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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2014
Schedule of Income Tax Expense (Benefit) | Income tax expense consists of the following:
|  | Year ended June 30, |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 97,442 |  |  | $ | 80,333 |  |  | $ | 67,492 |
State |  |  | 3,541 |  |  |  | 6,021 |  |  |  | 4,647 |
Total Current |  |  | 100,983 |  |  |  | 86,354 |  |  |  | 72,139 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (666 | ) |  |  | 660 |  |  |  | (2,192 | )
State |  |  | 746 |  |  |  | (431 | ) |  |  | 2,326 |
Foreign |  |  | (2,865 | ) |  |  | (2,051 | ) |  |  | (1,735 | )
Change in valuation allowance |  |  | 3,442 |  |  |  | 1,605 |  |  |  | 1,851 |
Total Deferred |  |  | 657 |  |  |  | (217 | ) |  |  | 250 |
Total income tax expense |  | $ | 101,640 |  |  | $ | 86,137 |  |  | $ | 72,389 |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes consists of the following:
|  | Year ended June 30, |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
United States |  | $ | 292,081 |  |  | $ | 243,556 |  |  | $ | 189,702 |
Foreign |  |  | (14,216 | ) |  |  | (10,280 | ) |  |  | (5,162 | )
|  |  | 277,865 |  |  |  | 233,276 |  |  |  | 184,540 |
Schedule of Differences Between Statutory Federal Income Tax Rate and Income Taxes Reported in Consolidated Statements of Operations | The differences between income taxes at the statutory federal income tax rate and income taxes reported in the consolidated statements of comprehensive income were as follows:
|  | Year ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Federal income tax expense at the statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net of federal benefit |  |  | 1.6 |  |  |  | 1.7 |  |  |  | 2.7 |
Research and development credits, net of the federal tax on state credits |  |  | (0.2 | ) |  |  | (1.0 | ) |  |  | (1.3 | )
Uncertain tax positions, net of federal benefit on state positions |  |  | (0.1 | ) |  |  | 0.2 |  |  |  | 0.2 |
Incentive stock option and employee stock purchase plan expense |  |  | (0.3 | ) |  |  | (0.5 | ) |  |  | 1.0 |
Change in valuation allowance |  |  | 1.2 |  |  |  | 0.7 |  |  |  | 1.0 |
Basis difference, disposition of foreign subsidiary |  |  | (1.9 | ) |  |  | 0.0 |  |  |  | 0.0 |
Other, net |  |  | 1.3 |  |  |  | 0.8 |  |  |  | 0.6 |
|  |  | 36.6 | % |  |  | 36.9 | % |  |  | 39.2 | %
Schedule of Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities were comprised of the following at June 30, 2014 and 2013:
|  | Year ended June 30, |
(In thousands) |  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 76,986 |  |  | $ | 8,336 |
Property, plant and equipment |  |  | 2,947 |  |  |  | 3,103 |
Accrued vacation |  |  | 1,551 |  |  |  | 1,269 |
Allowance for doubtful accounts |  |  | 3,285 |  |  |  | 2,771 |
Stock compensation expense |  |  | 25,952 |  |  |  | 21,135 |
Capital loss carryover |  |  | 0 |  |  |  | 1,424 |
Research and development credits |  |  | 11,207 |  |  |  | 5,367 |
Uncertain state tax positions |  |  | 555 |  |  |  | 1,247 |
Other, net |  |  | 312 |  |  |  | 643 |
Total gross deferred tax assets |  |  | 122,795 |  |  |  | 45,295 |
Less valuation allowance |  |  | (41,420 | ) |  |  | (8,218 | )
Total deferred tax assets |  |  | 81,375 |  |  |  | 37,077 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  |  | 71,750 |  |  |  | 438 |
Total deferred tax liabilities |  |  | 71,750 |  |  |  | 438 |
Net deferred tax assets |  |  | 9,625 |  |  |  | 36,639 |
Current net deferred tax asset |  |  | 6,386 |  |  |  | 8,007 |
Long term net deferred tax asset |  |  | 3,239 |  |  |  | 28,632 |
Net deferred tax asset |  | $ | 9,625 |  |  | $ | 36,639 |
Summary of Net Operating Loss and Research Credit Carryforwards | At June 30, 2014, the Company had the following net operating loss and research credit carryforwards, with their respective expiration periods. Certain carryforwards are subject to the limitations of Section 382 and 383 of the Internal Revenue Code as indicated.
(In thousands) |  | Amount |  |  | Subject to sections 382, 383 |  |  | Expires beginning in year |  |  | through |
Carryforwards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal net operating loss |  | $ | 164,504 |  |  |  | Yes |  |  |  | 2027 |  |  |  | 2033 |
Utah net operating loss |  |  | 229,900 |  |  |  | No |  |  |  | 2015 |  |  |  | 2024 |
California net operating loss |  |  | 155,834 |  |  |  | Yes |  |  |  | 2016 |  |  |  | 2033 |
Oklahoma net operating loss |  |  | 14,142 |  |  |  | Yes |  |  |  | 2023 |  |  |  | 2033 |
Foreign net operating losses (various jurisdictions) |  |  | 27,183 |  |  |  | No |  |  |  | Various |  |  |  | Various |
Federal research credit |  |  | 3,250 |  |  |  | Yes |  |  |  | 2025 |  |  |  | 2032 |
Utah research credit |  |  | 8,296 |  |  |  | No |  |  |  | 2021 |  |  |  | 2028 |
California research credit |  |  | 2,565 |  |  |  | Yes |  |  |  | n/a |  |  |  | n/a |
Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Year ended June 30, |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Unrecognized tax benefits at the beginning of year |  | $ | 10,918 |  |  | $ | 10,208 |  |  | $ | 9,648 |
Gross increases—current year tax positions |  |  | 1,785 |  |  |  | 710 |  |  |  | 560 |
Gross increases—prior year tax positions |  |  | 350 |  |  |  | — |  |  |  | — |
Gross increases—acquisitions |  |  | 14,180 |  |  |  |  |  |  |  |  |
Gross decreases—prior year tax positions |  |  | (2,995 | ) |  |  |  |  |  |  |  |
Unrecognized tax benefits at end of year |  | $ | 24,238 |  |  | $ | 10,918 |  |  | $ | 10,208 |
Interest and penalties in year-end balance |  | $ | 620 |  |  | $ | 270 |  |  | $ | — |
Crescendo Biosciences, Inc. |
Schedule of Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets, deferred tax liabilities, and the liability for unrecognized tax benefits that were included in the allocation of Crescendo’s purchase consideration are as follows:
(In thousands) |  |  |
Deferred tax assets: |  |  |  |
Net operating loss carryforwards |  | $ | 70,048 |
Research and development credits |  |  | 5,815 |
Other, net |  |  | 312 |
Total gross deferred tax assets |  |  | 76,175 |
Less valuation allowance |  |  | (29,760 | )
Total deferred tax assets |  |  | 46,415 |
Deferred tax liabilities: |  |  |  |
Intangible assets |  |  | 72,005 |
Stock compensation expense |  |  | 4,443 |
Total deferred tax liabilities |  |  | 76,448 |
Net deferred tax liability |  |  | 30,033 |
Liability for unrecognized tax benefits |  | $ | 14,180 |

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