XML 60 R42.htm IDEA: XBRL DOCUMENT v3.23.2

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

			Fiscal Year Ended June 30,
			2023						2022						2021
			(in thousands)
Current:
Federal			$	25,034					$	16,895					$	9,132
State			6,455						5,238						1,261
Foreign			4,507						3,896						874
Total current			35,996						26,029						11,267
Deferred:
Federal			(2,991)						3,429						207
State			(541)						129						(1,297)
Foreign			1,294						338						1,969
Total deferred			(2,238)						3,896						879
Provision for income taxes			$	33,758					$	29,925					$	12,146

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, 2023, June 30, 2022 and June 30, 2021 with the applicable statutory rate of 21%.

			Fiscal Year Ended June 30,
			2023						2022						2021
			(in thousands)
U.S. statutory rate			21.0		%				21.0		%				21.0		%
U.S. Federal income tax at statutory rate			$	25,588					$	24,911					$	12,082
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit			4,559						4,265						996
Tax credits			(909)						(796)						(170)
Valuation allowance			1,087						(200)						3,472
Effect of varying statutory rates in foreign operations, net			2,751						1,145						1,051
Stock compensation			37						(121)						1,094
Disallowed interest			—						—						86
Earnings from foreign subsidiaries			957						928						124
Losses on dispositions			—						—						(2,897)
Global intangible low taxed income tax			1,551						630						(45)
Nontaxable income			(3,189)						(2,050)						(1,628)
Notional interest deduction on net equity			(733)						(780)						(568)
Other			2,059						1,993						(1,451)
Provision for income taxes			$	33,758					$	29,925					$	12,146

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,
			2023						2022
			(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable			$	5,811					$	3,630
Inventories			3,326						3,510
Nondeductible accrued expenses			7,561						7,859
Net operating loss carryforwards			596						705
Tax credits			8,430						6,410
Deferred compensation			7,173						6,548
Stock compensation			4,718						4,001
Capital loss carryforwards			7,348						7,831
Timing of amortization deduction from intangible assets			6,170						5,676
Total deferred tax assets			51,133						46,170
Valuation allowance			(14,397)						(13,181)
Total deferred tax assets, net of allowance			36,736						32,989
Deferred tax liabilities derived from:
Timing of depreciation and other deductions from building and equipment			(1,533)						(3,035)
Timing of amortization deduction from goodwill			(10,886)						(5,693)
Timing of amortization deduction from intangible assets			(10,369)						(11,737)
Total deferred tax liabilities			(22,788)						(20,465)
Net deferred tax assets			$	13,948					$	12,524

Components of Pretax Earnings

The components of pretax earnings are as follows:

			Fiscal Year Ended June 30,
			2023						2022						2021
			(in thousands)
Domestic			$	94,994					$	93,586					$	39,511
Foreign			26,856						25,037						18,024
Worldwide pretax earnings			$	121,850					$	118,623					$	57,535

Reconciliation of Unrecognized Tax Benefits

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

			June 30,
			2023						2022						2021
			(in thousands)
Beginning Balance			$	1,065					$	1,121					$	1,156
Additions based on tax positions related to the current year			123						139						68
Reduction for tax positions of prior years			(16)						(195)						(103)
Ending Balance			$	1,172					$	1,065					$	1,121

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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-SubTopic 10
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-19

+ Details

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