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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

	Fiscal Year Ended June 30,
	2015				2014				2013
	(in thousands)
Current:
Federal	$	24,658			$	25,895			$	32,387
State	1,639				2,439				993
Foreign	4,927				3,826				3,921
Total current	31,224				32,160				37,301
Deferred:
Federal	2,165				7,933				(10,200		)
State	198				725				(519		)
Foreign	900				500				(8,218		)
Total deferred	3,263				9,158				(18,937		)
Provision for income taxes	$	34,487			$	41,318			$	18,364

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,
	2015				2014				2013
	(in thousands)
U.S. Federal income tax at statutory rate	$	34,967			$	43,088			$	18,559
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit	1,318				1,974				523
Tax credits	(1,435		)		(1,935		)		(1,629		)
Valuation allowance	582				803				353
Effect of foreign operations, net	(1,665		)		(1,627		)		(1,342		)
Stock compensation	(419		)		(494		)		(148		)
Goodwill impairment	—				—				1,139
Capitalized acquisition costs	839				—				—
Other	300				(491		)		909
Provision for income taxes	$	34,487			$	41,318			$	18,364

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

	June 30,
	2015				2014
	(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable	$	9,925			$	9,941
Inventories	5,235				7,996
Nondeductible accrued expenses	5,838				—
Net operating loss carryforwards	2,223				4,675
Tax credits	2,136				1,873
Timing of amortization deduction from goodwill	10,652				6,101
Deferred compensation	6,014				5,300
Stock compensation	5,730				5,129
Timing of depreciation and other deductions for building and equipment	83				—
Total deferred tax assets	47,836				41,015
Valuation allowance	(2,509		)		(1,696		)
Total deferred tax assets, net of allowance	45,327				39,319
Deferred tax liabilities derived from:
Nondeductible accrued expenses	—				(231		)
Timing of depreciation and other deductions from building and equipment	(549		)		(74		)
Timing of amortization deduction from goodwill	(4,908		)		(4,477		)
Timing of amortization deduction from intangible assets	(4,680		)		(1,886		)
Total deferred tax liabilities	(10,137		)		(6,668		)
Net deferred tax assets	$	35,190			$	32,651

Components of Pretax Earnings

The components of pretax earnings are as follows:

	Fiscal Year Ended June 30,
	2015				2014				2013
	(in thousands)
Domestic	$	79,364			$	104,685			$	64,581
Foreign	20,542				18,422				(11,555		)
Worldwide pretax earnings	$	99,906			$	123,107			$	53,026

Reconciliation of Unrecognized Tax Benefits

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

	June 30,
	2015				2014				2013
	(in thousands)
Beginning Balance	$	1,153			$	1,034			$	1,257
Additions based on tax positions related to the current year	262				204				240
Additions for tax positions of prior years	—				—				—
Reduction for tax positions of prior years	(114		)		(85		)		(463		)
Settlements	—				—				—
Ending Balance	$	1,301			$	1,153			$	1,034

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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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