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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2015
Income Taxes |
Schedule of geographical breakdown of income before the provision (benefit) for income taxes | The following is a geographical breakdown of income before the provision for income taxes (in thousands):
|  | 2013 |  | 2014 |  | 2015 |
Pre-tax income (loss): |  |  |  |  |  |  |  |  |  |
United States |  | $ | (13,111) |  | $ | (22,604) |  | $ | (16,428) |
Foreign |  |  | 82,525 |  |  | 98,459 |  |  | 105,281 |
Total pre-tax income |  | $ | 69,414 |  | $ | 75,855 |  | $ | 88,853 |
Schedule of provision (benefit) for income taxes | The Company’s provision (benefit) for income taxes consists of the following (in thousands):
|  | 2013 |  | 2014 |  | 2015 |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (2,214) |  | $ | (704) |  | $ | 2,502 |
State |  |  | (36) |  |  | 113 |  |  | 1,276 |
Foreign |  |  | 23,925 |  |  | 20,616 |  |  | 25,880 |
Total current provision |  |  | 21,675 |  |  | 20,025 |  |  | 29,658 |
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (2,422) |  | $ | (5,366) |  | $ | (7,910) |
State |  |  | 337 |  |  | (1,128) |  |  | (1,180) |
Foreign |  |  | 5,689 |  |  | 14,430 |  |  | 3,134 |
Total deferred provision |  |  | 3,604 |  |  | 7,936 |  |  | (5,956) |
Total provision |  | $ | 25,279 |  | $ | 27,961 |  | $ | 23,702 |
Summary of activity of unrecognized tax benefits | A summary of activity of unrecognized tax benefits for fiscal 2013, 2014 and 2015 is as follows (in thousands).
Balance at June 30, 2013 |  | $ | 9,504 |
Additions on tax positions for the current year |  |  | 1,043 |
Additions on tax positions from prior years |  |  | — |
Reduction in tax position from prior year |  |  | (3,723) |
Balance at June 30, 2014 |  | $ | 6,824 |
Additions on tax positions for the current year |  |  | 5,806 |
Additions on tax positions from prior years |  |  | 453 |
Reduction in tax position from prior year |  |  | (2,034) |
Balance at June 30, 2015 |  | $ | 11,049 |
Schedule of deferred income tax assets (liabilities) | Deferred income tax assets (liabilities) consisted of the following (in thousands):
|  | June 30, |
|  | 2014 |  | 2015 |
Deferred income tax assets: |  |  |  |  |  |  |
Tax credit carryforwards |  | $ | 9,314 |  | $ | 9,274 |
Net operating loss carryforwards |  |  | 5,868 |  |  | 5,915 |
Customer advances |  |  | 37,777 |  |  | 25,797 |
Allowance for doubtful accounts |  |  | 3,071 |  |  | 2,978 |
Inventory reserve |  |  | 8,832 |  |  | 9,308 |
Inventory capitalization |  |  | 2,814 |  |  | 3,257 |
Accrued liabilities |  |  | 5,040 |  |  | 6,221 |
Stock & deferred compensation |  |  | 13,167 |  |  | 21,087 |
Other assets |  |  | 9,372 |  |  | 5,904 |
Total deferred income tax assets |  |  | 95,255 |  |  | 89,741 |
Valuation allowance |  |  | (13,344) |  |  | (12,728) |
Net deferred income tax assets |  |  | 81,911 |  |  | 77,013 |
Deferred income tax liabilities: |  |  |  |  |  |  |
Depreciation |  |  | (60,103) |  |  | (50,029) |
State income taxes |  |  | (1,471) |  |  | (1,965) |
Amortization of intangible assets |  |  | (11,702) |  |  | (14,412) |
Prepaid expenses |  |  | (7,957) |  |  | (5,767) |
Other liabilities |  |  | (561) |  |  | (13) |
Total deferred income tax liabilities |  |  | (81,794) |  |  | (72,186) |
Net deferred tax asset |  | $ | 117 |  | $ | 4,827 |
Schedule of components of net deferred income tax asset | The components of the net deferred income tax asset are classified in the consolidated balance sheets as follows (in thousands):
|  | 2014 |  | 2015 |
Current deferred income tax asset |  | $ | 60,401 |  | $ | 44,887 |
Current deferred income tax liability, included in other accrued expenses and current liabilities |  |  | (8,633) |  |  | (7,638) |
Long term deferred income tax asset, included in other assets |  |  | 21,510 |  |  | 33,013 |
Long term deferred income tax liability |  |  | (73,161) |  |  | (65,435) |
Net deferred income tax asset |  | $ | 117 |  | $ | 4,827 |
Schedule of components of current taxes receivable and payable and prepaid taxes | The components of current taxes receivable and payable and prepaid taxes are classified in the consolidated balance sheets as follows (in thousands):
|  | 2014 |  | 2015 |
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets |  | $ | 13,126 |  | $ | 12,784 |
Current taxes payable |  |  | (20,556) |  |  | (9,610) |
Net tax payable |  |  | (7,430) |  |  | 3,174 |
Schedule of consolidated effective income tax rate different from the federal statutory income tax rate |
|  | June 30, |
|  | 2013 |  | 2014 |  | 2015 |
Provision for income taxes at federal statutory rate |  | 35.0 | % | 35.0 | % | 35.0 | %
UK patent box benefit |  | — |  | — |  | (2.1) |
Impact to tax rate as a result of accelerating depreciation of certain foreign assets |  | 9.8 |  | 10.1 |  | — |
Research and development tax credits |  | (1.9) |  | (0.7) |  | (0.9) |
Foreign income subject to tax at other than federal statutory rate |  | (8.9) |  | (10.0) |  | (9.4) |
Change in valuation allowance |  | 2.8 |  | 2.8 |  | (1.1) |
Unrecognized tax benefit |  | (2.0) |  | (2.5) |  | 4.1 |
US tax on foreign earnings |  | — |  | 0.3 |  | 4.9 |
Non-taxable earnings from acquisitions |  | (0.4) |  | (0.5) |  | (2.3) |
Mexico imputed income (expense) |  | — |  | 2.8 |  | (0.7) |
Other |  | 2.0 |  | (0.4) |  | (0.8) |
Effective income tax rate |  | 36.4 | % | 36.9 | % | 26.7 | %

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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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