XML 49 R31.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2014
Income Tax Disclosure [Abstract] |
Components of income before income taxes | The components of income before income taxes are as follows:
Year Ended June 30, | 2014 |  |  | 2013 |  |  | 2012 |
U.S. | $ | 147,980 |  |  | $ | 153,546 |  |  | $ | 137,667 |
Foreign | 18,282 |  |  | 24,119 |  |  | 29,159 |
Income before income taxes | $ | 166,262 |  |  | $ | 177,665 |  |  | $ | 166,826 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of:
Year Ended June 30, | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |
Federal | $ | 50,455 |  |  | $ | 38,859 |  |  | $ | 36,178 |
State and local | 6,576 |  |  | 5,736 |  |  | 5,522 |
Foreign | 4,619 |  |  | 4,742 |  |  | 7,706 |
Total current | 61,650 |  |  | 49,337 |  |  | 49,406 |
Deferred: |  |  |  |  |
Federal | (5,328 | ) |  | 10,277 |  |  | 8,577 |
State and local | (267 | ) |  | 346 |  |  | 503 |
Foreign | (2,614 | ) |  | (444 | ) |  | (439 | )
Total deferred | (8,209 | ) |  | 10,179 |  |  | 8,641 |
Total | $ | 53,441 |  |  | $ | 59,516 |  |  | $ | 58,047 |
Reconciliations of federal statutory income tax rate and Company's effective income tax rate | The following reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate:
Year Ended June 30, | 2014 |  |  | 2013 |  |  | 2012 |
Statutory income tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Effects of: |  |  |  |  |
State and local taxes | 2.4 | % |  | 2.3 | % |  | 2.5 | %
U.S. tax on foreign income, net | (1.6 | )% |  | — | % |  | — | %
Foreign income taxes | (2.6 | )% |  | (2.3 | )% |  | (1.8 | )%
Deductible dividend | (0.5 | )% |  | (0.5 | )% |  | (0.5 | )%
Other, net | (0.6 | )% |  | (1.0 | )% |  | (0.4 | )%
Effective income tax rate | 32.1 | % |  | 33.5 | % |  | 34.8 | %
Components of the Company's net deferred tax assets | Significant components of the Company’s net deferred tax assets are as follows:
June 30, | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |
Compensation liabilities not currently deductible | $ | 30,662 |  |  | $ | 33,506 |
Expenses and reserves not currently deductible | 8,364 |  |  | 6,131 |
Goodwill and intangibles | 8,294 |  |  | 3,781 |
Net operating loss carryforwards (expiring in years 2017-2034) | 386 |  |  | 432 |
Other | 281 |  |  | 607 |
Total deferred tax assets | 47,987 |  |  | 44,457 |
Less: Valuation allowance | — |  |  | (11 | )
Deferred tax assets, net of valuation allowance | 47,987 |  |  | 44,446 |
Deferred tax liabilities: |  |  |
Inventories | (6,490 | ) |  | (9,057 | )
Goodwill and intangibles | (23,254 | ) |  | — |
Unremitted foreign earnings | — |  |  | (2,804 | )
Depreciation and differences in property bases | (10,219 | ) |  | (11,460 | )
Total deferred tax liabilities | (39,963 | ) |  | (23,321 | )
Net deferred tax assets | $ | 8,024 |  |  | $ | 21,125 |
The net deferred tax asset is classified as follows: |  |  |
Other current assets | $ | 11,371 |  |  | $ | 6,315 |
Deferred tax assets (long-term) | 21,166 |  |  | 21,026 |
Other liabilities | (24,513 | ) |  | (6,216 | )
Net deferred tax assets | $ | 8,024 |  |  | $ | 21,125 |
Reconciliation of the Company's total gross unrecognized income tax benefits | The Company and its subsidiaries file income tax returns in U.S. federal, various state, local and foreign jurisdictions. The following table sets forth the changes in the amount of unrecognized tax benefits for the years ended June 30, 2014, 2013 and 2012:
Year Ended June 30, | 2014 |  |  | 2013 |  |  | 2012 |
Unrecognized Income Tax Benefits at beginning of the year | $ | 2,655 |  |  | $ | 1,539 |  |  | $ | 1,181 |
Current year tax positions | 730 |  |  | 957 |  |  | 331 |
Prior year tax positions | — |  |  | 790 |  |  | 398 |
Expirations of statutes of limitations | (1,007 | ) |  | (565 | ) |  | (371 | )
Settlements | (14 | ) |  | (66 | ) |  | — |
Unrecognized Income Tax Benefits at end of year | $ | 2,364 |  |  | $ | 2,655 |  |  | $ | 1,539 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration