Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 20, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | RESMED INC | |
Entity Central Index Key | 943819 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 140,921,686 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $866,325 | $905,730 |
Accounts receivable, net of allowance for doubtful accounts of $12,100 and $10,971 at March 31, 2015 and June 30, 2014, respectively | 345,485 | 359,593 |
Inventories (note 3) | 225,191 | 165,418 |
Deferred income taxes | 31,846 | 31,908 |
Income taxes receivable | 8,879 | 14,853 |
Prepaid expenses and other current assets | 75,044 | 78,707 |
Total current assets | 1,552,770 | 1,556,209 |
Non-current assets: | ||
Property, plant and equipment, net (note 4) | 384,160 | 434,277 |
Goodwill and other intangible assets, net (note 6) | 302,339 | 334,510 |
Deferred income taxes | 9,945 | 18,755 |
Other assets | 28,815 | 17,211 |
Total non-current assets | 725,259 | 804,753 |
Total assets | 2,278,029 | 2,360,962 |
Current liabilities: | ||
Accounts payable | 70,900 | 85,405 |
Accrued expenses | 131,770 | 130,656 |
Deferred revenue | 37,295 | 42,370 |
Income taxes payable | 15,800 | 10,392 |
Deferred income taxes | 639 | 717 |
Current portion of long-term debt (note 7) | 18 | |
Total current liabilities | 256,404 | 269,558 |
Non-current liabilities: | ||
Deferred income taxes | 8,831 | 10,716 |
Deferred revenue | 14,184 | 16,352 |
Long-term debt (note 7) | 460,581 | 300,770 |
Income taxes payable | 1,754 | 5,318 |
Total non-current liabilities | 485,350 | 333,156 |
Total liabilities | 741,754 | 602,714 |
Commitments and contingencies (note 12) | ||
Stockholders' equity: (note 10) | ||
Preferred stock, $0.01 par value, 2,000,000 shares authorized; none issued | ||
Common stock, $0.004 par value, 350,000,000 shares authorized; 179,100,524 issued and 140,855,560 outstanding at March 31, 2015 and 176,747,039 issued and 140,304,544 outstanding at June 30, 2014 | 563 | 561 |
Additional paid-in capital | 1,195,880 | 1,117,644 |
Retained earnings | 1,927,958 | 1,780,396 |
Treasury stock, at cost, 38,244,964 shares at March 31, 2015, and 36,442,495 shares at June 30, 2014 | -1,388,623 | -1,291,910 |
Accumulated other comprehensive (loss) income | -199,503 | 151,557 |
Total stockholders' equity | 1,536,275 | 1,758,248 |
Total liabilities and stockholders' equity | $2,278,029 | $2,360,962 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $12,100 | $10,971 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 179,100,524 | 176,747,039 |
Common stock, shares outstanding | 140,855,560 | 140,304,544 |
Treasury stock, shares held | 38,244,964 | 36,442,495 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidated Statements Of Income [Abstract] | ||||
Net revenue | $422,497 | $397,758 | $1,225,848 | $1,139,762 |
Cost of sales | 171,066 | 145,970 | 473,882 | 411,234 |
Gross profit | 251,431 | 251,788 | 751,966 | 728,528 |
Operating expenses: | ||||
Selling, general and administrative | 116,336 | 115,101 | 349,377 | 328,172 |
Research and development | 27,024 | 29,530 | 86,342 | 86,430 |
Amortization of acquired intangible assets | 2,203 | 2,459 | 6,558 | 7,325 |
Total operating expenses | 145,563 | 147,090 | 442,277 | 421,927 |
Income from operations | 105,868 | 104,698 | 309,689 | 306,601 |
Other income, net: | ||||
Interest income, net | 4,761 | 6,015 | 15,765 | 19,182 |
Other, net | 3,729 | 2,199 | 6,346 | -1,340 |
Total other income, net | 8,490 | 8,214 | 22,111 | 17,842 |
Income before income taxes | 114,358 | 112,912 | 331,800 | 324,443 |
Income taxes | 23,375 | 22,943 | 66,376 | 66,908 |
Net income | $90,983 | $89,969 | $265,424 | $257,535 |
Basic earnings per share | $0.65 | $0.64 | $1.89 | $1.82 |
Diluted earnings per share (note 2) | $0.64 | $0.63 | $1.86 | $1.78 |
Dividend declared per share | $0.28 | $0.25 | $0.84 | $0.75 |
Basic shares outstanding (000's) | 140,792 | 140,959 | 140,341 | 141,774 |
Diluted shares outstanding (000's) | 142,813 | 143,375 | 142,614 | 144,758 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income | $90,983 | $89,969 | $265,424 | $257,535 |
Other comprehensive income: | ||||
Foreign currency translation (loss) gain adjustments | -118,003 | 50,612 | -351,060 | 37,447 |
Comprehensive (loss) income | ($27,020) | $140,581 | ($85,636) | $294,982 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $265,424 | $257,535 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 55,310 | 53,631 |
Gain on divestment of business | -709 | |
Stock-based compensation costs | 34,802 | 32,679 |
Foreign currency revaluation | -1,252 | -3,305 |
Excess tax benefit from stock-based compensation arrangements | -20,738 | -11,388 |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | -14,814 | -12,873 |
Inventories, net | -80,793 | -15,735 |
Prepaid expenses, net deferred income taxes and other current assets | -3,487 | -4,020 |
Accounts payable, accrued expenses and other liabilities | 49,736 | -20,839 |
Net cash provided by operating activities | 283,479 | 275,685 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | -50,266 | -54,210 |
Patent registration costs | -7,109 | -5,691 |
Business acquisitions, net of cash acquired | -26,956 | -3,172 |
Investments in cost-method investments | -10,500 | -5,275 |
Proceeds from divestiture of business | 468 | |
Purchases of foreign currency contracts | -1,337 | |
Payments on maturity of foreign currency contracts | -25,232 | -2,466 |
Net cash used in investing activities | -119,595 | -72,151 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net | 23,176 | 15,624 |
Excess tax benefit from stock-based compensation arrangements | 20,738 | 11,388 |
Purchases of treasury stock | -103,295 | -169,398 |
Payment of business combination contingent consideration | -458 | -1,117 |
Proceeds from borrowings, net of borrowing costs | 160,000 | 507,838 |
Repayment of borrowings | -1,527 | -415,029 |
Dividend paid | -117,862 | -106,387 |
Net cash used in financing activities | -19,228 | -157,081 |
Effect of exchange rate changes on cash | -184,061 | 16,062 |
Net (decrease)/ increase in cash and cash equivalents | -39,405 | 62,515 |
Cash and cash equivalents at beginning of period | 905,730 | 876,048 |
Cash and cash equivalents at end of period | 866,325 | 938,563 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid, net of refunds | 33,831 | 76,127 |
Interest paid | 4,253 | 4,680 |
Fair value of assets acquired, excluding cash | 19,077 | 2,257 |
Liabilities assumed | -8,385 | -829 |
Goodwill on acquisition | 19,122 | 3,227 |
Deferred payments | -1,641 | -1,483 |
Fair value of contingent consideration | -1,217 | |
Total purchase price, excluding contingent consideration | $26,956 | $3,172 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | (1) Summary of Significant Accounting Policies |
Organization and Basis of Presentation | |
ResMed Inc. (referred to herein as “we”, “us”, “our” or the “Company”) is a Delaware corporation formed in March 1994 as a holding company for the ResMed Group. Through our subsidiaries, we design, manufacture and market equipment for the diagnosis and treatment of sleep-disordered breathing and other respiratory disorders, including obstructive sleep apnea. Our manufacturing operations are located in Australia, Singapore, France, Germany, Malaysia and the United States. Major distribution and sales sites are located in the United States, Germany, France, the United Kingdom, Switzerland, Australia, Japan, Norway and Sweden. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to present fairly the results of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending June 30, 2015. | |
The condensed consolidated financial statements for the three and nine months ended March 31, 2015 and 2014 are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended June 30, 2014. | |
New Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company beginning in the first quarter of fiscal year 2018. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share | (2) Earnings Per Share | |||||||||
Basic earnings per share is computed by dividing the net income available to common stockholders by the weighted average number of shares of common stock outstanding. For purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of shares of common stock outstanding and the number of dilutive common stock equivalents such as stock options and restricted stock units. | ||||||||||
Stock options and restricted stock units of Nil and 381,837, for the three months ended March 31, 2015 and 2014, respectively, and stock options and restricted stock units of 125,255 and 254,958 for the nine months ended March 31, 2015 and 2014, respectively, were not included in the computation of diluted earnings per share as the effect of exercising these options would have been anti-dilutive. | ||||||||||
Basic and diluted earnings per share for the three and nine months ended March 31, 2015 and 2014 are calculated as follows (in thousands except per share data): | ||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Numerator: | ||||||||||
Net Income, used in calculating diluted earnings per share | $ | 90,983 | $ | 89,969 | $ | 265,424 | $ | 257,535 | ||
Denominator: | ||||||||||
Basic weighted-average common shares outstanding | 140,792 | 140,959 | 140,341 | 141,774 | ||||||
Effect of dilutive securities: | ||||||||||
Stock options and restricted stock units | 2,021 | 2,416 | 2,273 | 2,984 | ||||||
Diluted weighted average shares | 142,813 | 143,375 | 142,614 | 144,758 | ||||||
Basic earnings per share | $ | 0.65 | $ | 0.64 | $ | 1.89 | $ | 1.82 | ||
Diluted earnings per share | $ | 0.64 | $ | 0.63 | $ | 1.86 | $ | 1.78 | ||
Inventories
Inventories | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Inventories [Abstract] | ||||||
Inventories | (3) Inventories | |||||
Inventories were comprised of the following at March 31, 2015 and June 30, 2014 (in thousands): | ||||||
31-Mar-15 | 30-Jun-14 | |||||
Raw materials | $ | 81,970 | $ | 53,680 | ||
Work in progress | 5,898 | 3,358 | ||||
Finished goods | 137,323 | 108,380 | ||||
Total inventories | $ | 225,191 | $ | 165,418 | ||
Property_Plant_And_Equipment
Property, Plant And Equipment | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Property, Plant And Equipment [Abstract] | ||||||
Property, Plant And Equipment | (4) Property, Plant and Equipment | |||||
Property, plant and equipment were comprised of the following as of March 31, 2015 and June 30, 2014 (in thousands): | ||||||
31-Mar-15 | 30-Jun-14 | |||||
Machinery and equipment | $ | 191,168 | $ | 200,929 | ||
Computer equipment | 121,966 | 133,157 | ||||
Furniture and fixtures | 39,154 | 42,631 | ||||
Vehicles | 5,116 | 4,757 | ||||
Clinical, demonstration and rental equipment | 81,006 | 101,453 | ||||
Leasehold improvements | 30,768 | 30,361 | ||||
Land | 54,481 | 62,468 | ||||
Buildings | 233,510 | 266,771 | ||||
757,169 | 842,527 | |||||
Accumulated depreciation and amortization | -373,009 | -408,250 | ||||
Property, plant and equipment, net | $ | 384,160 | $ | 434,277 | ||
CostMethod_Investments
Cost-Method Investments | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Cost-Method Investments [Abstract] | ||||||
Cost-Method Investments | ||||||
(5) Cost-Method Investments | ||||||
The aggregate carrying amount of our cost-method investments at March 31, 2015 and June 30, 2014, was $25.4 million and $14.9 million, respectively, and is included in the non-current balance of other assets on the condensed consolidated balance sheets. | ||||||
We periodically evaluate the carrying value of our cost-method investments, when events and circumstances indicate that the carrying amount of an asset may not be recovered. We estimate the fair value of our cost-method investments to assess whether impairment losses shall be recorded using Level 3 inputs. These investments include our holdings in privately held service and research companies that are not exchange traded and therefore not supported with observable market prices. However, these investments are valued by reference to their net asset values that can be market supported and unobservable inputs including future cash flows. During the nine months ended March 31, 2015 and 2014, we did not recognize any impairment losses related to our cost-method investments. We have determined that the fair value of our investments exceed their carrying values. | ||||||
The following table shows a reconciliation of the changes in our cost-method investments during the nine months ended March 31, 2015 and 2014 (in thousands): | ||||||
Nine Months Ended March 31, | ||||||
2015 | 2014 | |||||
Balance at the beginning of the period | $ | 14,850 | $ | 4,000 | ||
Investments | 10,500 | 5,275 | ||||
Balance at the end of the period | $ | 25,350 | $ | 9,275 | ||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets, Net | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Goodwill And Other Intangible Assets, Net [Abstract] | ||||||
Goodwill And Other Intangible Assets, Net | (6) Goodwill and Other Intangible Assets, net | |||||
Goodwill | ||||||
Changes in the carrying amount of goodwill for the nine months ended March 31, 2015, and 2014 were as follows (in thousands): | ||||||
Nine Months Ended March 31, | ||||||
2015 | 2014 | |||||
Balance at the beginning of the period | $ | 289,312 | $ | 274,829 | ||
Business acquisition | 19,122 | 3,227 | ||||
Foreign currency translation adjustments | -52,854 | 12,729 | ||||
Balance at the end of the period | $ | 255,580 | $ | 290,785 | ||
Other Intangible Assets | ||||||
Other intangible assets were comprised of the following as of March 31, 2015, and June 30, 2014 (in thousands): | ||||||
31-Mar-15 | June 30, 2014 | |||||
Developed/core product technology | $ | 64,720 | $ | 76,015 | ||
Accumulated amortization | -47,405 | -54,073 | ||||
Developed/core product technology, net | 17,315 | 21,942 | ||||
Trade names | 2,457 | 2,784 | ||||
Accumulated amortization | -2,193 | -2,697 | ||||
Trade names, net | 264 | 87 | ||||
Non-compete agreements | 1,725 | 2,135 | ||||
Accumulated amortization | -1,619 | -1,768 | ||||
Non compete agreements, net | 106 | 367 | ||||
Customer relationships | 29,837 | 24,593 | ||||
Accumulated amortization | -18,164 | -20,877 | ||||
Customer relationships, net | 11,673 | 3,716 | ||||
Patents | 63,321 | 70,734 | ||||
Accumulated amortization | -45,920 | -51,648 | ||||
Patents, net | 17,401 | 19,086 | ||||
Total other intangibles, net | $ | 46,759 | $ | 45,198 | ||
Intangible assets consist of patents, customer relationships, trade names, non-compete agreements and developed/core product technology. We amortize intangible assets over the estimated useful life of the assets, generally between two and nine years. There are no expected residual values related to these intangible assets. | ||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Long-Term Debt [Abstract] | ||||||
Long-Term Debt | (7) Long-Term Debt | |||||
Long-term debt at March 31, 2015 and June 30, 2014 consisted of the following (in thousands): | ||||||
31-Mar-15 | June 30, 2014 | |||||
Current long-term debt | $ | - | $ | 18 | ||
Non-current long-term debt | 460,581 | 300,770 | ||||
Total long-term debt | $ | 460,581 | $ | 300,788 | ||
Credit Facility | ||||||
On October 31, 2013, we entered into a credit agreement, as borrower, with lenders, including Union Bank, N.A., as administrative agent, joint lead arranger, swing line lender and letters of credit issuer, and HSBC Bank USA, National Association, as syndication agent and joint lead arranger. Our obligations under the credit agreement are guaranteed by ResMed Corp. and ResMed Motor Technologies Inc., two of our U.S. subsidiaries. | ||||||
The credit agreement provides a $700 million senior unsecured five-year revolving credit facility, with an uncommitted option to increase the credit facility by an additional $300 million. The credit facility also includes a $25 million sublimit for letters of credit. The credit facility terminates on October 31, 2018, when all unpaid principal and interest under the loans must be repaid. The outstanding principal amount due under the credit facility will bear interest at a rate equal to LIBOR plus 1.0% to 2.0% (depending on the then-applicable leverage ratio). At March 31, 2015, the interest rate that was being charged on the outstanding principal amount was 1.2%. An applicable commitment fee of 0.15% to 0.25% (depending on the then-applicable leverage ratio) applies on the unused portion of the credit facility. | ||||||
When we entered into the credit agreement, we used a portion of the proceeds from the initial funding of the credit facility to repay the outstanding balance under our previous revolving credit facility with Union Bank, N.A and other lenders. On that repayment, the previous credit agreement, dated as of February 10, 2011, between us and lenders (including Union Bank, N.A., as administrative agent, swing line lender and letter of credit issuer, HSBC Bank USA, National Association, as syndication agent and Union Bank, N.A., HSBC Bank USA, National Association, Commonwealth Bank of Australia and Wells Fargo Bank), was terminated and the commitments under the previous credit agreement were also terminated. | ||||||
Our obligations under the current credit agreement are unsecured but are guaranteed by two of our U.S. subsidiaries. The credit agreement contains customary covenants, including certain financial covenants and an obligation that we maintain certain financial ratios, including a maximum leverage ratio of funded debt to EBITDA (as defined in the credit agreement) and an interest coverage ratio. The entire principal amount of the credit facility and any accrued but unpaid interest may be declared immediately due and payable if an event of default occurs, as defined in the credit agreement. Events of default under the credit agreement include failure to make payments when due, the occurrence of a default in the performance of any covenants in the credit agreement or related documents, or certain changes of control of ResMed Inc., ResMed Corp., ResMed Motor Technologies Inc., ResMed Limited, ResMed Holdings Ltd/LLC or ResMed EAP Holdings LLC. | ||||||
At March 31, 2015, there was $460.0 million outstanding under the credit agreement. | ||||||
Product_Warranties
Product Warranties | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Product Warranties [Abstract] | ||||||
Product Warranties | (8) Product Warranties | |||||
Changes in the liability for warranty costs, which is included in accrued expenses in our condensed consolidated balance sheets, for the nine months ended March 31, 2015 and 2014 are as follows (in thousands): | ||||||
Nine Months Ended March 31, | ||||||
2015 | 2014 | |||||
Balance at the beginning of the period | $ | 11,798 | $ | 16,011 | ||
Warranty accruals for the period | 4,754 | 2,839 | ||||
Warranty costs incurred for the period | -4,821 | -5,458 | ||||
Foreign currency translation adjustments | -1,978 | 216 | ||||
Balance at the end of the period | $ | 9,753 | $ | 13,608 | ||
StockBased_Employee_Compensati
Stock-Based Employee Compensation | 9 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Stock-Based Employee Compensation [Abstract] | ||||||||||
Stock-Based Employee Compensation | (9) Stock-Based Employee Compensation | |||||||||
We measure the compensation expense of all stock-based awards at fair value on the grant date. We estimate the fair value of stock options and purchase rights granted under the employee stock purchase plan (the “ESPP”) using the Black-Scholes valuation model. The fair value of restricted stock units is equal to the market value of the underlying shares as determined at the grant date less the fair value of dividends that holders are not entitled to, during the vesting period. The fair value of performance restricted stock units which contain a market condition, are estimated using a Monte-Carlo simulation model. We recognize the fair value as compensation expense using the straight-line method over the service period for awards expected to vest. | ||||||||||
We estimate the fair value of stock options granted under our stock option plans and purchase rights granted under the ESPP using the following assumptions: | ||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Stock options: | ||||||||||
Weighted average grant date fair value | $ | - | $ | - | $ | 10.58 | $ | 10.9 | ||
Weighted average risk-free interest rate | - | - | 1.60% | 1.44% | ||||||
Expected option life in years | - | - | 4.9 | 4.9 | ||||||
Dividend yield | - | - | 2.15% | 2.06% | ||||||
Expected volatility | - | - | 27% | 30% | ||||||
ESPP purchase rights: | ||||||||||
Weighted average risk-free interest rate | 0.07% | 0.08% | 0.07% | 0.08% | ||||||
Expected option life in years | 6 months | 6 months | 6 months | 6 months | ||||||
Dividend yield | 2.17% | 1.96% | 2.00% - 2.17% | 1.44% - 1.96% | ||||||
Expected volatility | 22% | 28% | 22% - 24% | 24% - 28% | ||||||
During the nine months ended March 31, 2015 and 2014, we also granted performance restricted stock units (“PRSUs”), which contain a market condition, with the ultimate realizable number of PRSUs dependent on relative total stockholder return over a three-year period, up to a maximum amount to be issued under the award of 200% of the original grant. The weighted average fair value of PRSUs granted during the nine months ended March 31, 2015 and 2014 was estimated at $51.12 and $50.09 per PRSU, respectively, using a Monte-Carlo simulation valuation model. | ||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Stockholders' Equity [Abstract] | |||||||
Stockholders' Equity | (10) Stockholders’ Equity | ||||||
Common Stock. During the three months ended March 31, 2015 and 2014 we repurchased 0.3 million and 1.6 million shares at a cost of $20.3 million and $72.5 million, respectively. Since the inception of our share repurchase programs and through March 31, 2015, we have repurchased a total of 38.2 million shares at a cost of $1.4 billion. Shares that are repurchased are classified as treasury stock pending future use and reduce the number of shares outstanding used in calculating earnings per share. At March 31, 2015, 16.5 million additional shares can be repurchased under the approved share repurchase program. | |||||||
Preferred Stock. In April 1997, the board of directors designated 2,000,000 shares of our $0.01 par value preferred stock as Series A Junior Participating Preferred Stock. No shares were issued or outstanding at March 31, 2015 and June 30, 2014. | |||||||
Stock Options and Restricted Stock Units. We have granted stock options and restricted stock units to personnel, including officers and directors, in accordance with the ResMed Inc. 2009 Incentive Award Plan (the “2009 Plan”). These options and restricted stock units have expiration dates of seven years from the date of grant and vest over one to four years. We have granted the options with an exercise price equal to the market value as determined at the date of grant. | |||||||
The maximum number of shares of our common stock authorized for issuance under the 2009 Plan is 43.7 million shares. The number of securities remaining available for future issuance under the 2009 Plan at March 31, 2015 is 13.8 million. The number of shares of our common stock available for issuance under the 2009 Plan will be reduced by (i) 2.8 shares for each one share of common stock delivered in settlement of any “full-value award,” which is any award other than a stock option, stock appreciation right or other award for which the holder pays the intrinsic value and (ii) one share for each share of common stock delivered in settlement of all other awards. The maximum number of shares, that may be subject to awards granted under the 2009 Plan to any individual during any calendar year, may not exceed 3 million shares of our common stock (except in a participant’s initial year of hiring, when up to 4.5 million shares of our common stock may be granted). | |||||||
At March 31, 2015, there were $80.7 million in unrecognized compensation costs related to unvested stock-based compensation arrangements. This is expected to be recognized over a weighted average period of 2.3 years. The aggregate intrinsic value of the stock-based compensation arrangements outstanding and exercisable at March 31, 2015 was $305.0 million and $117.5 million, respectively. The aggregate intrinsic value of the options exercised during the nine months ended March 31, 2015 and 2014, was $64.0 million and $59.8 million, respectively. | |||||||
The following table summarizes option activity during the nine months ended March 31, 2015: | |||||||
Weighted Average Exercise Price | Weighted Average Remaining Contractual Term in Years | ||||||
Outstanding at beginning of period | 4,687,220 | $ | 24.45 | 2.6 | |||
Granted | 97,209 | 52.02 | |||||
Exercised | -1,613,270 | 17.73 | |||||
Forfeited | -21,562 | 34.48 | |||||
Outstanding at end of period | 3,149,597 | $ | 28.67 | 2.6 | |||
Exercise price of granted options | $ | 52.02 | |||||
Options exercisable at end of period | 2,556,592 | $ | 25.80 | ||||
The following table summarizes the activity of restricted stock units during the nine months ended March 31, 2015: | |||||||
Weighted Average Grant-Date Fair Value | Weighted Average Remaining Contractual Term in Years | ||||||
Outstanding at beginning of period | 2,448,331 | $ | 38.58 | 1.3 | |||
Granted | 818,136 | 50.17 | |||||
Vested | -858,921 | 36.05 | |||||
Forfeited | -50,463 | 38.13 | |||||
Outstanding at end of period | 2,357,083 | $ | 43.54 | 1.4 | |||
Employee Stock Purchase Plan (the “ESPP”). Under the ESPP, we offer participants the right to purchase shares of our common stock at a discount during successive offering periods. Each offering period under the ESPP will be for a period of time determined by the board of directors’ compensation committee of no less than 3 months and no more than 27 months. The purchase price for our common stock under the ESPP will be the lower of 85% of the fair market value of our common stock on the date of grant or 85% of the fair market value of our common stock on the date of purchase. An individual participant cannot subscribe for more than $25,000 in common stock during any calendar year. At March 31, 2015, the number of shares remaining available for future issuance under the ESPP is 1.6 million shares. | |||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Fair Value Measurements [Abstract] | ||||||||||
Fair Value Measurements | (11) Fair Value Measurements | |||||||||
In determining the fair value measurements of our financial assets and liabilities, we consider the principal and most advantageous market in which we transact and consider assumptions that market participants would use when pricing the financial asset or liability. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||
The hierarchies of inputs are as follows: | ||||||||||
· | Level 1:Input prices quoted in an active market for identical financial assets or liabilities; | |||||||||
· | Level 2:Inputs other than prices quoted in Level 1, such as prices quoted for similar financial assets and liabilities in active markets, prices for identical assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data; and | |||||||||
· | Level 3:Input prices quoted that are significant to the fair value of the financial assets or liabilities which are not observable nor supported by an active market. | |||||||||
The following table summarizes our financial assets and liabilities, as at March 31, 2015 and June 30, 2014, using the valuation input hierarchy (in thousands): | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||
Balances at March 31, 2015 | ||||||||||
Foreign currency hedging instruments, net | $ | - | $ | -2,893 | $ | - | $ | -2,893 | ||
Business acquisition contingent consideration | $ | - | $ | - | $ | -1,074 | $ | -1,074 | ||
Balances at June 30, 2014 | ||||||||||
Foreign currency hedging instruments, net | $ | - | $ | -2,270 | $ | - | $ | -2,270 | ||
Business acquisition contingent consideration | $ | - | $ | - | $ | -480 | $ | -480 | ||
We determine the fair value of our financial assets and liabilities as follows: | ||||||||||
Foreign currency hedging instruments – These financial instruments are valued using third-party valuation models based on market observable inputs, including interest rate curves, on-market spot currency prices, volatilities and credit risk. | ||||||||||
Contingent consideration – These liabilities include the fair value estimates of additional future payments that may be required for some of our previous business acquisitions based on the achievement of certain performance milestones. Each potential future payment is valued using the estimated probability of achieving each milestone, which is then discounted to present value. | ||||||||||
The following is a reconciliation of changes in the fair value of contingent consideration for the nine months ended March 31, 2015 and 2014 (in thousands): | ||||||||||
Nine Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Balance at the beginning of the period | $ | -480 | $ | -7,779 | ||||||
Acquisition date fair value of contingent consideration | -1,217 | - | ||||||||
Changes in fair value included in operating income | 132 | 5,210 | ||||||||
Payments | 458 | 1,117 | ||||||||
Foreign currency translation adjustments | 33 | -105 | ||||||||
Balance at the end of the period | $ | -1,074 | $ | -1,557 | ||||||
We did not have any significant non-financial assets or liabilities measured at fair value on March 31, 2015 or June 30, 2014. | ||||||||||
Legal_Actions_And_Contingencie
Legal Actions And Contingencies | 9 Months Ended |
Mar. 31, 2015 | |
Legal Actions And Contingencies [Abstract] | |
Legal Actions And Contingencies | (12) Legal Actions and Contingencies |
Litigation | |
In the normal course of business, we are subject to routine litigation incidental to our business. While the results of this litigation cannot be predicted with certainty, we believe that their final outcome will not, individually or in aggregate, have a material adverse effect on our consolidated financial statements taken as a whole. | |
Obligations Under Recourse Provisions | |
We use independent leasing companies to provide financing to certain customers for the purchase of our products. In some cases, we are liable in the event of a customer default, to the leasing companies, within certain limits, for unpaid installment receivables transferred to the leasing companies. The gross amount of receivables sold with recourse during the nine months ended March 31, 2015 and 2014, amounted to $20.1 million and $4.7 million, respectively. We have recognized a receivable and a liability under these arrangements at March 31, 2015 of $7.4 million. We have recognized a provision in relation to these receivables at March 31, 2015 and June 30, 2014, of $0.9 million and $0.5 million, respectively. | |
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Derivative Instruments And Hedging Activities [Abstract] | ||||||||
Derivative Instruments And Hedging Activities | (13) Derivative Instruments and Hedging Activities | |||||||
We transact business in various foreign currencies, including a number of major European currencies as well as the Australian and Singapore dollars. We have significant foreign currency exposure through both our Australian and Singaporean manufacturing activities, and international sales operations. We have established a foreign currency hedging program using purchased currency options and forward contracts to hedge foreign-currency-denominated financial assets, liabilities and manufacturing cash flows. The terms of such foreign currency hedging contracts generally do not exceed three years. The goal of this hedging program is to economically manage the financial impact of foreign currency exposures denominated mainly in Euros, Australian and Singapore dollars. Under this program, increases or decreases in our foreign currency denominated financial assets, liabilities, and firm commitments are partially offset by gains and losses on the hedging instruments. | ||||||||
We do not designate these foreign currency contracts as hedges. We have determined our hedge program to be a non-effective hedge as defined under the FASB issued authoritative guidance. All movements in the fair value of the foreign currency instruments are recorded within other income, net in our condensed consolidated statements of income. We do not enter into financial instruments for trading or speculative purposes. | ||||||||
We held foreign currency instruments with notional amounts totaling $380.5 million and $473.7 million at March 31, 2015 and June 30, 2014, respectively, to hedge foreign currency fluctuations. These contracts mature at various dates prior to March 31, 2018. | ||||||||
The following table summarizes the amount and location of our derivative financial instruments as of March 31, 2015 and June 30, 2014 (in thousands): | ||||||||
31-Mar-15 | 30-Jun-14 | Balance Sheet Caption | ||||||
Foreign currency hedging instruments | $ | 1,316 | $ | 456 | Other assets - current | |||
Foreign currency hedging instruments | 1,916 | 489 | Other assets - non current | |||||
Foreign currency hedging instruments | -6,125 | -3,215 | Accrued expenses | |||||
$ | -2,893 | $ | -2,270 | |||||
The following table summarizes the amount and location of gains (losses) associated with our derivative financial instruments for the nine months ended March 31, 2015 and March 31, 2014, respectively (in thousands): | ||||||||
Gain /(Loss) Recognized | Income Statement Caption | |||||||
Nine Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Foreign currency hedging instruments | $ | -26,654 | $ | -2,085 | Other, net | |||
Other foreign-currency-denominated transactions | 32,099 | 470 | Other, net | |||||
$ | 5,445 | $ | -1,615 | |||||
We are exposed to credit-related losses in the event of non-performance by counter parties to financial instruments. We minimize counterparty credit risk by entering into derivative transactions with major financial institutions and we do not expect material losses as a result of default by our counterparties. | ||||||||
Business_Combinations
Business Combinations | 9 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | (14) Business Combinations |
During the nine months ended March 31, 2015 we acquired four distributors of equipment and services for the treatment of sleep-disordered breathing and respiratory disorders, based in Australia and New Zealand, including ResSleep International Pty Ltd, which was a related party. On January 8, 2015 we acquired Jaysec Technologies LLC, “Jaysec”, a provider of internet-based software solutions for the home medical equipment (HME) industry. Jaysec's products help HME providers resupply their patients and communicate with referring medical providers. These acquisitions have been accounted for as business combinations using purchase accounting and are included in our consolidated financial statements from their respective acquisition dates. The acquisitions are not considered material business combinations and accordingly pro forma information is not provided. The acquisitions were funded through cash on-hand and we have not incurred any material acquisition related costs. | |
We have completed the preliminary purchase price allocation for the above acquisitions. The cost of the acquisitions has been allocated to the assets acquired and liabilities assumed based on estimates of their fair values at the date of acquisition. As part of the preliminary purchase price allocation, we recognized an intangible asset relating to customer relationships of $12.0 million, with an estimated useful life of 5 years, developed technology of $3.5 million, with an estimated useful life of 5 years, and goodwill of $19.1 million. The goodwill recognized as part of these acquisitions, of which $13.0 million is not deductible for tax purposes, mainly represents the synergies that are unique to our combined businesses and the potential for new products and services to be developed in the future. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Mar. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Organization And Basis Of Presentation | Organization and Basis of Presentation |
ResMed Inc. (referred to herein as “we”, “us”, “our” or the “Company”) is a Delaware corporation formed in March 1994 as a holding company for the ResMed Group. Through our subsidiaries, we design, manufacture and market equipment for the diagnosis and treatment of sleep-disordered breathing and other respiratory disorders, including obstructive sleep apnea. Our manufacturing operations are located in Australia, Singapore, France, Germany, Malaysia and the United States. Major distribution and sales sites are located in the United States, Germany, France, the United Kingdom, Switzerland, Australia, Japan, Norway and Sweden. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to present fairly the results of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending June 30, 2015. | |
The condensed consolidated financial statements for the three and nine months ended March 31, 2015 and 2014 are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended June 30, 2014. | |
New Accounting Pronouncements | New Accounting Pronouncements |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company beginning in the first quarter of fiscal year 2018. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Schedule Of Basic And Diluted Earnings Per Share | ||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Numerator: | ||||||||||
Net Income, used in calculating diluted earnings per share | $ | 90,983 | $ | 89,969 | $ | 265,424 | $ | 257,535 | ||
Denominator: | ||||||||||
Basic weighted-average common shares outstanding | 140,792 | 140,959 | 140,341 | 141,774 | ||||||
Effect of dilutive securities: | ||||||||||
Stock options and restricted stock units | 2,021 | 2,416 | 2,273 | 2,984 | ||||||
Diluted weighted average shares | 142,813 | 143,375 | 142,614 | 144,758 | ||||||
Basic earnings per share | $ | 0.65 | $ | 0.64 | $ | 1.89 | $ | 1.82 | ||
Diluted earnings per share | $ | 0.64 | $ | 0.63 | $ | 1.86 | $ | 1.78 | ||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Inventories [Abstract] | ||||||
Schedule Of Inventories | ||||||
31-Mar-15 | 30-Jun-14 | |||||
Raw materials | $ | 81,970 | $ | 53,680 | ||
Work in progress | 5,898 | 3,358 | ||||
Finished goods | 137,323 | 108,380 | ||||
Total inventories | $ | 225,191 | $ | 165,418 | ||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Property, Plant And Equipment [Abstract] | ||||||
Components Of Property, Plant And Equipment | ||||||
31-Mar-15 | 30-Jun-14 | |||||
Machinery and equipment | $ | 191,168 | $ | 200,929 | ||
Computer equipment | 121,966 | 133,157 | ||||
Furniture and fixtures | 39,154 | 42,631 | ||||
Vehicles | 5,116 | 4,757 | ||||
Clinical, demonstration and rental equipment | 81,006 | 101,453 | ||||
Leasehold improvements | 30,768 | 30,361 | ||||
Land | 54,481 | 62,468 | ||||
Buildings | 233,510 | 266,771 | ||||
757,169 | 842,527 | |||||
Accumulated depreciation and amortization | -373,009 | -408,250 | ||||
Property, plant and equipment, net | $ | 384,160 | $ | 434,277 | ||
CostMethod_Investments_Tables
Cost-Method Investments (Tables) | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Cost-Method Investments [Abstract] | ||||||
Schedule Of Reconciliation Of Changes In Cost-Method Investments | ||||||
Nine Months Ended March 31, | ||||||
2015 | 2014 | |||||
Balance at the beginning of the period | $ | 14,850 | $ | 4,000 | ||
Investments | 10,500 | 5,275 | ||||
Balance at the end of the period | $ | 25,350 | $ | 9,275 | ||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets, Net (Tables) | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Goodwill And Other Intangible Assets, Net [Abstract] | ||||||
Schedule Of Changes In Carrying Amount Of Goodwill | ||||||
Nine Months Ended March 31, | ||||||
2015 | 2014 | |||||
Balance at the beginning of the period | $ | 289,312 | $ | 274,829 | ||
Business acquisition | 19,122 | 3,227 | ||||
Foreign currency translation adjustments | -52,854 | 12,729 | ||||
Balance at the end of the period | $ | 255,580 | $ | 290,785 | ||
Schedule Of Other Intangible Assets | ||||||
31-Mar-15 | June 30, 2014 | |||||
Developed/core product technology | $ | 64,720 | $ | 76,015 | ||
Accumulated amortization | -47,405 | -54,073 | ||||
Developed/core product technology, net | 17,315 | 21,942 | ||||
Trade names | 2,457 | 2,784 | ||||
Accumulated amortization | -2,193 | -2,697 | ||||
Trade names, net | 264 | 87 | ||||
Non-compete agreements | 1,725 | 2,135 | ||||
Accumulated amortization | -1,619 | -1,768 | ||||
Non compete agreements, net | 106 | 367 | ||||
Customer relationships | 29,837 | 24,593 | ||||
Accumulated amortization | -18,164 | -20,877 | ||||
Customer relationships, net | 11,673 | 3,716 | ||||
Patents | 63,321 | 70,734 | ||||
Accumulated amortization | -45,920 | -51,648 | ||||
Patents, net | 17,401 | 19,086 | ||||
Total other intangibles, net | $ | 46,759 | $ | 45,198 | ||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Long-Term Debt [Abstract] | ||||||
Schedule Of Long-Term Debt | ||||||
31-Mar-15 | June 30, 2014 | |||||
Current long-term debt | $ | - | $ | 18 | ||
Non-current long-term debt | 460,581 | 300,770 | ||||
Total long-term debt | $ | 460,581 | $ | 300,788 | ||
Product_Warranties_Tables
Product Warranties (Tables) | 9 Months Ended | |||||
Mar. 31, 2015 | ||||||
Product Warranties [Abstract] | ||||||
Schedule Of Changes In Liability For Warranty Costs | ||||||
Nine Months Ended March 31, | ||||||
2015 | 2014 | |||||
Balance at the beginning of the period | $ | 11,798 | $ | 16,011 | ||
Warranty accruals for the period | 4,754 | 2,839 | ||||
Warranty costs incurred for the period | -4,821 | -5,458 | ||||
Foreign currency translation adjustments | -1,978 | 216 | ||||
Balance at the end of the period | $ | 9,753 | $ | 13,608 | ||
StockBased_Employee_Compensati1
Stock-Based Employee Compensation (Tables) | 9 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Stock-Based Employee Compensation [Abstract] | ||||||||||
Schedule Of Assumptions For Fair Value Of Stock Option Plans And Purchase Rights Granted | ||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Stock options: | ||||||||||
Weighted average grant date fair value | $ | - | $ | - | $ | 10.58 | $ | 10.9 | ||
Weighted average risk-free interest rate | - | - | 1.60% | 1.44% | ||||||
Expected option life in years | - | - | 4.9 | 4.9 | ||||||
Dividend yield | - | - | 2.15% | 2.06% | ||||||
Expected volatility | - | - | 27% | 30% | ||||||
ESPP purchase rights: | ||||||||||
Weighted average risk-free interest rate | 0.07% | 0.08% | 0.07% | 0.08% | ||||||
Expected option life in years | 6 months | 6 months | 6 months | 6 months | ||||||
Dividend yield | 2.17% | 1.96% | 2.00% - 2.17% | 1.44% - 1.96% | ||||||
Expected volatility | 22% | 28% | 22% - 24% | 24% - 28% | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Stockholders' Equity [Abstract] | |||||||
Schedule Of Option Activity | |||||||
Weighted Average Exercise Price | Weighted Average Remaining Contractual Term in Years | ||||||
Outstanding at beginning of period | 4,687,220 | $ | 24.45 | 2.6 | |||
Granted | 97,209 | 52.02 | |||||
Exercised | -1,613,270 | 17.73 | |||||
Forfeited | -21,562 | 34.48 | |||||
Outstanding at end of period | 3,149,597 | $ | 28.67 | 2.6 | |||
Exercise price of granted options | $ | 52.02 | |||||
Options exercisable at end of period | 2,556,592 | $ | 25.80 | ||||
Schedule Of Activity Of Restricted Stock Units | |||||||
Weighted Average Grant-Date Fair Value | Weighted Average Remaining Contractual Term in Years | ||||||
Outstanding at beginning of period | 2,448,331 | $ | 38.58 | 1.3 | |||
Granted | 818,136 | 50.17 | |||||
Vested | -858,921 | 36.05 | |||||
Forfeited | -50,463 | 38.13 | |||||
Outstanding at end of period | 2,357,083 | $ | 43.54 | 1.4 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Fair Value Measurements [Abstract] | ||||||||||
Summary Of Financial Assets And Liabilities | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||
Balances at March 31, 2015 | ||||||||||
Foreign currency hedging instruments, net | $ | - | $ | -2,893 | $ | - | $ | -2,893 | ||
Business acquisition contingent consideration | $ | - | $ | - | $ | -1,074 | $ | -1,074 | ||
Balances at June 30, 2014 | ||||||||||
Foreign currency hedging instruments, net | $ | - | $ | -2,270 | $ | - | $ | -2,270 | ||
Business acquisition contingent consideration | $ | - | $ | - | $ | -480 | $ | -480 | ||
Reconciliation For Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||
Nine Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Balance at the beginning of the period | $ | -480 | $ | -7,779 | ||||||
Acquisition date fair value of contingent consideration | -1,217 | - | ||||||||
Changes in fair value included in operating income | 132 | 5,210 | ||||||||
Payments | 458 | 1,117 | ||||||||
Foreign currency translation adjustments | 33 | -105 | ||||||||
Balance at the end of the period | $ | -1,074 | $ | -1,557 | ||||||
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Derivative Instruments And Hedging Activities [Abstract] | ||||||||
Summary Of Amount And Location Of Derivative Financial Instruments | ||||||||
31-Mar-15 | 30-Jun-14 | Balance Sheet Caption | ||||||
Foreign currency hedging instruments | $ | 1,316 | $ | 456 | Other assets - current | |||
Foreign currency hedging instruments | 1,916 | 489 | Other assets - non current | |||||
Foreign currency hedging instruments | -6,125 | -3,215 | Accrued expenses | |||||
$ | -2,893 | $ | -2,270 | |||||
Summary Of Gains (Losses) Associated With Derivative Financial Instruments | ||||||||
Gain /(Loss) Recognized | Income Statement Caption | |||||||
Nine Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Foreign currency hedging instruments | $ | -26,654 | $ | -2,085 | Other, net | |||
Other foreign-currency-denominated transactions | 32,099 | 470 | Other, net | |||||
$ | 5,445 | $ | -1,615 | |||||
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Stock options not included in the computation of diluted earnings per share | 0 | 381,837 | 125,255 | 254,958 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||||
Net Income, used in calculating diluted earnings per share | $90,983 | $89,969 | $265,424 | $257,535 |
Basic weighted-average common shares outstanding | 140,792 | 140,959 | 140,341 | 141,774 |
Effect of dilutive securities, stock options and restricted stock units | 2,021 | 2,416 | 2,273 | 2,984 |
Diluted weighted average shares | 142,813 | 143,375 | 142,614 | 144,758 |
Basic earnings per share | $0.65 | $0.64 | $1.89 | $1.82 |
Diluted earnings per share | $0.64 | $0.63 | $1.86 | $1.78 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $81,970 | $53,680 |
Work in progress | 5,898 | 3,358 |
Finished goods | 137,323 | 108,380 |
Total inventories | $225,191 | $165,418 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $757,169 | $842,527 |
Accumulated depreciation and amortization | -373,009 | -408,250 |
Property, plant and equipment, net | 384,160 | 434,277 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 191,168 | 200,929 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 121,966 | 133,157 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 39,154 | 42,631 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,116 | 4,757 |
Clinical, Demonstration And Rental Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 81,006 | 101,453 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 30,768 | 30,361 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 54,481 | 62,468 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $233,510 | $266,771 |
CostMethod_Investments_Narrati
Cost-Method Investments (Narrative) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Cost-Method Investments [Abstract] | ||||
Aggregate carrying amount of cost-method investments | $25,350 | $14,850 | $9,275 | $4,000 |
CostMethod_Investments_Schedul
Cost-Method Investments (Schedule Of Reconciliation Of Changes In Cost-Method Investments) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cost-Method Investments [Abstract] | ||
Balance at the beginning of the period | $14,850 | $4,000 |
Investments | 10,500 | 5,275 |
Balance at the end of the period | $25,350 | $9,275 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets, Net (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill And Other Intangible Assets, Net [Abstract] | ||
Balance at the beginning of the period | $289,312 | $274,829 |
Business acquisition | 19,122 | 3,227 |
Foreign currency translation adjustments | -52,854 | 12,729 |
Balance at the end of the period | $255,580 | $290,785 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets, Net (Schedule Of Other Intangible Assets) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangibles, net | 46,759 | $45,198 |
Developed/Core Product Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 64,720 | 76,015 |
Accumulated amortization | -47,405 | -54,073 |
Total other intangibles, net | 17,315 | 21,942 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 2,457 | 2,784 |
Accumulated amortization | -2,193 | -2,697 |
Total other intangibles, net | 264 | 87 |
Non Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 1,725 | 2,135 |
Accumulated amortization | -1,619 | -1,768 |
Total other intangibles, net | 106 | 367 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 29,837 | 24,593 |
Accumulated amortization | -18,164 | -20,877 |
Total other intangibles, net | 11,673 | 3,716 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 63,321 | 70,734 |
Accumulated amortization | -45,920 | -51,648 |
Total other intangibles, net | 17,401 | $19,086 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 2 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, estimated useful life | 9 years |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Oct. 31, 2013 | |
Line of Credit Facility [Line Items] | ||
Amount outstanding under credit facility | $460,000,000 | |
Union Bank, N.A. and HSBC Bank USA [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility termination date | 31-Oct-18 | |
Interest rate on outstanding principal amount | 1.20% | |
Union Bank, N.A. and HSBC Bank USA [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 700,000,000 | |
Credit facility term, years | 5 years | |
Uncommitted option to increase credit facility | 300,000,000 | |
Union Bank, N.A. and HSBC Bank USA [Member] | Letters Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $25,000,000 | |
Minimum [Member] | Union Bank, N.A. and HSBC Bank USA [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fees percentage rate on unused portion of credit facility | 0.15% | |
Minimum [Member] | Union Bank, N.A. and HSBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate equal to reference rate plus | 1.00% | |
Maximum [Member] | Union Bank, N.A. and HSBC Bank USA [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fees percentage rate on unused portion of credit facility | 0.25% | |
Maximum [Member] | Union Bank, N.A. and HSBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate equal to reference rate plus | 2.00% |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Abstract] | ||
Current long-term debt | $18 | |
Non-current long-term debt | 460,581 | 300,770 |
Total long-term debt | $460,581 | $300,788 |
Product_Warranties_Details
Product Warranties (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Product Warranties [Abstract] | ||
Balance at the beginning of the period | $11,798 | $16,011 |
Warranty accruals for the period | 4,754 | 2,839 |
Warranty costs incurred for the period | -4,821 | -5,458 |
Foreign currency translation adjustments | -1,978 | 216 |
Balance at the end of the period | $9,753 | $13,608 |
StockBased_Employee_Compensati2
Stock-Based Employee Compensation (Narrative) (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock-Based Employee Compensation [Abstract] | ||
Shareholder return period | 3 years | |
Maximum amount of restricted stock units to be issued, percentage of the original grant | 200.00% | |
Fair value of equity instruments other than options granted | $51.12 | $50.09 |
StockBased_Employee_Compensati3
Stock-Based Employee Compensation (Schedule Of Assumptions For Fair Value Of Stock Option Plans And Purchase Rights Granted) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value | 10.58 | 10.9 | ||
Weighted average risk-free interest rate | 1.60% | 1.44% | ||
Expected option life in years | 4 years 10 months 24 days | 4 years 10 months 24 days | ||
Dividend yield | 2.15% | 2.06% | ||
Expected volatility | 27.00% | 30.00% | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average risk-free interest rate | 0.07% | 0.08% | 0.07% | 0.08% |
Expected option life in years | 6 months | 6 months | 6 months | 6 months |
Dividend yield | 2.17% | 1.96% | ||
Expected volatility | 22.00% | 28.00% | ||
Expected volatility, minimum | 22.00% | 24.00% | ||
Expected volatility, maximum | 24.00% | 28.00% | ||
Minimum [Member] | Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 2.00% | 1.44% | ||
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 2.17% | 1.96% |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Apr. 30, 1997 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares repurchased | 300,000 | 1,600,000 | ||||
Cost of common shares repurchased | $20,300,000 | $72,500,000 | ||||
Additional shares that can be repurchased under the approved share repurchase program | 16,500,000 | 16,500,000 | ||||
Number of shares repurchased pursuant to the repurchase program | 38,244,964 | 38,244,964 | 36,442,495 | |||
Cost of shares repurchased pursuant to the repurchase program | 1,388,623,000 | 1,388,623,000 | 1,291,910,000 | |||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | ||
Preferred stock at par value | $0.01 | $0.01 | $0.01 | $0.01 | ||
Preferred stock, shares issued | 0 | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||
Stock option and restricted stock units expiration period | 7 years | |||||
Common stock authorized for issuance | 43,700,000 | 43,700,000 | ||||
Number of securities remaining available for future issuance | 13,800,000 | 13,800,000 | ||||
Reduction in the number of shares of common stock available for issuance | 2.8 | 2.8 | ||||
Maximum number of shares subject to awards granted | 3,000,000 | 3,000,000 | ||||
Number of common stock shares granted in participant's initial year of hiring | 4,500,000 | 4,500,000 | ||||
Unrecognized compensation costs related to unvested stock-based compensation arrangements | 80,700,000 | 80,700,000 | ||||
Expected weighted average period of unrecognized compensation costs related to unvested stock-based compensation arrangements | 2 years 3 months 18 days | |||||
Aggregate intrinsic value of the stock-based compensation arrangements outstanding | 305,000,000 | 305,000,000 | ||||
Aggregate intrinsic value of the stock-based compensation arrangements exercisable | 117,500,000 | 117,500,000 | ||||
Aggregate intrinsic value of the options exercised | 64,000,000 | 59,800,000 | ||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of securities remaining available for future issuance | 1,600,000 | 1,600,000 | ||||
Percentage of purchase price of common stock lower than the fair market value of common stock on the date of grant | 85.00% | |||||
Percentage of purchase price of common stock lower than the fair market value of common stock on the date of purchase | 85.00% | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options and restricted stock units vesting period | 1 year | |||||
Minimum [Member] | Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee stock purchase program offering period | 3 months | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options and restricted stock units vesting period | 4 years | |||||
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee stock purchase program offering period | 27 months | |||||
Common stock shares subscribed | $25,000 | $25,000 |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Option Activity) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Stockholders' Equity [Abstract] | ||
Options, Outstanding at beginning of period | 4,687,220 | |
Options, Granted | 97,209 | |
Options, Exercised | -1,613,270 | |
Options, Forfeited | -21,562 | |
Options, Outstanding at end of period | 3,149,597 | 4,687,220 |
Options, Exercise price of granted options | $52.02 | |
Options exercisable at end of period | 2,556,592 | |
Weighted Average Exercise Price, Outstanding at beginning of period | $24.45 | |
Weighted Average Exercise Price, Granted | $52.02 | |
Weighted Average Exercise Price, Exercised | $17.73 | |
Weighted Average Exercise Price, Forfeited | $34.48 | |
Weighted Average Exercise Price, Outstanding at end of period | $28.67 | $24.45 |
Weighted Average Exercise Price, Options exercisable at end of period | $25.80 | |
Weighted Average Remaining Term to Vest in Years, Outstanding | 2 years 7 months 6 days | 2 years 7 months 6 days |
Stockholders_Equity_Schedule_O1
Stockholders' Equity (Schedule Of Activity Of Restricted Stock Units) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant-Date Fair Value, Granted | $51.12 | $50.09 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units, Outstanding at beginning of period | 2,448,331 | ||
Restricted Stock Units, Granted | 818,136 | ||
Restricted Stock Units, Vested | -858,921 | ||
Restricted Stock Units, Forfeited | -50,463 | ||
Restricted Stock Units, Outstanding at end of period | 2,357,083 | 2,448,331 | |
Weighted Average Grant-Date Fair Value, Outstanding at beginning of period | $38.58 | ||
Weighted Average Grant-Date Fair Value, Granted | $50.17 | ||
Weighted Average Grant-Date Fair Value, Vested | $36.05 | ||
Weighted Average Grant-Date Fair Value, Forfeited | $38.13 | ||
Weighted Average Grant-Date Fair Value, Outstanding at end of period | $43.54 | $38.58 | |
Weighted Average Remaining Contractual Term in Years, Outstanding | 1 year 4 months 24 days | 1 year 3 months 18 days |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities) (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency hedging instruments, net | ($2,893) | |
Foreign currency hedging instruments, net | -2,270 | |
Business acquisition contingent consideration | -1,074 | -480 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency hedging instruments, net | ||
Foreign currency hedging instruments, net | ||
Business acquisition contingent consideration | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency hedging instruments, net | -2,893 | |
Foreign currency hedging instruments, net | -2,270 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business acquisition contingent consideration | ($1,074) | ($480) |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation For Fair Value Measurements Using Significant Unobservable Inputs) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value Measurements [Abstract] | ||
Balance at the beginning of the period | ($480) | ($7,779) |
Acquisition date fair value of contingent consideration | -1,217 | |
Changes in fair value included in operating income | 132 | 5,210 |
Payments | 458 | 1,117 |
Foreign currency translation adjustments | 33 | -105 |
Balance at the end of the period | ($1,074) | ($1,557) |
Legal_Actions_And_Contingencie1
Legal Actions And Contingencies (Details) (Obligation to Repurchase Receivables Sold [Member], USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 |
Obligation to Repurchase Receivables Sold [Member] | |||
Loss Contingencies [Line Items] | |||
Receivables sold to leasing companies under debt factoring arrangements | $20.10 | $4.70 | |
Recourse liability recognized | 7.4 | ||
Provision | $0.90 | $0.50 |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 |
Derivative [Line Items] | ||
Notional amount of foreign currency hedging contracts held | 380.5 | $473.70 |
Foreign Currency Contracts [Member] | ||
Derivative [Line Items] | ||
Terms of foreign currency hedging contracts, maximum | 3 years |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Summary Of Amount And Location Of Derivative Financial Instruments) (Details) (Foreign Currency Contracts [Member], USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets (Liabilities) | ($2,893) | ($2,270) |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 1,316 | 456 |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 1,916 | 489 |
Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | ($6,125) | ($3,215) |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities (Summary Of Gains (Losses) Associated With Derivative Financial Instruments) (Details) (Derivatives Not Designated As Hedging Instruments [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in Income | $5,445 | ($1,615) |
Foreign Currency Contracts [Member] | Other, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency-hedging instruments | -26,654 | -2,085 |
Other Foreign-currency-denominated Transactions [Member] | Other, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other foreign-currency-denominated transactions | $32,099 | $470 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 9 Months Ended | |||
Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | |
entity | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | 4 | |||
Goodwill | $255,580,000 | $289,312,000 | $290,785,000 | $274,829,000 |
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 19,100,000 | |||
Goodwill from acquisition, non-tax deductible amount | 13,000,000 | |||
Developed Technology [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 3,500,000 | |||
Intangible assets, useful life | 5 years | |||
Customer Relationships [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $12,000,000 | |||
Intangible assets, useful life | 5 years |