Note 14 - Income Taxes

9 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 14 – INCOME TAXES

The Company's effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. The Company operated in the United States of America, Canada, Mexico and Puerto Rico for the nine months ended March 31, 2023, and the Company operated in the United States of America, Canada, and Mexico for the nine months ended March 31, 2022. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year's taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions.

	Three Months Ended						Nine Months Ended
	March 31						March 31
	2023			2022			2023			2022
Reconciliation of effective tax rate:
Provision for income taxes at the anticipated annual tax rate		30.5	%		22.4	%		25.9	%		23.4	%
Uncertain tax positions		1.2			0.5			0.3			(0.8	)
Other		0.7			-			0.2			-
Share-based compensation		0.2			-			0.6			(0.2	)
Effective tax rate		32.6	%		22.9	%		27.0	%		22.4	%