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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

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)						2021						2020						2019
Income (loss) before income taxes:
United States						$	(60,775)					$	(76,107)					$	60,756
International						125,435						78,067						250,479
Total income before income taxes						$	64,660					$	1,960					$	311,235
Current income taxes:
Federal						$	39					$	(3,558)					$	5,679
State						133						905						321
International						30,726						33,559						54,553
Total current income taxes						30,898						30,906						60,553
Deferred income taxes:
Federal						$	(23,170)					$	(9,113)					$	(3,606)
State						(2,948)						724						45
International						1,463						(15,510)						6,367
Total deferred income taxes:						(24,655)						(23,899)						2,806
Provision for income taxes						$	6,243					$	7,007					$	63,359
Effective tax rate						9.7		%				357.5		%				20.4		%

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)						2021						2020						2019
Income taxes at U.S. statutory rate						$	13,579					$	412					$	65,359
State income taxes, net of federal tax benefit						(1,725)						1,283						289
U.S. income taxes provided on international income						(6,479)						12,422						7,347
Combined tax effects of international income						5,860						10,583						162
Impact of goodwill impairment charges						—						5,651						—
Change in valuation allowance and other uncertain tax positions						1,127						755						(1,473)
U.S. research and development credit						(3,055)						(4,093)						(3,911)
Change in permanent reinvestment assertion						—						—						6,093
Combined effects of U.S. tax reform						—						—						(9,280)
Combined effects of Swiss tax reform						—						(14,500)						—
Combined effects of the U.S. CARES Act						—						(6,913)						—
Recognition of stranded deferred tax balance						(3,465)						—						—
Other						401						1,407						(1,227)
Provision for income taxes						$	6,243					$	7,007					$	63,359

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)						2021						2020
Deferred tax assets:
Net operating loss (NOL) carryforwards						$	44,258					$	31,891
Inventory valuation and reserves						11,068						8,220
Pension benefits						7,136						19,608
Other postretirement benefits						3,486						4,110
Accrued employee benefits						11,168						11,650
Operating lease liabilities						12,652						11,889
Other accrued liabilities						15,596						7,310
Tax credits and other carryforwards						32,490						21,048
Intangible assets						7,784						10,531
Other						—						364
Total						145,638						126,621
Valuation allowance						21,263						16,654
Total deferred tax assets						$	124,375					$	109,967
Deferred tax liabilities:
Tax depreciation in excess of book						$	63,020					$	67,411
Operating lease right-of-use assets						12,502						11,715
Unremitted earnings not permanently reinvested						6,429						5,855
Other						$	7,392					—
Total deferred tax liabilities						$	89,343					$	84,981
Total net deferred tax assets (liabilities)						$	35,032					$	24,986

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)						2021						2020						2019
Balance at beginning of year						$	8,680					$	8,952					$	5,775
Increases for tax positions of prior years						—						—						7,384
Decreases related to settlement with taxing authority						—						—						(3,765)
Decreases related to lapse of statute of limitations						(229)						(214)						(324)
Foreign currency translation						205						(58)						(118)
Balance at end of year						$	8,656					$	8,680					$	8,952

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