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INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of income before income tax Income (loss) from continuing operations before income taxes in fiscal 2023, 2022 and 2021 is presented below:
Year Ended June 30,
202320222021
United States$(253.6)$(277.5)$(434.4)
Foreign958.4 704.3 194.6 
Total$704.8 $426.8 $(239.8)
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 2023, 2022 and 2021 are presented below:
Year Ended June 30,
202320222021
Provision (benefit) for income taxes on continuing operations:   
Current:   
Federal$2.6 $6.6 $3.8 
State and local2.6 (6.0)14.9 
Foreign120.1 152.1 55.2 
Total125.3 152.7 73.9 
Deferred:   
Federal(61.1)(2.7)41.1 
State and local1.0 (12.8)5.4 
Foreign116.4 27.6 (292.4)
Total56.3 12.1 (245.9)
Provision (benefit) for income taxes on continuing operations$181.6 $164.8 $(172.0)
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 2023, 2022 and 2021 is presented below:
Year Ended June 30,
202320222021
Income (loss) from continuing operations before income taxes$704.8 $426.8 $(239.8)
Provision (benefit) for income taxes at statutory rate$148.0 $89.6 $(50.4)
State and local taxes—net of federal benefit2.8 (14.9)26.3 
Foreign tax differentials(10.1)(16.4)(23.3)
Change in valuation allowances10.2 (2.3)(3.8)
Change in unrecognized tax benefit32.5 (10.6)(18.0)
Permanent differences—net(4.9)25.4 (13.1)
Non-deductible executive stock compensation27.7 37.1 — 
Currency Loss(13.6)(0.2)— 
Dispositions of business assets— 12.7 — 
Russia exit(7.0)24.1 — 
Principal relocation— — (234.4)
Post-divestiture restructuring— — 130.0 
Other(4.0)20.3 14.7 
Provision (benefit) for income taxes on continuing operations$181.6 $164.8 $(172.0)
Effective income tax rate25.8 %38.6 %71.7 %
Schedule of deferred tax assets and liabilities Significant components of deferred income tax assets and liabilities as of June 30, 2023 and 2022 are presented below:
June 30,
2023
June 30,
2022
Deferred income tax assets:  
Inventories$7.5 $8.3 
Accruals and allowances54.9 58.6 
Sales returns19.1 17.3 
Share-based compensation4.8 5.1 
Employee benefits55.6 60.3 
Net operating loss carry forwards and tax credits241.4 296.4 
Capital loss carry forwards0.3 1.1 
Interest expense limitation carry forward47.5 28.5 
Lease liability28.6 30.6 
Principal relocation lease liability424.0 434.0 
Property, plant and equipment13.0 — 
Other48.4 31.7 
Less: valuation allowances(60.7)(41.7)
Net deferred income tax assets884.4 930.2 
Deferred income tax liabilities:  
Intangible assets817.4 811.9 
Property, plant and equipment— 9.2 
Licensing rights27.8 25.7 
Right of use asset28.6 31.2 
Other80.5 69.4 
Deferred income tax liabilities954.3 947.4 
Net deferred income tax (liability) asset$(69.9)$(17.2)
Schedule of expirations of tax loss carryforwards The expirations of tax loss carry forwards, amounting to $686.9 as of June 30, 2023, in each of the fiscal years ending June 30, are presented below:
Fiscal Year Ending June 30,United StatesWestern EuropeRest of WorldTotal
2024$— $7.9 $0.6 $8.5 
2025— 3.1 3.9 7.0 
2026— — 9.5 9.5 
2027— 245.9 27.8 273.7 
2028 and thereafter— 115.5 272.7 388.2 
Total$— $372.4 $314.5 $686.9 
Schedule of reconciliation of unrecognized tax benefits A reconciliation of the beginning and ending amount of UTBs is presented below:
Year Ended June 30,
202320222021
UTBs—July 1$251.6 $279.9 $277.9 
Additions based on tax positions related to the current year6.7 1.7 32.1 
Additions for tax positions of prior years0.7 20.8 — 
Reductions for tax positions of prior years(1.4)(29.4)(4.5)
Settlements(4.6)(0.2)(0.4)
Lapses in statutes of limitations(13.8)(14.1)(33.3)
Foreign currency translation(3.7)(7.1)8.1 
UTBs—June 30$235.5 $251.6 $279.9