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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Tabular Disclosure of Income (Loss) Before Income Tax Between Domestic and Foreign Jurisdictions

Income/(loss) before provision for income taxes for fiscal 2018, 2017, and 2016 consisted of the following (in millions):

		2018				2017				2016
United States		$	(51.1	)		$	(10.1	)		$	12.3
Foreign			(30.7	)			71.4				63.3
Income/(loss) before provision for income taxes		$	(81.8	)		$	61.3			$	75.6

Provision for Income Taxes

The provision for income taxes for fiscal 2018, 2017, and 2016 consisted of the following (in millions):

		2018				2017				2016
Current tax expense
Federal		$	21.5			$	9.6			$	12.1
Foreign			14.1				25.5				12.4
			35.6				35.1				24.5
Deferred tax expense/(benefit)
Federal			14.4				(10.6	)			(7.5	)
Foreign			(9.5	)			(12.3	)			(13.6	)
			4.9				(22.9	)			(21.1	)
Provision for income taxes		$	40.5			$	12.2			$	3.4

Provision for Income Taxes Differs from Federal Statutory Rate

The provision for income taxes differs from the federal statutory rate for fiscal 2018, 2017, and 2016 as follows (in millions):

		2018				2017				2016
Provision at U.S. federal statutory rate		$	(22.9	)		$	21.5			$	26.6
Qualified stock options			4.9				5.5				5.1
Shortfall related to share-based compensation			4.1				—				—
Business credits			(4.9	)			(3.6	)			(10.3	)
Foreign tax differential			16.5				(13.2	)			(22.4	)
Non-deductible portion of contingent consideration			—				0.9				0.9
Change in valuation allowance			—				(0.8	)			(1.4	)
Nondeductible amortization			1.2				1.6				4.4
Taxes associated with one-time transition tax			44.1				—				—
Impact of corporate tax rate change on deferred taxes			(2.7	)			—				—
Other differences			0.2				0.3				0.5
Provision for income taxes		$	40.5			$	12.2			$	3.4

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of our deferred tax assets (liabilities) as of the end of fiscal 2018 and 2017 consisted of the following (in millions):

		2018				2017
Deferred tax assets:
Investment writedowns		$	1.1			$	1.8
Inventory writedowns			11.6				7.4
Property and equipment			1.9				3.0
Accrued compensation			0.1				0.2
Deferred compensation			0.6				1.9
Share-based compensation			11.1				15.6
Business credit carryforward			25.3				19.2
Net operating loss carryforward			—				0.3
Acquisition intangibles			0.6				—
Other accruals			1.6				2.0
			53.9				51.4
Valuation allowance			(23.3	)			(15.8	)
			30.6				35.6
Deferred tax liabilities:
Acquisition intangibles			—				(9.2	)
Interest			(14.7	)			(3.3	)
			(14.7	)			(12.5	)
Net deferred tax assets		$	15.9			$	23.1

Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of gross unrecognized tax benefits for fiscal 2018, 2017, and 2016 consisted of the following (in millions):

		2018				2017				2016
Beginning balance		$	15.2			$	13.4			$	11.6
Increase in unrecognized tax benefits related to current year tax positions			10.5				2.5				1.6
Increase in unrecognized tax benefits related to prior year tax positions			—				0.1				1.1
Decrease due to statute expiration			(0.9	)			(0.8	)			(0.9	)
Ending Balance		$	24.8			$	15.2			$	13.4

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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