v3.25.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes Under the Jurisdictions
Income before income taxes for the years ended June 30, 2025, 2024 and 2023, was taxed under the following jurisdictions (in thousands):
202520242023
U.S.$359,741 $181,107 $128,589 
Non-U.S.1,317,825 1,083,691 973,075 
Income before income taxes$1,677,566 $1,264,798 $1,101,664 
Schedule of Provision for Income Taxes
The provision for income taxes is presented below (in thousands):
202520242023
Current:Federal$19,744 $57,103 $36,631 
State19,919 17,250 14,142 
Non-U.S.298,170 219,372 198,767 
337,833 293,725 249,540 
Deferred: Federal(5,701)(22,915)(21,721)
State(1,231)(4,632)(2,389)
Non-U.S.(54,058)(22,331)(21,322)
(60,990)(49,878)(45,432)
Provision for income taxes$276,843 $243,847 $204,108 
Schedule of Provision for Income Tax Differ From the Amount of Income Tax
The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. federal income tax rate of 21% for the years ended June 30, 2025, 2024 and 2023, to pretax income as a result of the following (in thousands):
202520242023
Taxes computed at statutory U.S. rate$352,289 $265,608 $231,349 
Increase (decrease) in income taxes resulting from:
State income taxes, net of U.S. tax benefit15,590 8,609 9,448 
Research and development credit(28,859)(27,786)(21,481)
Change in valuation allowance20,644 849 (5,007)
Effect of non-U.S. tax rates(12,225)(15,838)(3,982)
Foreign tax credits(3,896)(8,293)(3,988)
Stock-based compensation expense1,735 4,875 (6,282)
Cessation of business(35,847)— — 
Net refunds for prior tax years(29,976)— — 
Other(2,612)15,823 4,051 
Provision for income taxes$276,843 $243,847 $204,108 
Schedule of Deferred Tax Assets and Liabilities Classified as Current and Non-Current
We reported net deferred tax assets and liabilities in our consolidated balance sheets at June 30, 2025 and June 30, 2024, as follows (in thousands):
20252024
Non-current deferred tax asset$253,119 $203,569 
Non-current deferred tax liability(77,682)(79,339)
Net deferred tax asset$175,437 $124,230 
Schedule of Components of Deferred Tax Assets and Liabilities
The components of our deferred tax assets and liabilities at June 30, 2025 and June 30, 2024, are as follows (in thousands):
20252024
Deferred tax assets:
Employee liabilities$37,189 $35,336 
Tax credit carry overs1,577 9,271 
Inventories20,523 15,602 
Provision for warranties5,997 6,112 
Provision for doubtful debts4,942 5,340 
Net operating loss carryforwards14,408 23,455 
Capital loss carryover27,454 5,587 
Stock-based compensation expense12,752 11,538 
Deferred revenue31,289 28,030 
Research and development capitalization132,043 125,411 
Lease liabilities21,138 25,602 
Hedging contracts94,626 56,324 
State income taxes2,883 3,566 
Other18,527 5,538 
425,348 356,712 
Less valuation allowance(30,072)(9,384)
Deferred tax assets395,276 347,328 
Deferred tax liabilities:
Goodwill and other intangibles(196,698)(192,398)
Right of use assets(18,491)(22,843)
Property, plant and equipment(4,650)(7,857)
Deferred tax liabilities(219,839)(223,098)
Net deferred tax asset$175,437 $124,230