v3.19.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2019
Income Tax Disclosure [Abstract] |
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,
|  | 2019 |  | 2018 |  | 2017
|  | (in millions)
Earnings before income taxes: |  |  |  |  |  |
U.S. |  | $ | 526.4 |  |  | $ | 450.0 |  |  | $ | 398.6 |
Foreign |  | 80.8 |  |  | 111.1 |  |  | 89.5 |
Total |  | $ | 607.3 |  |  | $ | 561.0 |  |  | $ | 488.1 |
Components of Provision for Income Taxes | The Provision for income taxes consists of the following components:
|  | Years Ended June 30,
|  | 2019 |  | 2018 |  | 2017
|  | (in millions)
Current: |  |  |  |  |  |
U.S. Domestic |  | $ | 88.8 |  |  | $ | 89.4 |  |  | $ | 138.2 |
Foreign |  | 24.7 |  |  | 43.4 |  |  | 24.8 |
State |  | 15.1 |  |  | 9.6 |  |  | 13.0 |
Total current |  | 128.7 |  |  | 142.4 |  |  | 176.0 |
Deferred: |  |  |  |  |  |
U.S. Domestic |  | 2.2 |  |  | (13.6 | ) |  | (7.9 | )
Foreign |  | (2.8 | ) |  | 4.9 |  |  | (4.2 | )
State |  | (2.9 | ) |  | (0.6 | ) |  | (2.5 | )
Total deferred |  | (3.5 | ) |  | (9.3 | ) |  | (14.7 | )
Total Provision for income taxes |  | $ | 125.2 |  |  | $ | 133.1 |  |  | $ | 161.4 |
Effective Income Tax Rate Reconciliation |
|  | Years Ended June 30,
|  | 2019 |  | % |  | 2018 |  | % |  | 2017 |  | %
|  | (in millions)
Provision for income taxes at U.S. statutory rate |  | $ | 127.5 |  |  | 21.0 |  |  | $ | 157.4 |  |  | 28.1 |  |  | $ | 170.8 |  |  | 35.0 |
Increase (decrease) in Provision for income taxes from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal tax |  | 12.0 |  |  | 2.0 |  |  | 9.4 |  |  | 1.7 |  |  | 6.7 |  |  | 1.4 |
Foreign tax differential |  | 3.8 |  |  | 0.6 |  |  | (2.4 | ) |  | (0.4 | ) |  | (6.9 | ) |  | (1.4 | )
Valuation allowances |  | 0.4 |  |  | 0.1 |  |  | (5.0 | ) |  | (0.9 | ) |  | (0.6 | ) |  | (0.1 | )
Non-taxable investment gain |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.3 | ) |  | (0.7 | )
Stock-based compensation - ETB |  | (19.3 | ) |  | (3.2 | ) |  | (40.9 | ) |  | (7.3 | ) |  | — |  |  | — |
Tax Act Items |  | (0.5 | ) |  | (0.1 | ) |  | 15.4 |  |  | 2.7 |  |  | — |  |  | — |
Other |  | 1.3 |  |  | 0.2 |  |  | (0.8 | ) |  | (0.1 | ) |  | (5.3 | ) |  | (1.1 | )
Total Provision for income taxes |  | $ | 125.2 |  |  | 20.6 |  |  | $ | 133.1 |  |  | 23.7 |  |  | $ | 161.4 |  |  | 33.1 |
Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at June 30, 2019 and 2018 were as follows:
|  | June 30,
|  | 2019 |  | 2018
|  | (in millions)
Classification: |  |  |  |
Long-term deferred tax assets (included in Other non-current assets) |  | 5.5 |  |  | 9.2 |
Long-term deferred tax liabilities |  | (86.7 | ) |  | (57.9 | )
Net deferred tax liabilities |  | $ | (81.3 | ) |  | $ | (48.8 | )
Components: |  |  |  |
Deferred tax assets: |  |  |  |
Accrued expenses not currently deductible |  | $ | 3.2 |  |  | $ | 3.5 |
Depreciation |  | — |  |  | 2.2 |
Compensation and benefits not currently deductible |  | 57.6 |  |  | 51.7 |
Net operating and capital losses |  | 11.1 |  |  | 12.1 |
Tax credits |  | 7.5 |  |  | 5.2 |
Other |  | 6.1 |  |  | 6.6 |
Total deferred tax assets |  | 85.6 |  |  | 81.3 |
Less: Valuation allowances |  | (3.3 | ) |  | (3.8 | )
Deferred tax assets, net |  | 82.2 |  |  | 77.6 |
Deferred tax liabilities: |  |  |  |
Goodwill and identifiable intangibles |  | 100.9 |  |  | 93.4 |
Depreciation |  | 10.1 |  |  | — |
Net deferred expenses |  | 33.6 |  |  | 15.5 |
Unremitted earnings |  | 12.2 |  |  | 11.1 |
Other |  | 6.8 |  |  | 6.2 |
Deferred tax liabilities |  | 163.5 |  |  | 126.3 |
Net deferred tax liabilities |  | $ | (81.3 | ) |  | $ | (48.8 | )
Summary 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,
|  | 2019 |  | 2018 |  | 2017
|  | (in millions)
Beginning balance |  | $ | 22.8 |  |  | $ | 18.7 |  |  | $ | 18.2 |
Gross increase related to prior period tax positions |  | 17.3 |  |  | 3.5 |  |  | 0.6 |
Gross increase related to current period tax positions |  | 2.8 |  |  | 3.0 |  |  | 2.7 |
Gross decrease related to prior period tax positions |  | (2.6 | ) |  | (2.4 | ) |  | (2.8 | )
Ending balance |  | $ | 40.2 |  |  | $ | 22.8 |  |  | $ | 18.7 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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