Income Taxes (Tables)
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12 Months Ended |
Jun. 30, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule Of Taxes Based On Income |
Taxes based on income for the years ended June 30 have been provided as follows: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Currently payable: | | | | | | Federal | $ | 19,751 | | | $ | 32,655 | | | $ | 23,392 | | State and local | 1,974 | | | 7,460 | | | 6,808 | | Total current provision | 21,725 | | | 40,115 | | | 30,200 | | Deferred federal, state and local provision | 1,077 | | | 3,298 | | | 11,894 | | Total taxes based on income | $ | 22,802 | | | $ | 43,413 | | | $ | 42,094 | |
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Reconciliation Of The Effective Income Tax Rate |
For the years ended June 30, our effective tax rate varied from the statutory federal income tax rate as a result of the following factors: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Statutory rate | 21.0 | % | | 21.0 | % | | 21.0 | % | State and local income taxes | 0.7 | | | 3.2 | | | 3.1 | | Research and development tax credit | (1.7) | | | (0.8) | | | — | | Net windfall tax benefits - stock-based compensation | (0.1) | | | (0.6) | | | (0.8) | | | | | | | | | | | | | | | | | | | | Other | 0.4 | | | 0.6 | | | 0.2 | | Effective rate | 20.3 | % | | 23.4 | % | | 23.5 | % |
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Schedule Of Deferred Tax Assets And Liabilities |
The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30 were comprised of: | | | | | | | | | | | | | 2022 | | 2021 | Deferred tax assets: | | | | Employee medical and other benefits | $ | 6,638 | | | $ | 6,853 | | Operating lease liabilities | 6,553 | | | 5,181 | | Receivables | 2,756 | | | 2,175 | | Inventories | 1,668 | | | 3,003 | | | | | | | | | | Other accrued liabilities | 1,443 | | | 1,719 | | Total deferred tax assets | 19,058 | | | 18,931 | | Deferred tax liabilities: | | | | Property, plant and equipment | (33,738) | | | (31,052) | | Goodwill | (15,930) | | | (14,174) | | Operating lease right-of-use assets | (6,726) | | | (5,298) | | Intangible assets | (1,494) | | | (7,076) | | Other | (59) | | | (33) | | Total deferred tax liabilities | (57,947) | | | (57,633) | | Net deferred tax liability | $ | (38,889) | | | $ | (38,702) | |
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Net Cash Payments For Income Taxes |
Net cash payments for income taxes for each of the years ended June 30 were as follows: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Net cash payments for income taxes | $ | 17,827 | | | $ | 40,735 | | | $ | 30,958 | |
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Reconciliation Of Gross Tax Contingency Reserve |
The following table sets forth changes in our total gross tax contingency reserve (including interest and penalties): | | | | | | | | | | | | | 2022 | | 2021 | Balance, beginning of year | $ | 1,253 | | | $ | 968 | | Tax positions related to the current year: | | | | Additions | — | | | — | | Reductions | — | | | — | | Tax positions related to prior years: | | | | Additions | 45 | | | 311 | | Reductions | (373) | | | (26) | | | | | | Settlements | — | | | — | | Balance, end of year | $ | 925 | | | $ | 1,253 | |
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Net Tax-Related Interest And Penalties Recognized |
For each of the years ended June 30, we recognized the change in the accrual for net tax-related interest and penalties as follows: | | | | | | | | | | | | | 2022 | | 2021 | (Benefit) expense recognized for net tax-related interest and penalties | $ | (22) | | | $ | 48 | |
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Accrued Interest And Penalties |
We had accrued interest and penalties at June 30 as follows: | | | | | | | | | | | | | 2022 | | 2021 | Accrued interest and penalties included in the gross tax contingency reserve | $ | 507 | | | $ | 529 | |
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