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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2019

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):

		2017			2018			2019
Pre-tax income (loss):
United States		$	(39,686)		$	(40,335)		$	6,575
Foreign			65,437			77,189			79,589
Total pre-tax income		$	25,751		$	36,854		$	86,164

Schedule of provision (benefit) for income taxes

Our provision (benefit) for income taxes consists of the following (in thousands):

		2017			2018			2019
Current:
Federal		$	788		$	8,518		$	541
State			493			707			883
Foreign			27,616			30,643			28,480
Total current provision			28,897			39,868			29,904
Deferred:
Federal		$	(16,314)		$	35,957		$	(1,697)
State			(484)			338			1,214
Foreign			(7,424)			(10,182)			(8,053)
Total deferred provision (benefit)			(24,222)			26,113			(8,536)
Total provision		$	4,675		$	65,981		$	21,368

Summary of activity of unrecognized tax benefits

A summary of activity of unrecognized tax benefits for fiscal 2018 and 2019 is as follows (in thousands).

Balance at June 30, 2017		$	11,195
Additions on tax positions for the current year			294
Additions on tax positions from prior years			14
Reduction in tax positions from prior year			(1,005)
Balance at June 30, 2018		$	10,498
Additions on tax positions for the current year			940
Additions on tax positions from prior years			346
Reduction in tax positions from prior year			(398)
Balance at June 30, 2019		$	11,386

Schedule of deferred income tax assets (liabilities)

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

		June 30,
		2018			2019
Deferred income tax assets:
Tax credit carryforwards		$	17,591		$	14,785
Net operating loss carryforwards			10,473			9,331
Customer advances			2,360			3,365
Allowance for doubtful accounts			4,336			4,287
Inventory reserve			11,735			11,503
Inventory capitalization			3,043			2,721
Accrued liabilities			9,174			5,953
Stock and deferred compensation			15,779			12,737
Other assets			3,641			3,157
Total deferred income tax assets			78,132			67,839
Valuation allowance			(27,007)			(23,377)
Net deferred income tax assets			51,125			44,462
Deferred income tax liabilities:
Depreciation			(6,322)			(4,866)
Amortization of intangible assets			(31,993)			(26,056)
Withholding tax on unrepatriated foreign earnings			(5,114)			(5,114)
State transition tax			(1,754)			(1,754)
Convertible debt			(9,198)			(6,443)
Prepaid expenses			(8,680)			(3,903)
Other liabilities			(459)			(308)
Total deferred income tax liabilities			(63,520)			(48,444)
Net deferred income tax liability		$	(12,395)		$	(3,982)

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):

		2018			2019
Long term deferred income tax asset, included in other assets			2,607			3,997
Long term deferred income tax liability			(15,002)			(7,979)
Net deferred income tax  liability		$	(12,395)		$	(3,982)

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):

		2018			2019
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets		$	5,172		$	4,344
Current taxes payable, included in other accrued expenses and current liabilities			(8,314)			(3,094)
Net tax receivable (payable)		$	(3,142)		$	1,250

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

		June 30,
		2017		2018		2019
Provision for income taxes at federal statutory rate		35.0	%	28.1	%	21.0	%
Research and development tax credits		(2.5)		(1.4)		(1.6)
Foreign income subject to tax at other than federal statutory rate		(20.0)		(4.8)		2.9
Stock compensation excess tax benefit		(9.5)		(8.8)		(3.2)
Officers’ compensation		—		—		3.5
Change in valuation allowance		10.4		19.6		(1.8)
Unrecognized tax (benefit) expense		(1.4)		(6.8)		0.1
Meals and entertainment		1.8		1.5		0.4
Tax on foreign currency gains and losses		9.1		(0.1)		0.2
State tax expense		(1.5)		(1.3)		1.6
U.S. tax on foreign earnings		0.4		2.5		1.0
Non-taxable gain from sale of business		(3.6)		—		—
Mexico imputed income or expense		(2.0)		(3.5)		(0.5)
Remeasurement of U.S. net deferred tax assets from 35% to 21%		—		16.0		—
Deemed repatriation of non-U.S. earnings		—		102.2		—
Withholding tax on deemed repatriation foreign earnings		—		35.8		—
Other		1.9		—		1.2
Effective income tax rate		18.1	%	179.0	%	24.8	%

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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 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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