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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2024
Income Taxes |
Schedule of income before income taxes comprised | Income before income taxes was comprised of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2024 |  | 2023 |  | 2022
Domestic | ​ | $ | 174,806 | ​ | $ | 288,458 | ​ | $ | 255,118
Foreign | ​ |  | 10,883 | ​ |  | 50,201 | ​ |  | 46,268
Earnings before income taxes | ​ | $ | 185,689 | ​ | $ | 338,659 | ​ | $ | 301,386
​ The provision for income taxes consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2024 |  | 2023 |  | 2022
Taxes on income consist of: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current tax provision: |  | ​ |  |  | ​ |  |  | ​ |
Federal |  | $ | 40,228 |  | $ | 59,810 |  | $ | 10,080
State |  | ​ | 4,853 |  | ​ | 12,753 |  | ​ | 6,663
Foreign |  | ​ | 12,664 |  | ​ | 10,453 |  | ​ | 14,481
Total current tax provision |  | ​ | 57,745 |  | ​ | 83,016 |  | ​ | 31,224
Deferred tax provision: |  | ​ |  |  | ​ |  |  | ​ |
Federal |  | ​ | (28,301) |  | ​ | (28,829) |  | ​ | 8,130
State |  | ​ | (4,563) |  | ​ | (2,414) |  | ​ | 1,477
Foreign |  | ​ | (7,297) |  | ​ | 1,444 |  | ​ | (2,544)
Total deferred tax provision |  | ​ | (40,161) |  | ​ | (29,799) |  | ​ | 7,063
Total income tax provision |  | $ | 17,584 |  | $ | 53,217 |  | $ | 38,287
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,
​ |  | 2024 |  | 2023 |  | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense at federal statutory rate | ​ | ​ | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | ​ | ​ | (0.2) | ​ |  | 2.5 | ​ |  | 2.2 | ​
Research and development tax credit | ​ | ​ | (2.2) | ​ |  | (1.3) | ​ |  | (1.0) | ​
Contingent consideration adjustment | ​ | ​ | (0.4) | ​ |  | (0.8) | ​ |  | (1.4) | ​
Foreign tax rate differences | ​ | ​ | 3.1 | ​ |  | (0.6) | ​ |  | 0.4 | ​
(Gain)/loss on investment | ​ | ​ | — | ​ | ​ | (0.7) | ​ | ​ | 1.1 | ​
Option exercises | ​ | ​ | (8.8) | ​ |  | (3.3) | ​ |  | (9.4) | ​
U.S. taxation of foreign earnings | ​ | ​ | 0.1 | ​ |  | 0.4 | ​ |  | (0.1) | ​
Foreign derived intangible income | ​ | ​ | (4.8) | ​ |  | (3.4) | ​ |  | (1.9) | ​
Foreign withholding tax | ​ | ​ | (1.2) | ​ | ​ | 1.5 | ​ | ​ | — | ​
Executive compensation limitations | ​ | ​ | 2.7 | ​ |  | 0.8 | ​ |  | 1.9 | ​
Other, net | ​ | ​ | 0.2 | ​ |  | (0.4) | ​ |  | (0.10) | ​
Effective tax rate | ​ | ​ | 9.5 | % |  | 15.7 | % |  | 12.7 | %
Schedule of deferred tax assets and liabilities | Deferred taxes on the Consolidated Balance Sheets consisted of the following temporary differences (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Inventory | ​ | $ | 9,675 | ​ | $ | 10,906
Net operating loss carryovers | ​ |  | 25,065 | ​ |  | 20,315
Tax credit carryovers | ​ |  | 9,118 | ​ |  | 9,218
Excess tax basis in equity investments | ​ |  | 1,115 | ​ |  | 939
Deferred compensation | ​ |  | 16,628 | ​ |  | 16,528
Lease liability | ​ |  | 19,501 | ​ |  | 21,001
Capitalized R&D | ​ | ​ | 36,151 | ​ | ​ | 21,081
Held-for-sale asset impairment | ​ | ​ | 5,216 | ​ | ​ | —
Other | ​ |  | 6,119 | ​ |  | 4,379
Valuation allowance | ​ |  | (19,265) | ​ |  | (9,344)
Deferred tax assets | ​ |  | 109,323 | ​ |  | 95,023
​ | ​ | ​ | ​ | ​ | ​ | ​
Intangible asset amortization | ​ |  | (120,648) | ​ |  | (134,810)
Depreciation | ​ |  | (20,448) | ​ |  | (21,449)
Right of use asset | ​ |  | (17,876) | ​ |  | (20,021)
Derivative - cash flow hedge | ​ | ​ | (2,516) | ​ | ​ | (3,995)
Other | ​ |  | (3,698) | ​ |  | (3,730)
Deferred tax liabilities | ​ |  | (165,186) | ​ |  | (184,005)
Net deferred income tax liabilities | ​ | $ | (55,863) | ​ | $ | (88,982)
​
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,
​ |  | 2024 |  | 2023 |  | 2022
Beginning balance | ​ | $ | 5,291 | ​ | $ | 5,302 | ​ | $ | 7,271
Additions due to acquisitions | ​ |  | — | ​ |  | — | ​ |  | 960
Additions for tax positions of prior year | ​ |  | — |  |  | — | ​ |  | 304
Decrease in unrecognized tax benefits for prior year positions | ​ |  | — |  |  | — | ​ |  | (357)
Settlements | ​ |  | — |  |  | — | ​ |  | (2,860)
FX impact | ​ | ​ | (13) | ​ | ​ | (11) | ​ | ​ | (16)
Ending balances | ​ | $ | 5,278 | ​ | $ | 5,291 | ​ | $ | 5,302

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