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Recent Accounting Pronouncements (Tables) | 6 Months Ended
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Dec. 31, 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 and six months ended December 31, 2018 (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2018 |  |  | December 31, 2018 |
|  | As Adjusted Under ASC 605 |  |  | Effect of ASC 606 |  |  | As Reported Under ASC 606 |  |  | As Adjusted Under ASC 605 |  |  | Effect of ASC 606 |  |  | As Reported Under ASC 606 |
Revenue |  | $ | 1,177,635 |  |  | $ | 4,006 |  |  | $ | 1,181,641 |  |  | $ | 2,336,337 |  |  | $ | 11,168 |  |  | $ | 2,347,505 |
Costs of revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | 790,849 |  |  |  | — |  |  |  | 790,849 |  |  |  | 1,573,609 |  |  |  | — |  |  |  | 1,573,609 |
Indirect costs and selling expenses |  |  | 270,997 |  |  |  | (1,320 | ) |  |  | 269,677 |  |  |  | 535,697 |  |  |  | (1,263 | ) |  |  | 534,434 |
Depreciation and amortization |  |  | 18,852 |  |  |  | — |  |  |  | 18,852 |  |  |  | 37,599 |  |  |  | — |  |  |  | 37,599 |
Total costs of revenue |  |  | 1,080,698 |  |  |  | (1,320 | ) |  |  | 1,079,378 |  |  |  | 2,146,905 |  |  |  | (1,263 | ) |  |  | 2,145,642 |
Income from operations |  |  | 96,937 |  |  |  | 5,326 |  |  |  | 102,263 |  |  |  | 189,432 |  |  |  | 12,431 |  |  |  | 201,863 |
Interest expense and other, net |  |  | 9,421 |  |  |  | — |  |  |  | 9,421 |  |  |  | 18,307 |  |  |  | — |  |  |  | 18,307 |
Income before taxes |  |  | 87,516 |  |  |  | 5,326 |  |  |  | 92,842 |  |  |  | 171,125 |  |  |  | 12,431 |  |  |  | 183,556 |
Income tax expense |  |  | 22,858 |  |  |  | 1,388 |  |  |  | 24,246 |  |  |  | 32,945 |  |  |  | 3,182 |  |  |  | 36,127 |
Net income |  | $ | 64,658 |  |  | $ | 3,938 |  |  | $ | 68,596 |  |  | $ | 138,180 |  |  | $ | 9,249 |  |  | $ | 147,429 |
Basic earnings per share |  | $ | 2.60 |  |  | $ | 0.16 |  |  | $ | 2.76 |  |  | $ | 5.57 |  |  | $ | 0.37 |  |  | $ | 5.95 |
Diluted earnings per share |  | $ | 2.55 |  |  | $ | 0.16 |  |  | $ | 2.71 |  |  | $ | 5.44 |  |  | $ | 0.36 |  |  | $ | 5.81 |
For the three and six months ended December 31, 2018, the effect of ASC 606 was primarily related to the timing of award and incentive fee revenue recognition. The table below presents the impact of adoption of ASC 606 on our consolidated balance sheet as of December 31, 2018 (in thousands):
|  | As Adjusted Under ASC 605 |  |  | Effect of ASC 606 |  |  | As Reported Under ASC 606 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 987,494 |  |  | $ | 29,474 |  |  | $ | 1,016,968 |
Prepaid expenses and other current assets |  |  | 67,077 |  |  |  | 2,640 |  |  |  | 69,717 |
Other long-term assets |  |  | 34,109 |  |  |  | 4,888 |  |  |  | 38,997 |
Liabilities and Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |
Other accrued expenses and current liabilities |  |  | 156,538 |  |  |  | 3,823 |  |  |  | 160,361 |
Deferred income taxes |  |  | 209,291 |  |  |  | 6,160 |  |  |  | 215,451 |
Other long-term liabilities |  |  | 84,526 |  |  |  | — |  |  |  | 84,526 |
Retained earnings |  |  | 2,264,970 |  |  |  | 27,019 |  |  |  | 2,291,989 |

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