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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2014
Components of Provisions for Income Taxes | The provisions for income taxes consist of the following (in thousands):
|  | Year Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Earnings before income taxes consist of: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 127,681 |  |  | $ | 127,491 |  |  | $ | 130,009 |
Foreign |  |  | 33,711 |  |  |  | 33,171 |  |  |  | 32,186 |
|  | $ | 161,392 |  |  | $ | 160,662 |  |  | $ | 162,195 |
Taxes on income consist of: |  |  |  |  |  |  |  |  |  |  |  |
Currently payable: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 40,967 |  |  | $ | 37,666 |  |  | $ | 42,288 |
State |  |  | 1,709 |  |  |  | 2,012 |  |  |  | 3,065 |
Foreign |  |  | 10,668 |  |  |  | 10,758 |  |  |  | 8,891 |
Net deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,137 | ) |  |  | (595 | ) |  |  | (4,318 | )
State |  |  | (41 | ) |  |  | (7 | ) |  |  | (149 | )
Foreign |  |  | (1,722 | ) |  |  | (1,733 | ) |  |  | 87 |
|  | $ | 50,444 |  |  | $ | 48,101 |  |  | $ | 49,864 |
Reconciliation of Federal Tax Calculated at Statutory Rate | The following is a reconciliation of the federal tax calculated at the statutory rate of 35% to the actual income taxes provided (in thousands):
|  | Year Ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Computed expected federal income tax expense |  | $ | 56,487 |  |  | $ | 56,232 |  |  | $ | 56,768 |
State income taxes, net of federal benefit |  |  | 1,048 |  |  |  | 1,300 |  |  |  | 2,038 |
Qualified production activity deduction |  |  | (3,823 | ) |  |  | (3,774 | ) |  |  | (3,917 | )
Research and development tax credit |  |  | (476 | ) |  |  | (1,392 | ) |  |  | (465 | )
Tax-exempt interest |  |  | (654 | ) |  |  | (568 | ) |  |  | (565 | )
Foreign tax rate differences |  |  | (2,857 | ) |  |  | (2,587 | ) |  |  | (2,276 | )
Change in deferred tax valuation allowance |  |  | 0 |  |  |  | 0 |  |  |  | (3,016 | )
Other |  |  | 719 |  |  |  | (1,110 | ) |  |  | 1,297 |
|  | $ | 50,444 |  |  | $ | 48,101 |  |  | $ | 49,864 |
Temporary Differences Comprising Deferred Taxes on Consolidated Balance Sheets | Temporary differences comprising deferred taxes on the Consolidated Balance Sheets are as follows (in thousands):
|  | June 30 |
|  | 2014 |  |  | 2013 |
Inventory |  | $ | 9,932 |  |  | $ | 9,049 |
Unrealized profit on intercompany sales |  |  | 1,959 |  |  |  | 1,973 |
Excess tax basis in equity investments |  |  | 4,344 |  |  |  | 4,760 |
Deferred compensation |  |  | 3,295 |  |  |  | 3,161 |
Other |  |  | 1,129 |  |  |  | 885 |
Valuation allowance |  |  | (1,806 | ) |  |  | 0 |
Net deferred tax assets |  |  | 18,853 |  |  |  | 19,828 |
Net unrealized gain on available-for-sale investments |  |  | (2,745 | ) |  |  | (21,662 | )
Goodwill and intangible asset amortization |  |  | (37,641 | ) |  |  | (15,195 | )
Depreciation |  |  | (2,166 | ) |  |  | (701 | )
Other |  |  | (516 | ) |  |  | (687 | )
Deferred tax liabilities |  |  | (43,068 | ) |  |  | (38,245 | )
Net deferred tax liabilities |  | $ | (24,215 | ) |  | $ | (18,417 | )

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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://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
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- 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
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- 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
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