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INCOME TAXES (Tables)

12 Months Ended

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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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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