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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 Under the Jurisdictions | Income before income taxes for the years ended June 30, 2024, 2023 and 2022, was taxed under the following jurisdictions (in thousands):
| 2024 |  | 2023 |  | 2022
U.S. | $ | 181,107 |  |  | $ | 128,589 |  |  | $ | (85,919) |
Non-U.S. | 1,083,691 |  |  | 973,075 |  |  | 1,046,402 |
Income before income taxes | $ | 1,264,798 |  |  | $ | 1,101,664 |  |  | $ | 960,483 |
Schedule of Provision for Income Taxes | The provision for income taxes is presented below (in thousands):
|  | 2024 |  | 2023 |  | 2022
Current: | Federal | $ | 57,103 |  |  | $ | 36,631 |  |  | $ | 4,376 |
| State | 17,250 |  |  | 14,142 |  |  | 10,700 |
| Non-U.S. | 219,372 |  |  | 198,767 |  |  | 177,788 |
|  | 293,725 |  |  | 249,540 |  |  | 192,864 |
Deferred: | Federal | (22,915) |  |  | (21,721) |  |  | (12,612) |
| State | (4,632) |  |  | (2,389) |  |  | (2,773) |
| Non-U.S. | (22,331) |  |  | (21,322) |  |  | 3,567 |
|  | (49,878) |  |  | (45,432) |  |  | (11,818) |
Provision for income taxes |  | $ | 243,847 |  |  | $ | 204,108 |  |  | $ | 181,046 |
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, 2024, 2023 and 2022, to pretax income as a result of the following (in thousands):
| 2024 |  | 2023 |  | 2022
Taxes computed at statutory U.S. rate | $ | 265,608 |  |  | $ | 231,349 |  |  | $ | 201,701 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |
State income taxes, net of U.S. tax benefit | 8,609 |  |  | 9,448 |  |  | 5,703 |
Research and development credit | (27,786) |  |  | (21,481) |  |  | (17,517) |
Change in valuation allowance | 849 |  |  | (5,007) |  |  | 858 |
Effect of non-U.S. tax rates | (15,838) |  |  | (3,982) |  |  | (4,384) |
Foreign tax credits | (8,293) |  |  | (3,988) |  |  | (2,299) |
Stock-based compensation expense | 4,875 |  |  | (6,282) |  |  | (11,294) |
Other | 15,823 |  |  | 4,051 |  |  | 8,278 |
Provision for income taxes | $ | 243,847 |  |  | $ | 204,108 |  |  | $ | 181,046 |
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, 2024 and June 30, 2023, as follows (in thousands):
| 2024 |  | 2023
Non-current deferred tax asset | $ | 203,569 |  |  | $ | 132,974 |
Non-current deferred tax liability | (79,339) |  |  | (90,650) |
Net deferred tax asset | $ | 124,230 |  |  | $ | 42,324 |
Schedule of Components of Deferred Tax Assets and Liabilities | The components of our deferred tax assets and liabilities at June 30, 2024 and June 30, 2023, are as follows (in thousands):
| 2024 |  | 2023
Deferred tax assets: |  |  |
Employee liabilities | $ | 35,336 |  |  | $ | 34,314 |
Tax credit carry overs | 9,271 |  |  | 6,051 |
Inventories | 15,602 |  |  | 13,212 |
Provision for warranties | 6,112 |  |  | 5,348 |
Provision for doubtful debts | 5,340 |  |  | 6,103 |
Net operating loss carryforwards | 23,455 |  |  | 22,387 |
Capital loss carryover | 5,587 |  |  | 917 |
Stock-based compensation expense | 11,538 |  |  | 8,670 |
Deferred revenue | 28,030 |  |  | 23,908 |
Research and development capitalization | 125,411 |  |  | 111,704 |
Lease liabilities | 25,602 |  |  | 21,347 |
Hedging contracts | 56,324 |  |  | 27,666 |
State income taxes | 3,566 |  |  | 2,468 |
Other | 5,538 |  |  | (2,014) |
| 356,712 |  |  | 282,081 |
Less valuation allowance | (9,384) |  |  | (8,536) |
Deferred tax assets | 347,328 |  |  | 273,545 |
Deferred tax liabilities: |  |  |
Goodwill and other intangibles | (192,398) |  |  | (198,418) |
Right of use assets | (22,843) |  |  | (20,501) |
Property, plant and equipment | (7,857) |  |  | (12,302) |
Deferred tax liabilities | (223,098) |  |  | (231,221) |
Net deferred tax asset | $ | 124,230 |  |  | $ | 42,324 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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