Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Oct. 20, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | rmd | |
Entity Registrant Name | RESMED INC | |
Entity Central Index Key | 943,819 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 139,649,869 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 822,053 | $ 717,249 |
Accounts receivable, net of allowance for doubtful accounts of $13,394 and $12,276 at September 30, 2015 and June 30, 2015, respectively | 327,168 | 362,568 |
Inventories (note 3) | 258,609 | 246,859 |
Deferred income taxes | 41,494 | 36,338 |
Prepaid expenses and other current assets | 83,476 | 81,168 |
Total current assets | 1,532,800 | 1,444,182 |
Non-current assets: | ||
Property, plant and equipment, net (note 4) | 368,984 | 387,758 |
Goodwill and other intangible assets, net (note 6) | 305,418 | 311,403 |
Deferred income taxes | 11,990 | 12,528 |
Other assets | 35,487 | 28,389 |
Total non-current assets | 721,879 | 740,078 |
Total assets | 2,254,679 | 2,184,260 |
Current liabilities: | ||
Accounts payable | 77,482 | 81,112 |
Accrued expenses | 117,651 | 132,976 |
Deferred revenue | 34,848 | 36,097 |
Income taxes payable | 26,550 | 16,278 |
Deferred income taxes | 776 | 796 |
Total current liabilities | 257,307 | 267,259 |
Non-current liabilities: | ||
Deferred income taxes | 7,968 | 8,062 |
Deferred revenue | 23,446 | 19,284 |
Long-term debt (note 7) | 500,587 | 300,594 |
Other long-term liabilities | 2,804 | |
Income taxes payable | 1,754 | 1,754 |
Total non-current liabilities | 536,559 | 329,694 |
Total liabilities | $ 793,866 | $ 596,953 |
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; 179,925,750 issued and 139,539,516 outstanding at September 30, 2015 and 179,660,939 issued and 140,474,705 outstanding at June 30, 2015 | $ 558 | $ 562 |
Additional paid-in capital | 1,248,077 | 1,228,795 |
Retained earnings | 2,014,344 | 1,976,020 |
Treasury stock, at cost, 40,386,234 shares at September 30, 2015, and 39,186,234 shares at June 30, 2015 | (1,506,542) | (1,444,554) |
Accumulated other comprehensive (loss) income | (295,624) | (173,516) |
Total stockholders' equity | 1,460,813 | 1,587,307 |
Total liabilities and stockholders' equity | $ 2,254,679 | $ 2,184,260 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 13,394 | $ 12,276 |
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 | $ 0.004 | $ 0.004 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 179,925,750 | 179,660,939 |
Common stock, shares outstanding | 139,539,516 | 140,474,705 |
Treasury stock, shares held | 40,386,234 | 39,186,234 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements Of Income [Abstract] | ||
Net revenue | $ 411,647 | $ 380,399 |
Cost of sales (excluding amortization of acquired intangible assets) | 173,028 | 143,086 |
Gross profit | 238,619 | 237,313 |
Operating expenses: | ||
Selling, general and administrative | 111,095 | 110,520 |
Research and development | 27,192 | 30,024 |
Amortization of acquired intangible assets | 2,307 | 2,094 |
Total operating expenses | 140,594 | 142,638 |
Income from operations | 98,025 | 94,675 |
Other income, net: | ||
Interest income, net | 3,422 | 5,584 |
Other, net | (2,003) | 1,671 |
Total other income, net | 1,419 | 7,255 |
Income before income taxes | 99,444 | 101,930 |
Income taxes | 19,041 | 18,670 |
Net income | $ 80,403 | $ 83,260 |
Basic earnings per share | $ 0.57 | $ 0.59 |
Diluted earnings per share (note 2) | 0.57 | 0.58 |
Dividend declared per share | $ 0.30 | $ 0.28 |
Basic shares outstanding (000's) | 140,309 | 140,127 |
Diluted shares outstanding (000's) | 141,946 | 142,683 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $ 80,403 | $ 83,260 |
Other comprehensive income: | ||
Foreign currency translation (loss) gain adjustments | (122,108) | (125,108) |
Comprehensive (loss) income | $ (41,705) | $ (41,848) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 80,403 | $ 83,260 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 18,403 | 18,582 |
Gain on divestment of business | (709) | |
Stock-based compensation costs | 12,383 | 11,367 |
Excess tax benefit from stock-based compensation arrangements | (2,536) | (2,575) |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable, net | 30,498 | 20,804 |
Inventories, net | (17,194) | (37,897) |
Prepaid expenses, net deferred income taxes and other current assets | (3,526) | (15,168) |
Accounts payable, accrued expenses and other liabilities | 3,641 | 8,872 |
Net cash provided by operating activities | 122,072 | 86,536 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (16,403) | (20,681) |
Patent registration costs | (2,423) | (2,366) |
Business acquisitions, net of cash acquired | (7,318) | |
Investments in cost-method investments | (4,582) | (500) |
Proceeds from divestiture of business | 468 | |
Payments on maturity of foreign currency contracts | (39,341) | (11,206) |
Net cash provided by (used in) investing activities | (62,749) | (41,603) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net | 4,352 | 4,930 |
Excess tax benefit from stock-based compensation arrangements | 2,536 | 2,575 |
Purchases of treasury stock | (57,857) | (46,803) |
Payment of business combination contingent consideration | (458) | |
Proceeds from borrowings, net of borrowing costs | 200,000 | 75,000 |
Repayment of borrowings | (8) | (10) |
Dividends paid | (42,079) | (39,199) |
Net cash provided by (used in) financing activities | 106,944 | (3,965) |
Effect of exchange rate changes on cash | (61,463) | (65,004) |
Net (decrease) increase in cash and cash equivalents | 104,804 | (24,036) |
Cash and cash equivalents at beginning of period | 717,249 | 905,730 |
Cash and cash equivalents at end of period | 822,053 | 881,694 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid, net of refunds | 18,118 | 14,373 |
Interest paid | $ 1,247 | 1,233 |
Fair value of assets acquired, excluding cash | 7,342 | |
Liabilities assumed | (3,168) | |
Goodwill on acquisition | 6,454 | |
Deferred payments | (2,405) | |
Fair value of contingent consideration | (905) | |
Total purchase price, excluding contingent consideration | $ 7,318 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 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, 2016. The condensed consolidated financial statements for the three months ended September 30, 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, 2015. New Accounting Pronouncements In May, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 2019. Early application is not permitted. We are currently assessing the impact of the adoption of ASU 2014-09 on our financial condition, results of operations and cash flows. In April, 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs". ASU 2015-03 will more closely align the presentation of debt issuance costs under U.S. GAAP with the presentation under comparable International Financial Reporting Standards (IFRS) by requiring that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. The new standard is effective for us beginning in the first quarter of fiscal 2017. We do not expect this updated standard to have a material impact on our consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory” which requires an entity to measure inventory within the scope of this ASU at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this guidance more closely align the measurement of inventory in GAAP with the measurement of inventory in IFRS. The new standard is effective for us beginning in the first quarter of fiscal 2018. We do not expect this updated standard to have a material impact on our consolidated financial statements and related disclosures. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 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 98,697 and 154,551 , for the three months ended September 30, 2015 and 2014, respectively, were not included in the computation of diluted earnings per share as the effect would have been anti-dilutive. Basic and diluted earnings per share for the three months ended September 30, 2015 and 2014 are calculated as follows (in thousands except per share data): Three Months Ended September 30, 2015 2014 Numerator: Net Income $ $ Denominator: Basic weighted-average common shares outstanding Effect of dilutive securities: Stock options and restricted stock units Diluted weighted average shares Basic earnings per share $ $ Diluted earnings per share $ $ |
Inventories
Inventories | 3 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | (3) Inventories Inventories were comprised of the following at September 30, 2015 and June 30, 2015 (in thousands): September 30, 2015 June 30, 2015 Raw materials $ $ Work in progress Finished goods Total inventories $ $ |
Property, Plant And Equipment
Property, Plant And Equipment | 3 Months Ended |
Sep. 30, 2015 | |
Property, Plant And Equipment, Net [Abstract] | |
Property, Plant And Equipment | (4) Property, Plant and Equipment Property, plant and equipment were comprised of the following as of September 30, 2015 and June 30, 2015 (in thousands): September 30, 2015 June 30, 2015 Machinery and equipment $ $ Computer equipment Furniture and fixtures Vehicles Clinical, demonstration and rental equipment Leasehold improvements Land Buildings Accumulated depreciation and amortization Property, plant and equipment, net $ $ |
Cost-Method Investments
Cost-Method Investments | 3 Months Ended |
Sep. 30, 2015 | |
Cost-Method Investments [Abstract] | |
Cost-Method Investments | (5) Cost-Method Investments The aggregate carrying amount of our cost-method investments at September 30, 2015 and June 30, 2015, was $30.2 million and $ 25.6 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 three months ended September 30, 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 three months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, 2015 2014 Balance at the beginning of the period $ $ Investments Balance at the end of the period $ $ |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets, Net | 3 Months Ended |
Sep. 30, 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 three months ended September 30, 2015, and 2014 were as follows (in thousands): Three Months Ended September 30, 2015 2014 Balance at the beginning of the period $ $ Business acquisition - Foreign currency translation adjustments Balance at the end of the period $ $ Other Intangible Assets Other intangible assets were comprised of the following as of September 30, 2015, and June 30, 2015 (in thousands): September 30, 2015 June 30, 2015 Developed/core product technology $ $ Accumulated amortization Developed/core product technology, net Trade names Accumulated amortization Trade names, net Non-compete agreements Accumulated amortization Non compete agreements, net - Customer relationships Accumulated amortization Customer relationships, net Patents Accumulated amortization Patents, net Total other intangibles, net $ $ 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. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | (7) Long-Term Debt Long-term debt at September 30, 2015 and June 30, 2015 consisted of the following (in thousands): September 30, 2015 June 30, 2015 Current long-term debt $ - $ - Non-current long-term debt Total long-term debt $ $ 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 September 30, 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 September 30, 2015, there was $ 500.0 million outstanding under the credit agreement. |
Product Warranties
Product Warranties | 3 Months Ended |
Sep. 30, 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 three months ended September 30, 2015 and 2014 are as follows (in thousands): Three Months Ended September 30, 2015 2014 Balance at the beginning of the period $ $ Warranty accruals for the period Warranty costs incurred for the period Foreign currency translation adjustments Balance at the end of the period $ $ |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 3 Months Ended |
Sep. 30, 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 purchase rights granted under the ESPP using the following assumptions: Three Months Ended September 30, 2015 2014 Stock options: Weighted average grant date fair value $ - $ - Weighted average risk-free interest rate - - Expected option life in years - - Dividend yield - - Expected volatility - - ESPP purchase rights: Weighted average risk-free interest rate 0.1% 0.1% Expected option life in years 6 months 6 months Dividend yield 1.73% 2.00% Expected volatility 26% 24% |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (10) Stockholders’ Equity Common Stock. During the three months ended September 30, 2015 and 2014 we repurchased 1.2 million and 0.8 million shares at a cost of $62.0 million and $42.9 million, respectively. Since the inception of our share repurchase programs and through September 30, 2015, we have repurchased a total of 4 0.4 million shares at a cost of $1.5 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 September 30, 2015, 14.3 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 September 30, 2015 and June 30, 2015 . 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 September 30, 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 September 30, 2015, there were $ 57.1 million in unrecognized compensation costs related to unvested stock-based compensation arrangements. This is expected to be recognized over a weighted average period of 2.0 years. The aggregate intrinsic value of the stock-based compensation arrangements outstanding and exercisable at September 30, 2015 was $ 168.5 million and $ 46.3 million, respectively. The aggregate intrinsic value of the options exercised during the three months ended September 30, 2015 and 2014, was $ 8.9 million and $ 9.7 million, respectively. The following table summarizes option activity during the three months ended September 30, 2015: Weighted Average Exercise Price Weighted Average Remaining Contractual Term in Years Outstanding at beginning of period $ 2.5 Granted - - Exercised Forfeited Outstanding at end of period $ 2.5 Exercise price of granted options $ - Options exercisable at end of period $ The following table summarizes the activity of restricted stock units during the three months ended September 30, 2015: Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Term in Years Outstanding at beginning of period $ 1.2 Granted Vested Forfeited Outstanding at end of period $ 0.9 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 September 30, 2015, the number of shares remaining available for future issuance under the ESPP is 1. 5 million shares. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 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 September 30, 2015 and June 30, 2015, using the valuation input hierarchy (in thousands): Level 1 Level 2 Level 3 Total Balances at September 30, 2015 Foreign currency hedging instruments, net $ - $ $ - $ Business acquisition contingent consideration $ - $ - $ $ Balances at June 30, 2015 Foreign currency hedging instruments, net $ - $ $ - $ Business acquisition contingent consideration $ - $ - $ $ 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 three months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, 2015 2014 Balance at the beginning of the period $ $ Acquisition date fair value of contingent consideration - Changes in fair value included in operating income - Payments - Foreign currency translation adjustments Balance at the end of the period $ $ We did not have any significant non-financial assets or liabilities measured at fair value on September 30, 2015 or June 30, 2015. |
Legal Actions And Contingencies
Legal Actions And Contingencies | 3 Months Ended |
Sep. 30, 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 three months ended September 30, 2015 and 2014, amounted to $16.1 million and $2.0 million, respectively. The maximum potential amount of contingent liability under these arrangements at September 30, 2015 and June 30, 2015 were $9.1 million, and $7.2 million, respectively. The recourse liability recognized by us at September 30, 2015 and June 30, 2015, in relation to these arrangements was $0.5 million and $0.5 million, respectively. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 3 Months Ended |
Sep. 30, 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, and 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 $ 620.2 million and $ 576.5 million at September 30, 2015 and June 30, 2015, respectively, to hedge foreign currency fluctuations. These contracts mature at various dates prior to September 30, 2018. The following table summarizes the amount and location of our derivative financial instruments as of September 30, 2015 and June 30, 2015 (in thousands): September 30, 2015 June 30, 2015 Balance Sheet Caption Foreign currency hedging instruments $ $ Other assets - current Foreign currency hedging instruments Other assets - non current Foreign currency hedging instruments Accrued expenses Foreign currency hedging instruments - Other long-term liabilities $ $ The following table summarizes the amount and location of gains (losses) associated with our derivative financial instruments for the three months ended September 30, 2015 and September 30, 2014, respectively (in thousands): Gain /(Loss) Recognized Income Statement Caption Three Months Ended September 30, 2015 2014 Foreign currency hedging instruments $ $ Other, net Other foreign-currency-denominated transactions Other, net $ $ 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events On October 2, 2015 we completed the acquisition of 100% of the shares in Curative Medical Technology Inc., a leading provider of non-invasive ventilation and sleep-disordered breathing medical devices and accessories in China. This acquisition will be accounted for as a business combination using purchase accounting and will be included in our condensed consolidated financial statements from the acquisition date. The acquisition is not considered a material business combination and was funded through cash on-hand. We have not incurred any material acquisition-related costs. The preliminary purchase price allocation will be completed during the quarter ending December 31, 2015. |
Summary Of Significant Accoun21
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Sep. 30, 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, 2016. The condensed consolidated financial statements for the three months ended September 30, 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, 2015. |
New Accounting Pronouncements | New Accounting Pronouncements In May, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 2019. Early application is not permitted. We are currently assessing the impact of the adoption of ASU 2014-09 on our financial condition, results of operations and cash flows. In April, 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs". ASU 2015-03 will more closely align the presentation of debt issuance costs under U.S. GAAP with the presentation under comparable International Financial Reporting Standards (IFRS) by requiring that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. The new standard is effective for us beginning in the first quarter of fiscal 2017. We do not expect this updated standard to have a material impact on our consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory” which requires an entity to measure inventory within the scope of this ASU at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this guidance more closely align the measurement of inventory in GAAP with the measurement of inventory in IFRS. The new standard is effective for us beginning in the first quarter of fiscal 2018. We do not expect this updated standard to have a material impact on our consolidated financial statements and related disclosures. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended September 30, 2015 2014 Numerator: Net Income $ $ Denominator: Basic weighted-average common shares outstanding Effect of dilutive securities: Stock options and restricted stock units Diluted weighted average shares Basic earnings per share $ $ Diluted earnings per share $ $ |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | September 30, 2015 June 30, 2015 Raw materials $ $ Work in progress Finished goods Total inventories $ $ |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Property, Plant And Equipment, Net [Abstract] | |
Components Of Property, Plant And Equipment | September 30, 2015 June 30, 2015 Machinery and equipment $ $ Computer equipment Furniture and fixtures Vehicles Clinical, demonstration and rental equipment Leasehold improvements Land Buildings Accumulated depreciation and amortization Property, plant and equipment, net $ $ |
Cost-Method Investments (Tables
Cost-Method Investments (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Cost-Method Investments [Abstract] | |
Schedule Of Reconciliation Of Changes In Cost-Method Investments | Three Months Ended September 30, 2015 2014 Balance at the beginning of the period $ $ Investments Balance at the end of the period $ $ |
Goodwill And Other Intangible26
Goodwill And Other Intangible Assets, Net (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Goodwill And Other Intangible Assets, Net [Abstract] | |
Schedule Of Changes In Carrying Amount Of Goodwill | Three Months Ended September 30, 2015 2014 Balance at the beginning of the period $ $ Business acquisition - Foreign currency translation adjustments Balance at the end of the period $ $ |
Schedule Of Other Intangible Assets | September 30, 2015 June 30, 2015 Developed/core product technology $ $ Accumulated amortization Developed/core product technology, net Trade names Accumulated amortization Trade names, net Non-compete agreements Accumulated amortization Non compete agreements, net - Customer relationships Accumulated amortization Customer relationships, net Patents Accumulated amortization Patents, net Total other intangibles, net $ $ |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | September 30, 2015 June 30, 2015 Current long-term debt $ - $ - Non-current long-term debt Total long-term debt $ $ |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Product Warranties [Abstract] | |
Schedule Of Changes In Liability For Warranty Costs | Three Months Ended September 30, 2015 2014 Balance at the beginning of the period $ $ Warranty accruals for the period Warranty costs incurred for the period Foreign currency translation adjustments Balance at the end of the period $ $ |
Stock-Based Employee Compensa29
Stock-Based Employee Compensation (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Stock-Based Employee Compensation [Abstract] | |
Schedule Of Assumptions For Fair Value Of Stock Option Plans And Purchase Rights Granted | Three Months Ended September 30, 2015 2014 Stock options: Weighted average grant date fair value $ - $ - Weighted average risk-free interest rate - - Expected option life in years - - Dividend yield - - Expected volatility - - ESPP purchase rights: Weighted average risk-free interest rate 0.1% 0.1% Expected option life in years 6 months 6 months Dividend yield 1.73% 2.00% Expected volatility 26% 24% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule Of Option Activity | Weighted Average Exercise Price Weighted Average Remaining Contractual Term in Years Outstanding at beginning of period $ 2.5 Granted - - Exercised Forfeited Outstanding at end of period $ 2.5 Exercise price of granted options $ - Options exercisable at end of period $ |
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 $ 1.2 Granted Vested Forfeited Outstanding at end of period $ 0.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Summary Of Financial Assets And Liabilities | Level 1 Level 2 Level 3 Total Balances at September 30, 2015 Foreign currency hedging instruments, net $ - $ $ - $ Business acquisition contingent consideration $ - $ - $ $ Balances at June 30, 2015 Foreign currency hedging instruments, net $ - $ $ - $ Business acquisition contingent consideration $ - $ - $ $ |
Reconciliation For Fair Value Measurements Using Significant Unobservable Inputs | Three Months Ended September 30, 2015 2014 Balance at the beginning of the period $ $ Acquisition date fair value of contingent consideration - Changes in fair value included in operating income - Payments - Foreign currency translation adjustments Balance at the end of the period $ $ |
Derivative Instruments And He32
Derivative Instruments And Hedging Activities (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments And Hedging Activities [Abstract] | |
Summary Of Amount And Location Of Derivative Financial Instruments | September 30, 2015 June 30, 2015 Balance Sheet Caption Foreign currency hedging instruments $ $ Other assets - current Foreign currency hedging instruments Other assets - non current Foreign currency hedging instruments Accrued expenses Foreign currency hedging instruments - Other long-term liabilities $ $ |
Summary Of Gains (Losses) Associated With Derivative Financial Instruments | Gain /(Loss) Recognized Income Statement Caption Three Months Ended September 30, 2015 2014 Foreign currency hedging instruments $ $ Other, net Other foreign-currency-denominated transactions Other, net $ $ |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Stock options not included in the computation of diluted earnings per share | 98,697 | 154,551 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Net income | $ 80,403 | $ 83,260 |
Basic weighted-average common shares outstanding | 140,309 | 140,127 |
Stock options and restricted stock units | 1,637 | 2,556 |
Diluted weighted average shares | 141,946 | 142,683 |
Basic earnings per share | $ 0.57 | $ 0.59 |
Diluted earnings per share | $ 0.57 | $ 0.58 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 75,490 | $ 74,416 |
Work in progress | 2,215 | 2,550 |
Finished goods | 180,904 | 169,893 |
Total inventories | $ 258,609 | $ 246,859 |
Property, Plant And Equipment,
Property, Plant And Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 745,480 | $ 770,246 |
Accumulated depreciation and amortization | (376,496) | (382,488) |
Property, plant and equipment, net | 368,984 | 387,758 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 188,059 | 198,047 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 126,928 | 125,423 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 37,396 | 38,511 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,680 | 5,371 |
Clinical, Demonstration And Rental Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 81,174 | 80,911 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 30,915 | 31,553 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 51,905 | 54,915 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 223,423 | $ 235,515 |
Cost-Method Investments (Narrat
Cost-Method Investments (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
Cost-Method Investments [Abstract] | ||||
Aggregate carrying amount of cost-method investments | $ 30,182 | $ 25,600 | $ 15,350 | $ 14,850 |
Cost-Method Investments (Schedu
Cost-Method Investments (Schedule Of Reconciliation Of Changes In Cost-Method Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cost-Method Investments [Abstract] | ||
Balance at the beginning of the period | $ 25,600 | $ 14,850 |
Investments | 4,582 | 500 |
Balance at the end of the period | $ 30,182 | $ 15,350 |
Goodwill And Other Intangible39
Goodwill And Other Intangible Assets, Net (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill And Other Intangible Assets, Net [Abstract] | ||
Balance at the beginning of the period | $ 264,261 | $ 289,312 |
Business acquisition | 6,454 | |
Foreign currency translation adjustments | (1,443) | (18,502) |
Balance at the end of the period | $ 262,818 | $ 277,264 |
Goodwill And Other Intangible40
Goodwill And Other Intangible Assets, Net (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangibles, net | $ 42,600 | $ 47,142 |
Developed/Core Product Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 66,104 | 67,548 |
Accumulated amortization | (51,144) | (50,373) |
Total other intangibles, net | 14,960 | 17,175 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 2,478 | 2,500 |
Accumulated amortization | (2,214) | (2,206) |
Total other intangibles, net | 264 | 294 |
Non Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 1,590 | 1,747 |
Accumulated amortization | (1,590) | (1,704) |
Total other intangibles, net | 43 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 29,102 | 30,538 |
Accumulated amortization | (19,532) | (19,308) |
Total other intangibles, net | 9,570 | 11,230 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 63,533 | 66,585 |
Accumulated amortization | (45,727) | (48,185) |
Total other intangibles, net | $ 17,806 | $ 18,400 |
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 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Oct. 31, 2013USD ($)entity | Sep. 30, 2015USD ($) |
Line of Credit Facility [Line Items] | ||
Amount outstanding under credit facility | $ 500,000,000 | |
Union Bank, N.A. and HSBC Bank USA [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility termination date | Oct. 31, 2018 | |
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 | |
Number of US guarantors | entity | 2 | |
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% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Long-Term Debt [Abstract] | ||
Current long-term debt | ||
Non-current long-term debt | $ 500,587 | $ 300,594 |
Total long-term debt | $ 500,587 | $ 300,594 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Product Warranties [Abstract] | ||
Balance at the beginning of the period | $ 9,823 | $ 11,798 |
Warranty accruals for the period | 1,790 | 3,376 |
Warranty costs incurred for the period | (2,039) | (1,567) |
Foreign currency translation adjustments | (691) | (714) |
Balance at the end of the period | $ 8,883 | $ 12,893 |
Stock-Based Employee Compensa44
Stock-Based Employee Compensation (Schedule Of Assumptions For Fair Value Of Stock Option Plans And Purchase Rights Granted) (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value | ||
Weighted average risk-free interest rate | ||
Expected option life in years | 0 months | 0 months |
Dividend yield | ||
Expected volatility, minimum | ||
ESPP Purchase Rights [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average risk-free interest rate | 0.10% | 0.10% |
Expected option life in years | 6 months | 6 months |
Dividend yield | 1.73% | 2.00% |
Expected volatility, minimum | 26.00% | 24.00% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 3 Months Ended | |||
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)$ / sharesshares | Apr. 30, 1997$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cost of common shares repurchased | $ | $ 62,000,000 | $ 42,900,000 | ||
Common shares repurchased | 1,200,000 | 800,000 | ||
Additional shares that can be repurchased under the approved share repurchase program | 14,300,000 | |||
Number of shares repurchased pursuant to the repurchase program | 40,386,234 | 39,186,234 | ||
Cost of shares repurchased pursuant to the repurchase program | $ | $ 1,506,542,000 | $ 1,444,554,000 | ||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 | |
Preferred stock at par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Stock option and restricted stock units expiration period | 7 years | |||
Common stock authorized for issuance | 43,700,000 | |||
Number of securities remaining available for future issuance | 13,800,000 | |||
Reduction in the number of shares of common stock available for issuance | 2.8 | |||
Maximum number of shares subject to awards granted | 3,000,000 | |||
Number of common stock shares granted in participant's initial year of hiring | 4,500,000 | |||
Unrecognized compensation costs related to unvested stock-based compensation arrangements | $ | $ 57,100,000 | |||
Expected weighted average period of unrecognized compensation costs related to unvested stock-based compensation arrangements | 2 years | |||
Aggregate intrinsic value of the stock-based compensation arrangements outstanding | $ | $ 168,500,000 | |||
Aggregate intrinsic value of the stock-based compensation arrangements exercisable | $ | 46,300,000 | |||
Aggregate intrinsic value of the options exercised | $ | $ 8,900,000 | $ 9,700,000 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of securities remaining available for future issuance | 1,500,000 | |||
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 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Option Activity) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | ||
Options, Outstanding at beginning of period | 2,809,238 | |
Options, Granted | ||
Options, Exercised | (250,688) | |
Options, Forfeited | (12,546) | |
Options, Outstanding at end of period | 2,546,004 | 2,809,238 |
Options, Exercise price of granted options | ||
Options exercisable at end of period | 1,987,218 | |
Weighted Average Exercise Price, Outstanding at beginning of period | $ 29.63 | |
Weighted Average Exercise Price, Granted | ||
Weighted Average Exercise Price, Exercised | $ 18.34 | |
Weighted Average Exercise Price, Forfeited | 44.32 | |
Weighted Average Exercise Price, Outstanding at end of period | 30.65 | $ 29.63 |
Weighted Average Exercise Price, Options exercisable at end of period | $ 27.67 | |
Weighted Average Remaining Term to Vest in Years, Outstanding | 2 years 6 months | 2 years 6 months |
Stockholders' Equity (Schedul47
Stockholders' Equity (Schedule Of Activity Of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock Units, Outstanding at beginning of period | 2,312,529 | |
Restricted Stock Units, Granted | 7,477 | |
Restricted Stock Units, Vested | (25,245) | |
Restricted Stock Units, Forfeited | (5,839) | |
Restricted Stock Units, Outstanding at end of period | 2,288,922 | 2,312,529 |
Weighted Average Grant-Date Fair Value, Outstanding at beginning of period | $ 43.65 | |
Weighted Average Grant-Date Fair Value, Granted | 51.49 | |
Weighted Average Grant-Date Fair Value, Vested | 31.30 | |
Weighted Average Grant-Date Fair Value, Forfeited | 44.90 | |
Weighted Average Grant-Date Fair Value, Outstanding at end of period | $ 43.81 | $ 43.65 |
Weighted Average Remaining Contractual Term in Years, Outstanding | 10 months 24 days | 1 year 2 months 12 days |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency hedging instruments, net | $ 1,664 | $ 1,038 |
Business acquisition contingent consideration | $ (1,514) | $ (1,584) |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 | $ 1,664 | $ 1,038 |
Business acquisition contingent consideration | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency hedging instruments, net | ||
Business acquisition contingent consideration | $ (1,514) | $ (1,584) |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation For Fair Value Measurements Using Significant Unobservable Inputs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Measurements [Abstract] | ||
Balance at the beginning of the period | $ (1,584) | $ (480) |
Acquisition date fair value of contingent consideration | (905) | |
Changes in fair value included in operating income | 132 | |
Payments | 458 | |
Foreign currency translation adjustments | 70 | (80) |
Balance at the end of the period | $ (1,514) | $ (875) |
Legal Actions And Contingenci50
Legal Actions And Contingencies (Details) - Contingent Obligations Under Recourse Provisions [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Loss Contingencies [Line Items] | |||
Receivables sold to leasing companies under debt factoring arrangements | $ 16.1 | $ 2 | |
Recourse liability recognized | 0.5 | $ 0.5 | |
Maximum potential contingent liability | $ 9.1 | $ 7.2 |
Derivative Instruments And He51
Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Derivative [Line Items] | ||
Notional amount of foreign currency hedging contracts held | $ 620.2 | $ 576.5 |
Foreign Currency Contracts [Member] | ||
Derivative [Line Items] | ||
Terms of foreign currency hedging contracts, maximum | 3 years |
Derivative Instruments And He52
Derivative Instruments And Hedging Activities (Summary Of Amount And Location Of Derivative Financial Instruments) (Details) - Foreign Currency Contracts [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Derivatives, Fair Value [Line Items] | ||
Net foreign currency hedging instruments | $ 1,664 | $ 1,038 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency hedging instruments, assets | 3,684 | 1,644 |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency hedging instruments, assets | 1,574 | 1,348 |
Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency hedging instruments, liabilities | (790) | $ (1,954) |
Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency hedging instruments, liabilities | $ (2,804) |
Derivative Instruments And He53
Derivative Instruments And Hedging Activities (Summary Of Gains (Losses) Associated With Derivative Financial Instruments) (Details) - Derivatives Not Designated As Hedging Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ (2,272) | $ 1,094 |
Foreign Currency Contracts [Member] | Other, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency-hedging instruments | (39,353) | (11,054) |
Other Foreign-Currency-Denominated Transactions [Member] | Other, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other foreign-currency-denominated transactions | $ 37,081 | $ 12,148 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 02, 2015 |
Subsequent Event [Member] | Curative Medical Technology Inc [Member] | |
Subsequent Event [Line Items] | |
Percentage of outstanding shares acquired | 100.00% |