XML 68 R39.htm IDEA: XBRL DOCUMENT
v3.23.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The following is a summary of our (loss) income before income taxes by geography:
| Year Ended June 30,
| 2023 |  | 2022 |  | 2021
U.S. | $ | (35,508) |  |  | $ | (7,299) |  |  | $ | 2,689 |
Non-U.S. | 5,286 |  |  | 16,630 |  |  | (66,243) |
Total | $ | (30,222) |  |  | $ | 9,331 |  |  | $ | (63,554) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes are as follows:
| Year Ended June 30,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
U.S. Federal | $ | 1,634 |  |  | $ | 526 |  |  | $ | (93) |
U.S. State | 769 |  |  | 568 |  |  | 546 |
Non-U.S. | 39,792 |  |  | 36,932 |  |  | 28,205 |
Total current | 42,195 |  |  | 38,026 |  |  | 28,658 |
Deferred: |  |  |  |  |
U.S. Federal | 3,522 |  |  | (3,566) |  |  | (1,573) |
U.S. State | 465 |  |  | 12 |  |  | (31) |
Non-U.S. | 109,311 |  |  | 25,429 |  |  | (8,151) |
Total deferred | 113,298 |  |  | 21,875 |  |  | (9,755) |
Total | $ | 155,493 |  |  | $ | 59,901 |  |  | $ | 18,903 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the standard U.S. federal statutory tax rate and our effective tax rate:
| Year Ended June 30,
| 2023 |  | 2022 |  | 2021
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal effect | 3.7 |  |  | (11.1) |  |  | 3.1 |
Tax rate differential on non-U.S. earnings | (52.5) |  |  | 97.1 |  |  | (20.3) |
Change in valuation allowance | (457.2) |  |  | 363.7 |  |  | (27.2) |
Nondeductible interest expense | (30.2) |  |  | 52.7 |  |  | (18.6) |
Change in entity status | 4.0 |  |  | — |  |  | — |
Compensation related items | (13.7) |  |  | 21.9 |  |  | 0.2 |
Goodwill impairment | (4.1) |  |  | — |  |  | — |
Irish foreign tax credit | 21.4 |  |  | (46.8) |  |  | 8.8 |
Tax on repatriated earnings | (15.0) |  |  | 39.2 |  |  | (3.9) |
Gain on the extinguishment of debt | 2.8 |  |  | — |  |  | — |
Notional interest deduction (Italy) | 2.6 |  |  | (8.8) |  |  | 1.4 |
Patent box (Italy) | (1.5) |  |  | (12.0) |  |  | — |
Tax credits and incentives | 24.1 |  |  | (23.7) |  |  | 4.2 |
Non-U.S. tax rate changes | (1.1) |  |  | 57.6 |  |  | 1.2 |
Irish tax restructuring | — |  |  | (13.4) |  |  | — |
U.S. global intangible low-taxed income (GILTI) | — |  |  | 10.2 |  |  | (0.3) |
U.S. foreign-derived intangible income (FDII) | 2.7 |  |  | (6.8) |  |  | — |
U.S. base erosion and anti-abuse tax (BEAT) | (2.1) |  |  | — |  |  | — |
Net tax benefit on intellectual property transfer | 1.0 |  |  | (10.4) |  |  | — |
Tax loss carryforward expirations | (5.1) |  |  | 4.8 |  |  | (0.5) |
Business and withholding taxes | (1.2) |  |  | 5.1 |  |  | (0.4) |
Uncertain tax positions | (10.5) |  |  | 35.9 |  |  | (1.0) |
Other non-deductible expenses | (6.0) |  |  | 7.1 |  |  | 0.5 |
Tax on unremitted earnings | (1.6) |  |  | 0.1 |  |  | (0.9) |
Changes to derivative instruments | 3.1 |  |  | 73.5 |  |  | 0.1 |
Other | 0.9 |  |  | (14.9) |  |  | 2.9 |
Effective income tax rate | (514.5) | % |  | 642.0 | % |  | (29.7) | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of our deferred income tax assets and liabilities consisted of the following at June 30, 2023 and 2022:
| June 30, 2023 |  | June 30, 2022
Deferred tax assets: |  |  |
Swiss tax-amortizable goodwill | $ | 131,472 |  |  | $ | 123,893 |
Net operating loss carryforwards | 75,643 |  |  | 71,820 |
Leases | 30,364 |  |  | 24,952 |
Depreciation and amortization | 8,289 |  |  | 3,736 |
Accrued expenses | 15,335 |  |  | 12,244 |
Share-based compensation | 16,920 |  |  | 16,090 |
Credit and other carryforwards | 58,790 |  |  | 47,405 |
Other | 4,469 |  |  | 1,120 |
Subtotal | 341,282 |  |  | 301,260 |
Valuation allowance | (277,976) |  |  | (134,660) |
Total deferred tax assets | 63,306 |  |  | 166,600 |
Deferred tax liabilities: |  |  |
Depreciation and amortization | (37,572) |  |  | (32,595) |
Leases | (27,392) |  |  | (21,049) |
Investment in flow-through entity | — |  |  | (7,031) |
Tax on unremitted earnings | (7,221) |  |  | (6,692) |
Derivative financial instruments | (17,091) |  |  | (19,703) |
Other | (8,641) |  |  | (7,584) |
Total deferred tax liabilities | (97,917) |  |  | (94,654) |
Net deferred tax assets | $ | (34,611) |  |  | $ | 71,946 |
Summary of Valuation Allowance [Table Text Block] | A reconciliation of the beginning and ending amount of the valuation allowance for the year ended June 30, 2023 is as follows:
Balance at June 30, 2022 | $ | 134,660 |
Charges to earnings (1) | 138,143 |
Charges to other accounts (2) | 5,173 |
Balance at June 30, 2023 | $ | 277,976 |
_________________ (1) Amount is primarily related to full Swiss valuation allowance, increased non-U.S. net operating losses, increased Irish foreign tax credits, and increased interest limitation carryforwards. (2) Amount is primarily related to increased Swiss tax-amortizable goodwill deferred tax asset and deferred tax assets on non-U.S. net operating losses due to currency exchange rate changes offset by unrealized gains on derivative financial instruments included in accumulated other comprehensive loss.
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the gross beginning and ending amount of unrecognized tax benefits is as follows:
Balance June 30, 2020 | $ | 5,847 |
Additions based on tax positions related to the current tax year | 448 |
Additions based on tax positions related to prior tax years | 7,448 |
Reductions based on tax positions related to prior tax years | (51) |
Reductions due to audit settlements | (83) |
Reductions due to lapse of statute of limitations | (229) |
Cumulative translation adjustment | 19 |
Balance June 30, 2021 | 13,399 |
Additions based on tax positions related to the current tax year | 448 |
Additions based on tax positions related to prior tax years | 2,958 |
Reductions based on tax positions related to prior tax years | (23) |
Reductions due to audit settlements | (2,958) |
Reductions due to lapse of statute of limitations | (799) |
Cumulative translation adjustment | (29) |
Balance June 30, 2022 | 12,996 |
Additions based on tax positions related to the current tax year | 2,167 |
Additions based on tax positions related to prior tax years | 770 |
Reductions based on tax positions related to prior tax years | (62) |
Reductions due to audit settlements | — |
Reductions due to lapse of statute of limitations | (225) |
Cumulative translation adjustment | (22) |
Balance June 30, 2023 | $ | 15,624 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration