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
)