Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Loss Before Income Tax Expense

The domestic and foreign components of income before provision for income taxes are as follows (in thousands):

	Year Ended June 30,
	2024		2023		2022
Domestic	$	480,145	$	447,975	$	421,942
Foreign	64,504		35,664		32,630
Income before income taxes	$	544,649	$	483,639	$	454,572

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows (in thousands):

	Year Ended June 30,
	2024		2023		2022
Current:
Federal	$	130,621	$	184,040	$	66,956
State and local	26,268		49,824		1,372
Foreign	17,599		11,053		9,880
Total current	174,488		244,917		78,208
Deferred:
Federal	(42,322)		(109,894)		(12,884)
State and local	(6,827)		(36,717)		22,140
Foreign	(614)		598		314
Total deferred	(49,763)		(146,013)		9,570
Total income tax expense	$	124,725	$	98,904	$	87,778

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differs from the amounts computed by applying the U.S. federal statutory income tax rate of 21.0% as a result of the following (in thousands):

	Year Ended June 30,
	2024			2023			2022
Expected tax expense computed at federal statutory rate	$	114,376		$	101,564		$	95,460
State and local taxes, net of federal benefit	16,508			15,900			21,295
Remeasurement of current year NOL	—			—			(1,124)
R&D tax credit, net	(12,604)			(14,205)			(15,708)
Stock-based compensation	(2,385)			(930)			(3,981)
Nonincludible and nondeductible items, net	4,368			1,105			1,588
Remeasurement of deferred taxes	(1,150)			(5,546)			(5,629)
Other	5,612			1,016			(4,123)
Total income tax expense	$	124,725		$	98,904		$	87,778
Effective income tax rate	22.9		%	20.4		%	19.3		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred taxes are presented below (in thousands):

	June 30,
	2024		2023
Deferred tax assets:
Operating lease liabilities	$	97,911	$	102,679
Reserves and accruals	22,172		27,881
Capitalized research and development	170,086		191,872
Credits and net operating loss carryovers	9,407		4,284
Deferred compensation and post-retirement obligations	34,315		34,477
Stock-based compensation	12,362		11,032
Valuation allowance	(2,887)		—
Total deferred tax assets	343,366		372,225
Deferred tax liabilities:
Goodwill and other intangible assets	(357,150)		(331,845)
Property, plant and equipment	(27,578)		(31,068)
Operating lease right-of-use assets	(74,769)		(78,670)
Deferred revenue	(23,591)		(26,543)
Prepaid expenses	(12,084)		(11,177)
Interest rate swaps	(8,322)		(10,943)
Other	(9,680)		(2,524)
Total deferred tax liabilities	(513,174)		(492,770)
Net deferred tax liability	$	(169,808)	$	(120,545)

Schedule of Unrecognized Tax Benefits

Changes in the Company’s liability for unrecognized tax benefits is shown in the table below (in thousands):

	Year Ended June 30,
	2024		2023		2022
Beginning of year	$	153,860	$	42,810	$	31,505
Additions based on prior year tax positions	3,592		3,829		8,221
Additions based on current year tax positions	11,703		107,221		8,313
Reductions based on prior year tax positions	(96,111)		—		—
Settlement with taxing authorities	—		—		(5,229)
End of year	$	73,044	$	153,860	$	42,810
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	$	73,044	$	56,944	$	42,810