v3.25.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Earnings (Losses) Before Income Taxes
The components of earnings (loss) before income taxes by jurisdiction were as follows ($000):
Year Ended June 30,202520242023
U.S. loss$(445,586)$(540,048)$(450,370)
Non-U.S. income539,767 392,401 94,812 
Earnings (loss) before income taxes$94,181 $(147,647)$(355,558)
Schedule of Components of Income Tax Expense (Benefit)
The components of the income tax expense (benefit) were as follows ($000):
Year Ended June 30,202520242023
Current:
Federal$3,010 $10,119 $5 
State1,733 181 3,867 
Foreign154,815 103,640 106,850 
Total Current159,558 113,940 110,722 
Deferred:
Federal(50,454)(68,955)(106,044)
State(7,217)(186)(7,151)
Foreign(37,763)(33,682)(93,627)
Total Deferred(95,434)(102,823)(206,822)
Total Income Tax Expense (Benefit)$64,124 $11,117 $(96,100)
Schedule of Principal Items Comprising Deferred Income Tax Assets and Liabilities
Principal items comprising deferred tax assets and liabilities were as follows ($000):
June 30,20252024
Deferred income tax assets
Inventory capitalization$74,886 $62,242 
Non-deductible accruals18,222 16,770 
Accrued employee benefits36,331 38,460 
Net-operating loss and credit carryforwards256,794 268,735 
Share-based compensation expense15,852 15,947 
Other9,564 1,346 
Research and development capitalization168,998 128,291 
Deferred revenue15,376 14,839 
Right of use asset37,785 47,712 
Valuation allowances(163,678)(154,830)
Total deferred income tax assets470,130 439,512 
Deferred income tax liabilities
Tax over book accumulated depreciation(14,038)(29,065)
Intangible assets(863,484)(905,435)
Interest rate swap— (4,104)
Interest rate cap(4,000)(11,465)
Tax on unremitted earnings(63,383)(61,719)
Outside basis differences(142,781)(122,423)
Lease liability(31,239)(46,198)
Other(9,515)(2,511)
Total deferred income tax liabilities(1,128,440)(1,182,920)
Net deferred income taxes$(658,310)$(743,408)
Schedule of Reconciliation of Income Tax Expense
The reconciliation of income tax expense at the statutory U.S. federal rate to the reported income tax expense (benefit) is as follows ($000):
Year Ended June 30,2025%2024%2023%
Taxes at statutory rate$19,778 21 $(31,006)21 $(74,667)21 
Increase (decrease) in taxes resulting from:
State income taxes-net of federal benefit(4,265)(5)(22)— (2,548)1 
Taxes on non U.S. earnings3,632 4 16,601 (11)191 — 
Valuation allowance20,295 22 43,866 (30)3,836 (1)
U.S. Branch Income(1,216)(1)3,226 (2)2,037 (1)
Noncontrolling interest4,284 4 1,002 (1)— — 
Research and manufacturing incentive deductions and credits(26,396)(28)(41,387)28 (29,416)8 
Stock compensation2,153 2 13,294 (9)18,661 (5)
GILTI and FDII13,631 15 (629)— (7,195)2 
Uncertain Tax Positions6,814 7 3,301 (2)(3,450)1 
Notional Interest(10,174)(11)(2,521)2 (7,896)2 
Assets held-for-sale36,895 39 — — — — 
Other(1,307)(1)5,392 (4)4,347 (1)
 $64,124 68 $11,117 (8)$(96,100)27 
Schedule of Gross Operating Loss Carryforwards and Tax Credit Carryforwards
The Company has the following gross operating loss carryforwards and tax credit carryforwards as of June 30, 2025 ($000):
TypeAmountExpiration Date
Tax credit carryforwards:
Federal research and development credits$121,286 June 2032-June 2045
Foreign tax credits12,964 June 2030-June 2035
State tax credits15,976 June 2026-June 2040
State tax credits (indefinite)79,179 Indefinite
Operating loss carryforwards:
Loss carryforwards - federal$31,278 June 2026-June 2036
Loss carryforwards - federal (indefinite)1,754 Indefinite
Loss carryforwards - state330,313 June 2026-June 2045
Loss carryforwards - state (indefinite)42,674 Indefinite
Loss carryforwards - foreign85,218 June 2026-June 2033
Loss carryforwards - foreign (indefinite)48,711 Indefinite
Schedule of Changes in Liability for Unrecognized Tax Benefits
Changes in the liability for unrecognized tax benefits for the fiscal years ended June 30, 2025, 2024 and 2023 were as follows ($000):
Year Ended June 30,202520242023
Beginning balance$116,697 $115,180 $37,411 
Increases in current year tax positions9,660 5,168 110 
Acquired business— — 86,077 
Settlements— (2,970)— 
Expiration of statute of limitations(2,349)(681)(8,418)
Ending balance$124,008 $116,697 $115,180