Annual report pursuant to Section 13 and 15(d)

Note 11 - Income Taxes (Tables)

v3.21.2
Note 11 - Income Taxes (Tables)
12 Months Ended
Jun. 30, 2021
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

Year Ended June 30,

 
   

2021

    2020     2019  

Domestic

  $ 95,662     $ 245,365     $ 64,081  

Foreign

    52,513       31,112       47,934  

Income before income taxes

  $ 148,175     $ 276,477     $ 112,015  
   

Year Ended June 30,

 
    2021     2020     2019  

Taxes on income consist of:

                       

Currently tax provision:

                       

Federal

  $ 15,179     $ 18,976     $ 16,090  

State

    6,681       6,018       544  

Foreign

    14,743       8,580       13,329  

Total current tax provision

    36,603       33,574       29,963  

Deferred tax provision:

                       

Federal

    (20,812 )     14,074

 

    (6,903

)

State

    (4,962 )     2,055

 

    (3,977

)

Foreign

    (2,239 )     (2,522

)

    (3,142

)

Total deferred tax provision

    (28,013 )     13,607

 

    (14,021

)

Total income tax provision

  $
8,590
    $ 47,181     $ 15,943

 

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Year Ended June 30,

 
   

2021

    2020     2019  
                         

Income tax expense at federal statutory rate

    21.0

%

    21.0

%

    21.0

%

State income taxes, net of federal benefit

    0.6

 

    2.3

 

    (1.5

)

Research and development tax credit

    (1.8

)

    (0.7

)

    (1.6

)

Contingent consideration adjustment

    0.8

 

    (0.2

)

    (0.4

)

Foreign tax rate differences

    0.8

 

    (0.2

)

    0.2

 

Option exercises

    (16.9

)

    (5.7

)

    (5.8

)

U.S. taxation of foreign earnings

    (0.1 )     0.9

 

    3.7

 

Foreign derived intangible income

    (5.1 )     (0.9

)

    (2.0 )

Executive compensation limitations

    6.5       1.6

 

    0.4  

Other, net

    0.0       (1.0

)

    0.2

 

Effective tax rate

    5.8

%

    17.1

%

    14.2

%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

June 30

 
   

2021

    2020  
                 

Inventory

  $ 6,730     $ 7,769  

Net operating loss carryovers

    31,345       25,707  

Tax credit carryovers

    14,486       9,568  

Excess tax basis in equity investments

    2,429       2,423  

Deferred compensation

    11,108       10,755  

Derivative - cash flow hedge

    1,908       4,058  

Lease liability

    17,016       16,256  

Other

    8,526       4,340  

Valuation allowance

    (6,665

)

    (7,523

)

Deferred tax assets

    86,883       73,353  
                 

Net unrealized gain on available-for-sale investments

    (3,159

)

    (19,102

)

Intangible asset amortization

    (150,765

)

    (128,279

)

Depreciation

    (9,099

)

    (10,764

)

Right of use asset

    (15,868

)

    (15,118 )

Other

    (1,117

)

    (1,180

)

Deferred tax liabilities

    (180,008

)

    (174,443

)

Net deferred tax liabilities

  $ (93,125 )   $ (101,090

)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
   

Year Ended June 30,

 
   

2021

    2020     2019  

Beginning balance

  $ 4,297     $ 5,032     $ 1,947  

Additions due to acquisitions

    -       -       900  

Additions for tax positions of prior year

    4,038       306       2,185  

Decrease in unrecognized tax benefits for prior year positions

    (778

)

    (1,041 )     -  
Settlements     (286 )     -       -  

Ending balances

  $ 7,271     $ 4,297     $ 5,032