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Recently Issued Accounting Pronouncements | 12 Months Ended
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Jun. 30, 2011
Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements | NOTE 3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS The Company adopted the provisions of updates to ASC 470-20, Debt with Conversion and Other Options (ASC 470-20) and ASC 810, Consolidation (ASC 810) effective July 1, 2009. ASC 470-20 governs the accounting for convertible debt with cash settlement options and accordingly applies to the Company's convertible debt. Under this standard, the Company separately accounts for the liability and equity (conversion option) components of the Notes, and recognizes interest expense on the Notes using an interest rate in effect for comparable debt instruments that do not contain conversion features. The effective interest rate used under the standard, 6.9 percent, is significantly higher than the coupon rate of 2.125 percent used prior to adoption to record interest expense. Based on the effective rate of 6.9 percent, the fair value of the liability component of the Notes at May 16, 2007 was measured at $221.9 million, and has been reflected as the carrying amount of the Notes at issuance. The $78.1 million difference between the recast initial carrying amount and the $300.0 million of gross proceeds is accounted for as an unamortized debt discount that is recognized over the seven year term of the Notes as a non-cash component of interest expense. This difference also represents the fair value of the embedded conversion option. This amount, net of the income tax effect of $30.7 million as of the date of issue, was recorded within shareholders' equity as additional paid-in capital. The income tax effect of $30.7 million was retroactively recognized as a long-term deferred tax liability as of May 16, 2007. This deferred tax liability was netted against the deferred tax asset of $32.8 million associated with the original issue discount originally recorded as of May 16, 2007. Under the revised provisions of ASC 470-20, the Company also reclassified, as of the date of issue, $2.0 million of the Notes' issuance costs from other long-term assets to additional paid-in capital, and recognized a deferred tax asset of $0.8 million related to this reclassification. The updates to ASC 470-20 had the effect of significantly increasing interest expense with the amortization of the debt discount. Income tax expense decreased by the incremental benefit related to the increased interest expense, and net income and basic and diluted earnings per share decreased due to the after-tax effect of the incremental interest expense. While there was no effect on operating or total cash flows, certain amounts within the cash flows from operating activities were retroactively adjusted to reflect the impact of changes to ASC 470-20 for the year ended June 30, 2009. The retroactive effects of the ASC 470-20 updates on the Company's financial position as of June 30, 2009, and on the results of operations and cash flows for the year then ended, are shown in the tables below. Current period balances related to the convertible debt and interest expense thereon are described in Note 13. The updates to ASC 810 established new accounting and reporting standards for 1) noncontrolling ownership interests in subsidiaries, 2) the amount of consolidated net income (loss) attributable to the Company and to the noncontrolling interests, 3) changes in the Company's ownership interest and 4) the valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated. ASC 810 also established additional reporting requirements that identify and distinguish between the ownership interest of the Company and that of the noncontrolling owners. In accordance with the provisions of ASC 810, the Company retrospectively reclassified the "Minority interest in joint venture" balance associated with its investment in eVenture Technology, LLC (eVentures) previously included in "Other long-term liabilities" in the consolidated balance sheet to a new component of shareholders' equity entitled "Noncontrolling interest in joint venture". In the Statement of Operations for the year ended June 30, 2009, the Company retrospectively included the minority interest in earnings of the joint venture within its consolidated net income before noncontrolling interest in earnings of joint venture, and deducted the same amount to derive net income attributable to CACI. The impacts of the updates to ASC 470-20 and ASC 810 on the Company's results of operations for the year ended June 30, 2009 are as follows (in thousands, except per share data):
|  | Year Ended June 30, 2009 |
|  |  |  |  | Effects of Retroactively Adopting Accounting Standard Updates to: |  |  |  |
|  | As Previously Reported |  |  | ASC 470-20 |  |  | ASC 810 |  |  | As Adjusted |
Interest expense and other |  | $ | 23,062 |  |  | $ | 9,521 |  |  | $ | (719 | ) |  | $ | 31,864 |
Income before income taxes |  | $ | 161,791 |  |  | $ | (9,521 | ) |  | $ | 719 |  |  | $ | 152,989 |
Income taxes |  |  | 66,311 |  |  |  | (3,739 | ) |  |  | — |  |  |  | 62,572 |
Net income before noncontrolling interest in earnings of joint venture |  | $ | 95,480 |  |  | $ | (5,782 | ) |  | $ | 719 |  |  | $ | 90,417 |
Noncontrolling interest in earnings of joint venture |  |  |  |  |  |  | — |  |  |  | (719 | ) |  |  | (719 | )
Net income attributable to CACI |  |  |  |  |  | $ | (5,782 | ) |  | $ | — |  |  | $ | 89,698 |
Basic earnings per share |  | $ | 3.19 |  |  | $ | (0.20 | ) |  | $ | — |  |  | $ | 2.99 |
Diluted earnings per share |  | $ | 3.14 |  |  | $ | (0.19 | ) |  | $ | — |  |  | $ | 2.95 |
Weighted-average basic shares outstanding |  |  | 29,976 |  |  |  | — |  |  |  | — |  |  |  | 29,976 |
Weighted-average diluted shares outstanding |  |  | 30,427 |  |  |  | — |  |  |  | — |  |  |  | 30,427 |
The impacts of the updates to ASC 470-20 and ASC 810 on the Company's statement of cash flows for the year ended June 30, 2009 are as follows (in thousands):
|  | Year Ended June 30, 2009 |
|  |  |  |  | Effects of Retroactively Adopting Accounting Standard Updates to: |  |  |  |
|  | As Previously Reported |  |  | ASC 470-20 |  |  | ASC 810 |  |  | As Adjusted |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income before non-controlling interests |  | $ | 95,480 |  |  | $ | (5,782 | ) |  | $ | 719 |  |  | $ | 90,417 |
Non-cash interest expense |  |  | — |  |  |  | 9,809 |  |  |  | — |  |  |  | 9,809 |
Amortization of deferred financing costs |  |  | 2,841 |  |  |  | (288 | ) |  |  | — |  |  |  | 2,553 |
Deferred income tax expense (benefit) |  |  | 13,363 |  |  |  | (3,739 | ) |  |  | — |  |  |  | 9,624 |
Changes in other liabilities |  |  | (359 | ) |  |  | — |  |  |  | (881 | ) |  |  | (1,240 | )
Net cash provided by operating activities |  |  | 151,080 |  |  |  | — |  |  |  | (162 | ) |  |  | 150,918 |
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other activities |  |  | (1,318 | ) |  |  | — |  |  |  | 162 |  |  |  | (1,156 | )
Net cash used in financing activities |  |  | (21,263 | ) |  |  | — |  |  |  | 162 |  |  |  | (21,101 | )
In June 2009, the FASB issued updates to ASC 810, Consolidation (ASC 810). These ASC 810 updates amend the accounting standards pertaining to the consolidation of certain variable interest entities, and when and how to determine, or re-determine, whether an entity is a variable interest entity. In addition, ASC 810 replaces the quantitative approach for determining who has a controlling financial interest in a variable interest entity with a qualitative approach, and requires ongoing assessments of whether an entity is the primary beneficiary of a variable interest entity. The updates to ASC 810 were effective for the Company beginning July 1, 2010. The adoption of ASC 810 did not have a material effect on the Company's financial position or results of operations. In October 2009, the FASB issued Accounting Standard Update (ASU) No. 2009-13, Multiple-Deliverable Revenue Arrangements (ASU 2009-13) which amends ASC Topic 605, Revenue Recognition. This accounting update establishes a hierarchy for determining the value of each element within a multiple deliverable arrangement. ASU 2009-13 was effective for the Company beginning July 1, 2010 and applies to arrangements entered into on or after this date. The adoption of ASU 2009-13 did not have a material effect on the Company's financial position or results of operations. In October 2009, the FASB issued ASU No. 2009-14, Certain Revenue Arrangements That Include Software Elements (ASU 2009-14), which updates ASC Topic 985, Software. ASU 2009-14 clarifies which accounting guidance should be used for purposes of measuring and allocating revenue for arrangements that contain both tangible products and software, and where the software is more than incidental to the tangible product as a whole. ASU 2009-14 was effective for the Company beginning July 1, 2010 and applies to arrangements entered into on or after this date. The adoption of ASU 2009-14 did not have a material effect on the Company's financial position or results of operations. In January 2010, the FASB issued ASU No. 2010-06, Fair Value Measurements and Disclosures (Topic 820)—Improving Disclosures about Fair Value Measurements (ASU 2010-06). This update requires new disclosures around transfers into and out of Levels 1 and 2 in the fair value hierarchy, and separate disclosures about purchases, sales, issuances, and settlements related to Level 3 measurements. ASU 2010-06 was effective for interim and annual reporting periods beginning after December 15, 2009 with early adoption permitted, except for the disclosures about purchases, sales, issuances, and settlements in the rollforward of Level 3 activity. Those disclosures are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years with early adoption permitted. The Company has provided the required disclosures regarding the valuation techniques utilized in measuring its Level 3 assets and liabilities (see Note 22). The Company will adopt the provisions of ASU 2010-06 pertaining to transfers into and out of the Level 3 category effective July 1, 2011. In December 2010, the FASB issued ASU No. 2010-29, Disclosure of Supplementary Pro Forma Information for Business Combinations (ASU 2010-29) which amends ASC Topic 805, Business Combinations. This accounting update specifies that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. ASU 2010-29 is effective for the Company beginning July 1, 2011 and applies to acquisitions entered into on or after this date. The adoption of ASU 2010-29 will not have a material impact on the Company's financial position or results of operations. In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05) which amends ASC Topic 220, Comprehensive Income. This accounting update requires companies to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 is effective for the Company beginning July 1, 2012. The adoption of ASU 2011-05 will impact disclosures only and will not impact the Company's financial position or results of operations.

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