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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Taxes, Domestic and Foreign | The components of income before income taxes were as follows:
| Year Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2022
Domestic income before income taxes | $ | 1,997,090 |  |  | $ | 2,017,338 |  |  | $ | 1,909,699 |
Foreign income before income taxes | 1,192,942 |  |  | 1,771,852 |  |  | 1,579,538 |
Total income before income taxes | $ | 3,190,032 |  |  | $ | 3,789,190 |  |  | $ | 3,489,237 |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes was comprised of the following:
(In thousands) | Year Ended June 30,
2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 395,876 |  |  | $ | 553,197 |  |  | $ | 341,614 |
State | 10,737 |  |  | 14,804 |  |  | 14,149 |
Foreign | 160,401 |  |  | 188,991 |  |  | 165,194 |
| 567,014 |  |  | 756,992 |  |  | 520,957 |
Deferred: |  |  |  |  |
Federal | (110,686) |  |  | (228,414) |  |  | 11,564 |
State | (2,770) |  |  | (4,295) |  |  | (311) |
Foreign | (25,422) |  |  | (122,444) |  |  | (365,033) |
| (138,878) |  |  | (355,153) |  |  | (353,780) |
Provision for income taxes | $ | 428,136 |  |  | $ | 401,839 |  |  | $ | 167,177 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred income tax assets and liabilities were as follows:
(In thousands) | As of June 30,
2024 |  | 2023
Deferred tax assets: |  |  |
Capitalized R&D expenses | $ | 328,061 |  |  | $ | 201,228 |
Tax credits and net operating losses | 311,026 |  |  | 271,500 |
Depreciation and amortization | 151,371 |  |  | 73,691 |
Inventory reserves | 121,238 |  |  | 103,646 |
Employee benefits accrual | 95,461 |  |  | 92,696 |
Non-deductible reserves | 53,668 |  |  | 52,147 |
Unearned revenue | 25,532 |  |  | 16,668 |
SBC | 15,375 |  |  | 12,710 |
Other | 12,785 |  |  | 35,360 |
Gross deferred tax assets | 1,114,517 |  |  | 859,646 |
Valuation allowance | (289,534) |  |  | (259,172) |
Net deferred tax assets | $ | 824,983 |  |  | $ | 600,474 |
Deferred tax liabilities: |  |  |
Unremitted earnings of foreign subsidiaries not indefinitely reinvested | $ | (315,231) |  |  | $ | (279,677) |
Deferred profit | (70,204) |  |  | (23,149) |
Unrealized gain on investments | (10,949) |  |  | (9,994) |
Total deferred tax liabilities | (396,384) |  |  | (312,820) |
Total net deferred tax assets | $ | 428,599 |  |  | $ | 287,654 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate was as follows:
| Year ended June 30,
| 2024 |  | 2023 |  | 2022
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
GILTI | 3.7 | % |  | 3.4 | % |  | 2.0 | %
Goodwill impairment | 1.7 | % |  | — | % |  | — | %
Net change in tax reserves | 1.1 | % |  | — | % |  | 2.0 | %
State income taxes, net of federal benefit | 0.3 | % |  | 0.2 | % |  | 0.3 | %
Restructuring | — | % |  | — | % |  | (11.2) | %
Effect of SBC | — | % |  | 0.1 | % |  | (0.2) | %
R&D tax credit | (1.6) | % |  | (1.5) | % |  | (1.1) | %
Foreign derived intangible income | (5.9) | % |  | (5.7) | % |  | (4.0) | %
Effect of foreign operations taxed at various rates | (6.6) | % |  | (7.1) | % |  | (4.2) | %
Other | (0.3) | % |  | 0.2 | % |  | 0.2 | %
Effective income tax rate | 13.4 | % |  | 10.6 | % |  | 4.8 | %
Schedule of Income Tax Contingencies | A reconciliation of gross unrecognized tax benefits was as follows:
| Year Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits at the beginning of the year | $ | 213,092 |  |  | $ | 217,927 |  |  | $ | 149,642 |
Increases for tax positions taken in current year | 40,209 |  |  | 44,590 |  |  | 49,311 |
Increases for tax positions taken in prior years | 23,291 |  |  | 434 |  |  | 20,917 |
Decreases for settlements with taxing authorities | — |  |  | (45,042) |  |  | — |
Decreases for tax positions taken in prior years | (26,766) |  |  | (3,929) |  |  | (267) |
Decreases for lapsing of statutes of limitations | (4,119) |  |  | (888) |  |  | (1,676) |
Unrecognized tax benefits at the end of the year | $ | 245,707 |  |  | $ | 213,092 |  |  | $ | 217,927 |

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