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INCOME TAXES (Tables)

12 Months Ended

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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