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Recent Accounting Pronouncements Recent Accounting Pronouncements (Text Block) | 3 Months Ended
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Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Recently Adopted Accounting Guidance [Text Block] | Recently Adopted Accounting Guidance The Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, in May 2014. This standard (and related amendments collectively referred to as “ASC 606”) is part of an effort to create a common revenue standard for U.S. generally accepted accounting principles (“U.S. GAAP”) and International Financial Reporting Standards (“IFRS”). The new standard has superseded much of the authoritative literature for revenue recognition. The new model enacts a five-step process for achieving the core principle, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard was effective for the Company on July 1, 2018. Entities are allowed to transition to the new standard by either recasting prior periods (full retrospective) or recognizing the cumulative effect as of the beginning of the period of adoption (modified retrospective). The Company adopted the new standard using the full retrospective transition approach, using certain practical expedients. The Company has not disclosed the amount of transaction price allocated to remaining performance obligations for reporting periods presented before the date of initial application. Also, the Company did not separately consider the effects of contract modifications that occurred before the beginning of the earliest reporting period presented, but reflects the aggregate effect of all modifications that occurred before the beginning of the earliest period presented. As a result, all fiscal 2018 financial information has been adjusted for the effects of applying ASC 606. The details of the significant changes are disclosed below: Software Revenue Recognition The Company previously recognized software license and related services within the scope of ASC Topic 985-605, which required the establishment of vendor-specific objective evidence (“VSOE”) of fair value in order to separately recognize revenue for each software-related good or service. Due to the inability to establish VSOE, the Company had previously deferred all revenue on software-related goods and services on a master contract until all the goods and services had been delivered. Under ASC 606, VSOE is no longer required for separation of otherwise distinct performance obligations within a revenue arrangement. This change has resulted in earlier recognition of revenue for the Company’s software-related goods and services, leading to a decrease in deferred revenue balances within our adjusted condensed consolidated balance sheets. Impacts on Financial Statements The following tables summarize the impacts of ASC 606 adoption on the Company’s Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheet as of June 30, 2018:
| As Previously Reported | Adjustments | As Adjusted
ASSETS |  |  |
CURRENT ASSETS: |  |  |
Cash and cash equivalents | $ | 31,440 |  | $ | — |  | $ | 31,440 |
Receivables, net | 291,630 |  | 5,641 |  | 297,271 |
Income tax receivable | 21,671 |  | — |  | 21,671 |
Prepaid expenses and other | 84,810 |  | 11,331 |  | 96,141 |
Deferred costs | 38,985 |  | (11,916 | ) | 27,069 |
Total current assets | 468,536 |  | 5,056 |  | 473,592 |
PROPERTY AND EQUIPMENT, net | 286,850 |  | — |  | 286,850 |
OTHER ASSETS: |  |  |
Non-current deferred costs | 95,540 |  | (20,675 | ) | 74,865 |
Computer software, net of amortization | 288,172 |  | — |  | 288,172 |
Other non-current assets | 107,775 |  | 2,524 |  | 110,299 |
Customer relationships, net of amortization | 115,034 |  | — |  | 115,034 |
Other intangible assets, net of amortization | 38,467 |  | — |  | 38,467 |
Goodwill | 649,929 |  | — |  | 649,929 |
Total other assets | 1,294,917 |  | (18,151 | ) | 1,276,766 |
Total assets | $ | 2,050,303 |  | $ | (13,095 | ) | $ | 2,037,208 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
CURRENT LIABILITIES: |  |  |
Accounts payable | $ | 34,510 |  | $ | — |  | $ | 34,510 |
Accrued expenses | 97,848 |  | (9,084 | ) | 88,764 |
Deferred revenues | 355,538 |  | (3,107 | ) | 352,431 |
Total current liabilities | 487,896 |  | (12,191 | ) | 475,705 |
LONG-TERM LIABILITIES: |  |  |
Non-current deferred revenues | 93,094 |  | (75,610 | ) | 17,484 |
Non-current deferred income tax liability | 189,613 |  | 18,690 |  | 208,303 |
Other long-term liabilities | 12,872 |  | — |  | 12,872 |
Total long-term liabilities | 295,579 |  | (56,920 | ) | 238,659 |
Total liabilities | 783,475 |  | (69,111 | ) | 714,364 |
STOCKHOLDERS' EQUITY |  |  |
Preferred stock - $1 par value; 500,000 shares authorized, none issued | — |  | — |  | — |
Common stock - $0.01 par value; 250,000,000 shares authorized; 103,278,562 shares issued at June 30, 2018 | 1,033 |  | — |  | 1,033 |
Additional paid-in capital | 464,138 |  | — |  | 464,138 |
Retained earnings | 1,856,917 |  | 56,016 |  | 1,912,933 |
Less treasury stock at cost 26,107,903 shares at June 30, 2018 | (1,055,260 | ) | — |  | (1,055,260 | )
Total stockholders' equity | 1,266,828 |  | 56,016 |  | 1,322,844 |
Total liabilities and equity | $ | 2,050,303 |  | $ | (13,095 | ) | $ | 2,037,208 |
Condensed Consolidated Statement of Income for the three months ended September 30, 2017:
| Three Months Ended September 30, 2017
| As Previously Reported | Adjustments | As Adjusted
REVENUE | $ | 359,934 |  | $ | 1,350 |  | $ | 361,284 |
EXPENSES |  |  |
Cost of Revenue | 204,715 |  | (800 | ) | 203,915 |
Research and Development | 20,929 |  | — |  | 20,929 |
Selling, General, and Administrative | 43,733 |  | (2,645 | ) | 41,088 |
Gain on Disposal of a Business | (1,705 | ) | — |  | (1,705 | )
Total Expenses | 267,672 |  | (3,445 | ) | 264,227 |
OPERATING INCOME | 92,262 |  | 4,795 |  | 97,057 |
INTEREST INCOME (EXPENSE) |  |  |
Interest Income | 147 |  | — |  | 147 |
Interest Expense | (189 | ) | — |  | (189 | )
Total Interest Income (Expense) | (42 | ) | — |  | (42 | )
INCOME BEFORE INCOME TAXES | 92,220 |  | 4,795 |  | 97,015 |
PROVISION/ (BENEFIT) FOR INCOME TAXES | 28,809 |  | 1,336 |  | 30,145 |
NET INCOME | $ | 63,411 |  | $ | 3,459 |  | $ | 66,870 |
Basic earnings per share | $ | 0.82 |  |  | $ | 0.87 |
Basic weighted average shares outstanding | 77,283 |  |  | 77,283 |
Diluted earnings per share | $ | 0.82 |  |  | $ | 0.86 |
Diluted weighted average shares outstanding | 77,646 |  |  | 77,646 |
Condensed Consolidated Statement of Cash Flows for the three months ended September 30, 2017:
| Three Months Ended September 30, 2017
| As Previously Reported | Adjustments | As Adjusted
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
Net Income | $ | 63,411 |  | $ | 3,459 |  | $ | 66,870 |
Adjustments to reconcile net income from operations to net cash from operating activities: |  |  |
Depreciation | 12,419 |  | — |  | 12,419 |
Amortization | 23,856 |  | — |  | 23,856 |
Change in deferred income taxes | 1,359 |  | 2,031 |  | 3,390 |
Expense for stock-based compensation | 1,513 |  | — |  | 1,513 |
(Gain)/loss on disposal of assets and businesses | (1,620 | ) | — |  | (1,620 | )
Changes in operating assets and liabilities: |  |  |
Change in receivables | 105,243 |  | (3,310 | ) | 101,933 |
Change in prepaid expenses, deferred costs and other | (13,645 | ) | (4,424 | ) | (18,069 | )
Change in accounts payable | 2,000 |  | — |  | 2,000 |
Change in accrued expenses | (9,881 | ) | 3,774 |  | (6,107 | )
Change in income taxes | 26,141 |  | (695 | ) | 25,446 |
Change in deferred revenues | (72,074 | ) | (835 | ) | (72,909 | )
Net cash from operating activities | 138,722 |  | — |  | 138,722 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
Payment for acquisitions, net of cash acquired | (10,455 | ) | — |  | (10,455 | )
Capital expenditures | (3,708 | ) | — |  | (3,708 | )
Proceeds from the sale of businesses | 200 |  | — |  | 200 |
Proceeds from the sale of assets | 106 |  | — |  | 106 |
Internal use software | (3,452 | ) | — |  | (3,452 | )
Computer software developed | (22,976 | ) | — |  | (22,976 | )
Net cash from investing activities | (40,285 | ) | — |  | (40,285 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
Repayments on credit facilities | (50,000 | ) | — |  | (50,000 | )
Purchase of treasury stock | (30,018 | ) | — |  | (30,018 | )
Dividends paid | (23,904 | ) | — |  | (23,904 | )
Proceeds from issuance of common stock upon exercise of stock options | 1 |  | — |  | 1 |
Tax withholding payments related to share based compensation | (7,033 | ) | — |  | (7,033 | )
Proceeds from sale of common stock | 1,792 |  | — |  | 1,792 |
Net cash from financing activities | (109,162 | ) | — |  | (109,162 | )
NET CHANGE IN CASH AND CASH EQUIVALENTS | $ | (10,725 | ) | $ | — |  | $ | (10,725 | )
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | $ | 114,765 |  | $ | — |  | $ | 114,765 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 104,040 |  | $ | — |  | $ | 104,040 |
ASU 2016-15 issued by the FASB in August 2016 clarifies cash flow classification of eight specific cash flow issues and is effective for our annual reporting period beginning July 1, 2018. The adoption of this standard did not have any impact on our financial statements.
Not Yet Adopted [Text Block] | Not Yet Adopted The FASB issued ASU No. 2016-02, Leases, in February 2016. This ASU aims to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and requiring disclosure of key information regarding leasing arrangements. Specifically, the standard requires operating lease commitments to be recorded on the balance sheet as operating lease liabilities and right-of-use assets, and the cost of those operating leases to be amortized on a straight-line basis. ASU No. 2016-02 will be effective for JHA's annual reporting period beginning July 1, 2019 and early adoption is permitted. At transition, a modified retrospective approach must be utilized to measure leases as of the beginning of the earliest period presented, however, the FASB has provided certain practical expedients, which the Company is currently evaluating. The Company is currently assessing the impact this new standard will have on our consolidated financial statements and when we will adopt it. In August of 2018, the FASB issued ASU No. 2018-15, Intangibles, Goodwill and Other - Internal-Use Software (Subtopic 350-40), which broadens the scope of Subtopic 350-40 to include costs incurred to implement a hosting arrangement that is a service contract. The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with costs for internal-use software. The amendments in this update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The ASU will be effective for the Company on July 1, 2020, with early adoption permitted. The Company is currently evaluating the impact that the guidance will have on our financial statements.

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