Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

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,	2021		2020		2019
($000)
U.S. income (loss)	$	21,692	$	(302,027)	$	(34,241)
Non-U.S. income	330,898		238,099		163,054
Earnings (loss) before income taxes	$	352,590	$	(63,928)	$	128,813

Components of Income Tax Expense

The components of income tax expense were as follows:

Year Ended June 30,	2021		2020		2019
($000)
Current:
Federal	$	415	$	7	$	1,755
State	1,632		496		472
Foreign	53,362		45,052		29,531
Total Current	$	55,409	$	45,555	$	31,758
Deferred:
Federal	$	13,744	$	(43,955)	$	(3,764)
State	(431)		1,007		(2,010)
Foreign	(13,684)		494		(4,688)
Total Deferred	$	(371)	$	(42,454)	$	(10,462)
Total Income Tax Expense	$	55,038	$	3,101	$	21,296

Schedule of Principal Items Comprising Deferred Income Taxes

Principal items comprising deferred income taxes were as follows:

June 30,	2021		2020
($000)
Deferred income tax assets
Inventory capitalization	$	20,753	$	19,372
Interest rate swap	6,347		9,847
Non-deductible accruals	7,437		9,325
Accrued employee benefits	14,025		11,095
Net-operating loss and credit carryforwards	163,717		182,625
Share-based compensation expense	8,400		8,110
Other	8,956		9,736
Right of use asset	33,341		31,573
Valuation allowances	(53,765)		(54,559)
Total deferred income tax assets	$	209,211	$	227,124
Deferred income tax liabilities
Tax over book accumulated depreciation	$	(32,692)	$	(25,926)
Intangible assets	(153,582)		(160,577)
Tax on unremitted earnings	(21,569)		(21,785)
Convertible debt	(3,321)		(6,006)
Lease liability	(32,053)		(29,768)
Other	(6,458)		(5,676)
Total deferred income tax liabilities	$	(249,675)	$	(249,738)
Net deferred income taxes	$	(40,464)	$	(22,614)

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,	2021		%	2020		%	2019		%
($000)
Taxes at statutory rate	$	74,044	21	$	(13,425)	21	$	27,051	21
Increase (decrease) in taxes resulting from:
State income taxes-net of federal benefit	1,246		—	1,194		(2)	(1,212)		(1)
Taxes on non U.S. earnings	(26,557)		(7)	(915)		1	(5,857)		(5)
Valuation allowance	(3,720)		(1)	(9,365)		15	(6,703)		(5)
Research and manufacturing incentive deductions and credits	(22,968)		(6)	(15,836)		25	(11,756)		(9)
Stock compensation	(2,500)		(1)	4,334		(7)	(1,914)		(1)
Repatriation tax	—		—	—		—	14,108		11
GILTI and FDII	27,369		8	36,067		(56)	6,437		5
Other	8,124		2	1,047		(2)	1,142		1
	$	55,038	16	$	3,101	(5)	$	21,296	17

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, 2021:

Type	Amount		Expiration Date
($000)
Tax credit carryforwards:
Federal research and development credits	$	79,211	June 2022-June 2041
Foreign tax credits	20,493		June 2022-June 2031
State tax credits	15,434		June 2022-June 2036
State tax credits (indefinite)	39,125		Indefinite
Operating loss carryforwards:
Loss carryforwards - federal	$	47,755	June 2022-June 2036
Loss carryforwards - state	136,454		June 2022-June 2041
Loss carryforwards - state (indefinite)	13,076		Indefinite
Loss carryforwards - foreign	17,375		June 2021-June 2040
Loss carryforwards - foreign (indefinite)	48,884		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, 2021, 2020 and 2019 were as follows:

	2021		2020		2019
($000)
Beginning balance	$	42,803	$	11,520	$	9,892
Increases in current year tax positions	3,940		1,506		191
Increases in prior year tax positions	—		—		376
Acquired business	5,341		31,791		6,036
Settlements	(7,514)		—		—
Expiration of statute of limitations	(6,545)		(2,014)		(4,975)
Ending balance	$	38,025	$	42,803	$	11,520