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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

	Fiscal Year Ended June 30,
	2017				2016				2015
	(in thousands)
Current:
Federal	$	31,149			$	21,855			$	24,658
State	2,615				1,652				1,639
Foreign	269				6,100				4,927
Total current	34,033				29,607				31,224
Deferred:
Federal	(3,832		)		3,990				2,165
State	(397		)		365				198
Foreign	2,445				(1,571		)		900
Total deferred	(1,784		)		2,784				3,263
Provision for income taxes	$	32,249			$	32,391			$	34,487

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,
	2017				2016				2015
	(in thousands)
U.S. Federal income tax at statutory rate	$	35,524			$	33,603			$	34,967
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit	1,729				1,578				1,318
Tax credits	(1,430		)		(2,517		)		(1,435		)
Valuation allowance	444				541				582
Effect of foreign operations, net	(1,477		)		(1,150		)		(1,665		)
Stock compensation	(61		)		(62		)		(419		)
Capitalized acquisition costs	231				70				839
Nontaxable income	(4,437		)		—				—
Disallowed interest	2,011				571				—
Other	(285		)		(243		)		300
Provision for income taxes	$	32,249			$	32,391			$	34,487

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,
	2017				2016
	(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable	$	11,687			$	12,458
Inventories	5,235				4,799
Nondeductible accrued expenses	3,968				3,842
Net operating loss carryforwards	3,141				3,036
Tax credits	4,094				3,316
Timing of amortization deduction from goodwill	1,285				2,660
Deferred compensation	7,934				6,733
Stock compensation	5,424				6,014
Timing of amortization deduction from intangible assets	3,032				2,045
Total deferred tax assets	45,800				44,903
Valuation allowance	(3,473		)		(3,029		)
Total deferred tax assets, net of allowance	42,327				41,874
Deferred tax liabilities derived from:
Timing of depreciation and other deductions from building and equipment	(7,778		)		(6,827		)
Timing of amortization deduction from goodwill	(5,013		)		(5,815		)
Timing of amortization deduction from intangible assets	(2,053		)		(2,974		)
Total deferred tax liabilities	(14,844		)		(15,616		)
Net deferred tax assets	$	27,483			$	26,258

Components of Pretax Earnings

The components of pretax earnings are as follows:

	Fiscal Year Ended June 30,
	2017				2016				2015
	(in thousands)
Domestic	$	79,871			$	76,062			$	79,364
Foreign	21,624				19,948				20,542
Worldwide pretax earnings	$	101,495			$	96,010			$	99,906

Reconciliation of Unrecognized Tax Benefits

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

	June 30,
	2017				2016				2015
	(in thousands)
Beginning Balance	$	2,148			$	1,301			$	1,153
Additions based on tax positions related to the current year	174				326				262
Additions for tax positions of prior years	—				658				—
Reduction for tax positions of prior years	(146		)		(137		)		(114		)
Ending Balance	$	2,176			$	2,148			$	1,301

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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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 for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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