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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Components of Earnings (Losses) Before Income Taxes | The components of earnings (loss) before income taxes were as follows:
Year Ended June 30, |  | 2020 |  | 2019 |  | 2018
($000) |  |  |  |  |  |
U.S. loss |  | $ | (302,027) |  |  | $ | (34,241) |  |  | $ | (15,207) |
Non-U.S. income |  | 238,099 |  |  | 163,054 |  |  | 137,401 |
Earnings (loss) before income taxes |  | $ | (63,928) |  |  | $ | 128,813 |  |  | $ | 122,194 |
Components of Income Tax Expense | The components of income tax expense were as follows:
Year Ended June 30, |  | 2020 |  | 2019 |  | 2018
($000) |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 7 |  |  | $ | 1,755 |  |  | $ | 699 |
State |  | 496 |  |  | 472 |  |  | 401 |
Foreign |  | 45,052 |  |  | 29,531 |  |  | 32,147 |
Total Current |  | $ | 45,555 |  |  | $ | 31,758 |  |  | $ | 33,247 |
Deferred: |  |  |  |  |  |
Federal |  | $ | (43,955) |  |  | $ | (3,764) |  |  | $ | (3,064) |
State |  | 1,007 |  |  | (2,010) |  |  | 1,615 |
Foreign |  | 494 |  |  | (4,688) |  |  | 2,394 |
Total Deferred |  | $ | (42,454) |  |  | $ | (10,462) |  |  | $ | 945 |
Total Income Tax Expense |  | $ | 3,101 |  |  | $ | 21,296 |  |  | $ | 34,192 |
Schedule of Principal Items Comprising Deferred Income Taxes | Principal items comprising deferred income taxes were as follows:
June 30, |  | 2020 |  | 2019
($000) |  |  |  |
Deferred income tax assets |  |  |  |
Inventory capitalization |  | $ | 19,372 |  |  | $ | 5,687 |
Interest rate swap |  | 9,847 |  |  | — |
Non-deductible accruals |  | 9,325 |  |  | 1,251 |
Accrued employee benefits |  | 11,095 |  |  | 9,797 |
Net-operating loss and credit carryforwards |  | 182,625 |  |  | 54,192 |
Share-based compensation expense |  | 8,110 |  |  | 7,192 |
Other |  | 9,736 |  |  | 5,488 |
Right of use asset |  | 31,573 |  |  | — |
Valuation allowances |  | (54,559) |  |  | (16,558) |
Total deferred income tax assets |  | $ | 227,124 |  |  | $ | 67,049 |
Deferred income tax liabilities |  |  |  |
Tax over book accumulated depreciation |  | $ | (25,926) |  |  | $ | (28,184) |
Intangible assets |  | (160,577) |  |  | (28,202) |
Tax on unremitted earnings |  | (21,785) |  |  | (11,662) |
Convertible debt |  | (6,006) |  |  | (8,662) |
Lease liability |  | (29,768) |  |  | — |
Other |  | (5,676) |  |  | (5,728) |
Total deferred income tax liabilities |  | $ | (249,738) |  |  | $ | (82,438) |
Net deferred income taxes |  | $ | (22,614) |  |  | $ | (15,389) |
Schedule of Reconciliation of Income Tax Expense at Statutory U.S. Federal Rate to Reported Income Tax Expense | The reconciliation of income tax expense at the statutory U.S. federal rate to the reported income tax expense is as follows:
Year Ended June 30, |  | 2020 |  | % |  | 2019 |  | % |  | 2018 |  | %
($000) |  |  |  |  |  |  |  |  |  |  |  |
Taxes at statutory rate |  | $ | (13,425) |  |  | 21 |  |  | $ | 27,051 |  |  | 21 |  |  | $ | 34,284 |  |  | 28 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes-net of federal benefit |  | 1,194 |  |  | (2) |  |  | (1,212) |  |  | (1) |  |  | 1,426 |  |  | 1 |
Taxes on non U.S. earnings |  | (915) |  |  | 1 |  |  | (5,857) |  |  | (5) |  |  | (16,058) |  |  | (13) |
Valuation allowance |  | (9,365) |  |  | 15 |  |  | (6,703) |  |  | (5) |  |  | (6,008) |  |  | (5) |
Research and manufacturing incentive deductions and credits |  | (15,836) |  |  | 25 |  |  | (11,756) |  |  | (9) |  |  | (7,024) |  |  | (6) |
Stock compensation |  | 4,334 |  |  | (7) |  |  | (1,914) |  |  | (1) |  |  | (4,103) |  |  | (3) |
Repatriation tax |  | — |  |  | — |  |  | 14,108 |  |  | 11 |  |  | 36,777 |  |  | 30 |
GILTI and FDII |  | 36,067 |  |  | (56) |  |  | 6,437 |  |  | 5 |  |  | — |  |  | — |
Impact of U.S. tax rate change on deferred balances |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,209) |  |  | (3) |
Other |  | 1,047 |  |  | (2) |  |  | 1,142 |  |  | 1 |  |  | (893) |  |  | (1) |
|  | $ | 3,101 |  |  | (5) |  |  | $ | 21,296 |  |  | 17 |  |  | $ | 34,192 |  |  | 28 |
Schedule of Gross Operating Loss Carryforwards and Tax Credit Carryforwards | The Company has the following gross operating loss carryforwards and tax credit carryforwards as of June 30, 2020:
Type |  | Amount |  | Expiration Date
($000) |  |  |  |
Tax credit carryforwards: |  |  |  |
Federal research and development credits |  | $ | 71,694 |  |  | June 2021-June 2040
Foreign tax credits |  | 14,354 |  |  | June 2022-June 2030
State tax credits |  | 14,364 |  |  | June 2021-June 2035
State tax credits (indefinite) |  | 40,316 |  |  | Indefinite
Operating loss carryforwards: |  |  |  |
Loss carryforwards - federal |  | $ | 166,643 |  |  | June 2021-June 2036
Loss carryforwards - state |  | 110,587 |  |  | June 2021-June 2039
Loss carryforwards - foreign |  | 10,683 |  |  | June 2021-June 2040
Loss carryforwards - foreign (indefinite) |  | 36,806 |  |  | Indefinite
Schedule of Changes in Liability for Unrecognized Tax Benefits | Changes in the liability for unrecognized tax benefits for the fiscal years ended June 30, 2020, 2019 and 2018 were as follows:
|  | 2020 |  | 2019 |  | 2018
($000) |  |  |  |  |  |
Beginning balance |  | $ | 11,520 |  |  | $ | 9,892 |  |  | $ | 7,577 |
Increases in current year tax positions |  | 1,506 |  |  | 191 |  |  | 2,536 |
Increases in prior year tax positions |  | — |  |  | 376 |  |  | 224 |
Decreases in prior year tax positions |  | — |  |  | — |  |  | (9) |
Acquired business |  | 31,791 |  |  | 6,036 |  |  | — |
Expiration of statute of limitations |  | (2,014) |  |  | (4,975) |  |  | (436) |
Ending balance |  | $ | 42,803 |  |  | $ | 11,520 |  |  | $ | 9,892 |

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