INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2024

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