ResMed (RMD) 10-Q 26 Oct 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-15317
Entity Registrant Name	ResMed Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0152841
Entity Address, Address Line One	9001 Spectrum Center Blvd.
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92123
Entity Address, Country	US
City Area Code	858
Local Phone Number	836-5000
Title of 12(b) Security	Common Stock, par value $0.004 per share
Trading Symbol	RMD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		147,091,910
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--06-30
Entity Central Index Key	0000943819

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 209,100	$ 227,891
Accounts receivable, net of allowances of $20,532 and $23,603 at September 30, 2023 and June 30, 2023, respectively	692,388	704,909
Inventories (note 3)	958,233	998,012
Prepaid expenses and other current assets (note 3)	444,864	437,018
Total current assets	2,304,585	2,367,830
Non-current assets:
Property, plant and equipment, net (note 3)	533,985	537,856
Operating lease right-of-use assets	123,416	127,955
Goodwill (note 4)	2,812,142	2,770,299
Other intangible assets, net (note 3)	563,278	552,341
Deferred income taxes	138,271	132,974
Prepaid taxes and other non-current assets	265,109	262,453
Total non-current assets	4,436,201	4,383,878
Total assets	6,740,786	6,751,708
Current liabilities:
Accounts payable	177,048	150,756
Accrued expenses	348,263	365,660
Operating lease liabilities, current	21,795	21,919
Deferred revenue	146,718	138,072
Income taxes payable	67,073	72,224
Short-term debt, net (note 7)	9,905	9,902
Total current liabilities	770,802	758,533
Non-current liabilities:
Deferred revenue	121,492	119,186
Deferred income taxes	87,672	90,650
Operating lease liabilities, non-current	112,448	116,853
Other long-term liabilities	34,328	68,166
Long-term debt, net (note 7)	1,351,511	1,431,234
Long-term income taxes payable	12,157	37,183
Total non-current liabilities	1,719,608	1,863,272
Total liabilities	2,490,410	2,621,805
Commitments and contingencies (note 9)
Stockholders’ equity:
Preferred stock, $0.01 par value, 2,000,000 shares authorized; none issued	0	0
Common stock, $0.004 par value, 350,000,000 shares authorized; 188,921,316 issued and 147,085,082 outstanding at September 30, 2023 and 188,900,583 issued and 147,064,349 outstanding at June 30, 2023	588	588
Additional paid-in capital	1,791,351	1,772,083
Retained earnings	4,401,841	4,253,016
Treasury stock, at cost, 41,836,234 shares at September 30, 2023 and June 30, 2023	(1,623,256)	(1,623,256)
Accumulated other comprehensive loss	(320,148)	(272,528)
Total stockholders’ equity	4,250,376	4,129,903
Total liabilities and stockholders’ equity	$ 6,740,786	$ 6,751,708

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 20,532	$ 23,603
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.004	$ 0.004
Common stock, shares authorized (shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	188,921,316	188,900,583
Common stock, shares outstanding (in shares)	147,085,082	147,064,349
Treasury stock, shares (in shares)	41,836,234	41,836,234

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net revenue	$ 1,102,321	$ 950,294
Cost of sales (exclusive of amortization shown separately below)	493,353	403,110
Amortization of acquired intangible assets	8,908	6,374
Total cost of sales	502,261	409,484
Gross profit	600,060	540,810
Operating Expenses
Selling, general, and administrative	222,874	193,933
Research and development	75,710	63,188
Amortization of acquired intangible assets	12,479	7,950
Total operating expenses	311,063	265,071
Income from operations	288,997	275,739
Other income (loss), net:
Interest (expense) income, net	(14,957)	(7,134)
Loss attributable to equity method investments (note 5)	(3,895)	(2,028)
Gain (loss) on equity investments (note 5)	(602)	(3,280)
Other, net	2,648	(1,504)
Total other income (loss), net	(16,806)	(13,946)
Income before income taxes	272,191	261,793
Income taxes	52,769	51,315
Net income	$ 219,422	$ 210,478
Basic earnings per share (in dollars per share)	$ 1.49	$ 1.44
Diluted earnings per share (in dollars per share)	1.49	1.43
Dividend declared per share (in dollars per share)	$ 0.48	$ 0.44
Basic shares outstanding (000's) (in shares)	147,075	146,431
Diluted shares outstanding (000's) (in shares)	147,486	147,134
Total Sleep and Respiratory Care
Net revenue	$ 963,037	$ 844,443
Cost of sales (exclusive of amortization shown separately below)	444,460	363,844
Amortization of acquired intangible assets	1,916	1,228
Software as a Service
Net revenue	139,284	105,851
Cost of sales (exclusive of amortization shown separately below)	48,893	39,266
Amortization of acquired intangible assets	$ 6,992	$ 5,146

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 219,422	$ 210,478
Other comprehensive income (loss), net of taxes:
Unrealized losses on designated hedging instruments	(17,093)	0
Foreign currency translation (loss) gain adjustments	(30,527)	(93,381)
Comprehensive income	$ 171,802	$ 117,097

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional ‎Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated ‎Other ‎Comprehensive Income (Loss)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2022		188,247,000
Beginning balance at Jun. 30, 2022	$ 3,360,751	$ 586	$ 1,682,432	$ (1,623,256)	$ 3,613,736	$ (312,747)
Treasury stock, common, beginning balance (in shares) at Jun. 30, 2022				(41,836,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued on exercise of options (shares)		45,000
Common stock issued on exercise of options	2,610		2,610
Common stock issued on vesting of restricted stock units, net of shares withheld for tax (in shares)		3,000
Common stock issued on vesting of restricted stock units, net of shares withheld for tax	(59)		(59)
Stock-based compensation costs	16,919		16,919
Other comprehensive loss	(93,381)					(93,381)
Net income	210,478				210,478
Dividends declared	(64,431)				(64,431)
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022		188,295,000
Treasury stock, common, ending balance (in shares) at Sep. 30, 2022				(41,836,000)
Ending balance at Sep. 30, 2022	$ 3,432,887	$ 586	1,701,902	$ (1,623,256)	3,759,783	(406,128)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2023	147,064,349	188,901,000
Beginning balance at Jun. 30, 2023	$ 4,129,903	$ 588	1,772,083	$ (1,623,256)	4,253,016	(272,528)
Treasury stock, common, beginning balance (in shares) at Jun. 30, 2023	(41,836,234)			(41,836,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued on exercise of options (shares)		17,000
Common stock issued on exercise of options	$ 983		983
Common stock issued on vesting of restricted stock units, net of shares withheld for tax (in shares)		3,000
Common stock issued on vesting of restricted stock units, net of shares withheld for tax	(225)		(225)
Stock-based compensation costs	18,510		18,510
Other comprehensive loss	(47,620)					(47,620)
Net income	219,422				219,422
Dividends declared	$ (70,597)				(70,597)
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023	147,085,082	188,921,000
Treasury stock, common, ending balance (in shares) at Sep. 30, 2023	(41,836,234)			(41,836,000)
Ending balance at Sep. 30, 2023	$ 4,250,376	$ 588	$ 1,791,351	$ (1,623,256)	$ 4,401,841	$ (320,148)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividend declared per share (in dollars per share)	$ 0.48	$ 0.44

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 219,422	$ 210,478
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44,934	36,273
Amortization of right-of-use assets	8,508	7,761
Stock-based compensation costs	18,510	16,919
Loss attributable to equity method investments (note 5)	3,895	2,028
(Gain) loss on equity investments (note 5)	602	3,280
Changes in operating assets and liabilities:
Accounts receivable	6,534	(56,238)
Inventories	26,911	(147,096)
Prepaid expenses, net deferred income taxes and other current assets	(42,015)	(36,784)
Accounts payable, accrued expenses, income taxes payable and other	(1,018)	8,041
Net cash provided by operating activities	286,283	44,662
Cash flows from investing activities:
Purchases of property, plant and equipment	(30,035)	(29,056)
Patent registration and acquisition costs	(10,831)	(3,317)
Business acquisitions, net of cash acquired	(103,183)	(19,100)
Purchases of investments (note 5)	(3,680)	(4,291)
Proceeds from exits of investments (note 5)	250	0
(Payments) / proceeds on maturity of foreign currency contracts	(1,501)	(3,042)
Net cash used in investing activities	(148,980)	(58,806)
Cash flows from financing activities:
Proceeds from issuance of common stock, net	983	2,610
Taxes paid related to net share settlement of equity awards	(225)	(59)
Payments of business combination contingent consideration	(1,293)	0
Proceeds from borrowings, net of borrowing costs	105,000	50,000
Repayment of borrowings	(185,000)	(30,000)
Dividends paid	(70,597)	(64,431)
Net cash used in financing activities	(151,132)	(41,880)
Effect of exchange rate changes on cash	(4,962)	(10,523)
Net decrease in cash and cash equivalents	(18,791)	(66,547)
Cash and cash equivalents at beginning of period	227,891	273,710
Cash and cash equivalents at end of period	209,100	207,163
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	76,749	53,437
Interest paid	14,957	7,134
Fair value of assets acquired, excluding cash	34,092	9,506
Liabilities assumed	(5,325)	(3,975)
Goodwill on acquisition	74,416	19,281
Deferred payments	0	(2,856)
Fair value of contingent consideration	1,293	(2,856)
Cash paid for acquisitions	$ 104,476	$ 19,100

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Basis of Presentation ResMed Inc. (referred to herein as “we”, “us”, “our” or the “Company”) is a Delaware corporation formed in March 1994 as a holding company for the ResMed Group. Through our subsidiaries, we design, manufacture and market equipment for the diagnosis and treatment of sleep-disordered breathing and other respiratory disorders, including obstructive sleep apnea. Our manufacturing operations are located in Australia, Singapore, Malaysia, France, China and the United States. Major distribution and sales sites are located in the United States, Germany, France, the United Kingdom, Switzerland, Australia, Japan, China, Finland, Norway and Sweden. We also operate a Software as a Service (“SaaS”) business in the United States and Germany that includes out-of-hospital software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and the rules of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to present fairly the results of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. The condensed consolidated financial statements for the three months ended September 30, 2023 and September 30, 2022 are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K (our “Form 10-K”) for the year ended June 30, 2023. Revenue Recognition In accordance with Accounting Standard Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, we account for a contract with a customer when there is a legally enforceable contract, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. We have determined that we have two operating segments, which are the sleep and respiratory disorders sector of the medical device industry (“Sleep and Respiratory Care”) and the supply of business management software as a service to out-of-hospital care providers (“SaaS”). Our Sleep and Respiratory Care revenue relates primarily to the sale of our products that are therapy-based equipment. Some contracts include additional performance obligations such as the provision of extended warranties and provision of data for patient monitoring. Our SaaS revenue relates to the provision of software access with ongoing support and maintenance services as well as professional services such as training and consulting. Disaggregation of revenue The following table summarizes our net revenue disaggregated by segment, product and region (in thousands): Three Months Ended 2023 2022 U.S., Canada and Latin America Devices $ 345,897 $ 339,545 Masks and other 292,461 238,560 Total U.S., Canada and Latin America $ 638,358 $ 578,105 Combined Europe, Asia and other markets Devices $ 218,831 $ 178,032 Masks and other 105,848 88,306 Total Combined Europe, Asia and other markets $ 324,679 $ 266,338 Global revenue Total Devices $ 564,728 $ 517,577 Total Masks and other 398,309 326,866 Total Sleep and Respiratory Care $ 963,037 $ 844,443 Software as a Service 139,284 105,851 Total $ 1,102,321 $ 950,294 Performance obligations and contract balances Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied; generally, this occurs with the transfer of risk and/or control of our products at a point in time. For products in our Sleep and Respiratory Care business, we transfer control and recognize a sale when products are shipped to the customer in accordance with the contractual shipping terms. For our SaaS business, revenue associated with cloud-hosted services are recognized as they are provided. We defer the recognition of a portion of the consideration received when performance obligations are not yet satisfied. Consideration received from customers in advance of revenue recognition is classified as deferred revenue. Performance obligations resulting in deferred revenue in our Sleep and Respiratory Care business relate primarily to extended warranties on our devices and the provision of data for patient monitoring. Performance obligations resulting in deferred revenue in our SaaS business relate primarily to the provision of software access with maintenance and support over an agreed term and material rights associated with future discounts upon renewal of some SaaS contracts. Generally, deferred revenue will be recognized over a period of one year to five years. Our contracts do not contain significant financing components. The following table summarizes our contract balances (in thousands): September 30, June 30, Balance sheet caption Contract assets Accounts receivable, net $ 692,388 $ 704,909 Accounts receivable, net Unbilled revenue, current 33,201 31,521 Prepaid expenses and other current assets Unbilled revenue, non-current 10,244 10,078 Prepaid taxes and other non-current assets Contract liabilities Deferred revenue, current (146,718) (138,072) Deferred revenue (current liabilities) Deferred revenue, non-current (121,492) (119,186) Deferred revenue (non-current liabilities) Transaction price determination Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. In our Sleep and Respiratory Care segment, the amount of consideration received and revenue recognized varies with changes in marketing incentives (e.g. rebates, discounts, free goods) and returns offered to our customers and their customers. When we give customers the right to return eligible products and receive credit, returns are estimated based on an analysis of our historical experience. However, returns of products, excluding warranty-related returns, have historically been infrequent and insignificant. We adjust the estimate of revenue at the earlier of when the most likely amount of consideration can be estimated, the amount expected to be received changes, or when the consideration becomes fixed. We offer our Sleep and Respiratory Care customers cash or product rebates based on volume or sales targets measured over quarterly or annual periods. We estimate rebates based on each customer’s expected achievement of its targets. In accounting for these rebate programs, we reduce revenue ratably as sales occur over the rebate period by the expected value of the rebates to be returned to the customer. Rebates measured over a quarterly period are updated based on actual sales results and, therefore, no estimation is required to determine the reduction to revenue. For rebates measured over annual periods, we update our estimates each quarter based on actual sales results and updated forecasts for the remaining rebate periods. We participate in programs where we issue credits to our Sleep and Respiratory Care distributors when they are required to sell our products below negotiated list prices if we have preexisting contracts with the distributors' customers. We reduce revenue for future credits at the time of sale to the distributor, which we estimate based on historical experience using the expected value method. We also offer discounts to both our Sleep and Respiratory Care as well as our SaaS customers as part of normal business practice and these are deducted from revenue when the sale occurs. When Sleep and Respiratory Care or SaaS contracts have multiple performance obligations, we generally use an observable price to determine the stand-alone selling price by reference to pricing and discounting practices for the specific product or service when sold separately to similar customers. Revenue is then allocated proportionately, based on the determined stand-alone selling price, to each performance obligation. An allocation is not required for many of our Sleep and Respiratory Care contracts that have a single performance obligation, which is the shipment of our therapy-based equipment. Accounting and practical expedient elections We have elected to account for shipping and handling activities associated with our Sleep and Respiratory Care segment as a fulfillment cost within cost of sales, and record shipping and handling costs collected from customers in net revenue. We have also elected for all taxes assessed by government authorities that are imposed on and concurrent with revenue-producing transactions, such as sales and value added taxes, to be excluded from revenue and presented on a net basis. We have elected two practical expedients including the “right to invoice” practical expedient, which is relevant for some of our SaaS contracts as it allows us to recognize revenue in the amount of the invoice when it corresponds directly with the value of performance completed to date. The second practical expedient adopted permits relief from considering a significant financing component when the payment for the good or service is expected to be one year or less. Lease Revenue We lease Sleep and Respiratory Care medical devices to customers primarily as a means to comply with local health insurer requirements in certain foreign geographies. Device rental contracts are classified as operating leases, and contract terms vary by customer and include options to terminate or extend the contract. When lease contracts also include the sale of masks and accessories, we allocate contract consideration to those items on a relative standalone price basis and recognize revenue when control transfers to the customer. Operating lease revenue was $22.7 million for the three months ended September 30, 2023 and $23.7 million for the three months ended September 30, 2022. Provision for Warranty We provide for the estimated cost of product warranties on our Sleep and Respiratory Care products at the time the related revenue is recognized. We determine the amount of this provision by using a financial model, which takes into consideration actual historical expenses and potential risks associated with our different products. We use this financial model to calculate the future probable expenses related to warranty and the required level of the warranty provision. Although we engage in product improvement programs and processes, our warranty obligation is affected by product failure rates and costs incurred to correct those product failures. Should actual product failure rates or estimated costs to repair those product failures differ from our estimates, we would be required to revise our estimated warranty provision.

Segment Information

Segment Information	3 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information We have quantitatively and qualitatively determined that we operate in two operating segments, which are the Sleep and Respiratory Care segment and the SaaS segment. We evaluate the performance of our segments based on net revenues and income from operations. The accounting policies of the segments are the same as those described in note 2 of our consolidated financial statements included in our Form 10-K for the fiscal year ended June 30, 2023. Segment net revenues and segment income from operations do not include inter-segment profits and revenue is allocated to a geographic area based on where the products are shipped to or where the services are performed. Certain items are maintained at the corporate level and are not allocated to the segments. The non-allocated items include corporate headquarters costs, stock-based compensation, amortization expense from acquired intangibles, acquisition related expenses, net interest expense (income), loss attributable to equity method investments, gains and losses on equity investments, and other, net. We neither discretely allocate assets to our operating segments, nor does our Chief Operating Decision Maker evaluate the operating segments using discrete asset information. The table below presents a reconciliation of net revenues and net operating profit by reportable segments (in thousands): Three Months Ended 2023 2022 Net revenue by segment Sleep and Respiratory Care $ 963,037 $ 844,443 Software as a Service 139,284 105,851 Total $ 1,102,321 $ 950,294 Depreciation and amortization by segment Sleep and Respiratory Care $ 20,519 $ 19,767 Software as a Service 2,760 1,913 Amortization of acquired intangible assets and corporate assets 21,655 14,593 Total $ 44,934 $ 36,273 Net operating profit by segment Sleep and Respiratory Care $ 390,415 $ 352,560 Software as a Service 31,258 24,441 Total $ 421,673 $ 377,001 Reconciling items Corporate costs $ 103,378 $ 86,938 Amortization of acquired intangible assets 21,387 14,324 Astral field safety notification expenses (1) 7,911 — Interest expense (income), net 14,957 7,134 Loss attributable to equity method investments 3,895 2,028 (Gain) loss on equity investments 602 3,280 Other, net (2,648) 1,504 Income before income taxes $ 272,191 $ 261,793 (1) The Astral field safety notification expenses relate to estimated costs associated with the replacement of a certain component in some of our Astral ventilation devices that were manufactured between 2013 to 2019.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	3 Months Ended
	Sep. 30, 2023
Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information Components of selected captions in the condensed consolidated balance sheets consisted of the following (in thousands): Inventories September 30, June 30, Raw materials $ 427,860 $ 459,126 Work in progress 5,190 3,956 Finished goods 525,183 534,930 Total inventories $ 958,233 $ 998,012 Prepaid expenses and other current assets September 30, June 30, Prepaid taxes $ 104,710 $ 114,009 Prepaid inventories 178,490 143,084 Other prepaid expenses and current assets 161,664 179,925 Total prepaid expenses and other current assets $ 444,864 $ 437,018 Property, Plant and Equipment September 30, June 30, Property, plant and equipment, at cost $ 1,201,818 $ 1,205,868 Accumulated depreciation and amortization (667,833) (668,012) Property, plant and equipment, net $ 533,985 $ 537,856 Other Intangible Assets September 30, June 30, Developed/core product technology $ 415,933 $ 398,740 Accumulated amortization (273,912) (265,802) Developed/core product technology, net 142,021 132,938 Customer relationships 448,769 443,652 Accumulated amortization (133,503) (124,220) Customer relationships, net 315,266 319,432 Other intangibles 251,770 244,373 Accumulated amortization (145,779) (144,402) Other intangibles, net 105,991 99,971 Total other intangibles, net $ 563,278 $ 552,341 Intangible assets consist of developed/core product technology, trade names, non-compete agreements, customer relationships, and patents, which we amortize over the estimated useful life of the assets, generally between two years to fifteen years. There are no expected residual values related to these intangible assets.

Goodwill

Goodwill	3 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill A reconciliation of changes in our goodwill by reportable segment is as follows (in thousands): Three Months Ended September 30, 2023 Sleep and SaaS Total Balance at the beginning of the period $ 670,120 $ 2,100,180 $ 2,770,299 Business acquisitions 74,416 — 74,416 Foreign currency translation adjustments (8,144) (24,429) (32,573) Balance at the end of the period $ 736,392 $ 2,075,751 $ 2,812,142

Investments

Investments	3 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments We have equity investments in privately and publicly held companies that are unconsolidated entities. The following discusses our investments in marketable equity securities, non-marketable equity securities, and investments accounted for under the equity method. Our marketable equity securities are publicly traded stocks measured at fair value and classified within Level 1 in the fair value hierarchy because we use quoted prices for identical assets in active markets. Marketable equity securities are recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets. Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values and are recorded in prepaid taxes and other non-current assets on the condensed consolidated balance sheets. Non-marketable equity securities are reported at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. We assess non-marketable equity securities at least quarterly for impairment and consider qualitative and quantitative factors including the investee's financial metrics, product and commercial outlook and cash usage. All gains and losses on marketable and non-marketable equity securities, realized and unrealized, are recognized in gain (loss) on equity investments as a component of other income (loss), net on the condensed consolidated statements of operations. Equity investments whereby we have significant influence, but not control over the investee and are not the primary beneficiary of the investee’s activities, are accounted for under the equity method. Under this method, we record our share of gains or losses attributable to equity method investments as a component of other income (loss), net on the condensed consolidated statements of operations. Equity investments by measurement category were as follows (in thousands): Measurement category September 30, June 30, Fair value $ 11,821 $ 12,423 Measurement alternative 69,678 68,748 Equity method 62,161 65,366 Total $ 143,660 $ 146,537 The following tables show a reconciliation of the changes in our equity investments (in thousands): Three Months Ended September 30, 2023 Non-marketable securities Marketable securities Equity method investments Total Balance at the beginning of the period $ 68,748 $ 12,423 $ 65,366 $ 146,537 Additions to investments 1,180 — 2,500 3,680 Unrealized losses on marketable equity securities — (602) — (602) Proceeds from exits of investments (250) — — (250) Loss attributable to equity method investments — — (3,895) (3,895) Foreign currency translation adjustments — — (1,810) (1,810) Carrying value at the end of the period $ 69,678 $ 11,821 $ 62,161 $ 143,660 Three Months Ended September 30, 2022 Non-marketable securities Marketable securities Equity method investments Total Balance at the beginning of the period $ 39,290 $ 9,167 $ 9,918 $ 58,375 Additions to investments 4,291 — — 4,291 Unrealized losses on marketable equity securities — (3,280) — (3,280) Loss attributable to equity method investments — — (2,028) (2,028) Carrying value at the end of the period $ 43,581 $ 5,887 $ 7,890 $ 57,358 Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of September 30, 2023 for the three months ended September 30, 2023 were $0.6 million. Net unrealized losses recognized for equity investments in non-marketable and marketable securities held as of September 30, 2022 for the three months ended September 30, 2022 were $3.3 million.

Product Warranties

Product Warranties	3 Months Ended
	Sep. 30, 2023
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties Changes in the liability for warranty costs, which is included in accrued expenses in our condensed consolidated balance sheets, are as follows (in thousands): Three Months Ended 2023 2022 Balance at the beginning of the period $ 27,621 $ 25,889 Warranty accruals for the period 6,025 2,088 Warranty costs incurred for the period (4,828) (2,612) Foreign currency translation adjustments (672) (1,272) Balance at the end of the period $ 28,146 $ 24,093

Debt

Debt	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following (in thousands): September 30, June 30, Short-term debt $ 10,000 $ 10,000 Deferred borrowing costs (95) (98) Short-term debt, net $ 9,905 $ 9,902 Long-term debt $ 1,355,000 $ 1,435,000 Deferred borrowing costs (3,489) (3,766) Long-term debt, net $ 1,351,511 $ 1,431,234 Total debt $ 1,361,416 $ 1,441,136 Credit Facility On June 29, 2022, we entered into a second amended and restated credit agreement (the “Revolving Credit Agreement”), as borrower, with lenders MUFG Union Bank, N.A., as administrative agent, joint lead arranger, sole book runner, swing line lender and letter of credit issuer, Westpac Banking Corporation, as syndication agent and joint lead arranger, HSBC Bank USA, National Association, as syndication agent and joint lead arranger, and Wells Fargo Bank, National Association, as documentation agent. The Revolving Credit Agreement, among other things, provided a senior unsecured revolving credit facility of $1,500.0 million, with an uncommitted option to increase the revolving credit facility by an additional amount equal to the greater of $1,000.0 million or 1.0 times the EBITDA (as defined in the Revolving Credit Agreement) for the trailing twelve-month measurement period. The Revolving Credit Agreement amends and restates that certain Amended and Restated Credit Agreement, dated as of April 17, 2018, among ResMed, MUFG Union Bank, N.A., Westpac Banking Corporation and the lenders party thereto. Additionally, on June 29, 2022, ResMed Pty Limited entered into a Second Amendment to the Syndicated Facility Agreement and First Amendment to Unconditional Guaranty Agreement (the “Term Credit Agreement”), as borrower, with lenders MUFG Union Bank, N.A., as administrative agent, joint lead arranger and joint book runner, and Westpac Banking Corporation, as syndication agent, joint lead arranger and joint book runner, which amends that certain Syndicated Facility Agreement dated as of April 17, 2018. The Term Credit Agreement, among other things, provides ResMed Pty Limited a senior unsecured term credit facility of $200.0 million. Our obligations under the Revolving Credit Agreement are guaranteed by certain of our direct and indirect U.S. subsidiaries, and ResMed Pty Limited’s obligations under the Term Credit Agreement are guaranteed by us and certain of our direct and indirect U.S. subsidiaries. The Revolving Credit Agreement and Term Credit Agreement contain customary covenants, including, in each case, a financial covenant that requires that we maintain a maximum leverage ratio of funded debt to EBITDA (as defined in the Revolving Credit Agreement and Term Credit Agreement, as applicable). The entire principal amounts of the revolving credit facility and term credit facility, and, in each case, any accrued but unpaid interest may be declared immediately due and payable if an event of default occurs, as defined in the Revolving Credit Agreement and the Term Credit Agreement, as applicable. Events of default under the Revolving Credit Agreement and the Term Credit Agreement include, in each case, failure to make payments when due, the occurrence of a default in the performance of any covenants in the respective agreements or related documents, or certain changes of control of us, or the respective guarantors of the obligations borrowed under the Revolving Credit Agreement and Term Credit Agreement. The Revolving Credit Agreement and Term Credit Agreement each terminate on June 29, 2027, when all unpaid principal and interest under the loans must be repaid. Amounts borrowed under the Term Credit Agreement will also amortize on a semi-annual basis, with a $5.0 million principal payment required on each such semi-annual amortization date. The outstanding principal amounts will bear interest at a rate equal to the Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus 0.75% to 1.50% (depending on the then-applicable leverage ratio) or the Base Rate (as defined in the Revolving Credit Agreement and the Term Credit Agreement, as applicable) plus 0.0% to 0.50% (depending on the then-applicable leverage ratio). At September 30, 2023, the interest rate that was being charged on the outstanding principal amounts was 6.3%. An applicable commitment fee of 0.075% to 0.150% (depending on the then-applicable leverage ratio) applies on the unused portion of the revolving credit facility. As of September 30, 2023, we had $825.0 million available for draw down under the revolving credit facility. We are required to disclose the fair value of financial instruments for which it is practicable to estimate the value, even though these instruments are not recognized at fair value in the consolidated balance sheets. As the Revolving Credit and Term Credit Agreements’ interest rate is calculated as Adjusted Term SOFR plus the spreads described above, its carrying amount is equivalent to its fair value as at September 30, 2023 and June 30, 2023, which was $865.0 million and $945.0 million, respectively. Senior Notes On July 10, 2019, we entered into a Note Purchase Agreement with the purchasers to that agreement, in connection with the issuance and sale of $250.0 million principal amount of our 3.24% senior notes due July 10, 2026, and $250.0 million principal amount of our 3.45% senior notes due July 10, 2029 (collectively referred to as the “Senior Notes”). Our obligations under the Note Purchase Agreement and the Senior Notes are unconditionally and irrevocably guaranteed by certain of our direct and indirect U.S. subsidiaries. The net proceeds from this transaction were used to pay down borrowings on our Revolving Credit Agreement. Under the terms of the Note Purchase Agreement, we agreed to customary covenants including with respect to our corporate existence, transactions with affiliates, and mergers and other extraordinary transactions. We also agreed that, subject to limited exceptions, we will maintain a ratio of consolidated funded debt to consolidated EBITDA (as defined in the Note Purchase Agreement) of no more than 3.50 to 1.00 as of the last day of any fiscal quarter, and will not at any time permit the amount of all priority secured and unsecured debt of us and our subsidiaries to exceed 10% of our consolidated tangible assets, determined as of the end of our most recently ended fiscal quarter. This ratio is calculated at the end of each reporting period for which the Note Purchase Agreement requires us to deliver financial statements, using the results of the 12 consecutive month period ending with such reporting period. We are required to disclose the fair value of financial instruments for which it is practicable to estimate the value, even though these instruments are not recognized at fair value in the consolidated balance sheets. As of September 30, 2023 and June 30, 2023, the Senior Notes had a carrying amount of $500.0 million, excluding deferred borrowing costs, and an estimated fair value of $451.7 million and $462.2 million, respectively. Quoted market prices in active markets for similar liabilities based inputs (Level 2) were used to estimate fair value.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing the net income available to common stockholders by the weighted average number of shares of common stock outstanding. For purposes of calculating diluted earnings per share, the denominator includes both the weighted average number of shares of common stock outstanding and the number of dilutive common stock equivalents such as stock options and restricted stock units. The weighted average number of outstanding stock options and restricted stock units not included in the computation of diluted earnings per share were 417,364 and 113,167 for the three months ended September 30, 2023 and 2022, respectively, as the effect would have been anti-dilutive. Basic and diluted earnings per share are calculated as follows (in thousands except per share data): Three Months Ended 2023 2022 Numerator: Net income $ 219,422 $ 210,478 Denominator: Basic weighted-average common shares outstanding 147,075 146,431 Effect of dilutive securities: Stock options and restricted stock units 411 703 Diluted weighted average shares 147,486 147,134 Basic earnings per share $ 1.49 $ 1.44 Diluted earnings per share $ 1.49 $ 1.43

Legal Actions, Contingencies an

Legal Actions, Contingencies and Commitments	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Actions, Contingencies and Commitments	Legal Actions, Contingencies and Commitments Litigation In the normal course of business, we are subject to routine litigation incidental to our business. While the results of this litigation cannot be predicted with certainty, we believe that their final outcome will not, individually or in aggregate, have a material adverse effect on our consolidated financial statements taken as a whole. On June 2, 2021, New York University ("NYU") filed a complaint for patent infringement in the United States District Court, District of Delaware against ResMed Inc., case no. 1:21-cv-00813 (JPM). The complaint alleges that the AutoSet or AutoRamp features of ResMed’s AirSense 10 AutoSet flow generators infringe one or more claims of various NYU patents, including U.S. Patent Nos. 6,988,994; 9,108,009; 9,168,344; 9,427,539; 9,533,115; 9,867,955; and 10,384,024. According to the complaint, the NYU patents are directed to systems and methods for diagnosis and treating sleeping disorders during different sleep states. The complaint seeks monetary damages and attorneys’ fees. We answered the complaint on September 30, 2021 and filed a motion to dismiss the complaint on the basis that the patents are invalid because the subject matter of the patents is not patentable under the Supreme Court and Federal Circuit precedent. The motion to dismiss was granted in part and denied in part. We have also requested that the court dismiss the case based on NYU’s license of the patents to Fisher & Paykel and Fisher & Paykel’s prior settlement with us; that request is pending. In December 2022, the Patent Trial and Appeals Board (“PTAB”) of the Patent and Trademark Office granted our request to review the validity of the claims in the patents asserted by NYU against us, determining that there is a reasonable likelihood that we will prevail. The PTAB’s final written decisions on the validity of the asserted claims is expected by December 2023. On April 10, 2023, the district court granted our request to stay the case pending the PTAB’s decision on the validity of the patents asserted by NYU. On January 27, 2021, the International Trade Commission ("ITC") instituted In Re Certain UMTS and LTE Cellular Communications Modules and Products Containing the Same, Investigation No. 337-TA-1240, by complainants Philips RS North America, LLC and Koninklijke Philips N.V. (collectively “Philips”) against Quectel Wireless Solutions Co., Ltd; Thales DIS AIS USA, LLC, Thales DIS AIS Deutschland GmbH; Telit Wireless Solutions, Inc., Telit Communications PLC, CalAmp. Corp., Xirgo Technologies, LLC, and Laird Connectivity, Inc. (collectively “respondents”). In the ITC investigation, Philips seeks an order excluding communications modules, and products that contain them, from importation into the United States based on alleged infringement of 3G and 4G standard essential patents held by Philips. On October 6-14, 2021, the administrative law judge held a hearing on the merits. The administrative law judge issued an initial determination on April 1, 2022, finding no violation of any of the Philips' patents asserted in the ITC. Philips sought review by the full ITC. On July 6, 2022, the Commission affirmed the administrative law judge’s determination that there was no violation of asserted Philips' patents. The Commission terminated the ITC proceedings. Philips did not appeal the ITC’s decision. On December 17, 2020, Philips filed companion cases for patent infringement against the same defendants in the United States District Court for the District of Delaware, case nos. 1:20-cv-01707, 01708, 01709, 01710, 01711, and 01713 (CFC) seeking damages, an injunction, and a declaration from the court on the amount of a fair reasonable and non-discriminatory license rate for the standard essential patents it is asserting against the communications module defendants. The district court cases were stayed pending the resolution of the ITC proceedings. The parties have returned to the district court for further proceedings. We were not a party to the ITC investigation, and we are not a party to the district court cases, but we sell products that incorporate communications modules at issue in the district court case. The first trial in these cases is set for August 12, 2024. On June 16, 2022, Cleveland Medical Devices Inc. ("Cleveland Medical") filed suit for patent infringement against ResMed Inc. in the United States District Court for the District of Delaware, case no. 1:22-cv-00794. Cleveland Medical asserts that numerous ResMed connected devices, when combined with certain ResMed data platforms and/or software, including AirView and ResScan, infringe one or more of eight Cleveland Medical patents, including U.S. Patent Nos. 10,076,269; 10,426,399; 10,925,535; 11,064,937; 10,028,698; 10,478,118; 11,202,603; and 11,234,637. We moved to dismiss the action because Cleveland Medical sued the wrong ResMed entity, and to dismiss the indirect and willful infringement allegations by Cleveland Medical. On October 2, 2023, the court granted a portion of the motion, dismissing all Cleveland Medical claims for indirect and willful infringement, and declined the rest of the motion. On March 23, 2023, we filed a petition with the Patent Trial and Appeals Board of the Patent and Trademark Office seeking review of the validity of Cleveland Medical U.S. Patent 10,076,269. On September 25, 2023, the PTAB exercised its discretion to deny our petition challenging the validity of the ‘269 patent in light of the August 2024 trial date in the Delaware District Court case; that decision does not impact the merits of our invalidity challenge in that trial. On March 23, 2023, ResMed Corp. filed suit in the Southern District of California, case no. 23-cv-00500-TWR-JLB, seeking a declaration that it does not infringe U.S. patent number 11,602,284 recently issued to Cleveland Medical. Cleveland Medical has asked the court to dismiss the California case or to move it to Delaware or Cleveland for the convenience of the parties. We are opposing that request. Based on currently available information, we are unable to make a reasonable estimate of loss or range of losses, if any, arising from matters that remain open. Contingent Obligations Under Recourse Provisions We use independent financing institutions to offer some of our customers financing for the purchase of some of our products. Under these arrangements, if the customer qualifies under the financing institutions’ credit criteria and finances the transaction, the customers repay the financing institution on a fixed payment plan. For some of these arrangements, the customer’s receivable balance is with limited recourse whereby we are responsible for repaying the financing company should the customer default. We record a contingent provision, which is estimated based on historical default rates. This is applied to receivables sold with recourse and is recorded in accrued expenses. During the three months ended September 30, 2023 and September 30, 2022, receivables sold with limited recourse were $47.7 million and $39.9 million, respectively. As of September 30, 2023, the maximum exposure on outstanding receivables sold with recourse and the associated contingent provision were $28.9 million and $0.8 million, respectively. As of June 30, 2023, the maximum exposure on outstanding receivables sold with recourse and contingent provision were $32.6 million and $0.6 million, respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We may use derivative financial instruments, specifically foreign cross-currency swaps, purchased foreign currency call options, collars and forward contracts to mitigate exposure from certain foreign currency risk. No derivatives are used for trading or speculative purposes. We do not require or are not required to pledge collateral for the derivative instruments. Fair Value and Net Investment Hedging On November 17, 2022, we executed foreign cross-currency swaps as net investment hedges and fair value hedges in designated hedging relationships with either the foreign denominated net asset balances or the foreign denominated intercompany loan as the hedged items. All derivatives are recorded at fair value as either an asset or liability. Cash flows associated with derivative instruments are presented in the same category on the consolidated statements of cash flows as the hedged item. The purpose of the cross-currency swaps for the fair value hedge is to mitigate foreign currency risk associated with changes in spot rates on foreign denominated intercompany debt between USD and EUR. For these hedges, we excluded certain components from the assessment of hedge effectiveness that are not related to spot rates. For fair value hedges that qualify and are designated for hedge accounting, the change in fair value of the derivative is recorded in the same line item as the hedged item, other, net, in the condensed consolidated statement of operations. The initial fair value of hedge components excluded from the assessment of effectiveness is recognized in the statement of operations under a systematic and rational method over the life of the hedging instrument and is presented in interest (expense) income, net. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income. The purpose of the cross-currency swaps for the net investment hedge is to mitigate foreign currency risk associated with changes in spot rates on the net asset balances of our foreign functional subsidiaries. For net investment hedges that qualify and are designated for hedge accounting, the change in fair value of the derivative is recorded in cumulative translation adjustment within other comprehensive loss and reclassified into earnings when the hedged net investment is either sold or substantially liquidated. The initial fair value of components excluded from the assessment of hedge effectiveness will be recognized in interest (expense) income, net. The notional value of outstanding foreign cross-currency swaps was $1,014.8 million and $1,046.6 million at September 30, 2023 and June 30, 2023, respectively. These contracts mature at various dates prior to December 31, 2029. Non-Designated Hedges We transact business in various foreign currencies, including a number of major European currencies as well as the Australian and Singapore dollars. We have foreign currency exposure through both our Australian and Singapore manufacturing activities, and international sales operations. We have established a foreign currency hedging program using purchased foreign currency call options, collars and forward contracts to hedge foreign-currency-denominated financial assets, liabilities and manufacturing cash flows. The terms of such foreign currency hedging contracts generally do not exceed three years. The purpose of this hedging program is to economically manage the financial impact of foreign currency exposures denominated mainly in Euros, and Australian and Singapore dollars. Under this program, increases or decreases in our foreign currency denominated financial assets, liabilities, and firm commitments are partially offset by gains and losses on the hedging instruments. We do not designate these foreign currency contracts as hedges. All movements in the fair value of the foreign currency instruments are recorded within other, net in our condensed consolidated statements of income. The notional value of the outstanding non-designated hedges was $1,363.3 million and $954.7 million at September 30, 2023 and June 30, 2023, respectively. These contracts mature at various dates prior to March 15, 2025. Fair Values of Derivative Instruments The following table presents our assets and liabilities related to derivative instruments on a gross basis within the condensed consolidated balance sheets (in thousands): September 30, June 30, Balance Sheet Caption Derivative Assets Not Designated as Hedging Instruments Foreign currency hedging instruments $ 3,611 $ 2,126 Prepaid expenses and other current assets Foreign currency hedging instruments 717 279 Prepaid taxes and other non-current assets Total derivative assets $ 4,328 $ 2,405 Derivative Liabilities Designated as Hedging Instruments Foreign cross-currency swaps – Fair Value Hedge $ 9,883 $ 19,743 Other long-term liabilities Foreign cross-currency swaps – Net Investment Hedge 17,367 $ 40,803 Other long-term liabilities Not Designated as Hedging Instruments Foreign currency hedging instruments 25,005 9,558 Accrued expenses Foreign currency hedging instruments 592 595 Other long-term liabilities Total derivative liabilities $ 52,847 $ 70,699 Fair Value Hedge Gains (Losses) We recognized the following gains (losses) on the foreign cross currency swaps designated as fair value hedges (in thousands): Three Months Ended 2023 2022 Gain (loss) recognized in other comprehensive income (loss) $ 588 $ — Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing) 1,181 — Gain (loss) recognized on cross-currency swap in other, net 9,271 — Gain (loss) recognized on intercompany debt in other, net (9,271) — Net Investment Hedge Gains (Losses) We recognized the following gains (losses) on the foreign cross currency swaps designated as net investment hedges (in thousands): Three Months Ended 2023 2022 Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss) $ 23,436 $ — Gain (loss) recognized from the excluded components in interest (expense) income, net 3,013 — Non-designated Derivative Gains (Losses) We recognized the following gains (losses) in the condensed consolidated statement of operations on derivatives not designated as hedging instruments (in thousands): Three Months Ended 2023 2022 Gain (loss) recognized on foreign currency hedging instruments in other, net $ (15,073) $ (20,522) Gain (loss) recognized on other foreign-currency-denominated transactions in other, net 17,646 19,089 Total $ 2,573 $ (1,433) We classified the fair values of all hedging instruments as Level 2 measurements within the fair value hierarchy.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 219,422	$ 210,478

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation ResMed Inc. (referred to herein as “we”, “us”, “our” or the “Company”) is a Delaware corporation formed in March 1994 as a holding company for the ResMed Group. Through our subsidiaries, we design, manufacture and market equipment for the diagnosis and treatment of sleep-disordered breathing and other respiratory disorders, including obstructive sleep apnea. Our manufacturing operations are located in Australia, Singapore, Malaysia, France, China and the United States. Major distribution and sales sites are located in the United States, Germany, France, the United Kingdom, Switzerland, Australia, Japan, China, Finland, Norway and Sweden. We also operate a Software as a Service (“SaaS”) business in the United States and Germany that includes out-of-hospital software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and the rules of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to present fairly the results of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. The condensed consolidated financial statements for the three months ended September 30, 2023 and September 30, 2022 are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K (our “Form 10-K”) for the year ended June 30, 2023.
Revenue Recognition	Revenue Recognition In accordance with Accounting Standard Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, we account for a contract with a customer when there is a legally enforceable contract, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. We have determined that we have two operating segments, which are the sleep and respiratory disorders sector of the medical device industry (“Sleep and Respiratory Care”) and the supply of business management software as a service to out-of-hospital care providers (“SaaS”). Our Sleep and Respiratory Care revenue relates primarily to the sale of our products that are therapy-based equipment. Some contracts include additional performance obligations such as the provision of extended warranties and provision of data for patient monitoring. Our SaaS revenue relates to the provision of software access with ongoing support and maintenance services as well as professional services such as training and consulting. Disaggregation of revenue The following table summarizes our net revenue disaggregated by segment, product and region (in thousands): Three Months Ended 2023 2022 U.S., Canada and Latin America Devices $ 345,897 $ 339,545 Masks and other 292,461 238,560 Total U.S., Canada and Latin America $ 638,358 $ 578,105 Combined Europe, Asia and other markets Devices $ 218,831 $ 178,032 Masks and other 105,848 88,306 Total Combined Europe, Asia and other markets $ 324,679 $ 266,338 Global revenue Total Devices $ 564,728 $ 517,577 Total Masks and other 398,309 326,866 Total Sleep and Respiratory Care $ 963,037 $ 844,443 Software as a Service 139,284 105,851 Total $ 1,102,321 $ 950,294 Performance obligations and contract balances Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied; generally, this occurs with the transfer of risk and/or control of our products at a point in time. For products in our Sleep and Respiratory Care business, we transfer control and recognize a sale when products are shipped to the customer in accordance with the contractual shipping terms. For our SaaS business, revenue associated with cloud-hosted services are recognized as they are provided. We defer the recognition of a portion of the consideration received when performance obligations are not yet satisfied. Consideration received from customers in advance of revenue recognition is classified as deferred revenue. Performance obligations resulting in deferred revenue in our Sleep and Respiratory Care business relate primarily to extended warranties on our devices and the provision of data for patient monitoring. Performance obligations resulting in deferred revenue in our SaaS business relate primarily to the provision of software access with maintenance and support over an agreed term and material rights associated with future discounts upon renewal of some SaaS contracts. Generally, deferred revenue will be recognized over a period of one year to five years. Our contracts do not contain significant financing components. The following table summarizes our contract balances (in thousands): September 30, June 30, Balance sheet caption Contract assets Accounts receivable, net $ 692,388 $ 704,909 Accounts receivable, net Unbilled revenue, current 33,201 31,521 Prepaid expenses and other current assets Unbilled revenue, non-current 10,244 10,078 Prepaid taxes and other non-current assets Contract liabilities Deferred revenue, current (146,718) (138,072) Deferred revenue (current liabilities) Deferred revenue, non-current (121,492) (119,186) Deferred revenue (non-current liabilities) Transaction price determination Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. In our Sleep and Respiratory Care segment, the amount of consideration received and revenue recognized varies with changes in marketing incentives (e.g. rebates, discounts, free goods) and returns offered to our customers and their customers. When we give customers the right to return eligible products and receive credit, returns are estimated based on an analysis of our historical experience. However, returns of products, excluding warranty-related returns, have historically been infrequent and insignificant. We adjust the estimate of revenue at the earlier of when the most likely amount of consideration can be estimated, the amount expected to be received changes, or when the consideration becomes fixed. We offer our Sleep and Respiratory Care customers cash or product rebates based on volume or sales targets measured over quarterly or annual periods. We estimate rebates based on each customer’s expected achievement of its targets. In accounting for these rebate programs, we reduce revenue ratably as sales occur over the rebate period by the expected value of the rebates to be returned to the customer. Rebates measured over a quarterly period are updated based on actual sales results and, therefore, no estimation is required to determine the reduction to revenue. For rebates measured over annual periods, we update our estimates each quarter based on actual sales results and updated forecasts for the remaining rebate periods. We participate in programs where we issue credits to our Sleep and Respiratory Care distributors when they are required to sell our products below negotiated list prices if we have preexisting contracts with the distributors' customers. We reduce revenue for future credits at the time of sale to the distributor, which we estimate based on historical experience using the expected value method. We also offer discounts to both our Sleep and Respiratory Care as well as our SaaS customers as part of normal business practice and these are deducted from revenue when the sale occurs. When Sleep and Respiratory Care or SaaS contracts have multiple performance obligations, we generally use an observable price to determine the stand-alone selling price by reference to pricing and discounting practices for the specific product or service when sold separately to similar customers. Revenue is then allocated proportionately, based on the determined stand-alone selling price, to each performance obligation. An allocation is not required for many of our Sleep and Respiratory Care contracts that have a single performance obligation, which is the shipment of our therapy-based equipment. Accounting and practical expedient elections We have elected to account for shipping and handling activities associated with our Sleep and Respiratory Care segment as a fulfillment cost within cost of sales, and record shipping and handling costs collected from customers in net revenue. We have also elected for all taxes assessed by government authorities that are imposed on and concurrent with revenue-producing transactions, such as sales and value added taxes, to be excluded from revenue and presented on a net basis. We have elected two practical expedients including the “right to invoice” practical expedient, which is relevant for some of our SaaS contracts as it allows us to recognize revenue in the amount of the invoice when it corresponds directly with the value of performance completed to date. The second practical expedient adopted permits relief from considering a significant financing component when the payment for the good or service is expected to be one year or less.
Lease Revenue	Lease RevenueWe lease Sleep and Respiratory Care medical devices to customers primarily as a means to comply with local health insurer requirements in certain foreign geographies. Device rental contracts are classified as operating leases, and contract terms vary by customer and include options to terminate or extend the contract. When lease contracts also include the sale of masks and accessories, we allocate contract consideration to those items on a relative standalone price basis and recognize revenue when control transfers to the customer.
Provision For Warranty	Provision for Warranty We provide for the estimated cost of product warranties on our Sleep and Respiratory Care products at the time the related revenue is recognized. We determine the amount of this provision by using a financial model, which takes into consideration actual historical expenses and potential risks associated with our different products. We use this financial model to calculate the future probable expenses related to warranty and the required level of the warranty provision. Although we engage in product improvement programs and processes, our warranty obligation is affected by product failure rates and costs incurred to correct those product failures. Should actual product failure rates or estimated costs to repair those product failures differ from our estimates, we would be required to revise our estimated warranty provision.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Net Revenue Disaggregated by Product and Region	The following table summarizes our net revenue disaggregated by segment, product and region (in thousands): Three Months Ended 2023 2022 U.S., Canada and Latin America Devices $ 345,897 $ 339,545 Masks and other 292,461 238,560 Total U.S., Canada and Latin America $ 638,358 $ 578,105 Combined Europe, Asia and other markets Devices $ 218,831 $ 178,032 Masks and other 105,848 88,306 Total Combined Europe, Asia and other markets $ 324,679 $ 266,338 Global revenue Total Devices $ 564,728 $ 517,577 Total Masks and other 398,309 326,866 Total Sleep and Respiratory Care $ 963,037 $ 844,443 Software as a Service 139,284 105,851 Total $ 1,102,321 $ 950,294
Schedule of Contract Balances	The following table summarizes our contract balances (in thousands): September 30, June 30, Balance sheet caption Contract assets Accounts receivable, net $ 692,388 $ 704,909 Accounts receivable, net Unbilled revenue, current 33,201 31,521 Prepaid expenses and other current assets Unbilled revenue, non-current 10,244 10,078 Prepaid taxes and other non-current assets Contract liabilities Deferred revenue, current (146,718) (138,072) Deferred revenue (current liabilities) Deferred revenue, non-current (121,492) (119,186) Deferred revenue (non-current liabilities)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenue by Segment and Reconciling Items	The table below presents a reconciliation of net revenues and net operating profit by reportable segments (in thousands): Three Months Ended 2023 2022 Net revenue by segment Sleep and Respiratory Care $ 963,037 $ 844,443 Software as a Service 139,284 105,851 Total $ 1,102,321 $ 950,294 Depreciation and amortization by segment Sleep and Respiratory Care $ 20,519 $ 19,767 Software as a Service 2,760 1,913 Amortization of acquired intangible assets and corporate assets 21,655 14,593 Total $ 44,934 $ 36,273 Net operating profit by segment Sleep and Respiratory Care $ 390,415 $ 352,560 Software as a Service 31,258 24,441 Total $ 421,673 $ 377,001 Reconciling items Corporate costs $ 103,378 $ 86,938 Amortization of acquired intangible assets 21,387 14,324 Astral field safety notification expenses (1) 7,911 — Interest expense (income), net 14,957 7,134 Loss attributable to equity method investments 3,895 2,028 (Gain) loss on equity investments 602 3,280 Other, net (2,648) 1,504 Income before income taxes $ 272,191 $ 261,793 (1) The Astral field safety notification expenses relate to estimated costs associated with the replacement of a certain component in some of our Astral ventilation devices that were manufactured between 2013 to 2019.

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	3 Months Ended
	Sep. 30, 2023
Supplemental Balance Sheet Information [Abstract]
Schedule of Inventories	Components of selected captions in the condensed consolidated balance sheets consisted of the following (in thousands): Inventories September 30, June 30, Raw materials $ 427,860 $ 459,126 Work in progress 5,190 3,956 Finished goods 525,183 534,930 Total inventories $ 958,233 $ 998,012
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets September 30, June 30, Prepaid taxes $ 104,710 $ 114,009 Prepaid inventories 178,490 143,084 Other prepaid expenses and current assets 161,664 179,925 Total prepaid expenses and other current assets $ 444,864 $ 437,018
Schedule of Components of Property, Plant and Equipment	Property, Plant and Equipment September 30, June 30, Property, plant and equipment, at cost $ 1,201,818 $ 1,205,868 Accumulated depreciation and amortization (667,833) (668,012) Property, plant and equipment, net $ 533,985 $ 537,856
Schedule of Other Intangible Assets, Net	Other Intangible Assets September 30, June 30, Developed/core product technology $ 415,933 $ 398,740 Accumulated amortization (273,912) (265,802) Developed/core product technology, net 142,021 132,938 Customer relationships 448,769 443,652 Accumulated amortization (133,503) (124,220) Customer relationships, net 315,266 319,432 Other intangibles 251,770 244,373 Accumulated amortization (145,779) (144,402) Other intangibles, net 105,991 99,971 Total other intangibles, net $ 563,278 $ 552,341

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	A reconciliation of changes in our goodwill by reportable segment is as follows (in thousands): Three Months Ended September 30, 2023 Sleep and SaaS Total Balance at the beginning of the period $ 670,120 $ 2,100,180 $ 2,770,299 Business acquisitions 74,416 — 74,416 Foreign currency translation adjustments (8,144) (24,429) (32,573) Balance at the end of the period $ 736,392 $ 2,075,751 $ 2,812,142

Investments (Tables)

Investments (Tables)	3 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments	Equity investments by measurement category were as follows (in thousands): Measurement category September 30, June 30, Fair value $ 11,821 $ 12,423 Measurement alternative 69,678 68,748 Equity method 62,161 65,366 Total $ 143,660 $ 146,537
Schedule of Changes in Equity Investments	The following tables show a reconciliation of the changes in our equity investments (in thousands): Three Months Ended September 30, 2023 Non-marketable securities Marketable securities Equity method investments Total Balance at the beginning of the period $ 68,748 $ 12,423 $ 65,366 $ 146,537 Additions to investments 1,180 — 2,500 3,680 Unrealized losses on marketable equity securities — (602) — (602) Proceeds from exits of investments (250) — — (250) Loss attributable to equity method investments — — (3,895) (3,895) Foreign currency translation adjustments — — (1,810) (1,810) Carrying value at the end of the period $ 69,678 $ 11,821 $ 62,161 $ 143,660 Three Months Ended September 30, 2022 Non-marketable securities Marketable securities Equity method investments Total Balance at the beginning of the period $ 39,290 $ 9,167 $ 9,918 $ 58,375 Additions to investments 4,291 — — 4,291 Unrealized losses on marketable equity securities — (3,280) — (3,280) Loss attributable to equity method investments — — (2,028) (2,028) Carrying value at the end of the period $ 43,581 $ 5,887 $ 7,890 $ 57,358

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Sep. 30, 2023
Product Warranties Disclosures [Abstract]
Schedule of Changes in Liability for Warranty Costs	Changes in the liability for warranty costs, which is included in accrued expenses in our condensed consolidated balance sheets, are as follows (in thousands): Three Months Ended 2023 2022 Balance at the beginning of the period $ 27,621 $ 25,889 Warranty accruals for the period 6,025 2,088 Warranty costs incurred for the period (4,828) (2,612) Foreign currency translation adjustments (672) (1,272) Balance at the end of the period $ 28,146 $ 24,093

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following (in thousands): September 30, June 30, Short-term debt $ 10,000 $ 10,000 Deferred borrowing costs (95) (98) Short-term debt, net $ 9,905 $ 9,902 Long-term debt $ 1,355,000 $ 1,435,000 Deferred borrowing costs (3,489) (3,766) Long-term debt, net $ 1,351,511 $ 1,431,234 Total debt $ 1,361,416 $ 1,441,136

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share are calculated as follows (in thousands except per share data): Three Months Ended 2023 2022 Numerator: Net income $ 219,422 $ 210,478 Denominator: Basic weighted-average common shares outstanding 147,075 146,431 Effect of dilutive securities: Stock options and restricted stock units 411 703 Diluted weighted average shares 147,486 147,134 Basic earnings per share $ 1.49 $ 1.44 Diluted earnings per share $ 1.49 $ 1.43

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Instruments	The following table presents our assets and liabilities related to derivative instruments on a gross basis within the condensed consolidated balance sheets (in thousands): September 30, June 30, Balance Sheet Caption Derivative Assets Not Designated as Hedging Instruments Foreign currency hedging instruments $ 3,611 $ 2,126 Prepaid expenses and other current assets Foreign currency hedging instruments 717 279 Prepaid taxes and other non-current assets Total derivative assets $ 4,328 $ 2,405 Derivative Liabilities Designated as Hedging Instruments Foreign cross-currency swaps – Fair Value Hedge $ 9,883 $ 19,743 Other long-term liabilities Foreign cross-currency swaps – Net Investment Hedge 17,367 $ 40,803 Other long-term liabilities Not Designated as Hedging Instruments Foreign currency hedging instruments 25,005 9,558 Accrued expenses Foreign currency hedging instruments 592 595 Other long-term liabilities Total derivative liabilities $ 52,847 $ 70,699
Schedule of Derivative Gains (Losses)	We recognized the following gains (losses) on the foreign cross currency swaps designated as fair value hedges (in thousands): Three Months Ended 2023 2022 Gain (loss) recognized in other comprehensive income (loss) $ 588 $ — Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing) 1,181 — Gain (loss) recognized on cross-currency swap in other, net 9,271 — Gain (loss) recognized on intercompany debt in other, net (9,271) — We recognized the following gains (losses) on the foreign cross currency swaps designated as net investment hedges (in thousands): Three Months Ended 2023 2022 Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss) $ 23,436 $ — Gain (loss) recognized from the excluded components in interest (expense) income, net 3,013 — Three Months Ended 2023 2022 Gain (loss) recognized on foreign currency hedging instruments in other, net $ (15,073) $ (20,522) Gain (loss) recognized on other foreign-currency-denominated transactions in other, net 17,646 19,089 Total $ 2,573 $ (1,433)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | segment	2
Operating lease revenue | $	$ 22.7	$ 23.7
Minimum
Summary Of Significant Accounting Policies [Line Items]
Deferred revenue recognized, term	1 year
Maximum
Summary Of Significant Accounting Policies [Line Items]
Deferred revenue recognized, term	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule Of Net Revenue Disaggregated By Product And Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenue by segment	$ 1,102,321	$ 950,294
Total Sleep and Respiratory Care
Disaggregation of Revenue [Line Items]
Net revenue by segment	963,037	844,443
Software as a Service
Disaggregation of Revenue [Line Items]
Net revenue by segment	139,284	105,851
U.S., Canada and Latin America
Disaggregation of Revenue [Line Items]
Net revenue by segment	638,358	578,105
U.S., Canada and Latin America | Devices
Disaggregation of Revenue [Line Items]
Net revenue by segment	345,897	339,545
U.S., Canada and Latin America | Masks and other
Disaggregation of Revenue [Line Items]
Net revenue by segment	292,461	238,560
Combined Europe, Asia and other markets
Disaggregation of Revenue [Line Items]
Net revenue by segment	324,679	266,338
Combined Europe, Asia and other markets | Devices
Disaggregation of Revenue [Line Items]
Net revenue by segment	218,831	178,032
Combined Europe, Asia and other markets | Masks and other
Disaggregation of Revenue [Line Items]
Net revenue by segment	105,848	88,306
Global revenue
Disaggregation of Revenue [Line Items]
Net revenue by segment	1,102,321	950,294
Global revenue | Devices
Disaggregation of Revenue [Line Items]
Net revenue by segment	564,728	517,577
Global revenue | Masks and other
Disaggregation of Revenue [Line Items]
Net revenue by segment	398,309	326,866
Global revenue | Total Sleep and Respiratory Care
Disaggregation of Revenue [Line Items]
Net revenue by segment	963,037	844,443
Global revenue | Software as a Service
Disaggregation of Revenue [Line Items]
Net revenue by segment	$ 139,284	$ 105,851

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule Of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Contract assets
Accounts receivable, net	$ 692,388	$ 704,909
Contract liabilities
Deferred revenue, current	(146,718)	(138,072)
Deferred revenue, non-current	(121,492)	(119,186)
Accounts receivable, net
Contract assets
Accounts receivable, net	692,388	704,909
Prepaid expenses and other current assets
Contract assets
Unbilled revenue, current	33,201	31,521
Prepaid taxes and other non-current assets
Contract assets
Unbilled revenue, non-current	10,244	10,078
Deferred revenue (current liabilities)
Contract liabilities
Deferred revenue, current	(146,718)	(138,072)
Deferred revenue (non-current liabilities)
Contract liabilities
Deferred revenue, non-current	$ (121,492)	$ (119,186)

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Schedule

Segment Information - Schedule of Revenue By Segment And Reconciling Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net revenue by segment	$ 1,102,321	$ 950,294
Depreciation and amortization by segment	44,934	36,273
Net operating profit by segment	288,997	275,739
Amortization of acquired intangible assets	12,479	7,950
Loss attributable to equity method investments	3,895	2,028
(Gain) loss on equity investments	602	3,280
Other, net	2,648	(1,504)
Income before income taxes	272,191	261,793
Operating Segments
Segment Reporting Information [Line Items]
Net operating profit by segment	421,673	377,001
Corporate Costs
Segment Reporting Information [Line Items]
Depreciation and amortization by segment	21,655	14,593
Reconciling items
Segment Reporting Information [Line Items]
Corporate costs	103,378	86,938
Amortization of acquired intangible assets	21,387	14,324
Astral field safety notification expenses (1)	7,911	0
Interest expense (income), net	14,957	7,134
Loss attributable to equity method investments	3,895	2,028
(Gain) loss on equity investments	602	3,280
Other, net	(2,648)	1,504
Income before income taxes	272,191	261,793
Total Sleep and Respiratory Care
Segment Reporting Information [Line Items]
Net revenue by segment	963,037	844,443
Total Sleep and Respiratory Care | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization by segment	20,519	19,767
Net operating profit by segment	390,415	352,560
Software as a Service
Segment Reporting Information [Line Items]
Net revenue by segment	139,284	105,851
Software as a Service | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization by segment	2,760	1,913
Net operating profit by segment	$ 31,258	$ 24,441

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Supplemental Balance Sheet Information [Abstract]
Raw materials	$ 427,860	$ 459,126
Work in progress	5,190	3,956
Finished goods	525,183	534,930
Total inventories	$ 958,233	$ 998,012

Supplemental Balance Sheet In_4

Supplemental Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Prepaid expenses and other current assets
Prepaid taxes	$ 104,710	$ 114,009
Prepaid inventories	178,490	143,084
Other prepaid expenses and current assets	161,664	179,925
Total prepaid expenses and other current assets	$ 444,864	$ 437,018

Supplemental Balance Sheet In_5

Supplemental Balance Sheet Information - Schedule of Components of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Supplemental Balance Sheet Information [Abstract]
Property, plant and equipment, at cost	$ 1,201,818	$ 1,205,868
Accumulated depreciation and amortization	(667,833)	(668,012)
Property, plant and equipment, net	$ 533,985	$ 537,856

Supplemental Balance Sheet In_6

Supplemental Balance Sheet Information - Schedule of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Total other intangibles, net	$ 563,278	$ 552,341
Developed/core product technology
Finite-Lived Intangible Assets [Line Items]
Other intangibles, gross	415,933	398,740
Accumulated amortization	(273,912)	(265,802)
Total other intangibles, net	142,021	132,938
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Other intangibles, gross	448,769	443,652
Accumulated amortization	(133,503)	(124,220)
Total other intangibles, net	315,266	319,432
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Other intangibles, gross	251,770	244,373
Accumulated amortization	(145,779)	(144,402)
Total other intangibles, net	$ 105,991	$ 99,971
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, estimated useful life	15 years

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at the beginning of the period	$ 2,770,299
Business acquisitions	74,416
Foreign currency translation adjustments	(32,573)
Balance at the end of the period	2,812,142
Total Sleep and Respiratory Care
Goodwill [Roll Forward]
Balance at the beginning of the period	670,120
Business acquisitions	74,416
Foreign currency translation adjustments	(8,144)
Balance at the end of the period	736,392
SaaS
Goodwill [Roll Forward]
Balance at the beginning of the period	2,100,180
Business acquisitions	0
Foreign currency translation adjustments	(24,429)
Balance at the end of the period	$ 2,075,751

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Fair value	$ 11,821	$ 12,423
Measurement alternative	69,678	68,748
Equity method	62,161	65,366
Total	$ 143,660	$ 146,537

Investments - Schedule of Chang

Investments - Schedule of Changes in Equity Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity Method Investments [Roll Forward]
Balance at the beginning of the period	$ 146,537	$ 58,375
Additions to investments	3,680	4,291
Unrealized losses on marketable equity securities	(602)	(3,280)
Proceeds from exits of investments	(250)
Loss attributable to equity method investments	(3,895)	(2,028)
Foreign currency translation adjustments	(1,810)
Carrying value at the end of the period	143,660	57,358
Non-marketable securities
Equity Method Investments [Roll Forward]
Balance at the beginning of the period	68,748	39,290
Additions to investments	1,180	4,291
Unrealized losses on marketable equity securities	0	0
Proceeds from exits of investments	(250)
Loss attributable to equity method investments	0	0
Foreign currency translation adjustments	0
Carrying value at the end of the period	69,678	43,581
Marketable securities
Equity Method Investments [Roll Forward]
Balance at the beginning of the period	12,423	9,167
Additions to investments	0	0
Unrealized losses on marketable equity securities	(602)	(3,280)
Proceeds from exits of investments	0
Loss attributable to equity method investments	0	0
Foreign currency translation adjustments	0
Carrying value at the end of the period	11,821	5,887
Equity method investments
Equity Method Investments [Roll Forward]
Balance at the beginning of the period	65,366	9,918
Additions to investments	2,500	0
Unrealized losses on marketable equity securities	0	0
Proceeds from exits of investments	0
Loss attributable to equity method investments	(3,895)	(2,028)
Foreign currency translation adjustments	(1,810)
Carrying value at the end of the period	$ 62,161	$ 7,890

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity securities, unrealized loss	$ 0.6	$ 3.3

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the period	$ 27,621	$ 25,889
Warranty accruals for the period	6,025	2,088
Warranty costs incurred for the period	(4,828)	(2,612)
Foreign currency translation adjustments	(672)	(1,272)
Balance at the end of the period	$ 28,146	$ 24,093

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Debt Disclosure [Abstract]
Short-term debt	$ 10,000	$ 10,000
Deferred borrowing costs	(95)	(98)
Short-term debt, net	9,905	9,902
Long-term debt	1,355,000	1,435,000
Deferred borrowing costs	(3,489)	(3,766)
Long-term debt, net	1,351,511	1,431,234
Total debt	$ 1,361,416	$ 1,441,136

Debt - Narrative (Details)

Debt - Narrative (Details)		3 Months Ended
	Jun. 29, 2022 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jul. 10, 2019 USD ($)
Debt Instrument [Line Items]
Debt to consolidated EBITDA ratio		3.50
Line of credit facility collateral, maximum percentage of ownership interests held in subsidiary		10%
Senior notes, carrying amount		$ 500,000,000	$ 500,000,000
Outstanding debt		1,361,416,000	1,441,136,000
3.24% Senior Notes Due July 10, 2026
Debt Instrument [Line Items]
Principal amount				$ 250,000,000
Interest rate				3.24%
3.45% Senior Notes Due July 10, 2029
Debt Instrument [Line Items]
Principal amount				$ 250,000,000
Interest rate				3.45%
Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value		451,700,000	462,200,000
Revolving Credit Agreement, Term Credit Agreement, and Senior Notes
Debt Instrument [Line Items]
Outstanding debt		1,365,000,000
Revolving Credit Facility and Term Credit Agreement
Debt Instrument [Line Items]
Long-term debt, fair value		$ 865,000,000	$ 945,000,000
Revolving Credit Facility and Term Credit Agreement | Mufg Union Bank Na and Westpac Banking Corporation
Debt Instrument [Line Items]
Interest rate on outstanding principal amount		6.30%
Revolving Credit Facility
Debt Instrument [Line Items]
Available for draw		$ 825,000,000
Revolving Credit Facility | Mufg Union Bank Na and Westpac Banking Corporation
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Uncommitted option to increase credit facility	$ 1,000,000,000
EBITDA multiple of trailing twelve-month measurement period	1
Revolving Credit Facility | Mufg Union Bank Na and Westpac Banking Corporation | Minimum
Debt Instrument [Line Items]
Commitment fees percentage rate on unused portion of credit facility		0.075%
Revolving Credit Facility | Mufg Union Bank Na and Westpac Banking Corporation | Maximum
Debt Instrument [Line Items]
Commitment fees percentage rate on unused portion of credit facility		0.15%
Revolving Credit Facility | Mufg Union Bank | ResMed Limited
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
Term Loan Credit Agreement
Debt Instrument [Line Items]
Principal payment	$ 5,000,000
Term Loan Credit Agreement | Minimum | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Credit facility interest rate equal to reference rate plus	0.75%
Term Loan Credit Agreement | Minimum | Base Rate
Debt Instrument [Line Items]
Credit facility interest rate equal to reference rate plus	0%
Term Loan Credit Agreement | Maximum | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Credit facility interest rate equal to reference rate plus	1.50%
Term Loan Credit Agreement | Maximum | Base Rate
Debt Instrument [Line Items]
Credit facility interest rate equal to reference rate plus	0.50%

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (share)	417,364	113,167

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 219,422	$ 210,478
Denominator:
Basic weighted-average common shares outstanding (shares)	147,075	146,431
Effect of dilutive securities:
Stock options and restricted stock units (shares)	411	703
Diluted weighted average shares (shares)	147,486	147,134
Basic earnings per share (in dollars per share)	$ 1.49	$ 1.44
Diluted earnings per share (in dollars per share)	$ 1.49	$ 1.43

Legal Actions, Contingencies _2

Legal Actions, Contingencies and Commitments (Details) $ in Millions		3 Months Ended
	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 16, 2022 patent
Commitments and Contingencies Disclosure [Abstract]
Number of patents | patent					8
Receivables sold with limited recourse		$ 47.7	$ 39.9
Maximum potential contingent liability		28.9		$ 32.6
Contingent provision	$ 0.6	$ 0.8

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Currency Swap | Fair Value And Net Investment Hedging
Derivative [Line Items]
Notional value	$ 1,014.8	$ 1,046.6
Foreign currency hedging instruments | Non-Designated Hedges
Derivative [Line Items]
Notional value	$ 1,363.3	$ 954.7
Derivative, term of contract (in years)	3 years

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 4,328	$ 2,405
Derivative Liabilities	$ 52,847	$ 70,699
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets (note 3)	Prepaid expenses and other current assets (note 3)
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Prepaid taxes and other non-current assets	Prepaid taxes and other non-current assets
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Foreign currency hedging instruments | Designated as Hedging Instruments | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 9,883	$ 19,743
Foreign currency hedging instruments | Designated as Hedging Instruments | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative Liabilities	17,367	40,803
Prepaid expenses and other current assets | Foreign currency hedging instruments | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	3,611	2,126
Prepaid taxes and other non-current assets | Foreign currency hedging instruments | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	717	279
Accrued expenses | Foreign currency hedging instruments | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative Liabilities	25,005	9,558
Other long-term liabilities | Foreign currency hedging instruments | Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 592	$ 595

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Fair Value Hedge Gains (Losses) (Details) - Currency Swap - Fair Value Hedging - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in other comprehensive income (loss)	$ 588	$ 0
Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing)	1,181	0
Gain (loss) recognized on cross-currency swap in other, net	9,271	0
Gain (loss) recognized on intercompany debt in other, net	$ (9,271)	$ 0

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Net Investment Hedge Gains (Losses) (Details) - Currency Swap - Net Investment Hedging - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss)	$ 23,436	$ 0
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized from the excluded components in interest (expense) income, net	$ 3,013	$ 0

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Schedule of Non-Designated Derivative Gains (Losses) (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 2,573	$ (1,433)
Foreign currency hedging instruments | Other Nonoperating Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(15,073)	(20,522)
Other Foreign Exchange Contracts | Other Nonoperating Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 17,646	$ 19,089