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Income Taxes (Tables)

12 Months Ended

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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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.

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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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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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