CACI INTERNATIONAL INC /DE/, 10-Q filed on 10/26/2023
Quarterly Report
v3.23.3
Cover - shares
3 Months Ended
Sep. 30, 2023
Oct. 10, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 001-31400  
Entity Registrant Name CACI International Inc  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 54-1345888  
Entity Address, Address Line One 12021 Sunset Hills Road  
Entity Address, City or Town Reston  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20190  
City Area Code 703  
Local Phone Number 841-7800  
Title of 12(b) Security Common Stock  
Trading Symbol CACI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   22,278,031
Entity Central Index Key 0000016058  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]    
Revenues $ 1,850,147 $ 1,605,759
Costs of revenues:    
Direct costs 1,272,918 1,055,772
Indirect costs and selling expenses 404,633 382,081
Depreciation and amortization 35,247 35,103
Total costs of revenues 1,712,798 1,472,956
Income from operations 137,349 132,803
Interest expense and other, net 25,571 16,193
Income before income taxes 111,778 116,610
Income taxes 25,731 27,485
Net income $ 86,047 $ 89,125
Basic earnings per share (in dollars per shares) $ 3.80 $ 3.81
Diluted earnings per share (in dollars per shares) $ 3.76 $ 3.76
Weighted-average basic shares outstanding (in shares) 22,647 23,420
Weighted-average diluted shares outstanding (in shares) 22,894 23,678
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]    
Net income $ 86,047 $ 89,125
Other comprehensive income (loss):    
Foreign currency translation adjustment (9,201) (17,489)
Change in fair value of interest rate swap agreements, net of tax 5,432 15,529
Total other comprehensive loss, net of tax (3,769) (1,960)
Comprehensive income $ 82,278 $ 87,165
v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Current assets:    
Cash and cash equivalents $ 125,546 $ 115,776
Accounts receivable, net 1,002,638 894,946
Prepaid expenses and other current assets 238,227 199,315
Total current assets 1,366,411 1,210,037
Goodwill 4,078,368 4,084,705
Intangible assets, net 489,126 507,835
Property, plant and equipment, net 196,579 199,519
Operating lease right-of-use assets 313,812 312,989
Supplemental retirement savings plan assets 94,211 96,739
Accounts receivable, long-term 13,296 11,857
Other long-term assets 185,668 177,127
Total assets 6,737,471 6,600,808
Current liabilities:    
Current portion of long-term debt 53,594 45,938
Accounts payable 356,439 198,177
Accrued compensation and benefits 281,838 372,354
Other accrued expenses and current liabilities 408,256 377,502
Total current liabilities 1,100,127 993,971
Long-term debt, net of current portion 1,735,677 1,650,443
Supplemental retirement savings plan obligations, net of current portion 108,712 104,912
Deferred income taxes 101,513 120,545
Operating lease liabilities, noncurrent 332,675 329,432
Other long-term liabilities 194,734 177,171
Total liabilities 3,573,438 3,376,474
COMMITMENTS AND CONTINGENCIES (NOTE 8)
Shareholders’ equity:    
Preferred stock $0.10 par value, 10,000 shares authorized, no shares issued or outstanding 0 0
Common stock $0.10 par value, 80,000 shares authorized; 42,929 shares issued and 22,226 outstanding at September 30, 2023 and 42,923 shares issued and 22,797 outstanding at June 30, 2023 4,293 4,292
Additional paid-in capital 594,885 546,334
Retained earnings 4,026,663 3,940,616
Accumulated other comprehensive loss (8,820) (5,051)
Treasury stock, at cost (20,703 and 20,126 shares, respectively) (1,453,123) (1,261,992)
Total CACI shareholders’ equity 3,163,898 3,224,199
Noncontrolling interest 135 135
Total shareholders’ equity 3,164,033 3,224,334
Total liabilities and shareholders’ equity $ 6,737,471 $ 6,600,808
v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2023
Jun. 30, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 80,000,000 80,000,000
Common stock, shares issued (in shares) 42,929,000 42,923,000
Common stock, shares outstanding (in shares) 22,226,000 22,797,000
Treasury stock, shares at cost (in shares) 20,703,000 20,126,000
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 86,047 $ 89,125
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 35,247 35,103
Amortization of deferred financing costs 547 564
Non-cash lease expense 16,932 17,319
Stock-based compensation expense 10,024 8,439
Deferred income taxes (7,812) (31,177)
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable, net (111,159) 126,859
Prepaid expenses and other assets (37,343) (34,438)
Accounts payable and other accrued expenses 154,469 (52,598)
Accrued compensation and benefits (90,511) (31,048)
Income taxes payable and receivable 23,803 35,514
Operating lease liabilities (17,800) (19,903)
Long-term liabilities 7,644 1,084
Net cash provided by operating activities 70,088 144,843
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (13,991) (12,771)
Acquisitions of businesses, net of cash acquired (347) 0
Other 1,974 0
Net cash used in investing activities (12,364) (12,771)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings under bank credit facilities 732,500 378,000
Principal payments made under bank credit facilities (640,156) (483,656)
Proceeds from employee stock purchase plans 3,156 2,791
Repurchases of common stock (140,364) (2,647)
Payment of taxes for equity transactions (697) (584)
Net cash used in financing activities (45,561) (106,096)
Effect of exchange rate changes on cash and cash equivalents (2,393) (4,144)
Net change in cash and cash equivalents 9,770 21,832
Cash and cash equivalents, beginning of period 115,776 114,804
Cash and cash equivalents, end of period 125,546 136,636
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for income taxes, net of refunds 5,989 20,786
Cash paid during the period for interest 22,219 13,485
Non-cash financing and investing activities:    
Accrued share repurchases 12,426 0
Accrued capital expenditures 568 401
Landlord sponsored tenant incentives $ 1,039 $ 1,443
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Total CACI Shareholders’ Equity
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Noncontrolling Interest
Beginning balance (in shares) at Jun. 30, 2022     42,820,000          
Beginning balance (in shares) at Jun. 30, 2022             19,404,000  
Beginning balance at Jun. 30, 2022 $ 3,053,543 $ 3,053,408 $ 4,282 $ 571,650 $ 3,555,881 $ (31,076) $ (1,047,329) $ 135
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 89,125 89,125     89,125      
Stock-based compensation expense 8,439 8,439   8,439        
Tax withholdings on restricted share vestings (in shares)     6,000          
Tax withholdings on restricted share vestings (435) (435) $ 1 (436)        
Other comprehensive loss, net of tax (1,960) (1,960)       (1,960)    
Repurchases of common stock (2,647) (2,647)   (182)     $ (2,465)  
Repurchases of common stock (in shares)             9,000  
Treasury stock issued under stock purchase plans 2,505 2,505   40     $ 2,465  
Treasury stock issued under stock purchase plans (in shares)             (9,000)  
Ending balance (in shares) at Sep. 30, 2022             19,404,000  
Ending balance (in shares) at Sep. 30, 2022     42,826,000          
Ending balance at Sep. 30, 2022 $ 3,148,570 3,148,435 $ 4,283 579,511 3,645,006 (33,036) $ (1,047,329) 135
Beginning balance (in shares) at Jun. 30, 2023 42,923,000   42,923,000          
Beginning balance (in shares) at Jun. 30, 2023 20,126,000           20,126,000  
Beginning balance at Jun. 30, 2023 $ 3,224,334 3,224,199 $ 4,292 546,334 3,940,616 (5,051) $ (1,261,992) 135
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 86,047 86,047     86,047      
Stock-based compensation expense 10,024 10,024   10,024        
Tax withholdings on restricted share vestings (in shares)     6,000          
Tax withholdings on restricted share vestings (597) (597) $ 1 (598)        
Other comprehensive loss, net of tax (3,769) (3,769)       (3,769)    
Repurchases of common stock (154,657) (154,657)   39,087     $ (193,744)  
Repurchases of common stock (in shares)             585,000  
Treasury stock issued under stock purchase plans $ 2,651 2,651   38     $ 2,613  
Treasury stock issued under stock purchase plans (in shares)             (8,000)  
Ending balance (in shares) at Sep. 30, 2023 20,703,000           20,703,000  
Ending balance (in shares) at Sep. 30, 2023 42,929,000   42,929,000          
Ending balance at Sep. 30, 2023 $ 3,164,033 $ 3,163,898 $ 4,293 $ 594,885 $ 4,026,663 $ (8,820) $ (1,453,123) $ 135
v3.23.3
Basis of Presentation
3 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of CACI International Inc and subsidiaries (CACI or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows for the Company, including its subsidiaries and ventures that are majority-owned or otherwise controlled by the Company. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and amounts included in other current assets and current liabilities that meet the definition of a financial instrument approximate fair value because of the short-term nature of these amounts. The fair value of the Company’s debt outstanding as of September 30, 2023 under its bank credit facility approximates its carrying value. The fair value of the Company’s debt under its bank credit facility was estimated using Level 2 inputs based on market data of companies with a corporate rating similar to CACI’s that have recently priced credit facilities.
In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the periods presented. It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2023. The results of operations for the three months ended September 30, 2023 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
v3.23.3
Recent Accounting Pronouncements
3 Months Ended
Sep. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting PronouncementsThere have been no recently adopted or recently issued accounting pronouncements that are material or expected to be material to the Company's consolidated financial statements.
v3.23.3
Goodwill and Intangible Assets
3 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill for the three months ended September 30, 2023 are as follows (in thousands):
Domestic International Total
Balance at June 30, 2023$3,940,064 $144,641 $4,084,705 
Goodwill acquired (1)— (633)(633)
Foreign currency translation(531)(5,173)(5,704)
Balance at September 30, 2023$3,939,533 $138,835 $4,078,368 
__________________________________________________
(1)Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. The final purchase price allocation for our fiscal year 2023 acquisition remains open as of September 30, 2023.
There were no impairments of goodwill during the periods presented.
Intangible Assets
Intangible assets consisted of the following (in thousands):
September 30, 2023June 30, 2023
Gross carrying valueAccumulated
amortization
Net carrying
value
Gross carrying
value
Accumulated
amortization
Net carrying
value
Customer contracts and related customer relationships$655,330 $(323,302)$332,028 $655,877 $(313,745)$342,132 
Acquired technologies277,105 (120,007)157,098 277,180 (111,477)165,703 
Total intangible assets$932,435 $(443,309)$489,126 $933,057 $(425,222)$507,835 
Amortization expense related to intangible assets was $18.4 million and $19.1 million for the three months ended September 30, 2023 and September 30, 2022, respectively.
v3.23.3
Revenues and Contract Balances
3 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenues and Contract Balances Revenues and Contract Balances
Disaggregation of Revenues
The Company disaggregates revenues by contract type, customer type, prime vs. subcontractor, and whether the solution provided is primarily Expertise or Technology. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.
Disaggregated revenues by contract type were as follows (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,134,435 $— $1,134,435 $934,746 $— $934,746 
Fixed-price467,216 34,861 502,077 448,562 33,211 481,773 
Time-and-materials193,517 20,118 213,635 175,587 13,653 189,240 
Total$1,795,168 $54,979 $1,850,147 $1,558,895 $46,864 $1,605,759 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,352,306 $— $1,352,306 $1,095,320 $— $1,095,320 
Federal civilian agencies407,344 — 407,344 424,087 — 424,087 
Commercial and other35,518 54,979 90,497 39,488 46,864 86,352 
Total$1,795,168 $54,979 $1,850,147 $1,558,895 $46,864 $1,605,759 
Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,601,091 $48,271 $1,649,362 $1,407,454 $42,856 $1,450,310 
Subcontractor194,077 6,708 200,785 151,441 4,008 155,449 
Total$1,795,168 $54,979 $1,850,147 $1,558,895 $46,864 $1,605,759 
Disaggregated revenues by expertise or technology were as follows (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DomesticInternationalTotalDomesticInternationalTotal
Expertise$857,196 $20,898 $878,094 $717,650 $16,553 $734,203 
Technology937,972 34,081 972,053 841,245 30,311 871,556 
Total$1,795,168 $54,979 $1,850,147 $1,558,895 $46,864 $1,605,759 
Changes in Estimates
Aggregate net changes in estimates for the three months ended September 30, 2023 reflected an increase to income before income taxes of $2.4 million ($0.08 per diluted share), compared with $5.7 million ($0.18 per diluted share), for the three months ended September 30, 2022. The Company uses its statutory tax rate when calculating the impact to diluted earnings per share.
Revenues recognized from previously satisfied performance obligations were not material for the three months ended September 30, 2023 and 2022, respectively. The change in revenues recognized from previously satisfied performance obligations generally relates to final true-up adjustments for estimated award or incentive fees in the period in which the customer’s final performance score was received or when it can be determined that more objective, contractually-defined criteria have been fully satisfied.
Remaining Performance Obligations
As of September 30, 2023, the Company had $10.3 billion of remaining performance obligations and expects to recognize approximately 44% and 66% as revenue over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.
Contract Balances
Contract balances consisted of the following (in thousands):
Description of Contract Related BalanceFinancial Statement ClassificationSeptember 30, 2023June 30, 2023
Billed and billable receivablesAccounts receivable, net$852,523 $763,547 
Contract assets – current unbilled receivablesAccounts receivable, net150,115 131,399 
Contract assets – current costs to obtainPrepaid expenses and other current assets5,512 5,163 
Contract assets – noncurrent unbilled receivablesAccounts receivable, long-term13,296 11,857 
Contract assets – noncurrent costs to obtainOther long-term assets9,840 8,294 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(127,806)(138,469)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther long-term liabilities(5,613)(5,522)
During the three months ended September 30, 2023, we recognized $64.4 million of revenues, compared with $50.5 million of revenues for the three months ended September 30, 2022, that was included in a previously recorded contract liability as of the beginning of the period.
v3.23.3
Inventories
3 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
September 30, 2023June 30, 2023
Materials, purchased parts and supplies$89,063 $78,691 
Work in process19,774 21,894 
Finished goods32,043 30,006 
Total$140,880 $130,591 
Inventories are stated at the lower of cost (average cost or first-in, first-out) or net realizable value and are included in prepaid expenses and other current assets on the accompanying consolidated balance sheets.
v3.23.3
Sales of Receivables
3 Months Ended
Sep. 30, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Sales of Receivables Sales of Receivables
On December 22, 2022, the Company amended its Master Accounts Receivable Purchase Agreement (MARPA) with MUFG Bank, Ltd. (Purchaser), for the sale of certain designated eligible U.S. government receivables. The amendment extended the term of the MARPA to December 21, 2023. Under the MARPA, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $200.0 million. The Company’s receivables are sold under the MARPA without recourse for any U.S. government credit risk.
The Company accounts for receivable transfers under the MARPA as sales under ASC 860, Transfers and Servicing, and derecognizes the sold receivables from its balance sheets. The fair value of the sold receivables approximated their book value due to their short-term nature.
The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value and therefore no servicing asset or liability related to these receivables was recognized as of September 30, 2023. Proceeds from the sold receivables are reflected in operating cash flows on the statement of cash flows.
MARPA activity consisted of the following (in thousands):
As of and for the
Three Months Ended September 30,
20232022
Beginning balance:$200,000 $157,785 
Sales of receivables695,260 737,873 
Cash collections(718,427)(735,969)
Outstanding balance sold to Purchaser: (1)176,833 159,689 
Cash collected, not remitted to Purchaser (2)(80,542)(24,550)
Remaining sold receivables$96,291 $135,139 
__________________________________________________
(1)For the three months ended September 30, 2023 and 2022, the Company recorded a net cash outflow of $23.2 million and a net cash inflow of $1.9 million in its cash flows from operating activities, respectively, from sold receivables. MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.
(2)Includes the cash collected on behalf of but not yet remitted to Purchaser as of September 30, 2023 and 2022. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.23.3
Debt
3 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
September 30, 2023June 30, 2023
Bank credit facility – term loans$1,171,406 $1,179,063 
Bank credit facility – revolver loans625,000 525,000 
Principal amount of long-term debt1,796,406 1,704,063 
Less unamortized discounts and debt issuance costs(7,135)(7,682)
Total long-term debt1,789,271 1,696,381 
Less current portion(53,594)(45,938)
Long-term debt, net of current portion$1,735,677 $1,650,443 
Bank Credit Facility
On December 13, 2021, the Company amended its credit facility (the Credit Facility) primarily to extend the maturity date, increase borrowing capacity, and improve pricing. As amended, the Company’s $3,200.0 million Credit Facility consists of a $1,975.0 million revolving credit facility (the Revolving Facility) and a $1,225.0 million term loan (the Term Loan). The Revolving Facility has subfacilities of $100.0 million for same-day swing line loan borrowings and $25.0 million for stand-by letters of credit.
The Revolving Facility is a secured facility that permits continuously renewable borrowings of up to $1,975.0 million. As of September 30, 2023, the Company had $625.0 million outstanding under the Revolving Facility and no borrowings on the swing line. The Company pays a quarterly facility fee for the unused portion of the Revolving Facility.
The Term Loan is a five-year secured facility under which principal payments are due in quarterly installments of $7.7 million through December 31, 2023 and $15.3 million thereafter until the balance is due in full on December 13, 2026. As of September 30, 2023, the Company had $1,171.4 million outstanding under the Term Loan.
The interest rates applicable to loans under the Credit Facility are floating interest rates that, at the Company’s option, equal a base rate or a Secured Overnight Financing Rate (SOFR) rate plus, in each case, an applicable rate based upon the Company’s consolidated total net leverage ratio. As of September 30, 2023, the effective interest rate, including the impact of the Company’s floating-to-fixed interest rate swap agreements and excluding the effect of amortization of debt financing costs, for the outstanding borrowings under the Credit Facility was 4.92%.
The Credit Facility requires the Company to comply with certain financial covenants, including a maximum total leverage ratio and a minimum interest coverage ratio. The Credit Facility also includes customary negative covenants restricting or limiting the Company’s ability to guarantee or incur additional indebtedness, grant liens or other security interests to third parties, make loans or investments, transfer assets, declare dividends or redeem or repurchase capital stock or make other distributions, prepay subordinated indebtedness and engage in mergers, acquisitions or other business combinations, in each case except as expressly permitted under the Credit Facility. As of September 30, 2023, the Company was in compliance with all of the financial covenants. A majority of the Company’s assets serve as collateral under the Credit Facility.
All debt issuance costs are being amortized from the date incurred to the expiration date of the Credit Facility.
Cash Flow Hedges
The Company periodically uses derivative financial instruments as part of a strategy to manage exposure to market risks associated with interest rate fluctuations. The Company has entered into several floating-to-fixed interest rate swap agreements for an aggregate notional amount of $1,100.0 million which hedge a portion of the Company’s floating rate indebtedness. The swaps mature at various dates through 2028. The Company has designated the swaps as cash flow hedges. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The interest rate swap agreements are highly correlated to the changes in interest rates to which the Company is exposed. Realized gains and losses in connection with each required interest payment are reclassified from accumulated other comprehensive income or loss to interest expense. The Company does not hold or issue derivative financial instruments for trading purposes.
The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022 is as follows (in thousands):
Three Months Ended September 30,
20232022
Gain recognized in other comprehensive income$12,173 $15,586 
Amounts reclassified to earnings from accumulated other comprehensive loss(6,741)(57)
Net current period other comprehensive income$5,432 $15,529 
v3.23.3
Legal Proceedings and Other Commitments and Contingencies
3 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings and Other Commitments and Contingencies Legal Proceedings and Other Commitments and Contingencies
Legal Proceedings
The Company is involved in various claims, lawsuits, and administrative proceedings arising in the normal course of business, none of which, based on current information, are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.
Government Contracting
Payments to the Company on cost-plus-fee and time-and-materials contracts are subject to adjustment upon audit by the Defense Contract Audit Agency (DCAA) and other government agencies that do not utilize DCAA’s services. The DCAA has completed audits of the Company’s annual incurred cost proposals through fiscal year 2021. The Company is still negotiating the results of prior years’ audits with the respective cognizant contracting officers and believes its reserves for such are adequate. Adjustments that may result from these audits and the audits not yet started are not expected to have a material effect on the Company’s financial position, results of operations, or cash flows and the Company has accrued its best estimate of potential disallowances. Additionally, the DCAA continually reviews the cost accounting and other practices of government contractors, including the Company. In the course of those reviews, cost accounting and other issues may be identified, discussed and settled.
v3.23.3
Earnings Per Share
3 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):
Three Months Ended September 30,
20232022
Net income$86,047 $89,125 
Weighted-average number of basic shares outstanding during the period22,647 23,420 
Dilutive effect of RSUs after application of treasury stock method247 258 
Weighted-average number of diluted shares outstanding during the period22,894 23,678 
Basic earnings per share$3.80 $3.81 
Diluted earnings per share$3.76 $3.76 
Share Repurchases
On January 26, 2023, the Company’s Board of Directors authorized a share repurchase program of up to $750.0 million of the Company’s common stock (the "2023 Repurchase Program").
On January 30, 2023, CACI entered into an Accelerated Share Repurchase (ASR) Agreement with Citibank, N.A (Citibank). Under the ASR Agreement, we paid $250.0 million to Citibank and received an initial delivery of approximately 0.7 million shares of our common stock, which became treasury shares. On August 4, 2023, the ASR was completed and an additional 0.1 million shares of common stock were received which became treasury shares. In total, 0.8 million shares were repurchased at an average price per share of $303.57.
In addition to the ASR, during the three months ended September 30, 2023, CACI repurchased 0.4 million shares of its outstanding common stock for $137.6 million on the open market at an average share price of $319.24 including commissions paid. The total remaining authorization for future common share repurchases under the 2023 Repurchase Program was $349.7 million as of September 30, 2023.
v3.23.3
Income Taxes
3 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment. The Company is currently under examination by the Internal Revenue Service for fiscal years 2017 through 2021 and a state jurisdiction for fiscal years 2019 and 2020. The Company does not expect resolution of these examinations to have a material impact on its results of operations, financial condition, or cash flows.
During fiscal year 2023, a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) went into effect which eliminated the option to deduct domestic research and development costs in the year incurred and instead requires taxpayers to capitalize and amortize such costs over five years. Based upon our interpretation of the law as currently enacted, we estimate that the fiscal 2024 impact will result in increases of $75.3 million to both our income taxes payable and net deferred tax assets. We also estimate a fiscal 2024 increase to our liability for unrecognized tax benefits of $72.9 million, with a corresponding increase to net deferred tax assets. Although it is possible that Congress amends this provision, potentially with retroactive effect, we have no assurance that Congress will take any action with respect to this provision. For the three months ended September 30, 2023, the Company recognized a $13.0 million increase in our liability for unrecognized tax benefits and a $13.4 million increase in income taxes payable, with corresponding increases to net deferred tax assets.
The Company’s effective income tax rate was 23.0% and 23.6% for the three months ended September 30, 2023 and 2022, respectively. The effective tax rates for the three months ended September 30, 2023, and 2022 were favorably impacted by research and development tax credits, partially offset by the unfavorable impacts of certain executive compensation.
v3.23.3
Business Segments
3 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company reports operating results and financial data in two segments: domestic operations and international operations. Domestic operations provide Expertise and Technology primarily to U.S. federal government agencies. International operations provide Expertise and Technology primarily to international government and commercial customers.
The Company evaluates the performance of its operating segments based on net income. Summarized financial information for the Company’s reportable segments is as follows (in thousands):
Three Months Ended September 30,
20232022
Revenues:
  Domestic$1,795,168 $1,558,895 
  International54,979 46,864 
Total revenues$1,850,147 $1,605,759 
Net income:
  Domestic$76,544 $80,553 
  International9,503 8,572 
Total net income$86,047 $89,125 
v3.23.3
Fair Value Measurements
3 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and categorizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable, either directly or indirectly, or quoted prices that are not active (Level 2); and unobservable inputs in which there is little or no market data which requires development of assumptions that market participants would use in pricing the asset or liability (Level 3).
The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):
Description of Financial Instrument Financial Statement
Classification
Fair Value
Hierarchy
September 30, 2023June 30, 2023
Fair Value
Interest rate swap agreementsPrepaid expenses and other current assetsLevel 2$2,363 $17 
Interest rate swap agreementsOther long-term assetsLevel 2$48,228 $43,283 
The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure    
Net income $ 86,047 $ 89,125
v3.23.3
Insider Trading Arrangements
3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Basis of Presentation (Policies)
3 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of CACI International Inc and subsidiaries (CACI or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows for the Company, including its subsidiaries and ventures that are majority-owned or otherwise controlled by the Company. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and amounts included in other current assets and current liabilities that meet the definition of a financial instrument approximate fair value because of the short-term nature of these amounts. The fair value of the Company’s debt outstanding as of September 30, 2023 under its bank credit facility approximates its carrying value. The fair value of the Company’s debt under its bank credit facility was estimated using Level 2 inputs based on market data of companies with a corporate rating similar to CACI’s that have recently priced credit facilities.
In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the periods presented. It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2023. The results of operations for the three months ended September 30, 2023 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
Recent Accounting Pronouncements There have been no recently adopted or recently issued accounting pronouncements that are material or expected to be material to the Company's consolidated financial statements.
v3.23.3
Goodwill and Intangible Assets (Tables)
3 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the three months ended September 30, 2023 are as follows (in thousands):
Domestic International Total
Balance at June 30, 2023$3,940,064 $144,641 $4,084,705 
Goodwill acquired (1)— (633)(633)
Foreign currency translation(531)(5,173)(5,704)
Balance at September 30, 2023$3,939,533 $138,835 $4,078,368 
__________________________________________________
(1)Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable. The final purchase price allocation for our fiscal year 2023 acquisition remains open as of September 30, 2023.
Schedule of Intangible Assets
Intangible assets consisted of the following (in thousands):
September 30, 2023June 30, 2023
Gross carrying valueAccumulated
amortization
Net carrying
value
Gross carrying
value
Accumulated
amortization
Net carrying
value
Customer contracts and related customer relationships$655,330 $(323,302)$332,028 $655,877 $(313,745)$342,132 
Acquired technologies277,105 (120,007)157,098 277,180 (111,477)165,703 
Total intangible assets$932,435 $(443,309)$489,126 $933,057 $(425,222)$507,835 
v3.23.3
Revenues and Contract Balances (Tables)
3 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Disaggregated revenues by contract type were as follows (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,134,435 $— $1,134,435 $934,746 $— $934,746 
Fixed-price467,216 34,861 502,077 448,562 33,211 481,773 
Time-and-materials193,517 20,118 213,635 175,587 13,653 189,240 
Total$1,795,168 $54,979 $1,850,147 $1,558,895 $46,864 $1,605,759 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,352,306 $— $1,352,306 $1,095,320 $— $1,095,320 
Federal civilian agencies407,344 — 407,344 424,087 — 424,087 
Commercial and other35,518 54,979 90,497 39,488 46,864 86,352 
Total$1,795,168 $54,979 $1,850,147 $1,558,895 $46,864 $1,605,759 
Disaggregated revenues by prime vs. subcontractor were as follows (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,601,091 $48,271 $1,649,362 $1,407,454 $42,856 $1,450,310 
Subcontractor194,077 6,708 200,785 151,441 4,008 155,449 
Total$1,795,168 $54,979 $1,850,147 $1,558,895 $46,864 $1,605,759 
Disaggregated revenues by expertise or technology were as follows (in thousands):
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
DomesticInternationalTotalDomesticInternationalTotal
Expertise$857,196 $20,898 $878,094 $717,650 $16,553 $734,203 
Technology937,972 34,081 972,053 841,245 30,311 871,556 
Total$1,795,168 $54,979 $1,850,147 $1,558,895 $46,864 $1,605,759 
Schedule of Contract Assets and Liabilities
Contract balances consisted of the following (in thousands):
Description of Contract Related BalanceFinancial Statement ClassificationSeptember 30, 2023June 30, 2023
Billed and billable receivablesAccounts receivable, net$852,523 $763,547 
Contract assets – current unbilled receivablesAccounts receivable, net150,115 131,399 
Contract assets – current costs to obtainPrepaid expenses and other current assets5,512 5,163 
Contract assets – noncurrent unbilled receivablesAccounts receivable, long-term13,296 11,857 
Contract assets – noncurrent costs to obtainOther long-term assets9,840 8,294 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(127,806)(138,469)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther long-term liabilities(5,613)(5,522)
v3.23.3
Inventories (Tables)
3 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories consisted of the following (in thousands):
September 30, 2023June 30, 2023
Materials, purchased parts and supplies$89,063 $78,691 
Work in process19,774 21,894 
Finished goods32,043 30,006 
Total$140,880 $130,591 
v3.23.3
Sales of Receivables (Tables)
3 Months Ended
Sep. 30, 2023
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of MARPA Activity
MARPA activity consisted of the following (in thousands):
As of and for the
Three Months Ended September 30,
20232022
Beginning balance:$200,000 $157,785 
Sales of receivables695,260 737,873 
Cash collections(718,427)(735,969)
Outstanding balance sold to Purchaser: (1)176,833 159,689 
Cash collected, not remitted to Purchaser (2)(80,542)(24,550)
Remaining sold receivables$96,291 $135,139 
__________________________________________________
(1)For the three months ended September 30, 2023 and 2022, the Company recorded a net cash outflow of $23.2 million and a net cash inflow of $1.9 million in its cash flows from operating activities, respectively, from sold receivables. MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.
(2)Includes the cash collected on behalf of but not yet remitted to Purchaser as of September 30, 2023 and 2022. This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.23.3
Debt (Tables)
3 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following (in thousands):
September 30, 2023June 30, 2023
Bank credit facility – term loans$1,171,406 $1,179,063 
Bank credit facility – revolver loans625,000 525,000 
Principal amount of long-term debt1,796,406 1,704,063 
Less unamortized discounts and debt issuance costs(7,135)(7,682)
Total long-term debt1,789,271 1,696,381 
Less current portion(53,594)(45,938)
Long-term debt, net of current portion$1,735,677 $1,650,443 
Schedule of Cash Flow Hedges
The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022 is as follows (in thousands):
Three Months Ended September 30,
20232022
Gain recognized in other comprehensive income$12,173 $15,586 
Amounts reclassified to earnings from accumulated other comprehensive loss(6,741)(57)
Net current period other comprehensive income$5,432 $15,529 
v3.23.3
Earnings Per Share (Tables)
3 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Earnings per share and the weighted-average number of diluted shares are computed as follows (in thousands, except per share data):
Three Months Ended September 30,
20232022
Net income$86,047 $89,125 
Weighted-average number of basic shares outstanding during the period22,647 23,420 
Dilutive effect of RSUs after application of treasury stock method247 258 
Weighted-average number of diluted shares outstanding during the period22,894 23,678 
Basic earnings per share$3.80 $3.81 
Diluted earnings per share$3.76 $3.76 
v3.23.3
Business Segments (Tables)
3 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of Summarized Financial Information of Reportable Segments Summarized financial information for the Company’s reportable segments is as follows (in thousands):
Three Months Ended September 30,
20232022
Revenues:
  Domestic$1,795,168 $1,558,895 
  International54,979 46,864 
Total revenues$1,850,147 $1,605,759 
Net income:
  Domestic$76,544 $80,553 
  International9,503 8,572 
Total net income$86,047 $89,125 
v3.23.3
Fair Value Measurements (Tables)
3 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements
The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):
Description of Financial Instrument Financial Statement
Classification
Fair Value
Hierarchy
September 30, 2023June 30, 2023
Fair Value
Interest rate swap agreementsPrepaid expenses and other current assetsLevel 2$2,363 $17 
Interest rate swap agreementsOther long-term assetsLevel 2$48,228 $43,283 
v3.23.3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details)
$ in Thousands
3 Months Ended
Sep. 30, 2023
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 4,084,705
Goodwill acquired (633)
Foreign currency translation (5,704)
Ending balance 4,078,368
Domestic  
Goodwill [Roll Forward]  
Beginning balance 3,940,064
Goodwill acquired 0
Foreign currency translation (531)
Ending balance 3,939,533
International  
Goodwill [Roll Forward]  
Beginning balance 144,641
Goodwill acquired (633)
Foreign currency translation (5,173)
Ending balance $ 138,835
v3.23.3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]    
Gross carrying value $ 932,435 $ 933,057
Accumulated amortization (443,309) (425,222)
Net carrying value 489,126 507,835
Customer contracts and related customer relationships    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 655,330 655,877
Accumulated amortization (323,302) (313,745)
Net carrying value 332,028 342,132
Acquired technologies    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 277,105 277,180
Accumulated amortization (120,007) (111,477)
Net carrying value $ 157,098 $ 165,703
v3.23.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 18.4 $ 19.1
v3.23.3
Revenues and Contract Balances - Disaggregation of Revenues (Details) - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Disaggregation Of Revenue [Line Items]    
Revenues $ 1,850,147 $ 1,605,759
Expertise    
Disaggregation Of Revenue [Line Items]    
Revenues 878,094 734,203
Technology    
Disaggregation Of Revenue [Line Items]    
Revenues 972,053 871,556
Prime contractor    
Disaggregation Of Revenue [Line Items]    
Revenues 1,649,362 1,450,310
Subcontractor    
Disaggregation Of Revenue [Line Items]    
Revenues 200,785 155,449
Department of Defense    
Disaggregation Of Revenue [Line Items]    
Revenues 1,352,306 1,095,320
Federal civilian agencies    
Disaggregation Of Revenue [Line Items]    
Revenues 407,344 424,087
Commercial and other    
Disaggregation Of Revenue [Line Items]    
Revenues 90,497 86,352
Cost-plus-fee    
Disaggregation Of Revenue [Line Items]    
Revenues 1,134,435 934,746
Fixed-price    
Disaggregation Of Revenue [Line Items]    
Revenues 502,077 481,773
Time-and-materials    
Disaggregation Of Revenue [Line Items]    
Revenues 213,635 189,240
Domestic    
Disaggregation Of Revenue [Line Items]    
Revenues 1,795,168 1,558,895
Domestic | Expertise    
Disaggregation Of Revenue [Line Items]    
Revenues 857,196 717,650
Domestic | Technology    
Disaggregation Of Revenue [Line Items]    
Revenues 937,972 841,245
Domestic | Prime contractor    
Disaggregation Of Revenue [Line Items]    
Revenues 1,601,091 1,407,454
Domestic | Subcontractor    
Disaggregation Of Revenue [Line Items]    
Revenues 194,077 151,441
Domestic | Department of Defense    
Disaggregation Of Revenue [Line Items]    
Revenues 1,352,306 1,095,320
Domestic | Federal civilian agencies    
Disaggregation Of Revenue [Line Items]    
Revenues 407,344 424,087
Domestic | Commercial and other    
Disaggregation Of Revenue [Line Items]    
Revenues 35,518 39,488
Domestic | Cost-plus-fee    
Disaggregation Of Revenue [Line Items]    
Revenues 1,134,435 934,746
Domestic | Fixed-price    
Disaggregation Of Revenue [Line Items]    
Revenues 467,216 448,562
Domestic | Time-and-materials    
Disaggregation Of Revenue [Line Items]    
Revenues 193,517 175,587
International    
Disaggregation Of Revenue [Line Items]    
Revenues 54,979 46,864
International | Expertise    
Disaggregation Of Revenue [Line Items]    
Revenues 20,898 16,553
International | Technology    
Disaggregation Of Revenue [Line Items]    
Revenues 34,081 30,311
International | Prime contractor    
Disaggregation Of Revenue [Line Items]    
Revenues 48,271 42,856
International | Subcontractor    
Disaggregation Of Revenue [Line Items]    
Revenues 6,708 4,008
International | Department of Defense    
Disaggregation Of Revenue [Line Items]    
Revenues 0 0
International | Federal civilian agencies    
Disaggregation Of Revenue [Line Items]    
Revenues 0 0
International | Commercial and other    
Disaggregation Of Revenue [Line Items]    
Revenues 54,979 46,864
International | Cost-plus-fee    
Disaggregation Of Revenue [Line Items]    
Revenues 0 0
International | Fixed-price    
Disaggregation Of Revenue [Line Items]    
Revenues 34,861 33,211
International | Time-and-materials    
Disaggregation Of Revenue [Line Items]    
Revenues $ 20,118 $ 13,653
v3.23.3
Revenues and Contract Balances - Narrative (Details) - USD ($)
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Change In Accounting Estimate [Line Items]    
Income before income taxes $ 111,778,000 $ 116,610,000
Diluted earnings per share (in dollars per shares) $ 3.76 $ 3.76
EAC Adjustments    
Change In Accounting Estimate [Line Items]    
Income before income taxes $ 2,400,000 $ 5,700,000
Diluted earnings per share (in dollars per shares) $ 0.08 $ 0.18
Revenue from previously satisfied performance obligations $ 0 $ 0
v3.23.3
Revenues and Contract Balances - Remaining Performance Obligations (Details)
$ in Billions
Sep. 30, 2023
USD ($)
Remaining Performance Obligations [Line Items]  
Remaining performance obligations $ 10.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 44.00%
Remaining performance obligations, expected timing of satisfaction 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 66.00%
Remaining performance obligations, expected timing of satisfaction 24 months
v3.23.3
Revenues and Contract Balances - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Contract with Customer, Asset and Liability [Abstract]    
Billed and billable receivables $ 852,523 $ 763,547
Contract assets – current unbilled receivables 150,115 131,399
Contract assets – current costs to obtain 5,512 5,163
Contract assets – noncurrent unbilled receivables 13,296 11,857
Contract assets – noncurrent costs to obtain 9,840 8,294
Contract liabilities – current deferred revenue and other contract liabilities (127,806) (138,469)
Contract liabilities – noncurrent deferred revenue and other contract liabilities $ (5,613) $ (5,522)
v3.23.3
Revenues and Contract Balances - Change in Contract with Customer Liability (Details) - USD ($)
$ in Millions
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]    
Liability, revenue recognized $ 64.4 $ 50.5
v3.23.3
Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Inventory Disclosure [Abstract]    
Materials, purchased parts and supplies $ 89,063 $ 78,691
Work in process 19,774 21,894
Finished goods 32,043 30,006
Total $ 140,880 $ 130,591
v3.23.3
Sales of Receivables - Narrative (Details)
$ in Millions
Dec. 22, 2022
USD ($)
Transfers and Servicing of Financial Assets [Abstract]  
MARPA maximum commitment $ 200.0
v3.23.3
Sales of Receivables - Schedule of MARPA Activity (Details) - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Transfer of Financial Assets Accounted for as Sales, Amount [Roll Forward]    
Beginning balance $ 200,000 $ 157,785
Sales of receivables 695,260 737,873
Cash collections (718,427) (735,969)
Outstanding balance sold to Purchaser 176,833 159,689
Cash collected, not remitted to Purchaser (80,542) (24,550)
Remaining sold receivables 96,291 135,139
Cash provided (used) by MARPA $ (23,200) $ 1,900
v3.23.3
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 1,796,406 $ 1,704,063
Less unamortized discounts and debt issuance costs (7,135) (7,682)
Total long-term debt 1,789,271 1,696,381
Less current portion (53,594) (45,938)
Long-term debt, net of current portion 1,735,677 1,650,443
Bank credit facility – term loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt 1,171,406 1,179,063
Bank credit facility – revolver loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 625,000 $ 525,000
v3.23.3
Debt - Narrative (Details) - USD ($)
3 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Dec. 13, 2021
Debt Instrument [Line Items]      
Principal amount of long-term debt $ 1,796,406,000 $ 1,704,063,000  
Interest rate swap agreements | Cash flow hedging      
Debt Instrument [Line Items]      
Aggregate notional amount $ 1,100,000,000    
Bank Credit Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     $ 3,200,000,000
Outstanding borrowings interest rate 4.92%    
Revolving Credit Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     1,975,000,000
Principal amount of long-term debt $ 625,000,000 525,000,000  
Term loans      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     1,225,000,000
Principal amount of long-term debt $ 1,171,406,000 $ 1,179,063,000  
Term loan period 5 years    
Term loan principal payment $ 7,700,000    
Term loans | Principal payment after December 31, 2023      
Debt Instrument [Line Items]      
Term loan principal payment 15,300,000    
Same-Day Swing Line Loan Revolving Credit Sub-Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     100,000,000
Principal amount of long-term debt $ 0    
Stand-By Letters Of Credit Revolving Credit Sub-Facility      
Debt Instrument [Line Items]      
Credit facility maximum borrowing capacity     $ 25,000,000
v3.23.3
Debt - Schedule of Cash Flow Hedges (Details) - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Debt Disclosure [Abstract]    
Gain recognized in other comprehensive income $ 12,173 $ 15,586
Amounts reclassified to earnings from accumulated other comprehensive loss (6,741) (57)
Net current period other comprehensive income $ 5,432 $ 15,529
v3.23.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share [Abstract]    
Net income $ 86,047 $ 89,125
Weighted-average number of basic shares outstanding during the period (in shares) 22,647 23,420
Dilutive effect of RSUs after application of treasury stock method (in shares) 247 258
Weighted-average number of diluted shares outstanding during the period (in shares) 22,894 23,678
Basic earnings per share (in dollars per shares) $ 3.80 $ 3.81
Diluted earnings per share (in dollars per shares) $ 3.76 $ 3.76
v3.23.3
Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Aug. 04, 2023
Jan. 30, 2023
Sep. 30, 2023
Sep. 30, 2022
Jan. 26, 2023
Equity, Class of Treasury Stock [Line Items]          
Payment for repurchase of common stock     $ 140,364 $ 2,647  
Treasury Stock          
Equity, Class of Treasury Stock [Line Items]          
Shares repurchased (in shares)     585 9  
2023 Repurchase Program          
Equity, Class of Treasury Stock [Line Items]          
Share repurchase program, authorized amount         $ 750,000
Share repurchase program, remaining authorized amount     $ 349,700    
Accelerated Share Repurchase          
Equity, Class of Treasury Stock [Line Items]          
Payment for repurchase of common stock   $ 250,000      
Shares repurchased (in shares) 100 700 800    
Shares repurchased, average price per share (in dollars per share)     $ 303.57    
Open Market Repurchases          
Equity, Class of Treasury Stock [Line Items]          
Shares repurchased (in shares)     400    
Payment for repurchase of common stock     $ 137,600    
Shares repurchased, average price per share (in dollars per share)     $ 319.24    
v3.23.3
Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]    
Expected increase in income tax payable and net deferred tax assets $ 75.3  
Expected increase in unrecognized tax benefits 72.9  
Unrecognized tax benefits, increase 13.0  
Income taxes payable, increase $ 13.4  
Effective income tax rate 23.00% 23.60%
v3.23.3
Business Segments - Narrative (Details)
3 Months Ended
Sep. 30, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.23.3
Business Segments - Schedule of Summarized Financial Information of Reportable Segments (Details) - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]    
Revenues $ 1,850,147 $ 1,605,759
Net income 86,047 89,125
Domestic    
Segment Reporting Information [Line Items]    
Revenues 1,795,168 1,558,895
Net income 76,544 80,553
International    
Segment Reporting Information [Line Items]    
Revenues 54,979 46,864
Net income $ 9,503 $ 8,572
v3.23.3
Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - Recurring - Level 2 - Interest rate swap agreements - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Prepaid expenses and other current assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements $ 2,363 $ 17
Other long-term assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements $ 48,228 $ 43,283