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Income Taxes | 9 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes |
1 6. | Income Taxes
The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment. The Company is currently under examination by the Internal Revenue Service for the year 2015, three state jurisdictions for the years 2011 through 2017 and one foreign jurisdiction for the years 2011 through 2015. The Company does not expect resolution of these examinations to have a material impact on its results of operations, financial condition or cash flows. The Company’s total liability for unrecognized tax benefits as of March 31, 2020 and June 30, 2019 was $7.2 million and $1.5 million, respectively. The $7.2 million unrecognized tax benefit at March 31, 2020, if recognized, would positively impact the Company’s effective tax rate. For the three months ended March 31, 2020, the effective tax rate was 19.1 percent compared to 16.3 percent for the same period last year. The Company’s effective tax rate was lower in the prior year quarter primarily due to writing off certain historic deferred tax balances due to an internal reorganization related to the integration of an acquired company. This was partially offset by an amended state refund claim as well as recognition of tax benefit related to an ongoing tax authority examination. For both comparative reporting periods, the Company’s effective tax rate was impacted by the change in value of assets invested in COLI policies. If gains or losses on the COLI investments throughout the rest of the current fiscal year vary from our estimates, our FY2020 effective tax rate will fluctuate. For the nine months ended March 31, 2020, the effective tax rate was 18.2 percent compared to 18.7 percent for the same period last year. The Company’s effective income tax rate decreased slightly, primarily due to the amount of excess tax benefits under ASU 2016-09, Stock Compensation as well as an amended state refund claim and recognition of tax benefit related to an ongoing tax authority examination. This was partially offset by writing off certain historic deferred tax balances due to an internal reorganization related to the integration of an acquired company in the prior year. For both comparative reporting periods, the Company’s effective tax rate was impacted by excess tax benefits under ASU 2016-09, Stock Compensation, and the change in value of assets invested in COLI policies. If gains or losses on the COLI investments throughout the rest of the current fiscal year vary from our estimates, our FY2020 effective tax rate will fluctuate.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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