Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Schedule of Components of Income Tax Expense (Benefit)

The current and deferred components of the provision for income taxes consist of the following (prior period amounts have been retrospectively adjusted to reflect the impact of certain changes in accounting principles and corrections to previously issued financial statements as described in Note 3):



	June 30,
(In thousands)	2018		2017		2016
Current:
Federal	$	101	$	132	$	214
State	56		340		103
Total current income tax expense	157		472		317
Deferred:
Federal	17,090		12,120		(60,069		)
State	65		2,223		(12,487		)
Total deferred income tax expense (benefit)	17,155		14,343		(72,556		)
Income tax expense (benefit)	$	17,312	$	14,815	$	(72,239	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) to the federal statutory tax rate is as follows (prior period amounts have been retrospectively adjusted to reflect the impact of certain changes in accounting principles and corrections to previously issued financial statements as described in Note 3):



	June 30,
(In thousands)	2018			2017			2016
Statutory tax rate	28		%	35		%	35		%
Income tax expense at statutory rate	$	(272	)	$	13,078		$	(157	)
State income tax expense, net of federal tax benefit	12			1,707			160
Dividend income exclusion	—			(134		)	(140		)
Valuation allowance	283			(14		)	(71,670		)
Change in tax rate	18,022			(54		)	(836		)
Retiree life insurance	19			1			135
Other (net)	(752		)	231			269
Income tax expense (benefit)	$	17,312		$	14,815		$	(72,239	)

Schedule of Deferred Tax Assets and Liabilities

The primary components of the temporary differences which give rise to the Company’s net deferred tax assets (liabilities) are as follows:



	June 30,
(In thousands)	2018			2017			2016
Deferred tax assets:
Postretirement benefits	$	18,862		$	29,813		$	33,815
Accrued liabilities	4,754			7,885			11,760
Net operating loss carryforwards	32,552			38,981			38,196
Other	6,728			6,824			6,952
Total deferred tax assets	62,896			83,503			90,723
Deferred tax liabilities:
Unrealized gain on investments	—			—			(609		)
Fixed assets	(16,156		)	(17,096		)	(5,370		)
Other	(5,536		)	(10,861		)	(11,609		)
Total deferred tax liabilities	(21,692		)	(27,957		)	(17,588		)
Valuation allowance	(1,896		)	(1,613		)	(1,627		)
Net deferred tax assets (liabilities)	$	39,308		$	53,933		$	71,508