Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Components of income before income taxes

The components of income before income taxes are as follows:



Year Ended June 30,	2017		2016			2015
U.S.	$	154,472	$	139,960		$	152,618
Foreign	12,494		(60,982		)	23,253
Income before income taxes	$	166,966	$	78,978		$	175,871

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

The provision (benefit) for income taxes consists of:



Year Ended June 30,	2017			2016			2015
Current:
Federal	$	26,456		$	45,226		$	52,861
State and local	4,692			6,349			6,884
Foreign	4,760			4,407			5,603
Total current	35,908			55,982			65,348
Deferred:
Federal	852			397			(3,799		)
State and local	535			(30		)	(153		)
Foreign	(4,239		)	(6,948		)	(1,009		)
Total deferred	(2,852		)	(6,581		)	(4,961		)
Total	$	33,056		$	49,401		$	60,387

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,	2017		2016		2015
Statutory income tax rate	35.0	%	35.0	%	35.0	%
Effects of:
State and local taxes	2.8		5.2		2.5
Worthless stock deduction	(13.9	)	—		—
Stock compensation	(1.4	)	—		—
Goodwill impairment	—		27.1		—
Foreign income taxes	(2.3	)	(3.0	)	(2.5	)
Deductible dividend	(0.4	)	(0.9	)	(0.5	)
Valuation allowance	0.3		0.5		0.5
Other, net	(0.3	)	(1.3	)	(0.7	)
Effective income tax rate	19.8	%	62.6	%	34.3	%

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,	2017			2016
Deferred tax assets:
Compensation liabilities not currently deductible	$	26,873		$	25,992
Other expenses and reserves not currently deductible	11,601			11,650
Goodwill and intangibles	5,661			6,366
Foreign tax credit (expiring in years 2025-2026)	709			849
Net operating loss carryforwards (expiring in years 2018-2037)	5,729			4,960
Other	119			83
Total deferred tax assets	50,692			49,900
Less: Valuation allowance	(1,831		)	(1,347		)
Deferred tax assets, net of valuation allowance	48,861			48,553
Deferred tax liabilities:
Inventories	(7,447		)	(4,785		)
Goodwill and intangibles	(30,482		)	(33,353		)
Depreciation and differences in property bases	(10,122		)	(9,892		)
Total deferred tax liabilities	(48,051		)	(48,030		)
Net deferred tax assets	$	810		$	523
Net deferred tax assets are classified as follows:
Deferred tax assets	$	8,985		$	12,277
Other liabilities	(8,175		)	(11,754		)
Net deferred tax assets	$	810		$	523

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, 2017, 2016 and 2015:



Year Ended June 30,	2017			2016			2015
Unrecognized Income Tax Benefits at beginning of the year	$	2,915		$	2,604		$	2,364
Current year tax positions	574			539			472
Prior year tax positions	259			—			—
Expirations of statutes of limitations	(189		)	(132		)	(160		)
Settlements	(26		)	(96		)	(72		)
Unrecognized Income Tax Benefits at end of year	$	3,533		$	2,915		$	2,604