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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Loss Before Income Tax Expense | The domestic and foreign components of income before provision for income taxes are as follows (in thousands):
|  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Domestic |  | $ | 379,414 |  |  | $ | 308,922 |  |  | $ | 279,360 |
Foreign |  |  | 22,223 |  |  |  | 18,987 |  |  |  | 19,304 |
Income before income taxes |  | $ | 401,637 |  |  | $ | 327,909 |  |  | $ | 298,664 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows (in thousands):
|  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 42,268 |  |  | $ | 41,675 |  |  | $ | 56,467 |
State and local |  |  | 14,744 |  |  |  | 17,606 |  |  |  | 13,006 |
Foreign |  |  | 5,271 |  |  |  | 4,033 |  |  |  | 5,344 |
Total current |  |  | 62,283 |  |  |  | 63,314 |  |  |  | 74,817 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 12,940 |  |  |  | (27 | ) |  |  | (80,395 | )
State and local |  |  | 5,465 |  |  |  | (877 | ) |  |  | 3,481 |
Foreign |  |  | (531 | ) |  |  | (105 | ) |  |  | (410 | )
Total deferred |  |  | 17,874 |  |  |  | (1,009 | ) |  |  | (77,324 | )
Total income tax expense (benefit) |  | $ | 80,157 |  |  | $ | 62,305 |  |  | $ | (2,507 | )
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differs from the amounts computed by applying the U.S. federal statutory income tax rate as a result of the following (in thousands):
|  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Expected tax expense computed at federal statutory rate (1) |  | $ | 84,344 |  |  | $ | 68,861 |  |  | $ | 83,805 |
State and local taxes, net of federal benefit |  |  | 15,965 |  |  |  | 13,216 |  |  |  | 11,860 |
Nonincludible and nondeductible items, net |  |  | 3,133 |  |  |  | 1,971 |  |  |  | 1,832 |
Remeasurement of deferred taxes and transition tax |  |  | — |  |  |  | (2,182 | ) |  |  | (86,593 | )
Effect of foreign tax rates |  |  | (377 | ) |  |  | (380 | ) |  |  | (1,261 | )
R&D tax credit, net |  |  | (10,700 | ) |  |  | (6,755 | ) |  |  | (3,630 | )
Other tax credits |  |  | (1,183 | ) |  |  | (2,138 | ) |  |  | (2,102 | )
Stock-based compensation |  |  | (10,900 | ) |  |  | (7,493 | ) |  |  | (5,388 | )
Other |  |  | (125 | ) |  |  | (2,795 | ) |  |  | (1,030 | )
Total income tax expense (benefit) |  | $ | 80,157 |  |  | $ | 62,305 |  |  | $ | (2,507 | )
| (1) | The U.S. federal statutory income tax rate for FY2020 and FY2019 is 21.0 percent. The federal statutory rate for FY2018 was a blended rate of 28.06 percent due to the TCJA.
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred taxes are presented below (in thousands):
|  | June 30, |
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Deferred compensation and post-retirement obligations |  | $ | 33,094 |  |  | $ | 29,206 |
Reserves and accruals |  |  | 41,137 |  |  |  | 30,205 |
Stock-based compensation |  |  | 9,860 |  |  |  | 9,881 |
Lease liability |  |  | 99,539 |  |  |  | — |
Interest rate swaps |  |  | 11,349 |  |  |  | 2,688 |
Other asset |  |  | 6,786 |  |  |  | 9,392 |
Total deferred tax assets |  |  | 201,765 |  |  |  | 81,372 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Goodwill and other intangible assets |  |  | (273,088 | ) |  |  | (257,762 | )
Unbilled revenue |  |  | (17,429 | ) |  |  | (17,640 | )
Prepaid expenses |  |  | (6,444 | ) |  |  | (2,974 | )
Right of use assets |  |  | (85,275 | ) |  |  | — |
Property and equipment |  |  | (32,625 | ) |  |  | (8,335 | )
Total deferred tax liabilities |  |  | (414,861 | ) |  |  | (286,711 | )
Net deferred tax liability |  | $ | (213,096 | ) |  | $ | (205,339 | )
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized benefits is shown in the table below (in thousands):
|  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Beginning of year |  | $ | 1,530 |  |  | $ | 4,122 |  |  | $ | 1,639 |
Additions based on current year tax positions |  |  | 2,293 |  |  |  | 676 |  |  |  | 2,483 |
Lapse of statute of limitations |  |  | — |  |  |  | (164 | ) |  |  | — |
Additions based on prior year tax positions |  |  | 5,003 |  |  |  | — |  |  |  | — |
Reductions based on prior tax year positions |  |  | — |  |  |  | (3,104 | ) |  |  | — |
End of year |  | $ | 8,826 |  |  | $ | 1,530 |  |  | $ | 4,122 |

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