XML 82 R52.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of income before income tax | Income from continuing operations before income taxes in fiscal 2024, 2023 and 2022 is presented below:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
United States | $ | (591.1) |  |  | $ | (253.6) |  |  | $ | (277.5) |
Foreign | 795.6 |  |  | 958.4 |  |  | 704.3 |
Total | $ | 204.5 |  |  | $ | 704.8 |  |  | $ | 426.8 |
Schedule of components of income tax expense (benefit) | The components of the Company’s total provision (benefit) for income taxes from continuing operations during fiscal 2024, 2023 and 2022 are presented below:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Provision for income taxes on continuing operations: |  |  |  |  |
Current: |  |  |  |  |
Federal | $ | 1.2 |  |  | $ | 2.6 |  |  | $ | 6.6 |
State and local | (3.5) |  |  | 2.6 |  |  | (6.0) |
Foreign | 107.2 |  |  | 120.1 |  |  | 152.1 |
Total | 104.9 |  |  | 125.3 |  |  | 152.7 |
Deferred: |  |  |  |  |
Federal | (36.7) |  |  | (61.1) |  |  | (2.7) |
State and local | (16.7) |  |  | 1.0 |  |  | (12.8) |
Foreign | 43.6 |  |  | 116.4 |  |  | 27.6 |
Total | (9.8) |  |  | 56.3 |  |  | 12.1 |
Provision for income taxes on continuing operations | $ | 95.1 |  |  | $ | 181.6 |  |  | $ | 164.8 |
Schedule of effective income tax rate reconciliation | The reconciliation of the U.S. Federal statutory tax rate to the Company’s effective income tax rate during fiscal 2024, 2023 and 2022 is presented below:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Income (loss) from continuing operations before income taxes | $ | 204.5 |  |  | $ | 704.8 |  |  | $ | 426.8 |
Provision for income taxes at statutory rate | $ | 42.9 |  |  | $ | 148.0 |  |  | $ | 89.6 |
State and local taxes—net of federal benefit | (15.9) |  |  | 2.8 |  |  | (14.9) |
Foreign tax differentials | 20.9 |  |  | (10.1) |  |  | (16.4) |
Change in valuation allowances | 38.9 |  |  | 10.2 |  |  | (2.3) |
Change in unrecognized tax benefit | (15.5) |  |  | 32.5 |  |  | (10.6) |
Permanent differences—net | 7.6 |  |  | (4.9) |  |  | 25.4 |
Non-deductible executive stock compensation | 19.7 |  |  | 27.7 |  |  | 37.1 |
Currency Loss | (22.5) |  |  | (13.6) |  |  | (0.2) |
Dispositions of business assets | — |  |  | — |  |  | 12.7 |
Russia exit | — |  |  | (7.0) |  |  | 24.1 |
Principal relocation revaluation | 27.6 |  |  | — |  |  | — |
Nondeductible Interest Expense | 12.1 |  |  | — |  |  | — |
Swiss Tax Credits-net of valuation allowance | (37.8) |  |  | — |  |  | — |
Tax Rate Change Deferred Tax Liability Revaluation | 24.2 |  |  | — |  |  | — |
Other | (7.1) |  |  | (4.0) |  |  | 20.3 |
Provision for income taxes on continuing operations | $ | 95.1 |  |  | $ | 181.6 |  |  | $ | 164.8 |
Effective income tax rate | 46.5 | % |  | 25.8 | % |  | 38.6 | %
Schedule of deferred tax assets and liabilities | Significant components of deferred income tax assets and liabilities as of June 30, 2024 and 2023 are presented below:
| June 30, 2024 |  | June 30, 2023
Deferred income tax assets: |  |  |
Inventories | $ | 7.0 |  |  | $ | 7.5 |
Accruals and allowances | 62.1 |  |  | 54.9 |
Sales returns | 15.2 |  |  | 19.1 |
Share-based compensation | 5.3 |  |  | 4.8 |
Employee benefits | 55.7 |  |  | 55.6 |
Net operating loss carry forwards and tax credits | 308.6 |  |  | 241.4 |
Capital loss carry forwards | 0.2 |  |  | 0.3 |
Interest expense limitation carry forward | 102.8 |  |  | 47.5 |
Lease liability | 26.0 |  |  | 28.6 |
Principal relocation lease | 337.7 |  |  | 424.0 |
Property, plant and equipment | 21.1 |  |  | 13.0 |
Other | 58.5 |  |  | 48.4 |
Less: valuation allowances | (151.4) |  |  | (60.7) |
Net deferred income tax assets | 848.8 |  |  | 884.4 |
Deferred income tax liabilities: |  |  |
Intangible assets | 772.4 |  |  | 817.4 |
Licensing rights | 30.2 |  |  | 27.8 |
Right of use asset | 26.3 |  |  | 28.6 |
Investment in partnerships | 61.1 |  |  | 55.2 |
Other | 17.9 |  |  | 25.3 |
Deferred income tax liabilities | 907.9 |  |  | 954.3 |
Net deferred income tax (liability) asset | $ | (59.1) |  |  | $ | (69.9) |
Schedule of expirations of tax loss carryforwards | The expirations of tax loss carry forwards, amounting to $482.7 as of June 30, 2024, in each of the fiscal years ending June 30, are presented below:
Fiscal Year Ending June 30, | United States |  | Western Europe |  | Rest of World |  | Total
2025 | $ | — |  |  | $ | 0.1 |  |  | $ | 3.4 |  |  | $ | 3.5 |
2026 | — |  |  | — |  |  | 8.1 |  |  | 8.1 |
2027 | — |  |  | 12.9 |  |  | 20.2 |  |  | 33.1 |
2028 | — |  |  | 115.9 |  |  | 16.6 |  |  | 132.5 |
2029 and thereafter | — |  |  | 57.1 |  |  | 248.4 |  |  | 305.5 |
Total | $ | — |  |  | $ | 186.0 |  |  | $ | 296.7 |  |  | $ | 482.7 |
Schedule of reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of UTBs is presented below:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
UTBs—July 1 | $ | 235.5 |  |  | $ | 251.6 |  |  | $ | 279.9 |
Additions based on tax positions related to the current year | 1.3 |  |  | 6.7 |  |  | 1.7 |
Additions for tax positions of prior years | 15.8 |  |  | 0.7 |  |  | 20.8 |
Reductions for tax positions of prior years | (19.0) |  |  | (1.4) |  |  | (29.4) |
Settlements | (1.2) |  |  | (4.6) |  |  | (0.2) |
Lapses in statutes of limitations | (17.8) |  |  | (13.8) |  |  | (14.1) |
Foreign currency translation | 0.7 |  |  | (3.7) |  |  | (7.1) |
UTBs—June 30 | $ | 215.3 |  |  | $ | 235.5 |  |  | $ | 251.6 |

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 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 pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration