Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of Provision (Benefit) for Income Taxes

The Company’s provision/(benefit) for income taxes from operations are summarized as follows:


	June 30,
	2017		2016		2015
	(in millions)
Current Income Taxes
Federal	$	1.6	$	(1.3)	$	1.7
State		6.3		8.7		4.4
Foreign		(2.1)		3.9		(1.6)
Total	$	5.8	$	11.3	$	4.5
Deferred Income Taxes
Federal	$	13.3	$	7.3	$	(8.7)
State		2.4		(2.3)		(6.9)
Foreign		(3.1)		(7.8)		2.3
Total		12.6		(2.8)		(13.3)
Total provision/(benefit) for income taxes	$	18.4	$	8.5	$	(8.8)

Schedule of Loss before Income Tax

The United States and foreign components of income/(loss) from operations before income taxes are as follows:


	June 30,
	2017		2016		2015
	(in millions)
United States	$	66.6	$	(46.9)	$	(159.7)
Foreign		37.5		(20.8)		(4.4)
Total	$	104.1	$	(67.7)	$	(164.1)

Schedule of Reconciliation of Income Tax Provision

A reconciliation of the actual income tax provision and the tax computed by applying the U.S. federal rate to the earnings before income taxes during the years ended June 30, 2017, 2016 and 2015 are as follows:


	June 30,
	2017		2016		2015
	(in millions)
Expected provision/(benefit) at the statutory rate	$	36.4	$	(23.8)	$	(57.4)
Increase/(decrease) due to:
Stock-based compensation		(11.7)		27.9		59.4
State income taxes, net of federal benefit		2.9		(2.1)		(7.4)
Transaction costs not deductible for tax purposes		1.9		1.5		0.7
Change in statutory tax rate		(1.4)		(3.6)		(2.2)
Change in valuation allowance		(10.2)		2.8		—
Foreign tax rate differential		(3.9)		2.7		0.6
Other, net		4.4		3.1		(2.5)
Provision/(benefit) for income taxes	$	18.4	$	8.5	$	(8.8)

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:


	June 30,
	2017		2016
	(in millions)
Deferred income tax assets
Net operating loss carry forwards	$	715.2	$	563.9
Tax credit carry forwards		22.6		17.2
Deferred revenue		405.9		318.3
Accrued expenses		40.0		40.2
Other liabilities		17.4		25.5
Reserves against accounts receivable		18.2		14.8
Deferred compensation		20.3		15.5
Total deferred income tax assets		1,239.6		995.4
Valuation allowance		(111.1)		(135.3)
Net deferred tax assets		1,128.5		860.1
Deferred income tax liabilities
Property and equipment		712.2		559.2
Intangible assets		412.4		321.5
Debt issuance costs		5.8		13.7
Total deferred income tax liabilities		1,130.4		894.4
Net deferred income tax liabilities	$	(1.9)	$	(34.3)