Income Taxes (Tables)

12 Months Ended

Jun. 30, 2026

Income taxes paid (net of refunds received) for the year ended June 30, 2026 were as follows (in thousands):


		2026
Federal		$	34,313
State		22,215
Foreign:
	Australia	226,485
	Singapore	43,791
	All other jurisdictions	30,363
Total		$	357,167

Schedule of Income Before Income Taxes Under the Jurisdictions

Income before income taxes for the years ended June 30, 2026, 2025 and 2024, was taxed under the following jurisdictions (in thousands):


	2026		2025		2024
U.S.	$	597,342	$	359,741	$	181,107
Non-U.S.	1,322,074		1,317,825		1,083,691
Income before income taxes	$	1,919,416	$	1,677,566	$	1,264,798

Schedule of Provision for Income Taxes

The provision for income taxes is presented below (in thousands):


		2026		2025		2024
Current:
	Federal	$	40,604	$	19,744	$	57,103
	State	20,213		19,919		17,250
	Non-U.S.	331,425		298,170		219,372
Current income tax expense		392,242		337,833		293,725
Deferred:
	Federal	43,459		(5,701)		(22,915)
	State	(412)		(1,231)		(4,632)
	Non-U.S.	(39,166)		(54,058)		(22,331)
Deferred income tax expense (benefit)		3,881		(60,990)		(49,878)
Provision for income taxes		$	396,123	$	276,843	$	243,847

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, 2026, 2025 and 2024, to pretax income as a result of the following (in thousands):


	2026
	Amount		Percent
Taxes Computed at statutory U.S. Rate	$	403,077	21.00	%
United States
State income taxes, net of U.S. tax benefit	19,801		1.03
Research & development tax Credits	(9,668)		(0.50)
Change in valuation allowance	11,006		0.57
Other	(2,582)		(0.13)
Australia
Effect of non-U.S. tax rates	54,889		2.86
Research & development tax credits	(17,158)		(0.89)
Other	1,219		0.06
Singapore
Effect of non-U.S. tax rates	(148,053)		(7.71)
Global minimum tax	63,618		3.31
Other	15,672		0.82
Other Foreign Jurisdictions	4,302		0.22
Provision for income taxes	$	396,123	20.64	%


	2025		2024
Taxes computed at statutory U.S. rate	$	352,289	$	265,608
Increase (decrease) in income taxes resulting from:
State income taxes, net of U.S. tax benefit	15,590		8,609
Research and development credit	(28,859)		(27,786)
Change in valuation allowance	20,644		849
Effect of non-U.S. tax rates	(12,225)		(15,838)
Foreign tax credits	(3,896)		(8,293)
Stock-based compensation expense	1,735		4,875
Cessation of business	(35,847)		—
Net refunds for prior tax years	(29,976)		—

Other	(2,612)		15,823
Provision for income taxes	$	276,843	$	243,847

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, 2026 and June 30, 2025, as follows (in thousands):


	2026		2025
Non-current deferred tax asset(1)	$	333,171	$	253,119
Non-current deferred tax liability	(64,640)		(77,682)
Net deferred tax asset	$	268,531	$	175,437

(1) As a result of the planned sale of the MatrixCare business, we allocated a portion of the Residential Care Software segment non-current deferred tax assets to assets held for sale. See Note 18 – Business Combinations and Divestitures for further information.

Schedule of Components of Deferred Tax Assets and Liabilities

The components of our deferred tax assets and liabilities at June 30, 2026 and June 30, 2025, are as follows (in thousands):


	2026		2025
Deferred tax assets:
Employee liabilities	$	38,979	$	37,189
Tax credit carry overs	2,997		1,577
Inventories	24,095		20,523
Provision for warranties	19,906		5,997
Provision for doubtful debts	7,727		4,942
Net operating loss carryforwards	36,445		14,408
Capital loss carryover	38,222		27,454
Stock-based compensation expense	13,081		12,752
Deferred revenue	33,412		31,289
Research and development capitalization	97,987		132,043
Lease liabilities	19,556		21,138
Hedging contracts	185,011		94,626
Property, plant and equipment	4,519		—
State income taxes	4,080		2,883
Other	26,565		18,527
	552,582		425,348
Less valuation allowance	(41,118)		(30,072)
Deferred tax assets	511,464		395,276
Deferred tax liabilities:
Goodwill and other intangibles	(226,558)		(196,698)
Right of use assets	(16,375)		(18,491)
Property, plant and equipment	—		(4,650)
Deferred tax liabilities	(242,933)		(219,839)
Net deferred tax asset	$	268,531	$	175,437