XML 29 R20.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes
 6 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The effective income tax rates for the three months ended December 31, 2023 and 2022 were 9.0 percent (benefit on income) and 17.8 percent (provision on income), respectively. The year-over-year change is primarily due to a $7.8 million benefit related to a tax rate change in Switzerland that was enacted during the three months ended December 31, 2023, a $2.2 million benefit recorded in the three months ended December 31, 2022 to adjust a deferred tax asset associated with tax reform in Switzerland, and geographical mix.
The effective income tax rates for the six months ended December 31, 2023 and 2022 were 10.0 percent and 23.6 percent (both provisions on income), respectively. The year-over-year change is primarily due to adjustments for the six months ended December 31, 2023 that include a $7.8 million benefit related to a tax rate change enacted in Switzerland, a $6.2 million benefit associated with a change in unrecognized tax benefits and a $2.9 million charge to settle tax litigation in Italy, coupled with a $2.2 million benefit in the six months ended December 31, 2022 to adjust a deferred tax asset associated with tax reform in Switzerland, and geographical mix.