XML 48 R32.htm IDEA: XBRL DOCUMENT v3.21.2

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2021

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):

​

​	​	​	​	​	​	​	​	​	​
​		2019			2020			2021
Pre-tax income:	​	​	​	​	​	​	​	​	​
United States	​	$	6,575	​	$	41,025	​	$	34,323
Foreign	​		79,589	​		45,097	​		64,317
Total pre-tax income	​	$	86,164	​	$	86,122	​	$	98,640

Schedule of provision (benefit) for income taxes

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

​

​	​	​	​	​	​	​	​	​	​
​		2019			2020			2021
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	541	​	$	2,661	​	$	4,407
State	​		883	​		577	​		1,190
Foreign	​		28,480	​		8,063	​		18,562
Total current provision	​		29,904	​		11,301	​		24,159
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​	$	(1,697)	​	$	2,882	​	$	679
State	​		1,214	​		45	​		464
Foreign	​		(8,053)	​		(3,358)	​		(711)
Total deferred provision (benefit)	​		(8,536)	​		(431)	​		432
Total provision	​	$	21,368	​	$	10,870	​	$	24,591

​

Summary of activity of unrecognized tax benefits

A summary of activity of unrecognized tax benefits for fiscal 2020 and 2021 is as follows (in thousands).

​

​	​	​	​
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
Additions on tax positions for the current year	​		5,937
Additions on tax positions from prior years	​		678
Reduction in tax positions from prior year	​		(248)
Balance at June 30, 2021	​	$	19,677

Schedule of deferred income tax assets (liabilities)

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

​

​	​	​	​	​	​	​
​	​	June 30,
​		2020			2021
Deferred income tax assets:	​	​	​	​	​	​
Tax credit carryforwards	​	$	15,277	​	$	16,767
Net operating loss carryforwards	​		4,241	​		3,745
Customer advances	​		2,725	​		2,819
Allowance for doubtful accounts	​		2,927	​		5,266
Inventory reserve	​		11,999	​		10,391
Inventory capitalization	​		2,762	​		489
Accrued liabilities	​		4,879	​		4,466
Operating lease liabilities	​	​	7,243	​	​	10,522
Stock and deferred compensation	​		9,911	​		12,323
Other assets	​		2,178	​		2,685
Total deferred income tax assets	​		64,142	​		69,473
Valuation allowance	​		(17,371)	​		(16,177)
Net deferred income tax assets	​		46,771	​		53,296
Deferred income tax liabilities:	​	​	​	​	​	​
Depreciation	​		(1,459)	​		(2,137)
Amortization of intangible assets	​		(27,907)	​		(31,779)
Withholding tax on unrepatriated foreign earnings	​	​	(5,114)	​	​	(6,851)
Operating lease ROU assets	​	​	(7,295)	​	​	(10,355)
State transition tax	​	​	(1,754)	​	​	(1,754)
Convertible debt	​	​	(4,432)	​	​	(2,384)
Prepaid expenses	​		(1,399)	​		(929)
Other liabilities	​		(143)	​		(107)
Total deferred income tax liabilities	​		(49,503)	​		(56,296)
Net deferred income tax liability	​	$	(2,732)	​	$	(3,000)

Schedule of components of net deferred income tax liability

The components of the net deferred income tax liability are classified in the consolidated balance sheets as follows (in thousands):

​

​	​	​	​	​	​	​
​		2020			2021
Long term deferred income tax asset, included in other assets	​	$	3,114	​	$	4,157
Long term deferred income tax liability	​		(5,846)	​		(7,157)
Net deferred income tax liability	​	$	(2,732)	​	$	(3,000)

​

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):

​

​	​	​	​	​	​	​
​		2020			2021
Current taxes receivable and prepaid taxes, included in prepaid expenses and other current assets	​	$	15,614	​	$	10,383
Current taxes payable, included in other accrued expenses and current liabilities	​		(4,086)	​		(4,377)
Net tax receivable	​	$	11,528	​	$	6,006

​

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

​

​	​	​	​	​	​	​	​
​	​	June 30,
​		2019		2020		2021
Provision for income taxes at federal statutory rate	​	21.0	%	21.0	%	21.0	%
Research and development tax credits	​	(1.6)	​	(1.6)	​	(1.7)	​
Foreign income subject to tax at other than federal statutory rate	​	2.9	​	(0.8)	​	0.6	​
Stock compensation	​	(3.2)	​	(6.7)	​	(.9)	​
Officers’ compensation	​	3.5	​	4.4	​	5.8	​
Change in valuation allowance	​	(1.8)	​	(1.3)	​	(5.9)	​
Unrecognized tax expense	​	0.1	​	1.2	​	4.2	​
Tax on foreign currency gains and losses	​	0.2	​	2.1	​	(0.2)	​
State tax expense	​	1.6	​	1.1	​	1.2	​
U.S. tax on foreign earnings	​	1.0	​	(2.1)	​	(1.8)	​
Changes in prior year estimates	​	—	​	(6.4)	​	—	​
Global intangible low-taxed income, net of foreign tax credits	​	1.0	​	1.8	​	0.5	​
Foreign Derived Intangible Income Benefit	​	(0.4)	​	(0.6)	​	(1.3)	​
Withholding tax on foreign earnings	​	—	​	—	​	3.4	​
Other	​	0.5	​	0.5	​	—	​
Effective income tax rate	​	24.8	%	12.6	%	24.9	%

X

- Definition

Tabular disclosure of components of current taxes receivable and payable and prepaid taxes.

+ References

No definition available.

+ Details

Name:	osis_ScheduleOfComponentsOfCurrentTaxesReceivableAndPayableAndPrepaidTaxesTableTextBlock
Namespace Prefix:	osis_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of components of net deferred income tax liability.

+ References

No definition available.

+ Details

Name:	osis_ScheduleOfComponentsOfNetDeferredIncomeTaxLiabilityTableTextBlock
Namespace Prefix:	osis_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration