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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 12 Months Ended
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Jun. 30, 2020
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | NOTE 3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Accounting Standards Updates Issued but Not Yet 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). ASU 2018-15 becomes effective for the Company in the first quarter of FY2021 and will be applied prospectively. We do not expect a significant impact to our operating results, financial position or cash flows as a result of adopting this new standard. 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. ASU 2016-13 becomes effective for the Company in the first quarter of FY2021. We do not expect a significant impact to our operating results, financial position or cash flows as a result of adopting this new standard. Accounting Standards Updates Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The guidance in this ASU is optional and expedients may be elected over time through December 31, 2022, as reference rate reform activities occur. During the fourth quarter of FY2020, CACI elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives consistent with past presentation. Application of these expedients assisted in preserving the Company's presentation of derivatives as qualifying cash flow hedges. The Company continues to evaluate this guidance and may apply other elections, as applicable, as additional changes in the market occur. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing guidance on accounting for leases. The new standard requires lessees to put virtually all leases on the balance sheet by recognizing lease assets and lease liabilities. Lessor accounting is largely unchanged from that applied under previous guidance. The amended guidance was effective for the fiscal year, and interim periods within that fiscal year, beginning after December 15, 2018, and requires a modified retrospective approach. The Company adopted this standard on July 1, 2019. As part of our implementation, the Company accumulated data required to measure its existing leases, reviewed lease contracts, implemented a new lease accounting solution and evaluated accounting policy and internal control changes. The Company adopted certain practical expedients provided under ASC 842, including reassessment of whether expired or existing contracts contain leases, reassessment of lease classification for expired or existing leases, reassessing initial direct costs for existing leases, and an election to separate lease from non-lease components. Upon adoption of ASC 842, the Company recorded right of use assets of $354.3 million and current and non-current lease liabilities of $67.0 million and $331.8 million, respectively, on the consolidated balance sheet, inclusive of required reclassifications for prepaid and deferred rent, lease incentives, and other lease-related balances. The impact of adoption on our consolidated balance sheet is as follows (in thousands):
| June 30, 2019 As Reported Under ASC 840 |  |  | Adjustments Due to ASC 842 |  |  | July 1, 2019 Balance Under ASC 842 |
Assets: |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 89,652 |  |  | $ | (3,199 | ) |  | $ | 86,453 |
Operating lease right-of-use assets |  | — |  |  |  | 354,317 |  |  |  | 354,317 |
Liabilities and Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |
Other accrued expenses and current liabilities |  | 235,611 |  |  |  | 59,034 |  |  |  | 294,645 |
Operating lease liabilities, noncurrent |  | — |  |  |  | 331,761 |  |  |  | 331,761 |
Other long-term liabilities |  | 107,932 |  |  |  | (39,677 | ) |  |  | 68,255 |
The standard had no impact on our results of operations or cash flows. In addition, new disclosures are provided to enable users to assess the amount, timing and uncertainty of cash flows arising from leases.

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