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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2021
Income Tax Disclosure [Abstract] |
Components of income before income taxes | The components of income before income taxes are as follows:
Year Ended June 30, | 2021 |  | 2020 |  | 2019
U.S. | $ | 152,202 |  |  | $ | 36,161 |  |  | $ | 204,462 |
Foreign | 24,860 |  |  | 19,075 |  |  | (9,981) |
Income before income taxes | $ | 177,062 |  |  | $ | 55,236 |  |  | $ | 194,481 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of:
Year Ended June 30, | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 46,685 |  |  | $ | 31,149 |  |  | $ | 34,437 |
State and local | 11,035 |  |  | 7,580 |  |  | 7,965 |
Foreign | 5,665 |  |  | 5,757 |  |  | 5,718 |
Total current | 63,385 |  |  | 44,486 |  |  | 48,120 |
Deferred: |  |  |  |  |
Federal | (24,168) |  |  | (8,594) |  |  | 6,265 |
State and local | (4,740) |  |  | (3,098) |  |  | 1,947 |
Foreign | (2,172) |  |  | (1,600) |  |  | (5,844) |
Total deferred | (31,080) |  |  | (13,292) |  |  | 2,368 |
Total | $ | 32,305 |  |  | $ | 31,194 |  |  | $ | 50,488 |
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, | 2021 |  | 2020 |  | 2019
Statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effects of: |  |  |  |  |
State and local taxes | 3.2 |  |  | 6.4 |  |  | 4.4 |
U.S. federal tax reform/CARES Act NOL carryback | — |  |  | (1.8) |  |  | (0.3) |
Goodwill impairment | — |  |  | 31.4 |  |  | — |
Stock compensation | (2.5) |  |  | (1.3) |  |  | (0.5) |
GILTI/FDII | 0.1 |  |  | 3.6 |  |  | 0.7 |
R & D credit | (1.5) |  |  | (1.2) |  |  | (0.4) |
U.S. tax on foreign income, net | (0.5) |  |  | (3.1) |  |  | 0.5 |
Impact of foreign operations | — |  |  | 1.6 |  |  | (0.6) |
Non-deductibles/Deductible dividend | — |  |  | 0.6 |  |  | 0.4 |
Interest deduction | (1.1) |  |  | (4.0) |  |  | (1.2) |
Valuation allowance | 0.1 |  |  | 2.6 |  |  | 2.9 |
Other, net | (0.6) |  |  | 0.7 |  |  | (0.9) |
Effective income tax rate | 18.2 | % |  | 56.5 | % |  | 26.0 | %
Components of the Company's net deferred tax assets | Significant components of the Company’s deferred tax assets and liabilities are as follows:
June 30, | 2021 |  | 2020
Deferred tax assets: |  |  |
Compensation liabilities not currently deductible | $ | 17,436 |  |  | $ | 17,252 |
Other expenses and reserves not currently deductible | 18,676 |  |  | 15,272 |
Leases | 23,126 |  |  | 24,016 |
Net operating loss carryforwards | 9,262 |  |  | 8,859 |
Hedging instrument | 2,794 |  |  | 6,406 |
Other | 799 |  |  | 757 |
Total deferred tax assets | $ | 72,093 |  |  | $ | 72,562 |
Less: Valuation allowance | (8,542) |  |  | (7,494) |
Deferred tax assets, net of valuation allowance | $ | 63,551 |  |  | $ | 65,068 |
Deferred tax liabilities: |  |  |
Inventories | $ | (9,215) |  |  | $ | (8,284) |
Goodwill and intangibles | (38,534) |  |  | (58,506) |
Leases | (22,475) |  |  | (23,407) |
Depreciation and differences in property bases | (6,214) |  |  | (13,018) |
Total deferred tax liabilities | (76,438) |  |  | (103,215) |
Net deferred tax liabilities | $ | (12,887) |  |  | $ | (38,147) |
Net deferred tax liabilities are classified as follows: |  |  |
Other assets | $ | 6,373 |  |  | $ | 4,749 |
Other liabilities | (19,260) |  |  | (42,896) |
Net deferred tax liabilities | $ | (12,887) |  |  | $ | (38,147) |
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, 2021, 2020, and 2019:
Year Ended June 30, | 2021 |  | 2020 |  | 2019
Unrecognized Income Tax Benefits at beginning of the year | $ | 4,955 |  |  | $ | 4,979 |  |  | $ | 3,988 |
Current year tax positions | 285 |  |  | 105 |  |  | 105 |
Prior year tax positions | 620 |  |  | 177 |  |  | 1,151 |
Expirations of statutes of limitations | (630) |  |  | (306) |  |  | (265) |
Unrecognized Income Tax Benefits at end of year | $ | 5,230 |  |  | $ | 4,955 |  |  | $ | 4,979 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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