Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

	Fiscal Year Ended June 30,
	2014		2013			2012
	(in thousands)
Current:
Federal	$	25,895	$	32,387		$	37,736
State	2,439		993			1,376
Foreign	3,826		3,921			3,703
Total current	32,160		37,301			42,815
Deferred:
Federal	7,933		(10,200		)	(830		)
State	725		(519		)	(44		)
Foreign	500		(8,218		)	(5,018		)
Total deferred	9,158		(18,937		)	(5,892		)
Provision for income taxes	$	41,318	$	18,364		$	36,923

Reconciliation of U.S.Federal Income Tax Expense

A reconciliation of the U.S. Federal income tax expense at a statutory rate of 35% to actual income tax expense, excluding any other taxes related to extraordinary gain is as follows:

	Fiscal Year Ended June 30,
	2014			2013			2012
	(in thousands)
U.S. Federal income tax at statutory rate	$	43,088		$	18,559		$	38,924
Increase (decrease) in income taxes due to:
State and local income taxes, net of Federal benefit	1,974			523			1,026
Tax credits	(1,935		)	(1,629		)	(1,122		)
Valuation allowance	803			353			24
Effect of foreign operations, net	(1,627		)	(1,342		)	(2,309		)
Stock compensation	(494		)	(148		)	86
Goodwill impairment	—			1,139			—
Other	(491		)	909			294
Provision for income taxes	$	41,318		$	18,364		$	36,923

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

	June 30,
	2014			2013
	(in thousands)
Deferred tax assets derived from:
Allowance for accounts receivable	$	6,987		$	5,958
Inventories	10,950			9,708
Nondeductible accrued expenses	—			375
Net operating loss carryforwards	4,675			4,065
Tax credits	1,873			1,021
Timing of amortization deduction from goodwill	6,101			6,403
Deferred compensation	5,300			5,205
Stock compensation	5,129			5,537
Timing of depreciation and other deductions for building and equipment	—			10,152
Total deferred tax assets	41,015			48,424
Valuation allowance	(1,696		)	(893		)
Total deferred tax assets, net of allowance	39,319			47,531
Deferred tax liabilities derived from:
Nondeductible accrued expenses	(231		)	—
Timing of depreciation and other deductions from building and equipment	(74		)	—
Timing of amortization deduction from goodwill	(4,477		)	(3,938		)
Timing of amortization deduction from intangible assets	(1,886		)	(2,506		)
Total deferred tax liabilities	(6,668		)	(6,444		)
Net deferred tax assets	$	32,651		$	41,087

Components of Pretax Earnings

The components of pretax earnings are as follows:

	Fiscal Year Ended June 30,
	2014		2013			2012
	(in thousands)
Domestic	$	104,685	$	64,581		$	103,711
Foreign	18,422		(11,555		)	7,500
Worldwide pretax earnings	$	123,107	$	53,026		$	111,211

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	June 30,
	2014			2013			2012
	(in thousands)
Beginning Balance	$	1,034		$	1,257		$	1,181
Additions based on tax positions related to the current year	204			240			163
Additions for tax positions of prior years	—			—			—
Reduction for tax positions of prior years	(85		)	(463		)	(87		)
Settlements	—			—			—
Ending Balance	$	1,153		$	1,034		$	1,257