10-K – 2025-08-15 – R33.htm

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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 

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