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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Components of income before provision for income taxes

For financial reporting purposes, the components of income before provision for income taxes were as follows (in thousands):

		Years Ended June 30,
		2017				2016				2015
Domestic		$	81,957			$	60,073			$	44,743
Foreign		203,067				179,867				101,005
		$	285,024			$	239,940			$	145,748

Components of provision for income taxes

The components of the Company’s provision for income taxes consisted of the following (in thousands):

		Years Ended June 30,
		2017				2016				2015
Current
Federal		$	25,533			$	25,635			$	15,786
State		360				(149		)		299
Foreign		2,563				1,983				909
Current tax expense		28,456				27,469				16,994
Deferred
Federal		(858		)		(1,116		)		(856		)
State		(80		)		(29		)		(53		)
Foreign		—				—				—
Deferred tax expense		(938		)		(1,145		)		(909		)
Provision for income taxes		$	27,518			$	26,324			$	16,085

Effective to statutory income tax rate reconciliation

The effective tax rate differs from the applicable U.S. statutory federal income tax rate as follows:

		Years Ended June 30,
		2017			2016			2015
Statutory rate		35.0	%		35.0	%		35.0	%
Tax rate differential, foreign income		(23.3	)		(24.4	)		(23.2	)
State tax expense		0.3			(0.1	)		0.1
Stock-based compensation		(2.5	)		0.3			0.6
Federal research and development credits		(0.4	)		(0.6	)		(1.1	)
Other permanent items		0.6			0.8			(0.4	)
Effective tax rate		9.7	%		11.0	%		11.0	%

Significant components of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):

		June 30,
		2017				2016
Deferred tax assets
Reserves and Allowances		$	2,215			$	1,539
Stock-based compensation		712				998
Accrued expenses		371				363
Research and development credits		—				146
State tax		1,110				925
Other		782				482
Total deferred tax assets		5,190				4,453
Deferred tax liabilities
Basis difference for fixed assets		(57		)		(112		)
Total deferred tax liabilities		(57		)		(112		)
Valuation allowance		—				(146		)
Net deferred tax assets		$	5,133			$	4,195

Reconciliation of beginning and ending balances of unrecognized tax benefits

A reconciliation of the beginning and ending balances of the unrecognized tax benefits during the years ended June 30, 2017, 2016 and 2015 consists of the following (in thousands):

		Years Ended June 30,
		2017				2016				2015
		(In thousands)
Unrecognized benefit—beginning of year		$	22,851			$	19,590			$	14,914
Gross increases—current year tax positions		5,184				3,879				4,960
Gross decreases - prior year tax positions due to statute lapse		(597		)		(618		)		(284		)
Unrecognized benefit—end of year		$	27,438			$	22,851			$	19,590

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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Tabular disclosure of the change in unrecognized tax benefits.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320

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