|
Income Taxes (Tables)
|
12 Months Ended |
|
Jun. 30, 2014
|
| Components of Provisions for Income Taxes |
The provisions for income
taxes consist of the following (in thousands):
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Year Ended
June 30, |
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2014 |
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|
2013 |
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|
2012 |
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|
Earnings before income
taxes consist of:
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|
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Domestic
|
|
$ |
127,681 |
|
|
$ |
127,491 |
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|
$ |
130,009 |
|
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Foreign
|
|
|
33,711 |
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|
33,171 |
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|
32,186 |
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|
|
|
|
|
|
|
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|
|
|
|
|
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$ |
161,392 |
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|
$ |
160,662 |
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|
$ |
162,195 |
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Taxes on income consist
of:
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Currently
payable:
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Federal
|
|
$ |
40,967 |
|
|
$ |
37,666 |
|
|
$ |
42,288 |
|
|
State
|
|
|
1,709 |
|
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|
2,012 |
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|
3,065 |
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Foreign
|
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|
10,668 |
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|
10,758 |
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|
8,891 |
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Net deferred:
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Federal
|
|
|
(1,137 |
) |
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|
(595 |
) |
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|
(4,318 |
) |
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State
|
|
|
(41 |
) |
|
|
(7 |
) |
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|
(149 |
) |
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Foreign
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|
(1,722 |
) |
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|
(1,733 |
) |
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|
87 |
|
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|
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|
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|
$ |
50,444 |
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|
$ |
48,101 |
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$ |
49,864 |
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| Reconciliation of Federal Tax Calculated at Statutory Rate |
The following is a
reconciliation of the federal tax calculated at the statutory rate
of 35% to the actual income taxes provided
(in thousands):
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Year Ended
June 30, |
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| |
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2014 |
|
|
2013 |
|
|
2012 |
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|
Computed expected federal
income tax expense
|
|
$ |
56,487 |
|
|
$ |
56,232 |
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|
$ |
56,768 |
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|
State income taxes, net of
federal benefit
|
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|
1,048 |
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|
1,300 |
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|
2,038 |
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Qualified production
activity deduction
|
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|
(3,823 |
) |
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(3,774 |
) |
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|
(3,917 |
) |
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Research and development
tax credit
|
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|
(476 |
) |
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|
(1,392 |
) |
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|
(465 |
) |
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Tax-exempt
interest
|
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|
(654 |
) |
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|
(568 |
) |
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|
(565 |
) |
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Foreign tax rate
differences
|
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|
(2,857 |
) |
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|
(2,587 |
) |
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|
(2,276 |
) |
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Change in deferred tax
valuation allowance
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|
0 |
|
|
|
0 |
|
|
|
(3,016 |
) |
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Other
|
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|
719 |
|
|
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(1,110 |
) |
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|
1,297 |
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|
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$ |
50,444 |
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|
$ |
48,101 |
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$ |
49,864 |
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| Temporary Differences Comprising Deferred Taxes on Consolidated Balance Sheets |
Temporary differences comprising
deferred taxes on the Consolidated Balance Sheets are as follows
(in thousands):
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June 30 |
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| |
|
2014 |
|
|
2013 |
|
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Inventory
|
|
$ |
9,932 |
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|
$ |
9,049 |
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Unrealized profit on
intercompany sales
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|
1,959 |
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|
1,973 |
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Excess tax basis in
equity investments
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|
4,344 |
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|
4,760 |
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Deferred
compensation
|
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|
3,295 |
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|
3,161 |
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Other
|
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|
1,129 |
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|
885 |
|
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Valuation
allowance
|
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|
(1,806 |
) |
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|
0 |
|
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Net deferred tax
assets
|
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|
18,853 |
|
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|
19,828 |
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Net unrealized gain on
available-for-sale investments
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(2,745 |
) |
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|
(21,662 |
) |
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Goodwill and intangible
asset amortization
|
|
|
(37,641 |
) |
|
|
(15,195 |
) |
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Depreciation
|
|
|
(2,166 |
) |
|
|
(701 |
) |
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Other
|
|
|
(516 |
) |
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|
(687 |
) |
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Deferred tax
liabilities
|
|
|
(43,068 |
) |
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|
(38,245 |
) |
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Net deferred tax
liabilities
|
|
$ |
(24,215 |
) |
|
$ |
(18,417 |
) |
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