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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes Under the Jurisdictions | Income before income taxes for the years ended June 30, 2023, 2022 and 2021, was taxed under the following jurisdictions (in thousands):
| 2023 |  | 2022 |  | 2021
U.S. | $ | 128,589 |  |  | $ | (85,919) |  |  | $ | 71,867 |
Non-U.S. | 973,075 |  |  | 1,046,402 |  |  | 811,795 |
Income before income taxes | $ | 1,101,664 |  |  | $ | 960,483 |  |  | $ | 883,662 |
Schedule of Provision for Income Taxes | The provision for income taxes is presented below (in thousands):
|  | 2023 |  | 2022 |  | 2021
Current: | Federal | $ | 36,631 |  |  | $ | 4,376 |  |  | $ | (115,109) |
| State | 14,142 |  |  | 10,700 |  |  | 9,041 |
| Non-U.S. | 198,767 |  |  | 177,788 |  |  | 531,812 |
|  | 249,540 |  |  | 192,864 |  |  | 425,744 |
Deferred: | Federal | (21,721) |  |  | (12,612) |  |  | (22,791) |
| State | (2,389) |  |  | (2,773) |  |  | (4,205) |
| Non-U.S. | (21,322) |  |  | 3,567 |  |  | 10,409 |
|  | (45,432) |  |  | (11,818) |  |  | (16,587) |
Provision for income taxes |  | $ | 204,108 |  |  | $ | 181,046 |  |  | $ | 409,157 |
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, 2023, 2022 and 2021, to pretax income as a result of the following (in thousands):
| 2023 |  | 2022 |  | 2021
Taxes computed at statutory U.S. rate | $ | 231,349 |  |  | $ | 201,701 |  |  | $ | 185,569 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |
State income taxes, net of U.S. tax benefit | 9,448 |  |  | 5,703 |  |  | 4,836 |
Research and development credit | (21,481) |  |  | (17,517) |  |  | (20,257) |
Change in valuation allowance | (5,007) |  |  | 858 |  |  | (3,785) |
Effect of non-U.S. tax rates | (3,982) |  |  | (4,384) |  |  | (12,130) |
Foreign tax credits | (3,988) |  |  | (2,299) |  |  | (7,210) |
Stock-based compensation expense | (6,282) |  |  | (11,294) |  |  | (4,498) |
Uncertain tax position | — |  |  | — |  |  | 248,773 |
Other | 4,051 |  |  | 8,278 |  |  | 17,859 |
Provision for income taxes | $ | 204,108 |  |  | $ | 181,046 |  |  | $ | 409,157 |
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, 2023 and June 30, 2022, as follows (in thousands):
| 2023 |  | 2022
Non-current deferred tax asset | $ | 132,974 |  |  | $ | 79,746 |
Non-current deferred tax liability | (90,650) |  |  | (9,714) |
Net deferred tax asset | $ | 42,324 |  |  | $ | 70,032 |
Schedule of Components of Deferred Tax Assets and Liabilities | The components of our deferred tax assets and liabilities at June 30, 2023 and June 30, 2022, are as follows (in thousands):
| 2023 |  | 2022
Deferred tax assets: |  |  |
Employee liabilities | $ | 34,314 |  |  | $ | 28,556 |
Tax credit carry overs | 6,051 |  |  | 7,723 |
Inventories | 13,212 |  |  | 10,570 |
Provision for warranties | 5,348 |  |  | 4,814 |
Provision for doubtful debts | 6,103 |  |  | 5,096 |
Net operating loss carryforwards | 22,387 |  |  | 27,490 |
Capital loss carryover | 917 |  |  | 4,715 |
Stock-based compensation expense | 8,670 |  |  | 6,425 |
Deferred revenue | 23,908 |  |  | 25,748 |
Research and development capitalization | 111,704 |  |  | 82,074 |
Lease liabilities | 21,347 |  |  | 21,702 |
Hedging contracts | 27,666 |  |  | — |
Other | 454 |  |  | (3,395) |
| 282,081 |  |  | 221,518 |
Less valuation allowance | (8,536) |  |  | (13,572) |
Deferred tax assets | 273,545 |  |  | 207,946 |
Deferred tax liabilities: |  |  |
Goodwill and other intangibles | (198,418) |  |  | (108,078) |
Right of use assets | (20,501) |  |  | (20,345) |
Property, plant and equipment | (12,302) |  |  | (9,491) |
Deferred tax liabilities | (231,221) |  |  | (137,914) |
Net deferred tax asset | $ | 42,324 |  |  | $ | 70,032 |

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