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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Significant components of the consolidated expense for income taxes are as follows (in thousands):

	Year Ended June 30,
	2018			2017			2016
Current:
Federal	$	22,103		$	16,638		$	19,765
State	4,141			4,614			4,242
Total current expense	26,244			21,252			24,007
Deferred:
Federal	232,673			49,392			15,703
State	317			11,170			10,011
Total deferred expense	232,990			60,562			25,714
Provision for income taxes	$	259,234		$	81,814		$	49,721

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory tax rates of 28.1%, 35.0%, 35.0% for fiscal year ended June 30, 2018, 2017 and 2016, respectively, is as follows (in thousands):

	Year Ended June 30,
	2018			2017			2016
Computed tax expense	$	145,015		$	185,952		$	99,709
Partnership income not subject to tax	(70,257		)	(85,142		)	(85,063		)
State taxes (net of federal benefit)	12,901			9,823			664
Remeasurement adjustments and other permanent items	(53,151		)	(78,998		)	1,051
Expense (benefit) on subsidiaries treated separately for income tax purposes	(983		)	18,660			(7,497		)
Change in valuation allowance	(33,106		)	26,829			36,279
Deferred tax remeasurement	256,787			9,950			8,080
Other	2,028			(5,260		)	(3,502		)
Provision for income taxes	$	259,234		$	81,814		$	49,721
Effective income tax rate	50.2		%	15.4		%	17.5		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of June 30, 2018 and 2017 are presented below (in thousands):

	June 30,
	2018			2017
Deferred tax asset
Partnership basis differences in Premier LP	$	298,306		$	473,193
Stock compensation	18,347			23,037
Accrued expenses	32,543			44,096
Net operating losses and credits	35,444			47,629
Other	12,103			11,856
Total deferred tax assets	396,743			599,811
Valuation allowance for deferred tax assets	(58,681		)	(91,787		)
Net deferred tax assets	338,062			508,024
Deferred tax liability
Purchased intangible assets and depreciation	(49,855		)	(71,994		)
Other liabilities	(152		)	(1,774		)
Net deferred tax asset	$	288,055		$	434,256

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending gross amounts of the Company's uncertain tax position reserves for the years ended June 30, 2018, 2017 and 2016 are as follows (in thousands):

	Year Ended June 30,
	2018			2017			2016
Beginning of year balance	$	5,043		$	4,381		$	3,436
Increases in prior period tax positions	12,965			101			318
Decreases in prior period tax positions	(179		)	(870		)	(201		)
Reductions on settlements and lapse in statute of limitations	(611		)	(22		)	(721		)
Increases in current period tax positions	1,261			1,453			1,549
End of year balance	$	18,479		$	5,043		$	4,381

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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-Name Accounting Standards Codification
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Tabular disclosure of the change in unrecognized tax benefits.

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