Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Oct. 20, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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 | 140,965,500 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 781,658 | $ 731,434 |
Accounts receivable, net of allowance for doubtful accounts of $11,293 and $12,555 at September 30, 2016 and June 30, 2016, respectively | 347,137 | 382,086 |
Inventories (note 3) | 253,828 | 224,456 |
Prepaid expenses and other current assets | 92,229 | 81,743 |
Total current assets | 1,474,852 | 1,419,719 |
Non-current assets: | ||
Property, plant and equipment, net (note 4) | 390,797 | 384,276 |
Goodwill (note 6) | 1,062,758 | 1,059,245 |
Other intangible assets, net (note 7) | 289,673 | 299,808 |
Deferred income taxes | 62,926 | 55,496 |
Other assets | 41,258 | 38,161 |
Total non-current assets | 1,847,412 | 1,836,986 |
Total assets | 3,322,264 | 3,256,705 |
Current liabilities: | ||
Accounts payable | 80,489 | 92,571 |
Accrued expenses | 153,969 | 156,805 |
Deferred revenue | 47,665 | 50,009 |
Income taxes payable | 38,807 | 39,166 |
Short-term debt (note 9) | 299,625 | 299,438 |
Total current liabilities | 620,555 | 637,989 |
Non-current liabilities: | ||
Deferred revenue | 45,736 | 40,281 |
Deferred income taxes | 8,920 | 9,061 |
Other long-term liabilities | 974 | 1,211 |
Long-term debt (note 9) | 873,511 | 873,332 |
Total non-current liabilities | 929,141 | 923,885 |
Total liabilities | 1,549,696 | 1,561,874 |
Commitments and contingencies (note 13) | ||
Stockholders' equity: (note 11) | ||
Preferred stock, $0.01 par value, 2,000,000 shares authorized; none issued | ||
Common stock, $0.004 par value, 350,000,000 shares authorized; 181,974,343 issued and 140,888,109 outstanding at September 30, 2016 and 181,747,157 issued and 140,660,923 outstanding at June 30, 2016 | 564 | 563 |
Additional paid-in capital | 1,321,522 | 1,303,238 |
Retained earnings | 2,190,028 | 2,160,299 |
Treasury stock, at cost, 41,086,234 shares at September 30, 2016, and June 30, 2016 | (1,546,611) | (1,546,611) |
Accumulated other comprehensive loss | (192,935) | (222,658) |
Total stockholders' equity | 1,772,568 | 1,694,831 |
Total liabilities and stockholders' equity | $ 3,322,264 | $ 3,256,705 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 11,293 | $ 12,555 |
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 | 181,974,343 | 181,747,157 |
Common stock, shares outstanding | 140,888,109 | 140,660,923 |
Treasury stock, shares held | 41,086,234 | 41,086,234 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidated Statements Of Income [Abstract] | ||
Net revenue | $ 465,450 | $ 411,647 |
Cost of sales (excluding amortization of acquired intangible assets) | 196,266 | 173,028 |
Gross profit | 269,184 | 238,619 |
Operating expenses: | ||
Selling, general and administrative | 128,851 | 111,095 |
Research and development | 34,446 | 27,192 |
Amortization of acquired intangible assets | 11,741 | 2,307 |
Total operating expenses | 175,038 | 140,594 |
Income from operations | 94,146 | 98,025 |
Other (loss) income, net: | ||
Interest (expense) income, net | (2,493) | 3,422 |
Other, net | 1,272 | (2,003) |
Total other (loss) income, net | (1,221) | 1,419 |
Income before income taxes | 92,925 | 99,444 |
Income taxes | 16,818 | 16,527 |
Net income | $ 76,107 | $ 82,917 |
Basic earnings per share | $ 0.54 | $ 0.59 |
Diluted earnings per share (note 2) | 0.54 | 0.58 |
Dividend declared per share | $ 0.33 | $ 0.30 |
Basic shares outstanding (000's) | 140,785 | 140,309 |
Diluted shares outstanding (000's) | 142,090 | 142,280 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $ 76,107 | $ 82,917 |
Other comprehensive income (loss): | ||
Foreign currency translation gain (loss) adjustments | 29,723 | (122,108) |
Comprehensive income (loss) | $ 105,830 | $ (39,191) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 76,107 | $ 82,917 |
Depreciation and amortization | 27,775 | 18,403 |
Stock-based compensation costs | 12,049 | 12,383 |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable | 36,207 | 30,498 |
Inventories | (28,073) | (17,194) |
Prepaid expenses, net deferred income taxes and other current assets | (19,115) | (3,526) |
Accounts payable, accrued expenses and other liabilities | (18,707) | 1,127 |
Net cash provided by operating activities | 86,243 | 124,608 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (14,560) | (16,403) |
Patent registration costs | (2,471) | (2,423) |
Business acquisitions, net of cash acquired | (3,090) | |
Investments in cost-method investments | (2,758) | (4,582) |
Proceeds (Payments) on maturity of foreign currency contracts | 9,710 | (39,341) |
Net cash used in investing activities | (13,169) | (62,749) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net | 6,330 | 4,352 |
Purchases of treasury stock | (57,857) | |
Proceeds from borrowings, net of borrowing costs | 25,000 | 200,000 |
Repayment of borrowings | (25,000) | (8) |
Dividends paid | (46,378) | (42,079) |
Net cash (used in) from financing activities | (40,048) | 104,408 |
Effect of exchange rate changes on cash | 17,198 | (61,463) |
Net increase in cash and cash equivalents | 50,224 | 104,804 |
Cash and cash equivalents at beginning of period | 731,434 | 717,249 |
Cash and cash equivalents at end of period | 781,658 | 822,053 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid, net of refunds | 28,261 | 18,118 |
Interest paid | 6,401 | 1,247 |
Fair value of assets acquired, excluding cash | 1,891 | |
Goodwill on acquisition | 457 | |
Deferred payments | 742 | |
Total cash component of purchase price | $ 3,090 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2016 | |
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, 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 the rules 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, 2017. The condensed consolidated financial statements for the three months ended September 30, 2016 and 2015 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, 2016. New Accounting Pronouncements In May, 2014, the FASB issued Accounting Standards Update (ASU), 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 on our financial condition, results of operations and cash flows as a result of the adoption of ASU 2014-09, however, we do not expect this updated standard to have a material impact on our consolidated financial statements and related disclosures. 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 was effective for us beginning in the first quarter of fiscal 2017. As a result of the adoption, we reclassified debt issuance costs of $0.6 million and $1.7 million, from other assets to short-term debt and long-term debt, respectively, in our consolidated balance sheet as of June 30, 2016. The adoption of this guidance did not impact our consolidated statements of earnings, comprehensive income, s tock holders’ equity, or cash flows. 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. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. Under the new guidance, lessees are required to recognize lease assets and liabilities on the balance sheet for leases classified as operating leases under current GAAP. This ASU is effective for the company beginning July 1, 2019. We are currently evaluating the impact of this standard on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting”, which requires companies to recognize additional tax benefits or expenses related to the vesting or settlement of employee share-based awards (the difference between the actual benefit for tax purposes and the tax benefit initially recognized for financial reporting purposes) as income tax benefit or expense in earnings, rather than in additional paid-in capital, in the reporting period in which they occur. This ASU also requires companies to classify cash flows resulting from employee share-based payments, including the additional tax benefits or expenses related to the vesting or settlement of share-based awards, as cash flows from operating activities rather than financing activities. The new standard is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. We elected to early adopt this ASU during the fourth quarter of fiscal year 2016 and are therefore required to report the impacts as though the ASU had been adopted on July 1, 2015. Accordingly, we recognized a reduction in income tax expense and an increase in operating cash flows related to the vesting or settlement of employee share-based awards of $2.5 million in each of the three month periods ended September 30, 201 6 and September 30, 201 5 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2016 | |
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 264,672 and 98,697 , for the three months ended September 30, 2016 and 2015, 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, 2016 and 2015 are calculated as follows (in thousands except per share data): Three Months Ended September 30, 2016 2015 Numerator: Net Income $ 76,107 $ 82,917 Denominator: Basic weighted-average common shares outstanding 140,785 140,309 Effect of dilutive securities: Stock options and restricted stock units 1,305 1,971 Diluted weighted average shares 142,090 142,280 Basic earnings per share $ 0.54 $ 0.59 Diluted earnings per share $ 0.54 $ 0.58 |
Inventories
Inventories | 3 Months Ended |
Sep. 30, 2016 | |
Inventories [Abstract] | |
Inventories | (3) Inventories Inventories were comprised of the following at September 30, 2016 and June 30, 2016 (in thousands): September 30, 2016 June 30, 2016 Raw materials $ 65,416 $ 67,121 Work in progress 4,859 3,939 Finished goods 183,553 153,396 Total inventories $ 253,828 $ 224,456 |
Property, Plant And Equipment
Property, Plant And Equipment | 3 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and June 30, 2016 (in thousands): September 30, 2016 June 30, 2016 Machinery and equipment $ 197,075 $ 197,485 Computer equipment 163,787 154,105 Furniture and fixtures 44,363 40,776 Vehicles 7,477 9,060 Clinical, demonstration and rental equipment 83,152 79,641 Leasehold improvements 34,126 33,795 Land 55,194 54,338 Buildings 233,047 229,502 818,221 798,702 Accumulated depreciation and amortization (427,424) (414,426) Property, plant and equipment, net $ 390,797 $ 384,276 |
Cost-Method Investments
Cost-Method Investments | 3 Months Ended |
Sep. 30, 2016 | |
Cost-Method Investments [Abstract] | |
Cost-Method Investments | (5) Cost-Method Investments The aggregate carrying amount of our cost-method investments at September 30, 2016 and June 30, 2016, was $36.6 million and $ 33.8 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. We have determined that the fair value of our cost-method 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, 2016 and 2015 (in thousands): Three Months Ended September 30, 2016 2015 Balance at the beginning of the period $ 33,815 $ 25,600 Investments 2,758 4,582 Balance at the end of the period $ 36,573 $ 30,182 |
Goodwill
Goodwill | 3 Months Ended |
Sep. 30, 2016 | |
Goodwill And Other Intangible Asset [Abstract] | |
Goodwill | (6) Goodwill Changes in the carrying amount of goodwill for the three months ended September 30, 2016, and 2015 were as follows (in thousands): Three Months Ended September 30, 2016 2015 Balance at the beginning of the period $ 1,059,245 $ 264,261 Other adjustments, net 457 - Foreign currency translation adjustments 3,056 (1,443) Balance at the end of the period $ 1,062,758 $ 262,818 . |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Sep. 30, 2016 | |
Goodwill And Other Intangible Asset [Abstract] | |
Other Intangible Assets | (7) Other Intangible Assets Other intangible assets were comprised of the following as of September 30, 2016 and June 30, 2016 (in thousands): September 30, 2016 June 30, 2016 Developed/core product technology $ 203,041 $ 202,050 Accumulated amortization (72,493) (63,825) Developed/core product technology, net 130,548 138,225 Trade names 48,624 47,897 Accumulated amortization (5,733) (3,832) Trade names, net 42,891 44,065 Non-compete agreements 3,133 3,089 Accumulated amortization (2,013) (1,899) Non compete agreements, net 1,120 1,190 Customer relationships 119,293 118,528 Accumulated amortization (29,905) (26,783) Customer relationships, net 89,388 91,745 In-process research and development 4,100 4,100 Accumulated amortization - - In-process research and development, net 4,100 4,100 Patents 78,388 74,034 Accumulated amortization (56,762) (53,551) Patents, net 21,626 20,483 Total other intangibles, net $ 289,673 $ 299,808 Intangible assets consist of developed/core product technology, trade names, non-compete agreements, customer relationships, and patents, and we amortize them over the estimated useful life of the assets, generally between two and fifteen years. There are no expected residual values related to these intangible assets. In-process research and development is amortized over the estimated useful life of the assets, once the research and development efforts are completed. At least on an annual basis, we evaluate the in-process research and development balances for impairment. |
Product Warranties
Product Warranties | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 and 2015 are as follows (in thousands): Three Months Ended September 30, 2016 2015 Balance at the beginning of the period $ 15,043 $ 9,823 Warranty accruals for the period 5,243 1,790 Warranty costs incurred for the period (2,855) (2,039) Foreign currency translation adjustments 147 (691) Balance at the end of the period $ 17,578 $ 8,883 |
Debt
Debt | 3 Months Ended |
Sep. 30, 2016 | |
Debt [Abstract] | |
Debt | (9) Debt Debt at September 30, 2016 and June 30, 2016 consisted of the following (in thousands): September 30, 2016 June 30, 2016 Short-term debt $ 300,000 $ 300,000 Deferred borrowing costs (375) (562) Short-term debt, net 299,625 299,438 Long-term debt 875,000 875,000 Deferred borrowing costs (1,489) (1,668) Long-term debt, net 873,511 873,332 Total debt $ 1,173,136 $ 1,172,770 Credit Facility On October 31, 2013, we entered into a revolving 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 , providing for a revolving credit facility of $700 million, with an uncommitted option to increase the revolving credit facility by an additional $300 million. On April 4, 2016, in connection with our acquisition of Brightree LLC (“Brightree”), we entered into a first amendment to the revolving credit agreement to increase the size of the revolving credit facility from $700 million to $1 billion, with an uncommitted option to increase the revolving credit facility by an additional $300 million, and to make other modifications to provide for the acquisition of Brightree. 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, 2016, the interest rate that was being charged on the outstanding principal amount was 2.0% . A commitment fee of 0.15% to 0.25% (depending on the then-applicable leverage ratio) applies on the unused portion of the credit facility. The credit facility also includes a $25 million sublimit for letters of credit. Our obligations under the revolving credit agreement are unsecured but are guaranteed by certain of our direct and indirect U. S. subsidiaries, including ResMed Corp., ResMed Motor Technologies Inc., Birdie Inc., Inova Labs, Inc., Brightree, Brightree Services LLC, Brightree Home Health & Hospice LLC and Strategic AR LLC, under an unconditional guaranty. 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. At September 30, 2016, there was $875.0 million outstanding under the revolving credit facility. Term Loan On April 4, 2016, in connection with the Brightree acquisition, we also entered into a credit agreement (the “term loan credit agreement”) providing a $300 million senior unsecured one -year term loan credit facility. Our obligations under the term loan credit agreement are unsecured but are guaranteed by certain of our direct and indirect U.S. subsidiaries, including ResMed Corp., ResMed Motor Technologies Inc., Birdie Inc., Inova Labs, Inc., Brightree, Brightree Services LLC, Brightree Home Health & Hospice LLC and Strategic AR LLC, under an unconditional guaranty. The term loan credit facility terminates on April 3, 2017 , when all unpaid principal and interest under the loans must be repaid. The outstanding principal amount due under the term loan 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, 2016, the interest rate that was being charged on the outstanding principal amount was 2.0% . The term loan credit agreement contains customary covenants, including certain financial covenants and an obligation that we maintain certain financial ratios, including a maximum ratio of funded debt to EBITDA (as defined in the term loan credit agreement) and an interest coverage ratio. The proceeds from the funding of the term loan credit facility were used to pay a portion of the acquisition consideration for the Brightree acquisition, as well as to pay fees and expenses in connection with the acquisition, the amendment to the revolving credit agreement and the term loan credit agreement. At September 30, 2016, there was $300.0 million outstanding under the term loan credit agreement. |
Stock-Based Employee Compensati
Stock-Based Employee Compensation | 3 Months Ended |
Sep. 30, 2016 | |
Stock-Based Employee Compensation [Abstract] | |
Stock-Based Employee Compensation | (10) 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 September 30, 2016 2015 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 grant date fair value $ 11.88 $ 14.22 Weighted average risk-free interest rate 0.4% 0.1% Expected option life in years 6 months 6 months Dividend yield 2.14% 1.73% Expected volatility 23% 26% |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (11) Stockholders’ Equity Common Stock. Since the inception of our share repurchase programs and through September 30, 2016, we have repurchased a total of 41.1 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. We have temporarily suspended our share repurchase program due to recent acquisitions. Accordingly, we did no t repurchase any shares during the three months ended September 30, 2016. There is no expiration date for this program, and the program may be accelerated, suspended, delayed or discontinued at any time at the discretion of our board of directors . At September 30, 2016, 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 September 30, 2016 and June 30, 2016 . 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 September 30, 2016 is 12.1 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, 2016, there were $ 54.4 million in unrecognized compensation costs related to unvested stock-based compensation arrangements. This is expected to be recognized over a weighted average period of 2.1 years. The aggregate intrinsic value of the stock-based compensation arrangements outstanding and exercisable at September 30, 2016 was $ 161.5 million and $ 37.0 million, respectively. The aggregate intrinsic value of the options exercised during the three months ended September 30, 2016 and 2015, was $ 8.8 million and $ 8.9 million, respectively. The following table summarizes option activity during the three months ended September 30, 2016: Weighted Average Exercise Price Weighted Average Remaining Contractual Term in Years Outstanding at beginning of period 1,924,229 $ 38.70 3.2 Granted - - Exercised (221,629) 28.44 Forfeited - - Outstanding at end of period 1,702,600 $ 40.04 3.2 Exercise price of granted options $ - Options exercisable at end of period 1,195,037 $ 33.81 The following table summarizes the activity of restricted stock units during the three months ended September 30, 2016: Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Term in Years Outstanding at beginning of period 1,861,510 $ 50.52 1.4 Granted 7,539 63.68 Vested (10,279) 45.06 Forfeited (17,010) 50.69 Outstanding at end of period 1,841,760 $ 50.62 1.1 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, 2016, the number of shares remaining available for future issuance under the ESPP is 1.2 million shares. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (12) 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, 2016 and June 30, 2016, using the valuation input hierarchy (in thousands): Level 1 Level 2 Level 3 Total Balances at September 30, 2016 Foreign currency hedging instruments, net $ - $ 612 $ - $ 612 Business acquisition contingent consideration $ - $ - $ (10,454) $ (10,454) Balances at June 30, 2016 Foreign currency hedging instruments, net $ - $ 4,185 $ - $ 4,185 Business acquisition contingent consideration $ - $ - $ (10,450) $ (10,450) 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, 2016 and 2015 (in thousands): Three Months Ended September 30, 2016 2015 Balance at the beginning of the period $ (10,450) $ (1,584) Foreign currency translation adjustments (4) 70 Balance at the end of the period $ (10,454) $ (1,514) We did not have any significant non-financial assets or liabilities measured at fair value on September 30, 2016 or June 30, 2016. |
Legal Actions And Contingencies
Legal Actions And Contingencies | 3 Months Ended |
Sep. 30, 2016 | |
Legal Actions And Contingencies [Abstract] | |
Legal Actions And Contingencies | (13) 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. Contingent 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 three months ended September 30, 2016 and 2015, amounted to $17.3 million and $16.1 million, respectively. The maximum potential amount s of contingent liability under these arrangements at September 30, 2016 and June 30, 2016 were $14.4 million, and $12.9 million, respectively. The recourse liability recognized by us at September 30, 2016 and June 30, 2016, in relation to these arrangements was $0.8 million and $0.7 million, respectively. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 3 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities | (14) 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 $ 651.0 million and $ 612.2 million at September 30, 2016 and June 30, 2016, respectively, to hedge foreign currency fluctuations. These contracts mature at various dates prior to September 30, 2019. The following table summarizes the amount and location of our derivative financial instruments as of September 30, 2016 and June 30, 2016 (in thousands): September 30, 2016 June 30, 2016 Balance Sheet Caption Foreign currency hedging instruments $ 364 $ 2,346 Other assets - current Foreign currency hedging instruments 2,504 2,082 Other assets - non current Foreign currency hedging instruments (2,256) (243) Accrued expenses Foreign currency hedging instruments - - Other long-term liabilities $ 612 $ 4,185 The following table summarizes the amount and location of gains (losses) associated with our derivative financial instruments for the three months ended September 30, 2016 and 2015, respectively (in thousands): Gain /(Loss) Recognized Income Statement Caption Three Months Ended September 30, 2016 2015 Foreign currency hedging instruments $ 6,000 $ (39,353) Other, net Other foreign-currency-denominated transactions (5,199) 37,081 Other, net $ 801 $ (2,272) 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 | 3 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | (15) Business Combinations Brightree On April 4, 2016 we completed the acquisition of Brightree LLC (“Brightree”), a provider of cloud-based clinical and business management software for the post-acute care industry, for a total purchase consideration paid of $804 million. This acquisition has been accounted for as a business combination using purchase accounting and included in our consolidated financial statements from April 4, 2016. The acquisition was funded through cash on-hand, funds available from our revolving credit facility and a new $300 million senior unsecured one-year term loan credit facility. We have not completed the purchase price allocation in relation to this acquisition as certain appraisals associated with the valuation of intangible assets 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 December 31, 2016. The cost of the acquisition 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 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): Brightree Intangible assets - useful life Current assets $ 13,868 Property, plant and equipment 1,045 Tradenames 28,700 10 years In-process research and development 4,100 n/a Developed technology 114,700 5 to 6 years Customer relationships 51,000 10 to 15 years Goodwill 604,438 Assets acquired $ 817,851 Current liabilities (9,399) Deferred revenue (4,571) Deferred tax liabilities - Total liabilities assumed $ (13,970) Net assets acquired $ 803,881 Other Acquisitions 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 Medical 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, an Australian based company that designs and manufactures tools specializing in applications for Liquid Silicon Rubber. On January 29, 2016 we completed the acquisition of 100% of the shares in Inova Labs Inc. (“Inova Labs”), a medical device company specializing in the development and commercialization of innovative oxygen therapy products. 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, individually and collectively, are not considered a material business combination and accordingly pro forma information is not provided. The acquisitions were funded through cash on-hand and by drawing on our existing credit facility. Except for the purchase price allocation associated with the Inova Labs acquisition , we have completed the purchase price allocation in relation to all these acquisitions. We expect to complete our purchase price allocation for Inova Labs during the quarter ending December 31, 2016 . We do not believe that the completion of this work will materially modify the preliminary purchase price allocation for Inova Labs. 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 fair values of assets acquired and liabilities assumed, and the estimated useful lives of intangible assets acquired are as follows (in thousands): All Other Intangible assets - useful life Current assets $ 51,261 Property, plant and equipment 5,294 Tradenames 17,400 7 years Non-compete 1,400 5 years Developed technology 20,515 5 years Customer relationships 37,303 5 to 8 years Goodwill 192,325 Assets acquired $ 325,498 Current liabilities (21,147) Debt assumed (21,201) Deferred revenue (4,283) Deferred tax liabilities (19,207) Total liabilities assumed $ (65,838) Net assets acquired $ 259,660 |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Sep. 30, 2016 | |
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, 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 the rules 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, 2017. The condensed consolidated financial statements for the three months ended September 30, 2016 and 2015 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, 2016. |
New Accounting Pronouncements | New Accounting Pronouncements In May, 2014, the FASB issued Accounting Standards Update (ASU), 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 on our financial condition, results of operations and cash flows as a result of the adoption of ASU 2014-09, however, we do not expect this updated standard to have a material impact on our consolidated financial statements and related disclosures. 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 was effective for us beginning in the first quarter of fiscal 2017. As a result of the adoption, we reclassified debt issuance costs of $0.6 million and $1.7 million, from other assets to short-term debt and long-term debt, respectively, in our consolidated balance sheet as of June 30, 2016. The adoption of this guidance did not impact our consolidated statements of earnings, comprehensive income, s tock holders’ equity, or cash flows. 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. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. Under the new guidance, lessees are required to recognize lease assets and liabilities on the balance sheet for leases classified as operating leases under current GAAP. This ASU is effective for the company beginning July 1, 2019. We are currently evaluating the impact of this standard on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting”, which requires companies to recognize additional tax benefits or expenses related to the vesting or settlement of employee share-based awards (the difference between the actual benefit for tax purposes and the tax benefit initially recognized for financial reporting purposes) as income tax benefit or expense in earnings, rather than in additional paid-in capital, in the reporting period in which they occur. This ASU also requires companies to classify cash flows resulting from employee share-based payments, including the additional tax benefits or expenses related to the vesting or settlement of share-based awards, as cash flows from operating activities rather than financing activities. The new standard is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. We elected to early adopt this ASU during the fourth quarter of fiscal year 2016 and are therefore required to report the impacts as though the ASU had been adopted on July 1, 2015. Accordingly, we recognized a reduction in income tax expense and an increase in operating cash flows related to the vesting or settlement of employee share-based awards of $2.5 million in each of the three month periods ended September 30, 201 6 and September 30, 201 5 . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended September 30, 2016 2015 Numerator: Net Income $ 76,107 $ 82,917 Denominator: Basic weighted-average common shares outstanding 140,785 140,309 Effect of dilutive securities: Stock options and restricted stock units 1,305 1,971 Diluted weighted average shares 142,090 142,280 Basic earnings per share $ 0.54 $ 0.59 Diluted earnings per share $ 0.54 $ 0.58 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | September 30, 2016 June 30, 2016 Raw materials $ 65,416 $ 67,121 Work in progress 4,859 3,939 Finished goods 183,553 153,396 Total inventories $ 253,828 $ 224,456 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Property, Plant And Equipment [Abstract] | |
Components Of Property, Plant And Equipment | September 30, 2016 June 30, 2016 Machinery and equipment $ 197,075 $ 197,485 Computer equipment 163,787 154,105 Furniture and fixtures 44,363 40,776 Vehicles 7,477 9,060 Clinical, demonstration and rental equipment 83,152 79,641 Leasehold improvements 34,126 33,795 Land 55,194 54,338 Buildings 233,047 229,502 818,221 798,702 Accumulated depreciation and amortization (427,424) (414,426) Property, plant and equipment, net $ 390,797 $ 384,276 |
Cost-Method Investments (Tables
Cost-Method Investments (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Cost-Method Investments [Abstract] | |
Schedule Of Reconciliation Of Changes In Cost-Method Investments | Three Months Ended September 30, 2016 2015 Balance at the beginning of the period $ 33,815 $ 25,600 Investments 2,758 4,582 Balance at the end of the period $ 36,573 $ 30,182 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Goodwill And Other Intangible Asset [Abstract] | |
Schedule Of Changes In Carrying Amount Of Goodwill | Three Months Ended September 30, 2016 2015 Balance at the beginning of the period $ 1,059,245 $ 264,261 Other adjustments, net 457 - Foreign currency translation adjustments 3,056 (1,443) Balance at the end of the period $ 1,062,758 $ 262,818 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Goodwill And Other Intangible Asset [Abstract] | |
Schedule Of Other Intangible Assets | September 30, 2016 June 30, 2016 Developed/core product technology $ 203,041 $ 202,050 Accumulated amortization (72,493) (63,825) Developed/core product technology, net 130,548 138,225 Trade names 48,624 47,897 Accumulated amortization (5,733) (3,832) Trade names, net 42,891 44,065 Non-compete agreements 3,133 3,089 Accumulated amortization (2,013) (1,899) Non compete agreements, net 1,120 1,190 Customer relationships 119,293 118,528 Accumulated amortization (29,905) (26,783) Customer relationships, net 89,388 91,745 In-process research and development 4,100 4,100 Accumulated amortization - - In-process research and development, net 4,100 4,100 Patents 78,388 74,034 Accumulated amortization (56,762) (53,551) Patents, net 21,626 20,483 Total other intangibles, net $ 289,673 $ 299,808 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Product Warranties [Abstract] | |
Schedule Of Changes In Liability For Warranty Costs | Three Months Ended September 30, 2016 2015 Balance at the beginning of the period $ 15,043 $ 9,823 Warranty accruals for the period 5,243 1,790 Warranty costs incurred for the period (2,855) (2,039) Foreign currency translation adjustments 147 (691) Balance at the end of the period $ 17,578 $ 8,883 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Debt [Abstract] | |
Schedule Of Debt | September 30, 2016 June 30, 2016 Short-term debt $ 300,000 $ 300,000 Deferred borrowing costs (375) (562) Short-term debt, net 299,625 299,438 Long-term debt 875,000 875,000 Deferred borrowing costs (1,489) (1,668) Long-term debt, net 873,511 873,332 Total debt $ 1,173,136 $ 1,172,770 |
Stock-Based Employee Compensa31
Stock-Based Employee Compensation (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Stock-Based Employee Compensation [Abstract] | |
Schedule Of Assumptions For Fair Value Of Stock Option Plans And Purchase Rights Granted | Three Months Ended September 30, 2016 2015 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 grant date fair value $ 11.88 $ 14.22 Weighted average risk-free interest rate 0.4% 0.1% Expected option life in years 6 months 6 months Dividend yield 2.14% 1.73% Expected volatility 23% 26% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Schedule Of Option Activity | Weighted Average Exercise Price Weighted Average Remaining Contractual Term in Years Outstanding at beginning of period 1,924,229 $ 38.70 3.2 Granted - - Exercised (221,629) 28.44 Forfeited - - Outstanding at end of period 1,702,600 $ 40.04 3.2 Exercise price of granted options $ - Options exercisable at end of period 1,195,037 $ 33.81 |
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 1,861,510 $ 50.52 1.4 Granted 7,539 63.68 Vested (10,279) 45.06 Forfeited (17,010) 50.69 Outstanding at end of period 1,841,760 $ 50.62 1.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Summary Of Financial Assets And Liabilities | Level 1 Level 2 Level 3 Total Balances at September 30, 2016 Foreign currency hedging instruments, net $ - $ 612 $ - $ 612 Business acquisition contingent consideration $ - $ - $ (10,454) $ (10,454) Balances at June 30, 2016 Foreign currency hedging instruments, net $ - $ 4,185 $ - $ 4,185 Business acquisition contingent consideration $ - $ - $ (10,450) $ (10,450) |
Reconciliation For Fair Value Measurements Using Significant Unobservable Inputs | Three Months Ended September 30, 2016 2015 Balance at the beginning of the period $ (10,450) $ (1,584) Foreign currency translation adjustments (4) 70 Balance at the end of the period $ (10,454) $ (1,514) |
Derivative Instruments And He34
Derivative Instruments And Hedging Activities (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments And Hedging Activities [Abstract] | |
Summary Of Amount And Location Of Derivative Financial Instruments | September 30, 2016 June 30, 2016 Balance Sheet Caption Foreign currency hedging instruments $ 364 $ 2,346 Other assets - current Foreign currency hedging instruments 2,504 2,082 Other assets - non current Foreign currency hedging instruments (2,256) (243) Accrued expenses Foreign currency hedging instruments - - Other long-term liabilities $ 612 $ 4,185 |
Summary Of Gains (Losses) Associated With Derivative Financial Instruments | Gain /(Loss) Recognized Income Statement Caption Three Months Ended September 30, 2016 2015 Foreign currency hedging instruments $ 6,000 $ (39,353) Other, net Other foreign-currency-denominated transactions (5,199) 37,081 Other, net $ 801 $ (2,272) |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Brightree LLC [Member] | |
Schedule Of Preliminary Purchase Price Allocation and Preliminary Estimated Useful Lives | Brightree Intangible assets - useful life Current assets $ 13,868 Property, plant and equipment 1,045 Tradenames 28,700 10 years In-process research and development 4,100 n/a Developed technology 114,700 5 to 6 years Customer relationships 51,000 10 to 15 years Goodwill 604,438 Assets acquired $ 817,851 Current liabilities (9,399) Deferred revenue (4,571) Deferred tax liabilities - Total liabilities assumed $ (13,970) Net assets acquired $ 803,881 |
All Other [Member] | |
Schedule Of Preliminary Purchase Price Allocation and Preliminary Estimated Useful Lives | All Other Intangible assets - useful life Current assets $ 51,261 Property, plant and equipment 5,294 Tradenames 17,400 7 years Non-compete 1,400 5 years Developed technology 20,515 5 years Customer relationships 37,303 5 to 8 years Goodwill 192,325 Assets acquired $ 325,498 Current liabilities (21,147) Debt assumed (21,201) Deferred revenue (4,283) Deferred tax liabilities (19,207) Total liabilities assumed $ (65,838) Net assets acquired $ 259,660 |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt issuance costs, short-term debt | $ 375 | $ 562 | |
Debt issuance costs, long-term debt | 1,489 | 1,668 | |
ASU 2015-03 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt issuance costs, short-term debt | 600 | ||
Debt issuance costs, long-term debt | $ 1,700 | ||
ASU 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Tax benefits | $ 2,500 | $ 2,500 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Stock options and restricted stock units not included in the computation of diluted earnings per share | 264,672 | 98,697 |
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, 2016 | Sep. 30, 2015 | |
Numerator: | ||
Net income | $ 76,107 | $ 82,917 |
Denominator: | ||
Basic weighted-average common shares outstanding | 140,785 | 140,309 |
Effect of dilutive securities: | ||
Stock options and restricted stock units | 1,305 | 1,971 |
Diluted weighted average shares | 142,090 | 142,280 |
Basic earnings per share | $ 0.54 | $ 0.59 |
Diluted earnings per share | $ 0.54 | $ 0.58 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Inventories [Abstract] | ||
Raw materials | $ 65,416 | $ 67,121 |
Work in progress | 4,859 | 3,939 |
Finished goods | 183,553 | 153,396 |
Total inventories | $ 253,828 | $ 224,456 |
Property, Plant And Equipment40
Property, Plant And Equipment (Components Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 818,221 | $ 798,702 |
Accumulated depreciation and amortization | (427,424) | (414,426) |
Property, plant and equipment, net | 390,797 | 384,276 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 197,075 | 197,485 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 163,787 | 154,105 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 44,363 | 40,776 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,477 | 9,060 |
Clinical, Demonstration And Rental Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 83,152 | 79,641 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 34,126 | 33,795 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 55,194 | 54,338 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 233,047 | $ 229,502 |
Cost-Method Investments (Narrat
Cost-Method Investments (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 |
Cost-Method Investments [Abstract] | ||||
Aggregate carrying amount of cost-method investments | $ 36,573 | $ 33,815 | $ 30,182 | $ 25,600 |
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, 2016 | Sep. 30, 2015 | |
Cost-Method Investments [Abstract] | ||
Balance at the beginning of the period | $ 33,815 | $ 25,600 |
Investments | 2,758 | 4,582 |
Balance at the end of the period | $ 36,573 | $ 30,182 |
Goodwill (Schedule Of Changes I
Goodwill (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill And Other Intangible Asset [Abstract] | ||
Balance at the beginning of the period | $ 1,059,245 | $ 264,261 |
Other adjustments, net | 457 | |
Foreign currency translation adjustments | 3,056 | (1,443) |
Balance at the end of the period | $ 1,062,758 | $ 262,818 |
Other Intangible Assets (Narrat
Other Intangible Assets (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2016 | |
Minimum [Member] | |
Goodwill [Line Items] | |
Intangible assets, estimated useful life | 2 years |
Maximum [Member] | |
Goodwill [Line Items] | |
Intangible assets, estimated useful life | 15 years |
Other Intangible Assets (Schedu
Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangibles, net | $ 289,673 | $ 299,808 |
Developed/Core Product Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 203,041 | 202,050 |
Accumulated amortization | (72,493) | (63,825) |
Total other intangibles, net | 130,548 | 138,225 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 48,624 | 47,897 |
Accumulated amortization | (5,733) | (3,832) |
Total other intangibles, net | 42,891 | 44,065 |
Non Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 3,133 | 3,089 |
Accumulated amortization | (2,013) | (1,899) |
Total other intangibles, net | 1,120 | 1,190 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 119,293 | 118,528 |
Accumulated amortization | (29,905) | (26,783) |
Total other intangibles, net | 89,388 | 91,745 |
In-Process Research And Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 4,100 | 4,100 |
Total other intangibles, net | 4,100 | 4,100 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangibles, gross | 78,388 | 74,034 |
Accumulated amortization | (56,762) | (53,551) |
Total other intangibles, net | $ 21,626 | $ 20,483 |
Product Warranties (Schedule Of
Product Warranties (Schedule Of Changes In Liability For Warranty Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Product Warranties [Abstract] | ||
Balance at the beginning of the period | $ 15,043 | $ 9,823 |
Warranty accruals for the period | 5,243 | 1,790 |
Warranty costs incurred for the period | (2,855) | (2,039) |
Foreign currency translation adjustments | 147 | (691) |
Balance at the end of the period | $ 17,578 | $ 8,883 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | Apr. 04, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Apr. 03, 2016 | Oct. 31, 2013 |
Debt Instrument [Line Items] | |||||
Outstanding under the revolving credit facility | $ 875,000 | $ 875,000 | |||
Outstanding under the term loan credit agreement | $ 300,000 | $ 300,000 | |||
Union Bank, N.A. and HSBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 700,000 | ||||
Credit facility termination date | Oct. 31, 2018 | ||||
Interest rate on outstanding principal amount | 2.00% | ||||
Union Bank, N.A. and HSBC Bank USA [Member] | Letters Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 25,000 | ||||
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% | ||||
Brightree LLC [Member] | Term Loan Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 300,000 | ||||
Credit facility term, years | 1 year | ||||
Credit facility termination date | Apr. 3, 2017 | ||||
Interest rate on outstanding principal amount | 2.00% | ||||
Brightree LLC [Member] | Union Bank, N.A. and HSBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,000,000 | ||||
Uncommitted option to increase credit facility | $ 300,000 | ||||
Brightree LLC [Member] | Minimum [Member] | Term Loan Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate equal to reference rate plus | 1.00% | ||||
Brightree LLC [Member] | Maximum [Member] | Term Loan Credit Agreement [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 | Sep. 30, 2016 | Jun. 30, 2016 |
Debt [Abstract] | ||
Short-term debt | $ 300,000 | $ 300,000 |
Deferred borrowing costs | (375) | (562) |
Short-term debt, net | 299,625 | 299,438 |
Long-term debt | 875,000 | 875,000 |
Deferred borrowing costs | (1,489) | (1,668) |
Long-term debt, net | 873,511 | 873,332 |
Total debt | $ 1,173,136 | $ 1,172,770 |
Stock-Based Employee Compensa49
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, 2016 | Sep. 30, 2015 | |
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 | ||
Dividend yield | ||
Expected volatility | ||
ESPP Purchase Rights [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value | $ 11.88 | $ 14.22 |
Weighted average risk-free interest rate | 0.40% | 0.10% |
Expected option life in years | 6 months | 6 months |
Dividend yield | 2.14% | 1.73% |
Expected volatility | 23.00% | 26.00% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 30, 2016USD ($)$ / sharesshares | Apr. 30, 1997$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of shares repurchased pursuant to the repurchase program | 41,086,234 | 41,086,234 | ||
Total cost of shares repurchased pursuant to the repurchase program | $ | $ 1,546,611 | $ 1,546,611 | ||
Common shares repurchased | 0 | |||
Additional shares that can be repurchased under the approved share repurchase program | 13,600,000 | |||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | ||
Preferred stock at par value | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock, shares issued | 0 | 0 | ||
Unrecognized compensation costs related to unvested stock-based compensation arrangements | $ | $ 54,400 | |||
Expected weighted average period of unrecognized compensation costs related to unvested stock-based compensation arrangements | 2 years 1 month 6 days | |||
Aggregate intrinsic value of the stock-based compensation arrangements outstanding | $ | $ 161,500 | |||
Aggregate intrinsic value of the stock-based compensation arrangements exercisable | $ | 37,000 | |||
Aggregate intrinsic value of the options exercised | $ | $ 8,800 | $ 8,900 | ||
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 | ||
Preferred stock, shares outstanding | 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 | |||
Reduction in the number of shares of common stock available for issuance | 2.8 | |||
Number of securities remaining available for future issuance | 12,100,000 | |||
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 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of securities remaining available for future issuance | 1,200,000 | |||
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] | 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 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Option Activity) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Jun. 30, 2016 | |
Stockholders' Equity [Abstract] | ||
Options, Outstanding at beginning of period | 1,924,229 | |
Options, Granted | ||
Options, Exercised | (221,629) | |
Options, Forfeited | ||
Options, Outstanding at end of period | 1,702,600 | 1,924,229 |
Options, Exercise price of granted options | ||
Options exercisable at end of period | 1,195,037 | |
Weighted Average Exercise Price, Outstanding at beginning of period | $ 38.70 | |
Weighted Average Exercise Price, Granted | ||
Weighted Average Exercise Price, Exercised | 28.44 | |
Weighted Average Exercise Price, Forfeited | ||
Weighted Average Exercise Price, Outstanding at end of period | 40.04 | $ 38.70 |
Weighted Average Exercise Price, Options exercisable at end of period | $ 33.81 | |
Weighted Average Remaining Contractual Term in Years, Outstanding | 3 years 2 months 12 days | 3 years 2 months 12 days |
Stockholders' Equity (Schedul52
Stockholders' Equity (Schedule Of Activity Of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock Units, Outstanding at beginning of period | 1,861,510 | |
Restricted Stock Units, Granted | 7,539 | |
Restricted Stock Units, Vested | (10,279) | |
Restricted Stock Units, Forfeited | (17,010) | |
Restricted Stock Units, Outstanding at end of period | 1,841,760 | 1,861,510 |
Weighted Average Grant-Date Fair Value, Outstanding at beginning of period | $ 50.52 | |
Weighted Average Grant-Date Fair Value, Granted | 63.68 | |
Weighted Average Grant-Date Fair Value, Vested | 45.06 | |
Weighted Average Grant-Date Fair Value, Forfeited | 50.69 | |
Weighted Average Grant-Date Fair Value, Outstanding at end of period | $ 50.62 | $ 50.52 |
Weighted Average Remaining Contractual Term in Years, Outstanding | 1 year 1 month 6 days | 1 year 4 months 24 days |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency hedging instruments, net | $ 612 | $ 4,185 |
Business acquisition contingent consideration | (10,454) | (10,450) |
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 | 612 | 4,185 |
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 | $ (10,454) | $ (10,450) |
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, 2016 | Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | ||
Balance at the beginning of the period | $ (10,450) | $ (1,584) |
Foreign currency translation adjustments | (4) | 70 |
Balance at the end of the period | $ (10,454) | $ (1,514) |
Legal Actions And Contingenci55
Legal Actions And Contingencies (Narrative) (Details) - Contingent Obligations Under Recourse Provisions [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Loss Contingencies [Line Items] | |||
Receivables sold to leasing companies under debt factoring arrangements | $ 17.3 | $ 16.1 | |
Maximum potential contingent liability | 14.4 | $ 12.9 | |
Recourse liability recognized | $ 0.8 | $ 0.7 |
Derivative Instruments And He56
Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2016 | |
Derivative [Line Items] | ||
Notional amount of foreign currency hedging contracts held | $ 651 | $ 612.2 |
Foreign Currency Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Terms of foreign currency hedging contracts, maximum | 3 years |
Derivative Instruments And He57
Derivative Instruments And Hedging Activities (Summary Of Amount And Location Of Derivative Financial Instruments) (Details) - Foreign Currency Hedging Instruments [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Derivatives, Fair Value [Line Items] | ||
Net foreign currency hedging instruments | $ 612 | $ 4,185 |
Other Assets - Current [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency hedging instruments, assets | 364 | 2,346 |
Other Assets - Non Current [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency hedging instruments, assets | 2,504 | 2,082 |
Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency hedging instruments, liabilities | $ (2,256) | $ (243) |
Derivative Instruments And He58
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, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 801 | $ (2,272) |
Foreign Currency Hedging Instruments [Member] | Other, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency hedging instruments | 6,000 | (39,353) |
Other Foreign-Currency-Denominated Transactions [Member] | Other, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other foreign-currency-denominated transactions | $ (5,199) | $ 37,081 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ in Millions | Apr. 04, 2016 | Sep. 30, 2016 |
Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Date of acquisition agreement | Apr. 4, 2016 | |
Total purchase price of acquisition | $ 804 | |
Brightree LLC [Member] | Term Loan Credit Agreement [Member] | ||
Business Combinations [Line Items] | ||
Maximum borrowing capacity | $ 300 | |
Credit facility term, years | 1 year | |
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% | |
Inova Labs [Member] | ||
Business Combinations [Line Items] | ||
Date of acquisition agreement | Jan. 29, 2016 | |
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 | 3 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Jun. 30, 2016 | |
Business Combinations [Line Items] | ||
Goodwill | $ 457 | |
Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Current assets | $ 13,868 | |
Property, plant and equipment | 1,045 | |
Goodwill | 604,438 | |
Assets acquired | 817,851 | |
Current liabilities | (9,399) | |
Deferred revenue | (4,571) | |
Total liabilities assumed | (13,970) | |
Net assets acquired | 803,881 | |
All Other [Member] | ||
Business Combinations [Line Items] | ||
Current assets | 51,261 | |
Property, plant and equipment | 5,294 | |
Goodwill | 192,325 | |
Assets acquired | 325,498 | |
Current liabilities | (21,147) | |
Debt assumed | (21,201) | |
Deferred revenue | (4,283) | |
Deferred tax liabilities | (19,207) | |
Total liabilities assumed | (65,838) | |
Net assets acquired | 259,660 | |
Trade Names [Member] | Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets | $ 28,700 | |
Intangible assets, useful life | 10 years | |
Trade Names [Member] | All Other [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets | $ 17,400 | |
Intangible assets, useful life | 7 years | |
In-Process Research And Development [Member] | Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets | $ 4,100 | |
Non-Compete [Member] | All Other [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets | $ 1,400 | |
Intangible assets, useful life | 5 years | |
Developed Technology [Member] | Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets | $ 114,700 | |
Developed Technology [Member] | All Other [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets | $ 20,515 | |
Intangible assets, useful life | 5 years | |
Developed Technology [Member] | Minimum [Member] | Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets, useful life | 5 years | |
Developed Technology [Member] | Maximum [Member] | Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets, useful life | 6 years | |
Customer Relationships [Member] | Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets | $ 51,000 | |
Customer Relationships [Member] | All Other [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets | $ 37,303 | |
Customer Relationships [Member] | Minimum [Member] | Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets, useful life | 10 years | |
Customer Relationships [Member] | Minimum [Member] | All Other [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets, useful life | 5 years | |
Customer Relationships [Member] | Maximum [Member] | Brightree LLC [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets, useful life | 15 years | |
Customer Relationships [Member] | Maximum [Member] | All Other [Member] | ||
Business Combinations [Line Items] | ||
Intangible assets, useful life | 8 years |