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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

			Fiscal Year Ended June 30,
			2022						2021						2020
			(in thousands)
Current:
Federal			$	16,895					$	9,132					$	13,892
State			5,238						1,261						3,244
Foreign			3,896						874						1,188
Total current			26,029						11,267						18,324
Deferred:
Federal			3,429						207						(8,526)
State			129						(1,297)						(2,667)
Foreign			338						1,969						320
Total deferred			3,896						879						(10,873)
Provision for income taxes			$	29,925					$	12,146					$	7,451

Reconciliation of U.S.Federal Income Tax Expense

A reconciliation is provided below of the U.S. Federal income tax expense for the fiscal years ended June 30, 2022, June 30, 2021 and June 30, 2020 with the applicable statutory rate of 21%.

			Fiscal Year Ended June 30,
			2022						2021						2020
			(in thousands)
U.S. statutory rate			21.0		%				21.0		%				21.0		%
U.S. Federal income tax at statutory rate			$	24,911					$	12,082					$	(15,073)
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit			4,265						996						1,316
Tax credits			(796)						(170)						(1,419)
Valuation allowance			(200)						3,472						1,699
Effect of varying statutory rates in foreign operations, net			1,145						1,051						1,374
Stock compensation			(121)						1,094						41
Capitalized acquisition costs			—						—						59
Disallowed interest			—						86						1,639
Earnings from foreign subsidiaries			928						124						1,661
Net favorable recovery			—						—						(6,517)
Losses on dispositions			—						(2,897)						—
Global intangible low taxed income tax			630						(45)						(128)
Non-deductible goodwill impairment			—						—						20,180
Nontaxable income			(2,050)						(1,628)						—
Notional interest deduction on net equity			(780)						(568)						—
Other			1,993						(1,451)						2,619
Provision for income taxes			$	29,925					$	12,146					$	7,451

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,
			2022						2021
			(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable			$	3,630					$	5,557
Inventories			3,510						5,577
Nondeductible accrued expenses			7,859						8,024
Net operating loss carryforwards			705						892
Tax credits			6,410						7,138
Deferred compensation			6,548						7,893
Stock compensation			4,001						2,977
Capital loss carryforwards			7,831						7,633
Timing of amortization deduction from intangible assets			5,676						4,880
Total deferred tax assets			46,170						50,571
Valuation allowance			(13,181)						(13,996)
Total deferred tax assets, net of allowance			32,989						36,575
Deferred tax liabilities derived from:
Timing of depreciation and other deductions from building and equipment			(3,035)						(3,749)
Timing of amortization deduction from goodwill			(5,693)						(582)
Timing of amortization deduction from intangible assets			(11,737)						(14,345)
Total deferred tax liabilities			(20,465)						(18,676)
Net deferred tax assets			$	12,524					$	17,899

Components of Pretax Earnings

The components of pretax earnings are as follows:

			Fiscal Year Ended June 30,
			2022						2021						2020
			(in thousands)
Domestic			$	93,586					$	39,511					$	(83,517)
Foreign			25,037						18,024						11,741
Worldwide pretax earnings			$	118,623					$	57,535					$	(71,776)

Reconciliation of Unrecognized Tax Benefits

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

			June 30,
			2022						2021						2020
			(in thousands)
Beginning Balance			$	1,121					$	1,156					$	1,234
Additions based on tax positions related to the current year			139						68						137
Reduction for tax positions of prior years			(195)						(103)						(215)
Ending Balance			$	1,065					$	1,121					$	1,156

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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 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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