Annual report pursuant to Section 13 and 15(d)

Note 11 - Income Taxes (Tables)

v3.19.2
Note 11 - Income Taxes (Tables)
12 Months Ended
Jun. 30, 2019
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   
Year Ended June 30,
 
   
201
9
   
201
8
   
201
7
 
Domestic
  $
64,081
    $
81,557
    $
81,721
 
Foreign
   
47,934
     
44,395
     
30,240
 
Income before income taxes
  $
112,015
    $
125,952
    $
111,961
 
   
Year Ended June 30,
 
   
201
9
   
201
8
   
201
7
 
Taxes on income consist of:
                       
Currently tax provision:
                       
Federal
  $
16,090
    $
28,416
    $
28,462
 
State
   
544
     
5,315
     
4,051
 
Foreign
   
13,329
     
11,983
     
8,212
 
Total current tax provision
   
29,963
     
45,714
     
40,725
 
Deferred tax provision:
                       
Federal
   
(6,903
)
   
(40,378
)
   
(901
)
State
   
(3,977
)
   
(1,381
)
   
(968
)
Foreign
   
(3,142
)
   
(4,154
)
   
(2,981
)
Total deferred tax provision
   
(14,021
)
   
(45,912
)
   
(4,850
)
Total income tax provision
  $
15,942
 
  $
(198
)
  $
35,875
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   
Year Ended June 30,
 
   
201
9
   
201
8
   
201
7
 
                         
Income tax expense at federal statutory rate
   
21.0
%
   
28.1
%
   
35.0
%
State income taxes, net of federal benefit
   
0.8
%
   
2.5
%
   
1.9
%
Qualified production activity deduction
   
-
%
   
(2.4
)%
   
(3.4
)%
Research and development tax credit
   
(1.6
)%
   
(1.4
)%
   
(1.4
)%
Contingent consideration adjustment
   
(0.4
)%    
3.3
%
   
4.1
%
Foreign tax rate differences
   
0.2
%    
(3.5
)%
   
(4.6
)%
Option exercises
   
(5.8
)%    
(1.8
)%
   
-
%
Domestic tax legislation changes    
1.7
%
   
(26.2
)%
   
-
%
State apportionment changes    
(2.3
)%    
-
     
-
 
Other, net
   
0.6
%
   
1.2
%
   
0.4
%
Effective tax rate
   
14.2
%
   
(0.2
)%
   
32.0
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   
June 30
 
   
201
9
   
201
8
 
                 
Inventory
  $
7,743
    $
5,873
 
Net operating loss carryovers
   
33,294
     
15,938
 
Tax credit carryovers
   
9,640
     
7,029
 
Excess tax basis in equity investments
   
3,433
     
2,813
 
Deferred compensation
   
10,333
     
7,806
 
Derivative - cash flow hedge    
2,921
     
-
 
Other
   
5,207
     
3,864
 
Valuation allowance
   
(6,974
)
   
(2,978
)
Deferred tax assets
   
65,597
     
40,345
 
                 
Net unrealized gain on available-for-sale investments
   
(4,542
)
   
(8,384
)
Intangible asset amortization
   
(141,998
)
   
(111,247
)
Depreciation
   
(8,371
)    
(6,349
)
Other
   
(440
)    
(658
)
Deferred tax liabilities
   
(155,351
)
   
(126,638
)
Net deferred tax liabilities
  $
(89,754
)
  $
(86,293
)
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
   
Year Ended June 30,
 
   
201
9
   
201
8
   
201
7
 
Beginning balance
  $
1,947
    $
1,747
    $
1,480
 
Additions due to acquisitions
   
900
     
 
     
628
 
Additions for tax positions of current year
   
2,185
     
35
     
13
 
Closure of tax years
   
 
     
 
     
(374
)
Tax reform
   
 
     
165
     
 
 
Ending balances
  $
5,032
    $
1,947
    $
1,747