Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Nov. 04, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'IIVI | ' |
Entity Registrant Name | 'II-VI INC | ' |
Entity Central Index Key | '0000820318 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 61,183,735 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $145,415 | $174,660 |
Accounts receivable - less allowance for doubtful accounts of $1,740 at September 30, 2014 and $1,852 at June 30, 2014 | 162,341 | 136,723 |
Inventories | 163,421 | 165,873 |
Deferred income taxes | 11,482 | 11,118 |
Prepaid and refundable income taxes | 5,607 | 4,440 |
Prepaid and other current assets | 14,664 | 12,917 |
Total Current Assets | 502,930 | 505,731 |
Property, plant & equipment, net | 207,303 | 208,939 |
Goodwill | 196,023 | 196,145 |
Other intangible assets, net | 133,405 | 136,404 |
Investment | 11,857 | 11,589 |
Deferred income taxes | 1,321 | 4,038 |
Other assets | 9,246 | 9,080 |
Total Assets | 1,062,085 | 1,071,926 |
Current Liabilities | ' | ' |
Current portion of long-term debt | 20,000 | 20,000 |
Accounts payable | 48,017 | 45,767 |
Accrued compensation and benefits | 27,035 | 32,461 |
Accrued income taxes payable | 5,581 | 4,584 |
Deferred income taxes | 759 | 732 |
Other accrued liabilities | 33,824 | 31,521 |
Total Current Liabilities | 135,216 | 135,065 |
Long-term debt | 216,733 | 221,960 |
Deferred income taxes | 7,017 | 7,440 |
Other liabilities | 21,278 | 32,418 |
Total Liabilities | 380,244 | 396,883 |
Shareholders' Equity | ' | ' |
Preferred stock, no par value; authorized - 5,000,000 shares; none issued | ' | ' |
Common stock, no par value; authorized - 300,000,000 shares; issued - 71,420,203 shares at September 30, 2014; 70,935,098 shares at June 30, 2014 | 219,450 | 213,573 |
Accumulated other comprehensive income | 16,427 | 19,406 |
Retained earnings | 533,629 | 521,327 |
Shareholders' equity excluding treasury stock | 769,506 | 754,306 |
Treasury stock, at cost, 10,105,847 shares at September 30, 2014 and 9,481,963 shares at June 30, 2014 | -87,665 | -79,263 |
Total Shareholders' Equity | 681,841 | 675,043 |
Total Liabilities and Shareholders' Equity | $1,062,085 | $1,071,926 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,740 | $1,852 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 71,420,203 | 70,935,098 |
Treasury stock, shares | 10,105,847 | 9,481,963 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' |
Domestic | $61,981 | $63,690 |
International | 123,852 | 86,330 |
Total Revenues | 185,833 | 150,020 |
Costs, Expenses and Other Expense (Income) | ' | ' |
Cost of goods sold | 117,974 | 93,709 |
Internal research and development | 12,943 | 7,747 |
Selling, general and administrative | 35,520 | 35,093 |
Interest expense | 1,204 | 483 |
Other expense (income), net | 1,682 | 53 |
Total Costs, Expenses and Other Expense (Income) | 169,323 | 137,085 |
Earnings from Continuing Operations Before Income Taxes | 16,510 | 12,935 |
Income Taxes | 4,208 | 3,243 |
Earnings from Continuing Operations | 12,302 | 9,692 |
Earnings from Discontinued Operation, net of income tax | ' | 2 |
Net Earnings | $12,302 | $9,694 |
Basic Earnings Per Share: | ' | ' |
Continuing Operations | $0.20 | $0.16 |
Discontinued Operation | $0 | $0 |
Consolidated | $0.20 | $0.16 |
Diluted Earnings Per Share: | ' | ' |
Continuing Operations | $0.20 | $0.15 |
Discontinued Operation | $0 | $0 |
Consolidated | $0.20 | $0.15 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net earnings | $12,302 | $9,694 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustments | -2,675 | 2,215 |
Pension adjustment, net of taxes of $57 | -304 | ' |
Comprehensive income | $9,323 | $11,909 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ' |
Pension adjustment tax | $57 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net earnings | $12,302 | $9,694 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Earnings from discontinued operation, net of tax | ' | -2 |
Depreciation | 10,511 | 9,628 |
Amortization | 3,050 | 2,208 |
Share-based compensation expense | 3,594 | 4,050 |
Loss on foreign currency remeasurements and transactions | 2,181 | 922 |
Earnings from equity investment | -267 | -257 |
Deferred income taxes | 1,979 | -502 |
Increase (decrease) in cash from changes in: | ' | ' |
Accounts receivable | -30,686 | 4,875 |
Inventories | -672 | 1,405 |
Accounts payable | 2,975 | 1,559 |
Income taxes | 159 | -3,583 |
Other operating net assets | -4,270 | -5,883 |
Continuing Operations | 856 | 24,114 |
Discontinued Operation | ' | 273 |
Net cash provided by operating activities | 856 | 24,387 |
Cash Flows from Investing Activities | ' | ' |
Additions to property, plant & equipment | -21,530 | -6,573 |
Payment of option to acquire business | ' | -5,000 |
Purchases of business, net of cash acquired | ' | -90,601 |
Continuing Operations | -21,530 | -102,174 |
Discontinued Operation | 0 | 0 |
Net cash used in investing activities | -21,530 | -102,174 |
Cash Flows from Financing Activities | ' | ' |
Proceeds from borrowings | ' | 103,000 |
Payments on borrowings | -5,000 | -6,000 |
Proceeds from exercises of stock options | 1,504 | 2,498 |
Purchases of treasury stock | -5,093 | ' |
Payment on earnout arrangement | ' | -2,200 |
Payments of redeemable noncontrolling interest | ' | -8,789 |
Other financing activities | -1,248 | -1,307 |
Net cash provided by financing activities | -9,837 | 87,202 |
Effect of exchange rate changes on cash and cash equivalents | 1,266 | 359 |
Net increase (decrease) in cash and cash equivalents | -29,245 | 9,774 |
Cash and Cash Equivalents at Beginning of Period | 174,660 | 185,433 |
Cash and Cash Equivalents at End of Period | 145,415 | 195,207 |
Cash paid for interest | 1,169 | 514 |
Cash paid for income taxes | 4,440 | 5,092 |
Non cash transactions: | ' | ' |
Purchases of treasury stock recorded in other accrued liabilities | 1,200 | ' |
Purchase of business - holdback amount recorded in other accrued liabilities | ' | 2,000 |
Purchase of business utilizing earnout arrangement recorded in other liabilities | ' | $6,000 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock | Accumulated Other Comprehensive Income | Retained Earnings | Treasury Stock |
In Thousands, except Share data | |||||
Beginning Balance at Jun. 30, 2014 | $675,043 | $213,573 | $19,406 | $521,327 | ($79,263) |
Beginning Balance, shares at Jun. 30, 2014 | ' | 70,935,000 | ' | ' | -9,482,000 |
Shares issued under share-based compensation plans | 411 | 1,504 | ' | ' | -1,093 |
Shares issued under share-based compensation plans (in shares) | ' | 413,000 | ' | ' | -71,000 |
Net earnings | 12,302 | ' | ' | 12,302 | ' |
Purchases of treasury stock | -6,291 | ' | ' | ' | -6,291 |
Purchases of treasury stock, shares | -481,195 | ' | ' | ' | -481,000 |
Treasury stock under deferred compensation arrangements | ' | 1,018 | ' | ' | -1,018 |
Treasury stock in deferred compensation plan, (in shares) | ' | 72,000 | ' | ' | -71,000 |
Foreign currency translation adjustments | -2,675 | ' | -2,675 | ' | ' |
Share-based compensation expense | 3,594 | 3,594 | ' | ' | ' |
Pension other comprehensive income, net of taxes of $57 | -304 | ' | -304 | ' | ' |
Excess tax benefit (deficiency) from share-based compensation expense | -239 | -239 | ' | ' | ' |
Ending Balance at Sep. 30, 2014 | $681,841 | $219,450 | $16,427 | $533,629 | ($87,665) |
Ending Balance, shares at Sep. 30, 2014 | ' | 71,420,000 | ' | ' | -10,105,000 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Statement Of Stockholders Equity [Abstract] | ' |
Pension adjustment tax | $57 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Note 1. | Basis of Presentation | |
The condensed consolidated financial statements of II-VI Incorporated (“II-VI” or the “Company”) for the three months ended September 30, 2014 and 2013 are unaudited. In the opinion of management, all adjustments considered necessary for a fair presentation for the periods presented have been included. All adjustments are of a normal recurring nature unless disclosed otherwise. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014. The consolidated results of operations for the three months ended September 30, 2014 are not necessarily indicative of the results to be expected for the full fiscal year. The June 30, 2014 Condensed Consolidated Balance Sheet information was derived from the Company’s audited financial statements. | ||
Effective July 1, 2014, the Company realigned its organizational structure into three reporting segments for the purpose of making operational decisions and assessing financial performance: (i) II-VI Laser Solutions, (ii) II-VI Photonics, and (iii) II-VI Performance Products. The Company is reporting financial information (revenue through operating income) for these new reporting segments in this Quarterly Report on Form 10-Q, which management believes will provide enhanced visibility and transparency into the operations, business drivers and the value of the enterprise. |
Discontinued_Operation
Discontinued Operation | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operation | ' | ||||||||
Note 2. | Discontinued Operation | ||||||||
During December 2013, the Company completed the discontinuance of its tellurium product line by exiting all business activities associated with this product. This product line previously was serviced by Pacific Rare Specialty Metals & Chemicals, Inc. (“PRM”) and was included as part of the Performance Products segment. Prior periods have been restated to present this product line on a discontinued operation basis. The revenues and earnings of the tellurium product line have been reflected as a discontinued operation for the periods presented as follows: ($000): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | - | $ | 1,152 | |||||
Earnings from discontinued operation before income taxes | - | 2 | |||||||
Income tax benefit (expense) | - | - | |||||||
Earnings from discontinued operation, net of taxes | $ | - | $ | 2 | |||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended | |
Sep. 30, 2014 | ||
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
Note 3. | Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that supersedes virtually all existing revenue recognition guidance under GAAP. The update's core principle is 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. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016 and prohibits early adoption. The update allows for the use of either the retrospective or modified retrospective approach of adoption. Management currently is evaluating the available transition methods and the potential impact of adoption on the Company's consolidated financial statements. | ||
In April 2014, FASB issued an ASU that changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The new standard will be effective for annual periods beginning on or after December 15, 2014, with early adoption permitted and will be effective for the Company beginning in the first quarter of fiscal year 2016. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. | ||
In July 2013, the FASB issued an ASU that changes how certain unrecognized tax benefits are to be presented on the consolidated balance sheet. This ASU clarified existing guidance to require that an unrecognized tax benefit, or a portion thereof, be presented in the consolidated balance sheet as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward, similar tax loss, or a tax credit carryforward, except when an NOL carryforward, similar tax loss, or tax credit carryforward is not available under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position. In such a case, the unrecognized tax benefit would be presented in the consolidated balance sheet as a liability. This update was effective for fiscal years beginning after December 15, 2013 and is effective for the Company for the fiscal quarter ended September 30, 2014. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. | ||
In March 2013, the FASB issued an ASU related to a parent’s accounting for the cumulative translation adjustment upon de-recognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The update clarifies the applicable guidance under current U.S. GAAP for the release of the cumulative translation adjustment upon a reporting entity’s de-recognition of a subsidiary or group of assets within a foreign entity or part or all of its investment in a foreign entity. The update requires a reporting entity, which either sells a part or all of its investment in a foreign entity or ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, to release any related cumulative translation adjustment into net income. This update was effective for fiscal years beginning after December 15, 2013 and is effective for the Company for the fiscal quarter ended September 30, 2014. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. | ||
Investment
Investment | 3 Months Ended | |
Sep. 30, 2014 | ||
Equity Method Investments And Joint Ventures [Abstract] | ' | |
Investment | ' | |
Note 4. | Investment | |
The Company has an equity investment of 20.2% in Guangdong Fuxin Electronic Technology (“Fuxin”) based in Guangdong Province, China, which is accounted for under the equity method of accounting. The total carrying value of the investment recorded at September 30, 2014 and June 30, 2014 was $11.9 million and $11.6 million, respectively. During each of the three months ended September 30, 2014 and 2013, the Company’s pro-rata share of earnings from this investment was $0.3 million and was recorded in Other expense (income), net in the Condensed Consolidated Statements of Earnings. |
Inventories
Inventories | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5. | Inventories | ||||||||
The components of inventories were as follows ($000): | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Raw materials | $ | 73,867 | $ | 71,949 | |||||
Work in progress | 47,076 | 44,739 | |||||||
Finished goods | 42,478 | 49,185 | |||||||
$ | 163,421 | $ | 165,873 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Note 6. | Property, Plant and Equipment | ||||||||
Property, plant and equipment consists of the following ($000): | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Land and land improvements | $ | 2,416 | $ | 2,381 | |||||
Buildings and improvements | 97,236 | 96,551 | |||||||
Machinery and equipment | 339,994 | 335,408 | |||||||
Construction in progress | 19,269 | 16,990 | |||||||
458,915 | 451,330 | ||||||||
Less accumulated depreciation | (251,612 | ) | (242,391 | ) | |||||
$ | 207,303 | $ | 208,939 | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Note 7. | Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill were as follows ($000): | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
II-VI Laser | II-VI | II- VI Performance | |||||||||||||||||||||||
Solutions | Photonics | Products | Total | ||||||||||||||||||||||
Balance-beginning of period | $ | 44,041 | $ | 99,214 | $ | 52,890 | $ | 196,145 | |||||||||||||||||
Foreign currency translation | (122 | ) | - | - | (122 | ) | |||||||||||||||||||
Balance-end of period | $ | 43,919 | $ | 99,214 | $ | 52,890 | $ | 196,023 | |||||||||||||||||
The Company reviews the recoverability of goodwill at least annually and any time business conditions indicate a potential change in recoverability. The Company may use combination of a discounted cash flow model (“DCF model”) and a market analysis to determine the current fair value of its reporting units. A number of significant assumptions and estimates are involved in estimating the forecasted cash flows used in the DCF model, including markets and market shares, sales volume and pricing, costs to produce, working capital changes and income tax rates. Management considers historical experience and all available information at the time the fair values of the reporting units are estimated. However, actual fair values that could be realized could differ from those used to evaluate the impairment of goodwill. | |||||||||||||||||||||||||
As a result of the July 1, 2014 segment realignment, the Company reviewed the recoverability of the carrying value of goodwill at its reporting units. The Company has the option to perform a qualitative assessment of goodwill prior to completing the quantitative test to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill and other intangible assets. Due to the short duration of time since the Company’s most recent annual quantitative goodwill impairment test, which was completed on April 1, 2014, the Company elected to perform a qualitative test on its reporting units as part of the segment realignment. The Company did not record any impairment of goodwill or long-lived assets during the three months ended September 30, 2014, as the qualitative assessment did not indicate deterioration in the fair value of its reporting units since the most recent annual impairment test. | |||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of the Company’s intangible assets other than goodwill as of September 30, 2014 and June 30, 2014 was as follows ($000): | |||||||||||||||||||||||||
30-Sep-14 | 30-Jun-14 | ||||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||||
Carrying | Accumulated | Book | Carrying | Accumulated | Book | ||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | ||||||||||||||||||||
Technology and Patents | $ | 50,505 | $ | (15,569 | ) | $ | 34,936 | $ | 50,505 | $ | (14,474 | ) | $ | 36,031 | |||||||||||
Trademarks | 17,870 | (1,055 | ) | 16,815 | 17,870 | (1,037 | ) | 16,833 | |||||||||||||||||
Customer Lists | 102,665 | (21,152 | ) | 81,513 | 102,839 | (19,448 | ) | 83,391 | |||||||||||||||||
Other | 1,580 | (1,439 | ) | 141 | 1,586 | (1,437 | ) | 149 | |||||||||||||||||
Total | $ | 172,620 | $ | (39,215 | ) | $ | 133,405 | $ | 172,800 | $ | (36,396 | ) | $ | 136,404 | |||||||||||
Amortization expense recorded on the Company’s intangible assets was $3.1 million and $2.2 million for the three months ended September 30, 2014 and 2013, respectively. The technology and patents are being amortized over a range of 60 to 240 months, with a weighted average remaining life of approximately 115 months. The customer lists are being amortized over a range of approximately 120 months to 240 months with a weighted average remaining life of approximately 148 months. The gross carrying amount of trademarks includes $16.4 million of acquired trade names with indefinite lives that are not amortized but tested annually for impairment or more frequently if a triggering event occurs. Included in the gross carrying amount and accumulated amortization of the Company’s intangible assets is the effect of foreign currency translation on that portion of the intangible assets relating to the Company’s German subsidiaries, as well as Photop Technologies, Inc. (“Photop”) and Photop AOFR Pty. Ltd. (“Photop AOFR”). | |||||||||||||||||||||||||
At September 30, 2014, the estimated amortization expense for existing intangible assets for each of the five succeeding fiscal years is as follows ($000): | |||||||||||||||||||||||||
Year Ending June 30, | |||||||||||||||||||||||||
Remaining 2015 | $ | 8,764 | |||||||||||||||||||||||
2016 | 11,619 | ||||||||||||||||||||||||
2017 | 11,609 | ||||||||||||||||||||||||
2018 | 11,140 | ||||||||||||||||||||||||
2019 | 10,715 | ||||||||||||||||||||||||
Debt
Debt | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
Note 8. | Debt | ||||||||||||||||
The components of debt for the periods indicated were as follows ($000): | |||||||||||||||||
September 30, | June 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Line of credit, interest at LIBOR, as defined, plus 1.50% and 1.25%, respectively | $ | 154,000 | $ | 154,000 | |||||||||||||
Term loan, interest at LIBOR, as defined, plus 1.25% | 80,000 | 85,000 | |||||||||||||||
Yen denominated line of credit, interest at LIBOR, as defined, plus 0.625% | 2,733 | 2,960 | |||||||||||||||
Total debt | 236,733 | 241,960 | |||||||||||||||
Current portion of long-term debt | (20,000 | ) | (20,000 | ) | |||||||||||||
Long-term debt, less current portion | $ | 216,733 | $ | 221,960 | |||||||||||||
The Company’s current First Amended and Restated Credit Agreement (the “Credit Facility”) provides for a revolving credit facility of $225 million, as well as a $100 million Term Loan. The Term Loan is being re-paid in consecutive quarterly principal payments on the first business day of each January, April, July and October, with the first payment having commenced on October 1, 2013, as follows: (i) twenty consecutive quarterly installments of $5 million and (ii) a final installment of all remaining principal due and payable on the maturity date. The Credit Facility is unsecured, but is guaranteed by each existing and subsequently acquired or organized wholly-owned domestic subsidiary of the Company. The Company has the option to request an increase to the size of the Credit Facility in an aggregate additional amount not to exceed $100 million. The Credit Facility has a five-year term through September 2018 and has an interest rate of LIBOR, as defined in the agreement, plus 0.75% to 1.75% based on the Company’s ratio of consolidated indebtedness to consolidated EBITDA. Additionally, the facility is subject to certain covenants, including those relating to minimum interest coverage and maximum leverage ratios. As of September 30, 2014, the Company was in compliance with all financial covenants under its Credit Facility. | |||||||||||||||||
The Company’s Yen denominated line of credit is a 500 million Yen facility that has a five-year term through June 2016 and has an interest rate equal to LIBOR, as defined in the loan agreement, plus 0.625% to 1.50%. At September 30, 2014 and June 30, 2014, the Company had 300 million Yen borrowed. Additionally, the facility is subject to certain covenants, including those relating to minimum interest coverage and maximum leverage ratios. As of September 30, 2014, the Company was in compliance with all financial covenants under its Yen facility. | |||||||||||||||||
The Company had aggregate availability of $71.0 million under its lines of credit as of September 30, 2014 and June 30, 2014. The amounts available under the Company’s lines of credit are reduced by outstanding letters of credit. As of September 30, 2014 and June 30, 2014, total outstanding letters of credit supported by the credit facilities were $1.9 million. | |||||||||||||||||
The weighted average interest rate of total borrowings was 1.93% and 1.49% for the three months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
Remaining annual principal payments under the Company’s existing credit facilities as of September 30, 2014 were as follows: | |||||||||||||||||
U.S. | |||||||||||||||||
Dollar | |||||||||||||||||
Term | Yen Line | Line of | |||||||||||||||
Period | Loan | of Credit | Credit | Total | |||||||||||||
Year 1 | $ | 20,000 | $ | - | $ | - | $ | 20,000 | |||||||||
Year 2 | 20,000 | 2,733 | - | 22,733 | |||||||||||||
Year 3 | 20,000 | - | - | 20,000 | |||||||||||||
Year 4 | 20,000 | - | 154,000 | 174,000 | |||||||||||||
Year 5 | - | - | - | - | |||||||||||||
Total | $ | 80,000 | $ | 2,733 | $ | 154,000 | $ | 236,733 | |||||||||
Income_Taxes
Income Taxes | 3 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
Note 9. | Income Taxes | |
The Company’s year-to-date effective income tax rate at September 30, 2014 and 2013 was 25.5% and 25.1%, respectively. The variations between the Company’s effective tax rate from continuing operations and the U.S. statutory rate of 35.0% were primarily due to the consolidation of the Company’s foreign operations, which are subject to income taxes at lower statutory rates. | ||
U.S. GAAP clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of September 30, 2014 and June 30, 2014, the Company’s gross unrecognized income tax benefit was $3.0 million and $2.8 million, respectively. The Company has classified the uncertain tax positions as noncurrent income tax liabilities, as the amounts are not expected to be paid within one year. If recognized, substantially all of the gross unrecognized tax benefits at September 30, 2014 would impact the effective tax rate. The Company recognizes interest and penalties related to uncertain tax positions in the income tax provision on the Condensed Consolidated Statements of Earnings. The amount of accrued interest and penalties included in the $3.0 million and $2.8 million of gross unrecognized income tax benefit at September 30, 2014 and June 30, 2014 was immaterial. Fiscal years 2011 to 2014 remain open to examination by the United States Internal Revenue Service, fiscal years 2007 to 2014 remain open to examination by certain state jurisdictions, and fiscal years 2007 to 2014 remain open to examination by certain foreign taxing jurisdictions. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Note 10. | Earnings Per Share | |||||||
The following table sets forth the computation of earnings per share attributable to II-VI Incorporated for the periods indicated. Weighted average shares issuable upon the exercises of stock options and the release of performance and restricted shares that were not included in the calculation because they were anti-dilutive were approximately 877,000 and 304,000 for the three months ended September 30, 2014 and 2013, respectively ($000 except per share data): | ||||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Earnings from continuing operations | $ | 12,302 | $ | 9,692 | ||||
Earnings from discontinued operation | - | 2 | ||||||
Net earnings | $ | 12,302 | $ | 9,694 | ||||
Divided by: | ||||||||
Weighted average shares | 61,508 | 62,379 | ||||||
Basic earnings per common share: | ||||||||
Continuing operations | $ | 0.2 | $ | 0.16 | ||||
Discontinued operation | $ | - | $ | - | ||||
Consolidated | $ | 0.2 | $ | 0.16 | ||||
Earnings from continuing operations | $ | 12,302 | $ | 9,692 | ||||
Earnings from discontinued operation | - | 2 | ||||||
Net earnings | $ | 12,302 | $ | 9,694 | ||||
Divided by: | ||||||||
Weighted average shares | 61,508 | 62,379 | ||||||
Dilutive effect of common stock equivalents | 1,281 | 1,568 | ||||||
Diluted weighted average common shares | 62,789 | 63,947 | ||||||
Diluted earnings per common share: | ||||||||
Continuing operations | $ | 0.2 | $ | 0.15 | ||||
Discontinued operation | $ | - | $ | - | ||||
Consolidated | $ | 0.2 | $ | 0.15 | ||||
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
Note 11. | Segment Reporting | ||||||||||||||||||||
The Company reports its business segments using the “management approach” model for segment reporting. This means that the Company determines its reportable business segments based on the way the chief operating decision maker organizes business segments within the Company for making operating decisions and assessing performance. | |||||||||||||||||||||
Effective July 1, 2014, the Company has realigned its reportable segments from five to three reporting segments to increase focus on end markets and customers, better align the Company’s businesses and technical processes, improve the line of sight on profitability and cash usage and streamline communications. For the fiscal quarter ended September 30, 2014 the Company reports its financial results in the following three segments: (i) II-VI Laser Solutions, (ii) II-VI Photonics, and (iii) II-VI Performance Products, and the Company’s chief operating decision maker receives and reviews financial information in this format. The Company evaluates business segment performance based upon segment operating income, which is defined as earnings before income taxes, interest and other income or expense. The segments are managed separately due to the market, production requirements and facilities unique to each segment. The Company has the following reportable segments at September 30, 2014: (i) II-VI Laser Solutions, which consists of the Company’s infrared optics and material products businesses, II-VI HIGHYAG, the semiconductor laser portion of the former Active Optical Products segment, and smaller units of high-power laser technology from the former Near-Infrared Optics segment and certain remaining corporate activities (primarily corporate assets and capital expenditures); (ii) II-VI Photonics, which consists of the former Near-Infrared Optics segment and the pump laser and optical amplifier businesses of the former Active Optical Products segment; and (iii) II-VI Performance Products, which contains the former Military & Materials and Advanced Products Group segments. | |||||||||||||||||||||
During December 2013, the Company completed the discontinuance of its tellurium product line by exiting all business activities associated with this product. This product line was previously serviced by PRM and was included as part of the II-VI Performance Products segment. Segment information for all periods presented has been adjusted to properly reflect the tellurium product as a discontinued operation. | |||||||||||||||||||||
The II-VI Laser Solutions segment is divided into geographic locations in the U.S., Singapore, China, Germany, Switzerland, Japan, Belgium, the U.K., Italy and the Philippines. II-VI Laser Solutions is directed by the President of Laser Solutions, while each geographic location is directed by a general manager, and is further divided into production and administrative units that are directed by managers. II-VI Laser Solutions designs, manufactures and markets optical and electro-optical components and materials sold under the II-VI Infrared brand name and used primarily in high-power CO2 lasers. II-VI Laser Solutions also manufactures fiber-delivered beam delivery systems and processing tools and direct diode lasers for industrial lasers sold under the II-VI HIGHYAG and II-VI Laser Enterprise brand names. | |||||||||||||||||||||
The II-VI Photonics segment is located in the U.S., China, Vietnam, Australia, Germany, Japan, the U.K., Italy and Hong Kong. II-VI Photonics is directed by the President of II-VI Photonics and is further divided into production and administrative units that are directed by managers. II-VI Photonics manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other diverse consumer and commercial applications. In addition, the segment also manufactures pump lasers and optical amplifiers and micro-optics for optical amplifiers for both terrestrial and submarine applications within the optical communications market. | |||||||||||||||||||||
The II-VI Performance Products segment is located in the U.S., Vietnam, Japan, China, Germany and the Philippines. II-VI Performance Products is directed by the Corporate Chief Operating Officer, while each geographic location is directed by a general manager. II-VI Performance Products is further divided into production and administrative units that are directed by managers. II-VI Performance Products designs, manufactures and markets infrared optical components and high-precision optical assemblies for military, medical and commercial laser imaging applications. In addition, the segment designs, manufactures and markets unique engineered materials for thermo-electric and silicon carbide applications servicing the semiconductor, military and medical markets. | |||||||||||||||||||||
The accounting policies of the segments are the same as those of the Company. All of the Company’s corporate expenses are allocated to the segments. The Company evaluates segment performance based upon reported segment operating income, which is defined as earnings from continuing operations before income taxes, interest and other income or expense. Inter-segment sales and transfers have been eliminated. | |||||||||||||||||||||
The following tables summarize selected financial information of the Company’s operations by segment ($000): | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
II-VI | II-VI | ||||||||||||||||||||
Laser | II-VI | Performance | |||||||||||||||||||
Solutions | Photonics | Products | Eliminations | Total | |||||||||||||||||
Revenues | $ | 72,824 | $ | 63,613 | $ | 49,396 | $ | - | $ | 185,833 | |||||||||||
Inter-segment revenues | 5,064 | 2,820 | 2,228 | (10,112 | ) | - | |||||||||||||||
Operating income | 12,923 | 2,072 | 4,401 | - | 19,396 | ||||||||||||||||
Interest expense | - | - | - | - | (1,204 | ) | |||||||||||||||
Other income (expense), net | - | - | - | - | (1,682 | ) | |||||||||||||||
Income taxes | - | - | - | - | (4,208 | ) | |||||||||||||||
Net earnings | - | - | - | - | 12,302 | ||||||||||||||||
Depreciation and amortization | 3,533 | 5,522 | 4,506 | - | 13,561 | ||||||||||||||||
Segment assets | 326,214 | 452,056 | 283,815 | - | 1,062,085 | ||||||||||||||||
Expenditures for property, plant and equipment | 16,066 | 2,893 | 2,571 | - | 21,530 | ||||||||||||||||
Investment | - | - | 11,857 | - | 11,857 | ||||||||||||||||
Goodwill | 43,919 | 99,214 | 52,890 | - | 196,023 | ||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
II-VI | II-VI | ||||||||||||||||||||
Laser | II-VI | Performance | |||||||||||||||||||
Solutions | Photonics | Products | Eliminations | Total | |||||||||||||||||
Revenues | $ | 55,864 | $ | 42,017 | $ | 52,139 | $ | - | $ | 150,020 | |||||||||||
Inter-segment revenues | 464 | 708 | 3,180 | (4,352 | ) | - | |||||||||||||||
Operating income | 8,917 | 771 | 3,783 | - | 13,471 | ||||||||||||||||
Interest expense | - | - | - | - | (483 | ) | |||||||||||||||
Other income (expense), net | - | - | - | - | (53 | ) | |||||||||||||||
Income taxes | - | - | - | - | (3,243 | ) | |||||||||||||||
Earnings from discontinued operation | - | - | - | - | 2 | ||||||||||||||||
Net earnings | - | - | - | - | 9,694 | ||||||||||||||||
Depreciation and amortization | 2,710 | 4,580 | 4,546 | - | 11,836 | ||||||||||||||||
Expenditures for property, plant and equipment | 2,036 | 2,511 | 2,026 | - | 6,573 | ||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Share-Based Compensation | ' | ||||||||
Note 12. | Share-Based Compensation | ||||||||
The Board of Directors has adopted, and the shareholders of the Company have approved, the II-VI Incorporated 2012 Omnibus Incentive Plan (the “Plan”). The Plan provides for the grant of non-qualified stock options, stock appreciation rights, restricted share awards, restricted share units, deferred share awards, performance share awards and performance share units to employees, officers and directors of the Company. The Company records share-based compensation expense for these awards in accordance with U.S. GAAP, which requires the recognition of the fair value of share-based compensation in net earnings. The Company recognizes the share-based compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. The Company accounts for cash-based stock appreciation rights, cash-based restricted share units awards and cash-based performance share unit awards as liability awards, in accordance with applicable accounting standards. | |||||||||
Share-based compensation expense is allocated approximately 20% to cost of goods sold and 80% to selling, general and administrative expense, based on the employee classification of the grantees. Share-based compensation expense for the periods indicated was as follows ($000): | |||||||||
Three Months Ended | |||||||||
September 30, | 2014 | 2013 | |||||||
Stock Options and Cash-Based Stock Appreciation Rights | $ | 2,119 | $ | 1,960 | |||||
Restricted Share Awards and Cash-Based Restricted Share Unit Awards | 1,096 | 1,514 | |||||||
Performance Share Awards and Cash-Based Performance Share Unit Awards | 410 | 962 | |||||||
$ | 3,625 | $ | 4,436 | ||||||
Stock Options and Cash-Based Stock Appreciation Rights: | |||||||||
The Company utilizes the Black-Scholes valuation model for estimating the fair value of these awards. The weighted-average fair value of awards granted under the Plan were $6.14 and $9.16 per award, respectively, during the three months ended September 30, 2014 and 2013, respectively, using the following assumptions: | |||||||||
. | |||||||||
Three Months Ended | |||||||||
September 30, | 2014 | 2013 | |||||||
Risk-free interest rate | 1.61 | % | 1.79 | % | |||||
Expected volatility | 47 | % | 49 | % | |||||
Expected life of options | 5.57 years | 5.89 years | |||||||
Dividend yield | None | None | |||||||
The risk-free interest rate is derived from the average U.S. Treasury Note rate during the period, which approximates the rate in effect at the time of grant related to the expected life of the awards. The risk-free interest rate shown above is the weighted average rate for all awards granted during each respective period. Expected volatility is based on the historical volatility of the Company’s Common Stock over the period commensurate with the expected life of the awards. The expected life calculation is based on the observed time to post-vesting exercise and/or forfeitures of awards by our employees. The dividend yield of zero is based on the fact that the Company has never paid cash dividends and has no current intention to pay cash dividends in the future. The estimated annualized forfeitures are based on the Company’s historical experience of award cancellations pre-vesting and are estimated at a rate of 16%. The Company will record additional expense in future periods if the actual forfeiture rate is lower than estimated, and will adjust expense in future periods if the actual forfeitures are higher than estimated. | |||||||||
Restricted Share Awards and Cash-Based Restricted Share Units: | |||||||||
The restricted share awards and units compensation expense was calculated based on the number of shares or units expected to be earned by the grantees multiplied by the stock price at the date of grant and is being recognized over the vesting period. Generally, the restricted share awards and units have a three year cliff-vesting provision and an estimated forfeiture rate of 7.5%. | |||||||||
Performance Share Awards and Cash-Based Performance Share Units: | |||||||||
The Compensation Committee of the Board of Directors of the Company has granted certain named executive officers and employees performance share awards and units under the Plan. As of September 30, 2014, the Company had outstanding grants covering performance periods ranging from 24 to 48 months. These awards are intended to provide continuing emphasis on specified financial and stock price performance goals that the Company considers important contributors to long-term shareholder value. These awards are payable only if the Company achieves specified levels of financial and stock price performance during the performance periods. The performance share awards and units compensation expense is calculated based on the estimated number of shares or units expected to be earned multiplied by the stock price at the date of grant or the fair value at the date of grant for market based awards. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Note 13. | Fair Value of Financial Instruments | ||||||||||||||||
The FASB defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous markets for the asset and liability in an orderly transaction between market participants at the measurement date. The Company estimates fair value of its financial instruments utilizing an established three-level hierarchy in accordance with U.S. GAAP. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: | |||||||||||||||||
• | Level 1 – | Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. | |||||||||||||||
• | Level 2 – | Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments. | |||||||||||||||
• | Level 3 – | Valuation is based upon other unobservable inputs that are significant to the fair value measurements. | |||||||||||||||
The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. At September 30, 2014, the Company had foreign currency forward contracts recorded at fair value. The fair values of these instruments were measured using valuations based upon quoted prices for similar assets and liabilities in active markets (Level 2) and are valued by reference to similar financial instruments, adjusted for credit risk and restrictions and other terms specific to the contracts. Included in other expense (income) net, for the three months ended September 30, 2014 is $0.6 million of foreign currency gain related to these contracts. | |||||||||||||||||
The following table provides a summary by level of the fair value of financial instruments that are measured on a recurring basis for the periods presented ($000): | |||||||||||||||||
Fair Value Measurements at September 30, 2014 Using: | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | 600 | $ | - | $ | 600 | $ | - | |||||||||
Fair Value Measurements at June 30, 2014 Using: | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
30-Jun-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | 54 | $ | - | $ | 54 | $ | - | |||||||||
The Company’s policy is to report transfers into and out of Levels 1 and 2 of the fair value hierarchy at fair values as of the beginning of the period in which the transfers occur. There were no transfers in and out of Levels 1 and 2 of the fair value hierarchy during the three months ended September 30, 2014. | |||||||||||||||||
The carrying value of Cash and cash equivalents, Accounts receivable and Accounts payable are considered Level 1 among the fair value hierarchy and approximate fair value because of the short-term maturity of those instruments. The Company’s borrowings are considered Level 2 among the fair value hierarchy and have variable interest rates and, accordingly, their carrying amounts approximate fair value. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |
Sep. 30, 2014 | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |
Derivative Instruments | ' | |
Note 14. | Derivative Instruments | |
The Company, from time to time, purchases foreign currency forward exchange contracts, primarily in Japanese Yen, that permit it to sell specified amounts of these foreign currencies expected to be received from its export sales for pre-established U.S. dollar amounts at specified dates. These contracts are entered into to limit transactional exposure to changes in currency exchange rates of export sales transactions in which settlement will occur in future periods and which otherwise would expose the Company, on the basis of its aggregate net cash flows in respective currencies, to foreign currency risk. | ||
The Company has recorded the fair market value of these contracts in the Company’s condensed consolidated financial statements. These contracts had a total notional amount of $10.9 million and $7.4 million at September 30, 2014 and June 30, 2014, respectively. As of September 30, 2014, these forward contracts had expiration dates ranging from October 2014 through January 2015, with Japanese Yen denominations individually ranging from 250 million Yen to 400 million Yen. The Company does not account for these contracts as hedges as defined by U.S. GAAP, and records the change in the fair value of these contracts in Other expense (income), net in the Condensed Consolidated Statements of Earnings as they occur. The fair value measurement takes into consideration foreign currency rates and the current creditworthiness of the counterparties to these contracts, as applicable, and is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments and thus represents a Level 2 measurement. These contracts are recorded in Other accrued liabilities in the Company’s Condensed Consolidated Balance Sheets. The change in the fair value of these contracts for the three months ended September 30, 2014 and 2013 was insignificant. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Guarantees [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Note 15. | Commitments and Contingencies | |||
The Company records a warranty reserve as a charge against earnings based on a percentage of sales utilizing actual warranty claims over the last twelve months. The following table summarizes the change in the carrying value of the Company’s warranty reserve, which is a component of Other accrued liabilities in the Company’s Condensed Consolidated Balance Sheets ($000): | ||||
Three Months Ending | ||||
30-Sep-14 | ||||
Balance-beginning of period | $ | 2,859 | ||
Payments made during the period | (717 | ) | ||
Additional warranty liability recorded during the period | 864 | |||
Balance-end of period | $ | 3,006 | ||
PostRetirement_Benefits
Post-Retirement Benefits | 3 Months Ended | |||||
Sep. 30, 2014 | ||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||
Post-Retirement Benefits | ' | |||||
Note 16. | Post-Retirement Benefits | |||||
The Company has a pension plan (the “Swiss Plan”) covering employees of the Zurich, Switzerland subsidiary. The unfunded pension liability of $7.1 million is recorded in Other liabilities in the Condensed Consolidated Balance Sheet at September 30, 2014. Net periodic pension costs associated with the Swiss Plan included the following ($000): | ||||||
Three Months Ended | ||||||
September 30, | ||||||
2014 | ||||||
Service cost | $ | 680 | ||||
Interest cost | 181 | |||||
Expected return on plan assets | (270 | ) | ||||
Net amortization | (361 | ) | ||||
Net periodic pension costs | $ | 230 | ||||
During the three months ended September 30, 2014, the Company contributed $0.6 million to the Swiss Plan. The Company currently anticipates contributing an additional estimated amount of approximately $1.8 million to the Swiss Plan during the remainder of fiscal year 2015. |
Share_Repurchase_Program
Share Repurchase Program | 3 Months Ended | |
Sep. 30, 2014 | ||
Equity [Abstract] | ' | |
Share Repurchase Program | ' | |
Note 17. | Share Repurchase Program | |
In August 2014, the Company’s Board of Directors authorized the Company to purchase up to $50 million of its Common Stock. The share repurchase program (the “Program”) calls for shares to be purchased in the open market or in private transactions from time to time. The Program has no expiration and may be suspended or discontinued at any time. Shares purchased by the Company are retained as treasury stock and available for general corporate purposes. As of September 30, 2014, the Company has purchased 481,195 shares of its Common Stock pursuant to the Program for approximately $6.3 million. | ||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Note 18. | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The changes in accumulated other comprehensive income (AOCI) (loss) by component, net of tax, for the three month period ended September 30, 2014 were as follows ($000): | |||||||||||||
Foreign | Pension and other | Total | |||||||||||
currency | post-retirement | accumulated other | |||||||||||
translation | benefits liability | comprehensive | |||||||||||
adjustment | adjustment, net of tax | income | |||||||||||
AOCI, net of tax - June 30, 2014 | $ | 17,963 | $ | 1,443 | $ | 19,406 | |||||||
Losses recognized in AOCI | (2,675 | ) | - | (2,675 | ) | ||||||||
Pension gain reclassified from AOCI, net of tax of $57 | - | (304 | ) | (304 | ) | ||||||||
Change in AOCI (loss), net of tax | (2,675 | ) | (304 | ) | (2,979 | ) | |||||||
AOCI, net of tax - September 30, 2014 | $ | 15,288 | $ | 1,139 | $ | 16,427 | |||||||
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that supersedes virtually all existing revenue recognition guidance under GAAP. The update's core principle is 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. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016 and prohibits early adoption. The update allows for the use of either the retrospective or modified retrospective approach of adoption. Management currently is evaluating the available transition methods and the potential impact of adoption on the Company's consolidated financial statements. | |
In April 2014, FASB issued an ASU that changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The new standard will be effective for annual periods beginning on or after December 15, 2014, with early adoption permitted and will be effective for the Company beginning in the first quarter of fiscal year 2016. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued an ASU that changes how certain unrecognized tax benefits are to be presented on the consolidated balance sheet. This ASU clarified existing guidance to require that an unrecognized tax benefit, or a portion thereof, be presented in the consolidated balance sheet as a reduction to a deferred tax asset for a net operating loss ("NOL") carryforward, similar tax loss, or a tax credit carryforward, except when an NOL carryforward, similar tax loss, or tax credit carryforward is not available under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position. In such a case, the unrecognized tax benefit would be presented in the consolidated balance sheet as a liability. This update was effective for fiscal years beginning after December 15, 2013 and is effective for the Company for the fiscal quarter ended September 30, 2014. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. | |
In March 2013, the FASB issued an ASU related to a parent’s accounting for the cumulative translation adjustment upon de-recognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The update clarifies the applicable guidance under current U.S. GAAP for the release of the cumulative translation adjustment upon a reporting entity’s de-recognition of a subsidiary or group of assets within a foreign entity or part or all of its investment in a foreign entity. The update requires a reporting entity, which either sells a part or all of its investment in a foreign entity or ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, to release any related cumulative translation adjustment into net income. This update was effective for fiscal years beginning after December 15, 2013 and is effective for the Company for the fiscal quarter ended September 30, 2014. The adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. |
Discontinued_Operation_Tables
Discontinued Operation (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||
Summary of Revenues and Earnings (Losses) of Discontinued Operation | ' | ||||||||
The revenues and earnings of the tellurium product line have been reflected as a discontinued operation for the periods presented as follows: ($000): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | - | $ | 1,152 | |||||
Earnings from discontinued operation before income taxes | - | 2 | |||||||
Income tax benefit (expense) | - | - | |||||||
Earnings from discontinued operation, net of taxes | $ | - | $ | 2 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
The components of inventories were as follows ($000): | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Raw materials | $ | 73,867 | $ | 71,949 | |||||
Work in progress | 47,076 | 44,739 | |||||||
Finished goods | 42,478 | 49,185 | |||||||
$ | 163,421 | $ | 165,873 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment consists of the following ($000): | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Land and land improvements | $ | 2,416 | $ | 2,381 | |||||
Buildings and improvements | 97,236 | 96,551 | |||||||
Machinery and equipment | 339,994 | 335,408 | |||||||
Construction in progress | 19,269 | 16,990 | |||||||
458,915 | 451,330 | ||||||||
Less accumulated depreciation | (251,612 | ) | (242,391 | ) | |||||
$ | 207,303 | $ | 208,939 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill were as follows ($000): | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
II-VI Laser | II-VI | II- VI Performance | |||||||||||||||||||||||
Solutions | Photonics | Products | Total | ||||||||||||||||||||||
Balance-beginning of period | $ | 44,041 | $ | 99,214 | $ | 52,890 | $ | 196,145 | |||||||||||||||||
Foreign currency translation | (122 | ) | - | - | (122 | ) | |||||||||||||||||||
Balance-end of period | $ | 43,919 | $ | 99,214 | $ | 52,890 | $ | 196,023 | |||||||||||||||||
Gross Carrying Amount and Accumulated Amortization | ' | ||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of the Company’s intangible assets other than goodwill as of September 30, 2014 and June 30, 2014 was as follows ($000): | |||||||||||||||||||||||||
30-Sep-14 | 30-Jun-14 | ||||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||||
Carrying | Accumulated | Book | Carrying | Accumulated | Book | ||||||||||||||||||||
Amount | Amortization | Value | Amount | Amortization | Value | ||||||||||||||||||||
Technology and Patents | $ | 50,505 | $ | (15,569 | ) | $ | 34,936 | $ | 50,505 | $ | (14,474 | ) | $ | 36,031 | |||||||||||
Trademarks | 17,870 | (1,055 | ) | 16,815 | 17,870 | (1,037 | ) | 16,833 | |||||||||||||||||
Customer Lists | 102,665 | (21,152 | ) | 81,513 | 102,839 | (19,448 | ) | 83,391 | |||||||||||||||||
Other | 1,580 | (1,439 | ) | 141 | 1,586 | (1,437 | ) | 149 | |||||||||||||||||
Total | $ | 172,620 | $ | (39,215 | ) | $ | 133,405 | $ | 172,800 | $ | (36,396 | ) | $ | 136,404 | |||||||||||
Estimated Amortization Expense for Existing Intangible Assets for Each of Five Succeeding Years | ' | ||||||||||||||||||||||||
At September 30, 2014, the estimated amortization expense for existing intangible assets for each of the five succeeding fiscal years is as follows ($000): | |||||||||||||||||||||||||
Year Ending June 30, | |||||||||||||||||||||||||
Remaining 2015 | $ | 8,764 | |||||||||||||||||||||||
2016 | 11,619 | ||||||||||||||||||||||||
2017 | 11,609 | ||||||||||||||||||||||||
2018 | 11,140 | ||||||||||||||||||||||||
2019 | 10,715 | ||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Components of Debt | ' | ||||||||||||||||
The components of debt for the periods indicated were as follows ($000): | |||||||||||||||||
September 30, | June 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Line of credit, interest at LIBOR, as defined, plus 1.50% and 1.25%, respectively | $ | 154,000 | $ | 154,000 | |||||||||||||
Term loan, interest at LIBOR, as defined, plus 1.25% | 80,000 | 85,000 | |||||||||||||||
Yen denominated line of credit, interest at LIBOR, as defined, plus 0.625% | 2,733 | 2,960 | |||||||||||||||
Total debt | 236,733 | 241,960 | |||||||||||||||
Current portion of long-term debt | (20,000 | ) | (20,000 | ) | |||||||||||||
Long-term debt, less current portion | $ | 216,733 | $ | 221,960 | |||||||||||||
Remaining Annual Amounts of Principal Payments | ' | ||||||||||||||||
Remaining annual principal payments under the Company’s existing credit facilities as of September 30, 2014 were as follows: | |||||||||||||||||
U.S. | |||||||||||||||||
Dollar | |||||||||||||||||
Term | Yen Line | Line of | |||||||||||||||
Period | Loan | of Credit | Credit | Total | |||||||||||||
Year 1 | $ | 20,000 | $ | - | $ | - | $ | 20,000 | |||||||||
Year 2 | 20,000 | 2,733 | - | 22,733 | |||||||||||||
Year 3 | 20,000 | - | - | 20,000 | |||||||||||||
Year 4 | 20,000 | - | 154,000 | 174,000 | |||||||||||||
Year 5 | - | - | - | - | |||||||||||||
Total | $ | 80,000 | $ | 2,733 | $ | 154,000 | $ | 236,733 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of Earnings Per Share | ' | |||||||
The following table sets forth the computation of earnings per share attributable to II-VI Incorporated for the periods indicated. Weighted average shares issuable upon the exercises of stock options and the release of performance and restricted shares that were not included in the calculation because they were anti-dilutive were approximately 877,000 and 304,000 for the three months ended September 30, 2014 and 2013, respectively ($000 except per share data): | ||||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Earnings from continuing operations | $ | 12,302 | $ | 9,692 | ||||
Earnings from discontinued operation | - | 2 | ||||||
Net earnings | $ | 12,302 | $ | 9,694 | ||||
Divided by: | ||||||||
Weighted average shares | 61,508 | 62,379 | ||||||
Basic earnings per common share: | ||||||||
Continuing operations | $ | 0.2 | $ | 0.16 | ||||
Discontinued operation | $ | - | $ | - | ||||
Consolidated | $ | 0.2 | $ | 0.16 | ||||
Earnings from continuing operations | $ | 12,302 | $ | 9,692 | ||||
Earnings from discontinued operation | - | 2 | ||||||
Net earnings | $ | 12,302 | $ | 9,694 | ||||
Divided by: | ||||||||
Weighted average shares | 61,508 | 62,379 | ||||||
Dilutive effect of common stock equivalents | 1,281 | 1,568 | ||||||
Diluted weighted average common shares | 62,789 | 63,947 | ||||||
Diluted earnings per common share: | ||||||||
Continuing operations | $ | 0.2 | $ | 0.15 | ||||
Discontinued operation | $ | - | $ | - | ||||
Consolidated | $ | 0.2 | $ | 0.15 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Financial Information of Company's Operation by Segment | ' | ||||||||||||||||||||
The following tables summarize selected financial information of the Company’s operations by segment ($000): | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
II-VI | II-VI | ||||||||||||||||||||
Laser | II-VI | Performance | |||||||||||||||||||
Solutions | Photonics | Products | Eliminations | Total | |||||||||||||||||
Revenues | $ | 72,824 | $ | 63,613 | $ | 49,396 | $ | - | $ | 185,833 | |||||||||||
Inter-segment revenues | 5,064 | 2,820 | 2,228 | (10,112 | ) | - | |||||||||||||||
Operating income | 12,923 | 2,072 | 4,401 | - | 19,396 | ||||||||||||||||
Interest expense | - | - | - | - | (1,204 | ) | |||||||||||||||
Other income (expense), net | - | - | - | - | (1,682 | ) | |||||||||||||||
Income taxes | - | - | - | - | (4,208 | ) | |||||||||||||||
Net earnings | - | - | - | - | 12,302 | ||||||||||||||||
Depreciation and amortization | 3,533 | 5,522 | 4,506 | - | 13,561 | ||||||||||||||||
Segment assets | 326,214 | 452,056 | 283,815 | - | 1,062,085 | ||||||||||||||||
Expenditures for property, plant and equipment | 16,066 | 2,893 | 2,571 | - | 21,530 | ||||||||||||||||
Investment | - | - | 11,857 | - | 11,857 | ||||||||||||||||
Goodwill | 43,919 | 99,214 | 52,890 | - | 196,023 | ||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
II-VI | II-VI | ||||||||||||||||||||
Laser | II-VI | Performance | |||||||||||||||||||
Solutions | Photonics | Products | Eliminations | Total | |||||||||||||||||
Revenues | $ | 55,864 | $ | 42,017 | $ | 52,139 | $ | - | $ | 150,020 | |||||||||||
Inter-segment revenues | 464 | 708 | 3,180 | (4,352 | ) | - | |||||||||||||||
Operating income | 8,917 | 771 | 3,783 | - | 13,471 | ||||||||||||||||
Interest expense | - | - | - | - | (483 | ) | |||||||||||||||
Other income (expense), net | - | - | - | - | (53 | ) | |||||||||||||||
Income taxes | - | - | - | - | (3,243 | ) | |||||||||||||||
Earnings from discontinued operation | - | - | - | - | 2 | ||||||||||||||||
Net earnings | - | - | - | - | 9,694 | ||||||||||||||||
Depreciation and amortization | 2,710 | 4,580 | 4,546 | - | 11,836 | ||||||||||||||||
Expenditures for property, plant and equipment | 2,036 | 2,511 | 2,026 | - | 6,573 | ||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Share-Based Compensation Expense by Award Type | ' | ||||||||
Share-based compensation expense is allocated approximately 20% to cost of goods sold and 80% to selling, general and administrative expense, based on the employee classification of the grantees. Share-based compensation expense for the periods indicated was as follows ($000): | |||||||||
Three Months Ended | |||||||||
September 30, | 2014 | 2013 | |||||||
Stock Options and Cash-Based Stock Appreciation Rights | $ | 2,119 | $ | 1,960 | |||||
Restricted Share Awards and Cash-Based Restricted Share Unit Awards | 1,096 | 1,514 | |||||||
Performance Share Awards and Cash-Based Performance Share Unit Awards | 410 | 962 | |||||||
$ | 3,625 | $ | 4,436 | ||||||
Schedule of Fair Value Assumptions under Stock Option Plan | ' | ||||||||
Three Months Ended | |||||||||
September 30, | 2014 | 2013 | |||||||
Risk-free interest rate | 1.61 | % | 1.79 | % | |||||
Expected volatility | 47 | % | 49 | % | |||||
Expected life of options | 5.57 years | 5.89 years | |||||||
Dividend yield | None | None | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary by Level of Fair Value of Financial Instruments Measured on Recurring Basis | ' | ||||||||||||||||
The following table provides a summary by level of the fair value of financial instruments that are measured on a recurring basis for the periods presented ($000): | |||||||||||||||||
Fair Value Measurements at September 30, 2014 Using: | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | 600 | $ | - | $ | 600 | $ | - | |||||||||
Fair Value Measurements at June 30, 2014 Using: | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
30-Jun-14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | 54 | $ | - | $ | 54 | $ | - | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Guarantees [Abstract] | ' | |||
Change in Carrying Value of Company's Warranty Reserve | ' | |||
The Company records a warranty reserve as a charge against earnings based on a percentage of sales utilizing actual warranty claims over the last twelve months. The following table summarizes the change in the carrying value of the Company’s warranty reserve, which is a component of Other accrued liabilities in the Company’s Condensed Consolidated Balance Sheets ($000): | ||||
Three Months Ending | ||||
30-Sep-14 | ||||
Balance-beginning of period | $ | 2,859 | ||
Payments made during the period | (717 | ) | ||
Additional warranty liability recorded during the period | 864 | |||
Balance-end of period | $ | 3,006 | ||
PostRetirement_Benefits_Tables
Post-Retirement Benefits (Tables) | 3 Months Ended | |||||
Sep. 30, 2014 | ||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||
Schedule of Net Periodic Pension Costs | ' | |||||
The Company has a pension plan (the “Swiss Plan”) covering employees of the Zurich, Switzerland subsidiary. The unfunded pension liability of $7.1 million is recorded in Other liabilities in the Condensed Consolidated Balance Sheet at September 30, 2014. Net periodic pension costs associated with the Swiss Plan included the following ($000): | ||||||
Three Months Ended | ||||||
September 30, | ||||||
2014 | ||||||
Service cost | $ | 680 | ||||
Interest cost | 181 | |||||
Expected return on plan assets | (270 | ) | ||||
Net amortization | (361 | ) | ||||
Net periodic pension costs | $ | 230 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Changes in Accumulated Other Comprehensive Income (AOCI) (Loss) by Component, Net of Tax | ' | ||||||||||||
The changes in accumulated other comprehensive income (AOCI) (loss) by component, net of tax, for the three month period ended September 30, 2014 were as follows ($000): | |||||||||||||
Foreign | Pension and other | Total | |||||||||||
currency | post-retirement | accumulated other | |||||||||||
translation | benefits liability | comprehensive | |||||||||||
adjustment | adjustment, net of tax | income | |||||||||||
AOCI, net of tax - June 30, 2014 | $ | 17,963 | $ | 1,443 | $ | 19,406 | |||||||
Losses recognized in AOCI | (2,675 | ) | - | (2,675 | ) | ||||||||
Pension gain reclassified from AOCI, net of tax of $57 | - | (304 | ) | (304 | ) | ||||||||
Change in AOCI (loss), net of tax | (2,675 | ) | (304 | ) | (2,979 | ) | |||||||
AOCI, net of tax - September 30, 2014 | $ | 15,288 | $ | 1,139 | $ | 16,427 | |||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2014 | |
Segment | |
Accounting Policies [Abstract] | ' |
Number of reporting segments | 3 |
Summary_of_Revenues_and_Earnin
Summary of Revenues and Earnings (Losses) of Discontinued Operation (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | ' |
Earnings from discontinued operation, net of taxes | $2 |
Tellurium product line | ' |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | ' |
Revenues | 1,152 |
Earnings from discontinued operation before income taxes | 2 |
Income tax benefit (expense) | 0 |
Earnings from discontinued operation, net of taxes | $2 |
Investment_Additional_Informat
Investment - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' |
Equity method investment, ownership percentage | 20.20% | ' | ' |
Total carrying value of investment | $11,857 | ' | $11,600 |
Pro-rata share of earnings | $267 | $257 | ' |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $73,867 | $71,949 |
Work in progress | 47,076 | 44,739 |
Finished goods | 42,478 | 49,185 |
Inventories, Total | $163,421 | $165,873 |
Property_Plant_and_Equipment_D
Property Plant and Equipment (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Land and land improvements | $2,416 | $2,381 |
Buildings and improvements | 97,236 | 96,551 |
Machinery and equipment | 339,994 | 335,408 |
Construction in progress | 19,269 | 16,990 |
Property, Plant and Equipment, gross | 458,915 | 451,330 |
Less accumulated depreciation | -251,612 | -242,391 |
Property, Plant and Equipment, net | $207,303 | $208,939 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
II-VI Laser Solutions | II-VI Photonics | II-VI Photonics | II- VI Performance Products | II- VI Performance Products | ||
Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | ||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' |
Balance-beginning of period | $196,145 | $44,041 | $99,214 | $99,214 | $52,890 | $52,890 |
Foreign currency translation | -122 | -122 | ' | ' | ' | ' |
Balance-end of period | $196,023 | $43,919 | $99,214 | $99,214 | $52,890 | $52,890 |
Gross_Carrying_Amount_and_Accu
Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $172,620 | $172,800 |
Accumulated Amortization | -39,215 | -36,396 |
Net Book Value | 133,405 | 136,404 |
Trademarks | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 17,870 | 17,870 |
Accumulated Amortization | -1,055 | -1,037 |
Net Book Value | 16,815 | 16,833 |
Technology and Patents | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 50,505 | 50,505 |
Accumulated Amortization | -15,569 | -14,474 |
Net Book Value | 34,936 | 36,031 |
Customer Lists | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 102,665 | 102,839 |
Accumulated Amortization | -21,152 | -19,448 |
Net Book Value | 81,513 | 83,391 |
Other | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,580 | 1,586 |
Accumulated Amortization | -1,439 | -1,437 |
Net Book Value | $141 | $149 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Amortization expense recorded on intangible assets | $3.10 | $2.20 |
Carrying amount of indefinite trade names acquired | $16.40 | ' |
Technology and Patents | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Remaining amortization period of patents and customer lists, in months | '115 months | ' |
Technology and Patents | Minimum | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Amortization period of finite lived intangible assets, in months | '60 months | ' |
Technology and Patents | Maximum | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Amortization period of finite lived intangible assets, in months | '240 months | ' |
Customer Lists | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Remaining amortization period of patents and customer lists, in months | '148 months | ' |
Customer Lists | Minimum | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Amortization period of finite lived intangible assets, in months | '120 months | ' |
Customer Lists | Maximum | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Amortization period of finite lived intangible assets, in months | '240 months | ' |
Estimated_Amortization_Expense
Estimated Amortization Expense for Existing Intangible Assets for Each of Five Succeeding Years (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Remaining 2015 | $8,764 |
2016 | 11,619 |
2017 | 11,609 |
2018 | 11,140 |
2019 | $10,715 |
Components_of_Debt_Detail
Components of Debt (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $236,733 | $241,960 |
Current portion of long-term debt | -20,000 | -20,000 |
Long-term debt, less current portion | 216,733 | 221,960 |
Line of credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 154,000 | 154,000 |
Term Loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 80,000 | 85,000 |
Yen denominated line of credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $2,733 | $2,960 |
Components_of_Debt_Parenthetic
Components of Debt (Parenthetical) (Detail) (London Interbank Offered Rate (LIBOR)) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Jun. 30, 2014 | |
Line of credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, rate added on variable rate | 1.50% | 1.25% |
Term Loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, rate added on variable rate | 1.25% | ' |
Yen denominated line of credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, rate added on variable rate | 0.63% | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Revolving Credit Facility | Revolving Credit Facility | Term Loans | Yen denominated line of credit | Yen Loan | Yen Loan | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | |
USD ($) | Maximum | USD ($) | JPY (¥) | JPY (¥) | JPY (¥) | Revolving Credit Facility | Revolving Credit Facility | Term Loans | Yen denominated line of credit | Yen denominated line of credit | Yen denominated line of credit | ||||
USD ($) | Maximum | Minimum | Maximum | Minimum | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | $225 | ' | $100 | ¥ 500 | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, quarterly principal Payment | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, first quarterly principal payment commencement date | ' | ' | ' | ' | ' | 1-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, optional additional borrowing amount | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, term | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, month and year of maturity | ' | ' | ' | '2018-09 | ' | ' | '2016-06 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, rate added on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 0.75% | 1.25% | 0.63% | 1.50% | 0.63% |
Amount borrowed | ' | ' | ' | ' | ' | ' | ' | 300 | 300 | ' | ' | ' | ' | ' | ' |
Available credit under lines of credit | 71 | 71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total outstanding letters of credit | $1.90 | $1.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of total borrowings | 1.93% | ' | 1.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining_Annual_Amounts_of_Pr
Remaining Annual Amounts of Principal Payments of Credit Facility (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Year 1 | $20,000 | ' |
Year 2 | 22,733 | ' |
Year 3 | 20,000 | ' |
Year 4 | 174,000 | ' |
Year 5 | 0 | ' |
Total | 236,733 | 241,960 |
Term Loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Year 1 | 20,000 | ' |
Year 2 | 20,000 | ' |
Year 3 | 20,000 | ' |
Year 4 | 20,000 | ' |
Year 5 | 0 | ' |
Total | 80,000 | 85,000 |
Yen denominated line of credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Year 2 | 2,733 | ' |
Year 5 | 0 | ' |
Total | 2,733 | 2,960 |
Line of credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Year 4 | 154,000 | ' |
Year 5 | 0 | ' |
Total | $154,000 | $154,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective income tax rate | 25.50% | 25.10% | ' |
U.S. statutory rate | 35.00% | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | $3 | ' | $2.80 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Weighted average Shares issuable upon the exercises of stock options excluded from the dilutive share calculation | 877,000 | 304,000 |
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Earnings from continuing operations | $12,302 | $9,692 |
Earnings from discontinued operation | ' | 2 |
Net Earnings | $12,302 | $9,694 |
Weighted average shares | 61,508 | 62,379 |
Basic earnings per common share: | ' | ' |
Continuing Operations | $0.20 | $0.16 |
Discontinued operation | $0 | $0 |
Consolidated | $0.20 | $0.16 |
Dilutive effect of common stock equivalents | 1,281 | 1,568 |
Diluted weighted average common shares | 62,789 | 63,947 |
Diluted earnings per common share: | ' | ' |
Continuing Operations | $0.20 | $0.15 |
Discontinued operation | $0 | $0 |
Consolidated | $0.20 | $0.15 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reporting segments | 3 |
Financial_Information_of_Compa
Financial Information of Company's Operation by Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' |
Revenues | $185,833 | $150,020 | ' |
Operating income | 19,396 | 13,471 | ' |
Interest expense | -1,204 | -483 | ' |
Other income (expense), net | -1,682 | -53 | ' |
Income taxes | -4,208 | -3,243 | ' |
Earnings from Discontinued Operation, net of income tax | ' | 2 | ' |
Net earnings | 12,302 | 9,694 | ' |
Depreciation and amortization | 13,561 | 11,836 | ' |
Segment assets | 1,062,085 | ' | 1,071,926 |
Expenditures for property, plant and equipment | 21,530 | 6,573 | ' |
Investment | 11,857 | ' | 11,600 |
Goodwill | 196,023 | ' | 196,145 |
Eliminations | ' | ' | ' |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' |
Inter-segment revenues | -10,112 | -4,352 | ' |
II-VI Laser Solutions | Operating Segments | ' | ' | ' |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' |
Revenues | 72,824 | 55,864 | ' |
Inter-segment revenues | 5,064 | 464 | ' |
Operating income | 12,923 | 8,917 | ' |
Depreciation and amortization | 3,533 | 2,710 | ' |
Segment assets | 326,214 | ' | ' |
Expenditures for property, plant and equipment | 16,066 | 2,036 | ' |
Goodwill | 43,919 | ' | 44,041 |
II-VI Photonics | Operating Segments | ' | ' | ' |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' |
Revenues | 63,613 | 42,017 | ' |
Inter-segment revenues | 2,820 | 708 | ' |
Operating income | 2,072 | 771 | ' |
Depreciation and amortization | 5,522 | 4,580 | ' |
Segment assets | 452,056 | ' | ' |
Expenditures for property, plant and equipment | 2,893 | 2,511 | ' |
Goodwill | 99,214 | ' | 99,214 |
II- VI Performance Products | Operating Segments | ' | ' | ' |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' |
Revenues | 49,396 | 52,139 | ' |
Inter-segment revenues | 2,228 | 3,180 | ' |
Operating income | 4,401 | 3,783 | ' |
Depreciation and amortization | 4,506 | 4,546 | ' |
Segment assets | 283,815 | ' | ' |
Expenditures for property, plant and equipment | 2,571 | 2,026 | ' |
Investment | 11,857 | ' | ' |
Goodwill | $52,890 | ' | $52,890 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Percentage of share based compensation expense allocated to cost of sales | 20.00% | ' |
Percentage of share based compensation expense allocated to selling, general and administrative expense | 80.00% | ' |
Performance Stock and Performance Stock Unit | Minimum | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Performance share grant, period | '24 months | ' |
Performance Stock and Performance Stock Unit | Maximum | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Performance share grant, period | '48 months | ' |
Stock Options and Cash-Based Stock Appreciation Rights | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Weighted-average fair values of stock options granted under the stock option Plan | $6.14 | $9.16 |
Share based compensation, estimated forfeiture percentage | 16.00% | ' |
Restricted Share Awards and Cash-Based Restricted Share Unit Awards | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share based compensation, estimated forfeiture percentage | 7.50% | ' |
Share based compensation, vesting period years | '3 years | ' |
ShareBased_Compensation_Expens
Share-Based Compensation Expense by Award Type (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Share based compensation expense | $3,625 | $4,436 |
Stock Options and Cash-Based Stock Appreciation Rights | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Share based compensation expense | 2,119 | 1,960 |
Restricted Share Awards and Cash-Based Restricted Share Unit Awards | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Share based compensation expense | 1,096 | 1,514 |
Performance Share Awards and Cash-Based Performance Share Unit Awards | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Share based compensation expense | $410 | $962 |
Fair_Value_Assumptions_for_Sto
Fair Value Assumptions for Stock Option and Stock Appreciation Rights (Detail) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Risk-free interest rate | 1.61% | 1.79% |
Expected volatility | 47.00% | 49.00% |
Expected life of options | '5 years 6 months 26 days | '5 years 10 months 29 days |
Dividend yield | 0.00% | 0.00% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Other income (expense), net | ($1,682) | ($53) |
Foreign Currency Gain | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Other income (expense), net | $600 | ' |
Summary_by_Level_of_Fair_Value
Summary by Level of Fair Value of Financial Instruments Measured on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Liabilities: | ' | ' |
Foreign currency forward contracts | $600 | $54 |
Fair Value, Inputs, Level 2 | ' | ' |
Liabilities: | ' | ' |
Foreign currency forward contracts | $600 | $54 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (Foreign Exchange Forward) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Minimum | Maximum |
JPY (¥) | JPY (¥) | |||
Derivative [Line Items] | ' | ' | ' | ' |
Foreign currency forward exchange contracts, notional amount | $10.90 | $7.40 | ¥ 250 | ¥ 400 |
Change_in_Carrying_Value_of_Co
Change in Carrying Value of Company's Warranty Reserve (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Guarantees [Abstract] | ' |
Balance-beginning of period | $2,859 |
Payments made during the period | -717 |
Additional warranty liability recorded during the period | 864 |
Balance-end of period | $3,006 |
PostRetirement_Benefits_Additi
Post-Retirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contributions to the Compensation Plan by the employer | $0.60 |
Contributions to the Compensation Plan by the employer in remainder of fiscal year 2015 | 1.8 |
Unfunded Pension Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Pension liability | $7.10 |
Schedule_of_Net_Periodic_Pensi
Schedule of Net Periodic Pension Costs (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | ' |
Service cost | $680 |
Interest cost | 181 |
Expected return on plan assets | -270 |
Net amortization | -361 |
Net periodic pension costs | $230 |
Share_Repurchase_Program_Detai
Share Repurchase Program (Detail) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Aug. 31, 2014 | |
Equity [Abstract] | ' | ' |
Stock repurchase program, authorized amount | ' | $50,000,000 |
Treasury stock, shares | 481,195 | ' |
Purchase of Treasury Stock | $6,291,000 | ' |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (AOCI) (Loss) by Component, Net of Tax (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' |
AOCI, net of tax - June 30, 2014 | $19,406 |
Losses recognized in AOCI | -2,675 |
Pension gain reclassified from AOCI, net of tax of $57 | -304 |
Change in AOCI (loss), net of tax | -2,979 |
AOCI, net of tax - September 30, 2014 | 16,427 |
Foreign Currency Translation Adjustment | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' |
AOCI, net of tax - June 30, 2014 | 17,963 |
Losses recognized in AOCI | -2,675 |
Change in AOCI (loss), net of tax | -2,675 |
AOCI, net of tax - September 30, 2014 | 15,288 |
Pension and Other Post-Retirement Benefits Liability Adjustment, Net of Tax | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' |
AOCI, net of tax - June 30, 2014 | 1,443 |
Pension gain reclassified from AOCI, net of tax of $57 | -304 |
Change in AOCI (loss), net of tax | -304 |
AOCI, net of tax - September 30, 2014 | $1,139 |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (AOCI) (Loss) by Component, Net of Tax (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Equity [Abstract] | ' |
Pension adjustment tax | $57 |