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Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income before income taxes
Income before income taxes was derived from the following sources:
 
2019

 
2018

 
2017

United States
$
1,124,933

 
$
963,843

 
$
722,925

Foreign
808,492

 
738,434

 
605,716

 
$
1,933,425

 
$
1,702,277

 
$
1,328,641
Income taxes
Income taxes include the following:
 
2019

 
2018

 
2017

Federal
 
 
 
 
 
  Current
$
160,858

 
$
453,821

 
$
132,420

  Deferred
14,903

 
(23,876
)
 
37,316

Foreign
 
 
 
 
 
  Current
206,167

 
210,385

 
157,518

  Deferred
3,202

 
(17,454
)
 
(5,319
)
State and local
 
 
 
 
 
  Current
20,932

 
18,168

 
17,835

  Deferred
14,432

 
(82
)
 
5,027

 
$
420,494

 
$
640,962

 
$
344,797
Effective income tax rate reconciliation to statutory federal rate
A reconciliation of the Company's effective income tax rate to the statutory federal rate follows:
 
2019

 
2018

 
2017

Statutory federal income tax rate
21.0
 %
 
28.1
 %
 
35.0
 %
State and local income taxes
1.7

 
1.2

 
1.7

Tax related to international activities
2.9

 
(1.0
)
 
(5.5
)
Transition tax related to the TCJ Act
0.8

 
17.5

 
—

Remeasurement of deferred tax assets and liabilities related to the TCJ Act
(0.9
)
 
(4.8
)
 
—

Cash surrender value of life insurance
(0.1
)
 
(0.4
)
 
(0.9
)
Federal manufacturing deduction
0.1

 
(1.0
)
 
(0.9
)
Foreign derived intangible income deduction
(1.0
)
 
—

 
—

Research tax credit
(0.5
)
 
(0.7
)
 
(0.8
)
Share-based compensation
(1.7
)
 
(2.2
)
 
(2.7
)
Other
(0.6
)
 
1.0

 
0.1

Effective income tax rate
21.7
 %
 
37.7
 %
 
26.0
 %
Differences comprising the net deferred taxes shown on consolidated balance sheet The differences comprising the net deferred taxes shown on the Consolidated Balance Sheet at June 30 were as follows:
 
2019

 
2018

Retirement benefits
$
368,269

 
$
340,480

Other liabilities and reserves
104,850

 
112,935

Long-term contracts
22,241

 
17,496

Stock-based compensation
38,730

 
38,535

Loss carryforwards
792,914

 
679,880

Unrealized currency exchange gains and losses
27,034

 
27,228

Inventory
5,540

 
6,696

Foreign tax credit carryforward
1,726

 
—

Undistributed foreign earnings
(16,762
)
 
(16,308
)
Depreciation and amortization
(589,454
)
 
(689,320
)
Valuation allowance
(797,692
)
 
(694,857
)
Net deferred tax (liability)
$
(42,604
)
 
$
(177,235
)
 
 
 
 
Change in net deferred tax (liability):
 
 
 
Provision for deferred tax
$
(32,537
)
 
$
41,412

Items of other comprehensive income (loss)
72,530

 
(65,542
)
Acquisitions and other
94,638

 
32,628

Total change in net deferred tax
$
134,631

 
$
8,498
Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
2019

 
2018

 
2017

Balance July 1
$
153,091

 
$
147,506

 
$
139,907

Additions for tax positions related to current year
2,272

 
4,195

 
4,735

Additions for tax positions of prior years
45

 
8,333

 
2,618

Additions for acquisitions
—

 
—

 
3,939

Reductions for tax positions of prior years
(927
)
 
(3,790
)
 
(1,175
)
Reductions for settlements
(832
)
 
(315
)
 
(3,020
)
Reductions for expiration of statute of limitations
(9,388
)
 
(4,480
)
 
(2,792
)
Effect of foreign currency translation
(3,599
)
 
1,642

 
3,294

Balance June 30
$
140,662

 
$
153,091

 
$
147,506