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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Components of Earnings (Losses) Before Income Taxes | The components of earnings (loss) before income taxes by jurisdiction were as follows:
Year Ended June 30, |  | 2023 |  | 2022 |  | 2021
($000) |  |  |  |  |  |
U.S. income (loss) |  | $ | (450,370) |  |  | $ | (62,721) |  |  | $ | 21,692 |
Non-U.S. income |  | 94,812 |  |  | 344,528 |  |  | 330,898 |
Earnings (loss) before income taxes |  | $ | (355,558) |  |  | $ | 281,807 |  |  | $ | 352,590 |
Components of Income Tax Expense | The components of the income tax expense (benefit) were as follows:
Year Ended June 30, |  | 2023 |  | 2022 |  | 2021
($000) |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 5 |  |  | $ | 1,569 |  |  | $ | 415 |
State |  | 3,867 |  |  | 768 |  |  | 1,632 |
Foreign |  | 106,850 |  |  | 52,865 |  |  | 53,362 |
Total Current |  | $ | 110,722 |  |  | $ | 55,202 |  |  | $ | 55,409 |
Deferred: |  |  |  |  |  |
Federal |  | $ | (106,044) |  |  | $ | (7,185) |  |  | $ | 13,744 |
State |  | (7,151) |  |  | (1,215) |  |  | (431) |
Foreign |  | (93,627) |  |  | 246 |  |  | (13,684) |
Total Deferred |  | $ | (206,822) |  |  | $ | (8,154) |  |  | $ | (371) |
Total Income Tax Expense (Benefit) |  | $ | (96,100) |  |  | $ | 47,048 |  |  | $ | 55,038 |
Schedule of Principal Items Comprising Deferred Income Taxes | Principal items comprising deferred tax assets and liabilities were as follows:
June 30, |  | 2023 |  | 2022
($000) |  |  |  |
Deferred income tax assets |  |  |  |
Inventory capitalization |  | $ | 60,232 |  |  | $ | 20,562 |
Non-deductible accruals |  | 18,423 |  |  | 8,403 |
Accrued employee benefits |  | 40,292 |  |  | 11,320 |
Net-operating loss and credit carryforwards |  | 234,546 |  |  | 149,949 |
Share-based compensation expense |  | 16,729 |  |  | 10,125 |
Other |  | 9,256 |  |  | 3,565 |
Research and development capitalization |  | 85,473 |  |  | — |
Deferred revenue |  | 11,415 |  |  | 12,416 |
Right of use asset |  | 42,688 |  |  | 29,817 |
Valuation allowances |  | (97,180) |  |  | (55,420) |
Total deferred income tax assets |  | $ | 421,874 |  |  | $ | 190,737 |
Deferred income tax liabilities |  |  |  |
Tax over book accumulated depreciation |  | $ | (56,742) |  |  | $ | (28,701) |
Intangible assets |  | (988,580) |  |  | (134,972) |
Interest rate swap |  | (8,522) |  |  | (6,105) |
Interest rate cap |  | (10,734) |  |  | (4,102) |
Tax on unremitted earnings |  | (51,672) |  |  | (26,383) |
Lease liability |  | (41,426) |  |  | (28,983) |
Other |  | (6,757) |  |  | (7,036) |
Total deferred income tax liabilities |  | $ | (1,164,433) |  |  | $ | (236,282) |
Net deferred income taxes |  | $ | (742,559) |  |  | $ | (45,545) |
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, |  | 2023 |  | % |  | 2022 |  | % |  | 2021 |  | %
($000) |  |  |  |  |  |  |  |  |  |  |  |
Taxes at statutory rate |  | $ | (74,667) |  |  | 21 |  |  | $ | 59,179 |  |  | 21 |  |  | $ | 74,044 |  |  | 21 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes-net of federal benefit |  | (2,548) |  |  | 1 |  |  | (339) |  |  | — |  |  | 1,246 |  |  | — |
Taxes on non U.S. earnings |  | 191 |  |  | — |  |  | (2,704) |  |  | (1) |  |  | (26,557) |  |  | (7) |
Valuation allowance |  | 3,835 |  |  | (1) |  |  | (1,513) |  |  | (1) |  |  | (3,720) |  |  | (1) |
Research and manufacturing incentive deductions and credits |  | (29,416) |  |  | 8 |  |  | (24,341) |  |  | (9) |  |  | (22,968) |  |  | (6) |
Stock compensation |  | 18,661 |  |  | (5) |  |  | 2,095 |  |  | 1 |  |  | (2,500) |  |  | (1) |
GILTI and FDII |  | (7,195) |  |  | 2 |  |  | 4,866 |  |  | 2 |  |  | 27,369 |  |  | 8 |
Other |  | (4,961) |  |  | 1 |  |  | 9,805 |  |  | 4 |  |  | 8,124 |  |  | 2 |
|  | $ | (96,100) |  |  | 27 |  |  | $ | 47,048 |  |  | 17 |  |  | $ | 55,038 |  |  | 16 |
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, 2023:
Type |  | Amount |  | Expiration Date
($000) |  |  |  |
Tax credit carryforwards: |  |  |  |
Federal research and development credits |  | $ | 124,892 |  |  | June 2027-June 2043
Foreign tax credits |  | 26,850 |  |  | June 2030-June 2032
State tax credits |  | 19,203 |  |  | June 2024-June 2038
State tax credits (indefinite) |  | 76,968 |  |  | Indefinite
Operating loss carryforwards: |  |  |  |
Loss carryforwards - federal |  | $ | 40,411 |  |  | June 2024-June 2036
Loss carryforwards - federal (indefinite) |  | 2,182 |  |  | Indefinite
Loss carryforwards - state |  | 266,937 |  |  | June 2024-June 2043
Loss carryforwards - state (indefinite) |  | 32,863 |  |  | Indefinite
Loss carryforwards - foreign |  | 62,719 |  |  | June 2024-June 2033
Loss carryforwards - foreign (indefinite) |  | 136,326 |  |  | 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, 2023, 2022 and 2021 were as follows:
|  | 2023 |  | 2022 |  | 2021
($000) |  |  |  |  |  |
Beginning balance |  | $ | 37,411 |  |  | $ | 38,025 |  |  | $ | 42,803 |
Increases in current year tax positions |  | 110 |  |  | 1,803 |  |  | 3,940 |
Acquired business |  | 86,077 |  |  | — |  |  | 5,341 |
Settlements |  | — |  |  | — |  |  | (7,514) |
Expiration of statute of limitations |  | (8,418) |  |  | (2,417) |  |  | (6,545) |
Ending balance |  | $ | 115,180 |  |  | $ | 37,411 |  |  | $ | 38,025 |

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