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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2025
Income Taxes |
Schedule of income before income taxes comprised | Income before income taxes was comprised of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2025 |  | 2024 |  | 2023
Domestic | ​ | $ | 86,814 | ​ | $ | 174,806 | ​ | $ | 288,458
Foreign | ​ |  | 11,649 | ​ |  | 10,883 | ​ |  | 50,201
Earnings before income taxes | ​ | $ | 98,463 | ​ | $ | 185,689 | ​ | $ | 338,659
​ The provision for income taxes consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2025 |  | 2024 |  | 2023
Taxes on income consist of: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current tax provision: |  | ​ |  |  | ​ |  |  | ​ |
Federal |  | $ | 54,589 |  | $ | 40,228 |  | $ | 59,810
State |  | ​ | 10,402 |  | ​ | 4,853 |  | ​ | 12,753
Foreign |  | ​ | 11,224 |  | ​ | 12,664 |  | ​ | 10,453
Total current tax provision |  | ​ | 76,215 |  | ​ | 57,745 |  | ​ | 83,016
Deferred tax provision: |  | ​ |  |  | ​ |  |  | ​ |
Federal |  | ​ | (46,433) |  | ​ | (28,301) |  | ​ | (28,829)
State |  | ​ | (4,303) |  | ​ | (4,563) |  | ​ | (2,414)
Foreign |  | ​ | (416) |  | ​ | (7,297) |  | ​ | 1,444
Total deferred tax provision |  | ​ | (51,152) |  | ​ | (40,161) |  | ​ | (29,799)
Total income tax provision |  | $ | 25,063 |  | $ | 17,584 |  | $ | 53,217
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,
​ |  | 2025 |  | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense at federal statutory rate | ​ | ​ | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | ​ | ​ | 2.2 | ​ |  | (0.2) | ​ |  | 2.5 | ​
Research and development tax credit | ​ | ​ | (3.3) | ​ |  | (2.2) | ​ |  | (1.3) | ​
Foreign tax rate differences | ​ | ​ | 6.2 | ​ |  | 3.1 | ​ |  | (0.6) | ​
Option exercises | ​ | ​ | (3.9) | ​ |  | (8.8) | ​ |  | (3.3) | ​
U.S. taxation of foreign earnings | ​ | ​ | 0.4 | ​ |  | 0.1 | ​ |  | 0.4 | ​
Foreign derived intangible income | ​ | ​ | (12.0) | ​ |  | (4.8) | ​ |  | (3.4) | ​
Foreign withholding tax | ​ | ​ | 0.1 | ​ | ​ | (1.2) | ​ | ​ | 1.5 | ​
Executive compensation limitations(1) | ​ | ​ | 12.5 | ​ |  | 2.7 | ​ |  | 0.8 | ​
Changes in unrecognized tax benefits | ​ | ​ | (2.5) | ​ | ​ | — | ​ | ​ | — | ​
Valuation allowance | ​ | ​ | 17.4 | ​ | ​ | — | ​ | ​ | — | ​
Outside basis difference | ​ | ​ | (12.9) | ​ | ​ | — | ​ | ​ | — | ​
Other, net | ​ | ​ | 0.2 | ​ |  | (0.2) | ​ |  | (1.9) | ​
Effective tax rate | ​ | ​ | 25.5 | % |  | 9.5 | % |  | 15.7 | %
(1) | This includes the impact of the non-deductible portion of a non-recurring arbitration award of 7.9%.
Schedule of deferred tax assets and liabilities | Deferred taxes on the Consolidated Balance Sheets consisted of the following temporary differences (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ |  | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Inventory | ​ | $ | 14,056 | ​ | $ | 9,675
Net operating loss carryovers | ​ |  | 26,758 | ​ |  | 25,065
Tax credit carryovers | ​ |  | 8,706 | ​ |  | 9,118
Excess tax basis in investments | ​ |  | 23,562 | ​ |  | 1,115
Deferred compensation | ​ |  | 18,022 | ​ |  | 16,628
Lease liability | ​ |  | 15,094 | ​ |  | 19,501
Capitalized R&D | ​ | ​ | 39,694 | ​ | ​ | 36,151
Held-for-sale asset impairment | ​ | ​ | — | ​ | ​ | 5,216
Derivatives | ​ | ​ | 3,450 | ​ | ​ | —
Other | ​ |  | 10,196 | ​ |  | 6,119
Valuation allowance | ​ |  | (33,769) | ​ |  | (19,265)
Deferred tax assets | ​ |  | 125,769 | ​ |  | 109,323
​ | ​ | ​ | ​ | ​ | ​ | ​
Intangible asset amortization | ​ |  | (84,113) | ​ |  | (120,648)
Depreciation | ​ |  | (19,287) | ​ |  | (20,448)
Right of use asset | ​ |  | (13,572) | ​ |  | (17,876)
Derivatives | ​ | ​ | — | ​ | ​ | (2,516)
Other | ​ |  | (4,659) | ​ |  | (3,698)
Deferred tax liabilities | ​ |  | (121,631) | ​ |  | (165,186)
Net deferred income tax assets (liabilities) | ​ | $ | 4,138 | ​ | $ | (55,863)
​
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,
​ |  | 2025 |  | 2024 |  | 2023
Beginning balance | ​ | $ | 5,278 | ​ | $ | 5,291 | ​ | $ | 5,302
Decrease in unrecognized tax benefits for prior year positions | ​ |  | (1,950) |  |  | — | ​ |  | —
FX impact | ​ | ​ | 1 | ​ | ​ | (13) | ​ | ​ | (11)
Ending balances | ​ | $ | 3,329 | ​ | $ | 5,278 | ​ | $ | 5,291

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