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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2012
Income Tax Expense (Benefit) [Abstract] |
Income Tax Expense (Benefit) | Income tax expense (benefit) consists of:
| Fiscal Year Ended June 30,
| 2012 |  | 2011 |  | 2010
| (in thousands)
Current: |  |  |  |  |
Federal | $ | 37,736 |  |  | $ | 34,782 |  |  | $ | 27,749 |
State | 1,376 |  |  | 248 |  |  | 1,104 |
Foreign | 3,703 |  |  | 5,008 |  |  | 2,922 |
Total current | 42,815 |  |  | 40,038 |  |  | 31,775 |
Deferred: |  |  |  |  |
Federal | (830 | ) |  | (168 | ) |  | (4,410 | )
State | (44 | ) |  | (9 | ) |  | (323 | )
Foreign | (5,018 | ) |  | (1,498 | ) |  | (113 | )
Total deferred | (5,892 | ) |  | (1,675 | ) |  | (4,846 | )
Provision for income taxes | $ | 36,923 |  |  | $ | 38,363 |  |  | $ | 26,929 |
Reconciliation of U.S.Federal Income Tax Expense | A reconciliation of the U.S. Federal income tax expense at a statutory rate of 35% to actual income tax expense, excluding any other taxes related to extraordinary gain is as follows:
| Fiscal Year Ended June 30,
| 2012 |  | 2011 |  | 2010
| (in thousands)
U.S. Federal income tax at statutory rate | $ | 38,924 |  |  | $ | 39,160 |  |  | $ | 26,509 |
Increase (decrease) in income taxes due to: |  |  |  |  |
State and local income taxes, net of Federal benefit | 1,026 |  |  | 625 |  |  | 935 |
Tax credits | (1,122 | ) |  | (312 | ) |  | (633 | )
Valuation allowance | 24 |  |  | (195 | ) |  | (128 | )
Effect of foreign operations, net | (2,309 | ) |  | (2,054 | ) |  | (1,342 | )
Stock compensation | 86 |  |  | 239 |  |  | 580 |
Other | 294 |  |  | 900 |  |  | 1,008 |
Provision for income taxes | $ | 36,923 |  |  | $ | 38,363 |  |  | $ | 26,929 |
Deferred Tax Assets and Liabilities | he tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:
| June 30,
| 2012 |  | 2011
| (in thousands)
Deferred tax assets derived from: |  |  |
Allowance for accounts receivable | $ | 6,456 |  |  | $ | 2,857 |
Inventories | 7,336 |  |  | 11,310 |
Nondeductible accrued expenses | 512 |  |  | 2,204 |
Net operating loss carryforwards | 2,931 |  |  | 452 |
Tax credits | 583 |  |  | 241 |
Deferred compensation | 4,331 |  |  | 4,822 |
Stock compensation | 5,631 |  |  | 2,868 |
Timing of depreciation and other deductions for building and equipment | 98 |  |  | — |
Total deferred tax assets | 27,878 |  |  | 24,754 |
Valuation allowance | (541 | ) |  | (517 | )
Total deferred tax assets | 27,337 |  |  | 24,237 |
Deferred tax liabilities derived from: |  |  |
Timing of amortization deduction from intangible assets | (5,840 | ) |  | (2,717 | )
Timing of depreciation and other deductions for building and equipment | — |  |  | (238 | )
Total deferred tax liabilities | (5,840 | ) |  | (2,955 | )
Net deferred tax assets | $ | 21,497 |  |  | $ | 21,282 |
Components of Pretax Earnings | The components of pretax earnings are as follows:
| Fiscal Year Ended June 30,
| 2012 |  | 2011 |  | 2010
| (in thousands)
Domestic | $ | 103,711 |  |  | $ | 96,436 |  |  | $ | 65,566 |
Foreign | 7,500 |  |  | 15,450 |  |  | 10,175 |
Worldwide pretax earnings | $ | 111,211 |  |  | $ | 111,886 |  |  | $ | 75,741 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2012 |  | 2011 |  | 2010
| (in thousands)
Beginning Balance | $ | 1,181 |  |  | $ | 1,279 |  |  | $ | 1,359 |
Additions based on tax positions related to the current year | 163 |  |  | 173 |  |  | 133 |
Additions for tax positions of prior years | — |  |  | — |  |  | — |
Reduction for tax positions of prior years | (87 | ) |  | (271 | ) |  | (213 | )
Settlements | — |  |  | — |  |  | — |
Ending Balance | $ | 1,257 |  |  | $ | 1,181 |  |  | $ | 1,279 |

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References No definition available. + 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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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. + Details
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