XML 56 R40.htm IDEA: XBRL DOCUMENT
v3.21.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2021
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,
| 2021 |  | 2020 |  | 2019
Current tax expense: |  |  |  |  |
Federal | $ | 21,737 |  |  | $ | 8,062 |  |  | $ | 11,240 |
State | 4,014 |  |  | 1,979 |  |  | 3,368 |
Foreign | 1,284 |  |  | 378 |  |  | 725 |
Total current | 27,035 |  |  | 10,419 |  |  | 15,333 |
Deferred tax expense: |  |  |  |  |
Federal | 6,147 |  |  | 7,849 |  |  | 5,336 |
State | 899 |  |  | 917 |  |  | 1,609 |
Foreign | (102) |  |  | (109) |  |  | (182) |
Total deferred | 6,944 |  |  | 8,657 |  |  | 6,763 |
Income tax expense | $ | 33,979 |  |  | $ | 19,076 |  |  | $ | 22,096 |
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,
| 2021 |  |  |  | 2020 |  | 2019
Federal tax provision at statutory rate | 21.0 | % |  |  |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 2.9 |  |  |  |  | 2.9 |  |  | 4.4 |
Permanent differences attributable to partnership investment | (0.3) |  |  |  |  | (0.2) |  |  | (0.8) |
Non-controlling interest | (0.7) |  |  |  |  | (0.9) |  |  | (0.9) |
Other, net | — |  |  |  |  | — |  |  | 0.4 |
Total income tax expense on continuing operations | 22.9 | % |  |  |  | 22.8 | % |  | 24.1 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's net deferred income tax assets and liabilities at June 30, 2021 and 2020 are as follows:
| As of June 30,
| 2021 |  | 2020
Deferred tax assets: |  |  |
Partnership basis differences | $ | 56,323 |  |  | $ | 61,650 |
Accrued liabilities and reserves | 876 |  |  | 496 |
State tax credits and NOLs | 6,004 |  |  | 5,004 |
Foreign tax credits | 580 |  |  | 580 |
Other | 345 |  |  | 275 |
Less valuation allowance | (15,279) |  |  | (14,582) |
Total deferred tax assets | 48,849 |  |  | 53,423 |
Deferred tax liabilities: |  |  |
Fixed assets and intangibles | 28,644 |  |  | 467 |
Other | 52 |  |  | 35 |
Total deferred tax liabilities | 28,696 |  |  | 502 |
Total net deferred tax assets | $ | 20,153 |  |  | $ | 52,921 |
Summary of Unrecognized Tax Benefits | A reconciliation of changes in the amount of unrecognized tax benefits for the fiscal years ended June 30, 2021, 2020, 2019 is as follows:
| Fiscal Year Ended June 30,
| 2021 |  | 2020 |  | 2019
Balance as of July 1 | $ | 1,445 |  |  | $ | 1,401 |  |  | $ | 329 |
Additions based on tax positions taken during the current period | 304 |  |  | 314 |  |  | 1,216 |
Reductions for settlements with taxing authorities | (250) |  |  | (93) |  |  | (144) |
Reductions due to statute settlements | (50) |  |  | (64) |  |  | — |
Additions (reductions) for tax positions of prior years | 3 |  |  | (113) |  |  | — |
Balance as of June 30 | $ | 1,452 |  |  | $ | 1,445 |  |  | $ | 1,401 |

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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + 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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfPositionsForWhichSignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration