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Income Taxes
 9 Months Ended
Mar. 31, 2025
Income Taxes  
Income Taxes

4.   Income Taxes

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The provision for income taxes is based on earnings reported in the condensed consolidated financial statements. A deferred income tax asset or liability is determined by applying currently enacted tax laws and rates to the expected reversal of the cumulative temporary differences between the carrying value of assets and liabilities for financial statement and income tax purposes. Deferred income tax expense or benefit is measured by the change in the deferred income tax asset or liability during the period. For the three months ended March 31, 2025 and 2024, the Company’s effective income tax rate was 26.3% and 26.1%, respectively, and for the nine months ended March 31, 2025 and 2024, the rate was 25.3% and 25.5%, respectively. As of March 31, 2025, and June 30, 2024, the balance of income taxes payable was $20.3 million and $10.7 million, respectively. Income taxes payable is recorded within accrued liabilities on the condensed consolidated balance sheets.  

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