Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income before income taxes

Income before income taxes was derived from the following sources:

	2023		2022		2021
United States	$	1,408,206	$	646,364	$	1,273,037
Foreign	1,271,458		967,862		973,920
	$	2,679,664	$	1,614,226	$	2,246,957

Income taxes

Income taxes include the following:

	2023		2022		2021
Federal
Current	$	161,465	$	297,672	$	247,094
Deferred	81,426		(253,123)		(52,960)
Foreign
Current	297,199		303,089		269,607
Deferred	(13,509)		(45,977)		8,851
State and local
Current	45,599		48,479		34,895
Deferred	23,948		(52,100)		(7,391)
	$	596,128	$	298,040	$	500,096

Effective income tax rate reconciliation to statutory federal rate

A reconciliation of the effective income tax rate to the statutory federal rate follows:

	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes	2.1		(0.2)		1.0
Tax related to international activities	1.2		2.7		3.6
Cash surrender value of life insurance	(0.1)		0.5		(0.6)
Foreign derived intangible income deduction	(1.1)		(3.7)		(1.0)
Research tax credit	(0.7)		(0.8)		(0.4)
Share-based compensation	(1.0)		(1.3)		(1.6)
Other	0.8		0.3		0.3
Effective income tax rate	22.2	%	18.5	%	22.3	%

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:

	2023		2022
Retirement benefits	$	158,560	$	207,147
Other liabilities and reserves	333,012		180,624
Long-term contracts	37,747		8,739
Stock-based compensation	33,374		31,490
Loss carryforwards	1,083,732		888,552
Unrealized currency exchange gains and losses	(1,680)		254,334
Inventory	96,501		14,649
Tax credit carryforwards	18,773		17,326
Undistributed foreign earnings	(21,304)		(21,822)
Depreciation and amortization	(2,228,606)		(875,623)
Valuation allowance	(1,078,354)		(901,875)
Net deferred tax (liability)	$	(1,568,245)	$	(196,459)
Change in net deferred tax (liability):
Provision for deferred tax	$	(91,865)	$	351,201
Items of other comprehensive (loss) income	(64,342)		(98,810)
Acquisitions and other	(1,215,579)		880
Total change in net deferred tax	$	(1,371,786)	$	253,271

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2023		2022		2021
Balance July 1	$	90,669	$	100,759	$	86,277
Additions for tax positions related to current year	9,389		7,039		10,145
Additions for tax positions of prior years	6,171		1,415		10,320
Additions for acquisitions	25,957		—		2,376
Reductions for tax positions of prior years	(3,063)		(140)		(1,996)
Reductions for settlements	(6,923)		(3,127)		(7,165)
Reductions for expiration of statute of limitations	(11,199)		(6,647)		(2,252)
Effect of foreign currency translation	2,502		(8,630)		3,054
Balance June 30	$	113,503	$	90,669	$	100,759