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Note 9. Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities as of June 30, 2015 and 2014, were as follows:

(Amounts in Thousands)	2015				2014
Deferred Tax Assets:
Receivables	$	138			$	185
Inventory	1,524				1,457
Employee benefits	164				174
Deferred compensation	7,786				8,850
Other current liabilities	712				408
Tax credit carryforwards	240				3,069
Goodwill	2,149				2,440
Net operating loss carryforward	5				564
Net foreign currency losses	2				81
Property and equipment	1,838				1,063
Miscellaneous	1,268				2,332
Valuation Allowance	—				(92		)
Total asset	$	15,826			$	20,531
Deferred Tax Liabilities:
Miscellaneous	$	353			$	199
Total liability	$	353			$	199
Net Deferred Income Taxes	$	15,473			$	20,332

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before taxes on income are as follows:

	Year Ended June 30
(Amounts in Thousands)	2015				2014				2013
United States	$	1,195			$	5,412			$	6,638
Foreign	33,576				24,830				20,138
Total income before taxes on income	$	34,771			$	30,242			$	26,776

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes is composed of the following items:

	Year Ended June 30
(Amounts in Thousands)	2015				2014				2013
Currently Payable (Refundable):
Federal	$	186			$	(40	)		$	40
Foreign	6,586				4,505				2,861
State	108				519				239
Total current	$	6,880			$	4,984			$	3,140
Deferred Taxes:
Federal	$	(188	)		$	2,360			$	1,780
Foreign	1,957				(55		)		134
State	(83		)		(139		)		(186		)
Total deferred	$	1,686			$	2,166			$	1,728
Valuation allowance	—				(1,521		)		388
Total provision for income taxes	$	8,566			$	5,629			$	5,256

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. income tax rate to the Company’s effective income tax rate follows:

	Year Ended June 30
	2015							2014							2013
(Amounts in Thousands)	Amount				%			Amount				%			Amount				%
Tax computed at U.S. federal statutory rate	$	12,170			35.0	%		$	10,585			35.0	%		$	9,372			35.0	%
State income taxes, net of federal income tax benefit	16				—			210				0.7			41				0.1
Foreign tax rate differential	(4,336		)		(12.5	)		(3,800		)		(12.6	)		(3,645		)		(13.6	)
Impact of foreign exchange rates on foreign income taxes	1,274				3.7			153				0.5			(72		)		(0.3	)
Foreign tax credits	(146		)		(0.4	)		(123		)		(0.4	)		(498		)		(1.9	)
Valuation allowance	—				—			(1,521		)		(5.0	)		388				1.4
Research credit	(421		)		(1.2	)		(187		)		(0.6	)		(347		)		(1.3	)
Spin-off costs	625				1.8			753				2.5			—				—
Other - net	(616		)		(1.8	)		(441		)		(1.5	)		17				0.2
Total provision for income taxes	$	8,566			24.6	%		$	5,629			18.6	%		$	5,256			19.6	%

Summary of Income Tax Contingencies

Changes in the unrecognized tax benefit, excluding accrued interest and penalties, during fiscal years 2015, 2014, and 2013 were as follows:

(Amounts in Thousands)	2015				2014				2013
Beginning balance - July 1	$	792			$	965			$	870
Tax positions related to prior fiscal years:
Additions	—				92				10
Reductions	(792		)		—				—
Tax positions related to current fiscal year:
Additions	—				77				104
Reductions	—				—				—
Settlements	—				—				—
Lapses in statute of limitations	—				(342		)		(19		)
Ending balance - June 30	$	—			$	792			$	965
Portion that, if recognized, would reduce tax expense and effective tax rate	$	—			$	565			$	772

Accrued Interest and Penalties on Unrecognized Tax Benefits

Amounts accrued for interest and penalties were as follows:

	As of June 30
(Amounts in Thousands)	2015				2014				2013
Accrued Interest and Penalties:
Interest	$	—			$	65			$	72
Penalties	$	—			$	69			$	55

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- Definition

Tabular disclosure of interest and penalties recognized in balance sheet related to 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.

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