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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

	Fiscal Year Ended June 30,
	2013				2012				2011
	(in thousands)
Current:
Federal	$	32,387			$	37,736			$	34,782
State	993				1,376				248
Foreign	3,921				3,703				5,008
Total current	37,301				42,815				40,038
Deferred:
Federal	(10,200		)		(830		)		(168		)
State	(519		)		(44		)		(9		)
Foreign	(8,218		)		(5,018		)		(1,498		)
Total deferred	(18,937		)		(5,892		)		(1,675		)
Provision for income taxes	$	18,364			$	36,923			$	38,363

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,
	2013				2012				2011
	(in thousands)
U.S. Federal income tax at statutory rate	$	18,559			$	38,924			$	39,160
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit	523				1,026				625
Tax credits	(1,629		)		(1,122		)		(312		)
Valuation allowance	353				24				(195		)
Effect of foreign operations, net	(1,342		)		(2,309		)		(2,054		)
Stock compensation	(148		)		86				239
Goodwill impairment	1,139				—				—
Other	909				294				900
Provision for income taxes	$	18,364			$	36,923			$	38,363

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,
	2013				2012
	(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable	$	5,958			$	6,456
Inventories	9,708				7,336
Nondeductible accrued expenses	375				512
Net operating loss carryforwards	4,065				2,931
Tax credits	1,021				583
Timing of amortization deduction from goodwill	6,403				1,795
Deferred compensation	5,205				4,331
Stock compensation	5,537				5,631
Timing of depreciation and other deductions for building and equipment	10,152				98
Total deferred tax assets	48,424				29,673
Valuation allowance	(893		)		(541		)
Total deferred tax assets, net of allowance	47,531				29,132
Deferred tax liabilities derived from:
Timing of amortization deduction from goodwill	(3,938		)		(3,505		)
Timing of amortization deduction from intangible assets	(2,506		)		(4,130		)
Total deferred tax liabilities	(6,444		)		(7,635		)
Net deferred tax assets	$	41,087			$	21,497

Components of Pretax Earnings

The components of pretax earnings are as follows:

	Fiscal Year Ended June 30,
	2013				2012				2011
	(in thousands)
Domestic	$	64,581			$	103,711			$	96,436
Foreign	(11,555		)		7,500				15,450
Worldwide pretax earnings	$	53,026			$	111,211			$	111,886

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	June 30,
	2013				2012				2011
	(in thousands)
Beginning Balance	$	1,257			$	1,181			$	1,279
Additions based on tax positions related to the current year	240				163				173
Additions for tax positions of prior years	—				—				—
Reduction for tax positions of prior years	(463		)		(87		)		(271		)
Settlements	—				—				—
Ending Balance	$	1,034			$	1,257			$	1,181

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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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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