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Recent Accounting Pronouncements (Tables) | 3 Months Ended
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Sep. 30, 2018
ASU 2014-09 |
Summary of Impact of Adoption of ASC 606 on Financial Statements | The impact of adoption on our consolidated balance sheet is as follows (in thousands):
|  | June 30, 2018 As Reported Under ASC 605 |  |  | Adjustments Due to ASC 606 |  |  | July 1, 2018 Balance Under ASC 606 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 806,871 |  |  | $ | 20,454 |  |  | $ | 827,325 |
Prepaid expenses and other current assets |  |  | 58,126 |  |  |  | 2,342 |  |  |  | 60,468 |
Other long-term assets |  |  | 39,175 |  |  |  | 3,923 |  |  |  | 43,098 |
Liabilities and Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |
Other accrued expenses and current liabilities |  |  | 150,602 |  |  |  | 2,212 |  |  |  | 152,814 |
Deferred income taxes |  |  | 200,880 |  |  |  | 6,639 |  |  |  | 207,519 |
Other long-term liabilities |  |  | 85,187 |  |  |  | 98 |  |  |  | 85,285 |
Retained earnings |  |  | 2,126,790 |  |  |  | 17,770 |  |  |  | 2,144,560 |
The table below presents the impact of adoption of ASC 606 on our consolidated statement of operations for the three months ended September 30, 2018 (in thousands):
|  | As Adjusted Under ASC 605 |  |  | Effect of ASC 606 |  |  | As Reported Under ASC 606 |
Revenue |  | $ | 1,158,702 |  |  | $ | 7,162 |  |  | $ | 1,165,864 |
Costs of revenue: |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | 782,760 |  |  |  | — |  |  |  | 782,760 |
Indirect costs and selling expenses |  |  | 264,700 |  |  |  | 57 |  |  |  | 264,757 |
Depreciation and amortization |  |  | 18,747 |  |  |  | — |  |  |  | 18,747 |
Total costs of revenue |  |  | 1,066,207 |  |  |  | 57 |  |  |  | 1,066,264 |
Income from operations |  |  | 92,495 |  |  |  | 7,105 |  |  |  | 99,600 |
Interest expense and other, net |  |  | 8,886 |  |  |  | — |  |  |  | 8,886 |
Income before taxes |  |  | 83,609 |  |  |  | 7,105 |  |  |  | 90,714 |
Income tax expense (benefit) |  |  | 10,087 |  |  |  | 1,794 |  |  |  | 11,881 |
Net income |  | $ | 73,522 |  |  | $ | 5,311 |  |  | $ | 78,833 |
Basic earnings per share |  | $ | 2.97 |  |  | $ | 0.21 |  |  | $ | 3.19 |
Diluted earnings per share |  | $ | 2.89 |  |  | $ | 0.21 |  |  | $ | 3.10 |
The table below presents the impact of adoption of ASC 606 on our consolidated balance sheet as of September 30, 2018 (in thousands):
|  | As Adjusted Under ASC 605 |  |  | Effect of ASC 606 |  |  | As Reported Under ASC 606 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 919,394 |  |  | $ | 26,170 |  |  | $ | 945,564 |
Prepaid expenses and other current assets |  |  | 70,767 |  |  |  | 2,307 |  |  |  | 73,074 |
Other long-term assets |  |  | 39,495 |  |  |  | 3,900 |  |  |  | 43,395 |
Liabilities and Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |
Other accrued expenses and current liabilities |  |  | 183,350 |  |  |  | 2,825 |  |  |  | 186,175 |
Deferred income taxes |  |  | 211,307 |  |  |  | 6,471 |  |  |  | 217,778 |
Other long-term liabilities |  |  | 82,139 |  |  |  | — |  |  |  | 82,139 |
Retained earnings |  |  | 2,200,312 |  |  |  | 23,081 |  |  |  | 2,223,393 |

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