Stockholders' Deficit

9 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Deficit

Stockholders’ Deficit

Stock Repurchases

On January 22, 2015, our Board of Directors approved a share repurchase program for up to $450.0 million worth of our common stock. On April 26, 2016, the Board of Directors approved a $400.0 million increase in the share repurchase plan. The timing and amount of any shares repurchased are based on market conditions and other factors. All shares of our common stock repurchased have been recorded as treasury stock under the cost method.

On August 29, 2016, as part of our common stock repurchase program, we entered into an accelerated share repurchase program (the "ASR Program") with a third-party financial institution. Pursuant to the terms of the ASR Program, we made an upfront payment of $100.0 million in exchange for an initial delivery of approximately 1.76 million shares of our common stock, representing 80% of the total shares ultimately expected to be delivered over the program's term. The initial shares received, which had an aggregate cost of $80.0 million based on the August 29, 2016 closing share price, were recorded as an increase to treasury stock. As of September 30, 2016, $20.0 million, representing the difference between the upfront $100.0 million payment and the $80.0 million cost of the initial share delivery, was recorded as a reduction to additional paid-in capital in our consolidated balance sheet.

Upon the final settlement of the ASR Program during the three months ended December 31, 2016, we received an additional delivery of 0.35 million shares of our common stock.  The total number of shares received under the ASR Program during the six months ended December 31, 2016 was 2.1 million shares, which was determined based on the volume-weighted average price per share of our common stock over the term of the ASR Program, less an agreed-upon discount.

During the three and nine months ended March 31, 2017, we repurchased in the open market 1,736,330 and 3,862,425 shares of our common stock for $100.0 million and $200.0 million, respectively. Additionally, during the nine months ended March 31, 2017, we repurchased 2,106,709 shares of our common stock for $100.0 million as part of the ASR Program.

As of March 31, 2017, the total remaining value under the share repurchase program approved on January 22, 2015 and amended on April 26, 2016 was approximately $221.3 million.

Accumulated Other Comprehensive Income

As of March 31, 2017, accumulated other comprehensive income was comprised of foreign currency translation adjustments of $0.1 million and net unrealized losses on available for sale securities of less than $0.1 million.

As of June 30, 2016, accumulated other comprehensive income was comprised of foreign currency translation adjustments of $2.7 million and net unrealized losses on available for sale securities of less than $0.1 million.