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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2024
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,
| 2024 |  | 2023 |  | 2022
Domestic | $ | 480,145 |  |  | $ | 447,975 |  |  | $ | 421,942 |
Foreign | 64,504 |  |  | 35,664 |  |  | 32,630 |
Income before income taxes | $ | 544,649 |  |  | $ | 483,639 |  |  | $ | 454,572 |
Schedule of Components of Income Tax Expense | The components of income tax expense are as follows (in thousands):
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 130,621 |  |  | $ | 184,040 |  |  | $ | 66,956 |
State and local | 26,268 |  |  | 49,824 |  |  | 1,372 |
Foreign | 17,599 |  |  | 11,053 |  |  | 9,880 |
Total current | 174,488 |  |  | 244,917 |  |  | 78,208 |
Deferred: |  |  |  |  |
Federal | (42,322) |  |  | (109,894) |  |  | (12,884) |
State and local | (6,827) |  |  | (36,717) |  |  | 22,140 |
Foreign | (614) |  |  | 598 |  |  | 314 |
Total deferred | (49,763) |  |  | (146,013) |  |  | 9,570 |
Total income tax expense | $ | 124,725 |  |  | $ | 98,904 |  |  | $ | 87,778 |
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 of 21.0% as a result of the following (in thousands):
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Expected tax expense computed at federal statutory rate | $ | 114,376 |  |  | $ | 101,564 |  |  | $ | 95,460 |
State and local taxes, net of federal benefit | 16,508 |  |  | 15,900 |  |  | 21,295 |
Remeasurement of current year NOL | — |  |  | — |  |  | (1,124) |
R&D tax credit, net | (12,604) |  |  | (14,205) |  |  | (15,708) |
Stock-based compensation | (2,385) |  |  | (930) |  |  | (3,981) |
Nonincludible and nondeductible items, net | 4,368 |  |  | 1,105 |  |  | 1,588 |
Remeasurement of deferred taxes | (1,150) |  |  | (5,546) |  |  | (5,629) |
Other | 5,612 |  |  | 1,016 |  |  | (4,123) |
Total income tax expense | $ | 124,725 |  |  | $ | 98,904 |  |  | $ | 87,778 |
Effective income tax rate | 22.9 | % |  | 20.4 | % |  | 19.3 | %
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,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Operating lease liabilities | $ | 97,911 |  |  | $ | 102,679 |
Reserves and accruals | 22,172 |  |  | 27,881 |
Capitalized research and development | 170,086 |  |  | 191,872 |
Credits and net operating loss carryovers | 9,407 |  |  | 4,284 |
Deferred compensation and post-retirement obligations | 34,315 |  |  | 34,477 |
Stock-based compensation | 12,362 |  |  | 11,032 |
Valuation allowance | (2,887) |  |  | — |
Total deferred tax assets | 343,366 |  |  | 372,225 |
Deferred tax liabilities: |  |  |
Goodwill and other intangible assets | (357,150) |  |  | (331,845) |
Property, plant and equipment | (27,578) |  |  | (31,068) |
Operating lease right-of-use assets | (74,769) |  |  | (78,670) |
Deferred revenue | (23,591) |  |  | (26,543) |
Prepaid expenses | (12,084) |  |  | (11,177) |
Interest rate swaps | (8,322) |  |  | (10,943) |
Other | (9,680) |  |  | (2,524) |
Total deferred tax liabilities | (513,174) |  |  | (492,770) |
Net deferred tax liability | $ | (169,808) |  |  | $ | (120,545) |
Schedule of Unrecognized Tax Benefits | Changes in the Company’s liability for unrecognized tax benefits is shown in the table below (in thousands):
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Beginning of year | $ | 153,860 |  |  | $ | 42,810 |  |  | $ | 31,505 |
Additions based on prior year tax positions | 3,592 |  |  | 3,829 |  |  | 8,221 |
Additions based on current year tax positions | 11,703 |  |  | 107,221 |  |  | 8,313 |
Reductions based on prior year tax positions | (96,111) |  |  | — |  |  | — |
Settlement with taxing authorities | — |  |  | — |  |  | (5,229) |
End of year | $ | 73,044 |  |  | $ | 153,860 |  |  | $ | 42,810 |
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ | 73,044 |  |  | $ | 56,944 |  |  | $ | 42,810 |

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