Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

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)	2017		2016			2015
Current:
Federal	$	132	$	214		$	(30	)
State	340		103			309
Total current income tax expense	472		317			279
Deferred:
Federal	13,110		(66,648		)	106
State	2,372		(13,666		)	17
Total deferred income tax expense (benefit)	15,482		(80,314		)	123
Income tax expense (benefit)	$	15,954	$	(79,997	)	$	402

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)	2017			2016			2015
Statutory tax rate	35		%	35		%	34		%
Income tax expense at statutory rate	$	14,121		$	3,472		$	358
State income tax expense, net of federal tax benefit	1,819			557			260
Dividend income exclusion	(134		)	(140		)	(54		)
Valuation allowance	(13		)	(83,230		)	(185		)
Change in tax rate	—			(1,061		)	—
Retiree life insurance	(69		)	135			—
Change in contingency reserve (net)	1			—			—
Other (net)	229			270			23
Income tax expense (benefit)	$	15,954		$	(79,997	)	$	402

Schedule of Deferred Tax Assets and Liabilities

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

	June 30,
(In thousands)	2017			2016			2015
Deferred tax assets:
Postretirement benefits	$	30,253		$	33,273		$	31,100
Accrued liabilities	7,885			11,760			10,091
Net operating loss carryforwards	38,985			38,196			41,544
Intangible assets	—			71			594
Other	6,824			6,881			6,794
Total deferred tax assets	83,947			90,181			90,123
Deferred tax liabilities:
Unrealized gain on investments	—			(609		)	(2,242		)
Fixed assets	(17,096		)	(5,370		)	(2,647		)
Other	(2,181		)	(1,789		)	(1,943		)
Total deferred tax liabilities	(19,277		)	(7,768		)	(6,832		)
Valuation allowance	(1,615		)	(1,627		)	(84,857		)
Net deferred tax assets (liabilities)	$	63,055		$	80,786		$	(1,566	)

Summary of Income Tax Contingencies

unrecognized tax benefits attributable to uncertain tax positions taken in tax returns in each of fiscal 2017, 2016 and 2015 were zero and a