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v3.23.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2023
Income Taxes |
Schedule of income before income taxes comprised | Income before income taxes was comprised of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2023 |  | 2022 |  | 2021
Domestic | ​ | $ | 288,458 | ​ | $ | 255,118 | ​ | $ | 95,662
Foreign | ​ |  | 50,201 | ​ |  | 46,268 | ​ |  | 52,513
Earnings before income taxes | ​ | $ | 338,659 | ​ | $ | 301,386 | ​ | $ | 148,175
​ The provision for income taxes consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2023 |  | 2022 |  | 2021
Taxes on income consist of: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current tax provision: |  | ​ |  |  | ​ |  |  | ​ |
Federal |  | $ | 59,810 |  | $ | 10,080 |  | $ | 15,179
State |  | ​ | 12,753 |  | ​ | 6,663 |  | ​ | 6,681
Foreign |  | ​ | 10,453 |  | ​ | 14,481 |  | ​ | 14,743
Total current tax provision |  | ​ | 83,016 |  | ​ | 31,224 |  | ​ | 36,603
Deferred tax provision: |  | ​ |  |  | ​ |  |  | ​ |
Federal |  | ​ | (28,829) |  | ​ | 8,130 |  | ​ | (20,812)
State |  | ​ | (2,414) |  | ​ | 1,477 |  | ​ | (4,962)
Foreign |  | ​ | 1,444 |  | ​ | (2,544) |  | ​ | (2,239)
Total deferred tax provision |  | ​ | (29,799) |  | ​ | 7,063 |  | ​ | (28,013)
Total income tax provision |  | $ | 53,217 |  | $ | 38,287 |  | $ | 8,590
Schedule of effective income tax rate reconciliation | The following is a reconciliation of the federal tax calculated at the statutory rate to the actual income taxes provided:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended June 30,
​ |  | 2023 |  | 2022 |  | 2021 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense at federal statutory rate | ​ | ​ | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | ​ | ​ | 2.5 | ​ |  | 2.2 | ​ |  | 0.6 | ​
Research and development tax credit | ​ | ​ | (1.3) | ​ |  | (1.0) | ​ |  | (1.8) | ​
Contingent consideration adjustment | ​ | ​ | (0.8) | ​ |  | (1.4) | ​ |  | 0.8 | ​
Foreign tax rate differences | ​ | ​ | (0.6) | ​ |  | 0.4 | ​ |  | 0.8 | ​
(Gain)/loss on investment | ​ | ​ | (0.7) | ​ | ​ | 1.1 | ​ | ​ | — | ​
Option exercises | ​ | ​ | (3.3) | ​ |  | (9.4) | ​ |  | (16.9) | ​
U.S. taxation of foreign earnings | ​ | ​ | 0.4 | ​ |  | (0.1) | ​ |  | (0.1) | ​
Foreign derived intangible income | ​ | ​ | (3.4) | ​ |  | (1.9) | ​ |  | (5.1) | ​
Foreign withholding tax | ​ | ​ | 1.5 | ​ | ​ | — | ​ | ​ | — | ​
Executive compensation limitations | ​ | ​ | 0.8 | ​ |  | 1.9 | ​ |  | 6.5 | ​
Other, net | ​ | ​ | (0.4) | ​ |  | (0.10) | ​ |  | 0.0 | ​
Effective tax rate | ​ | ​ | 15.7 | % |  | 12.7 | % |  | 5.8 | %
Schedule of deferred tax assets and liabilities | Deferred taxes on the Consolidated Balance Sheets consisted of the following temporary differences (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Inventory | ​ | $ | 10,906 | ​ | $ | 8,033
Net operating loss carryovers | ​ |  | 20,315 | ​ |  | 27,948
Tax credit carryovers | ​ |  | 9,218 | ​ |  | 13,131
Excess tax basis in equity investments | ​ |  | 939 | ​ |  | 2,435
Deferred compensation | ​ |  | 16,528 | ​ |  | 11,778
Lease liability | ​ |  | 21,001 | ​ |  | 13,779
Capitalized R&D | ​ | ​ | 21,081 | ​ | ​ | —
Other | ​ |  | 4,379 | ​ |  | 8,585
Valuation allowance | ​ |  | (9,344) | ​ |  | (9,466)
Deferred tax assets | ​ |  | 95,023 | ​ |  | 76,223
​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gain on available-for-sale investments | ​ |  | — | ​ |  | (6,963)
Intangible asset amortization | ​ |  | (134,810) | ​ |  | (133,672)
Depreciation | ​ |  | (21,449) | ​ |  | (18,060)
Right of use asset | ​ |  | (20,021) | ​ |  | (12,793)
Derivative - cash flow hedge | ​ | ​ | (3,995) | ​ | ​ | (2,480)
Other | ​ |  | (3,730) | ​ |  | (1,249)
Deferred tax liabilities | ​ |  | (184,005) | ​ |  | (175,217)
Net deferred income tax liabilities | ​ | $ | (88,982) | ​ | $ | (98,994)
​
Schedule of unrecognized tax benefits roll forward | The following is a reconciliation of the beginning and ending balance of unrecognized tax benefits (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2023 |  | 2022 |  | 2021
Beginning balance | ​ | $ | 5,302 | ​ | $ | 7,271 | ​ | $ | 4,297
Additions due to acquisitions | ​ |  | — | ​ |  | 960 | ​ |  | —
Additions for tax positions of prior year | ​ |  | — |  |  | 304 | ​ |  | 4,038
Decrease in unrecognized tax benefits for prior year positions | ​ |  | — |  |  | (357) | ​ |  | (778)
Settlements | ​ |  | — |  |  | (2,860) | ​ |  | (286)
FX impact | ​ | ​ | (11) | ​ | ​ | (16) | ​ | ​ | —
Ending balances | ​ | $ | 5,291 | ​ | $ | 5,302 | ​ | $ | 7,271

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