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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Schedule of (loss) income before income tax | (Loss) income before income taxes in fiscal 2025, 2024 and 2023 is presented below:
| Year Ended June 30,
| 2025 |  | 2024 |  | 2023
United States | $ | (696.0) |  |  | $ | (591.1) |  |  | $ | (253.6) |
Foreign | 351.2 |  |  | 795.6 |  |  | 958.4 |
Total | $ | (344.8) |  |  | $ | 204.5 |  |  | $ | 704.8 |
Schedule of components of income tax expense (benefit) | The components of the Company’s total provision (benefit) for income taxes during fiscal 2025, 2024 and 2023 are presented below:
| Year Ended June 30,
| 2025 |  | 2024 |  | 2023
Provision for income taxes: |  |  |  |  |
Current: |  |  |  |  |
Federal | $ | (7.8) |  |  | $ | 1.2 |  |  | $ | 2.6 |
State and local | 3.4 |  |  | (3.5) |  |  | 2.6 |
Foreign | 97.3 |  |  | 107.2 |  |  | 120.1 |
Total | 92.9 |  |  | 104.9 |  |  | 125.3 |
Deferred: |  |  |  |  |
Federal | (20.2) |  |  | (36.7) |  |  | (61.1) |
State and local | (16.9) |  |  | (16.7) |  |  | 1.0 |
Foreign | (50.4) |  |  | 43.6 |  |  | 116.4 |
Total | (87.5) |  |  | (9.8) |  |  | 56.3 |
Provision for income taxes | $ | 5.4 |  |  | $ | 95.1 |  |  | $ | 181.6 |
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 2025, 2024 and 2023 is presented below:
| Year Ended June 30,
| 2025 |  | 2024 |  | 2023
Income (loss) before income taxes | $ | (344.8) |  |  | $ | 204.5 |  |  | $ | 704.8 |
Provision for income taxes at statutory rate | $ | (72.4) |  |  | $ | 42.9 |  |  | $ | 148.0 |
State and local taxes—net of federal benefit | (10.6) |  |  | (15.9) |  |  | 2.8 |
Foreign tax differentials | (0.1) |  |  | 20.9 |  |  | (10.1) |
Change in valuation allowances | 97.8 |  |  | 38.9 |  |  | 10.2 |
Change in unrecognized tax benefit | 34.3 |  |  | (15.5) |  |  | 32.5 |
Permanent differences—net | 43.9 |  |  | 7.6 |  |  | (4.9) |
Non-deductible executive stock compensation | 11.0 |  |  | 19.7 |  |  | 27.7 |
Currency Loss | 8.3 |  |  | (22.5) |  |  | (13.6) |
Russia exit uncertain tax position release | (10.0) |  |  | — |  |  | (7.0) |
Principal relocation revaluation | — |  |  | 27.6 |  |  | — |
Nondeductible Interest Expense | 6.8 |  |  | 12.1 |  |  | — |
Swiss Tax Credits-net of valuation allowance | (2.4) |  |  | (37.8) |  |  | — |
Tax Rate Change Deferred Tax Liability Revaluation | — |  |  | 24.2 |  |  | — |
Brazil tax recovery benefit | (78.5) |  |  | — |  |  | — |
Swiss Impairment | (31.2) |  |  | — |  |  | — |
Other | 8.5 |  |  | (7.1) |  |  | (4.0) |
Provision for income taxes | $ | 5.4 |  |  | $ | 95.1 |  |  | $ | 181.6 |
Effective income tax rate | (1.6) | % |  | 46.5 | % |  | 25.8 | %
Schedule of deferred tax assets and liabilities | Significant components of deferred income tax assets and liabilities as of June 30, 2025 and 2024 are presented below:
| June 30, 2025 |  | June 30, 2024
Deferred income tax assets: |  |  |
Inventories | $ | 4.4 |  |  | $ | 7.0 |
Accruals and allowances | 64.1 |  |  | 62.1 |
Sales returns | 16.3 |  |  | 15.2 |
Share-based compensation | 4.0 |  |  | 5.3 |
Employee benefits | 46.5 |  |  | 55.7 |
Net operating loss carry forwards and tax credits | 376.3 |  |  | 308.6 |
Capital loss carry forwards | 29.8 |  |  | 0.2 |
Interest expense limitation carry forward | 173.5 |  |  | 102.8 |
Lease liability | 16.1 |  |  | 26.0 |
Principal relocation lease | 347.6 |  |  | 337.7 |
Property, plant and equipment | 42.0 |  |  | 21.1 |
Derivative Instruments | 70.5 |  |  | 0.3 |
Other | 63.0 |  |  | 58.2 |
Less: valuation allowances | (274.1) |  |  | (151.4) |
Net deferred income tax assets | 980.0 |  |  | 848.8 |
Deferred income tax liabilities: |  |  |
Intangible assets | 753.6 |  |  | 772.4 |
Licensing rights | 29.9 |  |  | 30.2 |
Right of use asset | 22.8 |  |  | 26.3 |
Investment in partnerships | 48.3 |  |  | 61.1 |
Other | 31.7 |  |  | 17.9 |
Deferred income tax liabilities | 886.3 |  |  | 907.9 |
Net deferred income tax (liability) asset | $ | 93.7 |  |  | $ | (59.1) |
Schedule of expirations of tax loss carryforwards | The expirations of tax loss carry forwards, amounting to $623.1 as of June 30, 2025, 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
2026 | $ | — |  |  | $ | — |  |  | $ | 8.2 |  |  | $ | 8.2 |
2027 | — |  |  | 0.2 |  |  | 20.5 |  |  | 20.7 |
2028 | — |  |  | 52.0 |  |  | 16.6 |  |  | 68.6 |
2029 | — |  |  | — |  |  | 21.9 |  |  | 21.9 |
2030 and thereafter | — |  |  | 156.6 |  |  | 347.1 |  |  | 503.7 |
Total | $ | — |  |  | $ | 208.8 |  |  | $ | 414.3 |  |  | $ | 623.1 |
Schedule of reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of UTBs is presented below:
| Year Ended June 30,
| 2025 |  | 2024 |  | 2023
UTBs—July 1 | $ | 215.3 |  |  | $ | 235.5 |  |  | $ | 251.6 |
Additions based on tax positions related to the current year | 1.2 |  |  | 1.3 |  |  | 6.7 |
Additions for tax positions of prior years | 50.8 |  |  | 15.8 |  |  | 0.7 |
Reductions for tax positions of prior years | (6.0) |  |  | (19.0) |  |  | (1.4) |
Settlements | (0.3) |  |  | (1.2) |  |  | (4.6) |
Lapses in statutes of limitations | (33.1) |  |  | (17.8) |  |  | (13.8) |
Foreign currency translation | 12.9 |  |  | 0.7 |  |  | (3.7) |
UTBs—June 30 | $ | 240.8 |  |  | $ | 215.3 |  |  | $ | 235.5 |

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