Income Taxes

9 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three months ended March 31, 2023 and 2022 was 23.5% and 22.0%, respectively. The increase is primarily due to an intercompany transfer of certain assets in the three months ended March 31, 2022. and higher reserves for uncertain tax positions in the three months ended March 31, 2023.

The effective tax rate for the nine months ended March 31, 2023 and 2022 was 23.2% and 22.6%, respectively. The increase is primarily due to an intercompany transfer of certain assets in the nine months ended March 31, 2022 and higher reserves for uncertain tax positions, partially offset by favorable adjustments to prior year tax liabilities in the nine months ended March 31, 2023.