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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2018
Income Tax Disclosure [Abstract] |
Components of Earnings (Losses) Before Income Taxes | The components of earnings (losses) before income taxes were as follows:
Year Ended June 30, |  | 2018 |  |  | 2017 |  |  | 2016 |
($000) |  |  |  |  |  |  |  |  |  |  |  |
U.S. loss |  | $ | (15,207 | ) |  | $ | (6,944 | ) |  | $ | (5,809 | )
Non-U.S. income |  |  | 137,401 |  |  |  | 125,732 |  |  |  | 95,764 |
Earnings before income taxes |  | $ | 122,194 |  |  | $ | 118,788 |  |  | $ | 89,955 |
Components of Income Tax Expense | The components of income tax expense were as follows:
Year Ended June 30, |  | 2018 |  |  | 2017 |  |  | 2016 |
($000) |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 699 |  |  | $ | 2,133 |  |  | $ | 3,704 |
State |  |  | 401 |  |  |  | 253 |  |  |  | 5 |
Foreign |  |  | 32,147 |  |  |  | 22,312 |  |  |  | 19,783 |
Total Current |  | $ | 33,247 |  |  | $ | 24,698 |  |  | $ | 23,492 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (3,064 | ) |  | $ | (6,963 | ) |  | $ | 2,759 |
State |  |  | 1,615 |  |  |  | (1,251 | ) |  |  | 1,302 |
Foreign |  |  | 2,394 |  |  |  | 7,030 |  |  |  | (3,084 | )
Total Deferred |  | $ | 945 |  |  | $ | (1,184 | ) |  | $ | 977 |
Total Income Tax Expense |  | $ | 34,192 |  |  | $ | 23,514 |  |  | $ | 24,469 |
Schedule of Principal Items Comprising Deferred Income Taxes | Principal items comprising deferred income taxes were as follows:
June 30, |  | 2018 |  |  | 2017 |
($000) |  |  |  |  |  |  |  |
Deferred income tax assets |  |  |  |  |  |  |  |
Inventory capitalization |  | $ | 5,267 |  |  | $ | 6,338 |
Non-deductible accruals |  |  | 1,125 |  |  |  | 1,705 |
Accrued employee benefits |  |  | 7,614 |  |  |  | 9,738 |
Net-operating loss and credit carryforwards |  |  | 48,738 |  |  |  | 53,048 |
Share-based compensation expense |  |  | 7,925 |  |  |  | 12,386 |
Other |  |  | 3,242 |  |  |  | 1,761 |
Valuation allowances |  |  | (21,797 | ) |  |  | (42,562 | )
Total deferred income tax assets |  | $ | 52,114 |  |  | $ | 42,414 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Tax over book accumulated depreciation |  | $ | (24,174 | ) |  | $ | (7,803 | )
Intangible assets |  |  | (24,649 | ) |  |  | (38,108 | )
Tax on unremitted earnings |  |  | (13,090 | ) |  |  | (6,210 | )
Convertible debt |  |  | (11,376 | ) |  |  | - |
Other |  |  | (4,020 | ) |  |  | (2,615 | )
Total deferred income tax liabilities |  | $ | (77,309 | ) |  | $ | (54,736 | )
Net deferred income taxes |  | $ | (25,195 | ) |  | $ | (12,322 | )
Schedule of Reconciliation of Income Tax Expense at Statutory U.S. Federal Rate to Reported Income Tax Expense | The reconciliation of income tax expense at the statutory U.S. federal rate to the reported income tax expense is as follows:
Year Ended June 30, |  | 2018 |  |  | % |  |  | 2017 |  |  | % |  |  | 2016 |  |  | % |
($000) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxes at statutory rate |  | $ | 34,284 |  |  |  | 28 |  |  | $ | 41,576 |  |  |  | 35 |  |  | $ | 31,484 |  |  |  | 35 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes-net of federal benefit |  |  | 1,426 |  |  |  | 1 |  |  |  | (641 | ) |  |  | - |  |  |  | 864 |  |  |  | 1 |
Taxes on non U.S. earnings |  |  | (16,058 | ) |  |  | (13 | ) |  |  | (12,907 | ) |  |  | (11 | ) |  |  | (13,860 | ) |  |  | (15 | )
Valuation allowance |  |  | (6,008 | ) |  |  | (5 | ) |  |  | (806 | ) |  |  | (1 | ) |  |  | 8,464 |  |  |  | 9 |
Research and manufacturing incentive deductions and credits |  |  | (7,024 | ) |  |  | (6 | ) |  |  | (5,681 | ) |  |  | (5 | ) |  |  | (4,374 | ) |  |  | (5 | )
Stock compensation |  |  | (4,103 | ) |  |  | (3 | ) |  |  | 1,770 |  |  |  | 2 |  |  |  | 702 |  |  |  | 1 |
Repatriation tax |  |  | 36,777 |  |  |  | 30 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Impact of U.S. tax rate change on deferred balances |  |  | (4,209 | ) |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | (893 | ) |  |  | (1 | ) |  |  | 203 |  |  |  | - |  |  |  | 1,189 |  |  |  | 1 |
|  | $ | 34,192 |  |  |  | 28 |  |  | $ | 23,514 |  |  |  | 20 |  |  | $ | 24,469 |  |  |  | 27 |
Schedule of Gross Operating Loss Carryforwards and Tax Credit Carryforwards | The Company has the following gross operating loss carryforwards and tax credit carryforwards as of June 30, 2018:
Type |  | Amount |  |  | Expiration Date
($000) |  |  |  |  |  |
Tax credit carryforwards: |  |  |  |  |  |
Federal research and development credits |  | $ | 13,913 |  |  | June 2019-June 2038
Foreign tax credits |  |  | 251 |  |  | June 2024-June 2028
State tax credits |  |  | 5,594 |  |  | June 2019-June 2038
Operating loss carryforwards: |  |  |  |  |  |
Loss carryforwards - federal |  | $ | 68,661 |  |  | June 2020-June 2038
Loss carryforwards - state |  |  | 47,756 |  |  | June 2019-June 2038
Loss carryforwards - foreign |  |  | 16,347 |  |  | June 2019-June 2028
Schedule of Changes in Liability for Unrecognized Tax Benefits | Changes in the liability for unrecognized tax benefits for the fiscal years ended June 30, 2018, 2017 and 2016 were as follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
($000) |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 7,577 |  |  | $ | 5,559 |  |  | $ | 4,022 |
Increases in current year tax positions |  |  | 2,536 |  |  |  | 895 |  |  |  | 2,146 |
Increases in prior year tax positions |  |  | 224 |  |  |  | 2,605 |  |  | 190 |
Decreases in prior year tax positions |  |  | (9 | ) |  |  | - |  |  |  | (67 | )
Settlements |  |  | - |  |  |  | (1,143 | ) |  |  | - |
Expiration of statute of limitations |  |  | (436 | ) |  |  | (339 | ) |  |  | (732 | )
Ending balance |  | $ | 9,892 |  |  | $ | 7,577 |  |  | $ | 5,559 |

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