Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Components of income before income taxes

The components of income before income taxes are as follows:



Year Ended June 30,	2015		2014		2013
U.S.	$	152,618	$	147,980	$	153,546
Foreign	23,253		18,282		24,119
Income before income taxes	$	175,871	$	166,262	$	177,665

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision (benefit) for income taxes consists of:



Year Ended June 30,	2015			2014			2013
Current:
Federal	$	52,861		$	50,455		$	38,859
State and local	6,884			6,576			5,736
Foreign	5,603			4,619			4,742
Total current	65,348			61,650			49,337
Deferred:
Federal	(3,799		)	(5,328		)	10,277
State and local	(153		)	(267		)	346
Foreign	(1,009		)	(2,614		)	(444		)
Total deferred	(4,961		)	(8,209		)	10,179
Total	$	60,387		$	53,441		$	59,516

Reconciliations of federal statutory income tax rate and Company's effective income tax rate

The following reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate:



Year Ended June 30,	2015		2014		2013
Statutory income tax rate	35.0	%	35.0	%	35.0	%
Effects of:
State and local taxes	2.5	%	2.4	%	2.3	%
U.S. tax on foreign income, net	—	%	(1.6	)%	—	%
Foreign income taxes	(2.5	)%	(2.6	)%	(2.3	)%
Deductible dividend	(0.5	)%	(0.5	)%	(0.5	)%
Valuation Allowance	0.5	%	—	%	—	%
Other, net	(0.7	)%	(0.6	)%	(1.0	)%
Effective income tax rate	34.3	%	32.1	%	33.5	%

Components of the Company's net deferred tax assets

Significant components of the Company’s deferred tax assets and liabilities are as follows:



June 30,	2015			2014
Deferred tax assets:
Compensation liabilities not currently deductible	$	28,902		$	30,662
Expenses and reserves not currently deductible	9,115			8,364
Goodwill and intangibles	7,363			8,294
Foreign tax credit	1,155			—
Net operating loss carryforwards (expiring in years 2017-2034)	860			386
Other	289			281
Total deferred tax assets	47,684			47,987
Less: Valuation allowance	(917		)	—
Deferred tax assets, net of valuation allowance	46,767			47,987
Deferred tax liabilities:
Inventories	(5,499		)	(6,490		)
Goodwill and intangibles	(38,707		)	(23,254		)
Depreciation and differences in property bases	(9,328		)	(10,219		)
Total deferred tax liabilities	(53,534		)	(39,963		)
Net deferred tax (liabilities) assets	$	(6,767	)	$	8,024
Net deferred tax (liabilities) assets are classified as follows:
Other current assets	$	13,293		$	11,371
Deferred tax assets (long-term)	97			21,166
Other liabilities	(20,157		)	(24,513		)
Net deferred tax (liabilities) assets	$	(6,767	)	$	8,024

Reconciliation of the Company's total gross unrecognized income tax benefits

The Company and its subsidiaries file income tax returns in U.S. federal, various state, local and foreign jurisdictions. The following table sets forth the changes in the amount of unrecognized tax benefits for the years ended June 30, 2015, 2014 and 2013:



Year Ended June 30,	2015			2014			2013
Unrecognized Income Tax Benefits at beginning of the year	$	2,364		$	2,655		$	1,539
Current year tax positions	472			730			957
Prior year tax positions	—			—			790
Expirations of statutes of limitations	(160		)	(1,007		)	(565		)
Settlements	(72		)	(14		)	(66		)
Unrecognized Income Tax Benefits at end of year	$	2,604		$	2,364		$	2,655