Income Taxes (Text Block)

9 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

The effective tax rate decreased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, with an effective tax rate of 21.7% of income before income taxes, compared to 23.7% in the prior fiscal year quarter. The decrease to the Company's effective tax rate was primarily due to the timing of filing our Federal tax return and recognition of return-to-provision adjustments.

For the nine months ended March 31, 2025, the effective tax rate decreased compared to the nine months ended March 31, 2024, with an effective tax rate of 23.0% of income before income taxes, compared to 23.6% for the same period last fiscal year. The decrease in the effective tax rate for the nine months ended March 31, 2025, was primarily due to the timing of filing our Federal tax return and recognition of return-to-provision adjustments.

The Company paid income taxes, net of refunds, of $94,553 and $70,686 in the nine months ended March 31, 2025, and 2024, respectively.

At March 31, 2025, the Company had $22,851 of gross unrecognized tax benefits before interest and penalties, $20,735 of which, if recognized, would affect our effective tax rate. The Company had accrued interest and penalties of $4,744 related to uncertain tax positions at March 31, 2025.

The U.S. federal and state income tax returns for fiscal 2021 and all subsequent years remain subject to examination as of March 31, 2025, under statute of limitations rules. In addition, certain U.S. state income tax returns remain subject to examination as of March 31, 2025, under the statute of limitation rules for fiscal 2016 through 2020. The Company anticipates potential changes due to lapsing of statutes of limitations, and examination closures could reduce the unrecognized tax benefits balance by $3,000 to $8,500 within twelve months of March 31, 2025.