Annual report pursuant to Section 13 and 15(d)

Note 10 - Income Taxes (Tables)

v3.5.0.2
Note 10 - Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 
 
Year Ended June 30,
 
 
 
201
6
 
 
201
5
 
 
201
4
 
Earnings before income taxes consist of:
                        
Domestic
   $ 120,154     $ 121,765     $ 127,681  
Foreign
     27,327       32,397       33,711  
    $ 147,481     $ 154,162     $ 161,392  
Taxes on income consist of:
                        
Currently payable:
                        
Federal
   $ 34,805     $ 28,220     $ 40,967  
State
     2,958       6,165       1,709  
Foreign
     7,579       10,704       10,668  
Net deferred:
                        
Federal
     1,906       4,401
 
     (1,137
)
State
     (428
)
     292
 
     (41
)
Foreign
     (3,815
)
     (3,355
)
     (1,722
)
    $ 43,005     $ 46,427     $ 50,444  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
 
 
Year Ended June 30,
 
 
 
201
6
 
 
201
5
 
 
201
4
 
                         
Computed expected federal income tax expense
   $ 51,618     $ 53,957     $ 56,487  
State income taxes, net of federal benefit
     1,852       4,762       1,048  
Qualified production activity deduction
     (3,932
)
     (3,140
)
     (3,823
)
Non-taxable gain on investment
     0       (2,905
)
     0  
Research and development tax credit
     (1,550
)
     (912
)
     (476
)
Tax-exempt interest
     0       0       (654
)
Foreign tax rate differences
     (4,639
)
     (4,059
)
     (2,857
)
Other
     (344
)
     (1,276 )     719
 
    $ 43,005     $ 46,427     $ 50,444  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
 
 
June 30
 
 
 
201
6
 
 
201
5
 
                 
Inventory
  $ 9,768     $ 8,753  
Net operating loss carryovers
    26,556       34,767  
Tax credit carryovers
     3,197       3,872  
Excess tax basis in equity investments
     4,544       4,496  
Deferred compensation
     5,912       3,747  
Net unrealized loss on available for sale investment
     329       0  
Other
     7,421       4,712  
Valuation allowance
     (7,201
)
     (2,558
)
Net deferred tax assets
     50,526       57,789  
                 
Net unrealized gain on available-for-sale investments
     0       (8,446
)
Intangible asset amortization
     (107,200
)
     (96,401
)
Depreciation
     (5,132
)
     (2,394
)
Other
     (1,031
)
     (466
)
Deferred tax liabilities
     (113,363
)
     (107,707
)
Net deferred tax liabilities
   $ (62,837
)
   $ (49,918
)