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Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Components of Earnings (Losses) Before Income Taxes
The components of earnings (loss) before income taxes were as follows:
Year Ended June 30,202020192018
($000)
U.S. loss$(302,027)$(34,241)$(15,207)
Non-U.S. income238,099 163,054 137,401 
Earnings (loss) before income taxes$(63,928)$128,813 $122,194 
Components of Income Tax Expense
The components of income tax expense were as follows:
Year Ended June 30,202020192018
($000)
Current:
Federal$7 $1,755 $699 
State496 472 401 
Foreign45,052 29,531 32,147 
Total Current$45,555 $31,758 $33,247 
Deferred:
Federal$(43,955)$(3,764)$(3,064)
State1,007 (2,010)1,615 
Foreign494 (4,688)2,394 
Total Deferred$(42,454)$(10,462)$945 
Total Income Tax Expense$3,101 $21,296 $34,192 
Schedule of Principal Items Comprising Deferred Income Taxes
Principal items comprising deferred income taxes were as follows:
June 30,20202019
($000)
Deferred income tax assets
Inventory capitalization$19,372 $5,687 
Interest rate swap9,847 — 
Non-deductible accruals9,325 1,251 
Accrued employee benefits11,095 9,797 
Net-operating loss and credit carryforwards182,625 54,192 
Share-based compensation expense8,110 7,192 
Other9,736 5,488 
Right of use asset31,573 — 
Valuation allowances(54,559)(16,558)
Total deferred income tax assets$227,124 $67,049 
Deferred income tax liabilities
Tax over book accumulated depreciation$(25,926)$(28,184)
Intangible assets(160,577)(28,202)
Tax on unremitted earnings(21,785)(11,662)
Convertible debt(6,006)(8,662)
Lease liability(29,768)— 
Other(5,676)(5,728)
Total deferred income tax liabilities$(249,738)$(82,438)
Net deferred income taxes$(22,614)$(15,389)
Schedule of Reconciliation of Income Tax Expense at Statutory U.S. Federal Rate to Reported Income Tax Expense
The reconciliation of income tax expense at the statutory U.S. federal rate to the reported income tax expense is as follows:
Year Ended June 30,2020%2019%2018%
($000)     
Taxes at statutory rate$(13,425)21 $27,051 21 $34,284 28 
Increase (decrease) in taxes resulting from:
State income taxes-net of federal benefit1,194 (2)(1,212)(1)1,426 1 
Taxes on non U.S. earnings(915)1 (5,857)(5)(16,058)(13)
Valuation allowance(9,365)15 (6,703)(5)(6,008)(5)
Research and manufacturing incentive deductions and credits(15,836)25 (11,756)(9)(7,024)(6)
Stock compensation4,334 (7)(1,914)(1)(4,103)(3)
Repatriation tax— — 14,108 11 36,777 30 
GILTI and FDII36,067 (56)6,437 5 — — 
Impact of U.S. tax rate change on deferred balances— — — — (4,209)(3)
Other1,047 (2)1,142 1 (893)(1)
 $3,101 (5)$21,296 17 $34,192 28 
Schedule of Gross Operating Loss Carryforwards and Tax Credit Carryforwards
The Company has the following gross operating loss carryforwards and tax credit carryforwards as of June 30, 2020:

TypeAmountExpiration Date
($000)
Tax credit carryforwards:
Federal research and development credits$71,694 June 2021-June 2040
Foreign tax credits14,354 June 2022-June 2030
State tax credits14,364 June 2021-June 2035
State tax credits (indefinite)40,316 Indefinite
Operating loss carryforwards:
Loss carryforwards - federal$166,643 June 2021-June 2036
Loss carryforwards - state110,587 June 2021-June 2039
Loss carryforwards - foreign10,683 June 2021-June 2040
Loss carryforwards - foreign (indefinite)36,806 Indefinite
Schedule of Changes in Liability for Unrecognized Tax Benefits
Changes in the liability for unrecognized tax benefits for the fiscal years ended June 30, 2020, 2019 and 2018 were as follows:

202020192018
($000)
Beginning balance$11,520 $9,892 $7,577 
Increases in current year tax positions1,506 191 2,536 
Increases in prior year tax positions— 376 224 
Decreases in prior year tax positions— — (9)
Acquired business31,791 6,036 — 
Expiration of statute of limitations(2,014)(4,975)(436)
Ending balance$42,803 $11,520 $9,892