Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Schedule of Components of Income Tax Expense (Benefit)

The current and deferred components of the provision for income taxes consist of the following:



	June 30,
(In thousands)	2014		2013			2012
Current:
Federal	$	293	$	(24	)	$	(385	)
State	275		191			115
Total current income tax expense (benefit)	568		167			(270		)
Deferred:
Federal	99		(819		)	(63		)
State	38		(173		)	(14		)
Total deferred income tax expense (benefit)	137		(992		)	(77		)
Income tax expense (benefit)	$	705	$	(825	)	$	(347	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) to the federal statutory tax rate is as follows:



	June 30,
(In thousands)	2014			2013			2012
Statutory tax rate	34%			34%			34%
Income tax expense (benefit) at statutory rate	$	4,365		$	(3,158	)	$	(9,154	)
State income tax expense (benefit), net of federal tax benefit	749			(223		)	(1,023		)
Valuation allowance	(4,292		)	3,074			10,588
Change in contingency reserve (net)	(39		)	(7		)	(561		)
Other (net)	(78		)	(511		)	(197		)
Income tax expense (benefit)	$	705		$	(825	)	$	(347	)

Schedule of Deferred Tax Assets and Liabilities

The primary components of the temporary differences which give rise to the Company’s net deferred tax liabilities are as follows:



	June 30,
(In thousands)	2014			2013			2012
Deferred tax assets:
Postretirement benefits	$	19,800		$	26,014		$	27,568
Accrued liabilities	6,156			4,477			3,958
Net operating loss carryforward	40,275			44,607			44,736
Intangible assets	1,126			694			919
Other	7,253			8,945			5,945
Total deferred tax assets	74,610			84,737			83,126
Deferred tax liabilities:
Fixed assets	(1,902		)	(2,641		)	(4,117		)
Other	(1,538		)	(882		)	(794		)
Total deferred tax liabilities	(3,440		)	(3,523		)	(4,911		)
Valuation allowance	(72,613		)	(82,522		)	(79,448		)
Net deferred tax liability	$	(1,443	)	$	(1,308	)	$	(1,233	)

Summary of Income Tax Contingencies

A tabular reconciliation of the total amounts (in absolute values) of unrecognized tax benefits is as follows:



	Year Ended June 30,
(In thousands)	2014			2013		2012
Unrecognized tax benefits at beginning of year	$	3,211		$	3,211	$	3,902
Increases in tax positions for prior years	(30		)	—		—
Settlements	(3,181		)	—		(691		)
Unrecognized tax benefits at end of year	$	—		$	3,211	$	3,211

- Definition

Tabular disclosure of 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, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References+ Details