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Correction of Immaterial Errors (Notes)
 12 Months Ended
Jun. 30, 2020
Accounting Changes and Error Corrections [Text Block] Immaterial Correction to Prior Period Financial Statements
In the fourth quarter of fiscal 2020, we identified errors affecting the transition adjustment recorded upon the adoption of Topic 606 as well as errors in the determination of revenue balances in the periods post-adoption of Topic 606, and as a consequence, we have corrected the impact of the previously reported transition adjustment related to contract assets to reflect a lower contract asset balance and related deferred income taxes balance, in addition to reductions in revenue and net income for the fiscal years ended June 30, 2019 and 2018. The Company considered both the quantitative and qualitative factors within the provisions of SEC Staff Accounting Bulletin No. 99, Materiality, and Staff Accounting Bulletin No. 108, Considering the Effect of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. Based on evaluation of the misstatements on an individual and aggregate basis, the Company concluded the prior period errors were immaterial to the previously issued consolidated financial statements. As such, the Company has elected to correct the identified error in the prior periods within the current Consolidated Financial Statements. Future filings that include prior periods will be corrected, as needed, when filed. The following presents the effect of recording the immaterial correction in the consolidated financial statements as of and for the fiscal years ended June 30, 2019 and 2018:

 
Year Ended June 30, 2019
 
As Previously Reported
 
Adjustments
 
As Adjusted
 
(Dollars in Thousands, Except per Share Data)
Consolidated Statements of Operations
 
 
 
 
 
Revenue:
 
 
 
 
 
License
$
404,122

 
$
459

 
$
404,581

Maintenance
165,436

 
(1,869
)
 
163,567

Services and other
28,787

 
(253
)
 
28,534

Total revenue
598,345

 
(1,663
)
 
596,682

Gross profit
540,529

 
(1,663
)
 
538,866

Income from operations
282,802

 
(1,663
)
 
281,139

Income before income taxes
303,190

 
(1,663
)
 
301,527

Provision for (benefit from) income taxes
40,456

 
(291
)
 
40,165

Net income
$
262,734

 
$
(1,372
)
 
$
261,362

Net income per common share:
 
 
 
 
 
Basic
$
3.76

 
$
(0.02
)
 
$
3.74

Diluted
$
3.71

 
$
(0.02
)
 
$
3.69


 
Year Ended June 30, 2018
 
As Previously Reported
 
Adjustments
 
As Adjusted
 
(Dollars in Thousands, Except per Share Data)
Consolidated Statements of Operations
 
 
 
 
 
Revenue:
 
 
 
 
 
License
$
326,549

 
$
(8,107
)
 
$
318,442

Maintenance
161,065

 
(2,227
)
 
158,838

Services and other
31,245

 
(959
)
 
30,286

Total revenue
518,859

 
(11,293
)
 
507,566

Gross profit
468,215

 
(11,293
)
 
456,922

Income from operations
219,221

 
(11,293
)
 
207,928

Income before income taxes
237,646

 
(11,293
)
 
226,353

Provision for (benefit from) income taxes
(56,057
)
 
1,176

 
(54,881
)
Net income
$
293,703

 
$
(12,469
)
 
$
281,234

Net income per common share:
 
 
 
 
 
Basic
$
4.07

 
$
(0.17
)
 
$
3.90

Diluted
$
4.03

 
$
(0.18
)
 
$
3.85


 
June 30, 2019
 
As Previously Reported
 
Adjustments
 
As Adjusted
 
(Dollars in Thousands)
Consolidated Balance Sheets
 
 
 
 
 
Prepaid expenses and other current assets

$
12,628

 
$
(2,640
)
 
$
9,988

Non-current contract assets
325,510

 
(37,412
)
 
288,098

Total assets
903,065

 
(40,052
)
 
863,013

Deferred income taxes
159,071

 
(8,727
)
 
150,344

Retained earnings
1,259,984

 
(31,325
)
 
1,228,659

Total stockholders' equity
393,285

 
(31,325
)
 
361,960

Total liabilities and stockholders' equity
$
903,065

 
$
(40,052
)
 
$
863,013

 
 
 
 
 
 
 
June 30, 2019
 
As Previously Reported
 
Adjustments
 
As Adjusted
 
(Dollars in Thousands)
Consolidated Statements of Stockholders' Equity
 
 
 
 
 
Retained earnings, beginning of year

$
997,250

 
$
(29,953
)
 
$
967,297

Retained earnings, end of year

1,259,984

 
(31,325
)
 
1,228,659

 
 
 
 
 
 
 
June 30, 2018
 
As Previously Reported
 
Adjustments
 
As Adjusted
 
(Dollars in Thousands)
Consolidated Statements of Stockholders' Equity
 
 
 
 
 
Retained earnings, beginning of year

$
703,547

 
$
(17,484
)
 
$
686,063

Retained earnings, end of year

997,250

 
(29,953
)
 
967,297


 
Year Ended June 30, 2019
 
As Previously Reported
 
Adjustments
 
As Adjusted
 
(Dollars in Thousands)
Consolidated Statements of Cash Flows
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
Net income
$
262,734

 
$
(1,372
)
 
$
261,362

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Deferred income taxes

(26,839
)
 
(290
)
 
(27,129
)
Changes in assets and liabilities:
 
 
 
 
 
Contract assets
(59,322
)
 
1,662

 
(57,660
)
Net cash provided by operating activities
238,313

 
—

 
238,313

 
Year Ended June 30, 2018
 
As Previously Reported
 
Adjustments
 
As Adjusted
 
(Dollars in Thousands)
Consolidated Statements of Cash Flows
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
Net income
$
293,703

 
$
(12,469
)
 
$
281,234

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Deferred income taxes

(110,308
)
 
1,177

 
(109,131
)
Changes in assets and liabilities:
 
 
 
 
 
Contract assets
3,640

 
11,292

 
14,932

Net cash provided by operating activities
206,936

 
—

 
206,936