Annual report pursuant to Section 13 and 15(d)

Note 10 - Income Taxes (Tables)

v3.2.0.727
Note 10 - Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2015
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 
 
Year Ended June 30,
 
 
 
2015
 
 
2014
 
 
2013
 
Earnings before income taxes consist of:
                        
 
Domestic
   $ 121,765     $ 127,681     $ 127,491  
 
Foreign
     32,397       33,711       33,171  
    $ 154,162     $ 161,392     $ 160,662  
Taxes on income consist of:
                        
 
Currently payable:
                        
  
Federal
   $ 28,220     $ 40,967     $ 37,666  
  
State
     6,165       1,709       2,012  
  
Foreign
     10,704       10,668       10,758  
 
Net deferred:
                        
  
Federal
     4,401       (1,137
)
     (595
)
  
State
     292       (41
)
     (7
)
  
Foreign
     (3,355
)
     (1,722
)
     (1,733
)
    $ 46,427     $ 50,444     $ 48,101  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
 
 
Year Ended June 30,
 
 
 
2015
 
 
2014
 
 
2013
 
                         
Computed expected federal income tax expense
   $ 53,957     $ 56,487     $ 56,232  
State income taxes, net of federal benefit
     4,762       1,048       1,300  
Qualified production activity deduction
     (3,140
)
     (3,823
)
     (3,774
)
Non-taxable gain on investment
     (2,905
)
     0       0  
Research and development tax credit
     (912
)
     (476
)
     (1,392
)
Tax-exempt interest
     0       (654
)
     (568
)
Foreign tax rate differences
     (4,059
)
     (2,857
)
     (2,587
)
Other
     (1,276
)
     719       (1,110
)
    $ 46,427     $ 50,444     $ 48,101  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
 
 
June 30
 
 
 
2015
 
 
2014
 
                 
Inventory
  $ 8,753     $ 9,932  
Net operating loss carryovers
    34,767       0  
Tax credit carryovers
     3,872       0  
Excess tax basis in equity investments
     4,496       4,344  
Deferred compensation
     3,747       3,295  
Other
     4,712       3,088  
Valuation allowance
     (2,558
)
     (1,806
)
 
Net deferred tax assets
     57,789       18,853  
                 
Net unrealized gain on available-for-sale investments
     (8,446
)
     (2,745
)
Goodwill and intangible asset amortization
     (96,401
)
     (37,641
)
Depreciation
     (2,394
)
     (2,166
)
Other
     (466
)
     (516
)
 
Deferred tax liabilities
     (107,707
)
     (43,068
)
 
Net deferred tax liabilities
   $ (49,918
)
   $ (24,215
)