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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2020
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2018 |  | 2019 |  | 2020
Pre-tax income (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | (40,335) | ​ | $ | 6,575 | ​ | $ | 41,025
Foreign | ​ |  | 77,189 | ​ |  | 79,589 | ​ |  | 45,097
Total pre-tax income | ​ | $ | 36,854 | ​ | $ | 86,164 | ​ | $ | 86,122
Schedule of provision (benefit) for income taxes | Our provision (benefit) for income taxes consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2018 |  | 2019 |  | 2020
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 8,518 | ​ | $ | 541 | ​ | $ | 2,661
State | ​ |  | 707 | ​ |  | 883 | ​ |  | 577
Foreign | ​ |  | 30,643 | ​ |  | 28,480 | ​ |  | 8,063
Total current provision | ​ |  | 39,868 | ​ |  | 29,904 | ​ |  | 11,301
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 35,957 | ​ | $ | (1,697) | ​ | $ | 2,882
State | ​ |  | 338 | ​ |  | 1,214 | ​ |  | 45
Foreign | ​ |  | (10,182) | ​ |  | (8,053) | ​ |  | (3,358)
Total deferred provision (benefit) | ​ |  | 26,113 | ​ |  | (8,536) | ​ |  | (431)
Total provision | ​ | $ | 65,981 | ​ | $ | 21,368 | ​ | $ | 10,870
​
Summary of activity of unrecognized tax benefits | A summary of activity of unrecognized tax benefits for fiscal 2019 and 2020 is as follows (in thousands). ​
​ | ​ | ​ | ​
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
Additions on tax positions for the current year | ​ |  | 1,764
Additions on tax positions from prior years | ​ |  | 451
Reduction in tax positions from prior year | ​ |  | (291)
Balance at June 30, 2020 | ​ | $ | 13,310
Schedule of deferred income tax assets (liabilities) | ​ Deferred income tax assets (liabilities) consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ |  | 2019 |  | 2020
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Tax credit carryforwards | ​ | $ | 14,785 | ​ | $ | 15,277
Net operating loss carryforwards | ​ |  | 9,331 | ​ |  | 4,241
Customer advances | ​ |  | 3,365 | ​ |  | 2,725
Allowance for doubtful accounts | ​ |  | 4,287 | ​ |  | 2,927
Inventory reserve | ​ |  | 11,503 | ​ |  | 11,999
Inventory capitalization | ​ |  | 2,721 | ​ |  | 2,762
Accrued liabilities | ​ |  | 5,953 | ​ |  | 4,879
Operating lease liabilities | ​ | ​ | — | ​ | ​ | 7,243
Stock and deferred compensation | ​ |  | 12,737 | ​ |  | 9,911
Other assets | ​ |  | 3,157 | ​ |  | 2,178
Total deferred income tax assets | ​ |  | 67,839 | ​ |  | 64,142
Valuation allowance | ​ |  | (23,377) | ​ |  | (17,371)
Net deferred income tax assets | ​ |  | 44,462 | ​ |  | 46,771
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ |  | (4,866) | ​ |  | (1,459)
Amortization of intangible assets | ​ |  | (26,056) | ​ |  | (27,907)
Withholding tax on unrepatriated foreign earnings | ​ | ​ | (5,114) | ​ | ​ | (5,114)
Operating lease ROU assets | ​ | ​ | — | ​ | ​ | (7,295)
State transition tax | ​ | ​ | (1,754) | ​ | ​ | (1,754)
Convertible debt | ​ | ​ | (6,443) | ​ | ​ | (4,432)
Prepaid expenses | ​ |  | (3,903) | ​ |  | (1,399)
Other liabilities | ​ |  | (308) | ​ |  | (143)
Total deferred income tax liabilities | ​ |  | (48,444) | ​ |  | (49,503)
Net deferred income tax liability | ​ | $ | (3,982) | ​ | $ | (2,732)
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2019 |  | 2020
Long term deferred income tax asset, included in other assets | ​ | $ | 3,997 | ​ | $ | 3,114
Long term deferred income tax liability | ​ |  | (7,979) | ​ |  | (5,846)
Net deferred income tax liability | ​ | $ | (3,982) | ​ | $ | (2,732)
​
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2019 |  | 2020
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets | ​ | $ | 4,344 | ​ | $ | 15,614
Current taxes payable, included in other accrued expenses and current liabilities | ​ |  | (3,094) | ​ |  | (4,086)
Net tax receivable (payable) | ​ | $ | 1,250 | ​ | $ | 11,528
​
Schedule of consolidated effective income tax rate differs from the federal statutory income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, |
​ |  | 2018 |  | 2019 |  | 2020 |
Provision for income taxes at federal statutory rate | ​ | 28.1 | % | 21.0 | % | 21.0 | %
Research and development tax credits | ​ | (1.4) | ​ | (1.6) | ​ | (1.6) | ​
Foreign income subject to tax at other than federal statutory rate | ​ | (4.8) | ​ | 2.9 | ​ | (0.8) | ​
Stock compensation excess tax benefit | ​ | (8.8) | ​ | (3.2) | ​ | (6.7) | ​
Officers’ compensation | ​ | — | ​ | 3.5 | ​ | 4.4 | ​
Change in valuation allowance | ​ | 19.6 | ​ | (1.8) | ​ | (1.3) | ​
Unrecognized tax (benefit) expense | ​ | (6.8) | ​ | 0.1 | ​ | 1.2 | ​
Meals and entertainment | ​ | 1.5 | ​ | 0.4 | ​ | 0.3 | ​
Tax on foreign currency gains and losses | ​ | (0.1) | ​ | 0.2 | ​ | 2.1 | ​
State tax expense | ​ | (1.3) | ​ | 1.6 | ​ | 1.1 | ​
U.S. tax on foreign earnings | ​ | 2.5 | ​ | 1.0 | ​ | (2.1) | ​
Changes in prior year estimates | ​ | — | ​ | — | ​ | (6.4) | ​
Mexico imputed income or expense | ​ | (3.5) | ​ | (0.5) | ​ | — | ​
Global intangible low-taxed income, net of foreign tax credits | ​ | — | ​ | — | ​ | 1.8 | ​
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 | ​ | — | ​ | 1.2 | ​ | (0.4) | ​
Effective income tax rate | ​ | 179.0 | % | 24.8 | % | 12.6 | %

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