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Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Components of Earnings (Losses) Before Income Taxes The components of earnings (loss) before income taxes by jurisdiction were as follows:
Year Ended June 30,202320222021
($000)
U.S. income (loss)$(450,370)$(62,721)$21,692 
Non-U.S. income94,812 344,528 330,898 
Earnings (loss) before income taxes$(355,558)$281,807 $352,590 
Components of Income Tax Expense The components of the income tax expense (benefit) were as follows:
Year Ended June 30,202320222021
($000)
Current:
Federal$5 $1,569 $415 
State3,867 768 1,632 
Foreign106,850 52,865 53,362 
Total Current$110,722 $55,202 $55,409 
Deferred:
Federal$(106,044)$(7,185)$13,744 
State(7,151)(1,215)(431)
Foreign(93,627)246 (13,684)
Total Deferred$(206,822)$(8,154)$(371)
Total Income Tax Expense (Benefit)$(96,100)$47,048 $55,038 
Schedule of Principal Items Comprising Deferred Income Taxes Principal items comprising deferred tax assets and liabilities were as follows:
June 30,20232022
($000)
Deferred income tax assets
Inventory capitalization$60,232 $20,562 
Non-deductible accruals18,423 8,403 
Accrued employee benefits40,292 11,320 
Net-operating loss and credit carryforwards234,546 149,949 
Share-based compensation expense16,729 10,125 
Other9,256 3,565 
Research and development capitalization85,473 — 
Deferred revenue11,415 12,416 
Right of use asset42,688 29,817 
Valuation allowances(97,180)(55,420)
Total deferred income tax assets$421,874 $190,737 
Deferred income tax liabilities
Tax over book accumulated depreciation$(56,742)$(28,701)
Intangible assets(988,580)(134,972)
Interest rate swap(8,522)(6,105)
Interest rate cap(10,734)(4,102)
Tax on unremitted earnings(51,672)(26,383)
Lease liability(41,426)(28,983)
Other(6,757)(7,036)
Total deferred income tax liabilities$(1,164,433)$(236,282)
Net deferred income taxes$(742,559)$(45,545)
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 30,2023%2022%2021%
($000)     
Taxes at statutory rate$(74,667)21 $59,179 21 $74,044 21 
Increase (decrease) in taxes resulting from:
State income taxes-net of federal benefit(2,548)1 (339)— 1,246 — 
Taxes on non U.S. earnings191 — (2,704)(1)(26,557)(7)
Valuation allowance3,835 (1)(1,513)(1)(3,720)(1)
Research and manufacturing incentive deductions and credits(29,416)8 (24,341)(9)(22,968)(6)
Stock compensation18,661 (5)2,095 1 (2,500)(1)
GILTI and FDII(7,195)2 4,866 2 27,369 8 
Other(4,961)1 9,805 4 8,124 2 
 $(96,100)27 $47,048 17 $55,038 16 
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, 2023:
TypeAmountExpiration Date
($000)
Tax credit carryforwards:
Federal research and development credits$124,892 June 2027-June 2043
Foreign tax credits26,850 June 2030-June 2032
State tax credits19,203 June 2024-June 2038
State tax credits (indefinite)76,968 Indefinite
Operating loss carryforwards:
Loss carryforwards - federal$40,411 June 2024-June 2036
Loss carryforwards - federal (indefinite)2,182 Indefinite
Loss carryforwards - state266,937 June 2024-June 2043
Loss carryforwards - state (indefinite)32,863 Indefinite
Loss carryforwards - foreign62,719 June 2024-June 2033
Loss carryforwards - foreign (indefinite)136,326 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, 2023, 2022 and 2021 were as follows:
202320222021
($000)
Beginning balance$37,411 $38,025 $42,803 
Increases in current year tax positions110 1,803 3,940 
Acquired business86,077 — 5,341 
Settlements— — (7,514)
Expiration of statute of limitations(8,418)(2,417)(6,545)
Ending balance$115,180 $37,411 $38,025