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Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income before income taxes
Income before income taxes was derived from the following sources:
 
2020

 
2019

 
2018

United States
$
833,933

 
$
1,124,933

 
$
963,843

Foreign
678,694

 
808,492

 
738,434

 
$
1,512,627

 
$
1,933,425

 
$
1,702,277
Income taxes
Income taxes include the following:
 
2020

 
2019

 
2018

Federal
 
 
 
 
 
  Current
$
105,796

 
$
160,858

 
$
453,821

  Deferred
26,067

 
14,903

 
(23,876
)
Foreign
 
 
 
 
 
  Current
167,680

 
206,167

 
210,385

  Deferred
(14,247
)
 
3,202

 
(17,454
)
State and local
 
 
 
 
 
  Current
18,756

 
20,932

 
18,168

  Deferred
1,872

 
14,432

 
(82
)
 
$
305,924

 
$
420,494

 
$
640,962
Effective income tax rate reconciliation to statutory federal rate
A reconciliation of the effective income tax rate to the statutory federal rate follows:
 
2020

 
2019

 
2018

Statutory federal income tax rate
21.0
 %
 
21.0
 %
 
28.1
 %
State and local income taxes
1.4

 
1.7

 
1.2

Tax related to international activities
1.8

 
2.9

 
(1.0
)
Transition tax related to the TCJ Act
(0.7
)
 
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
(0.3
)
 
(0.1
)
 
(0.4
)
Federal manufacturing deduction
—

 
0.1

 
(1.0
)
Foreign derived intangible income deduction
(1.5
)
 
(1.0
)
 
—

Research tax credit
(0.6
)
 
(0.5
)
 
(0.7
)
Share-based compensation
(1.5
)
 
(1.7
)
 
(2.2
)
Other
0.6

 
(0.6
)
 
1.0

Effective income tax rate
20.2
 %
 
21.7
 %
 
37.7
 %
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:
 
2020

 
2019

Retirement benefits
$
504,747

 
$
368,269

Other liabilities and reserves
139,872

 
90,936

Long-term contracts
7,392

 
22,241

Stock-based compensation
35,483

 
38,730

Loss carryforwards
754,655

 
792,914

Unrealized currency exchange gains and losses
39,256

 
27,034

Inventory
5,242

 
5,540

Tax credit carryforwards
33,176

 
15,640

Undistributed foreign earnings
(15,196
)
 
(16,762
)
Depreciation and amortization
(988,886
)
 
(589,454
)
Valuation allowance
(771,430
)
 
(797,692
)
Net deferred tax (liability)
$
(255,689
)
 
$
(42,604
)
 
 
 
 
Change in net deferred tax (liability):
 
 
 
Provision for deferred tax
$
(13,692
)
 
$
(32,537
)
Items of other comprehensive income
102,297

 
72,530

Acquisitions and other
(301,690
)
 
94,638

Total change in net deferred tax
$
(213,085
)
 
$
134,631
Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
2020

 
2019

 
2018

Balance July 1
$
140,662

 
$
153,091

 
$
147,506

Additions for tax positions related to current year
4,955

 
2,272

 
4,195

Additions for tax positions of prior years
798

 
45

 
8,333

Additions for acquisitions
43,532

 
—

 
—

Reductions for tax positions of prior years
(41,726
)
 
(927
)
 
(3,790
)
Reductions for settlements
(53,520
)
 
(832
)
 
(315
)
Reductions for expiration of statute of limitations
(3,820
)
 
(9,388
)
 
(4,480
)
Effect of foreign currency translation
(4,604
)
 
(3,599
)
 
1,642

Balance June 30
$
86,277

 
$
140,662

 
$
153,091