Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The following is a summary of our (loss) income before income taxes by geography:


	Year Ended June 30,
	2023		2022		2021
U.S.	$	(35,508)	$	(7,299)	$	2,689
Non-U.S.	5,286		16,630		(66,243)
Total	$	(30,222)	$	9,331	$	(63,554)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the provision (benefit) for income taxes are as follows:


	Year Ended June 30,
	2023		2022		2021
Current:
U.S. Federal	$	1,634	$	526	$	(93)
U.S. State	769		568		546
Non-U.S.	39,792		36,932		28,205
Total current	42,195		38,026		28,658
Deferred:
U.S. Federal	3,522		(3,566)		(1,573)
U.S. State	465		12		(31)
Non-U.S.	109,311		25,429		(8,151)
Total deferred	113,298		21,875		(9,755)
Total	$	155,493	$	59,901	$	18,903

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following is a reconciliation of the standard U.S. federal statutory tax rate and our effective tax rate:


	Year Ended June 30,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	3.7		(11.1)		3.1
Tax rate differential on non-U.S. earnings	(52.5)		97.1		(20.3)
Change in valuation allowance	(457.2)		363.7		(27.2)
Nondeductible interest expense	(30.2)		52.7		(18.6)
Change in entity status	4.0		—		—
Compensation related items	(13.7)		21.9		0.2
Goodwill impairment	(4.1)		—		—
Irish foreign tax credit	21.4		(46.8)		8.8
Tax on repatriated earnings	(15.0)		39.2		(3.9)
Gain on the extinguishment of debt	2.8		—		—
Notional interest deduction (Italy)	2.6		(8.8)		1.4
Patent box (Italy)	(1.5)		(12.0)		—
Tax credits and incentives	24.1		(23.7)		4.2
Non-U.S. tax rate changes	(1.1)		57.6		1.2
Irish tax restructuring	—		(13.4)		—
U.S. global intangible low-taxed income (GILTI)	—		10.2		(0.3)
U.S. foreign-derived intangible income (FDII)	2.7		(6.8)		—
U.S. base erosion and anti-abuse tax (BEAT)	(2.1)		—		—
Net tax benefit on intellectual property transfer	1.0		(10.4)		—
Tax loss carryforward expirations	(5.1)		4.8		(0.5)
Business and withholding taxes	(1.2)		5.1		(0.4)
Uncertain tax positions	(10.5)		35.9		(1.0)
Other non-deductible expenses	(6.0)		7.1		0.5
Tax on unremitted earnings	(1.6)		0.1		(0.9)
Changes to derivative instruments	3.1		73.5		0.1
Other	0.9		(14.9)		2.9
Effective income tax rate	(514.5)	%	642.0	%	(29.7)	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Significant components of our deferred income tax assets and liabilities consisted of the following at June 30, 2023 and 2022:


	June 30, 2023		June 30, 2022
Deferred tax assets:
Swiss tax-amortizable goodwill	$	131,472	$	123,893
Net operating loss carryforwards	75,643		71,820
Leases	30,364		24,952
Depreciation and amortization	8,289		3,736
Accrued expenses	15,335		12,244
Share-based compensation	16,920		16,090
Credit and other carryforwards	58,790		47,405

Other	4,469		1,120
Subtotal	341,282		301,260
Valuation allowance	(277,976)		(134,660)
Total deferred tax assets	63,306		166,600
Deferred tax liabilities:
Depreciation and amortization	(37,572)		(32,595)

Leases	(27,392)		(21,049)
Investment in flow-through entity	—		(7,031)
Tax on unremitted earnings	(7,221)		(6,692)

Derivative financial instruments	(17,091)		(19,703)
Other	(8,641)		(7,584)
Total deferred tax liabilities	(97,917)		(94,654)
Net deferred tax assets	$	(34,611)	$	71,946

Summary of Valuation Allowance [Table Text Block]

A reconciliation of the beginning and ending amount of the valuation allowance for the year ended June 30, 2023 is as follows:


Balance at June 30, 2022	$	134,660
Charges to earnings (1)	138,143
Charges to other accounts (2)	5,173
Balance at June 30, 2023	$	277,976

_________________

(1) Amount is primarily related to full Swiss valuation allowance, increased non-U.S. net operating losses, increased Irish foreign tax credits, and increased interest limitation carryforwards.

(2) Amount is primarily related to increased Swiss tax-amortizable goodwill deferred tax asset and deferred tax assets on non-U.S. net operating losses due to currency exchange rate changes offset by unrealized gains on derivative financial instruments included in accumulated other comprehensive loss.

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the gross beginning and ending amount of unrecognized tax benefits is as follows:


Balance June 30, 2020	$	5,847
Additions based on tax positions related to the current tax year	448
Additions based on tax positions related to prior tax years	7,448
Reductions based on tax positions related to prior tax years	(51)
Reductions due to audit settlements	(83)
Reductions due to lapse of statute of limitations	(229)
Cumulative translation adjustment	19
Balance June 30, 2021	13,399
Additions based on tax positions related to the current tax year	448
Additions based on tax positions related to prior tax years	2,958
Reductions based on tax positions related to prior tax years	(23)
Reductions due to audit settlements	(2,958)
Reductions due to lapse of statute of limitations	(799)
Cumulative translation adjustment	(29)
Balance June 30, 2022	12,996
Additions based on tax positions related to the current tax year	2,167
Additions based on tax positions related to prior tax years	770
Reductions based on tax positions related to prior tax years	(62)
Reductions due to audit settlements	—
Reductions due to lapse of statute of limitations	(225)
Cumulative translation adjustment	(22)
Balance June 30, 2023	$	15,624