570.7 | $ 7.1 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 2.5 | 1.4 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 15.3 | 2.8 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 22.9 | $ 2.9 |
Master Financing Agreement [Member] | ||
Master Financing Agreement [Line Items] | ||
Long-term Debt, Gross | $ 5.7 |
Credit Agreements 2016 Term Loa
Credit Agreements 2016 Term Loan Agreement (Details) - USD ($) $ in Millions | Feb. 10, 2016 | Mar. 31, 2016 | Jun. 12, 2015 |
Short-term Debt [Line Items] | |||
Long-term Debt, Gross | $ 570.7 | $ 7.1 | |
Senior Notes [Member] | 2016 Term Loan Agreement [Member] | |||
Short-term Debt [Line Items] | |||
Long-term Debt, Gross | $ 0 | ||
2016 Term Loan Agreement [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
LIBOR Plus Margin [Member] | 2016 Term Loan Agreement [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Credit Agreements 2016 Credit A
Credit Agreements 2016 Credit Agreement (Details) - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 11, 2016 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |
2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Term Loan [Member] | 2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ 400 | $ 400 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 285 | |
Revolving Credit Facility [Member] | 2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 350 | |
Long-term Line of Credit | 65 | 65 |
Swingline Loan [Member] | 2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 100 | |
2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Deferred Finance Costs, Noncurrent, Net | $ 3.3 | |
LIBOR Plus Margin [Member] | 2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Federal Funds Plus Margin [Member] | 2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
One Month LIBOR Plus Rate [Member] | 2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
One Month LIBOR Plus Margin [Member] | 2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Debt Instrument, Redemption, Period Five [Member] | Term Loan [Member] | 2016 Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Term Loan, Quarterly Principal Payment Percentage | 72.50% |
Debt, Commitments, Contingenc43
Debt, Commitments, Contingencies And Guarantees Schedule of Contractual Obligation (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 12, 2015 |
Contractual Obligation [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 2.5 | $ 1.4 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 15.3 | 2.8 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 22.9 | 2.9 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 22.5 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 132.5 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 375 | |
Long-term Debt, Gross | $ 570.7 | $ 7.1 |
Commitments, Contingencies And
Commitments, Contingencies And Guarantees (Details) $ in Millions | Mar. 31, 2016USD ($) |
Commitments, Contingencies And Guarantees [Abstract] | |
Letters of Credit Outstanding, Amount | $ 10 |
Derivatives (Schedule Of Notion
Derivatives (Schedule Of Notional Amounts And Fair Values Of Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Derivatives, Fair Value [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (0.7) | $ 1.7 | $ (2.2) | |
Notional Amount | 522.1 | $ 468.5 | ||
Asset (Liability) | (1.2) | (4.8) | ||
Derivatives Not Designated As Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 125.7 | 127.8 | ||
Asset (Liability) | (0.6) | (1.2) | ||
Derivatives Designated As Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 396.4 | 340.7 | ||
Asset (Liability) | (0.6) | (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 | (0.7) | (0.1) | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.8 | ||
Derivative Liability, Notional Amount | 200 | 25 | ||
Derivative Asset, Notional Amount | 0 | 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 | (1.5) | (1.8) | ||
Derivative Asset, Fair Value, Gross Asset | 0.9 | 0.6 | ||
Derivative Liability, Notional Amount | 49.9 | 81.7 | ||
Derivative Asset, Notional Amount | 75.8 | 46.1 | ||
Foreign Exchange Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | (4) | (4.5) | ||
Derivative Asset, Fair Value, Gross Asset | 4.1 | 2.9 | ||
Derivative Liability, Notional Amount | 73.5 | 56.1 | ||
Derivative Asset, Notional Amount | $ 122.9 | $ 140.6 |
Derivatives (Schedule Of Change
Derivatives (Schedule Of Change In The Fair Value Of Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 700 | $ 400 | $ 300 | $ 6,700 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (700) | 1,700 | (2,200) | |
Estimated net amount of existing losses that are expected to be reclassified into earnings | (300) | |||
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 | 1,400 | (800) | (800) | (12,100) |
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 | (1,100) | (300) | (900) | 0 |
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 | 2,500 | (500) | 100 | (12,100) |
Cross Currency Swap Contracts [Member] | Derivatives Designated As Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments, gain (loss) recognized in other comprehensive income, effective portion, net, total | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives (Schedule Of Chan47
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 Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain on Foreign Currency Derivatives, before Tax | $ 1,600 | $ (800) | $ 900 | $ (3,900) |
Foreign Exchange Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value of derivatives not designated as hedging instruments | 2,600 | (5,700) | (1,100) | (20,900) |
Unrealized Gain on Foreign Currency Derivatives, before Tax | $ 1,600 | $ (800) | $ 900 | $ (3,900) |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Goodwill [Line Items] | ||
Goodwill | $ 396 | $ 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 Thousands | Feb. 10, 2016 | Nov. 30, 2015 | Oct. 03, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Jan. 29, 2016 | Jun. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 71,800 | ||||||
business combination, contingent consideration arrangement, payment | $ (9,900) | $ 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 4,700 | $ 7,300 | |||||
Long-term Debt, Fair Value | 99,000 | ||||||
Interest Rate Derivative Instruments | (700) | 700 | |||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | (500) | (5,600) | |||||
Business Acquisition, Contingent Consideration, at Fair Value | (4,700) | (7,300) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (8,200) | $ 5,000 | |||||
Liabilities, Fair Value Disclosure, Recurring | (5,900) | (12,200) | |||||
Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Interest Rate Derivative Instruments | 0 | 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 | (700) | 700 | |||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | (500) | (5,600) | |||||
Business Acquisition, Contingent Consideration, at Fair Value | 0 | 0 | |||||
Liabilities, Fair Value Disclosure, Recurring | (1,200) | (4,900) | |||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Interest Rate Derivative Instruments | 0 | 0 | |||||
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | 0 | 0 | |||||
Business Acquisition, Contingent Consideration, at Fair Value | (4,700) | (7,300) | |||||
Liabilities, Fair Value Disclosure, Recurring | $ (4,700) | $ (7,300) | |||||
ClinIntel Acquisition [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
business combination, contingent consideration arrangement, payment | $ (14,100) | ||||||
Payments to Acquire Businesses, Gross | $ 8,800 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 15,000 | $ 0 | |||||
Health Advances Acquisition [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 67,300 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15,800 | ||||||
Fair Value Inputs, Discount Rate | 1.00% | ||||||
Business Acquisition, Contingent Consideration, at Fair Value | $ (4,500) | ||||||
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 | $ 0 | $ 8,200 |
Fair Value Measurements Unobser
Fair Value Measurements Unobservable Inputs (Details) | 9 Months Ended |
Mar. 31, 2016 | |
ClinIntel Acquisition [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Discount Rate | 1.00% |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 Rollforward (Details) - USD ($) $ in Thousands | Nov. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jan. 29, 2016 |
Contingent Consideration [Roll Forward] | ||||
Balance at June 30, 2015 | $ 7,300 | |||
Additions of contingent consideration due to Health Advances acquisition | 4,500 | |||
Change in fair value of contingent consideration | (8,200) | $ 5,000 | ||
business combination, contingent consideration arrangement, payment | (9,900) | $ 0 | ||
Effect of exchange rate on contingent consideration | (1,200) | |||
Balance at March 31, 2016 | 4,700 | |||
Selling, General And Administrative [Member] | ||||
Contingent Consideration [Roll Forward] | ||||
Change in fair value of contingent consideration | $ 0 | $ 8,200 | ||
ClinIntel Acquisition [Member] | ||||
Contingent Consideration [Roll Forward] | ||||
business combination, contingent consideration arrangement, payment | $ (14,100) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | Nov. 30, 2015 | Oct. 03, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Jan. 29, 2016 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ (8.2) | $ 5 | |||
Selling, General and Administrative Expenses [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ 0 | $ 8.2 | |||
ClinIntel Acquisition [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 8.8 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15 | $ 0 |