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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2011
Income Taxes |
Income Tax Expense (Benefit) |
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|  | Fiscal Year Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 34,782 |  |  | $ | 27,749 |  |  | $ | 20,444 |
State |  |  | 248 |  |  |  | 1,104 |  |  |  | (314 | )
Foreign |  |  | 5,008 |  |  |  | 2,922 |  |  |  | 5,626 |
Total current |  |  | 40,038 |  |  |  | 31,775 |  |  |  | 25,756 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (168 | ) |  |  | (4,410 | ) |  |  | 2,253 |
State |  |  | (9 | ) |  |  | (323 | ) |  |  | 191 |
Foreign |  |  | (1,498 | ) |  |  | (113 | ) |  |  | (234 | )
Total deferred |  |  | (1,675 | ) |  |  | (4,846 | ) |  |  | 2,210 |
Provision for income taxes |  | $ | 38,363 |  |  | $ | 26,929 |  |  | $ | 27,966 |
Reconciliation of U.S.Federal Income Tax Expense |
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|  | Fiscal Year Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
U.S. Federal income tax at statutory rate |  | $ | 39,160 |  |  | $ | 26,509 |  |  | $ | 26,479 |
Increase (decrease) in income taxes due to: |  |  |  |  |  |  |  |  |  |  |  |
State and local income taxes, net of Federal benefit |  |  | 625 |  |  |  | 935 |  |  |  | (81 | )
Tax credits |  |  | (312 | ) |  |  | (633 | ) |  |  | (175 | )
Valuation allowance |  |  | (195 | ) |  |  | (128 | ) |  |  | 21 |
Effect of foreign operations, net |  |  | (2,054 | ) |  |  | (1,342 | ) |  |  | (162 | )
Stock compensation |  |  | 239 |  |  |  | 580 |  |  |  | 548 |
Other |  |  | 900 |  |  |  | 1,008 |  |  |  | 1,336 |
Provision for income taxes |  | $ | 38,363 |  |  | $ | 26,929 |  |  | $ | 27,966 |
Deferred Tax Assets and Liabilities |
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|  | June 30, |
|  | 2011 |  |  | 2010 |
|  | (in thousands) |
Deferred tax assets derived from: |  |  |  |  |  |  |  |
Allowance for accounts receivable |  | $ | 2,857 |  |  | $ | 4,164 |
Inventories |  |  | 11,310 |  |  |  | 7,891 |
Nondeductible accrued expenses |  |  | 2,204 |  |  |  | 974 |
Net operating loss carryforwards |  |  | 452 |  |  |  | 290 |
Tax credits |  |  | 241 |  |  |  | 643 |
Deferred compensation |  |  | 4,822 |  |  |  | 3,132 |
Stock compensation |  |  | 2,868 |  |  |  | 4,857 |
Total deferred tax assets |  |  | 24,754 |  |  |  | 21,951 |
Valuation allowance |  |  | (517 | ) |  |  | (712 | )
Total deferred tax assets |  |  | 24,237 |  |  |  | 21,239 |
Deferred tax liabilities derived from: |  |  |  |  |  |  |  |
Timing of amortization deduction from intangible assets |  |  | (2,717 | ) |  |  | (2,317 | )
Timing of depreciation and other deductions for building and equipment |  |  | (238 | ) |  |  | (459 | )
Total deferred tax liabilities |  |  | (2,955 | ) |  |  | (2,776 | )
Net deferred tax assets |  | $ | 21,282 |  |  | $ | 18,463 |
Components of Pretax Earnings |
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|  | Fiscal Year Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
Domestic |  | $ | 96,436 |  |  | $ | 65,566 |  |  | $ | 59,957 |
Foreign |  |  | 15,450 |  |  |  | 10,175 |  |  |  | 15,697 |
Worldwide pretax earnings |  | $ | 111,886 |  |  | $ | 75,741 |  |  | $ | 75,654 |
Reconciliation of Unrecognized Tax Benefits |
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|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
Beginning Balance |  | $ | 2,257 |  |  | $ | 2,309 |  |  | $ | 1,976 |
Additions based on tax positions related to the current year |  |  | 252 |  |  |  | - |  |  |  | 173 |
Additions for tax positions of prior years |  |  | 155 |  |  |  | 307 |  |  |  | 182 |
Reduction for tax positions of prior years |  |  | (559 | ) |  |  | (359 | ) |  |  | (22 | )
Settlements |  |  | - |  |  |  | - |  |  |  | - |
Ending Balance |  | $ | 2,105 |  |  | $ | 2,257 |  |  | $ | 2,309 |

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- 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://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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