XML 64 R37.htm IDEA: XBRL DOCUMENT v3.25.2

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The following is a summary of our income (loss) before income taxes by geography:

			Year Ended June 30,
			2025						2024						2023
U.S.			$	(21,524)					$	(23,708)					$	(35,508)
Non-U.S.			118,483						152,154						5,286
Total			$	96,959					$	128,446					$	(30,222)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the (benefit) provision for income taxes are as follows:

			Year Ended June 30,
			2025						2024						2023
Current:
U.S. Federal			$	(121)					$	(307)					$	1,634
U.S. State			412						670						769
Non-U.S.			42,235						42,458						39,792
Total current			42,526						42,821						42,195
Deferred:
U.S. Federal			(1,823)						825						3,522
U.S. State			14						(4)						465
Non-U.S.			43,390						(93,004)						109,311
Total deferred			41,581						(92,183)						113,298
Total			$	84,107					$	(49,362)					$	155,493

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,
			2025						2024						2023
U.S. federal statutory income tax rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal effect			0.3						(1.1)						3.7
Tax rate differential on non-U.S. earnings			18.9						5.9						(52.5)
Change in valuation allowance			13.8						(47.9)						(457.2)
Nondeductible interest expense			12.7						5.6						(30.2)
Change in entity status			—						—						4.0
Compensation related items			3.8						0.6						(13.7)
Goodwill impairment			—						—						(4.1)
Irish foreign tax credit			6.7						(24.8)						21.4
Tax on repatriated earnings			0.5						6.1						(15.0)
Gain on the extinguishment of debt			—						(0.2)						2.8
Notional interest deduction (Italy)			—						(0.6)						2.6
Patent box (Italy)			(0.3)						(0.3)						(1.5)
Tax credits and incentives			(2.6)						(3.1)						24.1
Non-U.S. tax rate changes			(0.1)						(0.1)						(1.1)
U.S. foreign-derived intangible income (FDII)			(0.7)						(1.0)						2.7
U.S. base erosion and anti-abuse tax (BEAT)			(0.2)						0.1						(2.1)
Net tax benefit on intellectual property transfer			—						—						1.0
Tax loss carryforward expirations			2.9						0.4						(5.1)
Business and withholding taxes			0.9						0.9						(1.2)
Uncertain tax positions			(5.1)						0.1						(10.5)
Other non-deductible expenses			4.7						1.4						(6.0)
Tax on unremitted earnings			0.9						0.6						(1.6)
Changes to derivative instruments			(4.0)						(2.1)						3.1
Capital loss carryforward expirations			3.9						—						—
Non-deductible intercompany debt forgiveness			2.2						—						—
Other			6.5						0.1						0.9
Effective income tax rate			86.7		%				(38.4)		%				(514.5)		%

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, 2025 and 2024:

			June 30, 2025						June 30, 2024
Deferred tax assets:
Swiss tax-amortizable goodwill			$	141,872					$	130,985
Net operating loss carryforwards			59,476						66,572
Leases			30,377						28,661
Depreciation and amortization			4,352						4,765
Accrued expenses			14,117						15,572
Share-based compensation			18,809						19,530
Tax credit and other carryforwards			61,626						69,644
Derivative financial instruments			10,603						—
U.S. Internal Revenue Code Section 174 capitalization			6,254						6,253
Interest limitation carryforwards			29,796						23,291
Other			996						1,520
Subtotal			378,278						366,793
Valuation allowance			(248,367)						(211,655)
Total deferred tax assets			129,911						155,138
Deferred tax liabilities:
Depreciation and amortization			(42,237)						(37,432)
Leases			(27,252)						(24,797)
Tax on unremitted earnings			(9,045)						(7,984)
Derivative financial instruments			(2,116)						(4,250)
Other			(11,483)						(10,317)
Total deferred tax liabilities			(92,133)						(84,780)
Net deferred tax assets			$	37,778					$	70,358

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, 2025 is as follows:

Balance at June 30, 2024			$	211,655
Charges to earnings (1)			12,455
Charges to other accounts (2)			24,257
Balance at June 30, 2025			$	248,367

_________________

(1) Amount is primarily related to the partial increase of the Swiss valuation allowance, losses in certain jurisdictions (mainly Bermuda and Brazil) and interest limitation carryforwards in certain jurisdictions (mainly the U.S.), offset by decreased Irish foreign tax credit carryforwards, tax loss expirations in certain jurisdictions (mainly Japan) and U.S. capital loss expirations.

(2) Amount is primarily related to increased deferred tax assets on non-U.S. net operating losses, Irish foreign tax credits, and Swiss tax-amortizable goodwill due to currency exchange rate changes, and unrealized losses 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, 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
Additions based on tax positions related to the current tax year			450
Additions based on tax positions related to prior tax years			405
Reductions based on tax positions related to prior tax years			(527)
Reductions due to audit settlements			(264)
Reductions due to lapse of statute of limitations			(1,021)
Cumulative translation adjustment			(13)
Balance June 30, 2024			14,654
Additions based on tax positions related to the current tax year			5,272
Additions based on tax positions related to prior tax years			51
Reductions based on tax positions related to prior tax years			(289)
Reductions due to audit settlements			(237)
Reductions due to lapse of statute of limitations			(7,506)
Cumulative translation adjustment			(1)
Balance June 30, 2025			$	11,944

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-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 S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: 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/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-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