XML 42 R21.htm IDEA: XBRL DOCUMENT v3.19.1
Equity and Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
Description of Capital Stock
The Company is authorized to issue 1,000,000,000 shares of common stock, par value $0.01 per share ("Common Stock"), and 100,000,000 shares of preferred stock, par value $0.01 per share. Under the Company's certificate of incorporation, each share of Common Stock has one vote, and the Common Stock votes together as a single class.
Public Stock Offering
On July 27, 2018, the Company completed the 2018 Equity Offering, a public offering in which the Company sold 11.4 million shares, including the underwriters' over-allotment option, of Common Stock at a price of $40.24 per share, before underwriting discounts and commissions. Net of these discounts and commissions and other offering expenses, the Company obtained total net proceeds from the 2018 Equity Offering, including the over-allotment exercise, of $445.5 million. The net proceeds of the 2018 Equity Offering were used to repay a corresponding portion of the outstanding borrowings under Operating Company's U.S. dollar-denominated term loans.
On September 29, 2017, the Company completed a public offering (the "2017 Equity Offering"), pursuant to which the Company sold 7.4 million shares, including the underwriters' over-allotment option, of Common Stock at a price of $39.10 per share, before underwriting discounts and commissions. Net of these discounts and commissions and other offering expenses, the Company obtained total net proceeds from the 2017 Equity Offering, including the over-allotment exercise, of $277.8 million. The net proceeds of the 2017 Equity Offering were used to fund a portion of the consideration for the Catalent Indiana acquisition due at its closing.
Outstanding Stock

Shares outstanding include shares of unvested restricted stock. Unvested restricted stock included in reportable shares outstanding was 0.7 million shares as of March 31, 2019. Shares of unvested restricted stock are excluded from our calculation of basic weighted average shares outstanding, but their dilutive impact is added back in the calculation of diluted weighted average shares outstanding, except when the effect would be anti-dilutive.
Stock Repurchase Program
On October 29, 2015, the Company’s Board of Directors authorized a share repurchase program to use up to $100.0 million to repurchase shares of outstanding Common Stock. Under the program, the Company is authorized to repurchase
shares through open market purchases, privately negotiated transactions, or otherwise as permitted by applicable federal securities laws. There has been no purchase pursuant to this program as of March 31, 2019.
Accumulated Other Comprehensive Income/(loss)
The components of the changes in the cumulative translation adjustment, minimum pension liability, and available for sale investment for the three and nine months ended March 31, 2019 and 2018 are presented below.
Three Months Ended  
March 31,		Nine Months Ended  
March 31,
(Dollars in millions)2019201820192018
Foreign currency translation adjustments:
Net investment hedge$5.9 $(22.1)$17.3 $(43.6)
Long-term intercompany loans17.1 17.5 3.0 28.7 
Translation adjustments0.9 36.6 (20.9)67.5 
Total foreign currency translation adjustment, pretax23.9 32.0 (0.6)52.6 
Tax expense/(benefit)2.4 (6.2)4.3 (10.3)
Total foreign currency translation adjustment, net of tax$21.5 $38.2 $(4.9)$62.9 
Net change in minimum pension liability
Net gain recognized during the period$0.6 $0.6 1.9 1.8 
Total pension liability, pretax0.6 0.6 1.9 1.8 
Tax expense0.2 0.2 0.5 0.5 
Net change in minimum pension liability, net of tax$0.4 $0.4 $1.4 $1.3 
Net change in available for sale investment:
Net loss recognized during the period$— $0.9 — (7.9)
Total available for sale investment, pretax— 0.9 — (7.9)
Tax benefit— 0.2 — (2.2)
Net change in available for sale investment, net of tax$— $0.7 $— $(5.7)
For the three months ended March 31, 2019, the changes in accumulated other comprehensive income/(loss), net of tax by component are as follows:
(Dollars in millions)Foreign Exchange Translation Adjustments Pension and Liability Adjustments Available for Sale Investment Adjustments Total 
Balance at December 31, 2018$(311.5)$(38.6)$(1.1)$(351.2)
Other comprehensive income/(loss) before reclassifications21.5 — — 21.5 
Amounts reclassified from accumulated other comprehensive income/(loss)— 0.4 — 0.4 
Net current period other comprehensive income/(loss)21.5 0.4 — 21.9 
Balance at March 31, 2019$(290.0)$(38.2)$(1.1)$(329.3)
For the nine months ended March 31, 2019, the changes in accumulated other comprehensive income/(loss), net of tax by component are as follows:
(Dollars in millions)Foreign Exchange Translation Adjustments Pension and Liability Adjustments Available for Sale Investment Adjustments Total 
Balance at June 30, 2018$(285.1)$(39.6)$(1.1)$(325.8)
Other comprehensive income/(loss) before reclassifications(4.9)— — (4.9)
Amounts reclassified from accumulated other comprehensive income/(loss)— 1.4 — 1.4 
Net current period other comprehensive income/(loss)(4.9)1.4 — (3.5)
Balance at March 31, 2019$(290.0)$(38.2)$(1.1)$(329.3)