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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of consolidated income tax expense (benefit) are as follows (in thousands):
| Year Ended June 30,
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 864 |  |  | $ | 22,356 |  |  | $ | 11,394 |
State | 926 |  |  | 7,393 |  |  | 12,545 |
Total current tax expense | 1,790 |  |  | 29,749 |  |  | 23,939 |
Deferred: |  |  |  |  |
Federal | 49,335 |  |  | 22,165 |  |  | 35,768 |
State | 7,457 |  |  | (105,857) |  |  | 32,854 |
Total deferred tax expense (benefit) | 56,792 |  |  | (83,692) |  |  | 68,622 |
Total income tax expense (benefit) | $ | 58,582 |  |  | $ | (53,943) |  |  | $ | 92,561 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between the Company’s income tax expense (benefit) and taxes computed at the federal statutory tax rate of 21.0% for fiscal years ended June 30, 2022, 2021 and 2020, is as follows (in thousands):
| Year Ended June 30,
| 2022 |  | 2021 |  | 2020
Tax at federal statutory rate | $ | 68,649 |  |  | $ | 52,635 |  |  | $ | 80,814 |
Partnership income not subject to tax | (701) |  |  | (4,375) |  |  | (40,154) |
State taxes (net of federal benefit) | 14,138 |  |  | 9,880 |  |  | 7,072 |
Remeasurement adjustments and other permanent items | 8,118 |  |  | 7,124 |  |  | (1,570) |
Change in valuation allowance | (31,361) |  |  | (25,328) |  |  | 12,472 |
Deferred tax remeasurement | (242) |  |  | (113,213) |  |  | 34,447 |
Uncertain tax position | 842 |  |  | 1,293 |  |  | 7,472 |
Change in tax status | — |  |  | 19,514 |  |  | — |
Other | (861) |  |  | (1,473) |  |  | (7,992) |
Total income tax expense (benefit) | $ | 58,582 |  |  | $ | (53,943) |  |  | $ | 92,561 |
Effective tax rate | 17.9 | % |  | (21.5) | % |  | 24.1 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of June 30, 2022 and 2021 are presented below (in thousands):
| June 30,
| 2022 |  | 2021
Deferred tax asset |  |  |
Purchased intangible assets and depreciation | $ | 631,415 |  |  | $ | 689,810 |
Stock compensation | 15,125 |  |  | 16,943 |
Accrued expenses | 49,161 |  |  | 41,474 |
Net operating losses and credits | 50,742 |  |  | 66,782 |
Other | 5,787 |  |  | 22,513 |
Total deferred tax assets | 752,230 |  |  | 837,522 |
Valuation allowance for deferred tax assets | (4,552) |  |  | (35,913) |
Net deferred tax assets | 747,678 |  |  | 801,609 |
Deferred tax liability |  |  |
Other liabilities | (22,646) |  |  | (19,785) |
Net deferred tax asset | $ | 725,032 |  |  | $ | 781,824 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amounts of the Company’s uncertain tax position reserves for the years ended June 30, 2022, 2021 and 2020 are as follows (in thousands):
| Year Ended June 30,
| 2022 |  | 2021 |  | 2020
Beginning of year balance | $ | 16,704 |  |  | $ | 15,596 |  |  | $ | 8,266 |
Increases in prior period tax positions | 120 |  |  | 111 |  |  | 7,734 |
Decreases in prior period tax positions | (63) |  |  | — |  |  | (48) |
Reductions on settlements and lapse in statute of limitations | (21) |  |  | (27) |  |  | (2,276) |
Increases in current period tax positions | 384 |  |  | 1,024 |  |  | 1,920 |
End of year balance | $ | 17,124 |  |  | $ | 16,704 |  |  | $ | 15,596 |

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