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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2016

INCOME TAXES

Schedule of geographical breakdown of income before the provision for income taxes

        The following is a geographical breakdown of income before the provision for income taxes (in thousands):

		2014			2015			2016
Pre-tax income (loss):
United States		$	(22,604	)	$	(16,428	)	$	(34,732	)
Foreign			98,459			105,281			70,227
​	​	​	​	​	​	​	​	​	​	​
Total pre-tax income		$	75,855		$	88,853		$	35,495
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Schedule of provision (benefit) for income taxes

        The Company's provision (benefit) for income taxes consists of the following (in thousands):

		2014			2015			2016
Current:
Federal		$	(704	)	$	2,502		$	(488	)
State			113			1,276			108
Foreign			20,616			25,880			22,942
​	​	​	​	​	​	​	​	​	​	​
Total current provision			20,025			29,658			22,562
Deferred:
Federal		$	(5,366	)	$	(7,910	)	$	(11,865	)
State			(1,128	)		(1,180	)		473
Foreign			14,430			3,134			(1,832	)
​	​	​	​	​	​	​	​	​	​	​
Total deferred provision			7,936			(5,956	)		(13,224	)
​	​	​	​	​	​	​	​	​	​	​
Total provision		$	27,961		$	23,702		$	9,338
​	​	​	​	​	​	​	​	​	​	​
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Summary of activity of unrecognized tax benefits

        A summary of activity of unrecognized tax benefits for fiscal 2014, 2015 and 2016 is as follows (in thousands).

Balance as July 1, 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
Additions on tax positions for the current year			350
Additions on tax positions from prior years			533
Reduction in tax position from prior year			(2,178	)
​	​	​	​	​
Balance at June 30, 2016		$	9,754
​	​	​	​	​
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Schedule of deferred income tax assets (liabilities)

        Deferred income tax assets (liabilities) consisted of the following (in thousands):

		June 30,
		2015			2016
Deferred income tax assets:
Tax credit carryforwards		$	9,274		$	16,003
Net operating loss carryforwards			5,915			17,468
Customer advances			25,797			14,284
Allowance for doubtful accounts			2,978			3,757
Inventory reserve			9,308			10,700
Inventory capitalization			3,257			4,637
Accrued liabilities			6,221			5,912
Stock & deferred compensation			21,087			20,699
Other assets			5,904			3,641
​	​	​	​	​	​	​	​
Total deferred income tax assets			89,741			97,101
Valuation allowance			(12,728	)		(14,458	)
​	​	​	​	​	​	​	​
Net deferred income tax assets			77,013			82,643
​	​	​	​	​	​	​	​
Deferred income tax liabilities:
Depreciation			(50,029	)		(41,415	)
State income taxes			(1,965	)		(1,629	)
Amortization of intangible assets			(14,412	)		(21,408	)
Prepaid expenses			(5,767	)		(3,813	)
Other liabilities			(13	)		(63	)
​	​	​	​	​	​	​	​
Total deferred income tax liabilities			(72,186	)		(68,328	)
​	​	​	​	​	​	​	​
Net deferred tax asset		$	4,827		$	14,315
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

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):

		2015			2016
Long term deferred income tax asset, included in other assets			35,515			43,475
Long term deferred income tax liability			(30,688	)		(29,160	)
​	​	​	​	​	​	​	​
Net deferred income tax asset		$	4,827		$	14,315
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

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):

		2015			2016
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets		$	12,784		$	12,495
Current taxes payable			(9,610	)		(8,032	)
​	​	​	​	​	​	​	​
Net tax receivable			3,174			4,463
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of consolidated effective income tax rate different from the federal statutory income tax rate

		June 30,
		2014			2015			2016
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			10.1			—			—
Research and development tax credits			(0.7	)		(0.9	)		(1.8	)
Foreign income subject to tax at other than federal statutory rate			(10.0	)		(9.4	)		(8.9	)
Change in valuation allowance			2.8			(1.1	)		5.8
Unrecognized tax benefit			(2.5	)		4.1			(5.0	)
Tax on foreign currency gains and losses			—			—			2.3
Transaction costs			—			—			2.3
US Tax on Foreign Earnings			0.3			4.9			4.5
Non-taxable earnings from acquisitions			(0.5	)		(2.3	)		(7.9	)
Mexico imputed income or expense			2.8			(0.7	)		(0.4	)
Other			(0.4	)		(0.8	)		0.4
​	​	​	​	​	​	​	​	​	​	​
Effective income tax rate			36.9	%		26.7	%		26.3	%
​	​	​	​	​	​	​	​	​	​	​
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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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-Publisher FASB
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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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