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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2022
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, |  | 2022 |  | 2021 |  | 2020
($000) |  |  |  |  |  |
U.S. income (loss) |  | $ | (62,721) |  |  | $ | 21,692 |  |  | $ | (302,027) |
Non-U.S. income |  | 344,528 |  |  | 330,898 |  |  | 238,099 |
Earnings (loss) before income taxes |  | $ | 281,807 |  |  | $ | 352,590 |  |  | $ | (63,928) |
Components of Income Tax Expense | The components of income tax expense were as follows:
Year Ended June 30, |  | 2022 |  | 2021 |  | 2020
($000) |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 1,569 |  |  | $ | 415 |  |  | $ | 7 |
State |  | 768 |  |  | 1,632 |  |  | 496 |
Foreign |  | 52,865 |  |  | 53,362 |  |  | 45,052 |
Total Current |  | $ | 55,202 |  |  | $ | 55,409 |  |  | $ | 45,555 |
Deferred: |  |  |  |  |  |
Federal |  | $ | (7,185) |  |  | $ | 13,744 |  |  | $ | (43,955) |
State |  | (1,215) |  |  | (431) |  |  | 1,007 |
Foreign |  | 246 |  |  | (13,684) |  |  | 494 |
Total Deferred |  | $ | (8,154) |  |  | $ | (371) |  |  | $ | (42,454) |
Total Income Tax Expense |  | $ | 47,048 |  |  | $ | 55,038 |  |  | $ | 3,101 |
Schedule of Principal Items Comprising Deferred Income Taxes | Principal items comprising deferred income taxes were as follows:
June 30, |  | 2022 |  | 2021
($000) |  |  |  |
Deferred income tax assets |  |  |  |
Inventory capitalization |  | $ | 20,562 |  |  | $ | 20,753 |
Interest rate swap |  | — |  |  | 6,347 |
Non-deductible accruals |  | 8,403 |  |  | 7,437 |
Accrued employee benefits |  | 11,320 |  |  | 14,025 |
Net-operating loss and credit carryforwards |  | 149,949 |  |  | 163,717 |
Share-based compensation expense |  | 10,125 |  |  | 8,400 |
Other |  | 3,565 |  |  | 1,832 |
Deferred revenue |  | 12,416 |  |  | 7,124 |
Right of use asset |  | 29,817 |  |  | 33,341 |
Valuation allowances |  | (55,420) |  |  | (53,765) |
Total deferred income tax assets |  | $ | 190,737 |  |  | $ | 209,211 |
Deferred income tax liabilities |  |  |  |
Tax over book accumulated depreciation |  | $ | (28,701) |  |  | $ | (32,692) |
Intangible assets |  | (134,972) |  |  | (153,582) |
Interest rate swap |  | (6,105) |  |  | — |
Interest rate cap |  | (4,102) |  |  | — |
Tax on unremitted earnings |  | (26,383) |  |  | (21,569) |
Convertible debt |  | — |  |  | (3,321) |
Lease liability |  | (28,983) |  |  | (32,053) |
Other |  | (7,036) |  |  | (6,458) |
Total deferred income tax liabilities |  | $ | (236,282) |  |  | $ | (249,675) |
Net deferred income taxes |  | $ | (45,545) |  |  | $ | (40,464) |
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, |  | 2022 |  | % |  | 2021 |  | % |  | 2020 |  | %
($000) |  |  |  |  |  |  |  |  |  |  |  |
Taxes at statutory rate |  | $ | 59,179 |  |  | 21 |  |  | $ | 74,044 |  |  | 21 |  |  | $ | (13,425) |  |  | 21 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes-net of federal benefit |  | (339) |  |  | — |  |  | 1,246 |  |  | — |  |  | 1,194 |  |  | (2) |
Taxes on non U.S. earnings |  | (2,704) |  |  | (1) |  |  | (26,557) |  |  | (7) |  |  | (915) |  |  | 1 |
Valuation allowance |  | (1,513) |  |  | (1) |  |  | (3,720) |  |  | (1) |  |  | (9,365) |  |  | 15 |
Research and manufacturing incentive deductions and credits |  | (24,341) |  |  | (9) |  |  | (22,968) |  |  | (6) |  |  | (15,836) |  |  | 25 |
Stock compensation |  | 2,095 |  |  | 1 |  |  | (2,500) |  |  | (1) |  |  | 4,334 |  |  | (7) |
GILTI and FDII |  | 4,866 |  |  | 2 |  |  | 27,369 |  |  | 8 |  |  | 36,067 |  |  | (56) |
Other |  | 9,805 |  |  | 4 |  |  | 8,124 |  |  | 2 |  |  | 1,047 |  |  | (2) |
|  | $ | 47,048 |  |  | 17 |  |  | $ | 55,038 |  |  | 16 |  |  | $ | 3,101 |  |  | (5) |
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, 2022:
Type |  | Amount |  | Expiration Date
($000) |  |  |  |
Tax credit carryforwards: |  |  |  |
Federal research and development credits |  | $ | 83,063 |  |  | June 2023-June 2042
Foreign tax credits |  | 3,540 |  |  | June 2030-June 2032
State tax credits |  | 15,632 |  |  | June 2023-June 2037
State tax credits (indefinite) |  | 39,243 |  |  | Indefinite
Operating loss carryforwards: |  |  |  |
Loss carryforwards - federal |  | $ | 42,012 |  |  | June 2023-June 2036
Loss carryforwards - state |  | 182,178 |  |  | June 2023-June 2042
Loss carryforwards - state (indefinite) |  | 25,899 |  |  | Indefinite
Loss carryforwards - foreign |  | 15,608 |  |  | June 2023-June 2032
Loss carryforwards - foreign (indefinite) |  | 38,600 |  |  | 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, 2022, 2021 and 2020 were as follows:
|  | 2022 |  | 2021 |  | 2020
($000) |  |  |  |  |  |
Beginning balance |  | $ | 38,025 |  |  | $ | 42,803 |  |  | $ | 11,520 |
Increases in current year tax positions |  | 1,803 |  |  | 3,940 |  |  | 1,506 |
Acquired business |  | — |  |  | 5,341 |  |  | 31,791 |
Settlements |  | — |  |  | (7,514) |  |  | — |
Expiration of statute of limitations |  | (2,417) |  |  | (6,545) |  |  | (2,014) |
Ending balance |  | $ | 37,411 |  |  | $ | 38,025 |  |  | $ | 42,803 |

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