Income Taxes Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Tax From Continuing Operations Provision For Income Tax Components Disclosure

Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.

Years ended June 30,	2020		2019		2018
Earnings before income taxes:
United States	$	2,815.4	$	2,584.6	$	1,937.2
Foreign	367.2		421.0		345.4
	$	3,182.6	$	3,005.6	$	2,282.6

Schedule Of Components Of Provision (Benefit) For Income Taxes

The provision (benefit) for income taxes consists of the following components:

Years ended June 30,	2020		2019		2018
Current:
Federal	$	468.3	$	464.3	$	366.6
Foreign	119.5		129.1		105.5
State	102.3		110.1		77.6
Total current	690.1		703.5		549.7
Deferred:
Federal	23.7		7.9		(193.0)
Foreign	(5.4)		12.8		26.1
State	7.7		(11.4)		14.9
Total deferred	26.0		9.3		(152.0)
Total provision for income taxes	$	716.1	$	712.8	$	397.7

Reconciliation Between Federal Statutory Tax And Effective Tax Rate

A reconciliation between the Company's effective tax rate and the U.S. federal statutory rate is as follows:

Years ended June 30,	2020		%	2019		%	2018		%
Provision for taxes at U.S. statutory rate	$	668.4	21.0	$	631.2	21.0	$	640.5	28.1
Increase/(decrease) in provision from:
State taxes, net of federal tax benefit	85.6		2.7	80.7		2.7	58.1		2.5
Valuation Allowance Release on Foreign tax credits	(20.3)		(0.6)	—		—	—		—
U.S. tax on foreign income	—		—	—		—	12.0		0.5
Utilization of foreign tax credits	—		—	—		—	(19.6)		(0.9)
Tax settlements	—		—	—		—	(31.9)		(1.4)
Re-measurement of deferred tax balances	—		—	—		—	(253.3)		(11.1)
Resolution of tax matters - Section 199 Qualified production activities and research tax credit refund claim	—		—	—		—	(33.3)		(1.5)
Foreign rate differential	44.9		1.4	46.9		1.6	—		—
Excess tax benefit - Stock-based compensation	(26.9)		(0.8)	(29.8)		(1.0)	(26.7)		(1.2)
Other	(35.6)		(1.2)	(16.2)		(0.6)	51.9		2.4
	$	716.1	22.5	$	712.8	23.7	$	397.7	17.4

Components Of Deferred Tax Assets And Liabilities

The significant components of deferred income tax assets and liabilities and their balance sheet classifications are as follows:

Years ended June 30,	2020		2019
Deferred tax assets:
Accrued expenses not currently deductible	$	203.0	$	228.9
Stock-based compensation expense	33.8		45.3
Foreign tax credits	20.1		25.1
Net operating losses	52.0		54.0
Retirement Benefits	46.0		5.6
Other	25.9		20.2
	380.8		379.1
Less: valuation allowances	(12.0)		(31.6)
Deferred tax assets, net	$	368.8	$	347.5
Deferred tax liabilities:
Deferred revenue	$	475.0	$	475.9
Fixed and intangible assets	288.2		279.5
Prepaid expenses	82.3		86.2
Unrealized investment gains, net	187.9		63.0
Tax on unrepatriated earnings	22.2		31.6
Other	6.4		7.2
Deferred tax liabilities	1,062.0		943.4
Net deferred tax liabilities	$	693.2	$	595.9

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	2020		2019		2018
Unrecognized tax benefits at beginning of the year	$	54.2	$	45.2	$	74.6
Additions for tax positions	13.2		9.5		4.0
Additions for tax positions of prior periods	6.3		18.3		19.8
Reductions for tax positions of prior periods	(4.3)		(7.7)		(40.5)
Settlement with tax authorities	(4.0)		(10.3)		(11.7)
Expiration of the statute of limitations	(2.8)		(0.6)		(1.0)
Impact of foreign exchange rate fluctuations	(0.3)		(0.2)		—
Unrecognized tax benefit at end of year	$	62.3	$	54.2	$	45.2

Summary of Income Tax Examinations

Examinations in progress in which the Company has significant business operations are as follows:

Taxing Jurisdiction	Fiscal Years under Examination
U.S. (IRS)	2019 - 2020
Wisconsin	2015 - 2018
Michigan	2012 - 2014, 2015 - 2018
New York State	2016 - 2018
New York City	2016 - 2017
Florida	2016 - 2018
India	2003 - 2007, 2008 - 2010, 2013 - 2016