Income Taxes Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Tax From Continuing Operations Provision For Income Tax Components Disclosure

Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.

Years ended June 30,	2019		2018		2017
Earnings before income taxes:
United States	$	2,584.6	$	1,937.2	$	2,305.8
Foreign	421.0		345.4		311.1
	$	3,005.6	$	2,282.6	$	2,616.9

Schedule Of Components Of Provision (Benefit) For Income Taxes

The provision (benefit) for income taxes consists of the following components:

Years ended June 30,	2019			2018			2017
Current:
Federal	$	464.3		$	366.6		$	615.3
Foreign	129.1			105.5			91.6
State	110.1			77.6			82.7
Total current	703.5			549.7			789.6
Deferred:
Federal	7.9			(193.0		)	30.5
Foreign	12.8			26.1			10.8
State	(11.4		)	14.9			(1.8		)
Total deferred	9.3			(152.0		)	39.5
Total provision for income taxes	$	712.8		$	397.7		$	829.1

Reconciliation Between Federal Statutory Tax And Effective Tax Rate

A reconciliation between the Company's effective tax rate and the U.S. federal statutory rate is as follows:

Years ended June 30,	2019			%		2018			%		2017			%
Provision for taxes at U.S. statutory rate	$	631.2		21.0		$	640.5		28.1		$	915.9		35.0
Increase/(decrease) in provision from:
State taxes, net of federal tax benefit	80.7			2.7		58.1			2.5		54.4			2.1
U.S. tax on foreign income	—			—		12.0			0.5		66.1			2.5
Utilization of foreign tax credits	—			—		(19.6		)	(0.9	)	(76.0		)	(2.9	)
Tax settlements	—			—		(31.9		)	(1.4	)	(33.2		)	(1.3	)
Re-measurement of deferred tax balances	—			—		(253.3		)	(11.1	)	—			—
Section 199 - Qualified production activities and research tax credit refund claim - net of reserves	—			—		—			—		(51.8		)	(2.0	)
Resolution of tax matters - Section 199 Qualified production activities and research tax credit refund claim	—			—		(33.3		)	(1.5	)	—			—
Foreign rate differential	46.9			1.6		—			—		—			—
Excess tax benefit - Stock-based compensation	(29.8		)	(1.0	)	(26.7		)	(1.2	)	(32.1		)	(1.2	)
Other	(16.2		)	(0.6	)	51.9			2.4		(14.2		)	(0.5	)
	$	712.8		23.7		$	397.7		17.4		$	829.1		31.7

Components Of Deferred Tax Assets And Liabilities

The significant components of deferred income tax assets and liabilities and their balance sheet classifications are as follows:

Years ended June 30,	2019			2018
Deferred tax assets:
Accrued expenses not currently deductible	$	228.9		$	178.3
Stock-based compensation expense	45.3			49.6
Foreign tax credits	25.1			40.0
Net operating losses	54.0			44.6
Unrealized investment losses, net	—			83.6
Retirement Benefits	5.6			—
Other	20.2			20.4
	379.1			416.5
Less: valuation allowances	(31.6		)	(46.0		)
Deferred tax assets, net	$	347.5		$	370.5
Deferred tax liabilities:
Prepaid retirement benefits	$	—		$	19.3
Deferred revenue	475.9			452.4
Fixed and intangible assets	279.5			242.4
Prepaid expenses	86.2			71.8
Unrealized investment gains, net	63.0			—
Tax on unrepatriated earnings	31.6			28.3
Other	7.2			9.4
Deferred tax liabilities	943.4			823.6
Net deferred tax liabilities	$	595.9		$	453.1

Summary of Income Tax Contingencies

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

	2019			2018			2017
Unrecognized tax benefits at beginning of the year	$	45.2		$	74.6		$	27.4
Additions for tax positions	9.5			4.0			7.5
Additions for tax positions of prior periods	18.3			19.8			41.9
Reductions for tax positions of prior periods	(7.7		)	(40.5		)	(0.5		)
Settlement with tax authorities	(10.3		)	(11.7		)	(0.9		)
Expiration of the statute of limitations	(0.6		)	(1.0		)	(0.9		)
Impact of foreign exchange rate fluctuations	(0.2		)	—			0.1
Unrecognized tax benefit at end of year	$	54.2		$	45.2		$	74.6

Summary of Income Tax Examinations

Examinations in progress in which the Company has significant business operations are as follows:

Taxing Jurisdiction	Fiscal Years under Examination
U.S. (IRS)	2018-2019
Wisconsin	2011-2014
Michigan	2012-2014
India	2003-2007, 2008-2010, 2013-2015