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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of provision for income taxes are as follows:

	Fiscal Year Ended June 30,
	2019				2018				2017
Current tax expense:
Federal	$	11,240			$	10,111			$	6,094
State	3,368				1,758				1,134
Foreign	725				756				788
Total Current	15,333				12,625				8,016
Deferred tax expense:
Federal	5,336				51,358				9,132
State	1,609				(5,369		)		615
Foreign	(182		)		(196		)		(170		)
Total Deferred	6,763				45,793				9,577
Income tax expense	$	22,096			$	58,418			$	17,593

Schedule of Effective Income Tax Rate Reconciliation

The income tax expense differs from the amount computed by applying the federal statutory income tax rate to income from continuing operations before income taxes. The sources and tax effects of the differences are as follows:

	Fiscal Year Ended June 30,
	2019			2018			2017
Federal tax provision at statutory rate	21.0	%		28.0	%		35.0	%
Change in federal statutory rate	—			36.2			—
State income taxes, net of federal benefit	4.4			3.9			3.4
Permanent differences attributable to partnership investment	(0.8	)		(0.1	)		0.4
Section 199 deductions	—			(1.2	)		(1.4	)
Non-controlling interest	(0.9	)		(1.0	)		(1.9	)
Change in valuation allowance	—			(0.4	)		1.1
Other, net	0.4			—			(0.4	)
Total income tax expense on continuing operations	24.1	%		65.4	%		36.2	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's net deferred income tax assets and liabilities at June 30, 2019 and 2018 are as follows:

	As of June 30,
	2019				2018
Deferred tax assets:
Partnership basis differences	$	69,632			$	73,812
Fixed assets and intangibles	—				5
Accrued liabilities and reserves	428				391
State tax credits and NOLs	3,902				2,938
Foreign tax credits	761				—
Acquisition costs	6				—
Other	337				35
(Less) valuation allowance	(14,252		)		(12,716		)
Total deferred tax assets	60,814				64,465
Deferred tax liabilities:
Fixed assets and intangibles	545				687
Other	7				14
Total deferred tax liabilities	552				701
Total net deferred tax assets	$	60,262			$	63,764

Summary of Unrecognized Tax Benefits

A reconciliation of changes in the amount of unrecognized tax benefits for the fiscal years ended June 30, 2019, 2018, 2017 is as follows:

	Fiscal Year Ended June 30,
	2019				2018				2017
Balance as of July 1	$	329			$	113			$	66
Additions based on tax positions taken during the current period	1,216				216				47
Reductions for settlements with taxing authorities	(144		)		—				—
Balance as of June 30	$	1,401			$	329			$	113

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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 unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

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