SEC EDGAR · 10-K
10-K – 2025-08-15 – R33.htm
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- Deferred revenue 33,435 50,944 | Allowance for credit losses 30,098 30,581
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XML 63 R33.htm IDEA: XBRL DOCUMENT v3.25.2 Income Taxes (Tables) 12 Months Ended Jun. 30, 2025 Income Tax Disclosure [Abstract] Schedule Of Components Of Income From Continuing Operations The components of income from continuing operations upon which domestic and foreign income taxes have been provided are as follows: (in 000s) Year ended June 30, 2025 2024 2023 Domestic $ 437,971 $ 489,912 $ 447,900 Foreign 343,432 272,410 263,312 $ 781,403 $ 762,322 $ 711,212 Schedule Of Effective Income Tax Rate Reconciliation The reconciliation between the statutory U.S. federal tax rate and our effective tax rate from continuing operations is as follows: Year ended June 30, 2025 2024 2023 U.S. statutory tax rate 21.0 % 21.0 % 21.0 % Change in tax rate resulting from: State income taxes, net of federal income tax benefit 1.3 % 1.4 % 1.6 % Earnings taxed in foreign jurisdictions (2.1) % (1.9) % (2.9) % Permanent differences 0.7 % 0.7 % 0.6 % Uncertain tax positions 1.9 % (0.4) % (0.9) % U.S. tax on income from foreign affiliates 1.7 % 4.1 % 3.1 % Federal income tax credits (1.6) % (2.4) % (1.3) % Foreign investment recapture — % 2.6 % — % Change in valuation allowance - domestic 0.3 % — % (0.4) % Change in valuation allowance - foreign — % (2.8) % 0.7 % Other (1.2) % (0.7) % (0.5) % Effective tax rate 22.0 % 21.6 % 21.0 % Schedule Of Components Of Income Tax Expense (Benefit) For Continuing Operations The components of income tax expense for continuing operations are as follows: (in 000s) Year ended June 30, 2025 2024 2023 Current: Federal $ 143,298 $ 191,664 $ 97,430 State 30,716 9,695 19,023 Foreign 21,689 18,240 18,214 195,703 219,599 134,667 Deferred: Federal (52,659) (59,441) 23,367 State (4,454) (11,749) 1,860 Foreign 33,363 15,950 (10,482) (23,750) (55,240) 14,745 Total income taxes for continuing operations $ 171,953 $ 164,359 $ 149,412 Schedule Of Deferred Tax Assets And Liabilities The significant components of deferred tax assets and liabilities are reflected in the following table: (in 000s) As of June 30, 2025 June 30, 2024 Deferred tax assets: Deferred revenue 33,435 50,944 Allowance for credit losses 30,098 30,581 Deferred and stock-based compensation 7,204 8,060 Net operating loss carry-forward 38,856 63,398 Lease liabilities 130,911 117,483 Federal tax benefits related to state unrecognized tax benefits 31,061 26,841 Internally developed software 84,301 15,063 Intangibles - intellectual property 61,138 71,367 Other 22,121 6,056 Valuation allowance (18,538) (16,569) Total deferred tax assets 420,587 373,224 Deferred tax liabilities: Prepaid expenses and other (20,396) (3,001) Lease right of use assets (128,204) (115,128) Intangibles (43,879) (51,398) Total deferred tax liabilities (192,479) (169,527) Net deferred tax assets $ 228,108 $ 203,697 A reconciliation of the deferred tax assets and liabilities and the corresponding amounts reported in the consolidated balance sheets is as follows: (in 000s) As of June 30, 2025 June 30, 2024 Deferred income tax assets $ 228,108 $ 203,697 Deferred tax liabilities — — Net deferred tax asset $ 228,108 $ 203,697 Summary of Valuation Allowance Changes in our valuation allowance for fiscal years 2025, 2024 and 2023 are as follows: (in 000s) Year ended June 30, 2025 2024 2023 Balance, beginning of the year $ 16,569 $ 57,566 $ 55,172 Additions charged to costs and expenses 4,166 4,584 6,438 Deductions (2,197) (45,581) (4,044) Balance, end of the year $ 18,538 $ 16,569 $ 57,566 Schedule of Unrecognized Tax Benefits Roll Forward Changes in unrecognized tax benefits for fiscal years 2025, 2024 and 2023 are as follows: (in 000s) Year ended June 30, 2025 2024 2023 Balance, beginning of the year $ 251,787 $ 240,063 $ 232,004 Additions based on tax positions related to prior years 574 1,232 1,252 Reductions based on tax positions related to prior years — (4,604) — Additions based on tax positions related to the current year 37,883 37,063 33,330 Reductions related to settlements with tax authorities (379) (4,472) (661) Expiration of statute of limitations (23,317) (17,495) (25,862) Balance, end of the year $ 266,548 $ 251,787 $ 240,063 X - 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