Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings from Continuing Operations before Income Taxes

Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.

	Years Ended June 30,
	2023		2022		2021
	(in millions)
Earnings before income taxes:
U.S.	$	710.6	$	609.9	$	604.4
Foreign	84.2		62.3		91.8
Total	$	794.9	$	672.2	$	696.2

Schedule of Components of Provision for Income Taxes

The Provision for income taxes consists of the following components:

	Years Ended June 30,
	2023		2022		2021
	(in millions)
Current:
U.S. Federal	$	143.2	$	25.4	$	51.2
Foreign	45.4		45.4		34.9
U.S. State	26.5		11.7		10.5
Total current	215.1		82.4		96.7
Deferred:
U.S. Federal	(23.7)		65.8		55.3
Foreign	(29.3)		(31.7)		(9.5)
U.S. State	2.2		16.6		6.2
Total deferred	(50.8)		50.7		52.0
Total Provision for income taxes	$	164.3	$	133.1	$	148.7

Schedule of Effective Income Tax Rate Reconciliation

	Years Ended June 30,
	2023		%	2022		%	2021		%
	(in millions)
Provision for income taxes at U.S. statutory rate	$	166.9	21.0	$	141.2	21.0	$	146.2	21.0
Increase (decrease) in Provision for income taxes from:
State taxes, net of federal tax	23.7		3.0	23.9		3.6	15.2		2.2
Foreign rate differential	2.7		0.3	(1.5)		(0.2)	4.8		0.7
Valuation allowances	(0.3)		—	0.3		—	1.0		0.1
Stock-based compensation - excess tax benefits (“ETB”)	(10.4)		(1.3)	(18.1)		(2.7)	(16.9)		(2.4)
Tax Credits and Foreign-Derived Intangible Income Deduction (“FDII”)	(20.2)		(2.5)	(16.6)		(2.5)	(8.8)		(1.3)
Other	1.9		0.2	3.9		0.6	7.2		1.0
Total Provision for income taxes	$	164.3	20.7	$	133.1	19.8	$	148.7	21.4

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at June 30, 2023 and 2022 were as follows:

	June 30,
	2023		2022
	(in millions)
Classification:
Long-term deferred tax assets (included in Other non-current assets)	$	14.5	$	9.8
Long-term deferred tax liabilities	(391.3)		(446.1)
Net deferred tax liabilities	$	(376.8)	$	(436.3)
Components:
Deferred tax assets:
Accrued expenses not currently deductible	$	8.2	$	8.7
Compensation and benefits not currently deductible	75.8		68.0
Net operating losses	26.3		29.8
Tax credits	11.5		13.1
Research and development expenses	90.6		—
Other	24.1		27.6
Total deferred tax assets	236.5		147.1
Less: Valuation allowances	(10.3)		(10.7)
Deferred tax assets, net	226.2		136.5
Deferred tax liabilities:
Goodwill and identifiable intangibles	215.9		248.0
Depreciation	14.5		21.5
Net deferred expenses	329.4		249.5
Unremitted earnings	11.5		14.7
Cross Currency Swap and Treasury-Locks	14.4		22.4
Other	17.3		16.7
Deferred tax liabilities	603.0		572.8
Net deferred tax liabilities	$	(376.8)	$	(436.3)

Schedule of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax positions:

	Fiscal Year Ended June 30,
	2023		2022		2021
	(in millions)
Beginning balance	$	57.6	$	50.7	$	37.1
Gross increases related to prior period tax positions	13.2		8.3		12.2
Gross decreases related to prior period tax positions	(3.3)		(0.5)		—
Gross increases related to current period tax positions	6.9		8.3		4.3
Gross decreases related to settlements	(0.3)		(4.2)		(0.2)
Gross decreases due to lapse of the statute of limitations	(5.4)		(5.0)		(2.7)
Ending balance	$	68.8	$	57.6	$	50.7