XML 74 R42.htm IDEA: XBRL DOCUMENT v3.25.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of 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 30,202520242023
Earnings before income taxes:
United States$4,825.6 $4,408.0 $4,091.4 
Foreign484.5 464.3 346.2 
$5,310.1 $4,872.3 $4,437.6 
Schedule of Components of Provision (Benefit) for Income Taxes
The provision (benefit) for income taxes consists of the following components:
Years ended June 30,202520242023
Current:
Federal$880.5 $847.4 $840.0 
Foreign136.0 132.8 104.6 
State176.9 177.5 161.1 
Total current1,193.4 1,157.7 1,105.7 
Deferred:
Federal0.7 (18.7)(77.4)
Foreign19.4 (6.6)4.3 
State16.9 (12.1)(7.0)
Total deferred37.0 (37.4)(80.1)
Total provision for income taxes$1,230.4 $1,120.3 $1,025.6 
Schedule of 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 30,2025%2024%2023%
Provision for taxes at U.S. statutory rate$1,115.1 21.0 $1,023.2 21.0 $931.9 21.0 
Increase/(decrease) in provision from:
State taxes, net of federal tax benefit128.0 2.4 120.6 2.5 111.2 2.5 
Foreign rate differential39.0 0.7 41.0 0.9 33.1 0.7 
Excess tax benefit - Stock-based compensation(24.3)(0.4)(17.1)(0.4)(19.0)(0.4)
Other(27.4)(0.5)(47.4)(1.0)(31.6)(0.7)
$1,230.4 23.2 $1,120.3 23.0 $1,025.6 23.1 
Summary 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 30,20252024
Deferred tax assets:
Accrued expenses not currently deductible$256.7 $237.4 
Stock-based compensation expense56.0 51.3 
Foreign tax credits8.8 12.0 
Fixed and intangible assets 216.8 194.9 
Net operating losses59.3 41.7 
Disallowed business interest expense carryforward30.9 — 
Unrealized investment losses, net98.4 351.4 
Other28.5 39.1 
755.4 927.8 
Less: valuation allowances(23.8)(11.1)
Deferred tax assets, net$731.6 $916.7 
Deferred tax liabilities:
Deferred contract costs$654.0 $620.7 
Prepaid expenses103.1 88.8 
Prepaid retirement benefits53.1 40.3 
Tax on unrepatriated earnings12.0 10.2 
Other16.9 20.8 
Deferred tax liabilities839.1 780.8 
Net deferred tax (liabilities)/assets$(107.5)$135.9 
Summary of Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
202520242023
Unrecognized tax benefits at beginning of the year$126.9 $116.9 $98.1 
Additions for tax positions29.5 17.2 11.3 
Additions for tax positions of prior periods26.7 17.8 16.8 
Reductions for tax positions of prior periods(1.8)(12.8)(5.0)
Settlement with tax authorities(0.1)(9.0)(1.8)
Expiration of the statute of limitations(17.5)(2.9)(1.0)
Impact of foreign exchange rate fluctuations(0.7)(0.3)(1.5)
Unrecognized tax benefit at end of year$163.0 $126.9 $116.9 
Summary of Income Tax Examinations Examinations in progress in which the Company has significant business operations are as follows:
Taxing JurisdictionFiscal Years under Examination
U.S. (IRS)
2023 - 2025
Arizona
2016 - 2020
Massachusetts
2016 - 2022
Michigan
2020 - 2023
New Jersey
2020 - 2022
New York City
2016 - 2021
New York State
2019 - 2021
India
2014 - 2022