Income Taxes

6 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three months ended December 31, 2021 and 2020 was 23.7% and 22.2%, respectively. The increase in the effective tax rate is primarily due to benefits from a foreign tax election in the three months ended December 31, 2020, partially offset by a favorable earnings mix in the three months ended December 31, 2021.

The effective tax rate for the six months ended December 31, 2021 and 2020 was 23.0% and 21.8%, respectively. The increase in the effective tax rate is primarily due to combined benefits from adjustments to prior year tax liabilities and a foreign tax election in the six months ended December 31, 2020, partially offset by an increase in the excess tax benefits on stock-based compensation and a favorable earnings mix in the six months ended December 31, 2021.