ResMed (RMD) 10-Q 28 Jan 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2015	Jan. 20, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		140,040,916

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 658,804	$ 717,249
Accounts receivable, net of allowance for doubtful accounts of $12,088 and $12,276 at December 31, 2015 and June 30, 2015, respectively	331,747	362,568
Inventories (note 3)	237,463	246,859
Deferred income taxes	32,731	36,338
Prepaid expenses and other current assets	90,096	81,168
Total current assets	1,350,841	1,444,182
Non-current assets:
Property, plant and equipment, net (note 4)	375,224	387,758
Goodwill and other intangible assets, net (note 6)	466,418	311,403
Deferred income taxes	8,154	12,528
Other assets	38,374	28,389
Total non-current assets	888,170	740,078
Total assets	2,239,011	2,184,260
Current liabilities:
Accounts payable	67,580	81,112
Accrued expenses	147,662	132,976
Deferred revenue	36,101	36,097
Income taxes payable	12,427	16,278
Deferred income taxes	815	$ 796
Short-term debt (note 7)	985
Total current liabilities	265,570	$ 267,259
Non-current liabilities:
Deferred income taxes	15,665	8,062
Deferred revenue	28,928	19,284
Long-term debt (note 7)	400,591	300,594
Other long-term liabilities	2,232
Income taxes payable	1,754	1,754
Total non-current liabilities	449,170	329,694
Total liabilities	$ 714,740	$ 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; 181,080,475 issued and 139,994,241 outstanding at December 31, 2015 and 179,660,939 issued and 140,474,705 outstanding at June 30, 2015	$ 560	$ 562
Additional paid-in capital	1,268,374	1,228,795
Retained earnings	2,062,885	1,976,020
Treasury stock, at cost, 41,086,234 shares at December 31, 2015, and 39,186,234 shares at June 30, 2015	(1,546,611)	(1,444,554)
Accumulated other comprehensive loss	(260,937)	(173,516)
Total stockholders' equity	1,524,271	1,587,307
Total liabilities and stockholders' equity	$ 2,239,011	$ 2,184,260

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 12,088	$ 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	181,080,475	179,660,939
Common stock, shares outstanding	139,994,241	140,474,705
Treasury stock, shares held	41,086,234	39,186,234

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidated Statements Of Income [Abstract]
Net revenue	$ 454,540	$ 422,952	$ 866,187	$ 803,351
Cost of sales (excluding amortization of acquired intangible assets)	188,031	159,730	361,059	302,816
Gross profit	266,509	263,222	505,128	500,535
Operating expenses:
Selling, general and administrative	118,219	122,520	229,314	233,041
Research and development	28,970	29,294	56,162	59,318
Restructuring expenses	6,914		6,914
Amortization of acquired intangible assets	4,429	2,262	6,736	4,355
Total operating expenses	158,532	154,076	299,126	296,714
Income from operations	107,977	109,146	206,002	203,821
Other income, net:
Interest income, net	2,476	5,418	5,898	11,003
Other, net	3,242	947	1,239	2,617
Total other income, net	5,718	6,365	7,137	13,620
Income before income taxes	113,695	115,511	213,139	217,441
Income taxes	23,178	24,330	42,220	43,001
Net income	$ 90,517	$ 91,181	$ 170,919	$ 174,440
Basic earnings per share	$ 0.65	$ 0.65	$ 1.22	$ 1.25
Diluted earnings per share (note 2)	0.64	0.64	1.21	1.22
Dividend declared per share	$ 0.30	$ 0.28	$ 0.60	$ 0.56
Basic shares outstanding (000's)	139,926	140,048	140,118	140,104
Diluted shares outstanding (000's)	141,148	142,202	141,532	142,468

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 90,517	$ 91,181	$ 170,919	$ 174,440
Other comprehensive income (loss):
Foreign currency translation (loss) gain adjustments	34,687	(107,949)	(87,421)	(233,057)
Comprehensive income (loss)	$ 125,204	$ (16,768)	$ 83,498	$ (58,617)

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 170,919	$ 174,440
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,920	37,451
Gain on divestment of business		(709)
Stock-based compensation costs	23,841	$ 23,084
Impairment of cost-method investments	750
Impairment of long-lived assets	2,815
Excess tax benefit from stock-based compensation arrangements	(10,710)	$ (10,889)
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	24,533	11,067
Inventories	8,751	(64,406)
Prepaid expenses, net deferred income taxes and other current assets	14,398	(4,309)
Accounts payable, accrued expenses and other liabilities	(5,705)	26,809
Net cash provided by operating activities	269,512	192,538
Cash flows from investing activities:
Purchases of property, plant and equipment	(30,934)	(39,675)
Patent registration costs	(4,902)	(4,810)
Business acquisitions, net of cash acquired	(152,118)	(17,781)
Investments in cost-method investments	(7,582)	(10,500)
Proceeds from divestiture of business		468
Payments on maturity of foreign currency contracts	(28,326)	(28,300)
Net cash used in investing activities	(223,862)	(100,598)
Cash flows from financing activities:
Proceeds from issuance of common stock, net	8,066	9,931
Excess tax benefit from stock-based compensation arrangements	10,710	10,889
Purchases of treasury stock	(102,058)	(84,055)
Payment of business combination contingent consideration	(1,120)	(458)
Proceeds from borrowings, net of borrowing costs	200,000	149,000
Repayment of borrowings	(100,160)	(19)
Dividends paid	(84,054)	(78,477)
Net cash provided by (used in) financing activities	(68,616)	6,811
Effect of exchange rate changes on cash	(35,479)	(123,786)
Net increase/(decrease) in cash and cash equivalents	(58,445)	(25,035)
Cash and cash equivalents at beginning of period	717,249	905,730
Cash and cash equivalents at end of period	658,804	880,695
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	39,182	28,930
Interest paid	2,996	2,744
Fair value of assets acquired, excluding cash	73,560	15,171
Liabilities assumed	(22,755)	(6,585)
Goodwill on acquisition	114,701	12,315
Deferred payments	(281)	(1,903)
Fair value of contingent consideration	(13,107)	(1,217)
Total purchase price, excluding contingent consideration	$ 152,118	$ 17,781

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Dec. 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, 2016. The condensed consolidated financial statements for the three and six months ended December 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, 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	6 Months Ended
	Dec. 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 244,638 and 199,443 , for the three months ended December 31, 2015 and 2014, respectively, and stock options and restricted stock units of 176,669 and 176,725 for the six months ended December 31, 201 5 and 201 4 , 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 and six months ended December 31, 2015 and 2014 are calculated as follows (in thousands except per share data): Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Numerator: Net Income $ 90,517 $ 91,181 $ 170,919 $ 174,440 Denominator: Basic weighted-average common shares outstanding 139,926 140,048 140,118 140,104 Effect of dilutive securities: Stock options and restricted stock units 1,222 2,154 1,414 2,364 Diluted weighted average shares 141,148 142,202 141,532 142,468 Basic earnings per share $ 0.65 $ 0.65 $ 1.22 $ 1.25 Diluted earnings per share $ 0.64 $ 0.64 $ 1.21 $ 1.22

Inventories

Inventories	6 Months Ended
	Dec. 31, 2015
Inventories [Abstract]
Inventories	(3) Inventories Inventories were comprised of the following at December 31, 2015 and June 30, 2015 (in thousands): December 31, 2015 June 30, 2015 Raw materials $ 63,474 $ 74,416 Work in progress 2,949 2,550 Finished goods 171,040 169,893 Total inventories $ 237,463 $ 246,859

Property, Plant And Equipment

Property, Plant And Equipment	6 Months Ended
	Dec. 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 December 31, 2015 and June 30, 2015 (in thousands): December 31, 2015 June 30, 2015 Machinery and equipment $ 189,908 $ 198,047 Computer equipment 144,827 125,423 Furniture and fixtures 37,541 38,511 Vehicles 5,923 5,371 Clinical, demonstration and rental equipment 79,757 80,911 Leasehold improvements 32,080 31,553 Land 53,084 54,915 Buildings 229,592 235,515 772,712 770,246 Accumulated depreciation and amortization (397,488) (382,488) Property, plant and equipment, net $ 375,224 $ 387,758

Cost-Method Investments

Cost-Method Investments	6 Months Ended
	Dec. 31, 2015
Cost-Method Investments [Abstract]
Cost-Method Investments	(5) Cost-Method Investments The aggregate carrying amount of our cost-method investments at December 31, 2015 and June 30, 2015, was $32 .4 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 six months ended December 31, 2015 and 2014, we recognized $0.8 million and $Nil, respectively, of impairment losses related to our cost-method investments. We have determined , after the impairment charge, that the fair value of our remaining investments exceed their carrying values. The following table shows a reconciliation of the changes in our cost-method investments during the six months ended December 31, 2015 and 2014 (in thousands): Six Months Ended December 31, 2015 2014 Balance at the beginning of the period $ 25,600 $ 14,850 Investments 7,582 10,500 Impairment of cost-method investments (750) - Balance at the end of the period $ 32,432 $ 25,350

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets, Net	6 Months Ended
	Dec. 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 six months ended December 31, 2015 , and 2014 were as follows (in thousands): Six Months Ended December 31, 2015 2014 Balance at the beginning of the period $ 264,261 $ 289,312 Business acquisition 114,701 12,315 Foreign currency translation adjustments (5,875) (29,008) Balance at the end of the period $ 373,087 $ 272,619 Other Intangible Assets Other intangible assets were comprised of the following as of December 31, 2015 , and June 30, 2015 (in thousands): December 31, 2015 June 30, 2015 Developed/core product technology $ 79,398 $ 67,548 Accumulated amortization (52,694) (50,373) Developed/core product technology, net 26,704 17,175 Trade names 15,050 2,500 Accumulated amortization (2,701) (2,206) Trade names, net 12,349 294 Non-compete agreements 3,052 1,747 Accumulated amortization (1,722) (1,704) Non compete agreements, net 1,330 43 Customer relationships 55,045 30,538 Accumulated amortization (21,078) (19,308) Customer relationships, net 33,967 11,230 Patents 68,066 66,585 Accumulated amortization (49,085) (48,185) Patents, net 18,981 18,400 Total other intangibles, net $ 93,331 $ 47,142 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.

Debt

Debt	6 Months Ended
	Dec. 31, 2015
Debt [Abstract]
Debt	(7) Debt Debt at December 31, 2015 and June 30, 2015 consisted of the following (in thousands): December 31, 2015 June 30, 2015 Short-term debt $ 985 $ - Long-term debt 400,591 300,594 Total debt $ 401,576 $ 300,594 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 December 31, 2015, the interest rate that was being charged on the outstanding principal amount was 1.4% . 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 December 31, 2015, there was $ 400.0 million outstanding under the credit agreement. In addition, we had $1.0 million in short-term debt and $0.6 million in long-term debt which were assumed through our acquisitions.

Product Warranties

Product Warranties	6 Months Ended
	Dec. 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 six months ended December 31, 2015 and 2014 are as follows (in thousands): Six Months Ended December 31, 2015 2014 Balance at the beginning of the period $ 9,823 $ 11,798 Warranty accruals for the period 5,169 3,503 Warranty costs incurred for the period (4,523) (2,857) Foreign currency translation adjustments (485) (1,367) Balance at the end of the period $ 9,984 $ 11,077

Stock-Based Employee Compensati

Stock-Based Employee Compensation	6 Months Ended
	Dec. 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 stock options granted under our stock option plans and purchase rights granted under the ESPP using the following assumptions: Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Stock options: Weighted average grant date fair value $ 12.20 $ 10.58 $ 12.20 $ 10.58 Weighted average risk-free interest rate 1.70% 1.60% 1.70% 1.60% Expected option life in years 4.9 4.9 4.9 4.9 Dividend yield 2.06% 2.15% 2.06% 2.15% Expected volatility 27% 27% 27% 27% ESPP purchase rights: Weighted average grant date fair value $ 13.93 $ 10.72 $ 14.07 $ 10.72 Weighted average risk-free interest rate 0.2% 0.1% 0.2% 0.1% Expected option life in years 6 months 6 months 6 months 6 months Dividend yield 1.73% - 2.06% 2.17% 1.73% - 2.06% 2.00% - 2.17% Expected volatility 26% - 32% 22% 26% - 32% 22% - 24%

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Dec. 31, 2015
Stockholders' Equity [Abstract]
Stockholders' Equity	(10) Stockholders’ Equity Common Stock. During the three months ended December 31, 2015 and 2014 we repurchased 0.7 million and 0.7 million shares at a cost of $40.1 million and $33.5 million, respectively. Since the inception of our share repurchase programs and through December 31, 2015 , we have repurchased a total of 4 1.1 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 December 31, 2015 , 13.6 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 December 31, 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”). The options have expiration dates of seven years from the date of grant and, the options and restricted stock units 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 December 31, 2015 is 12.7 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 December 31, 2015 , there were $ 87.8 million in unrecognized compensation costs related to unvested stock-based compensation arrangements. This is expected to be recognized over a weighted average period of 2.5 years . The aggregate intrinsic value of the stock-based compensation arrangements outstanding and exercisable at December 31, 2015 was $ 147.7 million and $ 41.9 million , respectively. The aggregate intrinsic value of the options exercised during the six months ended December 31, 2015 and 2014, was $ 25.3 million and $ 28.5 million, respectively. The following table summarizes option activity during the six months ended December 31, 2015 : Weighted Average Exercise Price Weighted Average Remaining Contractual Term in Years Outstanding at beginning of period 2,809,238 $ 29.63 2.5 Granted 327,563 58.24 Exercised (693,905) 19.46 Forfeited (21,808) 41.24 Outstanding at end of period 2,421,088 $ 36.29 3.1 Exercise price of granted options $ 58.24 Options exercisable at end of period 1,814,744 $ 30.61 The following table summarizes the activity of restricted stock units during the six months ended December 31, 2015 : Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Term in Years Outstanding at beginning of period 2,312,529 $ 43.65 1.2 Granted 697,550 54.89 Vested (806,428) 39.41 Expired (232,886) 37.87 Forfeited (32,737) 45.22 Outstanding at end of period 1,938,028 $ 50.13 1.8 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 December 31, 2015 , the number of shares remaining available for future issuance under the ESPP is 1.4 million shares.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 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 December 31, 2015 and June 30, 2015, using the valuation input hierarchy (in thousands): Level 1 Level 2 Level 3 Total Balances at December 31, 2015 Foreign currency hedging instruments, net $ - $ 7,256 $ - $ 7,256 Business acquisition contingent consideration $ - $ - $ (13,438) $ (13,438) Balances at June 30, 2015 Foreign currency hedging instruments, net $ - $ 1,038 $ - $ 1,038 Business acquisition contingent consideration $ - $ - $ (1,584) $ (1,584) 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 six months ended December 31, 2015 and 2014 (in thousands): Six Months Ended December 31, 2015 2014 Balance at the beginning of the period $ (1,584) $ (480) Acquisition date fair value of contingent consideration (13,107) (1,217) Changes in fair value included in operating income 105 132 Payments 1,120 458 Foreign currency translation adjustments 28 (22) Balance at the end of the period $ (13,438) $ (1,129) We did not have any significant non-financial assets or liabilities measured at fair value on December 31, 2015 or June 30, 2015.

Legal Actions And Contingencies

Legal Actions And Contingencies	6 Months Ended
	Dec. 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, and within certain limits, we are liable to the leasing companies in the event of a customer default for unpaid installment receivables transferred to the leasing companies. The gross amount of receivables sold with recourse during the six months ended December 31, 2015 and 2014, amounted to $31.5 million and $12.8 million, respectively. The maximum potential amount of contingent liability under these arrangements at December 31, 2015 and June 30, 2015 were $10.3 million , and $7.2 million, respectively. The recourse liability recognized by us at December 31, 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	6 Months Ended
	Dec. 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, 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 $ 558.4 million and $ 576.5 million at December 31, 2015 and June 30, 2015, respectively, to hedge foreign currency fluctuations. These contracts mature at various dates prior to December 31 , 2018. The following table summarizes the amount and location of our derivative financial instruments as of December 31, 2015 and June 30, 2015 (in thousands): December 31, 2015 June 30, 2015 Balance Sheet Caption Foreign currency hedging instruments $ 7,569 $ 1,644 Other assets - current Foreign currency hedging instruments 2,150 1,348 Other assets - non current Foreign currency hedging instruments (894) (1,954) Accrued expenses Foreign currency hedging instruments (1,569) - Other long-term liabilities $ 7,256 $ 1,038 The following table summarizes the amount and location of gains (losses) associated with our derivative financial instruments for the six months ended December 31, 2015 and 2014 , respectively (in thousands): Gain /(Loss) Recognized Income Statement Caption Six Months Ended December 31, 2015 2014 Foreign currency hedging instruments $ (22,953) $ (25,295) Other, net Other foreign-currency-denominated transactions 24,399 27,446 Other, net $ 1,446 $ 2,151 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	6 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Business Combinations	(14) Business Combinations 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. Curative has its manufacturing base in Suzhou, China, offices in Beijing, Germany and the United States, and a distributor network throughout China and in other select markets. On November 6, 2015 we completed the acquisition of 100% of the shares in Maribo Medico A/S, a distributor of medical equipment for treating, diagnosing, and managing sleep-disordered breathing and other respiratory disorders in Denmark and the Nordics. On November 30, 2015 we completed the acquisition of 100% of the shares in Bennett Precision Tooling Pty Ltd, a n Australian based company that designs and manufacture s tools specializ ing in applications for Liquid Silicon Rubber . 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 a material business combination and accordingly pro forma information is not provided. The acquisitions were funded through cash on-hand. We have not incurred any material acquisition - related costs. We have not completed the purchase price allocation in relation to these acquisitions as certain appraisals associated with the valuation of intangible assets and contingent consideration are not yet complete. We do not believe that the completion of this work will materially modify the preliminary purchase price allocation. We expect to complete our purchase price allocation during the quarter ending March 31, 2016. The cost of the acquisitions was allocated to the assets acquired and liabilities assumed based on estimates of their fair values at the date of acquisition. The goodwill recognized as part of these acquisitions, which 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. The preliminary fair values of assets acquired and liabilities assumed, and the estimated useful lives of intangible assets acquired are as follows (in thousands): Intangible assets - useful life Current assets $ 19,184 Property, plant and equipment 4,002 Tradenames 12,600 7 years Non-compete 1,400 5 years Developed technology 13,900 6 years Customer relationships 25,703 5 to 8 years Goodwill 114,701 Assets acquired $ 191,490 Current liabilities (12,396) Deferred tax liabilities (10,359) Total liabilities assumed $ (22,755) Net assets acquired $ 168,735

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	(15) Subsequent Events On December 24, 2015, we entered into a definitive agreement to acquire Inova Labs, a leader in the portable oxygen concentrator market, which will add long-term oxygen therapy products to complement our non-invasive ventilators. The acquisition is expected to be completed during the quarter ending March 31, 2016. 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 will be funded by drawing on our existing credit facility . We have not incurred any material acquisition-related costs. The preliminary purchase price allocation will be completed during the quarter ending March 31, 201 6 .

Summary Of Significant Accoun22

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Dec. 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, 2016. The condensed consolidated financial statements for the three and six months ended December 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, 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)	6 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule Of Basic And Diluted Earnings Per Share	Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Numerator: Net Income $ 90,517 $ 91,181 $ 170,919 $ 174,440 Denominator: Basic weighted-average common shares outstanding 139,926 140,048 140,118 140,104 Effect of dilutive securities: Stock options and restricted stock units 1,222 2,154 1,414 2,364 Diluted weighted average shares 141,148 142,202 141,532 142,468 Basic earnings per share $ 0.65 $ 0.65 $ 1.22 $ 1.25 Diluted earnings per share $ 0.64 $ 0.64 $ 1.21 $ 1.22

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2015
Inventories [Abstract]
Schedule Of Inventories	December 31, 2015 June 30, 2015 Raw materials $ 63,474 $ 74,416 Work in progress 2,949 2,550 Finished goods 171,040 169,893 Total inventories $ 237,463 $ 246,859

Property, Plant And Equipment (

Property, Plant And Equipment (Tables)	6 Months Ended
	Dec. 31, 2015
Property, Plant And Equipment [Abstract]
Components Of Property, Plant And Equipment	December 31, 2015 June 30, 2015 Machinery and equipment $ 189,908 $ 198,047 Computer equipment 144,827 125,423 Furniture and fixtures 37,541 38,511 Vehicles 5,923 5,371 Clinical, demonstration and rental equipment 79,757 80,911 Leasehold improvements 32,080 31,553 Land 53,084 54,915 Buildings 229,592 235,515 772,712 770,246 Accumulated depreciation and amortization (397,488) (382,488) Property, plant and equipment, net $ 375,224 $ 387,758

Cost-Method Investments (Tables

Cost-Method Investments (Tables)	6 Months Ended
	Dec. 31, 2015
Cost-Method Investments [Abstract]
Schedule Of Reconciliation Of Changes In Cost-Method Investments	Six Months Ended December 31, 2015 2014 Balance at the beginning of the period $ 25,600 $ 14,850 Investments 7,582 10,500 Impairment of cost-method investments (750) - Balance at the end of the period $ 32,432 $ 25,350

Goodwill And Other Intangible27

Goodwill And Other Intangible Assets, Net (Tables)	6 Months Ended
	Dec. 31, 2015
Goodwill And Other Intangible Assets, Net [Abstract]
Schedule Of Changes In Carrying Amount Of Goodwill	Six Months Ended December 31, 2015 2014 Balance at the beginning of the period $ 264,261 $ 289,312 Business acquisition 114,701 12,315 Foreign currency translation adjustments (5,875) (29,008) Balance at the end of the period $ 373,087 $ 272,619
Schedule Of Other Intangible Assets	December 31, 2015 June 30, 2015 Developed/core product technology $ 79,398 $ 67,548 Accumulated amortization (52,694) (50,373) Developed/core product technology, net 26,704 17,175 Trade names 15,050 2,500 Accumulated amortization (2,701) (2,206) Trade names, net 12,349 294 Non-compete agreements 3,052 1,747 Accumulated amortization (1,722) (1,704) Non compete agreements, net 1,330 43 Customer relationships 55,045 30,538 Accumulated amortization (21,078) (19,308) Customer relationships, net 33,967 11,230 Patents 68,066 66,585 Accumulated amortization (49,085) (48,185) Patents, net 18,981 18,400 Total other intangibles, net $ 93,331 $ 47,142

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2015
Debt [Abstract]
Schedule Of Debt	December 31, 2015 June 30, 2015 Short-term debt $ 985 $ - Long-term debt 400,591 300,594 Total debt $ 401,576 $ 300,594

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Dec. 31, 2015
Product Warranties [Abstract]
Schedule Of Changes In Liability For Warranty Costs	Six Months Ended December 31, 2015 2014 Balance at the beginning of the period $ 9,823 $ 11,798 Warranty accruals for the period 5,169 3,503 Warranty costs incurred for the period (4,523) (2,857) Foreign currency translation adjustments (485) (1,367) Balance at the end of the period $ 9,984 $ 11,077

Stock-Based Employee Compensa30

Stock-Based Employee Compensation (Tables)	6 Months Ended
	Dec. 31, 2015
Stock-Based Employee Compensation [Abstract]
Schedule Of Assumptions For Fair Value Of Stock Option Plans And Purchase Rights Granted	Three Months Ended December 31, Six Months Ended December 31, 2015 2014 2015 2014 Stock options: Weighted average grant date fair value $ 12.20 $ 10.58 $ 12.20 $ 10.58 Weighted average risk-free interest rate 1.70% 1.60% 1.70% 1.60% Expected option life in years 4.9 4.9 4.9 4.9 Dividend yield 2.06% 2.15% 2.06% 2.15% Expected volatility 27% 27% 27% 27% ESPP purchase rights: Weighted average grant date fair value $ 13.93 $ 10.72 $ 14.07 $ 10.72 Weighted average risk-free interest rate 0.2% 0.1% 0.2% 0.1% Expected option life in years 6 months 6 months 6 months 6 months Dividend yield 1.73% - 2.06% 2.17% 1.73% - 2.06% 2.00% - 2.17% Expected volatility 26% - 32% 22% 26% - 32% 22% - 24%

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Dec. 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 2,809,238 $ 29.63 2.5 Granted 327,563 58.24 Exercised (693,905) 19.46 Forfeited (21,808) 41.24 Outstanding at end of period 2,421,088 $ 36.29 3.1 Exercise price of granted options $ 58.24 Options exercisable at end of period 1,814,744 $ 30.61
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 2,312,529 $ 43.65 1.2 Granted 697,550 54.89 Vested (806,428) 39.41 Expired (232,886) 37.87 Forfeited (32,737) 45.22 Outstanding at end of period 1,938,028 $ 50.13 1.8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2015
Fair Value Measurements [Abstract]
Summary Of Financial Assets And Liabilities	Level 1 Level 2 Level 3 Total Balances at December 31, 2015 Foreign currency hedging instruments, net $ - $ 7,256 $ - $ 7,256 Business acquisition contingent consideration $ - $ - $ (13,438) $ (13,438) Balances at June 30, 2015 Foreign currency hedging instruments, net $ - $ 1,038 $ - $ 1,038 Business acquisition contingent consideration $ - $ - $ (1,584) $ (1,584)
Reconciliation For Fair Value Measurements Using Significant Unobservable Inputs	Six Months Ended December 31, 2015 2014 Balance at the beginning of the period $ (1,584) $ (480) Acquisition date fair value of contingent consideration (13,107) (1,217) Changes in fair value included in operating income 105 132 Payments 1,120 458 Foreign currency translation adjustments 28 (22) Balance at the end of the period $ (13,438) $ (1,129)

Derivative Instruments And He33

Derivative Instruments And Hedging Activities (Tables)	6 Months Ended
	Dec. 31, 2015
Derivative Instruments And Hedging Activities [Abstract]
Summary Of Amount And Location Of Derivative Financial Instruments	December 31, 2015 June 30, 2015 Balance Sheet Caption Foreign currency hedging instruments $ 7,569 $ 1,644 Other assets - current Foreign currency hedging instruments 2,150 1,348 Other assets - non current Foreign currency hedging instruments (894) (1,954) Accrued expenses Foreign currency hedging instruments (1,569) - Other long-term liabilities $ 7,256 $ 1,038
Summary Of Gains (Losses) Associated With Derivative Financial Instruments	Gain /(Loss) Recognized Income Statement Caption Six Months Ended December 31, 2015 2014 Foreign currency hedging instruments $ (22,953) $ (25,295) Other, net Other foreign-currency-denominated transactions 24,399 27,446 Other, net $ 1,446 $ 2,151

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule Of Preliminary Purchase Price Allocation and Preliminary Estimated Useful Lives	Intangible assets - useful life Current assets $ 19,184 Property, plant and equipment 4,002 Tradenames 12,600 7 years Non-compete 1,400 5 years Developed technology 13,900 6 years Customer relationships 25,703 5 to 8 years Goodwill 114,701 Assets acquired $ 191,490 Current liabilities (12,396) Deferred tax liabilities (10,359) Total liabilities assumed $ (22,755) Net assets acquired $ 168,735

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Stock options and restricted stock units not included in the computation of diluted earnings per share	244,638	199,443	176,669	176,725

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		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income	$ 90,517	$ 91,181	$ 170,919	$ 174,440
Denominator:
Basic weighted-average common shares outstanding	139,926	140,048	140,118	140,104
Stock options and restricted stock units	1,222	2,154	1,414	2,364
Diluted weighted average shares	141,148	142,202	141,532	142,468
Basic earnings per share	$ 0.65	$ 0.65	$ 1.22	$ 1.25
Diluted earnings per share	$ 0.64	$ 0.64	$ 1.21	$ 1.22

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Inventories [Abstract]
Raw materials	$ 63,474	$ 74,416
Work in progress	2,949	2,550
Finished goods	171,040	169,893
Total inventories	$ 237,463	$ 246,859

Property, Plant And Equipment38

Property, Plant And Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 772,712	$ 770,246
Accumulated depreciation and amortization	(397,488)	(382,488)
Property, plant and equipment, net	375,224	387,758
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	189,908	198,047
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	144,827	125,423
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	37,541	38,511
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,923	5,371
Clinical, Demonstration And Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	79,757	80,911
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	32,080	31,553
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	53,084	54,915
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 229,592	$ 235,515

Cost-Method Investments (Narrat

Cost-Method Investments (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Cost-Method Investments [Abstract]
Aggregate carrying amount of cost-method investments	$ 32,432	$ 25,350	$ 25,600	$ 14,850
Impairment losses related to cost-method investments	$ 750

Cost-Method Investments (Schedu

Cost-Method Investments (Schedule Of Reconciliation Of Changes In Cost-Method Investments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cost-Method Investments [Abstract]
Balance at the beginning of the period	$ 25,600	$ 14,850
Investments	7,582	$ 10,500
Impairment of cost-method investments	(750)
Balance at the end of the period	$ 32,432	$ 25,350

Goodwill And Other Intangible41

Goodwill And Other Intangible Assets, Net (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill And Other Intangible Assets, Net [Abstract]
Balance at the beginning of the period	$ 264,261	$ 289,312
Business acquisition	114,701	12,315
Foreign currency translation adjustments	(5,875)	(29,008)
Balance at the end of the period	$ 373,087	$ 272,619

Goodwill And Other Intangible42

Goodwill And Other Intangible Assets, Net (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Total other intangibles, net	$ 93,331	$ 47,142
Developed/Core Product Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangibles, gross	79,398	67,548
Accumulated amortization	(52,694)	(50,373)
Total other intangibles, net	26,704	17,175
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangibles, gross	15,050	2,500
Accumulated amortization	(2,701)	(2,206)
Total other intangibles, net	12,349	294
Non Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangibles, gross	3,052	1,747
Accumulated amortization	(1,722)	(1,704)
Total other intangibles, net	1,330	43
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangibles, gross	55,045	30,538
Accumulated amortization	(21,078)	(19,308)
Total other intangibles, net	33,967	11,230
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangibles, gross	68,066	66,585
Accumulated amortization	(49,085)	(48,185)
Total other intangibles, net	$ 18,981	$ 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

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Oct. 31, 2013USD ($)entity	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Amount outstanding under credit facility		$ 400,000,000
Assumed short-term debt from acquisitions		1,000,000
Assumed long-term debt from acquisitions		$ 600,000
Union Bank, N.A. and HSBC Bank USA [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Number of US guarantors | entity	2
Maximum borrowing capacity	$ 700,000,000
Credit facility term, years	5 years
Uncommitted option to increase credit facility	$ 300,000,000
Credit facility termination date		Oct. 31, 2018
Interest rate on outstanding principal amount		1.40%
Union Bank, N.A. and HSBC Bank USA [Member] | Letters Of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000
Minimum [Member] | Union Bank, N.A. and HSBC Bank USA [Member]
Debt Instrument [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]
Debt Instrument [Line Items]
Credit facility interest rate equal to reference rate plus		1.00%
Maximum [Member] | Union Bank, N.A. and HSBC Bank USA [Member]
Debt Instrument [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]
Debt Instrument [Line Items]
Credit facility interest rate equal to reference rate plus		2.00%

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Debt [Abstract]
Short-term debt	$ 985
Long-term debt	400,591	$ 300,594
Total debt	$ 401,576	$ 300,594

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Product Warranties [Abstract]
Balance at the beginning of the period	$ 9,823	$ 11,798
Warranty accruals for the period	5,169	3,503
Warranty costs incurred for the period	(4,523)	(2,857)
Foreign currency translation adjustments	(485)	(1,367)
Balance at the end of the period	$ 9,984	$ 11,077

Stock-Based Employee Compensa46

Stock-Based Employee Compensation (Schedule Of Assumptions For Fair Value Of Stock Option Plans And Purchase Rights Granted) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 12.20	$ 10.58	$ 12.20	$ 10.58
Weighted average risk-free interest rate	1.70%	1.60%	1.70%	1.60%
Expected option life in years	4 years 10 months 24 days	4 years 10 months 24 days	4 years 10 months 24 days	4 years 10 months 24 days
Dividend yield	2.06%	2.15%	2.06%	2.15%
Expected volatility	27.00%	27.00%	27.00%	27.00%
ESPP Purchase Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 13.93	$ 10.72	$ 14.07	$ 10.72
Weighted average risk-free interest rate	0.20%	0.10%	0.20%	0.10%
Expected option life in years	6 months	6 months	6 months	6 months
Dividend yield		2.17%
Expected volatility		22.00%
Minimum [Member] | ESPP Purchase Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.73%		1.73%	2.00%
Expected volatility	26.00%		26.00%	22.00%
Maximum [Member] | ESPP Purchase Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	2.06%		2.06%	2.17%
Expected volatility	32.00%		32.00%	24.00%

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)$ / sharesshares	Apr. 30, 1997$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares repurchased	700,000	700,000
Cost of common shares repurchased | $	$ 40,100,000	$ 33,500,000
Additional shares that can be repurchased under the approved share repurchase program	13,600,000		13,600,000
Number of shares repurchased pursuant to the repurchase program	41,086,234		41,086,234		39,186,234
Cost of shares repurchased pursuant to the repurchase program | $	$ 1,546,611,000		$ 1,546,611,000		$ 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		0
Unrecognized compensation costs related to unvested stock-based compensation arrangements | $	$ 87,800,000		$ 87,800,000
Expected weighted average period of unrecognized compensation costs related to unvested stock-based compensation arrangements			2 years 6 months
Aggregate intrinsic value of the stock-based compensation arrangements outstanding | $	147,700,000		$ 147,700,000
Aggregate intrinsic value of the stock-based compensation arrangements exercisable | $	$ 41,900,000		41,900,000
Aggregate intrinsic value of the options exercised | $			$ 25,300,000	$ 28,500,000
Series A Junior Participating Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized						2,000,000
Preferred stock at par value | $ / shares						$ 0.01
Preferred stock, shares issued	0		0		0
Preferred stock, shares outstanding	0		0		0
2009 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expiration period			7 years
Common stock authorized for issuance	43,700,000		43,700,000
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
Number of securities remaining available for future issuance	12,700,000		12,700,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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%
Number of securities remaining available for future issuance	1,400,000		1,400,000
Minimum [Member] | 2009 Plan [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] | 2009 Plan [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

Stockholders' Equity (Schedule Of Option Activity) (Details) - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Stockholders' Equity [Abstract]
Options, Outstanding at beginning of period	2,809,238
Options, Granted	327,563
Options, Exercised	(693,905)
Options, Forfeited	(21,808)
Options, Outstanding at end of period	2,421,088	2,809,238
Options, Exercise price of granted options	$ 58.24
Options exercisable at end of period	1,814,744
Weighted Average Exercise Price, Outstanding at beginning of period	$ 29.63
Weighted Average Exercise Price, Granted	58.24
Weighted Average Exercise Price, Exercised	19.46
Weighted Average Exercise Price, Forfeited	41.24
Weighted Average Exercise Price, Outstanding at end of period	36.29	$ 29.63
Weighted Average Exercise Price, Options exercisable at end of period	$ 30.61
Weighted Average Remaining Contractual Term in Years, Outstanding	3 years 1 month 6 days	2 years 6 months

Stockholders' Equity (Schedul49

Stockholders' Equity (Schedule Of Activity Of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 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	697,550
Restricted Stock Units, Vested	(806,428)
Restricted Stock Units, Expired	(232,886)
Restricted Stock Units, Forfeited	(32,737)
Restricted Stock Units, Outstanding at end of period	1,938,028	2,312,529
Weighted Average Grant-Date Fair Value, Outstanding at beginning of period	$ 43.65
Weighted Average Grant-Date Fair Value, Granted	54.89
Weighted Average Grant-Date Fair Value, Vested	39.41
Weighted Average Grant-Date Fair Value, Expired	37.87
Weighted Average Grant-Date Fair Value, Forfeited	45.22
Weighted Average Grant-Date Fair Value, Outstanding at end of period	$ 50.13	$ 43.65
Weighted Average Remaining Contractual Term in Years, Outstanding	1 year 9 months 18 days	1 year 2 months 12 days

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Financial Assets And Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency hedging instruments, net	$ 7,256	$ 1,038
Business acquisition contingent consideration	$ (13,438)	$ (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	$ 7,256	$ 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	$ (13,438)	$ (1,584)

Fair Value Measurements (Reconc

Fair Value Measurements (Reconciliation For Fair Value Measurements Using Significant Unobservable Inputs) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Measurements [Abstract]
Balance at the beginning of the period	$ (1,584)	$ (480)
Acquisition date fair value of contingent consideration	(13,107)	(1,217)
Changes in fair value included in operating income	105	132
Payments	1,120	458
Foreign currency translation adjustments	28	(22)
Balance at the end of the period	$ (13,438)	$ (1,129)

Legal Actions And Contingenci52

Legal Actions And Contingencies (Details) - Contingent Obligations Under Recourse Provisions [Member] - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Loss Contingencies [Line Items]
Receivables sold to leasing companies under debt factoring arrangements	$ 31.5	$ 12.8
Maximum potential contingent liability	10.3		$ 7.2
Recourse liability recognized	$ 0.5		$ 0.5

Derivative Instruments And He53

Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Derivative [Line Items]
Notional amount of foreign currency hedging contracts held	$ 558.4	$ 576.5
Foreign Currency Contracts [Member]
Derivative [Line Items]
Terms of foreign currency hedging contracts, maximum	3 years

Derivative Instruments And He54

Derivative Instruments And Hedging Activities (Summary Of Amount And Location Of Derivative Financial Instruments) (Details) - Foreign Currency Contracts [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Derivatives, Fair Value [Line Items]
Net foreign currency hedging instruments	$ 7,256	$ 1,038
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign currency hedging instruments, assets	7,569	1,644
Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign currency hedging instruments, assets	2,150	1,348
Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Foreign currency hedging instruments, liabilities	(894)	$ (1,954)
Other Long-Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign currency hedging instruments, liabilities	$ (1,569)

Derivative Instruments And He55

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	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ 1,446	$ 2,151
Foreign Currency Contracts [Member] | Other, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency hedging instruments	(22,953)	(25,295)
Other Foreign-Currency-Denominated Transactions [Member] | Other, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other foreign-currency-denominated transactions	$ 24,399	$ 27,446

Business Combinations (Narrativ

Business Combinations (Narrative) (Details)	6 Months Ended
	Dec. 31, 2015
Curative Medical Technology Inc [Member]
Business Combinations [Line Items]
Date of acquisition agreement	Oct. 2, 2015
Percentage of outstanding shares acquired	100.00%
Maribo Medico A/S [Member]
Business Combinations [Line Items]
Date of acquisition agreement	Nov. 6, 2015
Percentage of outstanding shares acquired	100.00%
Bennett Precision Tooling Pty Ltd [Member]
Business Combinations [Line Items]
Date of acquisition agreement	Nov. 30, 2015
Percentage of outstanding shares acquired	100.00%

Business Combinations (Schedule

Business Combinations (Schedule Of Preliminary Purchase Price Allocation and Preliminary Estimated Useful Lives) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Line Items]
Current assets	$ 19,184
Property, plant and equipment	4,002
Goodwill	114,701	$ 12,315
Assets acquired	191,490
Current liabilities	(12,396)
Deferred tax liabilities	(10,359)
Total liabilities assumed	(22,755)
Net assets acquired	168,735
Trade Names [Member]
Business Combinations [Line Items]
Intangible assets	$ 12,600
Intangible assets, useful life	7 years
Non-Compete [Member]
Business Combinations [Line Items]
Intangible assets	$ 1,400
Intangible assets, useful life	5 years
Developed Technology [Member]
Business Combinations [Line Items]
Intangible assets	$ 13,900
Intangible assets, useful life	6 years
Customer Relationships [Member]
Business Combinations [Line Items]
Intangible assets	$ 25,703
Customer Relationships [Member] | Minimum [Member]
Business Combinations [Line Items]
Intangible assets, useful life	5 years
Customer Relationships [Member] | Maximum [Member]
Business Combinations [Line Items]
Intangible assets, useful life	8 years