CACI INTERNATIONAL INC /DE/, 10-Q filed on 4/22/2021
Quarterly Report
v3.21.1
Document And Entity Information - shares
 9 Months Ended
Mar. 31, 2021
Apr. 14, 2021
Cover [Abstract]    
Entity Registrant Name CACI International Inc  
Entity Central Index Key 0000016058  
Current Fiscal Year End Date --06-30  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   23,550,726
Document Type 10-Q  
Document Period End Date Mar. 31, 2021  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Title of 12(b) Security Common Stock  
Trading Symbol CACI  
Security Exchange Name NYSE  
Entity File Number 001-31400  
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  
Document Quarterly Report true  
Document Transition Report false  
v3.21.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]        
Revenue $ 1,551,918 $ 1,465,600 $ 4,480,135 $ 4,224,461
Operating costs and expenses:        
Costs of revenue 1,000,235 953,630 2,887,300 2,737,378
Indirect costs and selling expenses 369,015 371,135 1,071,826 1,081,175
Depreciation and amortization 31,230 27,159 93,608 81,888
Total operating costs and expenses 1,400,480 1,351,924 4,052,734 3,900,441
Income from operations 151,438 113,676 427,401 324,020
Interest expense and other, net 8,954 14,087 28,021 45,612
Income before income taxes 142,484 99,589 399,380 278,408
Income tax expense 22,140 19,012 78,914 50,659
Net income $ 120,344 $ 80,577 $ 320,466 $ 227,749
Basic earnings per share $ 4.83 $ 3.21 $ 12.81 $ 9.11
Diluted earnings per share $ 4.78 $ 3.16 $ 12.66 $ 8.94
Weighted-average basic shares outstanding 24,935 25,078 25,026 25,012
Weighted-average diluted shares outstanding 25,166 25,478 25,307 25,481
v3.21.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]        
Net income $ 120,344 $ 80,577 $ 320,466 $ 227,749
Other comprehensive income (loss):        
Foreign currency translation adjustment 440 (10,570) 21,946 (4,663)
Change in fair value of interest rate swap agreements, net of tax 6,467 (21,173) 11,363 (22,402)
Other comprehensive income (loss), net of tax 6,907 (31,743) 33,309 (27,065)
Comprehensive income $ 127,251 $ 48,834 $ 353,775 $ 200,684
v3.21.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Current assets:    
Cash and cash equivalents $ 105,591 $ 107,236
Accounts receivable, net 860,720 841,227
Prepaid expenses and other current assets 162,374 137,423
Total current assets 1,128,685 1,085,886
Goodwill 3,632,075 3,407,110
Intangible assets, net 493,062 [1] 406,885
Property and equipment, net 184,375 170,521
Operating lease right-of-use assets 371,151 330,767
Supplemental retirement savings plan assets 100,429 96,355
Accounts receivable, long-term 11,802 9,629
Other long-term assets 48,836 35,319
Total assets 5,970,415 5,542,472
Current liabilities:    
Current portion of long-term debt 46,920 46,920
Accounts payable 109,695 89,961
Accrued compensation and benefits 382,246 338,760
Other accrued expenses and current liabilities 304,030 293,518
Total current liabilities 842,891 769,159
Long-term debt, net of current portion 1,775,071 1,357,519
Supplemental retirement savings plan obligations, net of current portion 100,629 103,004
Deferred income taxes 216,966 213,096
Operating lease liabilities, noncurrent 377,044 309,680
Other long-term liabilities 138,420 128,704
Total liabilities 3,451,021 2,881,162
COMMITMENTS AND CONTINGENCIES
Shareholders’ equity:    
Preferred stock $0.10 par value, 10,000 shares authorized, no shares issued or outstanding
Common stock $0.10 par value, 80,000 shares authorized; 42,672 shares issued and 23,551 outstanding at March 31, 2021 and 42,525 shares issued and 25,093 outstanding at June 30, 2020 4,267 4,253
Additional paid-in capital 478,039 573,744
Retained earnings 3,052,110 2,731,644
Accumulated other comprehensive loss (38,976) (72,285)
Treasury stock, at cost (19,122 and 17,432 shares, respectively) (976,181) (576,181)
Total CACI shareholders’ equity 2,519,259 2,661,175
Noncontrolling interest 135 135
Total shareholders’ equity 2,519,394 2,661,310
Total liabilities and shareholders’ equity $ 5,970,415 $ 5,542,472
[1] During the nine months ended March 31, 2021, the Company removed $37.4 million in fully amortized intangible assets.
v3.21.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares
Mar. 31, 2021
Jun. 30, 2020
Statement Of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized 80,000,000 80,000,000
Common stock, shares issued 42,672,000 42,525,000
Common stock, shares outstanding 23,551,000 25,093,000
Treasury stock, shares at cost 19,122,000 17,432,000
v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 320,466 $ 227,749
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 93,608 81,888
Amortization of deferred financing costs 1,743 1,762
Non-cash lease expense 57,800 54,493
Stock-based compensation expense 23,841 22,204
Deferred income taxes (585) 39,527
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable, net (18,826) 36,433
Prepaid expenses and other assets (27,068) (35,461)
Accounts payable and other accrued expenses 27,933 27,638
Accrued compensation and benefits 41,691 (4,522)
Income taxes payable and receivable 10,102 (42,383)
Operating lease liabilities (55,274) (56,240)
Long-term liabilities 25,085 4,737
Net cash provided by operating activities 500,516 357,825
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (51,273) (54,331)
Cash paid for business acquisitions, net of cash acquired (355,452) (102,437)
Other (2,744)  
Net cash used in investing activities (403,981) (156,768)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings under bank credit facilities 2,478,500 1,438,500
Principal payments made under bank credit facilities (2,062,690) (1,593,690)
Proceeds from employee stock purchase plans 6,840 5,463
Repurchases of common stock (506,629) (5,584)
Payment of taxes for equity transactions (19,567) (30,616)
Net cash used in financing activities (103,546) (194,627)
Payment of contingent consideration   8,700
Effect of exchange rate changes on cash and cash equivalents 5,366 (1,302)
Net increase (decrease) in cash and cash equivalents (1,645) 5,128
Cash and cash equivalents at beginning of period 107,236 72,028
Cash and cash equivalents at end of period 105,591 77,156
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for income taxes, net of refunds 48,855 46,895
Cash paid during the period for interest 25,405 41,151
Non-cash financing and investing activities:    
Landlord sponsored tenant improvement 15,468 1,630
Accrued capital expenditures $ 1,075 $ 3,687
v3.21.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Total CACI Shareholders' Equity
Noncontrolling Interest
Beginning balance at Jun. 30, 2019 $ 2,371,466 $ 4,231 $ 576,277 $ 2,410,164 $ (43,156) $ (576,185) $ 2,371,331 $ 135
Beginning balance, shares at Jun. 30, 2019   42,314       17,434    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 227,749     227,749     227,749  
Stock-based compensation expense 22,204   22,204       22,204  
Tax withholdings on restricted share vestings (30,439) $ 21 (30,460)       (30,439)  
Tax withholdings on restricted share vestings (in shares)   204            
Change in fair value of interest rate swap agreements, net (22,402)       (22,402)   (22,402)  
Currency translation adjustment (4,663)       (4,663)   (4,663)  
Repurchases of common stock (5,584)   (369)     $ (5,215) (5,584)  
Repurchases of common stock (in shares)           24    
Treasury stock issued under stock purchase plans 5,299   80     $ 5,219 5,299  
Treasury stock issued under stock purchase plans (in shares)           (26)    
Ending balance at Mar. 31, 2020 2,563,630 $ 4,252 567,732 2,637,913 (70,221) $ (576,181) 2,563,495 135
Ending balance, shares at Mar. 31, 2020   42,518       17,432    
Beginning balance at Dec. 31, 2019 2,508,580 $ 4,250 561,521 2,557,336 (38,478) $ (576,184) 2,508,445 135
Beginning balance, shares at Dec. 31, 2019   42,505       17,434    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 80,577     80,577     80,577  
Stock-based compensation expense 7,705   7,705       7,705  
Tax withholdings on restricted share vestings (1,369) $ 2 (1,371)       (1,369)  
Tax withholdings on restricted share vestings (in shares)   13            
Change in fair value of interest rate swap agreements, net (21,173)       (21,173)   (21,173)  
Currency translation adjustment (10,570)       (10,570)   (10,570)  
Repurchases of common stock (1,988)   (190)     $ (1,798) (1,988)  
Repurchases of common stock (in shares)           7    
Treasury stock issued under stock purchase plans 1,868   67     $ 1,801 1,868  
Treasury stock issued under stock purchase plans (in shares)           (9)    
Ending balance at Mar. 31, 2020 2,563,630 $ 4,252 567,732 2,637,913 (70,221) $ (576,181) 2,563,495 135
Ending balance, shares at Mar. 31, 2020   42,518       17,432    
Beginning balance at Jun. 30, 2020 2,661,310 $ 4,253 573,744 2,731,644 (72,285) $ (576,181) 2,661,175 135
Beginning balance, shares at Jun. 30, 2020   42,525       17,432    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 320,466     320,466     320,466  
Stock-based compensation expense 23,841   23,841       23,841  
Tax withholdings on restricted share vestings (19,486) $ 14 (19,500)       (19,486)  
Tax withholdings on restricted share vestings (in shares)   147            
Change in fair value of interest rate swap agreements, net 11,363       11,363   11,363  
Currency translation adjustment 21,946       21,946   21,946  
Repurchases of common stock (506,629)   (100,065)     $ (406,564) (506,629)  
Repurchases of common stock (in shares)           1,721    
Treasury stock issued under stock purchase plans 6,583   19     $ 6,564 6,583  
Treasury stock issued under stock purchase plans (in shares)           (31)    
Ending balance at Mar. 31, 2021 2,519,394 $ 4,267 478,039 3,052,110 (38,976) $ (976,181) 2,519,259 135
Ending balance, shares at Mar. 31, 2021   42,672       19,122    
Beginning balance at Dec. 31, 2020 2,884,279 $ 4,266 570,176 2,931,766 (45,883) $ (576,181) 2,884,144 135
Beginning balance, shares at Dec. 31, 2020   42,663       17,432    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 120,344     120,344     120,344  
Stock-based compensation expense 8,800   8,800       8,800  
Tax withholdings on restricted share vestings (904) $ 1 (905)       (904)  
Tax withholdings on restricted share vestings (in shares)   9            
Change in fair value of interest rate swap agreements, net 6,467       6,467   6,467  
Currency translation adjustment 440       440   440  
Repurchases of common stock (502,209)   (100,032)     $ (402,177) (502,209)  
Repurchases of common stock (in shares)           1,699    
Treasury stock issued under stock purchase plans 2,177         $ 2,177 2,177  
Treasury stock issued under stock purchase plans (in shares)           (9)    
Ending balance at Mar. 31, 2021 $ 2,519,394 $ 4,267 $ 478,039 $ 3,052,110 $ (38,976) $ (976,181) $ 2,519,259 $ 135
Ending balance, shares at Mar. 31, 2021   42,672       19,122    
v3.21.1
Basis of Presentation
 9 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Basis of Presentation

1.

Basis of Presentation

The accompanying unaudited 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 March 31, 2021 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.  See Notes 11 and 18.

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, 2020.  The results of operations for the three and nine months ended March 31, 2021 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
v3.21.1
Recent Accounting Pronouncements
 9 Months Ended
Mar. 31, 2021
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Recent Accounting Pronouncements

2.

Recent Accounting Pronouncements

Accounting Standards Updates Adopted

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with the existing capitalization requirements for implementation costs associated with internal-use software (Subtopic 350-40). The Company adopted this standard on July 1, 2020 using the prospective method. The adoption of this standard did not have a material impact on our operating results, financial position or cash flows.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which requires companies to record an allowance for expected credit losses over the contractual term of financial assets, including short-term trade receivables and contract assets, and expands disclosure requirements for credit quality of financial assets. The Company adopted this standard on July 1, 2020 using the modified retrospective method.  The adoption of this standard did not have a material impact on our operating results, financial position or cash flows.
v3.21.1
Acquisition
 9 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Acquisition

3.

Acquisition

On August 11, 2020, CACI completed the acquisition of Ascent Vision Technologies (AVT) for a purchase price of approximately $348.8 million.  AVT specializes in Electro-Optical Infrared payloads, On-Board Computer Vision Processing and counter-unmanned aircraft system (C-UAS) solutions.  The Company preliminarily recognized fair values of the assets acquired and liabilities assumed and allocated $211.0 million to goodwill and $133.8 million to intangible assets.  The goodwill of $211.0 million is largely attributable to the assembled workforce of AVT and expected synergies between the Company and AVT.  The intangible assets consist of customer relationships of $65.7 million and technology of $68.1 million.  The fair value attributed to intangible assets is being amortized on an accelerated basis over approximately 20 years for customer relationships and over approximately 10 years for technology.  The fair value attributed to the intangible assets acquired was based on assumptions and other information compiled by management, including independent valuations that utilized established valuation techniques.  Of the value attributed to goodwill and intangible assets, approximately $319.7 million is deductible for income tax purposes.
v3.21.1
Intangible Assets
 9 Months Ended
Mar. 31, 2021
Finite Lived Intangible Assets Net [Abstract]  
Intangible Assets

4.

Intangible Assets

Intangible assets consisted of the following (in thousands):

 

 

 

March 31,

 

 

June 30,

 

 

 

2021 (1)

 

 

2020

 

Intangible assets:

 

 

 

 

 

 

 

 

Customer contracts and related customer relationships

 

$

602,407

 

 

$

570,562

 

Acquired technologies

 

 

198,262

 

 

 

129,925

 

Other

 

 

7

 

 

 

8

 

Intangible assets

 

 

800,676

 

 

 

700,495

 

Less accumulated amortization:

 

 

 

 

 

 

 

 

Customer contracts and related customer relationships

 

 

(266,949

)

 

 

(271,708

)

Acquired technologies

 

 

(40,663

)

 

 

(21,900

)

Other

 

 

(2

)

 

 

(2

)

Less accumulated amortization

 

 

(307,614

)

 

 

(293,610

)

Total intangible assets, net

 

$

493,062

 

 

$

406,885

 

 

 

(1)

During the nine months ended March 31, 2021, the Company removed $37.4 million in fully amortized intangible assets.

Intangible assets are primarily amortized on an accelerated basis over periods ranging from one to twenty years.  The weighted-average period of amortization for all customer contracts and related customer relationships as of March 31, 2021 is 17.7 years, and the weighted-average remaining period of amortization is 14.4 years.  The weighted-average period of amortization for acquired technologies as of March 31, 2021 is 10.5 years, and the weighted-average remaining period of amortization is 9.0 years.

Expected amortization expense for the remainder of the fiscal year ending June 30, 2021, and for each of the fiscal years thereafter, is as follows (in thousands):

 

Fiscal year ending June 30,

 

Amount

 

2021 (three months)

 

$

16,889

 

2022

 

 

68,592

 

2023

 

 

65,164

 

2024

 

 

57,812

 

2025

 

 

50,552

 

Thereafter

 

 

234,053

 

Total intangible assets, net

 

$

493,062

 

 
v3.21.1
Goodwill
 9 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill

5.

Goodwill

The changes in the carrying amount of goodwill for the nine months ended March 31, 2021 are as follows (in thousands):

 

 

 

Domestic

 

 

International

 

 

Total

 

Balance at June 30, 2020

 

$

3,279,856

 

 

$

127,254

 

 

$

3,407,110

 

Goodwill acquired (1)

 

 

211,004

 

 

 

(1,478

)

 

 

209,526

 

Foreign currency translation

 

 

1,139

 

 

 

14,300

 

 

 

15,439

 

Balance at March 31, 2021

 

$

3,491,999

 

 

$

140,076

 

 

$

3,632,075

 

 

 

(1)

Includes goodwill initially allocated to new business combinations as well as measurement period adjustments.

 
v3.21.1
Revenue Recognition
 9 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

6.

Revenue Recognition

We disaggregate our revenue arrangements by contract type, customer, whether we perform on the contract as the prime or subcontractor, and whether the solution provided is primarily expertise or technology as defined herein.  We believe that these categories allow for a better understanding of the nature, amount, timing, and uncertainty of revenue and cash flows arising from our contracts.

Revenue by Contract Type

The Company generated revenue on our cost-plus-fee, fixed-price, and time-and-materials contracts as follows during the three and nine months ended March 31, 2021 and 2020 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

905,774

 

 

$

—

 

 

$

905,774

 

 

$

2,572,967

 

 

$

—

 

 

$

2,572,967

 

Fixed-price

 

 

424,580

 

 

 

32,519

 

 

 

457,099

 

 

 

1,245,278

 

 

 

86,456

 

 

 

1,331,734

 

Time-and-materials

 

 

174,683

 

 

 

14,362

 

 

 

189,045

 

 

 

532,039

 

 

 

43,395

 

 

 

575,434

 

Total

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2020

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

852,700

 

 

$

—

 

 

$

852,700

 

 

$

2,418,891

 

 

$

—

 

 

$

2,418,891

 

Fixed-price

 

 

376,314

 

 

 

29,422

 

 

 

405,736

 

 

 

1,128,866

 

 

 

83,713

 

 

 

1,212,579

 

Time-and-materials

 

 

190,344

 

 

 

16,820

 

 

 

207,164

 

 

 

550,167

 

 

 

42,824

 

 

 

592,991

 

Total

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 


 

Customer Group

The Company generated revenue from our primary customer groups as follows during the three and nine months ended March 31, 2021 and 2020 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Department of Defense

 

$

1,074,056

 

 

$

—

 

 

$

1,074,056

 

 

$

3,091,126

 

 

$

—

 

 

$

3,091,126

 

Federal Civilian agencies

 

 

405,855

 

 

 

—

 

 

 

405,855

 

 

 

1,186,068

 

 

 

—

 

 

 

1,186,068

 

Commercial and other

 

 

25,126

 

 

 

46,881

 

 

 

72,007

 

 

 

73,090

 

 

 

129,851

 

 

 

202,941

 

Total

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2020

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Department of Defense

 

$

1,037,242

 

 

$

—

 

 

$

1,037,242

 

 

$

2,965,263

 

 

$

—

 

 

$

2,965,263

 

Federal Civilian agencies

 

 

361,320

 

 

 

—

 

 

 

361,320

 

 

 

1,067,342

 

 

 

—

 

 

 

1,067,342

 

Commercial and other

 

 

20,796

 

 

 

46,242

 

 

 

67,038

 

 

 

65,319

 

 

 

126,537

 

 

 

191,856

 

Total

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 

Prime or Subcontractor

The Company generated revenue as either the prime or subcontractor as follows during the three and nine months ended March 31, 2021 and 2020 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Prime contractor

 

$

1,358,423

 

 

$

43,210

 

 

$

1,401,633

 

 

$

3,935,661

 

 

$

119,835

 

 

$

4,055,496

 

Subcontractor

 

 

146,614

 

 

 

3,671

 

 

 

150,285

 

 

 

414,623

 

 

 

10,016

 

 

 

424,639

 

Total

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2020

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Prime contractor

 

$

1,298,073

 

 

$

42,788

 

 

$

1,340,861

 

 

$

3,723,024

 

 

$

119,597

 

 

$

3,842,621

 

Subcontractor

 

 

121,285

 

 

 

3,454

 

 

 

124,739

 

 

 

374,900

 

 

 

6,940

 

 

 

381,840

 

Total

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 

 


 

Expertise or Technology

The Company generated revenue by providing expertise or technology solutions to our customers as follows during the three and nine months ended March 31, 2021 and 2020 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Expertise

 

$

745,440

 

 

$

18,979

 

 

$

764,419

 

 

$

2,184,449

 

 

$

52,929

 

 

$

2,237,378

 

Technology

 

 

759,597

 

 

 

27,902

 

 

 

787,499

 

 

 

2,165,835

 

 

 

76,922

 

 

 

2,242,757

 

Total

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2020

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Expertise

 

$

744,997

 

 

$

18,339

 

 

$

763,336

 

 

$

2,180,498

 

 

$

47,225

 

 

$

2,227,723

 

Technology

 

 

674,361

 

 

 

27,903

 

 

 

702,264

 

 

 

1,917,426

 

 

 

79,312

 

 

 

1,996,738

 

Total

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 

 

Significant Estimates

For many of our fixed price revenue arrangements and for revenue arrangements that have award or incentive fees, the Company uses an estimate at completion (EAC) to measure progress towards the complete satisfaction of its performance obligations.  For these revenue arrangements, revenue is recognized over time primarily using a cost-to-cost input method based on the ratio of costs incurred to date to total estimated costs at completion. The EAC process requires the Company to use professional judgment when assessing risks, estimating contract revenue and costs, estimating variable consideration, and making assumptions for schedule and technical issues.  The Company periodically reassesses its EAC assumptions and updates its estimates as needed.  When estimates of total costs to be incurred on a contract exceed total revenue, a provision for the entire loss on the contract is recorded in the period in which the loss is determined.

Based on changes in a contract’s EAC, a cumulative adjustment to revenue will be recorded.  For the three and nine months ended March 31, 2021, we recognized an increase to income before income taxes of $10.7 million ($0.31 per diluted share) and $36.6 million ($1.06 per diluted share), respectively, compared with $8.3 million ($0.24 per diluted share) and $32.1 million ($0.93 per diluted share) for the three and nine months ended March 31, 2020, respectively, from EAC adjustments.  The Company used its statutory tax rate when calculating the impact to diluted earnings per share.

Revenue recognized from previously satisfied performance obligations was $0.7 million and $2.3 million for the three and nine months ended March 31, 2021, respectively, compared with $(0.3) million and $9.9 million for the three and nine months ended March 31, 2020, respectively.  The change in revenue generally relates to final true-up adjustments to our estimated award or incentive fees in the period in which we receive the customer’s final performance score or when we can determine that more objective, contractually-defined criteria have been fully satisfied.  

Remaining Performance Obligations

The Company’s remaining performance obligations balance as of period end represents the expected revenue to be recognized for the satisfaction of remaining performance obligations on our existing contracts.  This balance excludes unexercised contract option years and task orders that may be issued underneath an Indefinite Delivery/Indefinite Quantity (IDIQ) vehicle until such task orders are awarded.  The remaining performance obligations balance generally increases with the execution of new contracts and converts into revenue as our contractual performance obligations are satisfied.

The Company continues to monitor this balance as it is subject to change from execution of new contracts, contract modifications or extensions, government deobligations, or early terminations.  Based on this analysis, an adjustment to the period end balance may be required.  Our remaining performance obligations balance as of March 31, 2021 was $6.7 billion.

The Company expects to recognize approximately 90 percent of our remaining performance obligations balance as revenue over the next twelve months and the remaining 10 percent thereafter.
v3.21.1
Accounts Receivable
 9 Months Ended
Mar. 31, 2021
Accounts Receivable Net [Abstract]  
Accounts Receivable

7.

Accounts Receivable

 

 

 

March 31,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Billed and billable receivables

 

$

750,529

 

 

$

779,339

 

Unbilled receivables

 

 

110,191

 

 

 

61,888

 

Total accounts receivable, net – current

 

 

860,720

 

 

 

841,227

 

Unbilled receivables, long-term

 

 

11,802

 

 

 

9,629

 

Total accounts receivable

 

$

872,522

 

 

$

850,856

 

Accounts receivable are recorded at amounts earned less an allowance for doubtful accounts.  The Company periodically reassesses its allowance for doubtful accounts by analyzing reasonably available information as of the balance sheet date, including the length of time that the receivable has been outstanding, historical bad debts and aging trends, and other general and contract specific factors.  In addition, the Company monitors its exposure to customer credit risk for its financial assets, including its trade receivables and contract balances.

The Company’s allowance for doubtful accounts was $3.1 million and $3.0 million at March 31, 2021 and June 30, 2020, respectively.
v3.21.1
Contract Balances
 9 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]  
Contract Balances

8.

Contract Balances

Contract assets are primarily comprised of unbilled receivables in which revenue has been recognized but our right to consideration is conditional on factors other than the passage of time.  Contract assets exclude billed and billable receivables.

The incremental costs of obtaining a contract (e.g. sales commissions) are capitalized as an asset when the Company expects to recover them either directly or indirectly through the revenue arrangement’s profit margins.  These capitalized costs are subsequently expensed over the revenue arrangement’s period of performance.  Contract assets are not stated above their net realizable value.

Contract liabilities are primarily comprised of advance payments in which consideration is received in advance of satisfying a performance obligation.  The advance payment is subsequently recognized into revenue as the performance obligation is satisfied.

Net contract assets (liabilities) consisted of the following (in thousands):

 

 

 

 

 

March 31,

 

 

June 30,

 

Description of Contract Related Balance

 

Financial Statement Classification

 

2021

 

 

2020

 

Contract assets – current:

 

 

 

 

 

 

 

 

 

 

Unbilled receivables

 

Accounts receivable, net

 

$

110,191

 

 

$

61,888

 

Costs to obtain – short-term

 

Prepaid expenses and other current assets

 

 

4,064

 

 

 

3,492

 

Contract assets – noncurrent:

 

 

 

 

 

 

 

 

 

 

Unbilled receivables

 

Accounts receivable, long-term

 

 

11,802

 

 

 

9,629

 

Costs to obtain – long-term

 

Other long-term assets

 

 

9,546

 

 

 

7,708

 

Contract liabilities – current:

 

 

 

 

 

 

 

 

 

 

Deferred revenue and other

   contract liabilities – short-term

 

Other accrued expenses and current

   liabilities

 

 

(59,323

)

 

 

(57,082

)

Contract liabilities – noncurrent:

 

 

 

 

 

 

 

 

 

 

Deferred revenue and other

   contract liabilities – long-term

 

Other long-term liabilities

 

 

(6,543

)

 

 

(6,507

)

Net contract assets (liabilities)

 

 

 

$

69,737

 

 

$

19,128

 

 

During the three and nine months ended March 31, 2021, we recognized $4.2 million and $57.1 million of revenue, respectively, compared with $6.2 million and $44.9 million of revenue for the three and nine months ended March 31, 2020, respectively, that was included in a previously recorded contract liability as of the beginning of the period.
v3.21.1
Inventories
 9 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Inventories

9.

Inventories

Inventories consisted of the following (in thousands):

 

 

 

 

March 31,

 

 

June 30,

 

 

 

 

2021

 

 

2020

 

Materials, purchased parts and supplies

 

 

$

50,385

 

 

$

36,692

 

Work in process

 

 

 

11,270

 

 

 

10,867

 

Finished goods

 

 

 

16,915

 

 

 

17,608

 

Total

 

 

$

78,570

 

 

$

65,167

 

 

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.  The Company periodically assesses its current inventory balances and records a provision for damaged, deteriorated, or obsolete inventory based on historical patterns and forecasted sales.
v3.21.1
Sales of Receivables
 9 Months Ended
Mar. 31, 2021
Transfers And Servicing Of Financial Assets [Abstract]  
Sales of Receivables

10.

Sales of Receivables

On December 24, 2020, the Company amended its Master Accounts Receivable Purchase Agreement (MARPA) with MUFG Bank, Ltd. (the Purchaser), for the sale of certain designated eligible U.S. government receivables.  The amendment extended the term of the MARPA to December 23, 2021.  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 March 31, 2021.  Proceeds from the sold receivables are reflected in our operating cash flows on the statement of cash flows.

MARPA activity consisted of the following (in thousands):

 

 

 

As of and for the Nine Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Beginning balance:

 

$

200,000

 

 

$

192,527

 

Sales of receivables

 

 

2,048,585

 

 

 

1,750,496

 

Cash collections

 

 

(2,058,725

)

 

 

(1,749,524

)

Outstanding balance sold to Purchaser: (1)

 

 

189,860

 

 

 

193,499

 

Cash collected, not remitted to Purchaser (2)

 

 

(76,388

)

 

 

(55,588

)

Remaining sold receivables

 

$

113,472

 

 

$

137,911

 

 

 

(1)

For the nine months ended March 31, 2021 and 2020, the Company recorded a net cash outflow of $10.1 million and a net cash inflow of $1.0 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 the Purchaser as of March 31, 2021 and 2020.  This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.21.1
Long-term Debt
 9 Months Ended
Mar. 31, 2021
Long Term Debt [Abstract]  
Long-term Debt

11.

Long-term Debt 

Long-term debt consisted of the following (in thousands):

 

 

 

March 31,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Bank credit facility – term loans

 

$

809,364

 

 

$

844,555

 

Bank credit facility – revolver loans

 

 

1,020,000

 

 

 

569,000

 

Principal amount of long-term debt

 

 

1,829,364

 

 

 

1,413,555

 

Less unamortized discounts and debt issuance costs

 

 

(7,373

)

 

 

(9,116

)

Total long-term debt

 

 

1,821,991

 

 

 

1,404,439

 

Less current portion

 

 

(46,920

)

 

 

(46,920

)

Long-term debt, net of current portion

 

$

1,775,071

 

 

$

1,357,519

 

 

Bank Credit Facility

The Company has a $2,438.4 million credit facility (the Credit Facility), which consists of an $1,500.0 million revolving credit facility (the Revolving Facility) and a $938.4 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 $1,500.0 million. As of March 31, 2021, the Company had $1,020.0 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 $11.7 million until the balance is due in full on June 30, 2024. As of March 31, 2021, the Company had $809.4 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 Eurodollar rate plus, in each case, an applicable rate based upon the Company’s consolidated total leverage ratio.  As of March 31, 2021, 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 1.97 percent.

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 March 31, 2021, 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.

The aggregate maturities of long-term debt at March 31, 2021 are as follows (in thousands):

 

Twelve months ending March 31,

 

 

 

 

2022

 

$

46,920

 

2023

 

 

46,920

 

2024

 

 

46,920

 

2025

 

 

1,688,604

 

Principal amount of long-term debt

 

 

1,829,364

 

Less unamortized discounts and debt issuance costs

 

 

(7,373

)

Total long-term debt

 

$

1,821,991

 

 

 

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 $800.0 million which hedge a portion of the Company’s floating rate indebtedness.  The swaps mature at various dates through 2026.  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 and nine months ended March 31, 2021 and 2020 is as follows (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Gain (loss) recognized in other comprehensive income

 

$

2,945

 

 

$

(21,606

)

 

$

757

 

 

$

(22,245

)

Amounts reclassified to earnings from accumulated other

   comprehensive loss

 

 

3,522

 

 

 

433

 

 

 

10,606

 

 

 

(157

)

Net current period other comprehensive income (loss)

 

$

6,467

 

 

$

(21,173

)

 

$

11,363

 

 

$

(22,402

)

 
v3.21.1
Leases
 9 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

12.

Leases

All of the Company’s leases are operating leases. The current portion of operating lease liabilities is included in other accrued expenses and current liabilities in our consolidated balance sheets. Lease balances in our consolidated balance sheet are as follows (in thousands):

 

 

 

March 31, 2021

 

 

June 30, 2020

 

Operating lease right-of-use assets

 

$

371,151

 

 

$

330,767

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities, current

 

 

59,357

 

 

 

67,549

 

Operating lease liabilities, noncurrent

 

 

377,044

 

 

 

309,680

 

 

 

$

436,401

 

 

$

377,229

 

The Company’s total lease cost is recorded primarily within indirect costs and selling expenses and had the following impact on the consolidated statement of operations (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating lease cost

 

$

22,312

 

 

$

21,674

 

 

$

66,899

 

 

$

64,262

 

Short-term and variable lease cost

 

 

3,427

 

 

 

3,850

 

 

 

10,706

 

 

 

10,844

 

Sublease income

 

 

(84

)

 

 

(94

)

 

 

(296

)

 

 

(998

)

Total lease cost

 

$

25,655

 

 

$

25,430

 

 

$

77,309

 

 

$

74,108

 

 

 

The Company’s future minimum lease payments under non-cancelable operating leases for the remainder of the fiscal year ending June 30, 2021, and for each of the fiscal years thereafter, are as follows (in thousands):  

 

Fiscal year ending June 30,

 

 

 

 

2021 (three months)

 

$

13,188

 

2022

 

 

77,841

 

2023

 

 

76,895

 

2024

 

 

70,669

 

2025

 

 

62,468

 

Thereafter

 

 

180,313

 

Total undiscounted lease payments

 

 

481,374

 

Less:  imputed interest

 

 

(44,973

)

Total discounted lease liabilities

 

$

436,401

 

The weighted-average remaining lease term (in years) and weighted-average discount rate was 6.94 years and 2.78 percent, respectively.

Cash paid for operating leases was $64.6 million for the nine months ended March 31, 2021.  During the nine months ended March 31, 2021 operating lease liabilities arising from obtaining new ROU assets was $97.8 million, which includes all noncash changes arising from new or remeasured operating lease arrangements.
v3.21.1
Commitments and Contingencies
 9 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

13.

Commitments and Contingencies

The Company is involved in various lawsuits, claims, and administrative proceedings arising in the normal course of business. Management is of the opinion that any liability or loss associated with such matters, either individually or in the aggregate, will not have a material adverse effect on the Company’s operations and liquidity.

Government Contracting

Payments to the Company on cost-plus-fee and T&M 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 2019.  We are still negotiating the results of prior years’ audits with the respective cognizant contracting officers and believe our reserves for such are adequate. In the opinion of management, 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 as 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 are identified, discussed and settled.
v3.21.1
Stock-Based Compensation
 9 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

14.

Stock-Based Compensation

For the nine months ended March 31, 2021 and 2020, the Company recognized $23.8 million and $22.2 million of stock-based compensation, respectively, related to restricted stock units (RSUs).  The stock-based compensation was included in indirect costs and selling expenses in the consolidated statements of operations.

Activity related to RSUs during the nine months ended March 31, 2021 is as follows:

 

 

 

RSUs

 

Unvested at June 30, 2020

 

 

501,923

 

Granted

 

 

197,179

 

Vested

 

 

(236,643

)

Forfeited

 

 

(27,534

)

Unvested at March 31, 2021

 

 

434,925

 

 

As of March 31, 2021, there was $46.0 million of total unrecognized compensation costs related to RSUs scheduled to be recognized over a weighted-average period of 2.7 years.
v3.21.1
Earnings Per Share
 9 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share

15.

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

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

120,344

 

 

$

80,577

 

 

$

320,466

 

 

$

227,749

 

Weighted-average number of basic shares outstanding

   during the period

 

 

24,935

 

 

 

25,078

 

 

 

25,026

 

 

 

25,012

 

Dilutive effect of RSUs after application of treasury

   stock method

 

 

231

 

 

 

400

 

 

 

281

 

 

 

469

 

Weighted-average number of diluted shares outstanding

   during the period

 

 

25,166

 

 

 

25,478

 

 

 

25,307

 

 

 

25,481

 

Basic earnings per share

 

$

4.83

 

 

$

3.21

 

 

$

12.81

 

 

$

9.11

 

Diluted earnings per share

 

$

4.78

 

 

$

3.16

 

 

$

12.66

 

 

$

8.94

 

 
v3.21.1
Income Taxes
 9 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

16.

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’s total liability for unrecognized tax benefits as of March 31, 2021 and June 30, 2020 was $28.9 million and $8.8 million, respectively. During the quarter, the Company recognized an increase in reserves for uncertain tax positions related to an increase in research and development tax credits.  The $28.9 million unrecognized tax benefit at March 31, 2021, if recognized, would positively impact the Company’s effective tax rate.

The Company’s effective tax rate for the three and nine months ended March 31, 2021 and 2020 are reflected below (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Income tax expense

 

$

22,140

 

 

$

19,012

 

 

$

78,914

 

 

$

50,659

 

Effective income tax rate

 

 

15.5

%

 

 

19.1

%

 

 

19.8

%

 

 

18.2

%

The effective income tax rate was 15.5 percent and 19.8 percent for the three and nine months ended March 31, 2021, respectively, compared with 19.1 percent and 18.2 percent, respectively, for the same periods last year. For the three months ended, the Company’s effective income tax rate was lower in the current period primarily due to an increase in research and development credits for past and current year tax filings. For the nine months ended, the Company’s effective income tax rate was higher in the current period primarily due to a decrease in excess tax benefits related to employee stock-based compensation, partially offset by an increase in research and development credits for past and current year tax filings.
v3.21.1
Business Segment Information
 9 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Business Segment Information

17.

Business Segment Information

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):

 

 

 

Domestic

Operations

 

 

International

Operations

 

 

Total

 

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

Net income

 

 

113,536

 

 

 

6,808

 

 

 

120,344

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

Net income

 

 

74,885

 

 

 

5,692

 

 

 

80,577

 

Nine Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

Net income

 

 

301,594

 

 

 

18,872

 

 

 

320,466

 

Nine Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 

Net income

 

 

213,780

 

 

 

13,969

 

 

 

227,749

 

 
v3.21.1
Fair Value of Financial Instruments
 9 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

18.

Fair Value of Financial Instruments

ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.  

The Company’s financial assets and liabilities recorded at fair value on a recurring basis are categorized based on the priority of the inputs used to measure fair value. The inputs used in measuring fair value are categorized into three levels, as follows:

 

•

Level 1 Inputs – unadjusted quoted prices in active markets for identical assets or liabilities.

 

•

Level 2 Inputs – unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

 

•

Level 3 Inputs – amounts derived from valuation models in which unobservable inputs reflect the reporting entity’s own assumptions about the assumptions of market participants that would be used in pricing the asset or liability.

The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and June 30, 2020, and the level they fall within the fair value hierarchy (in thousands):

 

 

 

 

 

 

 

March 31,

 

 

June 30,

 

 

 

Financial Statement

 

Fair Value

 

2021

 

 

2020

 

Description of Financial Instrument

 

Classification

 

Hierarchy

 

Fair Value

 

Interest rate swap agreements

 

Other accrued expenses and

   current liabilities

 

Level 2

 

$

1,934

 

 

$

—

 

Interest rate swap agreements

 

Other long-term liabilities

 

Level 2

 

$

25,817

 

 

$

43,168

 

Changes in the fair value of the interest rate swap agreements are recorded as a component of accumulated other comprehensive income or loss.
v3.21.1
Accelerated Share Repurchase
 9 Months Ended
Mar. 31, 2021
Disclosure Of Repurchase Agreements [Abstract]  
Accelerated Share Repurchase

19.

Accelerated Share Repurchase

On March 12, 2021, CACI entered into an accelerated share repurchase agreement (the “ASR Agreement”) with JPMorgan Chase Bank, National Association (JPMorgan).  Under the ASR Agreement, we paid $500.0 million to JPMorgan and received an initial delivery of approximately 1.7 million shares of our common stock, which shares were recorded as a $400.0 million increase to treasury stock.  The final number of shares to be repurchased will be based on the volume-weighted average stock price of our common stock during the term of the agreement, less a discount.  This is evaluated as an unsettled forward contract indexed to our own stock, with $100.0 million classified within stockholders’ equity as additional paid-in-capital. The ASR Agreement is scheduled to settle prior to the end of the second quarter of FY2022.  At final settlement, JPMorgan may be required to deliver additional shares of our common stock to us or, under certain circumstances, we may elect to make a cash payment or deliver shares of our common stock to JPMorgan.
v3.21.1
Intangible Assets (Tables)
 9 Months Ended
Mar. 31, 2021
Finite Lived Intangible Assets Net [Abstract]  
Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands):

 

 

 

March 31,

 

 

June 30,

 

 

 

2021 (1)

 

 

2020

 

Intangible assets:

 

 

 

 

 

 

 

 

Customer contracts and related customer relationships

 

$

602,407

 

 

$

570,562

 

Acquired technologies

 

 

198,262

 

 

 

129,925

 

Other

 

 

7

 

 

 

8

 

Intangible assets

 

 

800,676

 

 

 

700,495

 

Less accumulated amortization:

 

 

 

 

 

 

 

 

Customer contracts and related customer relationships

 

 

(266,949

)

 

 

(271,708

)

Acquired technologies

 

 

(40,663

)

 

 

(21,900

)

Other

 

 

(2

)

 

 

(2

)

Less accumulated amortization

 

 

(307,614

)

 

 

(293,610

)

Total intangible assets, net

 

$

493,062

 

 

$

406,885

 

 

 

(1)

During the nine months ended March 31, 2021, the Company removed $37.4 million in fully amortized intangible assets.
Expected Amortization Expense

Expected amortization expense for the remainder of the fiscal year ending June 30, 2021, and for each of the fiscal years thereafter, is as follows (in thousands):

 

Fiscal year ending June 30,

 

Amount

 

2021 (three months)

 

$

16,889

 

2022

 

 

68,592

 

2023

 

 

65,164

 

2024

 

 

57,812

 

2025

 

 

50,552

 

Thereafter

 

 

234,053

 

Total intangible assets, net

 

$

493,062

 
v3.21.1
Goodwill (Tables)
 9 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Roll Forward of Goodwill

The changes in the carrying amount of goodwill for the nine months ended March 31, 2021 are as follows (in thousands):

 

 

 

Domestic

 

 

International

 

 

Total

 

Balance at June 30, 2020

 

$

3,279,856

 

 

$

127,254

 

 

$

3,407,110

 

Goodwill acquired (1)

 

 

211,004

 

 

 

(1,478

)

 

 

209,526

 

Foreign currency translation

 

 

1,139

 

 

 

14,300

 

 

 

15,439

 

Balance at March 31, 2021

 

$

3,491,999

 

 

$

140,076

 

 

$

3,632,075

 

 

 

(1)

Includes goodwill initially allocated to new business combinations as well as measurement period adjustments.
v3.21.1
Revenue Recognition (Tables)
 9 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]  
Disaggregation of Revenue by Contract Type, Customer Information and Prime or Subcontractor

Revenue by Contract Type

The Company generated revenue on our cost-plus-fee, fixed-price, and time-and-materials contracts as follows during the three and nine months ended March 31, 2021 and 2020 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

905,774

 

 

$

—

 

 

$

905,774

 

 

$

2,572,967

 

 

$

—

 

 

$

2,572,967

 

Fixed-price

 

 

424,580

 

 

 

32,519

 

 

 

457,099

 

 

 

1,245,278

 

 

 

86,456

 

 

 

1,331,734

 

Time-and-materials

 

 

174,683

 

 

 

14,362

 

 

 

189,045

 

 

 

532,039

 

 

 

43,395

 

 

 

575,434

 

Total

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2020

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Cost-plus-fee

 

$

852,700

 

 

$

—

 

 

$

852,700

 

 

$

2,418,891

 

 

$

—

 

 

$

2,418,891

 

Fixed-price

 

 

376,314

 

 

 

29,422

 

 

 

405,736

 

 

 

1,128,866

 

 

 

83,713

 

 

 

1,212,579

 

Time-and-materials

 

 

190,344

 

 

 

16,820

 

 

 

207,164

 

 

 

550,167

 

 

 

42,824

 

 

 

592,991

 

Total

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 


 

Customer Group

The Company generated revenue from our primary customer groups as follows during the three and nine months ended March 31, 2021 and 2020 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Department of Defense

 

$

1,074,056

 

 

$

—

 

 

$

1,074,056

 

 

$

3,091,126

 

 

$

—

 

 

$

3,091,126

 

Federal Civilian agencies

 

 

405,855

 

 

 

—

 

 

 

405,855

 

 

 

1,186,068

 

 

 

—

 

 

 

1,186,068

 

Commercial and other

 

 

25,126

 

 

 

46,881

 

 

 

72,007

 

 

 

73,090

 

 

 

129,851

 

 

 

202,941

 

Total

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2020

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Department of Defense

 

$

1,037,242

 

 

$

—

 

 

$

1,037,242

 

 

$

2,965,263

 

 

$

—

 

 

$

2,965,263

 

Federal Civilian agencies

 

 

361,320

 

 

 

—

 

 

 

361,320

 

 

 

1,067,342

 

 

 

—

 

 

 

1,067,342

 

Commercial and other

 

 

20,796

 

 

 

46,242

 

 

 

67,038

 

 

 

65,319

 

 

 

126,537

 

 

 

191,856

 

Total

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 

Prime or Subcontractor

The Company generated revenue as either the prime or subcontractor as follows during the three and nine months ended March 31, 2021 and 2020 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Prime contractor

 

$

1,358,423

 

 

$

43,210

 

 

$

1,401,633

 

 

$

3,935,661

 

 

$

119,835

 

 

$

4,055,496

 

Subcontractor

 

 

146,614

 

 

 

3,671

 

 

 

150,285

 

 

 

414,623

 

 

 

10,016

 

 

 

424,639

 

Total

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

 


 

Expertise or Technology

The Company generated revenue by providing expertise or technology solutions to our customers as follows during the three and nine months ended March 31, 2021 and 2020 (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2021

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Expertise

 

$

745,440

 

 

$

18,979

 

 

$

764,419

 

 

$

2,184,449

 

 

$

52,929

 

 

$

2,237,378

 

Technology

 

 

759,597

 

 

 

27,902

 

 

 

787,499

 

 

 

2,165,835

 

 

 

76,922

 

 

 

2,242,757

 

Total

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2020

 

 

 

Domestic

 

 

International

 

 

Total

 

 

Domestic

 

 

International

 

 

Total

 

Expertise

 

$

744,997

 

 

$

18,339

 

 

$

763,336

 

 

$

2,180,498

 

 

$

47,225

 

 

$

2,227,723

 

Technology

 

 

674,361

 

 

 

27,903

 

 

 

702,264

 

 

 

1,917,426

 

 

 

79,312

 

 

 

1,996,738

 

Total

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 

 
v3.21.1
Accounts Receivable (Tables)
 9 Months Ended
Mar. 31, 2021
Accounts Receivable Net [Abstract]  
Schedule of Total Accounts Receivable

 

 

 

March 31,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Billed and billable receivables

 

$

750,529

 

 

$

779,339

 

Unbilled receivables

 

 

110,191

 

 

 

61,888

 

Total accounts receivable, net – current

 

 

860,720

 

 

 

841,227

 

Unbilled receivables, long-term

 

 

11,802

 

 

 

9,629

 

Total accounts receivable

 

$

872,522

 

 

$

850,856

 
v3.21.1
Contract Balances (Tables)
 9 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]  
Contract Assets and Liabilities

Net contract assets (liabilities) consisted of the following (in thousands):

 

 

 

 

 

March 31,

 

 

June 30,

 

Description of Contract Related Balance

 

Financial Statement Classification

 

2021

 

 

2020

 

Contract assets – current:

 

 

 

 

 

 

 

 

 

 

Unbilled receivables

 

Accounts receivable, net

 

$

110,191

 

 

$

61,888

 

Costs to obtain – short-term

 

Prepaid expenses and other current assets

 

 

4,064

 

 

 

3,492

 

Contract assets – noncurrent:

 

 

 

 

 

 

 

 

 

 

Unbilled receivables

 

Accounts receivable, long-term

 

 

11,802

 

 

 

9,629

 

Costs to obtain – long-term

 

Other long-term assets

 

 

9,546

 

 

 

7,708

 

Contract liabilities – current:

 

 

 

 

 

 

 

 

 

 

Deferred revenue and other

   contract liabilities – short-term

 

Other accrued expenses and current

   liabilities

 

 

(59,323

)

 

 

(57,082

)

Contract liabilities – noncurrent:

 

 

 

 

 

 

 

 

 

 

Deferred revenue and other

   contract liabilities – long-term

 

Other long-term liabilities

 

 

(6,543

)

 

 

(6,507

)

Net contract assets (liabilities)

 

 

 

$

69,737

 

 

$

19,128

 

 
v3.21.1
Inventories (Tables)
 9 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Components of Inventories

Inventories consisted of the following (in thousands):

 

 

 

 

March 31,

 

 

June 30,

 

 

 

 

2021

 

 

2020

 

Materials, purchased parts and supplies

 

 

$

50,385

 

 

$

36,692

 

Work in process

 

 

 

11,270

 

 

 

10,867

 

Finished goods

 

 

 

16,915

 

 

 

17,608

 

Total

 

 

$

78,570

 

 

$

65,167

 

 
v3.21.1
Sales of Receivables (Tables)
 9 Months Ended
Mar. 31, 2021
Transfers And Servicing Of Financial Assets [Abstract]  
Summary of MARPA Activity

MARPA activity consisted of the following (in thousands):

 

 

 

As of and for the Nine Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Beginning balance:

 

$

200,000

 

 

$

192,527

 

Sales of receivables

 

 

2,048,585

 

 

 

1,750,496

 

Cash collections

 

 

(2,058,725

)

 

 

(1,749,524

)

Outstanding balance sold to Purchaser: (1)

 

 

189,860

 

 

 

193,499

 

Cash collected, not remitted to Purchaser (2)

 

 

(76,388

)

 

 

(55,588

)

Remaining sold receivables

 

$

113,472

 

 

$

137,911

 

 

 

(1)

For the nine months ended March 31, 2021 and 2020, the Company recorded a net cash outflow of $10.1 million and a net cash inflow of $1.0 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 the Purchaser as of March 31, 2021 and 2020.  This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.21.1
Long-term Debt (Tables)
 9 Months Ended
Mar. 31, 2021
Long Term Debt [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following (in thousands):

 

 

 

March 31,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Bank credit facility – term loans

 

$

809,364

 

 

$

844,555

 

Bank credit facility – revolver loans

 

 

1,020,000

 

 

 

569,000

 

Principal amount of long-term debt

 

 

1,829,364

 

 

 

1,413,555

 

Less unamortized discounts and debt issuance costs

 

 

(7,373

)

 

 

(9,116

)

Total long-term debt

 

 

1,821,991

 

 

 

1,404,439

 

Less current portion

 

 

(46,920

)

 

 

(46,920

)

Long-term debt, net of current portion

 

$

1,775,071

 

 

$

1,357,519

 

 
Aggregate Maturities of Long-term Debt

The aggregate maturities of long-term debt at March 31, 2021 are as follows (in thousands):

 

Twelve months ending March 31,

 

 

 

 

2022

 

$

46,920

 

2023

 

 

46,920

 

2024

 

 

46,920

 

2025

 

 

1,688,604

 

Principal amount of long-term debt

 

 

1,829,364

 

Less unamortized discounts and debt issuance costs

 

 

(7,373

)

Total long-term debt

 

$

1,821,991

 

 

 
Cash Flow Hedges

The effect of derivative instruments in the consolidated statements of operations and accumulated other comprehensive loss for the three and nine months ended March 31, 2021 and 2020 is as follows (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Gain (loss) recognized in other comprehensive income

 

$

2,945

 

 

$

(21,606

)

 

$

757

 

 

$

(22,245

)

Amounts reclassified to earnings from accumulated other

   comprehensive loss

 

 

3,522

 

 

 

433

 

 

 

10,606

 

 

 

(157

)

Net current period other comprehensive income (loss)

 

$

6,467

 

 

$

(21,173

)

 

$

11,363

 

 

$

(22,402

)

 
v3.21.1
Leases (Tables)
 9 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Summary of Lease Balances Lease balances in our consolidated balance sheet are as follows (in thousands):

 

 

March 31, 2021

 

 

June 30, 2020

 

Operating lease right-of-use assets

 

$

371,151

 

 

$

330,767

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities, current

 

 

59,357

 

 

 

67,549

 

Operating lease liabilities, noncurrent

 

 

377,044

 

 

 

309,680

 

 

 

$

436,401

 

 

$

377,229

 
Summary of Lease Costs

The Company’s total lease cost is recorded primarily within indirect costs and selling expenses and had the following impact on the consolidated statement of operations (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating lease cost

 

$

22,312

 

 

$

21,674

 

 

$

66,899

 

 

$

64,262

 

Short-term and variable lease cost

 

 

3,427

 

 

 

3,850

 

 

 

10,706

 

 

 

10,844

 

Sublease income

 

 

(84

)

 

 

(94

)

 

 

(296

)

 

 

(998

)

Total lease cost

 

$

25,655

 

 

$

25,430

 

 

$

77,309

 

 

$

74,108

 

 

 
Schedule of Future Minimum Operating Lease Payments

The Company’s future minimum lease payments under non-cancelable operating leases for the remainder of the fiscal year ending June 30, 2021, and for each of the fiscal years thereafter, are as follows (in thousands):  

 

Fiscal year ending June 30,

 

 

 

 

2021 (three months)

 

$

13,188

 

2022

 

 

77,841

 

2023

 

 

76,895

 

2024

 

 

70,669

 

2025

 

 

62,468

 

Thereafter

 

 

180,313

 

Total undiscounted lease payments

 

 

481,374

 

Less:  imputed interest

 

 

(44,973

)

Total discounted lease liabilities

 

$

436,401

 
v3.21.1
Stock-Based Compensation (Tables)
 9 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Activity Related to RSUs

Activity related to RSUs during the nine months ended March 31, 2021 is as follows:

 

 

 

RSUs

 

Unvested at June 30, 2020

 

 

501,923

 

Granted

 

 

197,179

 

Vested

 

 

(236,643

)

Forfeited

 

 

(27,534

)

Unvested at March 31, 2021

 

 

434,925

 

 
v3.21.1
Earnings Per Share (Tables)
 9 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Calculation of basic and diluted 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

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

120,344

 

 

$

80,577

 

 

$

320,466

 

 

$

227,749

 

Weighted-average number of basic shares outstanding

   during the period

 

 

24,935

 

 

 

25,078

 

 

 

25,026

 

 

 

25,012

 

Dilutive effect of RSUs after application of treasury

   stock method

 

 

231

 

 

 

400

 

 

 

281

 

 

 

469

 

Weighted-average number of diluted shares outstanding

   during the period

 

 

25,166

 

 

 

25,478

 

 

 

25,307

 

 

 

25,481

 

Basic earnings per share

 

$

4.83

 

 

$

3.21

 

 

$

12.81

 

 

$

9.11

 

Diluted earnings per share

 

$

4.78

 

 

$

3.16

 

 

$

12.66

 

 

$

8.94

 

 
v3.21.1
Income Taxes (Tables)
 9 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective tax rate for the three and nine months ended March 31, 2021 and 2020 are reflected below (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Income tax expense

 

$

22,140

 

 

$

19,012

 

 

$

78,914

 

 

$

50,659

 

Effective income tax rate

 

 

15.5

%

 

 

19.1

%

 

 

19.8

%

 

 

18.2

%
v3.21.1
Business Segment Information (Tables)
 9 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Summarized Financial Information of Reportable Segments Summarized financial information for the Company’s reportable segments is as follows (in thousands):

 

 

 

Domestic

Operations

 

 

International

Operations

 

 

Total

 

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

1,505,037

 

 

$

46,881

 

 

$

1,551,918

 

Net income

 

 

113,536

 

 

 

6,808

 

 

 

120,344

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

1,419,358

 

 

$

46,242

 

 

$

1,465,600

 

Net income

 

 

74,885

 

 

 

5,692

 

 

 

80,577

 

Nine Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

4,350,284

 

 

$

129,851

 

 

$

4,480,135

 

Net income

 

 

301,594

 

 

 

18,872

 

 

 

320,466

 

Nine Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

4,097,924

 

 

$

126,537

 

 

$

4,224,461

 

Net income

 

 

213,780

 

 

 

13,969

 

 

 

227,749

 

 
v3.21.1
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measurements

The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and June 30, 2020, and the level they fall within the fair value hierarchy (in thousands):

 

 

 

 

 

 

 

March 31,

 

 

June 30,

 

 

 

Financial Statement

 

Fair Value

 

2021

 

 

2020

 

Description of Financial Instrument

 

Classification

 

Hierarchy

 

Fair Value

 

Interest rate swap agreements

 

Other accrued expenses and

   current liabilities

 

Level 2

 

$

1,934

 

 

$

—

 

Interest rate swap agreements

 

Other long-term liabilities

 

Level 2

 

$

25,817

 

 

$

43,168

 
v3.21.1
Acquisition (Detail Textual) - USD ($)
$ in Thousands
 9 Months Ended
Aug. 11, 2020
Mar. 31, 2021
Jun. 30, 2020
Business Acquisition [Line Items]      
Goodwill   $ 3,632,075 $ 3,407,110
Customer contracts and related customer relationships      
Business Acquisition [Line Items]      
Amortization period of acquired intangible assets   17 years 8 months 12 days  
Technology      
Business Acquisition [Line Items]      
Amortization period of acquired intangible assets   14 years 4 months 24 days  
AVT      
Business Acquisition [Line Items]      
Purchase consideration $ 348,800    
Acquisition date Aug. 11, 2020    
Goodwill $ 211,000    
Identifiable intangible assets 133,800    
Amount of tax deductible goodwill and intangibles 319,700    
AVT | Customer contracts and related customer relationships      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 65,700    
Amortization period of acquired intangible assets 20 years    
AVT | Technology      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 68,100    
Amortization period of acquired intangible assets 10 years    
v3.21.1
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
 [1]
Jun. 30, 2020
Finite Lived Intangible Assets [Line Items]    
Intangible assets $ 800,676 $ 700,495
Less accumulated amortization (307,614) (293,610)
Total intangible assets, net 493,062 406,885
Customer contracts and related customer relationships    
Finite Lived Intangible Assets [Line Items]    
Intangible assets 602,407 570,562
Less accumulated amortization (266,949) (271,708)
Acquired technologies    
Finite Lived Intangible Assets [Line Items]    
Intangible assets 198,262 129,925
Less accumulated amortization (40,663) (21,900)
Other    
Finite Lived Intangible Assets [Line Items]    
Intangible assets 7 8
Less accumulated amortization $ (2) $ (2)
[1] During the nine months ended March 31, 2021, the Company removed $37.4 million in fully amortized intangible assets.
v3.21.1
Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail)
$ in Millions
 9 Months Ended
Mar. 31, 2021
USD ($)
Finite Lived Intangible Assets Net [Abstract]  
Removal of fully amortized intangible assets $ 37.4
v3.21.1
Intangible Assets (Detail Textual)
 9 Months Ended
Mar. 31, 2021
Minimum  
Finite Lived Intangible Assets [Line Items]  
Intangible asset amortization period 1 year
Maximum  
Finite Lived Intangible Assets [Line Items]  
Intangible asset amortization period 20 years
Customer contracts and related customer relationships  
Finite Lived Intangible Assets [Line Items]  
Weighted-average amortization period 17 years 8 months 12 days
Weighted-average remaining amortization period 10 years 6 months
Acquired technologies  
Finite Lived Intangible Assets [Line Items]  
Weighted-average amortization period 14 years 4 months 24 days
Weighted-average remaining amortization period 9 years
v3.21.1
Intangible Assets - Expected Amortization Expense (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Finite Lived Intangible Assets Net [Abstract]    
2021 (three months) $ 16,889  
2022 68,592  
2023 65,164  
2024 57,812  
2025 50,552  
Thereafter 234,053  
Total intangible assets, net $ 493,062 [1] $ 406,885
[1] During the nine months ended March 31, 2021, the Company removed $37.4 million in fully amortized intangible assets.
v3.21.1
Goodwill - Roll Forward of Goodwill (Detail)
$ in Thousands
 9 Months Ended
Mar. 31, 2021
USD ($)
Goodwill [Roll Forward]  
Balance $ 3,407,110
Goodwill acquired 209,526 [1]
Foreign currency translation 15,439
Balance 3,632,075
Domestic  
Goodwill [Roll Forward]  
Balance 3,279,856
Goodwill acquired 211,004 [1]
Foreign currency translation 1,139
Balance 3,491,999
International  
Goodwill [Roll Forward]  
Balance 127,254
Goodwill acquired (1,478) [1]
Foreign currency translation 14,300
Balance $ 140,076
[1] Includes goodwill initially allocated to new business combinations as well as measurement period adjustments.
v3.21.1
Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Disaggregation Of Revenue [Line Items]        
Revenue $ 1,551,918 $ 1,465,600 $ 4,480,135 $ 4,224,461
Expertise        
Disaggregation Of Revenue [Line Items]        
Revenue 764,419 763,336 2,237,378 2,227,723
Technology        
Disaggregation Of Revenue [Line Items]        
Revenue 787,499 702,264 2,242,757 1,996,738
Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenue 1,401,633 1,340,861 4,055,496 3,842,621
Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenue 150,285 124,739 424,639 381,840
Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenue 1,074,056 1,037,242 3,091,126 2,965,263
Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenue 405,855 361,320 1,186,068 1,067,342
Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenue 72,007 67,038 202,941 191,856
Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenue 905,774 852,700 2,572,967 2,418,891
Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenue 457,099 405,736 1,331,734 1,212,579
Time and materials        
Disaggregation Of Revenue [Line Items]        
Revenue 189,045 207,164 575,434 592,991
Domestic        
Disaggregation Of Revenue [Line Items]        
Revenue 1,505,037 1,419,358 4,350,284 4,097,924
Domestic | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenue 745,440 744,997 2,184,449 2,180,498
Domestic | Technology        
Disaggregation Of Revenue [Line Items]        
Revenue 759,597 674,361 2,165,835 1,917,426
Domestic | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenue 1,358,423 1,298,073 3,935,661 3,723,024
Domestic | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenue 146,614 121,285 414,623 374,900
Domestic | Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenue 1,074,056 1,037,242 3,091,126 2,965,263
Domestic | Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenue 405,855 361,320 1,186,068 1,067,342
Domestic | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenue 25,126 20,796 73,090 65,319
Domestic | Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenue 905,774 852,700 2,572,967 2,418,891
Domestic | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenue 424,580 376,314 1,245,278 1,128,866
Domestic | Time and materials        
Disaggregation Of Revenue [Line Items]        
Revenue 174,683 190,344 532,039 550,167
International        
Disaggregation Of Revenue [Line Items]        
Revenue 46,881 46,242 129,851 126,537
International | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenue 18,979 18,339 52,929 47,225
International | Technology        
Disaggregation Of Revenue [Line Items]        
Revenue 27,902 27,903 76,922 79,312
International | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenue 43,210 42,788 119,835 119,597
International | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenue 3,671 3,454 10,016 6,940
International | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenue 46,881 46,242 129,851 126,537
International | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenue 32,519 29,422 86,456 83,713
International | Time and materials        
Disaggregation Of Revenue [Line Items]        
Revenue $ 14,362 $ 16,820 $ 43,395 $ 42,824
v3.21.1
Revenue Recognition (Detail Textual) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 142,484 $ 99,589 $ 399,380 $ 278,408
Diluted earnings per share $ 4.78 $ 3.16 $ 12.66 $ 8.94
EAC Adjustments        
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 10,700 $ 8,300 $ 36,600 $ 32,100
Diluted earnings per share $ 0.31 $ 0.24 $ 1.06 $ 0.93
Revenue from previously satisfied performance obligations $ 700 $ (300) $ 2,300 $ 9,900
v3.21.1
Revenue - Remaining Performance Obligations (Detail)
$ in Billions
Mar. 31, 2021
USD ($)
Revenue From Contract With Customer [Abstract]  
Remaining performance obligations $ 6.7
v3.21.1
Revenue - Remaining Performance Obligations (Detail 1)
Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 90.00%
Remaining performance obligations, expected timing of satisfaction 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 10.00%
Remaining performance obligations, expected timing of satisfaction
v3.21.1
Accounts Receivable - Schedule of Total Accounts Receivable (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Accounts Receivable Net [Abstract]    
Billed and billable receivables $ 750,529 $ 779,339
Unbilled receivables 110,191 61,888
Total accounts receivable, net – current 860,720 841,227
Unbilled receivables, long-term 11,802 9,629
Total accounts receivable $ 872,522 $ 850,856
v3.21.1
Accounts Receivable (Detail Textual) - USD ($)
$ in Millions
Mar. 31, 2021
Jun. 30, 2020
Accounts Receivable Net [Abstract]    
Allowance for doubtful accounts receivable $ 3.1 $ 3.0
v3.21.1
Contract Balances - Contract Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Contract assets – current:    
Unbilled receivables $ 110,191 $ 61,888
Costs to obtain – short-term 4,064 3,492
Contract assets – noncurrent:    
Unbilled receivables 11,802 9,629
Costs to obtain – long-term 9,546 7,708
Contract liabilities – current:    
Deferred revenue and other contract liabilities – short-term (59,323) (57,082)
Contract liabilities – noncurrent:    
Deferred revenue and other contract liabilities – long-term (6,543) (6,507)
Net contract assets (liabilities) $ 69,737 $ 19,128
v3.21.1
Contract Balances (Detail Textual) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Revenue From Contract With Customer [Abstract]        
Liability, revenue recognized $ 4.2 $ 6.2 $ 57.1 $ 44.9
v3.21.1
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Inventory Disclosure [Abstract]    
Materials, purchased parts and supplies $ 50,385 $ 36,692
Work in process 11,270 10,867
Finished goods 16,915 17,608
Total $ 78,570 $ 65,167
v3.21.1
Sales of Receivables (Detail Textual)
$ in Millions
Dec. 24, 2020
USD ($)
MARPA  
MARPA maturity date Dec. 23, 2021
MARPA maximum commitment $ 200.0
v3.21.1
Sales of Receivables - Summary of MARPA Activity (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Transfers And Servicing Of Financial Assets [Abstract]        
Outstanding balance sold to Purchaser $ 189,860 [1] $ 200,000 $ 193,499 [1] $ 192,527
Sales of receivables 2,048,585   1,750,496  
Cash collections (2,058,725)   (1,749,524)  
Cash collected, not remitted to Purchaser [2] (76,388)   (55,588)  
Remaining sold receivables $ 113,472   $ 137,911  
[1] For the nine months ended March 31, 2021 and 2020, the Company recorded a net cash outflow of $10.1 million and a net cash inflow of $1.0 million in its cash flows from operating activities, respectively, from sold receivables.  MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.
[2] Includes the cash collected on behalf of but not yet remitted to the Purchaser as of March 31, 2021 and 2020.  This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.21.1
Sales of Receivables - Summary of MARPA Activity (Parentheticals) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Transfers And Servicing Of Financial Assets [Abstract]    
Cash provided (used) by MARPA $ (10.1) $ 1.0
v3.21.1
Long-term Debt - Schedule of Long-term Debt (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 1,829,364 $ 1,413,555
Less unamortized discounts and debt issuance costs (7,373) (9,116)
Total long-term debt 1,821,991 1,404,439
Less current portion (46,920) (46,920)
Long-term debt, net of current portion 1,775,071 1,357,519
Bank credit facility - term loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt 809,364 844,555
Bank credit facility - revolver loans    
Debt Instrument [Line Items]    
Principal amount of long-term debt $ 1,020,000 $ 569,000
v3.21.1
Long-term Debt (Detail Textual) - USD ($)
 9 Months Ended
Mar. 31, 2021
Jun. 30, 2020
Debt Instrument [Line Items]    
Outstanding amount under Credit Facility $ 1,829,364,000 $ 1,413,555,000
Interest Rate Swap | Cash Flow Hedging    
Debt Instrument [Line Items]    
Aggregate notional amount 800,000,000.0  
Bank Credit Facility    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity $ 2,438,400,000  
Outstanding borrowings interest rate 1.97%  
Revolving Credit Facility    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity $ 1,500,000,000.0  
Outstanding amount under Credit Facility 1,020,000,000 569,000,000
Term loans    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity 938,400,000  
Outstanding amount under Credit Facility $ 809,364,000 $ 844,555,000
Term loan period 5 years  
Loan maturity date Jun. 30, 2024  
Term loan frequency of payment quarterly  
Term loan principal payment $ 11,700,000  
Same-Day Swing Line Loan Revolving Credit Sub-Facility    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity 100,000,000.0  
Outstanding amount under Credit Facility 0  
Stand-By Letters Of Credit Revolving Credit Sub-Facility    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity $ 25,000,000.0  
v3.21.1
Long-term Debt - Aggregate Maturities of Long-Term Debt (Detail 2) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Long Term Debt [Abstract]    
2022 $ 46,920  
2023 46,920  
2024 46,920  
2025 1,688,604  
Principal amount of long-term debt 1,829,364 $ 1,413,555
Less unamortized discounts and debt issuance costs (7,373) (9,116)
Total long-term debt $ 1,821,991 $ 1,404,439
v3.21.1
Long-term Debt - Cash Flow Hedges (Detail 3) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Long Term Debt [Abstract]        
Gain (loss) recognized in other comprehensive income $ 2,945 $ (21,606) $ 757 $ (22,245)
Amounts reclassified to earnings from accumulated other comprehensive loss 3,522 433 10,606 (157)
Net current period other comprehensive income (loss) $ 6,467 $ (21,173) $ 11,363 $ (22,402)
v3.21.1
Leases - Summary of Lease Balances (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Leases [Abstract]    
Operating lease right-of-use assets $ 371,151 $ 330,767
Operating lease liabilities, current 59,357 67,549
Operating lease liabilities, noncurrent 377,044 309,680
Operating lease liabilities $ 436,401 $ 377,229
v3.21.1
Leases - Summary of Lease Costs (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Leases [Abstract]        
Operating lease cost $ 22,312 $ 21,674 $ 66,899 $ 64,262
Short-term and variable lease cost 3,427 3,850 10,706 10,844
Sublease income (84) (94) (296) (998)
Total lease cost $ 25,655 $ 25,430 $ 77,309 $ 74,108
v3.21.1
Leases - Schedule of Future Minimum Operating Lease Payments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2021 (three months) $ 13,188  
2022 77,841  
2023 76,895  
2024 70,669  
2025 62,468  
Thereafter 180,313  
Total undiscounted lease payments 481,374  
Less: imputed interest (44,973)  
Total discounted lease liabilities $ 436,401 $ 377,229
v3.21.1
Leases (Detail Textual)
$ in Millions
 9 Months Ended
Mar. 31, 2021
USD ($)
Leases [Abstract]  
Operating lease, weighted average remaining lease term 6 years 11 months 8 days
Operating lease, weighted average discount rate 2.78%
Cash paid for operating leases $ 64.6
Operating lease liabilities arising from obtaining new ROU assets $ 97.8
v3.21.1
Stock-Based Compensation (Detail Textual) - USD ($)
$ in Millions
 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation related to restricted stock units $ 23.8 $ 22.2
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation cost $ 46.0  
Weighted-average period to recognize unrecognized compensation cost (in years) 2 years 8 months 12 days  
v3.21.1
Stock-Based Compensation - Summary of Activity Related to RSUs (Detail 1) - RSUs
 9 Months Ended
Mar. 31, 2021
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unvested at June 30, 2020 501,923
Granted 197,179
Vested (236,643)
Forfeited (27,534)
Unvested at March 31, 2021 434,925
v3.21.1
Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Earnings Per Share [Abstract]        
Net income $ 120,344 $ 80,577 $ 320,466 $ 227,749
Weighted-average number of basic shares outstanding during the period 24,935 25,078 25,026 25,012
Dilutive effect of RSUs after application of treasury stock method 231 400 281 469
Weighted-average number of diluted shares outstanding during the period 25,166 25,478 25,307 25,481
Basic earnings per share $ 4.83 $ 3.21 $ 12.81 $ 9.11
Diluted earnings per share $ 4.78 $ 3.16 $ 12.66 $ 8.94
v3.21.1
Income Taxes (Detail Textual) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Jun. 30, 2020
Income Tax Disclosure [Abstract]          
Liability for unrecognized tax benefits $ 28.9   $ 28.9   $ 8.8
Unrecognized tax benefit that would impact the company's effective tax rate $ 28.9   $ 28.9    
Effective income tax rate 15.50% 19.10% 19.80% 18.20%  
v3.21.1
Income Taxes - Schedule Of Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Income Tax Disclosure [Abstract]        
Income tax expense $ 22,140 $ 19,012 $ 78,914 $ 50,659
Effective income tax rate 15.50% 19.10% 19.80% 18.20%
v3.21.1
Business Segment Information (Detail Textual)
 9 Months Ended
Mar. 31, 2021
Segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.21.1
Business Segment Information - Summarized Financial Information of Reportable Segments (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting Information [Line Items]        
Revenue from external customers $ 1,551,918 $ 1,465,600 $ 4,480,135 $ 4,224,461
Net income 120,344 80,577 320,466 227,749
Domestic Operations        
Segment Reporting Information [Line Items]        
Revenue from external customers 1,505,037 1,419,358 4,350,284 4,097,924
Net income 113,536 74,885 301,594 213,780
International Operations        
Segment Reporting Information [Line Items]        
Revenue from external customers 46,881 46,242 129,851 126,537
Net income $ 6,808 $ 5,692 $ 18,872 $ 13,969
v3.21.1
Fair Value of Financial Instruments - Recurring Fair Value Measurements (Detail) - Fair Value, Measurements, Recurring - Level 2 - Interest Rate Swap - USD ($)
$ in Thousands
Mar. 31, 2021
Jun. 30, 2020
Other accrued expenses and current liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements $ 1,934  
Other long-term liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap agreements $ 25,817 $ 43,168
v3.21.1
Accelerated Share Repurchase (Detail Textual) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 12, 2021
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Accelerated Share Repurchases [Line Items]          
Payment for repurchase of common stock       $ 506,629 $ 5,584
Repurchases of common stock   $ 502,209 $ 1,988 $ 506,629 $ 5,584
Treasury Stock          
Accelerated Share Repurchases [Line Items]          
Shares repurchased   1,699 7 1,721 24
Repurchases of common stock   $ 402,177 $ 1,798 $ 406,564 $ 5,215
Additional Paid-in Capital          
Accelerated Share Repurchases [Line Items]          
Repurchases of common stock   $ 100,032 $ 190 $ 100,065 $ 369
Accelerated Share Repurchase Member          
Accelerated Share Repurchases [Line Items]          
Payment for repurchase of common stock $ 500,000        
Shares repurchased 1,700        
Accelerated Share Repurchase Member | Treasury Stock          
Accelerated Share Repurchases [Line Items]          
Repurchases of common stock $ 400,000        
Accelerated Share Repurchase Member | Additional Paid-in Capital          
Accelerated Share Repurchases [Line Items]          
Repurchases of common stock $ 100,000