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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Income Before Income Taxes | Income (loss) before income taxes consisted of the following for the years ended June 30:
(in thousands) | 2020 |  | 2019 |  | 2018
Income (loss) before income taxes: |  |  |  |  |
United States | $ | (76,107 | ) |  | $ | 60,756 |  |  | $ | 57,109 |
International | 78,067 |  |  | 250,479 |  |  | 217,932 |
Total income before income taxes | $ | 1,960 |  |  | $ | 311,235 |  |  | $ | 275,041 |
Current income taxes: |  |  |  |  |
Federal | $ | (3,558 | ) |  | $ | 5,679 |  |  | $ | 3,755 |
State | 905 |  |  | 321 |  |  | (816 | )
International | 33,559 |  |  | 54,553 |  |  | 44,127 |
Total current income taxes | 30,906 |  |  | 60,553 |  |  | 47,066 |
Deferred income taxes: |  |  |  |  |
Federal | $ | (9,113 | ) |  | $ | (3,606 | ) |  | $ | 1,121 |
State | 724 |  |  | 45 |  |  | 3,552 |
International | (15,510 | ) |  | 6,367 |  |  | 18,242 |
Total deferred income taxes: | (23,899 | ) |  | 2,806 |  |  | 22,915 |
Provision for income taxes | $ | 7,007 |  |  | $ | 63,359 |  |  | $ | 69,981 |
Effective tax rate | 357.5 | % |  | 20.4 | % |  | 25.4 | %
Reconciliation of Income Taxes and the Provision for Income Taxes | The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes was as follows for the years ended June 30:
(in thousands) | 2020 |  | 2019 |  | 2018
Income taxes at U.S. statutory rate | $ | 412 |  |  | $ | 65,359 |  |  | $ | 77,286 |
State income taxes, net of federal tax benefit | 1,283 |  |  | 289 |  |  | 2,975 |
U.S. income taxes provided on international income | 12,422 |  |  | 7,347 |  |  | 1,010 |
Combined tax effects of international income | 10,583 |  |  | 162 |  |  | (9,333 | )
Impact of goodwill impairment charges | 5,651 |  |  | — |  |  | — |
Change in valuation allowance and other uncertain tax positions | 755 |  |  | (1,473 | ) |  | (90,817 | )
U.S. research and development credit | (4,093 | ) |  | (3,911 | ) |  | (3,141 | )
Change in permanent reinvestment assertion | — |  |  | 6,093 |  |  | — |
Combined effects of U.S. tax reform | — |  |  | (9,280 | ) |  | 86,044 |
Combined effects of Swiss tax reform | (14,500 | ) |  | — |  |  | — |
Combined effects of the U.S. CARES Act | (6,913 | ) |  | — |  |  | — |
Adjustment to deferred tax charges on intra-entity transfers | — |  |  | — |  |  | 5,297 |
Other | 1,407 |  |  | (1,227 | ) |  | 660 |
Provision for income taxes | $ | 7,007 |  |  | $ | 63,359 |  |  | $ | 69,981 |
Components of Net Deferred Tax Liabilities and Assets | The components of net deferred tax assets and liabilities were as follows at June 30:
(in thousands) | 2020 |  | 2019
Deferred tax assets: |  |  |
Net operating loss (NOL) carryforwards | $ | 31,891 |  |  | $ | 28,886 |
Inventory valuation and reserves | 8,220 |  |  | 8,230 |
Pension benefits | 19,608 |  |  | 21,445 |
Other postretirement benefits | 4,110 |  |  | 4,752 |
Accrued employee benefits | 11,650 |  |  | 16,029 |
Operating lease liabilities | 11,889 |  |  | — |
Other accrued liabilities | 7,310 |  |  | 7,758 |
Tax credits and other carryforwards | 21,048 |  |  | 4,733 |
Intangible assets | 10,531 |  |  | — |
Other | 364 |  |  | 2,813 |
Total | 126,621 |  |  | 94,646 |
Valuation allowance | (16,654 | ) |  | (14,614 | )
Total deferred tax assets | $ | 109,967 |  |  | $ | 80,032 |
Deferred tax liabilities: |  |  |
Tax depreciation in excess of book | $ | 67,411 |  |  | $ | 74,645 |
Operating lease right-of-use assets | 11,715 |  |  | — |
Intangible assets | — |  |  | 4,259 |
Unremitted earnings not permanently reinvested | 5,855 |  |  | 3,943 |
Total deferred tax liabilities | $ | 84,981 |  |  | $ | 82,847 |
Total net deferred tax assets (liabilities) | $ | 24,986 |  |  | $ | (2,815 | )
Reconciliation of Unrecognized Tax Benefits Excluding Interest | A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalty) is as follows as of June 30:
(in thousands) |  | 2020 |  | 2019 |  | 2018
Balance at beginning of year |  | $ | 8,952 |  |  | $ | 5,775 |  |  | $ | 2,632 |
Increases for tax positions of prior years |  | — |  |  | 7,384 |  |  | 3,409 |
Decreases related to settlement with taxing authority |  | — |  |  | (3,765 | ) |  | — |
Decreases related to lapse of statute of limitations |  | (214 | ) |  | (324 | ) |  | (289 | )
Foreign currency translation |  | (58 | ) |  | (118 | ) |  | 23 |
Balance at end of year |  | $ | 8,680 |  |  | $ | 8,952 |  |  | $ | 5,775 |

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- 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
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