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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Components of income before income taxes | The components of income before income taxes are as follows:
Year Ended June 30, | 2024 |  | 2023 |  | 2022
U.S. | $ | 467,785 |  |  | $ | 423,316 |  |  | $ | 287,367 |
Foreign | 30,345 |  |  | 26,495 |  |  | 42,423 |
Income before income taxes | $ | 498,130 |  |  | $ | 449,811 |  |  | $ | 329,790 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consists of:
Year Ended June 30, | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 86,501 |  |  | $ | 84,294 |  |  | $ | 40,608 |
State and local | 23,016 |  |  | 19,026 |  |  | 10,188 |
Foreign | 3,925 |  |  | 5,468 |  |  | 6,404 |
Total current | 113,442 |  |  | 108,788 |  |  | 57,200 |
Deferred: |  |  |  |  |
Federal | (791) |  |  | (1,881) |  |  | 12,467 |
State and local | 1,159 |  |  | (84) |  |  | 2,659 |
Foreign | (1,442) |  |  | (3,751) |  |  | 50 |
Total deferred | (1,074) |  |  | (5,716) |  |  | 15,176 |
Total | $ | 112,368 |  |  | $ | 103,072 |  |  | $ | 72,376 |
Reconciliations of federal statutory income tax rate and Company's effective income tax rate | The following reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate:
Year Ended June 30, | 2024 |  | 2023 |  | 2022
Statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effects of: |  |  |  |  |
State and local taxes | 4.0 |  |  | 3.5 |  |  | 3.3 |
Stock compensation | (1.2) |  |  | (1.0) |  |  | (1.5) |
GILTI/FDII | (0.4) |  |  | (0.2) |  |  | 0.2 |
R & D credit | (0.4) |  |  | (0.4) |  |  | (0.4) |
U.S. tax on foreign income, net | (0.1) |  |  | — |  |  | (0.4) |
Impact of foreign operations | 0.3 |  |  | 0.2 |  |  | 0.4 |
Non-deductibles/Deductible dividend | 0.9 |  |  | 0.6 |  |  | 0.2 |
Interest deduction | (0.4) |  |  | (0.4) |  |  | (0.6) |
Valuation allowance | (0.7) |  |  | (0.6) |  |  | (0.6) |
Other, net | (0.4) |  |  | 0.2 |  |  | 0.3 |
Effective income tax rate | 22.6 | % |  | 22.9 | % |  | 21.9 | %
Components of the Company's net deferred tax assets | Significant components of the Company’s deferred tax assets and liabilities are as follows:
June 30, | 2024 |  | 2023
Deferred tax assets: |  |  |
Compensation liabilities not currently deductible | $ | 18,646 |  |  | $ | 17,726 |
Other expenses and reserves not currently deductible | 15,008 |  |  | 18,215 |
Leases | 34,771 |  |  | 26,345 |
Net operating loss carryforwards | 6,340 |  |  | 6,809 |
Capitalization of R&D costs | 17,584 |  |  | 11,646 |
Other | 300 |  |  | 381 |
Total deferred tax assets | $ | 92,649 |  |  | $ | 81,122 |
Less: Valuation allowance | (158) |  |  | (3,459) |
Deferred tax assets, net of valuation allowance | $ | 92,491 |  |  | $ | 77,663 |
Deferred tax liabilities: |  |  |
Inventories | $ | (18,086) |  |  | $ | (15,174) |
Goodwill and intangibles | (63,733) |  |  | (52,463) |
Leases | (34,473) |  |  | (26,179) |
Hedging instrument | (5,965) |  |  | (9,081) |
Depreciation and differences in property bases | (10,506) |  |  | (9,757) |
Total deferred tax liabilities | (132,763) |  |  | (112,654) |
Net deferred tax liabilities | $ | (40,272) |  |  | $ | (34,991) |
Net deferred tax liabilities are classified as follows: |  |  |
Other assets | $ | 11,306 |  |  | $ | 9,990 |
Other liabilities | (51,578) |  |  | (44,981) |
Net deferred tax liabilities | $ | (40,272) |  |  | $ | (34,991) |
Schedule of Unrecognized Tax Benefits Roll Forward | The Company and its subsidiaries file income tax returns in U.S. federal, various state, local, and foreign jurisdictions. The following table sets forth the changes in the amount of unrecognized tax benefits for the years ended June 30, 2024, 2023, and 2022:
Year Ended June 30, | 2024 |  | 2023 |  | 2022
Unrecognized Income Tax Benefits at beginning of the year | $ | 4,821 |  |  | $ | 4,926 |  |  | $ | 5,230 |
Current year tax positions | 105 |  |  | 622 |  |  | 505 |
Prior year tax positions | (412) |  |  | (86) |  |  | (83) |
Expirations of statutes of limitations | (1,466) |  |  | (641) |  |  | (726) |
Unrecognized Income Tax Benefits at end of year | $ | 3,048 |  |  | $ | 4,821 |  |  | $ | 4,926 |

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