Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income (Loss) from Continuing Operations Before Income Taxes

The components of income (loss) before income taxes were as follows:

Year Ended June 30,	2015			2014			2013
($000)
U.S. income (loss)	$	(5,326	)	$	(2,863	)	$	19,253
Non-U.S. income		84,438			48,504			58,233
Total Earnings Before Tax	$	79,112		$	45,641		$	77,486

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) from continuing operations were as follows:

Year Ended June 30,	2015			2014			2013
($000)
Current:
Federal	$	(146	)	$	(1,067	)	$	2,759
State		86			152			68
Foreign		16,978			12,675			13,977
Total Current	$	16,918		$	11,760		$	16,804
Deferred:
Federal	$	(2,762	)	$	(16	)	$	1,721
State		(251	)		148			113
Foreign		(768	)		(4,567	)		128
Total Deferred	$	(3,781	)	$	(4,435	)	$	1,962
Total Income Tax Expense	$	13,137		$	7,325		$	18,766

Schedule of Principal Items Comprising Deferred Income Taxes

Principal items comprising deferred income taxes were as follows:

June 30,	2015			2014
($000)
Deferred income tax assets
Inventory capitalization	$	6,614		$	5,402
Non-deductible accruals		1,902			1,926
Accrued employee benefits		10,297			9,226
Net-operating loss and credit carryforwards		22,232			21,976
Share-based compensation expense		13,222			16,005
Other		1,468			577
Valuation allowances		(2,713	)		(2,212	)
Total deferred income tax assets	$	53,022		$	52,900
Deferred income tax liabilities
Tax over book accumulated depreciation	$	(15,937	)	$	(17,625	)
Intangible assets		(25,132	)		(25,505	)
Tax on unremitted earnings		(1,753	)		(714	)
Other		(2,520	)		(2,072	)
Total deferred income tax liabilities	$	(45,342	)	$	(45,916	)
Net deferred income taxes	$	7,680		$	6,984

Schedule of Reconciliation of Income Tax Expense at Statutory Federal Rate to Reported Income Tax Expense

The reconciliation of income tax expense at the statutory federal rate to the reported income tax expense is as follows:

Year Ended June 30,	2015			%			2014			%			2013			%
($000)
Taxes at statutory rate	$	27,689			35		$	15,974			35		$	27,120			35
Increase (decrease) in taxes resulting from:
State income taxes-net of federal benefit		(196	)		-			254			1			168			-
Taxes on non U.S. earnings		(11,687	)		(15	)		(6,672	)		(15	)		(6,991	)		(9	)
Settlement of unrecognized tax benefits		-			-			-			-			-			-
Research and manufacturing incentive deductions		(2,573	)		(3	)		(2,190	)		(5	)		(1,458	)		(2	)
Other		(96	)		-			(41	)		-			(73	)		-
	$	13,137			17		$	7,325			16		$	18,766			24

Schedule of Sources of Differences Resulting in Deferred Income Tax Expense (Benefit)

The sources of differences resulting in deferred income tax expense (benefit) from continuing operations and the related tax effect of each were as follows:

Year Ended June 30,	2015			2014			2013
($000)
Depreciation and amortization	$	(1,844	)	$	(3,581	)	$	(2,825	)
Inventory capitalization		(1,273	)		646			84
Net operating loss and credit carryforwards net of valuation  allowances		418			533			4,786
Share-based compensation expense		(1,029	)		(984	)		(3,487	)
Other		(53	)		(1,049	)		3,404
	$	(3,781	)	$	(4,435	)	$	1,962

Schedule of Gross Operating Loss Carryforwards and Tax Credit Carryforwards

The Company has the following gross operating loss carryforwards and tax credit carryforwards as of June 30, 2015:

Type	Amount		Expiration Date
($000)
Tax credit carryforwards:
Federal research and development credits	$	6,179	June 2019-June 2035
Foreign tax credits		2,396	June 2024-June 2025
State tax credits		2,918	June 2016-June 2034
Operating loss carryforwards:
Loss carryforwards – federal	$	24,766	June 2027-June 2029
Loss carryforwards – state		22,554	June 2017-June 2035
Loss carryforwards – foreign		9,146	June 2016-June 2024

Schedule of Changes in Liability for Unrecognized Tax Benefits

Changes in the liability for unrecognized tax benefits for the fiscal years ended June 30, 2015, 2014 and 2013 were as follows:

	2015			2014			2013
($000)
Balance at Beginning of Year	$	2,775		$	3,181		$	2,850
Increases in current year tax positions		2,450			298			338
Increases in prior year tax positions		203		2				-
Decreases in prior year tax positions		-			-			(7	)
Settlements		-			-			-
Expiration of statute of limitations		(1,406	)		(706	)		-
Balance at End of Year	$	4,022		$	2,775		$	3,181