Annual report pursuant to Section 13 and 15(d)

Note 10 - Income Taxes (Tables)

v3.7.0.1
Note 10 - Income Taxes (Tables)
12 Months Ended
Jun. 30, 2017
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 
 
Year Ended June 30,
 
 
 
2017
 
 
2016
 
 
2015
 
Earnings before income taxes consist of:
                       
Domestic
  $
81,721
    $
120,154
    $
121,765
 
Foreign
   
30,240
     
27,327
     
32,397
 
    $
111,961
    $
147,481
    $
154,162
 
Taxes on income consist of:
                       
Currently payable:
                       
Federal
  $
28,462
    $
34,805
    $
28,220
 
State
   
4,051
     
2,958
     
6,165
 
Foreign
   
8,212
     
7,579
     
10,704
 
Net deferred:
                       
Federal
   
(901
)    
1,906
     
4,401
 
State
   
(968
)    
(428
)
   
292
 
Foreign
   
(2,981
)    
(3,815
)
   
(3,355
)
Total tax expense
  $
35,875
    $
43,005
    $
46,427
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
 
 
Year Ended June 30,
 
 
 
2017
 
 
2016
 
 
2015
 
                         
Income tax expense at federal statutory rate
  $
39,186
    $
51,618
    $
53,957
 
State income taxes, net of federal benefit
   
2,158
     
1,852
     
4,762
 
Qualified production activity deduction
   
(3,820
)
   
(3,932
)
   
(3,140
)
Non-taxable gain on investment
   
-
     
-
     
(2,905
)
Research and development tax credit
   
(1,519
)
   
(1,550
)
   
(912
)
Contingent consideration adjustment
   
4,541
     
-
     
-
 
Foreign tax rate differences
   
(5,143
)
   
(4,639
)
   
(4,059
)
Other, net
   
472
     
(344
)
   
(1,276
)
Income tax expense
  $
35,875
    $
43,005
    $
46,427
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
 
 
June 30
 
 
 
2017
 
 
2016
 
                 
Inventory
  $
9,415
    $
9,768
 
Net operating loss carryovers
   
24,617
     
26,556
 
Tax credit carryovers
   
6,386
     
3,197
 
Excess tax basis in equity investments
   
4,381
     
4,544
 
Deferred compensation
   
9,052
     
5,912
 
Net unrealized loss on available for sale investment
   
-
     
329
 
Other
   
9,937
     
7,421
 
Valuation allowance
   
(3,341
)
   
(7,201
)
Net deferred tax assets
   
60,447
     
50,526
 
                 
Net unrealized gain on available-for-sale investments
   
(11,153
)
   
-
 
Intangible asset amortization
   
(162,460
)
   
(107,200
)
Depreciation
   
(5,628
)
   
(5,132
)
Other
   
(1,802
)
   
(1,031
)
Deferred tax liabilities
   
(181,043
)
   
(113,363
)
Net deferred tax liabilities
  $
(120,596
)
  $
(62,837
)