v3.25.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Components of income before income taxes
The components of income before income taxes are as follows:
Year Ended June 30,202520242023
U.S.$475,266 $467,785 $423,316 
Foreign25,701 30,345 26,495 
Income before income taxes$500,967 $498,130 $449,811 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The provision for income taxes consists of:
Year Ended June 30,202520242023
Current:
Federal$87,700 $86,501 $84,294 
State and local18,525 23,016 19,026 
Foreign8,116 3,925 5,468 
Total current114,341 113,442 108,788 
Deferred:
Federal(4,432)(791)(1,881)
State and local(310)1,159 (84)
Foreign(1,620)(1,442)(3,751)
Total deferred(6,362)(1,074)(5,716)
Provision for income taxes$107,979 $112,368 $103,072 
Reconciliations of federal statutory income tax rate and Company's effective income tax rate
The following reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate:
Year Ended June 30,202520242023
Statutory income tax rate21.0 %21.0 %21.0 %
Effects of:
State and local taxes2.9 4.0 3.5 
Stock compensation(1.1)(1.2)(1.0)
GILTI/FDII— (0.4)(0.2)
R & D credit(0.5)(0.4)(0.4)
U.S. tax on foreign income, net(0.6)(0.1)— 
Impact of foreign operations0.3 0.3 0.2 
Non-deductibles/Deductible dividend0.7 0.9 0.6 
Interest deduction(0.2)(0.4)(0.4)
Valuation allowance0.1 (0.7)(0.6)
Other, net(1.0)(0.4)0.2 
Effective income tax rate21.6 %22.6 %22.9 %
Components of the Company's net deferred tax assets
Significant components of the Company’s deferred income tax assets and liabilities are as follows:
June 30,20252024
Deferred tax assets:
Compensation liabilities not currently deductible$20,331 $18,646 
Other expenses and reserves not currently deductible17,430 15,008 
Leases36,054 34,771 
Net operating loss carryforwards 5,388 6,340 
Capitalization of R&D costs22,284 17,584 
Other2,281 300 
Total deferred tax assets$103,768 $92,649 
Less: Valuation allowance853 158 
Deferred tax assets, net of valuation allowance$102,915 $92,491 
Deferred tax liabilities:
Inventories$(20,376)$(18,086)
Goodwill and intangibles(64,062)(63,733)
Leases(35,933)(34,473)
Hedging instrument(1,906)(5,965)
Depreciation and differences in property bases(10,530)(10,506)
Total deferred tax liabilities(132,807)(132,763)
Net deferred tax liabilities$(29,892)$(40,272)
Net deferred tax liabilities are classified as follows:
Other assets$12,263 $11,306 
Other liabilities(42,155)(51,578)
Net deferred tax liabilities$(29,892)$(40,272)
Reconciliation of the Company's total gross unrecognized income tax benefits
The Company and its subsidiaries file income tax returns in the U.S. federal, various state, local, and foreign jurisdictions. The following table sets forth the changes in the amount of unrecognized tax benefits for the years ended June 30, 2025, 2024, and 2023:
Year Ended June 30,202520242023
Unrecognized Income Tax Benefits at beginning of the year$3,048 $4,821 $4,926 
Current year tax positions85 105 622 
Prior year tax positions57 (412)(86)
Expirations of statutes of limitations(2,272)(1,466)(641)
Unrecognized Income Tax Benefits at end of year$918 $3,048 $4,821