Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

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,	2022		2021		2020
($000)
U.S. income (loss)	$	(62,721)	$	21,692	$	(302,027)
Non-U.S. income	344,528		330,898		238,099
Earnings (loss) before income taxes	$	281,807	$	352,590	$	(63,928)

Components of Income Tax Expense

The components of income tax expense were as follows:

Year Ended June 30,	2022		2021		2020
($000)
Current:
Federal	$	1,569	$	415	$	7
State	768		1,632		496
Foreign	52,865		53,362		45,052
Total Current	$	55,202	$	55,409	$	45,555
Deferred:
Federal	$	(7,185)	$	13,744	$	(43,955)
State	(1,215)		(431)		1,007
Foreign	246		(13,684)		494
Total Deferred	$	(8,154)	$	(371)	$	(42,454)
Total Income Tax Expense	$	47,048	$	55,038	$	3,101

Schedule of Principal Items Comprising Deferred Income Taxes

Principal items comprising deferred income taxes were as follows:

June 30,	2022		2021
($000)
Deferred income tax assets
Inventory capitalization	$	20,562	$	20,753
Interest rate swap	—		6,347
Non-deductible accruals	8,403		7,437
Accrued employee benefits	11,320		14,025
Net-operating loss and credit carryforwards	149,949		163,717
Share-based compensation expense	10,125		8,400
Other	3,565		1,832
Deferred revenue	12,416		7,124
Right of use asset	29,817		33,341
Valuation allowances	(55,420)		(53,765)
Total deferred income tax assets	$	190,737	$	209,211
Deferred income tax liabilities
Tax over book accumulated depreciation	$	(28,701)	$	(32,692)
Intangible assets	(134,972)		(153,582)
Interest rate swap	(6,105)		—
Interest rate cap	(4,102)		—
Tax on unremitted earnings	(26,383)		(21,569)
Convertible debt	—		(3,321)
Lease liability	(28,983)		(32,053)
Other	(7,036)		(6,458)
Total deferred income tax liabilities	$	(236,282)	$	(249,675)
Net deferred income taxes	$	(45,545)	$	(40,464)

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,	2022		%	2021		%	2020		%
($000)
Taxes at statutory rate	$	59,179	21	$	74,044	21	$	(13,425)	21
Increase (decrease) in taxes resulting from:
State income taxes-net of federal benefit	(339)		—	1,246		—	1,194		(2)
Taxes on non U.S. earnings	(2,704)		(1)	(26,557)		(7)	(915)		1
Valuation allowance	(1,513)		(1)	(3,720)		(1)	(9,365)		15
Research and manufacturing incentive deductions and credits	(24,341)		(9)	(22,968)		(6)	(15,836)		25
Stock compensation	2,095		1	(2,500)		(1)	4,334		(7)
GILTI and FDII	4,866		2	27,369		8	36,067		(56)
Other	9,805		4	8,124		2	1,047		(2)
	$	47,048	17	$	55,038	16	$	3,101	(5)

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, 2022:

Type	Amount		Expiration Date
($000)
Tax credit carryforwards:
Federal research and development credits	$	83,063	June 2023-June 2042
Foreign tax credits	3,540		June 2030-June 2032
State tax credits	15,632		June 2023-June 2037
State tax credits (indefinite)	39,243		Indefinite
Operating loss carryforwards:
Loss carryforwards - federal	$	42,012	June 2023-June 2036
Loss carryforwards - state	182,178		June 2023-June 2042
Loss carryforwards - state (indefinite)	25,899		Indefinite
Loss carryforwards - foreign	15,608		June 2023-June 2032
Loss carryforwards - foreign (indefinite)	38,600		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, 2022, 2021 and 2020 were as follows:

	2022		2021		2020
($000)
Beginning balance	$	38,025	$	42,803	$	11,520
Increases in current year tax positions	1,803		3,940		1,506
Acquired business	—		5,341		31,791
Settlements	—		(7,514)		—
Expiration of statute of limitations	(2,417)		(6,545)		(2,014)
Ending balance	$	37,411	$	38,025	$	42,803