XML 52 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

	Fiscal Year Ended June 30,
	2018				2017				2016
	(in thousands)
Current:
Federal	$	38,263			$	31,149			$	21,855
State	3,503				2,615				1,652
Foreign	9,203				269				6,100
Total current	50,969				34,033				29,607
Deferred:
Federal	(9,987		)		(3,832		)		3,990
State	(1,962		)		(397		)		365
Foreign	(11,248		)		2,445				(1,571		)
Total deferred	(23,197		)		(1,784		)		2,784
Provision for income taxes	$	27,772			$	32,249			$	32,391

Reconciliation of U.S.Federal Income Tax Expense

A reconciliation of the U.S. Federal income tax expense at a blended statutory rate of 28% for the fiscal year ended June 30, 2018 and a statutory rate of 35% for the June 30, 2017 and 2016 fiscal years to actual income tax expense is as follows:

	Fiscal Year Ended June 30,
	2018				2017				2016
	(in thousands)
U.S. statutory rate	28.0		%		35.0		%		35.0		%
U.S. Federal income tax at statutory rate	$	17,094			$	35,524			$	33,603
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit	1,883				1,729				1,578
Tax credits	(1,825		)		(1,430		)		(2,517		)
Valuation allowance	1,530				444				541
Effect of foreign operations, net	(1,396		)		(1,477		)		(1,150		)
Stock compensation	1,049				(61		)		(62		)
Capitalized acquisition costs	48				231				70
Nontaxable income	(9		)		(4,437		)		—
Disallowed interest	1,888				2,011				571
Other	(1,438		)		(285		)		(243		)
U.S. Tax Reform transition tax	9,609				—				—
U.S. Tax Reform impact of rate change on deferred taxes	(1,615		)		—				—
Belgium Tax Reform impact of rate change on deferred taxes	1,040				—				—
Other jurisdictions impact of rate change on deferred taxes	(86		)		—				—
Provision for income taxes	$	27,772			$	32,249			$	32,391

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,
	2018				2017
	(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable	$	12,874			$	11,687
Inventories	4,060				5,235
Nondeductible accrued expenses	7,426				3,968
Net operating loss carryforwards	5,350				3,141
Tax credits	5,795				4,094
Timing of amortization deduction from goodwill	5,756				1,285
Deferred compensation	5,696				7,934
Stock compensation	2,809				5,424
Timing of amortization deduction from intangible assets	2,510				3,032
Total deferred tax assets	52,276				45,800
Valuation allowance	(5,098		)		(3,473		)
Total deferred tax assets, net of allowance	47,178				42,327
Deferred tax liabilities derived from:
Timing of depreciation and other deductions from building and equipment	(7,468		)		(7,778		)
Timing of amortization deduction from goodwill	(1,782		)		(5,013		)
Timing of amortization deduction from intangible assets	(17,498		)		(2,053		)
Total deferred tax liabilities	(26,748		)		(14,844		)
Net deferred tax assets	$	20,430			$	27,483

Components of Pretax Earnings

The components of pretax earnings are as follows:

	Fiscal Year Ended June 30,
	2018				2017				2016
	(in thousands)
Domestic	$	66,416			$	79,871			$	76,062
Foreign	(5,491		)		21,624				19,948
Worldwide pretax earnings	$	60,925			$	101,495			$	96,010

Reconciliation of Unrecognized Tax Benefits

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

	June 30,
	2018				2017				2016
	(in thousands)
Beginning Balance	$	2,176			$	2,148			$	1,301
Additions based on tax positions related to the current year	157				174				326
Additions for tax positions of prior years	—				—				658
Reduction for tax positions of prior years	(280		)		(146		)		(137		)
Ending Balance	$	2,053			$	2,176			$	2,148

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration