Income Taxes (Text Block) |
9 Months Ended |
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Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The effective tax rate decreased for the three months ended March 31, 2023, compared to the three months ended March 31, 2022, with an effective tax rate of 23.2% of income before income taxes, compared to 23.6% in the prior fiscal year quarter. The decrease in the effective tax rate was primarily due to greater benefits received from tax credits during the current fiscal year quarter. For the nine months ended March 31, 2023, the effective tax rate decreased compared to the nine months ended March 31, 2022, with an effective tax rate of 23.3% of income before taxes, compared to 23.5% for the same period last fiscal year. The Company paid income taxes, net of refunds, of $103,251 and $44,245 in the nine months ended March 31, 2023 and 2022, respectively. The increase in cash taxes paid is the result of certain law changes included in the Tax Cuts and Jobs Act of 2017 effective in the current fiscal year. At March 31, 2023, the Company had $10,905 of gross unrecognized tax benefits before interest and penalties, $9,702 of which, if recognized, would affect our effective tax rate. The Company had accrued interest and penalties of $1,635 and $1,542 related to uncertain tax positions at March 31, 2023, and 2022, respectively. The U.S. federal income tax returns for fiscal 2019 and all subsequent years remain subject to examination as of March 31, 2023, under statute of limitations rules. The U.S. state income tax returns that remain subject to examination as of March 31, 2023, under the statute of limitation rules varies by state jurisdiction from fiscal 2016 through 2019 and all subsequent years. The Company anticipates potential changes due to lapsing of statutes of limitations, and examination closures could reduce the unrecognized tax benefits balance by $1,500 to $3,500 within twelve months of March 31, 2023.
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