Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

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)	2016			2015			2014
Current:
Federal	$	214		$	(30	)	$	293
State	103			309			275
Total current income tax expense	317			279			568
Deferred:
Federal	(66,648		)	106			99
State	(13,666		)	17			38
Total deferred income tax (benefit) expense	(80,314		)	123			137
Income tax (benefit) expense	$	(79,997	)	$	402		$	705

Schedule of Effective Income Tax Rate Reconciliation

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

	June 30,
(In thousands)	2016			2015			2014
Statutory tax rate	35		%	34		%	34		%
Income tax expense at statutory rate	$	3,472		$	358		$	4,365
State income tax expense, net of federal tax benefit	557			260			749
Dividend income exclusion	(140		)	(54		)	—
Valuation allowance	(83,230		)	(185		)	(4,292		)
Change in tax rate	(1,061		)	—			—
Retiree life insurance	135			—			—
Change in contingency reserve (net)	—			—			(39		)
Other (net)	270			23			(78		)
Income tax (benefit) expense	$	(79,997	)	$	402		$	705

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)	2016			2015			2014
Deferred tax assets:
Postretirement benefits	$	33,273		$	31,100		$	19,800
Accrued liabilities	11,760			10,091			6,156
Net operating loss carryforwards	38,196			41,544			40,275
Intangible assets	71			594			1,126
Other	6,881			6,794			7,253
Total deferred tax assets	90,181			90,123			74,610
Deferred tax liabilities:
Unrealized gain on investments	(609		)	(2,242		)	—
Fixed assets	(5,370		)	(2,647		)	(1,902		)
Other	(1,789		)	(1,943		)	(1,538		)
Total deferred tax liabilities	(7,768		)	(6,832		)	(3,440		)
Valuation allowance	(1,627		)	(84,857		)	(72,613		)
Net deferred tax assets (liabilities)	$	80,786		$	(1,566	)	$	(1,443	)

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)	2016		2015		2014
Unrecognized tax benefits at beginning of year	$	—	$	—	$	3,211
Decreases in tax positions for prior years	—		—		(30		)
Settlements	—		—		(3,181		)
Unrecognized tax benefits at end of year	$	—	$	—	$	—