Note 11 - Income Taxes (Tables)
|
12 Months Ended |
Jun. 30, 2020 |
|---|
| Notes Tables |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
| |
|
Year Ended June 30, |
|
| |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| Domestic |
|
$ |
245,365 |
|
|
$ |
64,081 |
|
|
$ |
81,557 |
|
| Foreign |
|
|
31,112 |
|
|
|
47,934 |
|
|
|
44,395 |
|
| Income before income taxes |
|
$ |
276,477 |
|
|
$ |
112,015 |
|
|
$ |
125,952 |
|
| |
|
Year Ended June 30, |
|
| |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| Taxes on income consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| Currently tax provision: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
18,976 |
|
|
$ |
16,090 |
|
|
$ |
28,416 |
|
| State |
|
|
6,018 |
|
|
|
544 |
|
|
|
5,315 |
|
| Foreign |
|
|
8,580 |
|
|
|
13,329 |
|
|
|
11,983 |
|
| Total current tax provision |
|
|
33,574 |
|
|
|
29,963 |
|
|
|
45,714 |
|
| Deferred tax provision: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
14,074 |
|
|
|
(6,903 |
) |
|
|
(40,378 |
) |
| State |
|
|
2,055 |
|
|
|
(3,977 |
) |
|
|
(1,381 |
) |
| Foreign |
|
|
(2,522) |
|
|
|
(3,142 |
) |
|
|
(4,154 |
) |
| Total deferred tax provision |
|
|
13,607 |
|
|
|
(14,021 |
) |
|
|
(45,912 |
) |
| Total income tax provision |
|
$ |
47,181 |
|
|
$ |
15,943 |
|
|
$ |
(198 |
) |
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
|
Year Ended June 30, |
|
| |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense at federal statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
28.1 |
% |
| State income taxes, net of federal benefit |
|
|
2.3 |
% |
|
|
0.8 |
% |
|
|
2.5 |
% |
| Qualified production activity deduction |
|
|
- |
% |
|
|
- |
% |
|
|
(2.4 |
)% |
| Research and development tax credit |
|
|
(0.7 |
)% |
|
|
(1.6 |
)% |
|
|
(1.4 |
)% |
| Contingent consideration adjustment |
|
|
(0.2 |
)% |
|
|
(0.4 |
)% |
|
|
3.3 |
% |
| Foreign tax rate differences |
|
|
(0.2 |
)% |
|
|
0.2 |
% |
|
|
(3.5 |
)% |
| Option exercises |
|
|
(5.7 |
)% |
|
|
(5.8 |
)% |
|
|
(1.8 |
)% |
| Domestic tax legislation changes |
|
|
- |
|
|
|
1.7 |
% |
|
|
(26.2 |
)% |
| State apportionment changes |
|
|
- |
|
|
|
(2.3 |
)% |
|
|
- |
|
| Executive compensation limitations |
|
|
1.6 |
% |
|
|
0.4 |
% |
|
|
- |
|
| Other, net |
|
|
(1.0 |
)% |
|
|
0.2 |
% |
|
|
1.2 |
% |
| Effective tax rate |
|
|
17.1 |
% |
|
|
14.2 |
% |
|
|
(0.2 |
)% |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| |
|
June 30 |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
|
|
|
|
|
|
|
| Inventory |
|
$ |
7,769 |
|
|
$ |
7,743 |
|
| Net operating loss carryovers |
|
|
25,707 |
|
|
|
33,294 |
|
| Tax credit carryovers |
|
|
9,568 |
|
|
|
9,640 |
|
| Excess tax basis in equity investments |
|
|
2,423 |
|
|
|
3,433 |
|
| Deferred compensation |
|
|
10,755 |
|
|
|
10,333 |
|
| Derivative - cash flow hedge |
|
|
4,058 |
|
|
|
2,921 |
|
| Lease liability |
|
|
16,256 |
|
|
|
- |
|
| Other |
|
|
4,340 |
|
|
|
5,207 |
|
| Valuation allowance |
|
|
(7,523 |
) |
|
|
(6,974 |
) |
| Deferred tax assets |
|
|
73,353 |
|
|
|
65,597 |
|
| |
|
|
|
|
|
|
|
|
| Net unrealized gain on available-for-sale investments |
|
|
(19,102 |
) |
|
|
(4,542 |
) |
| Intangible asset amortization |
|
|
(128,279 |
) |
|
|
(141,998 |
) |
| Depreciation |
|
|
(10,764 |
) |
|
|
(8,371 |
) |
| Right of use asset |
|
|
(15,118 |
) |
|
|
- |
|
| Other |
|
|
(1,180 |
) |
|
|
(440 |
) |
| Deferred tax liabilities |
|
|
(174,443 |
) |
|
|
(155,351 |
) |
| Net deferred tax liabilities |
|
$ |
(101,090 |
) |
|
$ |
(89,754 |
) |
|
| Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
| |
|
Year Ended June 30, |
|
| |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| Beginning balance |
|
$ |
5,032 |
|
|
$ |
1,947 |
|
|
$ |
1,747 |
|
| Additions due to acquisitions |
|
|
- |
|
|
|
900 |
|
|
|
- |
|
| Additions for tax positions of current year |
|
|
306 |
|
|
|
2,185 |
|
|
|
35 |
|
| Closure of tax years |
|
|
(1,041 |
) |
|
|
- |
|
|
|
- |
|
| Tax reform |
|
|
- |
|
|
|
- |
|
|
|
165 |
|
| Ending balances |
|
$ |
4,297 |
|
|
$ |
5,032 |
|
|
$ |
1,947 |
|
|