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INCOME TAXES | 9 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 7: INCOME TAXES We file a consolidated federal income tax return in the U.S. with the Internal Revenue Service (IRS) and file tax returns in various state, local, and foreign jurisdictions. We had gross unrecognized tax benefits of $284.0 million and $251.8 million as of March 31, 2025 and June 30, 2024, respectively. The gross unrecognized tax benefits increased by $32.2 million during the nine months ended March 31, 2025. The increase is primarily related to various current federal and state tax positions expected to be taken in our income tax returns. We believe it is reasonably possible that the balance of unrecognized tax benefits could decrease by approximately $148.4 million within the next twelve months. The anticipated decrease is due to the expiration of statutes of limitations, anticipated closure of various tax matters currently under examination, and settlements with tax authorities. For such matters where a change in the balance of unrecognized tax benefits is not yet deemed reasonably possible, no estimate has been included. Our effective tax rate for continuing operations, including the effects of discrete tax items, was 25.3% and 17.6% for the nine months ended March 31, 2025 and 2024, respectively. Discrete items increased the effective tax rate by 0.9% for the nine months ended March 31, 2025 and decreased the effective tax rate by 6.3% for the nine months ended March 31, 2024. Discrete income tax expense of $3.8 million and benefit of $26.0 million were recorded in the nine months ended March 31, 2025, and 2024, respectively. The discrete tax expense recorded in the current period primarily resulted from interest expense on uncertain tax positions, partially offset by benefits related to investment tax credit purchases and stock-based compensation vesting. The discrete tax benefit recorded in the prior period primarily resulted from settlements with taxing authorities and state statute of limitations expirations. The impact discrete tax items have on our tax rate through the third quarter are slightly exaggerated versus the impact discrete tax items have on the full fiscal year tax rate.

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