Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Schedule of Income Before Income Taxes Under the Jurisdictions

Income before income taxes for the years ended June 30, 2024, 2023 and 2022, was taxed under the following jurisdictions (in thousands):


	2024		2023		2022
U.S.	$	181,107	$	128,589	$	(85,919)
Non-U.S.	1,083,691		973,075		1,046,402
Income before income taxes	$	1,264,798	$	1,101,664	$	960,483

Schedule of Provision for Income Taxes

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


		2024		2023		2022
Current:	Federal	$	57,103	$	36,631	$	4,376
	State	17,250		14,142		10,700
	Non-U.S.	219,372		198,767		177,788
		293,725		249,540		192,864
Deferred:	Federal	(22,915)		(21,721)		(12,612)
	State	(4,632)		(2,389)		(2,773)
	Non-U.S.	(22,331)		(21,322)		3,567
		(49,878)		(45,432)		(11,818)
Provision for income taxes		$	243,847	$	204,108	$	181,046

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, 2024, 2023 and 2022, to pretax income as a result of the following (in thousands):


	2024		2023		2022
Taxes computed at statutory U.S. rate	$	265,608	$	231,349	$	201,701
Increase (decrease) in income taxes resulting from:
State income taxes, net of U.S. tax benefit	8,609		9,448		5,703
Research and development credit	(27,786)		(21,481)		(17,517)
Change in valuation allowance	849		(5,007)		858
Effect of non-U.S. tax rates	(15,838)		(3,982)		(4,384)
Foreign tax credits	(8,293)		(3,988)		(2,299)
Stock-based compensation expense	4,875		(6,282)		(11,294)

Other	15,823		4,051		8,278
Provision for income taxes	$	243,847	$	204,108	$	181,046

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, 2024 and June 30, 2023, as follows (in thousands):


	2024		2023
Non-current deferred tax asset	$	203,569	$	132,974
Non-current deferred tax liability	(79,339)		(90,650)
Net deferred tax asset	$	124,230	$	42,324

Schedule of Components of Deferred Tax Assets and Liabilities

The components of our deferred tax assets and liabilities at June 30, 2024 and June 30, 2023, are as follows (in thousands):


	2024		2023
Deferred tax assets:
Employee liabilities	$	35,336	$	34,314
Tax credit carry overs	9,271		6,051
Inventories	15,602		13,212
Provision for warranties	6,112		5,348
Provision for doubtful debts	5,340		6,103
Net operating loss carryforwards	23,455		22,387
Capital loss carryover	5,587		917
Stock-based compensation expense	11,538		8,670
Deferred revenue	28,030		23,908
Research and development capitalization	125,411		111,704
Lease liabilities	25,602		21,347
Hedging contracts	56,324		27,666
State income taxes	3,566		2,468
Other	5,538		(2,014)
	356,712		282,081
Less valuation allowance	(9,384)		(8,536)
Deferred tax assets	347,328		273,545
Deferred tax liabilities:
Goodwill and other intangibles	(192,398)		(198,418)
Right of use assets	(22,843)		(20,501)
Property, plant and equipment	(7,857)		(12,302)
Deferred tax liabilities	(223,098)		(231,221)
Net deferred tax asset	$	124,230	$	42,324