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INCOME TAXES (Tables)

12 Months Ended

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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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 of the change in unrecognized tax benefits.

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