Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Schedule Of Income Before Income Taxes Under The Jurisdictions

Income before income taxes for the years ended June 30, 2022, 2021 and 2020, was taxed under the following jurisdictions (in thousands):


	2022		2021		2020
U.S.	$	(85,919)	$	71,867	$	60,548
Non-U.S.	1,046,402		811,795		672,540
Income before income taxes	$	960,483	$	883,662	$	733,088

Schedule Of Provision For Income Taxes

The provision for income taxes is presented below (in thousands):


		2022		2021		2020
Current:	Federal	$	4,376	$	(115,109)	$	9,790
	State	10,700		9,041		6,898
	Non-U.S.	177,788		531,812		124,602
		192,864		425,744		141,290
Deferred:	Federal	(12,612)		(22,791)		(13,000)
	State	(2,773)		(4,205)		(3,335)
	Non-U.S.	3,567		10,409		(13,541)
		(11,818)		(16,587)		(29,876)
Provision for income taxes		$	181,046	$	409,157	$	111,414

Schedule Of Provision For Income Tax Differ From The Amount Of Income Tax

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. federal income tax rate of 21% for the years ended June 30, 2022, 2021 and 2020, to pretax income as a result of the following (in thousands):


	2022		2021		2020
Taxes computed at statutory U.S. rate	$	201,701	$	185,569	$	153,949
Increase (decrease) in income taxes resulting from:
State income taxes, net of U.S. tax benefit	5,703		4,836		3,563
Research and development credit	(17,517)		(20,257)		(13,595)
Change in valuation allowance	858		(3,785)		7,216
Effect of non-U.S. tax rates	(4,384)		(12,130)		(20,935)
Foreign tax credits	(2,299)		(7,210)		(4,026)
Stock-based compensation expense	(11,294)		(4,498)		(20,696)
Uncertain tax position	—		248,773		—
Other	8,278		17,859		5,938
Provision for income taxes	$	181,046	$	409,157	$	111,414

Schedule Of Deferred Tax Assets And Liabilities Classified As Current And Non-Current

We reported net deferred tax assets and liabilities in our consolidated balance sheets at June 30, 2022 and June 30, 2021, as follows (in thousands):


	2022		2021
Non-current deferred tax asset	$	79,746	$	79,904
Non-current deferred tax liability	(9,714)		(11,319)
Net deferred tax asset	$	70,032	$	68,585

Components Of Deferred Tax Assets And Liabilities

The components of our deferred tax assets and liabilities at June 30, 2022 and June 30, 2021, are as follows (in thousands):


	2022		2021
Deferred tax assets:
Employee liabilities	$	28,556	$	30,080
Tax credit carry overs	7,723		13,753
Inventories	10,570		11,734
Provision for warranties	4,814		4,149
Provision for doubtful debts	5,096		7,334
Net operating loss carryforwards	27,490		33,377
Capital loss carryover	4,715		6,912
Stock-based compensation expense	6,425		6,080
Deferred revenue	25,748		17,839
Research and development capitalization	82,074		58,789
Lease liabilities	21,702		25,751
Other	(3,395)		(4,911)
	221,518		210,887
Less valuation allowance	(13,572)		(13,106)
Deferred tax assets	207,946		197,781
Deferred tax liabilities:
Goodwill and other intangibles	(108,078)		(104,563)
Right of use assets	(20,345)		(23,693)
Property, plant and equipment	(9,491)		(940)
Deferred tax liabilities	(137,914)		(129,196)
Net deferred tax asset	$	70,032	$	68,585