Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Schedule of Income Before Income Taxes Under the Jurisdictions

Income before income taxes for the years ended June 30, 2023, 2022 and 2021, was taxed under the following jurisdictions (in thousands):


	2023		2022		2021
U.S.	$	128,589	$	(85,919)	$	71,867
Non-U.S.	973,075		1,046,402		811,795
Income before income taxes	$	1,101,664	$	960,483	$	883,662

Schedule of Provision for Income Taxes

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


		2023		2022		2021
Current:	Federal	$	36,631	$	4,376	$	(115,109)
	State	14,142		10,700		9,041
	Non-U.S.	198,767		177,788		531,812
		249,540		192,864		425,744
Deferred:	Federal	(21,721)		(12,612)		(22,791)
	State	(2,389)		(2,773)		(4,205)
	Non-U.S.	(21,322)		3,567		10,409
		(45,432)		(11,818)		(16,587)
Provision for income taxes		$	204,108	$	181,046	$	409,157

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, 2023, 2022 and 2021, to pretax income as a result of the following (in thousands):


	2023		2022		2021
Taxes computed at statutory U.S. rate	$	231,349	$	201,701	$	185,569
Increase (decrease) in income taxes resulting from:
State income taxes, net of U.S. tax benefit	9,448		5,703		4,836
Research and development credit	(21,481)		(17,517)		(20,257)
Change in valuation allowance	(5,007)		858		(3,785)
Effect of non-U.S. tax rates	(3,982)		(4,384)		(12,130)
Foreign tax credits	(3,988)		(2,299)		(7,210)
Stock-based compensation expense	(6,282)		(11,294)		(4,498)
Uncertain tax position	—		—		248,773
Other	4,051		8,278		17,859
Provision for income taxes	$	204,108	$	181,046	$	409,157

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, 2023 and June 30, 2022, as follows (in thousands):


	2023		2022
Non-current deferred tax asset	$	132,974	$	79,746
Non-current deferred tax liability	(90,650)		(9,714)
Net deferred tax asset	$	42,324	$	70,032

Schedule of Components of Deferred Tax Assets and Liabilities

The components of our deferred tax assets and liabilities at June 30, 2023 and June 30, 2022, are as follows (in thousands):


	2023		2022
Deferred tax assets:
Employee liabilities	$	34,314	$	28,556
Tax credit carry overs	6,051		7,723
Inventories	13,212		10,570
Provision for warranties	5,348		4,814
Provision for doubtful debts	6,103		5,096
Net operating loss carryforwards	22,387		27,490
Capital loss carryover	917		4,715
Stock-based compensation expense	8,670		6,425
Deferred revenue	23,908		25,748
Research and development capitalization	111,704		82,074
Lease liabilities	21,347		21,702
Hedging contracts	27,666		—
Other	454		(3,395)
	282,081		221,518
Less valuation allowance	(8,536)		(13,572)
Deferred tax assets	273,545		207,946
Deferred tax liabilities:
Goodwill and other intangibles	(198,418)		(108,078)
Right of use assets	(20,501)		(20,345)
Property, plant and equipment	(12,302)		(9,491)
Deferred tax liabilities	(231,221)		(137,914)
Net deferred tax asset	$	42,324	$	70,032