v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Earnings from Continuing Operations before Income Taxes
Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.
Years Ended June 30,
202620252024
(in millions)
Earnings before income taxes:
U.S.$1,281.9 $903.6 $716.1 
Foreign163.9 155.1 161.3 
Total$1,445.8 $1,058.7 $877.4 
Schedule of Components of Provision for Income Taxes
The Provision for income taxes consists of the following components:
Years Ended June 30,
202620252024
(in millions)
Current:
U.S. Federal$120.8 $148.8 $205.8 
Foreign67.0 45.3 63.9 
U.S. State28.1 30.3 29.4 
Total current215.8 224.4 299.0 
Deferred:
U.S. Federal111.8 10.3 (89.4)
Foreign(26.6)(15.1)(25.6)
U.S. State20.6 (0.4)(4.7)
Total deferred105.8 (5.2)(119.7)
Total Provision for income taxes$321.6 $219.2 $179.3 
Schedule of Effective Income Tax Rate Reconciliation The income tax rate reconciliation below for the fiscal year ended June 30, 2026 reflects the disclosure requirements of ASU No. 2023-09:
Year Ended June 30,
2026%
(in millions)
U.S. Federal statutory tax rate$303.6 21.0 
Domestic state and local income taxes, net of Federal tax effect (a)36.8 2.5 
Foreign tax effects4.1 0.3 
Domestic Federal:
Effect of cross-border tax laws(20.7)(1.4)
Tax credits(7.5)(0.5)
Non-taxable and non-deductible items, net8.3 0.6 
Changes in unrecognized tax benefits(3.0)(0.2)
Effective income tax rate$321.6 22.2 
 _________
(a)State and local income taxes in California, Illinois, New Jersey, New York, and Pennsylvania comprise the majority (greater than 50 percent) of the state and local income taxes, net of Federal effect category.
A reconciliation of the U.S. Federal statutory income tax rate to the Company’s effective income tax rate for the fiscal years ended June 30, 2025 and 2024 in accordance with the guidance prior to the adoption of ASU No. 2023-09 is as follows:
For Years Ended June 30,
2025%2024%
(in millions)
Provision for income taxes at U.S. statutory rate$222.3 21.0 $184.2 21.0 
Increase (decrease) in Provision for income taxes from:
State taxes, net of federal tax24.9 2.4 20.5 2.3 
Foreign rate differential2.3 0.2 5.8 0.7 
Valuation allowances0.3 — 0.5 0.1 
Stock-based compensation - excess tax benefits (“ETB”)(20.5)(1.9)(12.9)(1.5)
Tax Credits and Foreign-Derived Intangible Income Deduction (“FDII”)(10.4)(1.0)(21.2)(2.4)
Other0.4 — 2.2 0.3 
Total Provision for income taxes$219.2 20.7 $179.3 20.4 
Schedule of Income Taxes Paid, Net of Refunds
A summary of income taxes paid by jurisdiction pursuant to ASU No. 2023-09 for the fiscal year ended June 30, 2026 is as follows:
For Year Ended June 30,
2026
(in millions)
U.S. Federal$119.7 
U.S. State and Local (a)37.4 
Foreign (a)46.5 
Total income taxes paid, net of refunds$203.6 
(a) No single state and local or foreign jurisdiction accounts for more than 5% of the total income taxes paid.
Schedule of Components of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities at June 30, 2026 and 2025 were as follows:
June 30,
20262025
(in millions)
Classification:
Long-term deferred tax assets (included in Other non-current assets)$27.6 $26.8 
Long-term deferred tax liabilities(387.0)(261.0)
Net deferred tax liabilities$(359.4)$(234.2)
Components:
Deferred tax assets:
Accrued expenses not currently deductible$13.8 $14.9 
Compensation and benefits not currently deductible96.1 91.5 
Net operating losses23.2 24.6 
Tax credits5.3 7.3 
Research and development expenses57.3 139.0 
Deferred revenue43.4 70.5 
Cross Currency Swap and Treasury-Locks0.9 7.7 
Other— 3.4 
Total deferred tax assets239.9 358.8 
Less: Valuation allowances(6.9)(11.2)
Deferred tax assets, net233.0 347.6 
Deferred tax liabilities:
Goodwill and identifiable intangibles155.0 174.5 
Depreciation15.2 5.5 
Deferred expenses337.6 376.6 
Unremitted earnings4.9 8.0 
Digital assets48.6 — 
Other31.2 17.3 
Deferred tax liabilities592.4 581.9 
Net deferred tax liabilities$(359.4)$(234.2)
Schedule of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s gross unrecognized tax positions:
Fiscal Year Ended
June 30,
202620252024
(in millions)
Beginning balance$92.8 $74.7 $68.8 
Gross increases related to prior period tax positions9.1 23.6 8.0 
Gross decreases related to prior period tax positions(4.2)(6.2)(2.0)
Gross increases related to current period tax positions8.5 7.1 7.5 
Gross decreases related to settlements— (0.4)(0.4)
Gross decreases due to lapse of the statute of limitations(13.9)(6.0)(7.2)
Ending balance$92.3 $92.8 $74.7