Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2015 | |
Document And Entity Information [Abstract] | |||
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 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 53,181,849 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.6 |
Consolidated Statements Of Inco
Consolidated Statements Of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | |||
Service revenue | $ 2,094.3 | $ 2,016 | $ 1,939.4 |
Reimbursement revenue | 332 | 314.3 | 327 |
Total revenue | 2,426.3 | 2,330.3 | 2,266.4 |
Costs and expenses: | |||
Direct costs | 1,360.3 | 1,344.2 | 1,279.2 |
Reimbursable out-of-pocket expenses | 332 | 314.3 | 327 |
Selling, general and administrative | 385.3 | 367.2 | 379.8 |
Depreciation | 74.6 | 69.3 | 66.4 |
Amortization | 22.3 | 15.6 | 14.9 |
Restructuring charge (benefit) | 27.8 | 19.8 | (0.4) |
Total costs and expenses | 2,202.3 | 2,130.4 | 2,066.9 |
Income from operations | 224 | 199.9 | 199.5 |
Interest expense, net | (8.6) | (7.1) | (9.1) |
Miscellaneous expense, net | (0.2) | 7.4 | (2.5) |
Total other expense, net | (8.8) | 0.3 | (11.6) |
Income before provision for income taxes | 215.2 | 200.2 | 187.9 |
Provision for income taxes | 60.3 | 52.4 | 58.8 |
Net income | $ 154.9 | $ 147.8 | $ 129.1 |
Earnings per share: | |||
Basic | $ 2.90 | $ 2.69 | $ 2.28 |
Diluted | $ 2.86 | $ 2.65 | $ 2.25 |
Weighted average shares: | |||
Basic | 53.5 | 54.9 | 56.5 |
Diluted | 54.2 | 55.8 | 57.5 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 154.9 | $ 147.8 | $ 129.1 |
Unrealized gain (loss) on derivative instruments, net of taxes | (5.8) | (3.9) | 5.1 |
Foreign currency translation adjustment | (34.3) | (94.1) | 27 |
Total comprehensive income | $ 114.8 | $ 49.8 | $ 161.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 30, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 248.6 | $ 207.4 |
Billed accounts receivable, net | 506.1 | 460.6 |
Unbilled accounts receivable, net | 327.9 | 262.2 |
Prepaid expenses | 23.3 | 15.5 |
Deferred tax assets | 0 | 59.1 |
Income taxes receivable | 25.2 | 12.8 |
Other current assets | 50.1 | 44.4 |
Total current assets | 1,181.2 | 1,062 |
Property, Plant and Equipment, Net | 259.3 | 241.2 |
Goodwill | 389.2 | 354.9 |
Other intangible assets, net | 130.7 | 142.1 |
Non-current deferred tax assets | 27.1 | 11.7 |
Long-term income taxes receivable | 10.4 | 11.1 |
Other assets | 38.3 | 42 |
Total assets | 2,036.2 | 1,865 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Notes payable and current portion of long-term debt | 16.6 | 8.9 |
Accounts payable | 62.6 | 81.2 |
Deferred revenue | 420.2 | 371.8 |
Accrued expenses | 35 | 33.4 |
Accrued restructuring charges, current portion | 14.6 | 20.2 |
Accrued employee benefits and withholdings | 176.4 | 152.7 |
Current deferred tax liabilities | 0 | 10 |
Income taxes payable | 21.6 | 13.1 |
Other current liabilities | 22.4 | 18.2 |
Total current liabilities | 769.4 | 709.5 |
Long-term debt, net of current portion | 484.8 | 345.4 |
Non-current deferred tax liabilities | 19.3 | 33 |
Long-term income tax liabilities | 31.5 | 27.1 |
Long-term deferred revenue | 38.3 | 42.2 |
Other liabilities | 59.5 | 42.5 |
Total liabilities | 1,402.8 | 1,199.7 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity: | ||
Preferred stock - $0.01 par value; 5.0 million shares authorized, no shares issued and outstanding at June 30, 2016 and June 30, 2015, respectively. | 0 | 0 |
Common stock - $0.01 par value; 150.0 million shares authorized; 52.9 million and 55.2 million shares issued and outstanding at June 30, 2016 and June 30, 2015, respectively. | 0.5 | 0.6 |
Additional Paid in Capital | 31.4 | 37.7 |
Retained earnings | 737.5 | 722.9 |
Accumulated other comprehensive loss | (136) | (95.9) |
Total stockholders' equity | 633.4 | 665.3 |
Total liabilities and stockholders' equity | $ 2,036.2 | $ 1,865 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares issued | 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 | 52,900,000 | 55,200,000 |
Common Stock, Shares issued | 52,900,000 | 55,200,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance, value at Jun. 30, 2013 | $ 539 | $ 0.5 | $ 113.8 | $ 454.7 | $ (30) |
Beginning Balance, Shares at Jun. 30, 2013 | 56.3 | ||||
Shares issued under stock option/restricted stock/employee stock purchase plans, net, Shares | 0.8 | ||||
Shares issued under stock option/restricted stock/employee stock purchase plans, net | 6.8 | 6.8 | |||
Stock-based compensation | 15.3 | 15.3 | |||
Excess tax benefit related to employee equity awards | 7.8 | 7.8 | |||
Stock Repurchase, Shares | (2.4) | ||||
Share repurchase | (152.4) | (143.7) | (8.7) | ||
Unrealized gain (loss) on derivative instruments, net of taxes | 5.1 | 5.1 | |||
Foreign currency translation adjustment | 27 | 27 | |||
Net income | 129.1 | 129.1 | |||
Ending Balance, Shares at Jun. 30, 2014 | 54.7 | ||||
Ending Balance, value at Jun. 30, 2014 | 577.7 | $ 0.5 | 0 | 575.1 | 2.1 |
Shares issued under stock option/restricted stock/employee stock purchase plans, net, Shares | 0.9 | ||||
Shares issued under stock option/restricted stock/employee stock purchase plans, net | 12.7 | $ 0.1 | 12.6 | ||
Stock-based compensation | 17.9 | 17.9 | |||
Excess tax benefit related to employee equity awards | 7.2 | 7.2 | |||
Stock Repurchase, Shares | (0.4) | ||||
Share repurchase | 0 | ||||
Unrealized gain (loss) on derivative instruments, net of taxes | (3.9) | (3.9) | |||
Foreign currency translation adjustment | (94.1) | (94.1) | |||
Net income | $ 147.8 | 147.8 | |||
Ending Balance, Shares at Jun. 30, 2015 | 55.2 | 55.2 | |||
Ending Balance, value at Jun. 30, 2015 | $ 665.3 | $ 0.6 | 37.7 | 722.9 | (95.9) |
Shares issued under stock option/restricted stock/employee stock purchase plans, net, Shares | 0.9 | ||||
Shares issued under stock option/restricted stock/employee stock purchase plans, net | 13.9 | 13.9 | |||
Stock-based compensation | 20.1 | 20.1 | |||
Excess tax benefit related to employee equity awards | 19.3 | 4 | 15.3 | ||
Stock Repurchase, Shares | (3.2) | ||||
Share repurchase | (200) | $ (0.1) | (44.3) | (155.6) | |
Unrealized gain (loss) on derivative instruments, net of taxes | (5.8) | (5.8) | |||
Foreign currency translation adjustment | (34.3) | (34.3) | |||
Net income | $ 154.9 | 154.9 | |||
Ending Balance, Shares at Jun. 30, 2016 | 52.9 | 52.9 | |||
Ending Balance, value at Jun. 30, 2016 | $ 633.4 | $ 0.5 | $ 31.4 | $ 737.5 | $ (136) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flow from operating activities: | |||
Net income | $ 154.9 | $ 147.8 | $ 129.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 96.9 | 84.9 | 81.3 |
Stock-based compensation | 20.1 | 17.9 | 15.3 |
Deferred income taxes | 24 | (16.1) | (14.7) |
Fair value adjustment of contingent consideration | 8.7 | (7.4) | (0.8) |
Excess tax benefit from stock-based compensation | (4.2) | (7.1) | (7.8) |
Other non-cash items | (0.1) | 2.1 | (0.2) |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Billed and unbilled accounts receivable | (122.1) | (24.5) | (23.1) |
Prepaid expenses and other current assets | (17.9) | (3.1) | (10.8) |
Other assets | 1.6 | (11.9) | 6.8 |
Accounts payable | (20.8) | 19 | 11.5 |
Deferred revenue | 58.2 | (33.7) | 46.7 |
Accrued expenses and other current liabilities | 32.7 | 9.7 | 28.9 |
Long-term income taxes payable, net of long-term income taxes receivable | 21.1 | (10.6) | 13.1 |
Other liabilities | 8.2 | (9.2) | 11.9 |
Net cash provided by operating activities | 261.3 | 157.8 | 287.2 |
Cash flow from investing activities: | |||
Purchases of marketable securities | 0 | 0 | (250.3) |
Proceeds from sale of marketable securities | 0 | 88.6 | 291.8 |
Purchases of property and equipment | (95.5) | (80.2) | (72.6) |
Acquisition of businesses | (67.3) | (104.5) | (0.1) |
Net cash used in investing activities | (162.8) | (96.1) | (31.2) |
Cash flow from financing activities: | |||
Proceeds from issuance of common stock, net of tax payments for cashless exercises | 13.9 | 12.6 | 6.8 |
Payments for share repurchase | (200) | 0 | (154.9) |
Excess tax benefit from stock-based compensation | 4.2 | 7.1 | 7.8 |
Borrowings under credit agreement/facility | 1,176.2 | 429.6 | 502.5 |
Repayments under credit agreement/facility | (1,028.9) | (422.5) | (590) |
Borrowings under factoring agreement | 0 | 0 | 4.5 |
Payments for contingent consideration | (9.9) | 0 | 0 |
Payments for debt issuance costs | (1) | (0.6) | (0.7) |
Net cash (used in) provided by financing activities | (45.5) | 26.2 | (224) |
Effect of Exchange Rate on Cash and Cash Equivalents | (11.8) | (68.7) | 12.1 |
Net increase in cash and cash equivalents | 41.2 | 19.2 | 44.1 |
Cash and cash equivalents at beginning of year | 207.4 | 188.2 | 144.1 |
Cash and cash equivalents at end of year | 248.6 | 207.4 | 188.2 |
Supplemental disclosures of cash flow information | |||
Non-cash capital expenditures | 4.5 | 6.9 | 0 |
Non-cash debt settlement under factoring agreement | 0 | 0 | 14.9 |
Interest | 13 | 10.8 | 13.7 |
Income taxes, net of refunds | $ 19.7 | $ 78.4 | $ 61 |
Description Of Business
Description Of Business | 12 Months Ended |
Jun. 30, 2016 | |
Description Of Business [Abstract] | |
Description Of Business | DESCRIPTION OF BUSINESS PAREXEL International Corporation (“PAREXEL,” “the Company,” or “we”) is a leading biopharmaceutical outsourcing services company, providing a broad range of expertise in clinical research, clinical logistics, medical communications, consulting, commercialization and advanced technology products and services to the worldwide pharmaceutical, biotechnology, and medical device industries. Our primary objective is to provide quality solutions for managing the biopharmaceutical product lifecycle with the goal of reducing the time, risk, and cost associated with the development and commercialization of new therapies. Since our incorporation in 1983, we have developed significant expertise in processes and technologies supporting this strategy. Our product and service offerings include: clinical trials management, observational studies and patient/disease registries, data management, biostatistical analysis, epidemiology, health economics/outcomes research, pharmacovigilance, medical communications, clinical pharmacology, patient recruitment, clinical supply and drug logistics, post-marketing surveillance, regulatory and product development and commercialization consulting, health policy and reimbursement and market access consulting, medical imaging services, regulatory information management (“RIM”) solutions, randomization and trial supply management services (“RTSM”), electronic data capture systems (“EDC”), clinical trial management systems (“CTMS”), web-based portals, systems integration, patient diary applications, and other product development tools and services. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of PAREXEL International Corporation, our wholly-owned and majority-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Cash Pooling Arrangement, Net Presentation We have a cash pooling arrangement with RBS Nederland, NV. Pooling occurs when debit balances are offset against credit balances and the overall net position is used as a basis by the bank for calculating the overall pool interest payable or receivable amount. Each legal entity owned by us and party to this arrangement remains the owner of either a credit (deposit) or a debit (overdraft) balance. Therefore, interest income is earned by legal entities with credit balances, while interest expense is charged to legal entities with debit balances. Based on the pool’s aggregate balance, the bank then (1) recalculates the overall interest to be charged or earned, (2) compares this amount with the sum of previously charged/earned interest amounts per account and (3) additionally pays/charges the difference. Use of Estimates We prepare our financial statements in conformity with U.S. generally accepted accounting principles which require us to make estimates and assumptions that affect the amounts reported in the financial statements. Estimates are used in accounting for, among other items, revenue recognition, allowance for credit losses on receivables, valuation of derivative instruments, periodic impairment reviews of goodwill and intangible assets, contingent consideration, income taxes, and the valuation of acquired and long-term assets. Our estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions, trends, and assessments of the probable future outcomes of these matters. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the statement of operations in the period in which they are determined. Fair Values of Financial Instruments The fair value of our cash and cash equivalents, marketable securities, accounts receivable, and accounts payable approximates the carrying value of these financial instruments because of the short-term nature of any maturities. We determine the estimated fair values of other financial instruments, using available market information and valuation methodologies, primarily discounted cash flow analysis or input from independent investment bankers. Segments We identify a business as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by our chief operating decision maker who is our chief executive officer, and iii) it has available discrete financial information. We aggregate our operating segments into a reportable segment if the operating segments are determined to have similar economic characteristics and are similar in the nature of products and services, nature of production processes, type or class of customer for their products and services, product or service distribution method and, if applicable, nature of the regulatory environment. We have three reportable segments: Clinical Research Services (“CRS”), PAREXEL Consulting Services (“PC”), and PAREXEL Informatics (“PI”). Effective July 1, 2015, certain components of our business segments were reorganized to better align services offered to clients. Specifically, Commercialization Consulting Services (formerly 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 year ended June 30, 2016 (“ Fiscal Year 2016 ”), we included the operating results of Commercialization Consulting Services (formerly HERON) and MedCom within the CRS segment and retroactively revised the presentation for the year ended June 30, 2015 (“ Fiscal Year 2015 ”), and for the year ended June 30, 2014 (“ Fiscal Year 2014 ”) to reflect this change. Revenue Recognition We derive revenue from the delivery of service or software solutions to clients in the worldwide pharmaceutical, biotechnology, and medical device industries. We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the service offering has been delivered to the client; (3) the collection of fees is probable; and (4) the amount of fees to be paid by the client is fixed or determinable. Revenue recognition treatment of each business segment is described below. CRS and PC Service Revenue Service revenues in our CRS and PC businesses are derived principally from fee-for-service or fixed-price executory contracts, which typically involve competitive bid awards and multi-year terms. Client billing schedules and payment arrangements are prescribed under negotiated contract terms. Contract provisions do not provide for rights of return or refund, but normally include rights of cancellation with notice, in which case services delivered through the cancellation date are due and payable by the client, including certain costs to conclude the trial or study. Our client arrangements generally involve multiple service deliverables, where bundled service deliverables are accounted for in accordance with Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) 605-25, “Multiple-Element Arrangements.” We determined that each of our service deliverables have standalone value. ASC 605-25 requires the allocation of contract (arrangement) value to each separate unit of accounting based on the relative selling price of the various separate units of accounting in the arrangement. ASC 605-25 requires a hierarchy of evidence be followed when determining if evidence of the selling price of an item exists such that the best evidence of selling price of a unit of accounting is vendor-specific objective evidence (“VSOE”), or the price charged when a deliverable is sold separately. When VSOE is not available to determine selling price, relevant third-party evidence (“TPE”) of selling price should be used, if available. Lastly, when neither VSOE nor TPE of selling price for similar deliverables exists, management must use its best estimated of selling price (“BESP”) considering all relevant information that is available without undue cost and effort. We use BESP in our allocation of arrangement consideration. The objective of BESP is to determine the price at which we would transact if the services were sold by us on a standalone basis. Our determination of BESP involves the consideration of several factors based on the specific facts and circumstances of each arrangement. Specifically, we consider the cost to provide services, the anticipated margin on those deliverables, our ongoing pricing strategy and policies, and the characteristics of the varying markets in which the services are provided. We allocate arrangement consideration at the inception of the arrangement using the relative selling prices of the deliverables within the contract based on BESP. We analyze the selling prices used in the allocation of arrangement consideration at least annually. Selling prices are analyzed on a more frequent basis if a significant change in our business necessitates a more timely analysis or if we experience significant variances in our selling prices. We recognize revenues for the separate elements of our contracts upon delivery of actual units of output and when all other revenue recognition criteria are met. Revenue from fee-for-service contracts generally is recognized as units of output are delivered. Revenue on fixed-price contracts generally is measured by applying a proportional performance model using output units, such as site or investigator recruitment, patient enrollment, data management, or other deliverables common to our CRS business. Performance-based output units are pre-defined in contracts and revenue is recognized based upon actual units of completion. Revenue related to changes in contract scope, which are subject to client approval, is recognized when realization is assured and amounts are fixed or determinable. PI Service Revenue Service revenue is derived principally from the delivery of software solutions through our PI business segment. Software solutions include ClinPhone ® RTSM, CTMS, EDC, RIM and Platform Solutions. Within PI’s Clinphone ® RTSM business, we offer selected software solutions through a hosted application delivered through a standard web-browser. We recognize revenue from application hosting services in accordance with ASC 985-605, “Software” and ASC 605-25 as our customers do not have the right to take possession of the software. Revenue resulting from these hosting services consists of three stages: set-up (client specification and workflow), hosting and support services, and closeout reporting. Fees charged and costs incurred in the set-up stage are deferred until the start of the hosting period and are amortized and recognized ratably over the estimated hosting period, including customary and expected extensions. Deferred costs are direct costs associated with the trial and application setup. These costs include salary and benefits associated with direct labor costs incurred during trial setup, as well as third-party subcontract fees and other contract labor costs. In the event of a contract cancellation by a client, all deferred revenue is recognized and all deferred setup costs are expensed. To the extent that termination-related fees are payable under the contract, such fees are recognized in the period of termination. PI's Medical Imaging business provides a service allowing customers to manage the image acquisitions and the analysis and quality of data obtained during a clinical trial. Service revenue is derived from executory contracts that are tailored to meet individual client requirements. Client billing schedules and payment arrangements are prescribed under negotiated contract terms. We recognize service revenue related to our Medical Imaging business based upon a proportional performance method utilizing a unitized output method. The defined units used for revenue recognition are used to track output measures that are specific to the services being provided in the contract, and may include site survey reports, project management tasks, number of reviews completed, and image receipt and processing. Reimbursement Revenue & Investigator Fees Reimbursable out-of-pocket expenses are reflected in our Consolidated Statements of Income under “Reimbursement revenue” and “Reimbursable out-of-pocket expenses,” as we are the primary obligor for these expenses despite being reimbursed by our clients. We record costs for such activities based upon payment requests or invoices that have been received from third parties in the periods presented. In addition, as is customary in our industry, we routinely subcontract on behalf of our clients with independent physician investigators in connection with clinical trials. The related investigator fees are not reflected in our Service revenue, Reimbursement revenue, Reimbursable out-of-pocket expenses, or Direct costs, because these fees are reimbursed by clients on a “pass through basis,” without risk or reward to us. The amounts of these investigator fees were $397.1 million , $461.0 million , and $523.1 million for the fiscal years ended June 30, 2016 , 2015 , and 2014 , respectively. Business Combinations We account for acquisitions as business combinations in accordance with ASC Topic 805, “Business Combinations.” We allocate the amounts that we pay for each acquisition to the assets we acquire and liabilities we assume based on their fair values at the dates of acquisition, including identifiable intangible assets. We base the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions determined by management and which consider management's best estimates of inputs and assumptions that a market participant would use. We allocate any excess purchase price over the fair value of the net tangible and identifiable intangible assets acquired to goodwill. Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. Marketable Securities We account for investments in debt and equity securities in accordance with ASC 320, “Investments - Debt and Equity Securities.” Marketable securities are held in foreign government treasury certificates that are actively traded and have original maturities over 90 days but less than one year . Our foreign government treasury certificates securities are classified as held-to-maturity based on our intent and ability to hold the securities to maturity and are recorded at amortized cost, which is not materially different than fair value. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of their amortized cost bases, which may be maturity. Interest and dividends related to these securities are reported as a component of interest income in our consolidated statements of income. Concentration of Credit Risk Financial instruments that subject us to credit risk primarily consist of cash and cash equivalents, marketable securities, derivative financial instrument contracts, and accounts receivable. We maintain our cash and cash equivalent balances with high-quality financial institutions and, consequently, we believe that such funds are subject to minimal credit risk. Our marketable securities primarily consist of foreign government treasury certificates. We have approximately seven different counterparties in our derivative contracts, which include interest rate swaps, an interest rate cap and foreign currency hedges. Each of these counterparties is in the financial services industry and is subject to the credit risks inherent to that industry. We perform ongoing credit evaluations of these counterparties. We perform ongoing credit evaluations related to the financial condition of our clients and, generally, do not require collateral. As of June 30, 2016 , one client individually accounted for 12% of our total billed and unbilled accounts receivables. As of June 30, 2015 , two clients individually accounted for 12% and 11% of our billed and unbilled accounts receivables. For Fiscal Year 2016 one client individually accounted for 13% of our consolidated service revenue. For Fiscal Year 2015 , one client individually accounted for 14% of our consolidated service revenue. For Fiscal Year 2014 , two clients individually accounted for 16% and 11% of our consolidated service revenue. Billed Accounts Receivable, Unbilled Accounts Receivable and Deferred Revenue Billed accounts receivable represent amounts invoiced to our clients based on contract terms. In general, prerequisites for billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the performance of services under the contract. Unbilled services arise when services have been rendered for which revenue has been recognized but the customers have not been billed. Deferred revenue, which had an estimated weighted average age of 6 months for Fiscal Year 2016, represents payments received in excess of revenue recognized. These payments received in advance of services being provided are classified as deferred revenue on the consolidated balance sheet and include amounts billed based on contractual provisions such as milestone payments or customer advances at the beginning of a project. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of the revenue recognized during the period. We maintain a provision for losses on receivables based on historical collectability and specific identification of potential problem accounts. Uncollectible invoices are written off when collection efforts have been exhausted. Property and Equipment Property and equipment is stated at cost. Depreciation is provided using the straight-line method based on estimated useful lives of 3 to 8 years for computer software and hardware, and 5 years for office furniture, fixtures and equipment. Leasehold improvements are amortized over the lesser of the estimated useful lives of the improvements or the remaining lease term, which include lease extensions when reasonably assured. Repair and maintenance costs are expensed as incurred. Development of Software for Internal Use PAREXEL accounts for the costs of software developed or obtained for internal use in accordance with ASC 350-40, “Internal-Use Software.” We capitalize costs of materials, consultants, payroll, and payroll-related costs for employees incurred in developing internal-use software. These costs are included in computer software in Note 5 below. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Capitalized software costs, net, were $174.8 million and $162.9 million at June 30, 2016 and 2015, respectively. Expense related to the capitalized software was $43.2 million , $38.7 million and $34.2 million for the years ended June 30, 2016, 2015 and 2014, respectively. Future expense for all capitalized software placed in service as of June 30, 2016 is estimated to be $51.6 million , $46.6 million , $36.4 million , $23.4 million and $10.1 million for the years ending June 30, 2017, 2018, 2019, 2020 and 2021, respectively. Research and Development Costs We incur ongoing research and development costs related to core technologies used internally as well as software and technology sold externally. Unless eligible for capitalization, these costs are expensed as incurred. Research and development expense was $19.2 million , $24.0 million , and $26.9 million in Fiscal Years 2016 , 2015 , and 2014 , respectively, and is included in selling, general and administrative expenses in the consolidated statements of income. Goodwill PAREXEL follows the provisions of ASC 350, “Intangibles—Goodwill and Other.” Under this statement, goodwill as well as certain other intangible assets, determined to have an indefinite life, are not amortized. Instead, these assets are evaluated for impairment at least annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. For Fiscal Year 2016, we performed our annual impairment test primarily using a market approach analysis and a discounted cash flow analysis, which is based on strategic business plans and long-term forecasts, to determine fair value. The discounted cash flow analysis included significant judgment regarding the assumptions used, such as our weighted average cost of capital, revenue growth rates, profit margins, capital expenditures, and other factors that were all based on current strategic forecasts and other financial metrics. There was no evidence of impairment of our goodwill balances as of June 30, 2016 . Long-lived Assets and Other Intangible Assets Long-lived assets, including fixed assets and intangible assets which have a definitive life, are reviewed for impairment when circumstances indicate that the carrying amount of assets might not be recoverable. Indefinite-lived assets are reviewed annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value below the carrying value of the asset. For Fiscal Year 2016, we performed our annual impairment test using the relief from royalty approach to determine fair value. Under the relief from royalty approach, the fair value of the indefinite-lived intangible asset is based on after tax royalty rate and discount rate applied to future forecasted sales. There was no evidence of impairment of our indefinite-lived intangible asset balances as of June 30, 2016. Intangible assets are initially recorded at fair value and stated net of accumulated amortization and impairments. We amortizes its intangible assets that have finite lives using either the straight-line method, or if reliably determinable, based on the pattern in which the economic benefit of the asset is expected to be utilized. Amortization is recorded over the estimated useful lives ranging from 1 to 15 years. Income Taxes Deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are recognized for the estimated future tax benefits of deductible temporary differences and tax operating loss and credit carryforwards and are presented net of valuation allowances. Valuation allowances are established in jurisdictions where it is more likely than not that the benefits of the associated deferred tax assets will not be realized. Deferred income tax expense represents the change in the net deferred tax asset and liability balances. Interest and penalties are recognized as a component of income tax expense Foreign Currency Assets and liabilities of PAREXEL’s international operations are translated into U.S. dollars at exchange rates that are in effect on the balance sheet date and equity accounts are translated at historical exchange rates. Income and expense items are translated at average exchange rates in effect during the year. Translation adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity in the consolidated balance sheet. Transaction gains and losses are included in miscellaneous expense, net in the consolidated statements of operations. Transaction gains (losses) were $(0.5) million , $7.0 million , and $(3.5) million in Fiscal Years 2016 , 2015 , and 2014 , respectively. Earnings Per Share Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options and restricted stock awards. We do not have any participating securities outstanding nor do we have more than one class of common stock. Recently Implemented Accounting Standards In March 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” ASU 2013-05 addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. We adopted ASU 2013-05 beginning in our fiscal quarter ended September 30, 2014. The adoption of ASU 2013-05 did not impact our consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17 ("ASU 2015-17"), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred income taxes as it requires that deferred tax assets and liabilities, as well as any related valuation allowance be classified as noncurrent in the consolidated balance sheet. The Company early adopted this ASU prospectively for the year ended June 30, 2016, which resulted in all deferred taxes being reported as non-current in its consolidated balance sheet. Accordingly, we have not adjusted prior period amounts in our consolidated balance sheets. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers , which provides 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. Subsequent to issuing ASU 2014-09, the FASB issued the following amendments concerning clarification of ASU 2014-09. 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) , which further clarifies the implementation guidance on principal versus agent considerations. The new guidance requires either a retrospective or a modified retrospective approach to adoption. In April 2016, the FASB issued ASU No. 2016-10, (“ASU 2016-10”) Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing , which clarifies the identification of performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. In May 2016, the FASB issued ASU No. 2016-12 (“ASU 2016-12”), Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. We are currently evaluating the impact these ASUs will have on our financial position, results of operations, cash flows and disclosures. In June 2014, the FASB issued ASU No. 2014-12 (“ASU 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 ASC 718, Compensation—Stock Compensation, as it relates to such awards. ASU 2014-12 is effective in the first quarter of our fiscal year ending June 30, 2017 with early adoption permitted using either of two methods: (i) prospective to all awards granted or modified after the effective date; or (ii) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying ASU 2014-12 as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02 (“ASU 2015-02”), Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 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 beginning 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 No. 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires the presentation of debt issuance costs in the consolidated balance sheets as a reduction to the related debt liability rather than as an asset. Amortization of debt issue costs continues to be classified as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU 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 2015-16 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 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 2016-05 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 2016-09 on our consolidated financial statements. |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS The pro forma effects of the acquisitions described below are not significant to the Company's reported results for any period presented. Accordingly, no pro forma financial statements have been presented herein. A TLAS A CQUISITION On July 1, 2014, we acquired all of the outstanding equity securities of ATLAS, a provider of clinical research services in Turkey, the Middle East, and North Africa, for approximately $ 2.1 million . ATLAS provides services across all phases of clinical development, has broad therapeutic expertise, and provides clinical trial-related services from study planning and feasibility, through site selection, data management and medical writing. The business has been integrated into our CRS segment. The acquisition was funded with existing cash. The fair value of the acquired assets and assumed liabilities are reflected in the Consolidated Balance Sheets. The goodwill of $1.4 million arising from the Atlas acquisition largely reflects the expansion of our service offerings across geographic markets complementary to our existing markets. None of the goodwill is expected to be deductible for tax purposes. C LIN I NTEL A CQUISITION On October 3, 2014, we acquired all of the outstanding equity securities of privately-owned ClinIntel, a provider of clinical Randomization and Trial Supply Management (RTSM) services, based in the United Kingdom. ClinIntel’s offerings have been combined into the ClinPhone® RTSM suite and are designed to make patient randomization and clinical supply chain solutions more efficient. Capabilities include advanced RTSM technologies for planning, forecasting and supply chain eLogistics. The business has been integrated into the PI segment. The purchase price for the acquisition was approximately $ 8.8 million , plus the potential to pay up to an additional $ 16.2 million , representing the United States Dollar (the "USD") equivalent at the date of the acquisition, over a twenty-one months month period following the acquisition date if ClinIntel achieves certain financial targets. We funded the acquisition with existing cash. The acquired assets and assumed liabilities from ClinIntel were recorded at fair value at the date of acquisition. We finalized the fair value estimates of the acquired assets and the assumed liabilities in June 2015. The components of the consideration transferred in conjunction with the ClinIntel acquisition and the respective fair value of the assets acquired and liabilities assumed as of the acquisition date is as follows (dollars in millions): Total Consideration transferred: Cash paid, net of cash acquired $ 8.8 Fair value of contingent consideration 9.9 Net purchase price $ 18.7 Fair value of assets acquired and liabilities assumed: Accounts receivable $ 0.4 Definite-lived intangible assets 6.2 Goodwill 13.4 Total assets acquired 20.0 Current liabilities 0.1 Deferred tax liabilities 1.2 Total liabilities assumed 1.3 Fair value of net assets acquired: $ 18.7 The fair value of the acquired assets and assumed liabilities are reflected in the Consolidated Balance Sheets. The goodwill of $ 13.4 million arising from the ClinIntel acquisition largely reflects the potential synergies and expansion of our service offerings across products and markets complementary to our existing service offering and markets. None of the goodwill is expected to be deductible for tax purposes. During Fiscal Year 2016, we paid $14.1 million , representing the USD equivalent at the date of the payment, related to the contingent consideration for ClinIntel. The following are the identifiable intangible assets acquired and their respective fair value and estimated useful lives (dollars in millions): Amount Estimated Useful Life (Years) Customer relationships $ 2.3 10 Technology 3.9 8 Total $ 6.2 Q UANTUM S OLUTIONS I NDIA A CQUISITION On April 13, 2015, we acquired all of the business assets of privately-owned Quantum Solutions India (“QSI”), a leading provider of specialized pharmacovigilance services, based in Chandigarh, India. Pharmacovigilance is the collection, detection, assessment, monitoring, and prevention of adverse effects associated with pharmaceutical products. The business has been integrated into our CRS segment. We paid approximately $93.6 million for the assets of QSI. We funded the acquisition through use of existing cash held outside of the United States. The acquired assets and assumed liabilities from QSI were recorded at fair value at the date of acquisition. The consideration transferred in conjunction with the QSI acquisition and the respective estimated fair value of the assets acquired and liabilities assumed as of the acquisition date is as follows (dollars in millions): Total Consideration transferred: Cash paid, net of cash acquired $ 93.6 Fair value of assets acquired and liabilities assumed: Accounts receivable $ 4.9 Other Current Assets 1.3 Property and equipment, net 2.0 Definite-lived intangible assets 62.4 Goodwill 24.1 Total assets acquired 94.7 Current liabilities 1.1 Total liabilities assumed 1.1 Fair value of net assets acquired: $ 93.6 The goodwill of $ 24.1 million arising from the QSI acquisition largely reflects the potential synergies and expansion of our service offerings across products and markets complementary to our existing service offering and markets. All of the goodwill held in the respective jurisdiction is deductible for tax purposes. The following are the 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 $ 56.3 10 Backlog 4.7 1 Trade name 1.4 5 Total $ 62.4 H EALTH A DVANCES A CQUISITION 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 $67.1 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 specified financial targets. We funded the acquisition with borrowings under our credit facilities. The components of the consideration transferred in conjunction with the Health Advances acquisition and the preliminary fair value allocation of that consideration is as follows (dollars in millions): Total Consideration transferred: Cash paid, net of cash acquired $ 67.3 Receivable from working capital adjustment (0.2 ) Fair value of contingent consideration 4.5 Net purchase price $ 71.6 Preliminary Allocation of consideration transferred: Accounts receivable $ 4.0 Other current assets 0.7 Property and equipment, net 1.0 Deferred tax assets 0.2 Definite-lived intangible assets 15.0 Goodwill 52.5 Total assets acquired 73.4 Current liabilities 1.8 Total liabilities assumed 1.8 Net assets acquired: $ 71.6 The amounts above represent our preliminary fair value estimates as of June 30, 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 $52.5 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 |
Derivatives
Derivatives | 12 Months Ended |
Jun. 30, 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 FASB ASC 815, “Derivatives and Hedging” (“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 our intercompany transactions, direct costs, service revenues and significant external transactions. We primarily utilize forward currency exchange contracts and cross-currency swaps with maturities of no more than 12 months. These contracts are designated as hedging instruments. We also enter into other economic hedges to mitigate foreign currency exchange risk and interest rate risk related to intercompany and significant external transactions. These contracts are not designated as hedges in accordance with ASC 815. The following table presents the notional amounts and fair values of our derivatives as of June 30, 2016 and June 30, 2015 . All asset and liability amounts are reported in other current and non-current assets and other current and non-current liabilities. June 30, 2016 June 30, 2015 (dollars in millions) 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 81.2 3.5 140.6 2.9 Derivatives in a liability position: Interest rate contracts 200.0 (1.3 ) 25.0 (0.1 ) Foreign exchange contracts 103.3 (8.9 ) 56.1 (4.6 ) Cross-currency swap contracts — — 19.0 (2.7 ) Total designated derivatives $ 384.5 $ (6.7 ) $ 340.7 $ (3.7 ) Derivatives not designated as hedging instruments under ASC 815 Derivatives in an asset position: Foreign exchange contracts $ 36.2 $ 1.5 $ 46.1 $ 0.6 Derivatives in a liability position: Foreign exchange contracts 48.0 (1.4 ) 81.7 (1.8 ) Total non-designated derivatives $ 84.2 $ 0.1 $ 127.8 $ (1.2 ) Total derivatives $ 468.7 $ (6.6 ) $ 468.5 $ (4.9 ) 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 loss in our consolidated balance sheets, net of deferred taxes, and any ineffective portion to miscellaneous (expense) income, net in our consolidated statements of income. During Fiscal Years 2016 and 2015 , the amounts recorded in miscellaneous (expense) income, net in our consolidated statements of income to reflect ineffective portions of any hedges were losses of $2.3 million and $2.5 million , respectively. The amounts recognized for Fiscal Years 2016 and 2015 in other comprehensive income (loss) are presented below: Fiscal Years (dollars in millions) 2016 2015 Derivatives designated as hedging instruments under ASC 815 Interest rate contracts, net of taxes $ (1.3 ) $ 0.1 Foreign exchange contracts, net of taxes (4.5 ) (3.9 ) Cross-currency swap contracts, net of taxes — (0.1 ) Total designated derivative unrealized gain (loss), net $ (5.8 ) $ (3.9 ) The unrealized gain (loss) on derivative instruments is net of $1.3 million and $2.6 million of taxes for Fiscal Years 2016 and 2015 , respectively. The estimated net amount of the existing losses that are expected to be reclassified into earnings within the next twelve months is $5.0 million . The change in the fair value of derivatives not designated as hedging instruments under ASC 815 is recorded to miscellaneous (expense) income, net in our consolidated statements of income. The total gains and losses related to foreign exchange contracts not designated as hedging instruments were losses of $1.7 million and $18.1 million for Fiscal Years 2016 and 2015, respectively. The unrealized (loss) gain recognized are presented below: Fiscal Years (dollars in millions) 2016 2015 Derivatives not designated as hedging instruments under ASC 815 Foreign exchange contracts $ 1.3 $ (2.1 ) Total non-designated derivative unrealized gain (loss), net $ 1.3 $ (2.1 ) |
Property And Equipment
Property And Equipment | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | PROPERTY AND EQUIPMENT Property and equipment at June 30, 2016 and June 30, 2015 consisted of the following: (dollars in millions) 2016 2015 Property and equipment: Computer software $ 424.9 $ 377.8 Computer hardware and office equipment 122.3 110.9 Leasehold improvements 113.5 100.4 Medical equipment 15.2 16.5 Furniture and fixtures 30.7 30.2 Office equipment and other assets 17.2 16.3 Total 723.8 652.1 Less: accumulated depreciation (464.5 ) (410.9 ) Total $ 259.3 $ 241.2 We retired $4.0 million and $6.5 million of fully-depreciated assets for Fiscal Years 2016 and 2015 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for Fiscal Years 2016 and 2015 were as follows: (dollars in millions) CRS PC PI Consolidated Goodwill - July 1, 2014 $ 125.5 $ 22.1 $ 181.9 $ 329.5 Goodwill arising from QSI acquisition 24.1 — — 24.1 Goodwill arising from ClinIntel acquisition — — 13.4 13.4 Goodwill arising from ATLAS acquisition 1.4 — — 1.4 Effect of changes in exchange rates used for translation (7.2 ) (1.5 ) (4.8 ) (13.5 ) Goodwill - June 30, 2015 $ 143.8 $ 20.6 $ 190.5 $ 354.9 Effect of changes in business segments 3.9 (3.9 ) — — Goodwill arising from Health Advances acquisition — 52.5 — 52.5 Effect of changes in exchange rates used for translation (5.9 ) (2.1 ) (10.2 ) (18.2 ) Goodwill - June 30, 2016 $ 141.8 $ 67.1 $ 180.3 $ 389.2 Long-lived Assets and Other Intangible Assets As of June 30, 2016 , intangible assets consisted of the following: (dollars in millions) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships 11.6 $ 176.1 $ (74.5 ) $ 101.6 Technology and other intangibles 8.0 39.5 (31.4 ) 8.1 Definite-life tradename 6.6 6.9 (2.4 ) 4.5 Indefinite-life tradename * indefinite 22.1 (5.6 ) 16.5 Total intangible assets $ 244.6 $ (113.9 ) $ 130.7 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. As of June 30, 2015 , intangible assets consisted of the following: (dollars in millions) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships and backlog 11.5 $ 167.4 $ (57.5 ) $ 109.9 Technology and other intangibles 8.0 39.5 (28.8 ) 10.7 Definite-life tradename 7.0 5.3 (1.4 ) 3.9 Indefinite-life tradename * indefinite 22.1 (4.5 ) 17.6 Total intangible assets $ 234.3 $ (92.2 ) $ 142.1 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. The changes in the carrying amounts of other intangible assets for Fiscal Years 2016 and 2015 were as follows: (dollars in millions) Fiscal Year 2016 Fiscal Year 2015 Beginning Balance $ 142.1 $ 91.8 Intangibles assets acquired from Health Advances acquisition 15.0 — Intangibles assets acquired from QSI acquisition — 62.4 Intangibles assets acquired from ClinIntel acquisition — 6.2 Amortization (22.3 ) (15.6 ) Effect of changes in exchange rates used for translation (4.1 ) (2.7 ) Ending Balance $ 130.7 $ 142.1 Estimated amortization expense for the next five fiscal years are as follows: (dollars in millions) 2017 2018 2019 2020 2021 $21.3 $19.8 $17.9 $15.9 $13.6 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Jun. 30, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | RESTRUCTURING CHARGES In June 2015, the Board of Directors approved a plan (the “Margin Acceleration Program”) to restructure our operations to improve the productivity and efficiency of the Company, simplify the organization, and streamline decision-making, thereby enhancing client engagement. The Margin Acceleration Program is companywide. The activities under the Margin Acceleration Program are substantially complete as of June 30, 2016. For Fiscal Years 2016 and 2015, we recorded $27.8 million and $20.0 million , respectively, in restructuring charges related to the Margin Acceleration Program. Various restructuring plans adopted by us since Fiscal Year 2005 are included in the Pre-2012 Plans. Changes in the restructuring accrual during Fiscal Year 2016 are summarized below: Balance at Charges/(Benefits) Payments/Foreign Balance at (dollars in millions) June 30, 2015 June 30, 2016 2015 Margin Acceleration Program Employee severance $ 20.0 $ 18.5 $ (28.0 ) $ 10.5 Facilities-related and other costs — 9.3 (2.2 ) 7.1 Pre-2012 Restructuring Plans Facilities-related and other costs 0.3 — (0.2 ) 0.1 Total $ 20.3 $ 27.8 $ (30.4 ) $ 17.7 Net restructuring charges by segment for Fiscal Year 2016 and Fiscal Year 2015 are as follows: Fiscal Year Ended June 30, (dollars in millions) 2016 2015 CRS $ 9.1 $ 13.7 PC 2.3 3.8 PI 10.6 1.1 Segment Total 22.0 18.6 Corporate restructuring charges 5.8 1.2 Total restructuring charges $ 27.8 $ 19.8 |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Jun. 30, 2016 | |
Line of Credit Facility [Abstract] | |
Credit Arrangements | CREDIT ARRANGEMENTS 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 June 30, 2016 , we had no principal borrowed under the revolving credit facility and $397.5 million of principal borrowed under the term loan. The outstanding amount is presented net of debt issuance costs of approximately $2.8 million in our consolidated balance sheet at June 30, 2016 . As of June 30, 2016 , we had borrowing availability of $350.0 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 • 72.50% (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 June 30, 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 (i) Bank of America for its own account, an arrangement fee, (ii) to each of the lenders on the closing date, an upfront fee, and (iii) to Bank of America 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 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 now hedges an additional principal amount of $100.0 million under the 2016 Credit Agreement with a fixed interest rate 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 June 30, 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 3 year, interest free Master Financing Agreement for $7.1 million with General Electric Capital Corporation, (“GECC”), in conjunction with a software term license purchase. On June 30, 2015 we received the gross proceeds of $7.1 million from GECC. Repayment of the principal borrowed under the Master Financing Agreement is due annually on July 1st as follows: • $1.4 million made on or prior to July 1, 2015; • $2.8 million made on or prior to July 1, 2016; and • $2.8 million made on or prior to July 1, 2017. Note Purchase Agreement On July 25, 2013, we issued $100.0 million principal amount of 3.11% senior notes due July 25, 2020 (the “Notes”) for aggregate gross proceeds of $100.0 million in a private placement solely to accredited investors. The Notes were issued pursuant to a Note Purchase Agreement entered into by us with certain institutional investors on June 25, 2013 (the “Note Purchase Agreement”). Proceeds from the Notes were used to pay down $100.0 million of principal borrowed under the revolving credit facility portion of the 2013 Credit Agreement. We will pay interest on the outstanding balance of the Notes at a rate of 3.11% per annum, payable semi-annually on January 25 and July 25 of each year until the principal on the Notes shall have become due and payable. We may, at our option, upon notice and subject to the terms of the Note Purchase Agreement, prepay at any time all or part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding, plus a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes become due and payable on July 25, 2020, unless payment is required to be made earlier under the terms of the Note Purchase Agreement. The Note Purchase Agreement includes operational and financial covenants, with which we are required to comply, including, among others, maintenance of certain financial ratios and restrictions on additional indebtedness, liens and dispositions. In connection with the Note Purchase Agreement, certain subsidiaries of ours entered into a Subsidiary Guaranty, pursuant to which such subsidiaries guaranteed our obligations under the Notes and the Note Purchase Agreement. As of June 30, 2016 , we had $100 million of principal borrowed under the Note Purchase Agreement. The outstanding amounts are presented net of debt issuance cost of approximately $0.2 million in our consolidated balance sheets. In April and May 2013, we entered into three treasury lock agreements each with a notional amount of $25.0 million in connection with the planned issuance of our Notes that were issued in July 2013. The three treasury locks were used to minimize our interest rate exposure prior to locking in the fixed interest rate on our Notes. The treasury locks matured in May 2013 when the interest rate on our Notes was fixed. The treasury locks were deemed to be fully effective in accordance with ASC 815, and as such, the unrealized gains related to these derivatives are recorded as other comprehensive income and are amortized over the life of the Notes as interest income. As of June 30, 2016 , our debt under the Note Purchase Agreement carried an average annualized interest rate of 3.05% . Receivable Purchase Agreement On February 19, 2013, we entered into a receivables purchase agreement (the “Receivable Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). Under the Receivable Agreement, we sell to JPMorgan or other investors on an ongoing basis certain of our trade receivables, together with ancillary rights and the proceeds thereof, which arise under contracts with a client of ours, or its subsidiaries or affiliates. The Receivable Agreement includes customary representations and covenants on behalf of us, and may be terminated by either us or JPMorgan upon five business days advance notice. The Receivable Agreement provides a mechanism for accelerating the receipt of cash due on outstanding receivables. We account for the transfer of our receivables with respect to which we have satisfied the applicable revenue recognition criteria in accordance with FASB ASC 860, “Transfers and Servicing.” If we have not satisfied the applicable revenue recognition criteria for the underlying sales transaction, the transfer of the receivable is accounted for as a financing activity in accordance with FASB ASC 470, “Debt.” The accounts receivable and short-term debt balances are derecognized from our consolidated balance sheets at the earlier of the factored receivable’s due date or when all of the revenue recognition criteria are met for those billed services. For Fiscal Years 2016 and 2015, we transferred approximately $73.6 million and $122.6 million of trade receivables, respectively. As of June 30, 2016 and June 30, 2015 , no transfers were accounted for as a financing activity. 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 million of principal borrowed under the revolving credit facility and $200.0 million of principal borrowed under the term loan. The outstanding amounts are presented net of debt issuance cost of approximately $2.5 million in our consolidated balance sheets. The 2014 Credit Agreement was superseded by the 2016 Credit Agreement and as of June 30, 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) was due on October 15, 2019. A swingline loan under the 2014 Credit Agreement generally had to be paid ten business days after the loan was made. Repayment of principal borrowed under the term loan facility was as follows, with the final payment of all amounts outstanding, plus accrued interest, having been 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 had to be paid quarterly for borrowings with an interest rate determined with reference to the Alternate Base Rate. Interest had to 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 could have been accelerated upon the occurrence of an event of default under the 2014 Credit Agreement, which included 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 could have paid any dividend or made any other distribution with respect to any shares of capital stock except that (a) we and our subsidiaries could have declared and paid dividends with respect to equity interests payable solely in additional shares of common stock, (b) our subsidiaries could have declared and paid dividends and other distributions ratably with respect to their equity interests, (c) we could have made 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 could have made 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 would have paid 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% . 2013 Credit Agreement The 2013 Credit Agreement provided for a five-year term loan of $200.0 million and a revolving credit facility in the amount of up to $300.0 million , plus additional amounts of up to $200.0 million of loans to be made available upon our request subject to specified terms and conditions. A portion of the revolving credit facility was available for swingline loans of up to a sublimit of $75.0 million and for the issuance of standby letters of credit of up to a sublimit of $10.0 million . The 2013 Credit Agreement was amended and restated on October 15, 2014 as discussed above. Our obligations under the 2013 Credit Agreement were guaranteed by certain of our material domestic subsidiaries, and the obligations, if any, of any foreign designated borrower were guaranteed by us and certain of our material domestic subsidiaries. Borrowings (other than swingline loans) under the 2013 Credit Agreement bore interest, at our determination, at a rate based on either (i) LIBOR plus a margin (not to have exceeded a per annum rate of 1.750% ) based on the Leverage Ratio or (ii) the Alternate Base Rate, plus a margin (not to have exceeded a per annum rate of 0.750% ) based on the Leverage Ratio. Swingline loans in U.S. dollars bore interest calculated at the Alternate Base Rate plus a margin (not to have exceeded a per annum rate of 0.750% ). On October 15, 2014, all outstanding amounts under the 2013 Credit Agreement were fully repaid with the proceeds from the 2014 Credit Agreement. In September 2011, we also entered into an interest rate cap agreement. The interest rate cap agreement hedged $25.0 million of principal under our 2013 Credit Agreement with an interest rate cap of 2.00% plus an applicable margin. In March 2014, the interest rate cap agreement matured and the related accumulated other comprehensive income was reclassified to net income during Fiscal Year 2014. Additional Lines of Credit We have an unsecured line of credit with JP Morgan UK in the amount of $4.5 million that bears interest at an annual rate ranging between 2.00% and 4.00% . We entered into this line of credit to facilitate business transactions. At June 30, 2016 , we had $4.5 million available under this line of credit. We have a cash pool facility with RBS Nederland, NV in the amount of 4.0 million Euros that bears interest at an annual rate ranging between 2.00% and 4.00% . We entered into this line of credit to facilitate business transactions. At June 30, 2016 , we had 4.0 million Euros available under this line of credit. We have an unsecured uncommitted overdraft facility with ING Bank NV in the amount of 7.5 million Euros that bears interest at an annual rate ranging between 2.00% and 4.00% . We entered into this line of credit to facilitate business transactions. At June 30, 2016 , we had 7.5 million Euros available under this line of credit. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY 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 June 30, 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 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. Fiscal Year 2013 Share Repurchase In August 2012, our Board of Directors approved a share repurchase program (the “2013 Program”) authorizing the repurchase of up to $200.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. During the fiscal year ended June 30, 2013, we repurchased $197.6 million of our common stock. We repurchased the remaining $2.4 million of our common stock in July 2013. The 2013 Program repurchases were effected pursuant to two separate $50.0 million accelerated share repurchase (“ASR”) agreements and two separate $50.0 million open market agreements (the “Open Market Agreements”) entered into in September 2012 and March 2013. Pursuant to the 2013 Program, we repurchased 5.5 million shares of our common stock at an average price of $36.64 per share from September 2012 to July 2013. The buyback activity also resulted in a reduction of our stockholders’ equity of $200.0 million for the value of shares that we repurchased and retired. In September 2012, we entered into an ASR agreement (the “September Agreement”) to purchase shares of our common stock from J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National Association, London Branch (“JPMorgan”), for an aggregate purchase price of $50.0 million . In March 2013, we finalized the settlement of the September Agreement and received an additional 0.2 million shares representing the final shares delivered by JPMorgan. These shares were in addition to the initial 1.3 million shares of our common stock delivered to us in September 2012. The total number of shares repurchased under the September Agreement was 1.6 million at an average price per share of $31.98 . In March 2013, we entered into a second $50.0 million ASR agreement (the “March Agreement”) with JPMorgan. Pursuant to the March Agreement, JPMorgan delivered 1.0 million shares of our common stock, representing an estimated 80% of the shares to be repurchased by us under the Agreement based on a price of $38.28 per share, which was the closing price of our common stock on March 15, 2013. In July 2013, subsequent to our fiscal year end, we finalized the settlement of the March Agreement and received an additional 0.1 million shares representing the final shares delivered by JPMorgan. The total number of shares repurchased under the March Agreement was 1.1 million at an average price per share of $43.62 . During Fiscal Year 2013, we also entered into two separate $50.0 million Open Market Agreements to buy back an additional $100.0 million of our common stock under the Program. For Fiscal Year 2013, we purchased 2.7 million shares pursuant to the Open Market Agreements at an average price of $36.17 per share for a total of $97.6 million in common stock repurchases. As of June 30, 2013, approximately $2.4 million remained available under the 2013 Program for the purchase of additional shares. In July 2013, we purchased an additional 0.1 million shares in the open market and completed our available purchases under the 2013 Program. Upon the completion of the purchases under our Open Market Agreements in July 2013, the total number of shares repurchased under the Open Market Agreements was 2.7 million at an average price per share of $36.38 . In July 2013, with the completion of our Open Market Agreements and the final settlement of the ASR agreements, the 2013 Program was completed. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table outlines the basic and diluted earnings per common share computations: Years ended June 30, (dollars in millions, except per share data) 2016 2015 2014 Net income attributable to common shares $ 154.9 $ 147.8 $ 129.1 Weighted average number of shares outstanding, used in computing basic earnings per share 53.5 54.9 56.5 Dilutive common stock equivalents 0.7 0.9 1.0 Weighted average shares used in computing diluted earnings per share 54.2 55.8 57.5 Basic earnings per share $ 2.90 $ 2.69 $ 2.28 Diluted earnings per share $ 2.86 $ 2.65 $ 2.25 Anti-dilutive options and restricted stock (excluded from the calculation of diluted earnings per share) 0.7 0.8 0.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table reflects the activity for the components of accumulated other comprehensive income (loss), net of tax, for the Fiscal Years ended 2016, 2015 and 2014 : (dollars in millions) Foreign Currency Unrealized Gain/Loss on Derivatives Total Balance at June 30, 2013 $ (29.1 ) $ (0.9 ) $ (30.0 ) Other comprehensive income before reclassifications 27.0 6.4 33.4 Loss reclassified from accumulated other comprehensive income (loss) — (1.3 ) (1.3 ) Net current-period other comprehensive income $ 27.0 $ 5.1 $ 32.1 Balance at June 30, 2014 $ (2.1 ) $ 4.2 $ 2.1 Other comprehensive loss before reclassifications (94.1 ) (14.3 ) (108.4 ) Gain reclassified from accumulated other comprehensive income (loss) — 10.4 10.4 Net current-period other comprehensive loss $ (94.1 ) $ (3.9 ) $ (98.0 ) Balance at June 30, 2015 $ (96.2 ) $ 0.3 $ (95.9 ) Other comprehensive loss before reclassifications (34.3 ) (10.6 ) (44.9 ) Loss reclassified from accumulated other comprehensive income (loss) — 4.8 4.8 Net current-period other comprehensive loss $ (34.3 ) $ (5.8 ) $ (40.1 ) Balance at June 30, 2016 $ (130.5 ) $ (5.5 ) $ (136.0 ) The significant change in our translation adjustment was due primarily to the movements in the Great British Pound (GBP), Japanese Yen (JPY), Indian Rupee (INR) and South African Rand (ZAR) exchange rates against the United States Dollar (USD). For Fiscal Year 2016, the USD strengthened by 16.2% , 6.3% , and 23% as compared to the GBP, INR and ZAR between June 30, 2015 and June 30, 2016, respectively; and the USD depreciated by 17.7% against JPY during the same period. The movement in the GBP, INR, ZAR represents $16.7 million , $4.2 million , and $2.2 million , respectively, out of the $34.3 million foreign currency translation adjustment during Fiscal Year 2016. The overall change in our translation adjustment was partially offset by the movement in JPY, representing $4.7 million . The details regarding pre-tax gain (loss) on derivative instruments reclassified to net income from accumulated other comprehensive income are presented below: Fiscal Year Affected Line in the Consolidated Statements of Income (dollars in millions) 2016 2015 2014 Interest rate contracts $ (0.5 ) $ (1.5 ) $ (1.7 ) Interest expense, net Foreign exchange contracts (4.9 ) (12.3 ) 3.4 Direct Costs Foreign exchange contracts (2.3 ) (2.7 ) 0.3 Service revenue Cross-currency swap contracts — 0.2 0.1 Miscellaneous (expense) income, net Total $ (7.7 ) $ (16.3 ) $ 2.1 The amounts of gain (loss) reclassified from accumulated other comprehensive loss into net income are net of taxes of $2.9 million , $5.9 million , and $0.8 million and for Fiscal Year 2016, 2015 and 2014 , respectively. |
Stock And Employee Benefit Plan
Stock And Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2016 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Stock And Employee Benefit Plans | STOCK AND EMPLOYEE BENEFIT PLANS Stock-Based Compensation We account for stock-based compensation under ASC 718, “Compensation-Stock Compensation.” The stock option compensation cost calculated under the fair value approach is recognized over the vesting period of the stock options (generally over four years). All stock option grants are subject to graded vesting as services are rendered. The fair value for granted options is estimated at the time of the grant using the Black-Scholes option-pricing model. Expected volatilities are based on historical volatilities and we use historical data to estimate option exercise behavior. The expected term represents an estimate of the period of time we expect the options to remain outstanding based on historical exercise and post-vesting termination data. The dividend yield equals the most recent dividend payment over the market price of the stock at the beginning of the period. The risk-free interest rate is the rate at the date of grant for a zero-coupon U.S. Treasury bond with a term that approximates the expected term of the option. The following weighted average assumptions were used in the Black-Scholes option-pricing model for awards issued during the respective periods: Fiscal Years 2016 2015 2014 Dividend yield 0.0 % 0.0 % 0.0 % Expected volatility 34.2 % 36.2 % 54.1 % Risk-free interest rate 1.6 % 1.7 % 1.6 % Expected term (in years) 5.0 5.0 5.2 For the last three fiscal years, we recognized the following stock-based compensation expense: Fiscal Years (dollars in millions) 2016 2015 2014 Direct costs related $ 4.7 $ 4.4 $ 3.0 Selling, general and administrative related 15.4 13.5 12.3 Total stock-based compensation $ 20.1 $ 17.9 $ 15.3 For Fiscal Years 2016 , 2015 , and 2014 , the tax benefit related to stock compensation expense that we recognized was $6.5 million , $5.6 million , and $4.4 million , respectively. As of June 30, 2016 , unearned stock-based compensation expense related to unvested awards (stock options and restricted stock) was approximately $36.4 million , which will be recognized over a weighted-average period of 2.5 years. Stock Options The Compensation Committee of the Board of Directors is responsible for the administration of our stock option plans and determines the term of each option, the option exercise price, the number of option shares granted, and the rate at which options become exercisable. 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. We stopped making awards under the Existing Plans upon approval of the 2015 Plan by our 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 our shareholders. No Awards may be made under the 2015 Plan after December 3, 2025. We adopted stock incentive plans in December 2010, December 2007, and September 2005, each of which provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based award grants of up to 9.0 million shares in aggregate to employees, officers, directors, consultants, and advisors. The granting of awards under these plans is discretionary, including the individuals who may become participants and receive awards under these plans and the number of shares they may acquire. In September 2001, we adopted the 2001 Stock Incentive Plan, which provides for the grant of incentive and non-qualified stock options for the purchase of up to an aggregate of 2.0 million shares of common stock to our employees, officers, directors, consultants, and advisors (and any individuals who have accepted an offer for employment). Options under all our stock incentive plans described above expire no more than ten years from the date of grant and the expiration date and vesting period may vary at the Board of Directors’ discretion. The following table summarizes information related to stock option activity for the respective periods: Fiscal Years (dollars in millions, except per share data) 2016 2015 2014 Weighted-average fair value of options granted per share $22.18 $20.16 $20.70 Intrinsic value of options exercised $20.9 $33.8 $24.1 Stock option activity for the Fiscal Year was as follows: Number of Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Life In Years Aggregate Intrinsic Value (In Millions) Balance at June 30, 2015 3,159,437 $ 39.40 5.6 $ 79.0 Granted 888,800 $ 68.02 Exercised (539,283 ) $ 27.19 Canceled (176,151 ) $ 47.87 Balance at June 30, 2016 3,332,803 $ 48.58 5.6 $ 52.2 Exercisable at June 30, 2016 1,264,967 $ 33.44 4.1 $ 37.2 Expected to vest at June 30, 2016 1,901,876 $ 57.49 6.4 $ 14.3 Restricted Stock We use restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), granted under the plans described above, as a component of compensation for executive officers, non-employee members of the Board of Directors, and other employees. In general, we granted RSAs and RSUs that will vest at the end of a three-year service period for employees or one-year service period for non-employee members of the Board. The fair values of restricted stock awards and restricted stock units were based upon the closing stock prices on the day of the grants. For Fiscal Year 2016 , 2015 , and 2014 , the fair value of restricted stock awards vested was $5.3 million , $3.9 million , and $4.0 million , respectively. Restricted stock activity for Fiscal Year 2016 was: Shares Weighted-Average Grant- Date Fair Value Unvested Balance at June 30, 2015 339,012 $ 45.17 Granted 111,597 $ 65.27 Vested (155,672 ) $ 34.07 Forfeited (8,300 ) $ 60.44 Unvested Balance at June 30, 2016 286,637 $ 58.58 Employee Stock Purchase Plan We sponsor an employee stock purchase plan (the “Purchase Plan”). The Purchase Plan allows eligible employees to purchase common stock at 95% of the fair market value of the stock on the last day of each purchase period (as defined by the Purchase Plan). The Purchase Plan also includes the automatic enrollment of contributions whereby an eligible employee’s compensation would be reduced and automatic enrollment contributions made on his/her behalf unless an affirmative election not to do so was made. The Purchase Plan is non-compensatory, and as such, no stock based compensation is recorded. An aggregate of approximately 1.8 million shares may be issued under the Purchase Plan. The following table summarizes the purchases under the Purchase Plan for the last three fiscal years: Shares Purchased Average Purchase Price Fiscal Year 2016 58,479 $ 62.05 Fiscal Year 2015 57,557 $ 59.09 Fiscal Year 2014 68,867 $ 43.20 Savings Plan We sponsor an employee savings plan (“the Plan”) as defined by Section 401(k) of the Internal Revenue Code of 1986, as amended. The Plan covers substantially all employees in the U.S. who elect to participate. Participants have the opportunity to invest on a pre-tax basis in a variety of mutual fund options and our stock. We match 100% of each participant’s voluntary contributions up to 3% of gross salary per payroll period subject to an annual cap of $3,000 . Our contributions vest to the participants in 20% increments for each year of employment and become fully vested after five years of continuous employment. Our contributions to the Plan were approximately $10.8 million , $10.7 million , and $9.6 million for the Fiscal Years 2016 , 2015 , and 2014 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We apply the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value and provides guidance for measuring fair value and expands disclosures about fair value measurements. ASC 820 enables the reader of financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. ASC 820 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: • Level 1 – Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. • Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: ◦ quoted prices for similar assets and liabilities in active markets ◦ quoted prices for identical or similar assets or liabilities in markets that are not active ◦ observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals) ◦ inputs that are derived principally from or corroborated by observable market data by correlation or other means • Level 3 – Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of June 30, 2016 : (dollars in millions) Level 1 Level 2 Level 3 Total Contingent Consideration $ — $ — $ (5.2 ) $ (5.2 ) Interest Rate Derivative Instruments — (1.3 ) — (1.3 ) Foreign Currency Exchange Contracts — (5.3 ) — (5.3 ) Total $ — $ (6.6 ) $ (5.2 ) $ (11.8 ) The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of June 30, 2015 : (dollars 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. Marketable securities are held in foreign government treasury certificates that are actively traded and have original maturities over 90 days but less than one year . As of June 30, 2016 , we did not hold any marketable securities. Interest rate derivative instruments are measured at fair value using a market approach valuation technique. The valuation is based on an estimate of net present value of the expected cash flows using relevant mid-market observable data inputs and based on the assumption of no unusual market conditions or forced liquidation. Level 2 Estimates 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 of alternate scenarios that could result in more or less profitability for the respective service line. Increases or decreases in projected financial targets and probabilities of payment may result in significant changes in the fair value measurements. Increases in discount rates and the time to payment may result in lower fair value measurements. Increases or decreases in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. As described in Note 3 above, the purchase price for the ClinIntel acquisition was approximately $8.8 million , plus the potential to pay up to an additional $16.2 million , representing the USD equivalent at the date of the acquisition, over a twenty-one months month period following the acquisition date. To achieve the maximum payment of $16.2 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 $67.1 million , plus the potential to pay up to an additional $15.8 million over a thirty-six months 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 for Health Advances at February 10, 2016 and June 30, 2016: Unobservable Input February 10, 2016 June 30, 2016 Risk free rate 1% 1% Revenue Volatility 25% 25% Projected period of payment Approximately 3 years 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: (dollars in millions) Fair Value Balance at June 30, 2014 $ 5.2 Additions of contingent consideration from ClinIntel acquisition 9.9 Change in fair value of contingent consideration (7.4 ) Effect of changes in exchange rates used for translation (0.4 ) Balance at June 30, 2015 7.3 Additions of contingent consideration from Health Advances acquisition 4.5 Change in fair value of contingent consideration 8.7 Payment of contingent consideration (14.1 ) Effect of changes in exchange rates used for translation (1.2 ) Balance at June 30, 2016 $ 5.2 For fiscal years 2016 , 2015 and 2014, the change in fair value of contingent consideration of $8.7 million , $7.4 million and $0.8 million , was recorded in selling, general and administrative expense, respectively. As of June 30, 2015, the forecasted payout of the contingent consideration 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 paid was $14.1 million , representing the USD equivalent at the date of the payment. The sellers of ClinIntel have the potential to be paid up to $0.2 million subsequent to June 30, 2016 . For fiscal years 2016 and 2015 , there were no transfers among Level 1, Level 2, or Level 3 categories. Additionally, there were no changes in the valuation techniques used to determine the fair values of our Level 2 assets or liabilities over the same periods. The fair value of the debt under the Notes was estimated to be $100.1 million as of June 30, 2016 , and was determined using U.S. government treasury rates and Level 3 inputs, including a credit risk adjustment. The carrying value of our short-term and long-term debt under the 2016 Credit Agreement approximates fair value because all of the debt bears variable rate interest. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | INCOME TAXES Domestic and foreign income before income taxes for the last three fiscal years were as follows: (dollars in millions) 2016 2015 2014 Domestic $ 107.1 $ 101.1 $ 98.2 Foreign 108.1 99.1 89.7 $ 215.2 $ 200.2 $ 187.9 Provisions for income taxes for the last three fiscal years were as follows: (dollars in millions) 2016 2015 2014 Current: Federal $ (4.9 ) $ 36.6 $ 27.3 State 4.5 8.6 9.5 Foreign 37.2 23.0 33.2 36.8 68.2 70.0 Deferred: Federal 23.2 6.7 4.0 State 1.3 (1.2 ) (0.9 ) Foreign (1.0 ) (21.3 ) (14.3 ) 23.5 (15.8 ) (11.2 ) $ 60.3 $ 52.4 $ 58.8 Our consolidated effective income tax rate differed from the U.S. federal statutory income tax rate for the last three fiscal years as set forth below: (dollars in millions) 2016 % 2015 % 2014 % Income tax expense computed at the federal statutory rate $ 75.3 35.0 % $ 70.1 35.0 % $ 65.8 35.0 % State income taxes, net of federal benefit 4.3 2.0 % 5.1 2.5 % 5.4 2.9 % Foreign rate differential (12.8 ) (5.9 )% (4.3 ) (2.2 )% (4.9 ) (2.6 )% Change in valuation allowances 13.3 6.2 % (0.8 ) (0.4 )% (0.5 ) (0.3 )% Change in reserves (5.7 ) (2.7 )% (2.1 ) (1.0 )% (5.2 ) (2.8 )% Research and development (9.0 ) (4.2 )% (13.4 ) (6.7 )% (3.3 ) (1.7 )% Non-taxable contingent consideration 2.8 1.3 % (1.8 ) (0.9 )% (0.3 ) (0.2 )% Recognition of subsidiary basis difference (12.9 ) (6.0 )% — — % — — % Other non-deductible expenses 1.5 0.7 % 1.3 0.6 % — — % Statutory tax rate changes 0.2 0.1 % (0.6 ) (0.2 )% (0.6 ) (0.3 )% Other, net 3.3 1.5 % (1.1 ) (0.5 )% 2.4 1.3 % $ 60.3 28.0 % $ 52.4 26.2 % $ 58.8 31.3 % Significant components of our net deferred tax assets (liabilities) as of June 30, 2016 and June 30, 2015 were as follows: (dollars in millions) 2016 2015 Deferred tax assets: U.S. loss carryforwards $ 2.5 $ 2.5 Foreign loss carryforwards 13.9 4.5 Accrued expenses 49.8 42.6 Tax credit carryforwards 1.7 2.8 Provision for losses on receivables 1.6 2.7 Deferred compensation 13.2 10.0 Deferred revenue 22.6 21.3 Intercompany loans 0.2 1.3 Other 2.0 2.2 Gross deferred tax assets 107.5 89.9 Deferred tax asset valuation allowance (16.1 ) (4.4 ) Total deferred tax assets 91.4 85.5 Deferred tax liabilities: Property and equipment (43.0 ) (6.8 ) Revenue recognition (5.7 ) (10.7 ) Intangible assets (29.0 ) (35.5 ) Other (5.9 ) (4.7 ) Total deferred tax liabilities (83.6 ) (57.7 ) Net deferred tax assets $ 7.8 $ 27.8 The net deferred tax assets and liabilities included in the consolidated balance sheets as of June 30, 2016 and June 30, 2015 were as follows: (dollars in millions) 2016 2015 Current deferred tax assets $ — $ 59.1 Non-current deferred tax assets 27.1 11.7 Current deferred tax liabilities — (10.0 ) Non-current deferred tax liabilities (19.3 ) (33.0 ) $ 7.8 $ 27.8 At June 30, 2016 , federal, state and foreign loss carryforwards of $4.6 million , $30.0 million and $68.7 million , respectively, were available to offset future liabilities for income taxes. The federal net operating losses expire in the fiscal years 2023 through 2034 . Included in the state loss carryforwards is $3.4 million attributable to deductions from the exercise of equity awards. The benefit from these deductions will be recorded as a credit to additional paid-in capital if and when realized through a reduction of taxes paid in cash. Use of these loss carryforwards is limited based on the future income of certain subsidiaries. The state net operating losses expire in the fiscal years 2017 through 2034 . Of the non-U.S. loss carryforwards, $2.1 million will expire between fiscal years 2017 and 2026 ; the remainder does not expire. We also have U.S. foreign tax credit carryforwards of $0.2 million , which will expire in Fiscal Year 2017 if not utilized. The increase in the foreign capital loss carryforwards is due to the recognition of basis differences in certain foreign subsidiaries post reorganization generating foreign capital loss carryforwards. A valuation allowance has been established for certain future income tax benefits related to loss carryforwards and temporary tax adjustments based on an assessment that it is more likely than not that these benefits will not be realized. The increase in the valuation allowance in Fiscal Year 2016 was principally due to the establishment of a $12.8 million valuation allowance against the foreign capital loss carryforwards that were generated as a result of a foreign subsidiary reorganization. In Fiscal Year 2015 we had U.S. foreign tax credit carryforwards of $26.1 million; included in the U.S. foreign tax credit carryforwards was $15.3 million attributable to deductions from the exercise of equity awards. In Fiscal Year 2016 we were able to utilize our foreign tax credit carryforwards, as a result we recorded an incremental $15.3 credit to additional paid-in capital. Provision has not been made for U.S. or additional foreign taxes on undistributed earnings of foreign subsidiaries as those earnings are indefinitely reinvested. Undistributed earnings of foreign subsidiaries that are indefinitely reinvested are approximately $565.6 million and $479.0 million at June 30, 2016 and June 30, 2015 , respectively. Due to the complexities associated with this hypothetical calculation, it is not practicable to estimate the unrecognized deferred tax liability on the earnings that are indefinitely reinvested in foreign operations. As of June 30, 2016 , we had $29.5 million of gross unrecognized tax benefits of which $18.9 million would impact the effective tax rate if recognized. As of June 30, 2015 , we had $35.2 million of gross unrecognized tax benefits of which $23.9 million would impact the effective tax rate if recognized. This reserve primarily relates to exposures for income tax matters such as changes in the jurisdiction in which income is taxable. Unrecognized tax benefits represent favorable positions we have taken, or expect to take, on tax returns. These positions have reduced, or are expected to reduce, our income tax liability on our tax returns and financial statements. As a result of the uncertainty associated with these positions, we have established a liability that effectively reverses the previous recognition of the tax benefits, making them “unrecognized.” Our unrecognized income tax benefits activity, excluding accrued interest and penalties, for the last three fiscal years were as follows: (dollars in millions) 2016 2015 2014 Balance at beginning of year $ 35.2 $ 41.5 $ 46.6 Additions related to tax positions in prior years 0.1 — 0.8 Additions related to tax positions in the current year 1.0 3.6 — Reductions related to tax positions in prior years (5.0 ) (0.5 ) (1.1 ) Reductions related to settlements with tax authorities — (6.5 ) — Reductions related to the expiration of statutes (1.0 ) (0.1 ) (5.6 ) Currency translation adjustments (0.8 ) (2.8 ) 0.8 Balance at end of year $ 29.5 $ 35.2 $ 41.5 As of June 30, 2016 , we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could change by up to $0.4 million in the next twelve months primarily as a result of the expiration of statutes of limitation and settlement with tax authorities. We recognize interest and penalties related to income tax matters in income tax expense. As of June 30, 2016 and June 30, 2015 , interest and penalties of $3.4 million and $4.2 million , respectively, were included in our liability for unrecognized tax benefits. For Fiscal Years 2016, 2015, and 2014, a benefit of $0.9 million , a benefit of $0.8 million , and an expense 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 states, local and foreign jurisdictions. Our U.S. federal, state and local income tax returns for the tax years 2005 to 2015 remain open for examination by the relevant tax authority. In foreign tax jurisdictions, the Company has open tax years dating back to 2002. The extended open tax years for these tax jurisdictions resulted from tax attributes carryover including net operating losses or tax credits from those tax years. |
Debt, Commitments, Contingencie
Debt, Commitments, Contingencies And Guarantees | 12 Months Ended |
Jun. 30, 2016 | |
Debt, Commitments, Contingencies And Guarantees [Abstract] | |
Debt, Commitments, Contingencies And Guarantees | DEBT, COMMITMENTS, CONTINGENCIES AND GUARANTEES We lease facilities under operating leases that include renewal and escalation clauses. Rent expense is recorded on a straight-line basis over the lease term. Total rent expense was $58.5 million , $56.4 million , and $59.4 million for Fiscal Years 2016 , 2015 , and 2014 , respectively. Future minimum debt obligations, lease payments under non-cancelable leases, and purchase commitments due as of June 30, 2016 are as follows (excluding future potential payments in connection with acquisitions - see Note 3): (dollars in millions) FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Thereafter Total Debt obligations (principal) $ 16.6 $ 22.8 $ 22.5 $ 32.5 $ 410.0 $ — $ 504.4 Operating leases 57.2 44.8 35.7 27.4 21.3 99.3 285.7 Purchase commitments* 129.4 31.6 9.6 1.2 0.5 0.2 172.5 Total $ 203.2 $ 99.2 $ 67.8 $ 61.1 $ 431.8 $ 99.5 $ 962.6 *includes commitments to purchase software, hardware and services We have letter-of-credit agreements with banks, totaling approximately $10.8 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. The above table does not include asset retirement obligations due to the uncertainty of the timing of the future cash outflows related to the restoration costs associated with returning certain facilities to their original condition upon termination of our long-term leases. As of June 30, 2016, the obligation expected to be incurred is $13.1 million . The above table does not include contingent consideration due to the uncertainty regarding the amounts and timing of the future cash outflows related to the potential payments. As of June 30, 2016, we recorded contingent consideration liabilities of $5.2 million . See Note 13 to our consolidated financial statements included in this annual report for more information. We believe, after consultation with counsel or other experts, that no matters currently pending would, in the event of an adverse outcome, either individually or in the aggregate, have a material impact on our consolidated financial position, results of operations, or liquidity. |
Geographic Information
Geographic Information | 12 Months Ended |
Jun. 30, 2016 | |
Segments, Geographical Areas [Abstract] | |
Geographic Information | GEOGRAPHIC INFORMATION Financial information by geographic area for the last three fiscal years was as follows: (dollars in millions) 2016 2015 2014 Service revenue: The Americas $ 978.5 $ 1,055.6 $ 970.9 Europe, Middle East & Africa 819.1 691.1 709.2 Asia/Pacific 296.7 269.3 259.3 Total $ 2,094.3 $ 2,016.0 $ 1,939.4 Income from operations: The Americas $ 109.3 $ 112.8 $ 111.7 Europe, Middle East & Africa 84.5 56.3 51.8 Asia/Pacific 30.2 30.8 36.0 Total $ 224.0 $ 199.9 $ 199.5 Tangible long-lived assets: The Americas $ 189.5 $ 161.2 Europe, Middle East & Africa 52.5 61.4 Asia/Pacific 17.3 18.6 Total $ 259.3 $ 241.2 The following countries represented greater than 10% of consolidated service revenue for the last three fiscal years: (dollars in millions) 2016 2015 2014 Service revenue: United States $ 908.9 $ 984.7 $ 902.9 United Kingdom $ 251.0 $ 239.6 $ 245.1 Germany N/A* N/A* $ 229.9 * For Fiscal Years 2016 and 2015 service revenue for Germany was less than 10% of our consolidated service revenue. |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We have three reportable segments: CRS, PC and PI. • CRS constitutes our core business and includes all phases of clinical research from Early Phase (encompassing the early stages of clinical testing that range from first-in-man through proof-of-concept studies) to Phase II-III and Phase IV, which we call PAREXEL Access. Our services include clinical trials management and biostatistics, data management and clinical pharmacology, as well as related medical advisory, patient recruitment, clinical supply and drug logistics, pharmacovigilance, and investigator site services. We aggregate Early Phase and PAREXEL Access with Phase II-III due to economic similarities in these operating segments. • PC provides technical expertise and advice in such areas as drug development, regulatory affairs, product pricing and reimbursement, commercialization and strategic compliance. It also provides a full spectrum of market development, product development, and targeted communications services in support of product launch. Our PC consultants identify alternatives and propose solutions to address client issues associated with product development, registration, and commercialization. • PI provides information technology solutions designed to help improve clients’ product development and regulatory submission processes. PI offers a portfolio of products and services that includes medical imaging services, ClinPhone ® RTSM, IMPACT ® CTMS, DataLabs ® EDC, web-based portals, systems integration, electronic patient reported outcomes (“ePRO”), and LIQUENT InSight® RIM solutions. We evaluate our segment performance and allocate resources based on service revenue and gross profit (service revenue less direct costs), while other operating costs are allocated and evaluated on a geographic basis. Accordingly, we do not include the impact of selling, general, and administrative expenses, depreciation and amortization expense, other income (expense), and income tax expense in segment profitability. We attribute revenue to individual countries based upon the revenue earned in the respective countries; however, inter-segment transactions are not included in service revenue. Furthermore, we have a global infrastructure supporting its business segments, and therefore, assets are not identified by reportable segment. (dollars in millions) CRS PC PI TOTAL Service revenue: 2016 $ 1,626.0 $ 190.4 $ 277.9 $ 2,094.3 2015 1,599.1 152.2 264.7 2,016.0 2014 1,508.8 176.4 254.2 1,939.4 Gross profit on service revenue: 2016 $ 515.0 $ 88.2 $ 130.8 $ 734.0 2015 472.6 71.7 127.5 671.8 2014 462.0 79.5 118.7 660.2 |
Quarterly Operating Results
Quarterly Operating Results | 12 Months Ended |
Jun. 30, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Operating Results | QUARTERLY OPERATING RESULTS (UNAUDITED) The following is a summary of unaudited quarterly results of operations for Fiscal Years 2016 and 2015 : Fiscal Year 2016* (dollars in millions, except per share data) First Second Third Fourth Total Service revenue $ 512.1 $ 518.5 $ 527.1 $ 536.6 $ 2,094.3 Gross profit 168.9 186.0 189.3 189.8 734.0 Income from operations 35.5 54.6 69.7 64.2 224.0 Net income 24.9 39.4 47.9 42.7 154.9 Diluted earnings per share $ 0.45 $ 0.73 $ 0.89 $ 0.80 $ 2.86 Fiscal Year 2015 (dollars in millions, except per share data) First Second Third Fourth Total Service revenue $ 491.7 $ 499.3 $ 502.0 $ 523.0 $ 2,016.0 Gross profit 172.9 172.0 164.0 162.9 671.8 Income from operations 53.6 52.8 54.2 39.3 199.9 Net income 37.1 38.8 37.7 34.2 147.8 Diluted earnings per share $ 0.67 $ 0.70 $ 0.68 $ 0.61 $ 2.65 *In the three months ended June 30, 2016, we recorded $12.6 million adjustments related to revenue arrangements recognized in prior periods. The adjustments were recorded as reductions to service revenues in the consolidated statements of income and comprehensive income for the three months ended June 30, 2016. Of these $12.6 million adjustments, approximately $6.7 million related to the nine months ended March 31, 2016, and $5.9 million related to the Fiscal Years 2015. We concluded the effect of these errors was not material to our consolidated financial statements for the current fiscal year, or any of the prior periods and, as such, these consolidated financial statements are not materially misstated. |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Principles Of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of PAREXEL International Corporation, our wholly-owned and majority-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Cash Pooling Arrangement, Net Presentation We have a cash pooling arrangement with RBS Nederland, NV. Pooling occurs when debit balances are offset against credit balances and the overall net position is used as a basis by the bank for calculating the overall pool interest payable or receivable amount. Each legal entity owned by us and party to this arrangement remains the owner of either a credit (deposit) or a debit (overdraft) balance. Therefore, interest income is earned by legal entities with credit balances, while interest expense is charged to legal entities with debit balances. Based on the pool’s aggregate balance, the bank then (1) recalculates the overall interest to be charged or earned, (2) compares this amount with the sum of previously charged/earned interest amounts per account and (3) additionally pays/charges the difference. |
Use Of Estimates | Use of Estimates We prepare our financial statements in conformity with U.S. generally accepted accounting principles which require us to make estimates and assumptions that affect the amounts reported in the financial statements. Estimates are used in accounting for, among other items, revenue recognition, allowance for credit losses on receivables, valuation of derivative instruments, periodic impairment reviews of goodwill and intangible assets, contingent consideration, income taxes, and the valuation of acquired and long-term assets. Our estimates are based on the facts and circumstances available at the time estimates are made, historical experience, risk of loss, general economic conditions, trends, and assessments of the probable future outcomes of these matters. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the statement of operations in the period in which they are determined. |
Fair Values Of Financial Instruments | Fair Values of Financial Instruments The fair value of our cash and cash equivalents, marketable securities, accounts receivable, and accounts payable approximates the carrying value of these financial instruments because of the short-term nature of any maturities. We determine the estimated fair values of other financial instruments, using available market information and valuation methodologies, primarily discounted cash flow analysis or input from independent investment bankers. |
Revenue Recognition | Revenue Recognition We derive revenue from the delivery of service or software solutions to clients in the worldwide pharmaceutical, biotechnology, and medical device industries. We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the service offering has been delivered to the client; (3) the collection of fees is probable; and (4) the amount of fees to be paid by the client is fixed or determinable. Revenue recognition treatment of each business segment is described below. CRS and PC Service Revenue Service revenues in our CRS and PC businesses are derived principally from fee-for-service or fixed-price executory contracts, which typically involve competitive bid awards and multi-year terms. Client billing schedules and payment arrangements are prescribed under negotiated contract terms. Contract provisions do not provide for rights of return or refund, but normally include rights of cancellation with notice, in which case services delivered through the cancellation date are due and payable by the client, including certain costs to conclude the trial or study. Our client arrangements generally involve multiple service deliverables, where bundled service deliverables are accounted for in accordance with Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) 605-25, “Multiple-Element Arrangements.” We determined that each of our service deliverables have standalone value. ASC 605-25 requires the allocation of contract (arrangement) value to each separate unit of accounting based on the relative selling price of the various separate units of accounting in the arrangement. ASC 605-25 requires a hierarchy of evidence be followed when determining if evidence of the selling price of an item exists such that the best evidence of selling price of a unit of accounting is vendor-specific objective evidence (“VSOE”), or the price charged when a deliverable is sold separately. When VSOE is not available to determine selling price, relevant third-party evidence (“TPE”) of selling price should be used, if available. Lastly, when neither VSOE nor TPE of selling price for similar deliverables exists, management must use its best estimated of selling price (“BESP”) considering all relevant information that is available without undue cost and effort. We use BESP in our allocation of arrangement consideration. The objective of BESP is to determine the price at which we would transact if the services were sold by us on a standalone basis. Our determination of BESP involves the consideration of several factors based on the specific facts and circumstances of each arrangement. Specifically, we consider the cost to provide services, the anticipated margin on those deliverables, our ongoing pricing strategy and policies, and the characteristics of the varying markets in which the services are provided. We allocate arrangement consideration at the inception of the arrangement using the relative selling prices of the deliverables within the contract based on BESP. We analyze the selling prices used in the allocation of arrangement consideration at least annually. Selling prices are analyzed on a more frequent basis if a significant change in our business necessitates a more timely analysis or if we experience significant variances in our selling prices. We recognize revenues for the separate elements of our contracts upon delivery of actual units of output and when all other revenue recognition criteria are met. Revenue from fee-for-service contracts generally is recognized as units of output are delivered. Revenue on fixed-price contracts generally is measured by applying a proportional performance model using output units, such as site or investigator recruitment, patient enrollment, data management, or other deliverables common to our CRS business. Performance-based output units are pre-defined in contracts and revenue is recognized based upon actual units of completion. Revenue related to changes in contract scope, which are subject to client approval, is recognized when realization is assured and amounts are fixed or determinable. PI Service Revenue Service revenue is derived principally from the delivery of software solutions through our PI business segment. Software solutions include ClinPhone ® RTSM, CTMS, EDC, RIM and Platform Solutions. Within PI’s Clinphone ® RTSM business, we offer selected software solutions through a hosted application delivered through a standard web-browser. We recognize revenue from application hosting services in accordance with ASC 985-605, “Software” and ASC 605-25 as our customers do not have the right to take possession of the software. Revenue resulting from these hosting services consists of three stages: set-up (client specification and workflow), hosting and support services, and closeout reporting. Fees charged and costs incurred in the set-up stage are deferred until the start of the hosting period and are amortized and recognized ratably over the estimated hosting period, including customary and expected extensions. Deferred costs are direct costs associated with the trial and application setup. These costs include salary and benefits associated with direct labor costs incurred during trial setup, as well as third-party subcontract fees and other contract labor costs. In the event of a contract cancellation by a client, all deferred revenue is recognized and all deferred setup costs are expensed. To the extent that termination-related fees are payable under the contract, such fees are recognized in the period of termination. PI's Medical Imaging business provides a service allowing customers to manage the image acquisitions and the analysis and quality of data obtained during a clinical trial. Service revenue is derived from executory contracts that are tailored to meet individual client requirements. Client billing schedules and payment arrangements are prescribed under negotiated contract terms. We recognize service revenue related to our Medical Imaging business based upon a proportional performance method utilizing a unitized output method. The defined units used for revenue recognition are used to track output measures that are specific to the services being provided in the contract, and may include site survey reports, project management tasks, number of reviews completed, and image receipt and processing. |
Reimbursement Revenue & Investigator Fees | Reimbursement Revenue & Investigator Fees Reimbursable out-of-pocket expenses are reflected in our Consolidated Statements of Income under “Reimbursement revenue” and “Reimbursable out-of-pocket expenses,” as we are the primary obligor for these expenses despite being reimbursed by our clients. We record costs for such activities based upon payment requests or invoices that have been received from third parties in the periods presented. In addition, as is customary in our industry, we routinely subcontract on behalf of our clients with independent physician investigators in connection with clinical trials. The related investigator fees are not reflected in our Service revenue, Reimbursement revenue, Reimbursable out-of-pocket expenses, or Direct costs, because these fees are reimbursed by clients on a “pass through basis,” without risk or reward to us. The amounts of these investigator fees were $397.1 million , $461.0 million , and $523.1 million for the fiscal years ended June 30, 2016 , 2015 , and 2014 , respectively. |
Business Combinations Policy | Business Combinations We account for acquisitions as business combinations in accordance with ASC Topic 805, “Business Combinations.” We allocate the amounts that we pay for each acquisition to the assets we acquire and liabilities we assume based on their fair values at the dates of acquisition, including identifiable intangible assets. We base the fair value of identifiable intangible assets acquired in a business combination on detailed valuations that use information and assumptions determined by management and which consider management's best estimates of inputs and assumptions that a market participant would use. We allocate any excess purchase price over the fair value of the net tangible and identifiable intangible assets acquired to goodwill. |
Cash And Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of 90 days or less to be cash equivalents. |
Marketable Securities | Marketable Securities We account for investments in debt and equity securities in accordance with ASC 320, “Investments - Debt and Equity Securities.” Marketable securities are held in foreign government treasury certificates that are actively traded and have original maturities over 90 days but less than one year . Our foreign government treasury certificates securities are classified as held-to-maturity based on our intent and ability to hold the securities to maturity and are recorded at amortized cost, which is not materially different than fair value. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of their amortized cost bases, which may be maturity. Interest and dividends related to these securities are reported as a component of interest income in our consolidated statements of income. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that subject us to credit risk primarily consist of cash and cash equivalents, marketable securities, derivative financial instrument contracts, and accounts receivable. We maintain our cash and cash equivalent balances with high-quality financial institutions and, consequently, we believe that such funds are subject to minimal credit risk. Our marketable securities primarily consist of foreign government treasury certificates. We have approximately seven different counterparties in our derivative contracts, which include interest rate swaps, an interest rate cap and foreign currency hedges. Each of these counterparties is in the financial services industry and is subject to the credit risks inherent to that industry. We perform ongoing credit evaluations of these counterparties. We perform ongoing credit evaluations related to the financial condition of our clients and, generally, do not require collateral. As of June 30, 2016 , one client individually accounted for 12% of our total billed and unbilled accounts receivables. As of June 30, 2015 , two clients individually accounted for 12% and 11% of our billed and unbilled accounts receivables. For Fiscal Year 2016 one client individually accounted for 13% of our consolidated service revenue. For Fiscal Year 2015 , one client individually accounted for 14% of our consolidated service revenue. For Fiscal Year 2014 , two clients individually accounted for 16% and 11% of our consolidated service revenue. |
Billed Accounts Receivable, Unbilled Accounts Receivable And Deferred Revenue | Billed Accounts Receivable, Unbilled Accounts Receivable and Deferred Revenue Billed accounts receivable represent amounts invoiced to our clients based on contract terms. In general, prerequisites for billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the performance of services under the contract. Unbilled services arise when services have been rendered for which revenue has been recognized but the customers have not been billed. Deferred revenue, which had an estimated weighted average age of 6 months for Fiscal Year 2016, represents payments received in excess of revenue recognized. These payments received in advance of services being provided are classified as deferred revenue on the consolidated balance sheet and include amounts billed based on contractual provisions such as milestone payments or customer advances at the beginning of a project. As the contracted services are subsequently performed and the associated revenue is recognized, the deferred revenue balance is reduced by the amount of the revenue recognized during the period. We maintain a provision for losses on receivables based on historical collectability and specific identification of potential problem accounts. Uncollectible invoices are written off when collection efforts have been exhausted. |
Property And Equipment | Property and Equipment Property and equipment is stated at cost. Depreciation is provided using the straight-line method based on estimated useful lives of 3 to 8 years for computer software and hardware, and 5 years for office furniture, fixtures and equipment. Leasehold improvements are amortized over the lesser of the estimated useful lives of the improvements or the remaining lease term, which include lease extensions when reasonably assured. Repair and maintenance costs are expensed as incurred. |
Development Of Software For Internal Use | Development of Software for Internal Use PAREXEL accounts for the costs of software developed or obtained for internal use in accordance with ASC 350-40, “Internal-Use Software.” We capitalize costs of materials, consultants, payroll, and payroll-related costs for employees incurred in developing internal-use software. These costs are included in computer software in Note 5 below. Costs incurred during the preliminary project and post-implementation stages are charged to expense. |
Research And Development Costs | Research and Development Costs We incur ongoing research and development costs related to core technologies used internally as well as software and technology sold externally. Unless eligible for capitalization, these costs are expensed as incurred. Research and development expense was $19.2 million , $24.0 million , and $26.9 million in Fiscal Years 2016 , 2015 , and 2014 , respectively, and is included in selling, general and administrative expenses in the consolidated statements of income. |
Long-lived Assets and Other Intangible Assets | Goodwill PAREXEL follows the provisions of ASC 350, “Intangibles—Goodwill and Other.” Under this statement, goodwill as well as certain other intangible assets, determined to have an indefinite life, are not amortized. Instead, these assets are evaluated for impairment at least annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. For Fiscal Year 2016, we performed our annual impairment test primarily using a market approach analysis and a discounted cash flow analysis, which is based on strategic business plans and long-term forecasts, to determine fair value. The discounted cash flow analysis included significant judgment regarding the assumptions used, such as our weighted average cost of capital, revenue growth rates, profit margins, capital expenditures, and other factors that were all based on current strategic forecasts and other financial metrics. There was no evidence of impairment of our goodwill balances as of June 30, 2016 . Long-lived Assets and Other Intangible Assets Long-lived assets, including fixed assets and intangible assets which have a definitive life, are reviewed for impairment when circumstances indicate that the carrying amount of assets might not be recoverable. Indefinite-lived assets are reviewed annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value below the carrying value of the asset. For Fiscal Year 2016, we performed our annual impairment test using the relief from royalty approach to determine fair value. Under the relief from royalty approach, the fair value of the indefinite-lived intangible asset is based on after tax royalty rate and discount rate applied to future forecasted sales. There was no evidence of impairment of our indefinite-lived intangible asset balances as of June 30, 2016. Intangible assets are initially recorded at fair value and stated net of accumulated amortization and impairments. We amortizes its intangible assets that have finite lives using either the straight-line method, or if reliably determinable, based on the pattern in which the economic benefit of the asset is expected to be utilized. Amortization is recorded over the estimated useful lives ranging from 1 to 15 years. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are recognized for the estimated future tax benefits of deductible temporary differences and tax operating loss and credit carryforwards and are presented net of valuation allowances. Valuation allowances are established in jurisdictions where it is more likely than not that the benefits of the associated deferred tax assets will not be realized. Deferred income tax expense represents the change in the net deferred tax asset and liability balances. Interest and penalties are recognized as a component of income tax expense |
Foreign Currency | Foreign Currency Assets and liabilities of PAREXEL’s international operations are translated into U.S. dollars at exchange rates that are in effect on the balance sheet date and equity accounts are translated at historical exchange rates. Income and expense items are translated at average exchange rates in effect during the year. Translation adjustments are accumulated in other comprehensive income (loss) as a separate component of stockholders’ equity in the consolidated balance sheet. Transaction gains and losses are included in miscellaneous expense, net in the consolidated statements of operations. Transaction gains (losses) were $(0.5) million , $7.0 million , and $(3.5) million in Fiscal Years 2016 , 2015 , and 2014 , respectively. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options and restricted stock awards. We do not have any participating securities outstanding nor do we have more than one class of common stock. |
New Accounting Pronouncements, Policy | Recently Implemented Accounting Standards In March 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” ASU 2013-05 addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. We adopted ASU 2013-05 beginning in our fiscal quarter ended September 30, 2014. The adoption of ASU 2013-05 did not impact our consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17 ("ASU 2015-17"), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred income taxes as it requires that deferred tax assets and liabilities, as well as any related valuation allowance be classified as noncurrent in the consolidated balance sheet. The Company early adopted this ASU prospectively for the year ended June 30, 2016, which resulted in all deferred taxes being reported as non-current in its consolidated balance sheet. Accordingly, we have not adjusted prior period amounts in our consolidated balance sheets. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers , which provides 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. Subsequent to issuing ASU 2014-09, the FASB issued the following amendments concerning clarification of ASU 2014-09. 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) , which further clarifies the implementation guidance on principal versus agent considerations. The new guidance requires either a retrospective or a modified retrospective approach to adoption. In April 2016, the FASB issued ASU No. 2016-10, (“ASU 2016-10”) Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing , which clarifies the identification of performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. In May 2016, the FASB issued ASU No. 2016-12 (“ASU 2016-12”), Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. We are currently evaluating the impact these ASUs will have on our financial position, results of operations, cash flows and disclosures. In June 2014, the FASB issued ASU No. 2014-12 (“ASU 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 ASC 718, Compensation—Stock Compensation, as it relates to such awards. ASU 2014-12 is effective in the first quarter of our fiscal year ending June 30, 2017 with early adoption permitted using either of two methods: (i) prospective to all awards granted or modified after the effective date; or (ii) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying ASU 2014-12 as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02 (“ASU 2015-02”), Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 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 beginning 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 No. 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires the presentation of debt issuance costs in the consolidated balance sheets as a reduction to the related debt liability rather than as an asset. Amortization of debt issue costs continues to be classified as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2016 with early adoption permitted. We are assessing the impact of adopting ASU 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 2015-16 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 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 2016-05 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 2016-09 on our consolidated financial statements. |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accounting Policies [Abstract] | ||
Changes In Carrying Amount Of Goodwill | (dollars in millions) CRS PC PI Consolidated Goodwill - July 1, 2014 $ 125.5 $ 22.1 $ 181.9 $ 329.5 Goodwill arising from QSI acquisition 24.1 — — 24.1 Goodwill arising from ClinIntel acquisition — — 13.4 13.4 Goodwill arising from ATLAS acquisition 1.4 — — 1.4 Effect of changes in exchange rates used for translation (7.2 ) (1.5 ) (4.8 ) (13.5 ) Goodwill - June 30, 2015 $ 143.8 $ 20.6 $ 190.5 $ 354.9 Effect of changes in business segments 3.9 (3.9 ) — — Goodwill arising from Health Advances acquisition — 52.5 — 52.5 Effect of changes in exchange rates used for translation (5.9 ) (2.1 ) (10.2 ) (18.2 ) Goodwill - June 30, 2016 $ 141.8 $ 67.1 $ 180.3 $ 389.2 | |
Changes In Carrying Amounts Of Intangible Assets | (dollars in millions) Fiscal Year 2016 Fiscal Year 2015 Beginning Balance $ 142.1 $ 91.8 Intangibles assets acquired from Health Advances acquisition 15.0 — Intangibles assets acquired from QSI acquisition — 62.4 Intangibles assets acquired from ClinIntel acquisition — 6.2 Amortization (22.3 ) (15.6 ) Effect of changes in exchange rates used for translation (4.1 ) (2.7 ) Ending Balance $ 130.7 $ 142.1 | |
Intangible Assets | (dollars in millions) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships 11.6 $ 176.1 $ (74.5 ) $ 101.6 Technology and other intangibles 8.0 39.5 (31.4 ) 8.1 Definite-life tradename 6.6 6.9 (2.4 ) 4.5 Indefinite-life tradename * indefinite 22.1 (5.6 ) 16.5 Total intangible assets $ 244.6 $ (113.9 ) $ 130.7 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | (dollars in millions) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships and backlog 11.5 $ 167.4 $ (57.5 ) $ 109.9 Technology and other intangibles 8.0 39.5 (28.8 ) 10.7 Definite-life tradename 7.0 5.3 (1.4 ) 3.9 Indefinite-life tradename * indefinite 22.1 (4.5 ) 17.6 Total intangible assets $ 234.3 $ (92.2 ) $ 142.1 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. |
Estimated Amortization Expense | (dollars in millions) 2017 2018 2019 2020 2021 $21.3 $19.8 $17.9 $15.9 $13.6 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
ClinIntel Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following are the identifiable intangible assets acquired and their respective fair value and estimated useful lives (dollars in millions): Amount Estimated Useful Life (Years) Customer relationships $ 2.3 10 Technology 3.9 8 Total $ 6.2 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Total Consideration transferred: Cash paid, net of cash acquired $ 8.8 Fair value of contingent consideration 9.9 Net purchase price $ 18.7 Fair value of assets acquired and liabilities assumed: Accounts receivable $ 0.4 Definite-lived intangible assets 6.2 Goodwill 13.4 Total assets acquired 20.0 Current liabilities 0.1 Deferred tax liabilities 1.2 Total liabilities assumed 1.3 Fair value of net assets acquired: $ 18.7 |
QSI Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amount Estimated Useful Life (Years) Customer relationships $ 56.3 10 Backlog 4.7 1 Trade name 1.4 5 Total $ 62.4 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Total Consideration transferred: Cash paid, net of cash acquired $ 93.6 Fair value of assets acquired and liabilities assumed: Accounts receivable $ 4.9 Other Current Assets 1.3 Property and equipment, net 2.0 Definite-lived intangible assets 62.4 Goodwill 24.1 Total assets acquired 94.7 Current liabilities 1.1 Total liabilities assumed 1.1 Fair value of net assets acquired: $ 93.6 |
Health Advances Acquisition [Member] | |
Business Acquisition [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | 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 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The components of the consideration transferred in conjunction with the Health Advances acquisition and the preliminary fair value allocation of that consideration is as follows (dollars in millions): Total Consideration transferred: Cash paid, net of cash acquired $ 67.3 Receivable from working capital adjustment (0.2 ) Fair value of contingent consideration 4.5 Net purchase price $ 71.6 Preliminary Allocation of consideration transferred: Accounts receivable $ 4.0 Other current assets 0.7 Property and equipment, net 1.0 Deferred tax assets 0.2 Definite-lived intangible assets 15.0 Goodwill 52.5 Total assets acquired 73.4 Current liabilities 1.8 Total liabilities assumed 1.8 Net assets acquired: $ 71.6 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Summary of Derivative Instruments by Hedge Designation [Abstract] | |
Schedule of Notional Amounts and Fair Values of Derivatives [Table Text Block] | June 30, 2016 June 30, 2015 (dollars in millions) 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 81.2 3.5 140.6 2.9 Derivatives in a liability position: Interest rate contracts 200.0 (1.3 ) 25.0 (0.1 ) Foreign exchange contracts 103.3 (8.9 ) 56.1 (4.6 ) Cross-currency swap contracts — — 19.0 (2.7 ) Total designated derivatives $ 384.5 $ (6.7 ) $ 340.7 $ (3.7 ) Derivatives not designated as hedging instruments under ASC 815 Derivatives in an asset position: Foreign exchange contracts $ 36.2 $ 1.5 $ 46.1 $ 0.6 Derivatives in a liability position: Foreign exchange contracts 48.0 (1.4 ) 81.7 (1.8 ) Total non-designated derivatives $ 84.2 $ 0.1 $ 127.8 $ (1.2 ) Total derivatives $ 468.7 $ (6.6 ) $ 468.5 $ (4.9 ) |
Schedule Of Change In Fair Value Derivatives Designated As Hedging Instruments | Fiscal Years (dollars in millions) 2016 2015 Derivatives designated as hedging instruments under ASC 815 Interest rate contracts, net of taxes $ (1.3 ) $ 0.1 Foreign exchange contracts, net of taxes (4.5 ) (3.9 ) Cross-currency swap contracts, net of taxes — (0.1 ) Total designated derivative unrealized gain (loss), net $ (5.8 ) $ (3.9 ) |
Schedule Of Change In Fair Value Derivatives Not Designated As Hedging Instruments | Fiscal Years (dollars in millions) 2016 2015 Derivatives not designated as hedging instruments under ASC 815 Foreign exchange contracts $ 1.3 $ (2.1 ) Total non-designated derivative unrealized gain (loss), net $ 1.3 $ (2.1 ) |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | (dollars in millions) 2016 2015 Property and equipment: Computer software $ 424.9 $ 377.8 Computer hardware and office equipment 122.3 110.9 Leasehold improvements 113.5 100.4 Medical equipment 15.2 16.5 Furniture and fixtures 30.7 30.2 Office equipment and other assets 17.2 16.3 Total 723.8 652.1 Less: accumulated depreciation (464.5 ) (410.9 ) Total $ 259.3 $ 241.2 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets Goodwill and Intangible Assets (Tables) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule Of Changes In Carrying Amount Of Goodwill [Table Text Block] | (dollars in millions) CRS PC PI Consolidated Goodwill - July 1, 2014 $ 125.5 $ 22.1 $ 181.9 $ 329.5 Goodwill arising from QSI acquisition 24.1 — — 24.1 Goodwill arising from ClinIntel acquisition — — 13.4 13.4 Goodwill arising from ATLAS acquisition 1.4 — — 1.4 Effect of changes in exchange rates used for translation (7.2 ) (1.5 ) (4.8 ) (13.5 ) Goodwill - June 30, 2015 $ 143.8 $ 20.6 $ 190.5 $ 354.9 Effect of changes in business segments 3.9 (3.9 ) — — Goodwill arising from Health Advances acquisition — 52.5 — 52.5 Effect of changes in exchange rates used for translation (5.9 ) (2.1 ) (10.2 ) (18.2 ) Goodwill - June 30, 2016 $ 141.8 $ 67.1 $ 180.3 $ 389.2 | |
Schedule Of Intangible Assets [Table Text Block] | (dollars in millions) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships 11.6 $ 176.1 $ (74.5 ) $ 101.6 Technology and other intangibles 8.0 39.5 (31.4 ) 8.1 Definite-life tradename 6.6 6.9 (2.4 ) 4.5 Indefinite-life tradename * indefinite 22.1 (5.6 ) 16.5 Total intangible assets $ 244.6 $ (113.9 ) $ 130.7 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. | (dollars in millions) Weighted Average Useful Life (years) Cost Accumulated Amortization/ Effect of Exchange Rate Changes Net Intangible Asset Customer relationships and backlog 11.5 $ 167.4 $ (57.5 ) $ 109.9 Technology and other intangibles 8.0 39.5 (28.8 ) 10.7 Definite-life tradename 7.0 5.3 (1.4 ) 3.9 Indefinite-life tradename * indefinite 22.1 (4.5 ) 17.6 Total intangible assets $ 234.3 $ (92.2 ) $ 142.1 * The tradename acquired in the ClinPhone acquisition has an indefinite useful life. |
Schedule Of Changes In Carrying Amounts Of Intangible Assets [Table Text Block] | (dollars in millions) Fiscal Year 2016 Fiscal Year 2015 Beginning Balance $ 142.1 $ 91.8 Intangibles assets acquired from Health Advances acquisition 15.0 — Intangibles assets acquired from QSI acquisition — 62.4 Intangibles assets acquired from ClinIntel acquisition — 6.2 Amortization (22.3 ) (15.6 ) Effect of changes in exchange rates used for translation (4.1 ) (2.7 ) Ending Balance $ 130.7 $ 142.1 | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (dollars in millions) 2017 2018 2019 2020 2021 $21.3 $19.8 $17.9 $15.9 $13.6 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Restructuring Charges [Abstract] | |
Schedule Of Changes In Restructuring Accrual | Balance at Charges/(Benefits) Payments/Foreign Balance at (dollars in millions) June 30, 2015 June 30, 2016 2015 Margin Acceleration Program Employee severance $ 20.0 $ 18.5 $ (28.0 ) $ 10.5 Facilities-related and other costs — 9.3 (2.2 ) 7.1 Pre-2012 Restructuring Plans Facilities-related and other costs 0.3 — (0.2 ) 0.1 Total $ 20.3 $ 27.8 $ (30.4 ) $ 17.7 |
Restructuring Charges by Segment | Net restructuring charges by segment for Fiscal Year 2016 and Fiscal Year 2015 are as follows: Fiscal Year Ended June 30, (dollars in millions) 2016 2015 CRS $ 9.1 $ 13.7 PC 2.3 3.8 PI 10.6 1.1 Segment Total 22.0 18.6 Corporate restructuring charges 5.8 1.2 Total restructuring charges $ 27.8 $ 19.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Years ended June 30, (dollars in millions, except per share data) 2016 2015 2014 Net income attributable to common shares $ 154.9 $ 147.8 $ 129.1 Weighted average number of shares outstanding, used in computing basic earnings per share 53.5 54.9 56.5 Dilutive common stock equivalents 0.7 0.9 1.0 Weighted average shares used in computing diluted earnings per share 54.2 55.8 57.5 Basic earnings per share $ 2.90 $ 2.69 $ 2.28 Diluted earnings per share $ 2.86 $ 2.65 $ 2.25 Anti-dilutive options and restricted stock (excluded from the calculation of diluted earnings per share) 0.7 0.8 0.5 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (dollars in millions) Foreign Currency Unrealized Gain/Loss on Derivatives Total Balance at June 30, 2013 $ (29.1 ) $ (0.9 ) $ (30.0 ) Other comprehensive income before reclassifications 27.0 6.4 33.4 Loss reclassified from accumulated other comprehensive income (loss) — (1.3 ) (1.3 ) Net current-period other comprehensive income $ 27.0 $ 5.1 $ 32.1 Balance at June 30, 2014 $ (2.1 ) $ 4.2 $ 2.1 Other comprehensive loss before reclassifications (94.1 ) (14.3 ) (108.4 ) Gain reclassified from accumulated other comprehensive income (loss) — 10.4 10.4 Net current-period other comprehensive loss $ (94.1 ) $ (3.9 ) $ (98.0 ) Balance at June 30, 2015 $ (96.2 ) $ 0.3 $ (95.9 ) Other comprehensive loss before reclassifications (34.3 ) (10.6 ) (44.9 ) Loss reclassified from accumulated other comprehensive income (loss) — 4.8 4.8 Net current-period other comprehensive loss $ (34.3 ) $ (5.8 ) $ (40.1 ) Balance at June 30, 2016 $ (130.5 ) $ (5.5 ) $ (136.0 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Fiscal Year Affected Line in the Consolidated Statements of Income (dollars in millions) 2016 2015 2014 Interest rate contracts $ (0.5 ) $ (1.5 ) $ (1.7 ) Interest expense, net Foreign exchange contracts (4.9 ) (12.3 ) 3.4 Direct Costs Foreign exchange contracts (2.3 ) (2.7 ) 0.3 Service revenue Cross-currency swap contracts — 0.2 0.1 Miscellaneous (expense) income, net Total $ (7.7 ) $ (16.3 ) $ 2.1 |
Stock And Employee Benefit Pl34
Stock And Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Schedule Of Weighted Average Assumptions | Fiscal Years 2016 2015 2014 Dividend yield 0.0 % 0.0 % 0.0 % Expected volatility 34.2 % 36.2 % 54.1 % Risk-free interest rate 1.6 % 1.7 % 1.6 % Expected term (in years) 5.0 5.0 5.2 |
Schedule Of Recognized Stock-Based Compensation Expense | Fiscal Years (dollars in millions) 2016 2015 2014 Direct costs related $ 4.7 $ 4.4 $ 3.0 Selling, general and administrative related 15.4 13.5 12.3 Total stock-based compensation $ 20.1 $ 17.9 $ 15.3 |
Schedule Of Information Related To Stock Option Activity | Fiscal Years (dollars in millions, except per share data) 2016 2015 2014 Weighted-average fair value of options granted per share $22.18 $20.16 $20.70 Intrinsic value of options exercised $20.9 $33.8 $24.1 |
Schedule Of Stock Option Activity | Number of Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Life In Years Aggregate Intrinsic Value (In Millions) Balance at June 30, 2015 3,159,437 $ 39.40 5.6 $ 79.0 Granted 888,800 $ 68.02 Exercised (539,283 ) $ 27.19 Canceled (176,151 ) $ 47.87 Balance at June 30, 2016 3,332,803 $ 48.58 5.6 $ 52.2 Exercisable at June 30, 2016 1,264,967 $ 33.44 4.1 $ 37.2 Expected to vest at June 30, 2016 1,901,876 $ 57.49 6.4 $ 14.3 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Grant- Date Fair Value Unvested Balance at June 30, 2015 339,012 $ 45.17 Granted 111,597 $ 65.27 Vested (155,672 ) $ 34.07 Forfeited (8,300 ) $ 60.44 Unvested Balance at June 30, 2016 286,637 $ 58.58 |
Schedule Of Purchases Under The 2000 Purchase Plan | S |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | Unobservable Input February 10, 2016 June 30, 2016 Risk free rate 1% 1% Revenue Volatility 25% 25% Projected period of payment Approximately 3 years Approximately 3 years |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (dollars in millions) Fair Value Balance at June 30, 2014 $ 5.2 Additions of contingent consideration from ClinIntel acquisition 9.9 Change in fair value of contingent consideration (7.4 ) Effect of changes in exchange rates used for translation (0.4 ) Balance at June 30, 2015 7.3 Additions of contingent consideration from Health Advances acquisition 4.5 Change in fair value of contingent consideration 8.7 Payment of contingent consideration (14.1 ) Effect of changes in exchange rates used for translation (1.2 ) Balance at June 30, 2016 $ 5.2 |
Fair Value Hierarchy By Level | (dollars in millions) Level 1 Level 2 Level 3 Total Contingent Consideration $ — $ — $ (5.2 ) $ (5.2 ) Interest Rate Derivative Instruments — (1.3 ) — (1.3 ) Foreign Currency Exchange Contracts — (5.3 ) — (5.3 ) Total $ — $ (6.6 ) $ (5.2 ) $ (11.8 ) The following table sets forth by level, within the fair value hierarchy, our assets (liabilities) carried at fair value as of June 30, 2015 : (dollars 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 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Domestic And Foreign Income (Loss) Before Income Taxes | (dollars in millions) 2016 2015 2014 Domestic $ 107.1 $ 101.1 $ 98.2 Foreign 108.1 99.1 89.7 $ 215.2 $ 200.2 $ 187.9 |
Provisions For Income Taxes | (dollars in millions) 2016 2015 2014 Current: Federal $ (4.9 ) $ 36.6 $ 27.3 State 4.5 8.6 9.5 Foreign 37.2 23.0 33.2 36.8 68.2 70.0 Deferred: Federal 23.2 6.7 4.0 State 1.3 (1.2 ) (0.9 ) Foreign (1.0 ) (21.3 ) (14.3 ) 23.5 (15.8 ) (11.2 ) $ 60.3 $ 52.4 $ 58.8 |
Consolidated Effective Income Tax Rate Differed From The U.S Federal Statutory Income Tax Rate | (dollars in millions) 2016 % 2015 % 2014 % Income tax expense computed at the federal statutory rate $ 75.3 35.0 % $ 70.1 35.0 % $ 65.8 35.0 % State income taxes, net of federal benefit 4.3 2.0 % 5.1 2.5 % 5.4 2.9 % Foreign rate differential (12.8 ) (5.9 )% (4.3 ) (2.2 )% (4.9 ) (2.6 )% Change in valuation allowances 13.3 6.2 % (0.8 ) (0.4 )% (0.5 ) (0.3 )% Change in reserves (5.7 ) (2.7 )% (2.1 ) (1.0 )% (5.2 ) (2.8 )% Research and development (9.0 ) (4.2 )% (13.4 ) (6.7 )% (3.3 ) (1.7 )% Non-taxable contingent consideration 2.8 1.3 % (1.8 ) (0.9 )% (0.3 ) (0.2 )% Recognition of subsidiary basis difference (12.9 ) (6.0 )% — — % — — % Other non-deductible expenses 1.5 0.7 % 1.3 0.6 % — — % Statutory tax rate changes 0.2 0.1 % (0.6 ) (0.2 )% (0.6 ) (0.3 )% Other, net 3.3 1.5 % (1.1 ) (0.5 )% 2.4 1.3 % $ 60.3 28.0 % $ 52.4 26.2 % $ 58.8 31.3 % |
Components Of Net Deferred Tax Assets | (dollars in millions) 2016 2015 Deferred tax assets: U.S. loss carryforwards $ 2.5 $ 2.5 Foreign loss carryforwards 13.9 4.5 Accrued expenses 49.8 42.6 Tax credit carryforwards 1.7 2.8 Provision for losses on receivables 1.6 2.7 Deferred compensation 13.2 10.0 Deferred revenue 22.6 21.3 Intercompany loans 0.2 1.3 Other 2.0 2.2 Gross deferred tax assets 107.5 89.9 Deferred tax asset valuation allowance (16.1 ) (4.4 ) Total deferred tax assets 91.4 85.5 Deferred tax liabilities: Property and equipment (43.0 ) (6.8 ) Revenue recognition (5.7 ) (10.7 ) Intangible assets (29.0 ) (35.5 ) Other (5.9 ) (4.7 ) Total deferred tax liabilities (83.6 ) (57.7 ) Net deferred tax assets $ 7.8 $ 27.8 |
Net Deferred Tax Assets And Liabilities Included In The Consolidated Balance Sheets | (dollars in millions) 2016 2015 Current deferred tax assets $ — $ 59.1 Non-current deferred tax assets 27.1 11.7 Current deferred tax liabilities — (10.0 ) Non-current deferred tax liabilities (19.3 ) (33.0 ) $ 7.8 $ 27.8 |
Unrecognized Income Tax Benefits, Excluding Accrued Interest And Penalties | (dollars in millions) 2016 2015 2014 Balance at beginning of year $ 35.2 $ 41.5 $ 46.6 Additions related to tax positions in prior years 0.1 — 0.8 Additions related to tax positions in the current year 1.0 3.6 — Reductions related to tax positions in prior years (5.0 ) (0.5 ) (1.1 ) Reductions related to settlements with tax authorities — (6.5 ) — Reductions related to the expiration of statutes (1.0 ) (0.1 ) (5.6 ) Currency translation adjustments (0.8 ) (2.8 ) 0.8 Balance at end of year $ 29.5 $ 35.2 $ 41.5 |
Debt, Commitments, Contingenc37
Debt, Commitments, Contingencies And Guarantees (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Debt, Commitments, Contingencies And Guarantees [Abstract] | |
Future Minimum Debt Obligations, Lease Payments Under Non-Cancelable Leases, And Purchase Commitments | (dollars in millions) FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Thereafter Total Debt obligations (principal) $ 16.6 $ 22.8 $ 22.5 $ 32.5 $ 410.0 $ — $ 504.4 Operating leases 57.2 44.8 35.7 27.4 21.3 99.3 285.7 Purchase commitments* 129.4 31.6 9.6 1.2 0.5 0.2 172.5 Total $ 203.2 $ 99.2 $ 67.8 $ 61.1 $ 431.8 $ 99.5 $ 962.6 *includes commitments to purchase software, hardware and services |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Segments, Geographical Areas [Abstract] | |
Schedule Of Financial Information By Geographic Area | (dollars in millions) 2016 2015 2014 Service revenue: The Americas $ 978.5 $ 1,055.6 $ 970.9 Europe, Middle East & Africa 819.1 691.1 709.2 Asia/Pacific 296.7 269.3 259.3 Total $ 2,094.3 $ 2,016.0 $ 1,939.4 Income from operations: The Americas $ 109.3 $ 112.8 $ 111.7 Europe, Middle East & Africa 84.5 56.3 51.8 Asia/Pacific 30.2 30.8 36.0 Total $ 224.0 $ 199.9 $ 199.5 Tangible long-lived assets: The Americas $ 189.5 $ 161.2 Europe, Middle East & Africa 52.5 61.4 Asia/Pacific 17.3 18.6 Total $ 259.3 $ 241.2 |
Schedule Of Service Revenue From Countries | (dollars in millions) 2016 2015 2014 Service revenue: United States $ 908.9 $ 984.7 $ 902.9 United Kingdom $ 251.0 $ 239.6 $ 245.1 Germany N/A* N/A* $ 229.9 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Service Revenue And Gross Profit On Service Revenue Of Reportable Segment | (dollars in millions) CRS PC PI TOTAL Service revenue: 2016 $ 1,626.0 $ 190.4 $ 277.9 $ 2,094.3 2015 1,599.1 152.2 264.7 2,016.0 2014 1,508.8 176.4 254.2 1,939.4 Gross profit on service revenue: 2016 $ 515.0 $ 88.2 $ 130.8 $ 734.0 2015 472.6 71.7 127.5 671.8 2014 462.0 79.5 118.7 660.2 |
Quarterly Operating Results (Ta
Quarterly Operating Results (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule Of Unaudited Quarterly Results Of Operations | Fiscal Year 2016* (dollars in millions, except per share data) First Second Third Fourth Total Service revenue $ 512.1 $ 518.5 $ 527.1 $ 536.6 $ 2,094.3 Gross profit 168.9 186.0 189.3 189.8 734.0 Income from operations 35.5 54.6 69.7 64.2 224.0 Net income 24.9 39.4 47.9 42.7 154.9 Diluted earnings per share $ 0.45 $ 0.73 $ 0.89 $ 0.80 $ 2.86 Fiscal Year 2015 (dollars in millions, except per share data) First Second Third Fourth Total Service revenue $ 491.7 $ 499.3 $ 502.0 $ 523.0 $ 2,016.0 Gross profit 172.9 172.0 164.0 162.9 671.8 Income from operations 53.6 52.8 54.2 39.3 199.9 Net income 37.1 38.8 37.7 34.2 147.8 Diluted earnings per share $ 0.67 $ 0.70 $ 0.68 $ 0.61 $ 2.65 |
Summary Of Significant Accoun41
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)Client | Jun. 30, 2014USD ($)Client | |
Investigator fees | $ 397.1 | $ 461 | $ 523.1 |
Number of counterparties in derivative contracts | 7 | ||
Capitalized software costs, net | $ 174.8 | 162.9 | |
Capitalized software expense | 43.2 | 38.7 | 34.2 |
Capitalized software future amortization expense, 2017 | 51.6 | ||
Capitalized software future amortization expense, 2018 | 46.6 | ||
Capitalized software future amortization expense, 2019 | 36.4 | ||
Capitalized software future amortization expense, 2020 | 23.4 | ||
Capitalized software future amortization expense, 2021 | 10.1 | ||
Research and development expense | 19.2 | 24 | 26.9 |
Transaction (losses) gains | $ (0.5) | $ 7 | $ (3.5) |
Office Furniture, Fixtures And Equipment [Member] | |||
Estimated useful lives, years | 5 years | ||
Minimum [Member] | |||
Marketable Securities Maturity Period | 90 days | ||
Intangible asset, useful life | 1 year | ||
Minimum [Member] | Computer Software And Hardware [Member] | |||
Estimated useful lives, years | 3 years | ||
Maximum [Member] | |||
Marketable Securities Maturity Period | 1 year | ||
Intangible asset, useful life | 15 years | ||
Maximum [Member] | Computer Software And Hardware [Member] | |||
Estimated useful lives, years | 8 years | ||
Sales Revenue, Services, Net [Member] | |||
Concentration risk, number of clients | Client | 2 | ||
Sales Revenue, Services, Net [Member] | Customer A [Member] | |||
Concentration risk, percentage | 13.00% | 14.00% | 16.00% |
Sales Revenue, Services, Net [Member] | Customer B [Member] | |||
Concentration risk, percentage | 11.00% | ||
Accounts Receivable [Member] | |||
Concentration risk, number of clients | Client | 2 | ||
Accounts Receivable [Member] | Customer A [Member] | |||
Concentration risk, percentage | 12.00% | 12.00% | |
Accounts Receivable [Member] | Customer B [Member] | |||
Concentration risk, percentage | 11.00% |
Acquisitions ATLAS Acquisition
Acquisitions ATLAS Acquisition (Details) - USD ($) $ in Millions | Jul. 01, 2014 | Jun. 30, 2016 | Jan. 19, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 389.2 | $ 354.9 | $ 329.5 | ||
Atlas [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 2.1 | ||||
Goodwill | $ 1.4 | $ 52.5 |
Acquisitions ClinIntel Acquisit
Acquisitions ClinIntel Acquisition (Details) - USD ($) $ in Millions | Jan. 19, 2016 | Oct. 03, 2014 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 67.3 | $ 104.5 | $ 0.1 | |||
Business Combination, Contingent Consideration, Liability | $ 7.3 | 5.2 | 7.3 | |||
Business Combination, Consideration Transferred | $ 71.6 | |||||
Goodwill | 354.9 | 389.2 | 354.9 | 329.5 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 8.2 | 8.7 | (7.4) | |||
Payment of contingent consideration | 9.9 | $ 0 | $ 0 | |||
ClinIntel Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 8.8 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 16.2 | |||||
Business Combination, Contingent Consideration, Liability | 9.9 | |||||
Business Combination, Consideration Transferred | 18.7 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 0.4 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6.2 | |||||
Goodwill | 13.4 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 20 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0.1 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current | 1.2 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1.3 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 18.7 | |||||
Business Combination, Contingent Consideration Payment Period | 21 months | |||||
Payment of contingent consideration | $ 14.1 | |||||
Customer Relationships [Member] | ClinIntel Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2.3 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||
Technology-Based Intangible Assets [Member] | ClinIntel Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3.9 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years |
Acquisitions QSI Acquisition (D
Acquisitions QSI Acquisition (Details) - USD ($) $ in Millions | Apr. 13, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 67.3 | $ 104.5 | $ 0.1 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 1.3 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2 | |||
Goodwill | $ 389.2 | $ 354.9 | $ 329.5 | |
QSI Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 93.6 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4.9 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 62.4 | |||
Goodwill | 24.1 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 94.7 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current | 1.1 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1.1 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 93.6 | |||
Customer Relationships [Member] | QSI Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 56.3 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Order or Production Backlog [Member] | QSI Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4.7 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | |||
Trade Names [Member] | QSI Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1.4 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Health Advances (Detail)
Health Advances (Detail) - USD ($) $ in Millions | Jan. 19, 2016 | Jul. 01, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 13, 2015 | Jun. 30, 2014 |
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 71.6 | |||||
Business Acquisition, Contingent Consideration, at Fair Value | $ 5.2 | $ 7.3 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 1.3 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 2 | |||||
Goodwill | 389.2 | $ 354.9 | $ 329.5 | |||
Health Advances Acquisition [Member] | ||||||
Payments to Acquire Businesses, Gross | 67.3 | |||||
Business Combination, Receivable from Working Capital Adjustment | (0.2) | |||||
Business Acquisition, Contingent Consideration, Potential Cash Payment | 15.8 | |||||
Business Acquisition, Contingent Consideration, at Fair Value | 4.5 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0.7 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1 | |||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 0.2 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15 | |||||
Goodwill | 52.5 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 73.4 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 1.8 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1.8 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 71.6 | |||||
Atlas [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 2.1 | |||||
Goodwill | 52.5 | $ 1.4 | ||||
Customer Relationships [Member] | Health Advances Acquisition [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11.6 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||
Technology-Based Intangible Assets [Member] | Health Advances Acquisition [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1.8 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||||
Trade Names [Member] | Health Advances Acquisition [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1.6 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Derivatives (Schedule Of Notion
Derivatives (Schedule Of Notional Amounts And Fair Values Of Derivatives) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 30, 2015 |
Notional Amount | $ 468.7 | $ 468.5 |
Asset (Liability) | (6.6) | (4.9) |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Notional Amount | 84.2 | 127.8 |
Asset (Liability) | 0.1 | (1.2) |
Designated as Hedging Instrument [Member] | ||
Notional Amount | 384.5 | 340.7 |
Asset (Liability) | (6.7) | (3.7) |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Notional Amount | 0 | 100 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0.8 |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Liability, Notional Amount | 200 | 25 |
Derivative Liability, Fair Value, Gross Liability | (1.3) | (0.1) |
Foreign Exchange Contract [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ||
Derivative Asset, Notional Amount | 36.2 | 46.1 |
Derivative Asset, Fair Value, Gross Asset | 1.5 | 0.6 |
Derivative Liability, Notional Amount | 48 | 81.7 |
Derivative Liability, Fair Value, Gross Liability | (1.4) | (1.8) |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Asset, Notional Amount | 81.2 | 140.6 |
Derivative Asset, Fair Value, Gross Asset | 3.5 | 2.9 |
Derivative Liability, Notional Amount | 103.3 | 56.1 |
Derivative Liability, Fair Value, Gross Liability | (8.9) | (4.6) |
Cross Currency Swap Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Liability, Notional Amount | 0 | 19 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ (2.7) |
Derivatives (Schedule Of Change
Derivatives (Schedule Of Change In Fair Value Derivatives Designated As Hedging Instruments) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (5.8) | $ (3.9) |
Currency Swap [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 0 | (0.1) |
Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | (1.3) | 0.1 |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (4.5) | $ (3.9) |
Derivatives (Schedule Of Chan48
Derivatives (Schedule Of Change In Fair Value Derivatives Not Designated As Hedging Instruments) (Details) - Derivatives Not Designated As Hedging Instruments [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Fair value of derivative not designated as hedging instruments | $ 1.3 | $ (2.1) |
Foreign Exchange Contracts [Member] | ||
Fair value of derivative not designated as hedging instruments | 1.3 | (2.1) |
Foreign Exchange Contracts [Member] | ||
Fair value of derivative not designated as hedging instruments | $ 1.7 | $ (18.1) |
Derivatives Derivative Addition
Derivatives Derivative Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (2.3) | $ (2.5) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ (1.3) | (2.6) |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (5) |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Computer software | $ 424.9 | $ 377.8 |
Computer and office equipment | 122.3 | 110.9 |
Leasehold improvements | 113.5 | 100.4 |
Medical equipment | 15.2 | 16.5 |
Furniture and fixtures | 30.7 | 30.2 |
Office equipment & other assets | 17.2 | 16.3 |
Total | 723.8 | 652.1 |
Less: accumulated depreciation | (464.5) | (410.9) |
Total | 259.3 | 241.2 |
Retired fully- depreciated assets | $ 4 | $ 6.5 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets Changes in carrying amount of goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Goodwill, Beginning Balance | $ 354.9 | $ 329.5 |
Effect of changes in business segments | 0 | |
Effect of changes in exchange rates used for translation | (18.2) | (13.5) |
Goodwill, Ending Balance | 389.2 | 354.9 |
QSI Acquisition [Member] | ||
Goodwill arising from acquisition | 24.1 | |
ClinIntel Acquisition [Member] | ||
Goodwill arising from acquisition | 13.4 | |
Atlas [Member] | ||
Goodwill arising from acquisition | 1.4 | |
Goodwill, Ending Balance | 1.4 | |
Health Advances Acquisition [Member] | ||
Goodwill arising from acquisition | 52.5 | |
CRS [Member] | ||
Goodwill, Beginning Balance | 143.8 | 125.5 |
Effect of changes in business segments | 3.9 | |
Effect of changes in exchange rates used for translation | (5.9) | (7.2) |
Goodwill, Ending Balance | 141.8 | 143.8 |
CRS [Member] | QSI Acquisition [Member] | ||
Goodwill arising from acquisition | 24.1 | |
CRS [Member] | ClinIntel Acquisition [Member] | ||
Goodwill arising from acquisition | 0 | |
CRS [Member] | Atlas [Member] | ||
Goodwill arising from acquisition | 1.4 | |
CRS [Member] | Health Advances Acquisition [Member] | ||
Goodwill arising from acquisition | 0 | |
PC [Member] | ||
Goodwill, Beginning Balance | 20.6 | 22.1 |
Effect of changes in business segments | (3.9) | |
Effect of changes in exchange rates used for translation | (2.1) | (1.5) |
Goodwill, Ending Balance | 67.1 | 20.6 |
PC [Member] | QSI Acquisition [Member] | ||
Goodwill arising from acquisition | 0 | |
PC [Member] | ClinIntel Acquisition [Member] | ||
Goodwill arising from acquisition | 0 | |
PC [Member] | Atlas [Member] | ||
Goodwill arising from acquisition | 0 | |
PC [Member] | Health Advances Acquisition [Member] | ||
Goodwill arising from acquisition | 52.5 | |
PI [Member] | ||
Goodwill, Beginning Balance | 190.5 | 181.9 |
Effect of changes in business segments | 0 | |
Effect of changes in exchange rates used for translation | (10.2) | (4.8) |
Goodwill, Ending Balance | 180.3 | 190.5 |
PI [Member] | QSI Acquisition [Member] | ||
Goodwill arising from acquisition | 0 | |
PI [Member] | ClinIntel Acquisition [Member] | ||
Goodwill arising from acquisition | 13.4 | |
PI [Member] | Atlas [Member] | ||
Goodwill arising from acquisition | $ 0 | |
PI [Member] | Health Advances Acquisition [Member] | ||
Goodwill arising from acquisition | $ 0 |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets, Gross | $ 244.6 | $ 234.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | (113.9) | (92.2) |
Finite-Lived Intangible Assets, Net | $ 130.7 | $ 142.1 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 11 years 7 months 6 days | 11 years 6 months |
Finite-Lived Intangible Assets, Gross | $ 176.1 | $ 167.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | (74.5) | (57.5) |
Finite-Lived Intangible Assets, Net | $ 101.6 | $ 109.9 |
Technology & Other Intangibles [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 8 years | 8 years |
Finite-Lived Intangible Assets, Gross | $ 39.5 | $ 39.5 |
Finite-Lived Intangible Assets, Accumulated Amortization | (31.4) | (28.8) |
Finite-Lived Intangible Assets, Net | $ 8.1 | $ 10.7 |
Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 6 years 7 months 6 days | 7 years |
Finite-Lived Intangible Assets, Gross | $ 6.9 | $ 5.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2.4) | (1.4) |
Finite-Lived Intangible Assets, Net | 4.5 | 3.9 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | 22.1 | 22.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5.6) | (4.5) |
Finite-Lived Intangible Assets, Net | $ 16.5 | $ 17.6 |
Goodwill and Intangible Asset53
Goodwill and Intangible Assets Changes in carrying amount of intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other intangible assets, beginning balance | $ 142.1 | $ 91.8 | |
Amortization of Intangible Assets | (22.3) | (15.6) | $ (14.9) |
Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments | (4.1) | (2.7) | |
Other intangible assets, ending balance | 130.7 | 142.1 | $ 91.8 |
Health Advances Acquisition [Member] | |||
Finite-lived Intangible Assets Acquired | 15 | 0 | |
QSI Acquisition [Member] | |||
Finite-lived Intangible Assets Acquired | 0 | 62.4 | |
ClinIntel Acquisition [Member] | |||
Finite-lived Intangible Assets Acquired | $ 0 | $ 6.2 |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets Estimated Amortization Expense (Details) $ in Millions | Jun. 30, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, 2017 | $ 21.3 |
Finite-Lived Intangible Assets, Amortization Expense, 2018 | 19.8 |
Finite-Lived Intangible Assets, Amortization Expense, 2019 | 17.9 |
Finite-Lived Intangible Assets, Amortization Expense, 2020 | 15.9 |
Finite-Lived Intangible Assets, Amortization Expense, 2021 | $ 13.6 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Charges | $ 27.8 | $ 19.8 | $ (0.4) |
2015 Margin Acceleration Program [Member] | |||
Restructuring Charges | $ 27.8 | $ 20 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule Of Changes In Restructuring Accrual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Reserve, Beginning Balance | $ 20.3 | ||
Charges/(Benefits) | 27.8 | $ 19.8 | $ (0.4) |
Payments/Foreign Currency Exchange | (30.4) | ||
Restructuring Reserve, Ending Balance | 17.7 | 20.3 | |
Pre-2012 Restructuring Plans [Member] | Facility-related [Member] | |||
Restructuring Reserve, Beginning Balance | 0.3 | ||
Charges/(Benefits) | 0 | ||
Payments/Foreign Currency Exchange | (0.2) | ||
Restructuring Reserve, Ending Balance | 0.1 | 0.3 | |
2015 Margin Acceleration Program [Member] | Facility-related [Member] | |||
Restructuring Reserve, Beginning Balance | 0 | ||
Charges/(Benefits) | 9.3 | ||
Payments/Foreign Currency Exchange | (2.2) | ||
Restructuring Reserve, Ending Balance | 7.1 | 0 | |
2015 Margin Acceleration Program [Member] | Employee Severance [Member] | |||
Restructuring Reserve, Beginning Balance | 20 | ||
Charges/(Benefits) | 18.5 | ||
Payments/Foreign Currency Exchange | (28) | ||
Restructuring Reserve, Ending Balance | $ 10.5 | $ 20 |
Restructuring Charges (Schedu57
Restructuring Charges (Schedule of Restructuring Charges by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 27.8 | $ 19.8 | $ (0.4) |
Operating Segments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 22 | 18.6 | |
Operating Segments [Member] | CRS [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 9.1 | 13.7 | |
Operating Segments [Member] | PC [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2.3 | 3.8 | |
Operating Segments [Member] | PI [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10.6 | 1.1 | |
Corporate, Non-Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 5.8 | $ 1.2 |
Credit Arrangements - 2016 Cred
Credit Arrangements - 2016 Credit Agreement (Details) - USD ($) | Mar. 11, 2016 | May 31, 2013 | Sep. 30, 2011 | Mar. 31, 2015 | Jun. 30, 2016 | Oct. 01, 2015 | Jun. 30, 2015 | Mar. 22, 2013 |
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 504,400,000 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||||||
Derivative, Fixed Interest Rate | 0.73% | 1.104% | ||||||
Notional Amount | 468,700,000 | $ 468,500,000 | ||||||
2016 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Term | 5 years | |||||||
Debt Issuance Costs, Line of Credit Arrangements, Net | 2,800,000 | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 350,000,000 | |||||||
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 Effective Swap Rate [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] | Base 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% | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000,000 | |||||||
Revolving Credit Facility [Member] | 2016 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt | $ 750,000,000 | |||||||
Line of Credit Facility, Current Borrowing Capacity | 350,000,000 | |||||||
Letters of Credit, maximum issuance amount | 10,000,000 | |||||||
Long-term Line of Credit | 65,000,000 | |||||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 200,000,000 | |||||||
Term Loan [Member] | 2016 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt | 300,000,000 | |||||||
Long-term Debt | $ 400,000,000 | $ 397,500,000 | ||||||
Term Loan [Member] | 2016 Credit Agreement [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 0.625% | |||||||
Term Loan [Member] | 2016 Credit Agreement [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 1.25% | |||||||
Term Loan [Member] | 2016 Credit Agreement [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 1.875% | |||||||
Term Loan [Member] | 2016 Credit Agreement [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 2.50% | |||||||
Term Loan [Member] | 2016 Credit Agreement [Member] | Debt Instrument, Redemption, Period Five [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 72.50% | |||||||
Swingline Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000,000 | |||||||
Swingline Loan [Member] | 2016 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 100,000,000 | |||||||
Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount Of Debt Hedged By Interest Rate Derivatives | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||||
Derivative, Fixed Interest Rate | 1.30% | |||||||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional Amount | $ 100,000,000 |
Credit Arrangements - 2016 Term
Credit Arrangements - 2016 Term Loan Agreement (Details) - USD ($) $ in Millions | Feb. 10, 2016 | Jun. 30, 2016 | Jun. 12, 2015 |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 7.1 | ||
2016 Term Loan Agreement [Member] | LIBOR Plus Margin [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Senior Notes [Member] | 2016 Term Loan Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 0 | ||
2016 Term Loan Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Credit Arrangements - Note Purc
Credit Arrangements - Note Purchase Agreement (Details) $ in Millions | Jul. 25, 2013USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 12, 2015USD ($) | May 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | $ 7.1 | ||||
Notional Amount | $ 468.7 | $ 468.5 | |||
Senior Notes [Member] | 3.11% Senior Notes due in 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | $ 100 | ||||
Interest rate | 3.11% | ||||
Proceeds from Issuance of Long-term Debt | $ 100 | ||||
Prepayment of aggregate principal amount, minimum percent | 10.00% | ||||
Long-term Line of Credit | 100 | ||||
Deferred Finance Costs, Net | $ 0.2 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 3.05% | ||||
Revolving Credit Facility [Member] | 2013 Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Lines of Credit | $ 100 | ||||
Treasury Lock [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of treasury lock agreements | 3 | ||||
Notional Amount | $ 25 |
Credit Arrangements - Receivabl
Credit Arrangements - Receivable Purchase Agreement (Details) - JP Morgan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Short-term Debt [Line Items] | ||
Transfers of trade receivables including debt | $ 73.6 | $ 122.6 |
Other Short-term Borrowings | $ 0 |
Credit Arrangements - Master Fi
Credit Arrangements - Master Financing Agreement (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 12, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 7.1 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 16.6 | 1.4 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 22.8 | 2.8 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 22.5 | $ 2.8 |
Credit Arrangements - 2014 Cred
Credit Arrangements - 2014 Credit Agreement (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||||||
May 31, 2013 | Sep. 30, 2011 | Mar. 31, 2015 | Jun. 30, 2016 | Oct. 01, 2015 | Jun. 30, 2015 | Oct. 15, 2014 | Mar. 22, 2013 | |
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 504,400,000 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||||||
Derivative, Fixed Interest Rate | 0.73% | 1.104% | ||||||
Notional Amount | 468,700,000 | $ 468,500,000 | ||||||
2014 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $ 500,000,000 | |||||||
2014 Credit Agreement [Member] | LIBOR Plus Margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
2014 Credit Agreement [Member] | Federal Funds Plus Margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
2014 Credit Agreement [Member] | One Month LIBOR Plus Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
2014 Credit Agreement [Member] | One Month LIBOR Plus Margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
2013 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred Finance Costs, Noncurrent, Net | 2,500,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000,000 | |||||||
Revolving Credit Facility [Member] | 2014 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | 50,000,000 | |||||||
Line of Credit Facility, Current Borrowing Capacity | 300,000,000 | |||||||
Letters of Credit, maximum issuance amount | 10,000,000 | |||||||
Swingline Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 75,000,000 | |||||||
Swingline Loan [Member] | 2014 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 100,000,000 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 200,000,000 | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 200,000,000 | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 1.25% | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 2.50% | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 5.00% | |||||||
Term Loan [Member] | 2014 Credit Agreement [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan, Quarterly Principal Payment Percentage | 60.00% | |||||||
Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount Of Debt Hedged By Interest Rate Derivatives | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||||
Derivative, Fixed Interest Rate | 1.30% | |||||||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional Amount | $ 100,000,000 |
Credit Arrangements - 2013 Cred
Credit Arrangements - 2013 Credit Agreement (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
May 31, 2013 | Sep. 30, 2011 | Mar. 31, 2015 | Jun. 30, 2016 | Oct. 01, 2015 | Jun. 30, 2015 | Jun. 12, 2015 | Mar. 22, 2013 | |
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 504,400,000 | |||||||
Long-term Debt, Gross | $ 7,100,000 | |||||||
Commitment fee on revolving loan unused amount, percentage | 0.30% | |||||||
Derivative Interest Rate Cap Arrangement | 2.00% | |||||||
Derivative, Fixed Interest Rate | 0.73% | 1.104% | ||||||
Notional Amount | $ 468,700,000 | $ 468,500,000 | ||||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 200,000,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 300,000,000 | |||||||
Line of Credit Facility, Additional Borrowing Capacity | 200,000,000 | |||||||
Letters of Credit Outstanding, Amount | 10,000,000 | |||||||
Swingline Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000,000 | |||||||
2013 Credit Agreement LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
2013 Credit Agreement One Month LIBOR Margin [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
2013 Credit Agreement Swingline [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt hedged with an interest rate swap agreement | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||||
Derivative, Fixed Interest Rate | 1.30% | |||||||
Interest Rate Cap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt hedged with an interest rate swap agreement | $ 25,000,000 |
Credit Arrangements - Additiona
Credit Arrangements - Additional Lines of Credit (Details) $ in Millions | 12 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | |
JPMorganLOC [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4.5 | |
Line of Credit Facility, Remaining Borrowing Capacity | 4.5 | |
RBSLOC [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 4 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 4 | |
Minimum [Member] | JPMorganLOC [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 2.00% | |
Minimum [Member] | RBSLOC [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 2.00% | |
Maximum [Member] | JPMorganLOC [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 4.00% | |
Maximum [Member] | RBSLOC [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 4.00% | |
Uncommitted Overdraft Facility [Member] | Unsecured Debt [Member] | ING Bank NV [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | € | € 7,500,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | € | € 7,500,000 | |
Uncommitted Overdraft Facility [Member] | Unsecured Debt [Member] | Minimum [Member] | ING Bank NV [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.00% | 2.00% |
Uncommitted Overdraft Facility [Member] | Unsecured Debt [Member] | Maximum [Member] | ING Bank NV [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.00% | 4.00% |
Fiscal Year 2016 Share Repurcha
Fiscal Year 2016 Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 10, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 15, 2015 | Sep. 14, 2015 |
Class of Stock [Line Items] | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 197.6 | ||||||
Percent of advance payment under accelerated share repurchase agreement | 80.00% | 80.00% | |||||
FY2016 Stock Repurchase Plan [Member] [Member] [Domain] | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized value | $ 200 | $ 200 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 200 | ||||||
Treasury Stock, Shares, Acquired | 0.9 | 2.3 | 3.2 | ||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 62.92 | ||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 70.35 |
Stockholders' Equity Fiscal Yea
Stockholders' Equity Fiscal Year 2014 Share Repurchase Plan (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Oct. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 02, 2014 | |
PercentOfSharesReceivedUnderASR | 80.00% | 80.00% | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 197.6 | |||||
FiscalYear2014StockRepurchasePlan [Member] [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 150 | |||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 57.03 | $ 52.52 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 150 | |||||
Treasury Stock, Shares, Acquired | 2.6 | 0.3 | 2.3 |
Stockholders' Equity Fiscal Y68
Stockholders' Equity Fiscal Year 2013 Share Repurchase Plan (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | 13 Months Ended | 15 Months Ended | |||||
Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2016 | Sep. 30, 2013 | Mar. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 31, 2013 | Sep. 30, 2013 | Aug. 01, 2013 | |
Treasury Stock, Value, Acquired, Cost Method | $ 197,600,000 | |||||||||||
PercentOfSharesReceivedUnderASR | 80.00% | 80.00% | ||||||||||
FiscalYear2013StockRepurchasePlan [Member] | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 200,000,000 | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 2,400,000 | |||||||||||
Treasury Stock, Shares, Acquired | 5.5 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 36.64 | |||||||||||
September 2012 Accelerated Share Repurchase [Member] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50,000,000 | $ 50,000,000 | ||||||||||
Treasury Stock, Shares, Acquired | 1.3 | 0.2 | 1.6 | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 31.98 | |||||||||||
March 2013 Accelerated Share Repurchase [Member] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50,000,000 | |||||||||||
Treasury Stock, Shares, Acquired | 1 | 0.1 | 1.1 | |||||||||
PercentOfSharesReceivedUnderASR | 80.00% | |||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 43.62 | $ 38.28 | ||||||||||
September Open Market Repurchases [Member] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50,000,000 | |||||||||||
Open Market Repurchases [Member] | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 97,600,000 | $ 100,000,000 | ||||||||||
Treasury Stock, Shares, Acquired | 0.1 | 2.7 | 2.7 | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 36.17 | $ 36.38 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to common shares | $ 42.7 | $ 47.9 | $ 39.4 | $ 24.9 | $ 34.2 | $ 37.7 | $ 38.8 | $ 37.1 | $ 154.9 | $ 147.8 | $ 129.1 |
Weighted average number of shares outstanding, used in computing basic earnings per share | 53.5 | 54.9 | 56.5 | ||||||||
Dilutive common stock equivalents | 0.7 | 0.9 | 1 | ||||||||
Weighted average shares used in computing diluted earnings per share | 54.2 | 55.8 | 57.5 | ||||||||
Basic earnings per share | $ 2.90 | $ 2.69 | $ 2.28 | ||||||||
Diluted earnings per share | $ 0.80 | $ 0.89 | $ 0.73 | $ 0.45 | $ 0.61 | $ 0.68 | $ 0.70 | $ 0.67 | $ 2.86 | $ 2.65 | $ 2.25 |
Anti-dilutive options and restricted stock (excluded from the calculation of diluted earnings per share) | 0.7 | 0.8 | 0.5 |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), foreign currency translation adjustments | $ (130.5) | $ (96.2) | $ (2.1) | $ (29.1) |
Accumulated other comprehensive income (loss), unrealized gain (loss) on derivative instruments | (5.5) | 0.3 | 4.2 | (0.9) |
Accumulated other comprehensive income (loss) | (136) | (95.9) | 2.1 | $ (30) |
Other comprehensive income before reclassifications | (44.9) | (108.4) | 33.4 | |
Other comprehensive income (loss), unrealized gain (loss) on derivative instruments | (5.8) | (3.9) | 5.1 | |
Other comprehensive income (loss) | (40.1) | (98) | 32.1 | |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 4.8 | 10.4 | (1.3) | |
Foreign currency translation adjustment | (34.3) | (94.1) | 27 | |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income before reclassifications | (34.3) | (94.1) | 27 | |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 0 | 0 | 0 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income before reclassifications | (10.6) | (14.3) | 6.4 | |
Amounts reclassified from accumulated other comprehensive income to earnings, net of tax | 4.8 | $ 10.4 | $ (1.3) | |
United Kingdom, Pounds | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment | $ 16.7 | |||
Foreign Currency Exchange Rate Change, Percentage | (16.20%) | |||
India, Rupees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment | $ 4.2 | |||
Foreign Currency Exchange Rate Change, Percentage | (6.30%) | |||
South Africa, Rand | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment | $ 2.2 | |||
Foreign Currency Exchange Rate Change, Percentage | (23.00%) | |||
Japan, Yen | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment | $ (4.7) |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Income Reclassification out of Accumulated Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (7.7) | $ (16.3) | $ 2.1 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 2.9 | 5.9 | 0.8 |
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.5) | (1.5) | (1.7) |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (4.9) | (12.3) | 3.4 |
Foreign Exchange Contract [Member] | Sales Revenue, Services, Net [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2.3) | (2.7) | 0.3 |
Cross Currency Swap Contracts [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0.2 | $ 0.1 |
Stock And Employee Benefit Pl72
Stock And Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 95.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 3,000 | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Vesting period of employer contributions | P5Y | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5,300,000 | $ 3,900,000 | $ 4,000,000 |
Recognized tax benefit related to stock compensation expense | 6,500,000 | 5,600,000 | 4,400,000 |
Unearned stock-based compensation expense related to unvested awards | $ 36,400,000 | ||
Recognition term of unearned stock-based compensation expense, in years | 2 years 6 months 15 days | ||
Employer contributions to plan | $ 10,800,000 | $ 10,700,000 | $ 9,600,000 |
2001 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||
2010, 2007, and 2005 Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 9,000,000 | ||
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,800,000 |
Stock And Employee Benefit Pl73
Stock And Employee Benefit Plans (Schedule Of Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 34.20% | 36.20% | 54.10% |
Risk-free interest rate | 1.60% | 1.70% | 1.60% |
Expected term (in years) | 5 years | 5 years 12 days | 5 years 2 months 12 days |
Stock And Employee Benefit Pl74
Stock And Employee Benefit Plans (Schedule Of Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total stock-based compensation | $ 20.1 | $ 17.9 | $ 15.3 |
Selling, General And Administrative Related [Member] | |||
Total stock-based compensation | 15.4 | 13.5 | 12.3 |
Direct Costs Related [Member] | |||
Total stock-based compensation | $ 4.7 | $ 4.4 | $ 3 |
Stock And Employee Benefit Pl75
Stock And Employee Benefit Plans (Schedule Of Information Related To Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Weighted-average fair value of options granted per share | $ 22.18 | $ 20.16 | $ 20.70 |
Intrinsic value of options exercised | $ 20.9 | $ 33.8 | $ 24.1 |
Stock And Employee Benefit Pl76
Stock And Employee Benefit Plans (Schedule Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 6 days | 5 years 7 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 52.2 | $ 79 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,264,967 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 33.44 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 37.2 | |
Beginning Balance, Number of Options | 3,159,437 | |
Beginning Balance, Weighted-Average Exercise Price | $ 39.40 | |
Granted, Number of Options | 888,800 | |
Granted, Weighted-Average Exercise Price | $ 68.02 | |
Exercised, Number of Options | (539,283) | |
Exercised, Weighted-Average Exercise Price | $ 27.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (176,151) | |
Canceled, Weighted-Average Exercise Price | $ 47.87 | |
Ending Balance, Number of Options | 3,332,803 | 3,159,437 |
Ending Balance, Weighted-Average Exercise Price | $ 48.58 | $ 39.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 1,901,876 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 57.49 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 14.3 |
Stock And Employee Benefit Pl77
Stock And Employee Benefit Plans (Schedule Of Stock Options Outstanding) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Outstanding, Number of Options | 3,332,803 | 3,159,437 |
Exercisable, Number of Options | 1,264,967 | |
Outstanding, Weighted-Average Exercise Price | $ 48.58 | $ 39.40 |
Expected to vest, Weighted-Average Exercise Price | $ 57.49 | |
Outstanding, Weighted-Average Remaining Contractual Life In Years | 5 years 7 months 6 days | 5 years 7 months 6 days |
Exercisable, Weighted-Average Remaining Contractual Life In Years | 4 years 1 month 6 days | |
Outstanding, Aggregate Intrinsic Value | $ 52.2 | $ 79 |
Expected to vest, Aggregate Intrinsic Value | $ 14.3 |
Stock And Employee Benefit Pl78
Stock And Employee Benefit Plans (Schedule Of Share-Based Compensation, Restricted Stock And Restricted Stock Units Activity) (Details) | 12 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Beginning Balance, Shares | shares | 339,012 |
RSAs Granted, Shares | shares | 111,597 |
Ending Balance, Shares | shares | 286,637 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 45.17 |
RSUs Granted, Weighted-Average Grant Date Fair Value | $ / shares | 65.27 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 58.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | (155,672) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 34.07 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 8,300 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 60.44 |
Stock And Employee Benefit Pl79
Stock And Employee Benefit Plans (Schedule Of Purchases Under The 2000 Purchase Plan) (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Shares Purchased | 58,479 | 57,557 | 68,867 |
Average Purchase Price | $ 62.05 | $ 59.09 | $ 43.20 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Hierarchy By Level) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ (5.2) | $ (7.3) |
Derivative, Fair Value, Net | (1.3) | 0.7 |
Foreign Currency Exchange Contracts | (5.3) | |
Foreign Currency Contract, Asset, Fair Value Disclosure | (5.6) | |
Fair Value, Net Asset (Liability) | (11.8) | (12.2) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Derivative, Fair Value, Net | 0 | 0 |
Foreign Currency Exchange Contracts | 0 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Fair Value, Net Asset (Liability) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 0 | 0 |
Derivative, Fair Value, Net | (1.3) | 0.7 |
Foreign Currency Exchange Contracts | (5.3) | |
Foreign Currency Contract, Asset, Fair Value Disclosure | (5.6) | |
Fair Value, Net Asset (Liability) | (6.6) | (4.9) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | (5.2) | (7.3) |
Derivative, Fair Value, Net | 0 | 0 |
Foreign Currency Exchange Contracts | 0 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | |
Fair Value, Net Asset (Liability) | $ (5.2) | $ (7.3) |
Fair Value Measurements Unobser
Fair Value Measurements Unobservable Input (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Feb. 10, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value Disclosures Unobservable Inputs [Abstract] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.00% | 1.00% | ||||
Fair Value Assumptions, Weighted Average Volatility Rate | 25.00% | 25.00% | ||||
Fair value input, Project Years of Payment | 3 years | 3 years | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Measurement with Unobservable Inputs, Liability Beginning Balance | $ 7.3 | $ 5.2 | ||||
Additions of contingent consideration from acquisition | 4.5 | 9.9 | ||||
Change in fair value of contingent consideration | $ 8.2 | 8.7 | (7.4) | |||
Effect of changes in exchange rates used for translation | (1.2) | (0.4) | ||||
Payment of contingent consideration | 9.9 | 0 | $ 0 | |||
Fair Value, Measurement with Unobservable Inputs, Liability Ending Balance | $ 5.2 | $ 7.3 | $ 5.2 | $ 7.3 | $ 5.2 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Disclosure Narrative (Details) - USD ($) $ in Millions | Jan. 19, 2016 | Oct. 03, 2014 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Payments for contingent consideration | $ (9.9) | $ 0 | $ 0 | |||
Business Combination, Expected Contingent Consideration Payment | 0.2 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 67.3 | 104.5 | $ 0.1 | |||
Change in fair value of contingent consideration | $ 8.2 | 8.7 | $ (7.4) | |||
Long-term Debt, Fair Value | $ 100.1 | |||||
Maximum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Marketable Securities Maturity Period | 1 year | |||||
Minimum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Marketable Securities Maturity Period | 90 days | |||||
ClinIntel Acquisition [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Payments for contingent consideration | $ (14.1) | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 16.2 | |||||
Business Combination, Contingent Consideration Payment Period | 21 months | |||||
Business Combination, Billing Goal During Contingent Consideration Payment Period | $ 13.4 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 8.8 | |||||
Health Advances Acquisition [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15.8 | |||||
Business Combination, Contingent Consideration Payment Period | 36 months | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 67.1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Undistributed earnings of foreign subsidiaries that have been indefinitely reinvested | $ 565.6 | $ 479 | ||
Non-U.S. loss carryforwards subject to expiration | 2.1 | |||
U.S. foreign tax credit carryforwards | 0.2 | |||
Gross unrecognized tax benefits | 29.5 | 35.2 | $ 41.5 | $ 46.6 |
Gross unrecognized tax benefits that would impact the effective tax rate if recognized | 18.9 | 23.9 | ||
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 6.5 | 0 | |
Decrease resulting from the expiration of statutes of limitations | 1 | 0.1 | 5.6 | |
Change in liability for unrecognized tax benefits for uncertain tax positions | 0.4 | |||
Interest and penalties included in liability for unrecognized tax benefits | 3.4 | 4.2 | ||
Interest and penalties included in income tax expense | 0.9 | 0.8 | (0.7) | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 5 | 0.5 | 1.1 | |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0.1 | $ 0 | $ 0.8 | |
United States [Member] | ||||
Operating loss carryforwards | 4.6 | |||
State [Member] | ||||
Operating loss carryforwards | 30 | |||
Deductions from the exercise of equity awards | 3.4 | |||
Foreign [Member] | ||||
Operating loss carryforwards | $ 68.7 |
Income Taxes (Domestic And Fore
Income Taxes (Domestic And Foreign Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income before provision for income taxes | $ 107.1 | $ 101.1 | $ 98.2 |
Foreign | 108.1 | 99.1 | 89.7 |
Income before provision for income taxes | $ 215.2 | $ 200.2 | $ 187.9 |
Income Taxes (Provisions For In
Income Taxes (Provisions For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current, Federal | $ (4.9) | $ 36.6 | $ 27.3 |
Current, State | 4.5 | 8.6 | 9.5 |
Current, Foreign | 37.2 | 23 | 33.2 |
Current, Total | 36.8 | 68.2 | 70 |
Deferred, Federal | 23.2 | 6.7 | 4 |
Deferred, State | 1.3 | (1.2) | (0.9) |
Deferred, Foreign | (1) | (21.3) | (14.3) |
Deferred, Total | 23.5 | (15.8) | (11.2) |
Provision for income taxes | $ 60.3 | $ 52.4 | $ 58.8 |
Income Taxes (Consolidated Effe
Income Taxes (Consolidated Effective Income Tax Rate Differed From The U.S. Federal Statutory Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income tax expense computed at the federal statutory rate | $ 75,300 | $ 70,100 | $ 65,800 |
Income tax expense computed at the federal statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | $ 4,300 | $ 5,100 | $ 5,400 |
State income taxes, net of federal benefit, percentage | 2.00% | 2.50% | 2.90% |
Foreign rate differential | $ (12,800) | $ (4,300) | $ (4,900) |
Foreign rate differential, percentage | (5.90%) | (2.20%) | (2.60%) |
Change in valuation allowances | $ 13,300 | $ (800) | $ (500) |
Change in valuation allowances, percentage | 6.20% | (0.40%) | (0.30%) |
Change in reserves | $ (5,700) | $ (2,100) | $ (5,200) |
Change in reserves, percentage | (2.70%) | (1.00%) | (2.80%) |
Research and development | $ (9,000) | $ (13,400) | $ (3,300) |
Research and development, percentage | (4.20%) | (6.70%) | (1.70%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | $ 2,800 | $ (1,800) | $ (300) |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent | 1.30% | (0.90%) | (0.20%) |
Non-deductible losses | $ (12,900) | $ 0 | $ 0 |
Non-deductible losses, percentage | (6.00%) | 0.00% | 0.00% |
Other non-deductible expenses, Percentage | 0.70% | 0.60% | 0.00% |
Other non-deductible expenses | $ 1,500 | $ 1,300 | $ 0 |
Statutory tax rate changes | $ 200 | $ (600) | $ (600) |
Statutory tax rate changes, percentage | 0.10% | (0.20%) | (0.30%) |
Other, net | $ 3,300 | $ (1,100) | $ 2,400 |
Other, net, percentage | 1.50% | (0.50%) | 1.30% |
Provision for income taxes | $ 60,300 | $ 52,400 | $ 58,800 |
Consolidated effective income tax rate, percentage | 28.00% | 26.20% | 31.30% |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Tax Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
U.S. loss carryforwards | $ 2.5 | $ 2.5 |
Foreign loss carryforwards | 13.9 | 4.5 |
Accrued expenses | 49.8 | 42.6 |
Tax credit carryforwards | 1.7 | 2.8 |
Provision for losses on receivables | 1.6 | 2.7 |
Deferred compensation | 13.2 | 10 |
Deferred revenue | 22.6 | 21.3 |
Intercompany loans | 0.2 | 1.3 |
Other | 2 | 2.2 |
Gross deferred tax assets | 107.5 | 89.9 |
Deferred tax asset valuation allowance | (16.1) | (4.4) |
Total deferred tax assets | 91.4 | 85.5 |
Property and equipment | (43) | (6.8) |
Revenue recognition | (5.7) | (10.7) |
Intangible assets | (29) | (35.5) |
Other | (5.9) | (4.7) |
Total deferred tax liabilities | (83.6) | (57.7) |
Deferred tax assets (liabilities), net | $ 7.8 | $ 27.8 |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets and Liabilities Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Current deferred tax assets | $ 0 | $ 59.1 |
Non-current deferred tax assets | 27.1 | 11.7 |
Current deferred tax liabilities | 0 | (10) |
Deferred tax assets (liabilities), net | 7.8 | 27.8 |
Non-current deferred tax liabilities | $ (19.3) | $ (33) |
Income Taxes (Unrecognized Inco
Income Taxes (Unrecognized Income Tax Benefits, Excluding Accrued Interest And Penalties) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Balance at beginning of year | $ 35.2 | $ 41.5 | $ 46.6 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0.1 | 0 | 0.8 |
Additions related to tax positions in the current year | 1 | 3.6 | 0 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (5) | (0.5) | (1.1) |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | (6.5) | 0 |
Reductions related to the expiration of statutes | (1) | (0.1) | (5.6) |
Currency translation adjustments | (0.8) | (2.8) | 0.8 |
Balance at end of year | $ 29.5 | $ 35.2 | $ 41.5 |
Debt, Commitments, Contingenc90
Debt, Commitments, Contingencies And Guarantees (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total rent expense, net of sublease income | $ 58.5 | $ 56.4 | $ 59.4 |
Expected Asset Retirement Obligation | 13.1 | ||
Letter Of Credit [Member] | |||
Line of credit | $ 10.8 |
Debt, Commitments, Contingenc91
Debt, Commitments, Contingencies And Guarantees (Future Minimum Debt Obligations, Lease Payments Under Non-Cancelable Leases, And Purchase Commitments) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Jun. 12, 2015 |
Debt, Commitments, Contingencies And Guarantees [Abstract] | ||
Debt obligations (principal), FY 2017 | $ 16.6 | $ 1.4 |
Debt obligations (principal), FY 2018 | 22.8 | 2.8 |
Debt obligations (principal), FY 2019 | 22.5 | $ 2.8 |
Debt obligations (principal), FY 2020 | 32.5 | |
Debt obligations (principal), FY 2021 | 410 | |
Debt obligations (principal), Thereafter | 0 | |
Debt obligations (principal), Total | 504.4 | |
Operating leases, FY 2017 | 57.2 | |
Operating leases, FY 2018 | 44.8 | |
Operating leases, FY 2019 | 35.7 | |
Operating leases, FY 2020 | 27.4 | |
Operating leases, FY 2021 | 21.3 | |
Operating leases, Thereafter | 99.3 | |
Operating leases, Total | 285.7 | |
Purchase commitments, FY 2017 | 129.4 | |
Purchase commitments, FY 2018 | 31.6 | |
Purchase commitments, FY 2019 | 9.6 | |
Purchase commitments, FY 2020 | 1.2 | |
Purchase commitments, FY 2021 | 0.5 | |
Purchase commitments, Thereafter | 0.2 | |
Purchase commitments, Total | 172.5 | |
Debt, commitments, contingencies and guarantees, FY 2017 | 203.2 | |
Debt, commitments, contingencies and guarantees, FY 2018 | 99.2 | |
Debt, commitments, contingencies and guarantees, FY 2019 | 67.8 | |
Debt, commitments, contingencies and guarantees, FY 2020 | 61.1 | |
Debt, commitments, contingencies and guarantees, FY 2021 | 431.8 | |
Debt, commitments, contingencies and guarantees, Thereafter | 99.5 | |
Debt, commitments, contingencies and guarantees, Total | $ 962.6 |
Geographic Information (Schedul
Geographic Information (Schedule Of Financial Information By Geographic Area) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales Revenue, Services, Net | $ 536.6 | $ 527.1 | $ 518.5 | $ 512.1 | $ 523 | $ 502 | $ 499.3 | $ 491.7 | $ 2,094.3 | $ 2,016 | $ 1,939.4 |
Income from operations | 64.2 | $ 69.7 | $ 54.6 | $ 35.5 | $ 39.3 | $ 54.2 | $ 52.8 | $ 53.6 | 224 | 199.9 | 199.5 |
Tangible long-lived assets | 241.2 | 259.3 | 241.2 | ||||||||
The Americas [Member] | |||||||||||
Sales Revenue, Services, Net | 978.5 | 1,055.6 | 970.9 | ||||||||
Income from operations | 109.3 | 112.8 | 111.7 | ||||||||
Tangible long-lived assets | 161.2 | 189.5 | 161.2 | ||||||||
Europe, Middle East & Africa [Member] | |||||||||||
Sales Revenue, Services, Net | 819.1 | 691.1 | 709.2 | ||||||||
Income from operations | 84.5 | 56.3 | 51.8 | ||||||||
Tangible long-lived assets | 61.4 | 52.5 | 61.4 | ||||||||
Asia/Pacific [Member] | |||||||||||
Sales Revenue, Services, Net | 296.7 | 269.3 | 259.3 | ||||||||
Income from operations | 30.2 | 30.8 | $ 36 | ||||||||
Tangible long-lived assets | $ 18.6 | $ 17.3 | $ 18.6 |
Geographic Information (Sched93
Geographic Information (Schedule Of Service Revenue From Countries) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales Revenue, Services, Net | $ 536.6 | $ 527.1 | $ 518.5 | $ 512.1 | $ 523 | $ 502 | $ 499.3 | $ 491.7 | $ 2,094.3 | $ 2,016 | $ 1,939.4 |
United States [Member] | |||||||||||
Sales Revenue, Services, Net | 908.9 | 984.7 | 902.9 | ||||||||
Germany [Member] | |||||||||||
Sales Revenue, Services, Net | 229.9 | ||||||||||
United Kingdom [Member] | |||||||||||
Sales Revenue, Services, Net | $ 251 | $ 239.6 | $ 245.1 |
Segment Information (Service Re
Segment Information (Service Revenue and Gross Profit On Service Revenue Of Reportable Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales Revenue, Services, Net | $ 536.6 | $ 527.1 | $ 518.5 | $ 512.1 | $ 523 | $ 502 | $ 499.3 | $ 491.7 | $ 2,094.3 | $ 2,016 | $ 1,939.4 |
Gross profit on service revenue | $ 189.8 | $ 189.3 | $ 186 | $ 168.9 | $ 162.9 | $ 164 | $ 172 | $ 172.9 | 734 | 671.8 | 660.2 |
CRS [Member] | |||||||||||
Sales Revenue, Services, Net | 1,626 | 1,599.1 | 1,508.8 | ||||||||
Gross profit on service revenue | 515 | 472.6 | 462 | ||||||||
PC [Member] | |||||||||||
Sales Revenue, Services, Net | 190.4 | 152.2 | 176.4 | ||||||||
Gross profit on service revenue | 88.2 | 71.7 | 79.5 | ||||||||
PI [Member] | |||||||||||
Sales Revenue, Services, Net | 277.9 | 264.7 | 254.2 | ||||||||
Gross profit on service revenue | $ 130.8 | $ 127.5 | $ 118.7 |
Quarterly Operating Results (Sc
Quarterly Operating Results (Schedule Of Unaudited Quarterly Results Of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Sales Revenue, Services, Net | $ 536.6 | $ 527.1 | $ 518.5 | $ 512.1 | $ 523 | $ 502 | $ 499.3 | $ 491.7 | $ 2,094.3 | $ 2,016 | $ 1,939.4 |
Gross profit | 189.8 | 189.3 | 186 | 168.9 | 162.9 | 164 | 172 | 172.9 | 734 | 671.8 | 660.2 |
Income from operations | 64.2 | 69.7 | 54.6 | 35.5 | 39.3 | 54.2 | 52.8 | 53.6 | 224 | 199.9 | 199.5 |
Net income | $ 42.7 | $ 47.9 | $ 39.4 | $ 24.9 | $ 34.2 | $ 37.7 | $ 38.8 | $ 37.1 | $ 154.9 | $ 147.8 | $ 129.1 |
Diluted earnings per share | $ 0.80 | $ 0.89 | $ 0.73 | $ 0.45 | $ 0.61 | $ 0.68 | $ 0.70 | $ 0.67 | $ 2.86 | $ 2.65 | $ 2.25 |