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v3.25.2

INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:
| 2025 |  | 2024 |  | 2023
Current |  |  |  |  |
Federal | $ | 165 |  |  | $ | 132 |  |  | $ | 153 |
State | 39 |  |  | 18 |  |  | 33 |
Foreign | 68 |  |  | 56 |  |  | 40 |
Total current | $ | 272 |  |  | $ | 206 |  |  | $ | 226 |
Deferred |  |  |  |  |
Federal | $ | (17) |  |  | $ | (99) |  |  | $ | (120) |
State | (2) |  |  | (5) |  |  | (28) |
Foreign | 1 |  |  | 4 |  |  | (1) |
Total deferred | (18) |  |  | (100) |  |  | (149) |
Total | $ | 254 |  |  | $ | 106 |  |  | $ | 77 |
Schedule of Components of Earnings Before Income Taxes | The components of Earnings before income taxes, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:
| 2025 |  | 2024 |  | 2023
United States | $ | 886 |  |  | $ | 311 |  |  | $ | 154 |
Foreign | 192 |  |  | 87 |  |  | 84 |
Total | $ | 1,078 |  |  | $ | 398 |  |  | $ | 238 |
Schedule of Reconciliation of Effective Tax Rate | A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate on operations follows for the fiscal years ended June 30:
| 2025 |  | 2024 |  | 2023
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes (net of federal tax benefits) | 2.7 |  |  | 2.5 |  |  | 1.6 |
Foreign tax rate differential | 2.6 |  |  | 7.7 |  |  | 8.6 |
Federal excess tax benefits | (0.3) |  |  | (0.3) |  |  | (1.8) |
Net U.S. tax on foreign income | (0.5) |  |  | (5.2) |  |  | (2.3) |
Loss on divestiture | 2.3 |  |  | 10.5 |  |  | — |
International legal entity reorganization | (1.1) |  |  | (6.1) |  |  | — |
VMS goodwill impairment | — |  |  | — |  |  | 8.6 |
Federal research and development credits | (0.5) |  |  | (1.2) |  |  | (2.7) |
Other differences | (2.6) |  |  | (2.4) |  |  | (0.6) |
Effective tax rate | 23.6 | % |  | 26.5 | % |  | 32.4 | %
Schedule of Components of Net Deferred Tax Assets (Liabilities) | The components of net deferred tax assets (liabilities) as of June 30 are shown below:
| 2025 |  | 2024
Deferred tax assets |  |  |
Compensation and benefit programs | $ | 105 |  |  | $ | 109 |
Loss and tax credit carryforwards | 208 |  |  | 153 |
Operating and finance lease liabilities | 106 |  |  | 111 |
Accruals and reserves | 27 |  |  | 33 |
Capitalized research and development | 63 |  |  | 43 |
Inventory costs | 18 |  |  | 29 |
Other | 33 |  |  | 33 |
Subtotal | 560 |  |  | 511 |
Valuation allowance | (166) |  |  | (115) |
Total deferred tax assets | $ | 394 |  |  | $ | 396 |
Deferred tax liabilities |  |  |
Property, plant and equipment and intangible assets | $ | (115) |  |  | $ | (84) |
Lease right-of-use assets | (95) |  |  | (100) |
Other | (37) |  |  | (36) |
Total deferred tax liabilities | (247) |  |  | (220) |
Net deferred tax assets (liabilities) | $ | 147 |  |  | $ | 176 |
The net deferred tax assets and liabilities included in the consolidated balance sheet at June 30 were as follows:
| 2025 |  | 2024
Net deferred tax assets (1) | $ | 167 |  |  | $ | 198 |
Net deferred tax liabilities | (20) |  |  | (22) |
Net deferred tax assets (liabilities) | $ | 147 |  |  | $ | 176 |
(1)Net deferred tax assets are recorded in Other assets.
Summary of Changes in Valuation Allowance | Changes in the valuation allowance on deferred tax assets were as follows for the fiscal years ended June 30:
| 2025 |  | 2024 |  | 2023
Valuation allowance at beginning of year | $ | (115) |  |  | $ | (59) |  |  | $ | (52) |
Net decrease/(increase) for U.S. capital loss carryforwards | (62) |  |  | (46) |  |  | — |
Net decrease/(increase) for other foreign deferred tax assets | 1 |  |  | (2) |  |  | (1) |
Net decrease/(increase) for foreign and U.S. net operating loss carryforwards and tax credits | 10 |  |  | (8) |  |  | (6) |
Valuation allowance at end of year | $ | (166) |  |  | $ | (115) |  |  | $ | (59) |
Summary of Tax Credit Carryforwards | The Company's carryforwards for capital losses, net operating losses, and tax credits, with related valuation allowances were as follows as of June 30:
| 2025 |  |
| Carryforwards |  | Valuation Allowances |  | Net Carryforwards |  | Fiscal Year Expiring
Capital losses in U.S. jurisdictions | 108 |  |  | (108) |  |  | — |  |  | 2030
Net operating losses |  |  |  |  |  |  |
U.S. jurisdictions | 2 |  |  | (2) |  |  | — |  |  | 2031 - 2038
U.S. jurisdictions (with no expiration) | 4 |  |  | (3) |  |  | 1 |  |  | N/A
Foreign jurisdictions | 16 |  |  | (12) |  |  | 4 |  |  | 2026 - 2039
Foreign jurisdictions (with no expiration) | 7 |  |  | — |  |  | 7 |  |  | N/A
Total net operating losses | 29 |  |  | (17) |  |  | 12 |  |  |
Income tax credits |  |  |  |  |  |  |
U.S. jurisdictions | 33 |  |  | — |  |  | 33 |  |  | 2026 - 2035
U.S. jurisdictions (with no expiration) | 2 |  |  | — |  |  | 2 |  |  | N/A
Foreign jurisdictions | 30 |  |  | (30) |  |  | — |  |  | 2026
Foreign jurisdictions (with no expiration) | 6 |  |  | (5) |  |  | 1 |  |  | N/A
Total income tax credits | 71 |  |  | (35) |  |  | 36 |  |  |
Total carryforwards | $ | 208 |  |  | $ | (160) |  |  | $ | 48 |  |  |
| 2024 |  |
| Carryforwards |  | Valuation Allowances |  | Net Carryforwards |  |
Capital losses in U.S. jurisdictions | 46 |  |  | (46) |  |  | — |  |  |
Net operating losses |  |  |  |  |  |  |
U.S. jurisdictions | 6 |  |  | (5) |  |  | 1 |  |  |
U.S. jurisdictions (with no expiration) | 9 |  |  | (8) |  |  | 1 |  |  |
Foreign jurisdictions | 18 |  |  | (16) |  |  | 2 |  |  |
Foreign jurisdictions (with no expiration) | 8 |  |  | — |  |  | 8 |  |  |
Total net operating losses | 41 |  |  | (29) |  |  | 12 |  |  |
Income tax credits |  |  |  |  |  |  |
U.S. jurisdictions | 30 |  |  | — |  |  | 30 |  |  |
U.S. jurisdictions (with no expiration) | 2 |  |  | — |  |  | 2 |  |  |
Foreign jurisdictions | 30 |  |  | (30) |  |  | — |  |  |
Foreign jurisdictions (with no expiration) | 4 |  |  | (3) |  |  | 1 |  |  |
Total income tax credits | 66 |  |  | (33) |  |  | 33 |  |  |
Total carryforwards | $ | 153 |  |  | $ | (108) |  |  | $ | 45 |  |  |
Summary of Operating Loss Carryforwards | The Company's carryforwards for capital losses, net operating losses, and tax credits, with related valuation allowances were as follows as of June 30:
| 2025 |  |
| Carryforwards |  | Valuation Allowances |  | Net Carryforwards |  | Fiscal Year Expiring
Capital losses in U.S. jurisdictions | 108 |  |  | (108) |  |  | — |  |  | 2030
Net operating losses |  |  |  |  |  |  |
U.S. jurisdictions | 2 |  |  | (2) |  |  | — |  |  | 2031 - 2038
U.S. jurisdictions (with no expiration) | 4 |  |  | (3) |  |  | 1 |  |  | N/A
Foreign jurisdictions | 16 |  |  | (12) |  |  | 4 |  |  | 2026 - 2039
Foreign jurisdictions (with no expiration) | 7 |  |  | — |  |  | 7 |  |  | N/A
Total net operating losses | 29 |  |  | (17) |  |  | 12 |  |  |
Income tax credits |  |  |  |  |  |  |
U.S. jurisdictions | 33 |  |  | — |  |  | 33 |  |  | 2026 - 2035
U.S. jurisdictions (with no expiration) | 2 |  |  | — |  |  | 2 |  |  | N/A
Foreign jurisdictions | 30 |  |  | (30) |  |  | — |  |  | 2026
Foreign jurisdictions (with no expiration) | 6 |  |  | (5) |  |  | 1 |  |  | N/A
Total income tax credits | 71 |  |  | (35) |  |  | 36 |  |  |
Total carryforwards | $ | 208 |  |  | $ | (160) |  |  | $ | 48 |  |  |
| 2024 |  |
| Carryforwards |  | Valuation Allowances |  | Net Carryforwards |  |
Capital losses in U.S. jurisdictions | 46 |  |  | (46) |  |  | — |  |  |
Net operating losses |  |  |  |  |  |  |
U.S. jurisdictions | 6 |  |  | (5) |  |  | 1 |  |  |
U.S. jurisdictions (with no expiration) | 9 |  |  | (8) |  |  | 1 |  |  |
Foreign jurisdictions | 18 |  |  | (16) |  |  | 2 |  |  |
Foreign jurisdictions (with no expiration) | 8 |  |  | — |  |  | 8 |  |  |
Total net operating losses | 41 |  |  | (29) |  |  | 12 |  |  |
Income tax credits |  |  |  |  |  |  |
U.S. jurisdictions | 30 |  |  | — |  |  | 30 |  |  |
U.S. jurisdictions (with no expiration) | 2 |  |  | — |  |  | 2 |  |  |
Foreign jurisdictions | 30 |  |  | (30) |  |  | — |  |  |
Foreign jurisdictions (with no expiration) | 4 |  |  | (3) |  |  | 1 |  |  |
Total income tax credits | 66 |  |  | (33) |  |  | 33 |  |  |
Total carryforwards | $ | 153 |  |  | $ | (108) |  |  | $ | 45 |  |  |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the beginning and ending amounts of the Company’s gross unrecognized tax benefits for the fiscal years ended June 30:
| 2025 |  | 2024 |  | 2023
Unrecognized tax benefits at beginning of year | $ | 22 |  |  | $ | 17 |  |  | $ | 17 |
Gross increases - tax positions in prior periods | 3 |  |  | — |  |  | 1 |
Gross decreases - tax positions in prior periods | (1) |  |  | (4) |  |  | (3) |
Gross increases - current period tax positions | 3 |  |  | 9 |  |  | 2 |
Unrecognized tax benefits at end of year | $ | 27 |  |  | $ | 22 |  |  | $ | 17 |

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