Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The current and deferred components of the provision for income taxes consist of the following:

	For the Years Ended June 30,
(In thousands)	2019			2018		2017
Current:
Federal	$	(1,774	)	$	101	$	132
State	231			56		340
Total current income tax (benefit) expense	(1,543		)	157		472
Deferred:
Federal	30,618			17,090		12,120
State	11,036			65		2,223
Total deferred income tax expense	41,654			17,155		14,343
Income tax expense	$	40,111		$	17,312	$	14,815

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense to the federal statutory tax rate is as follows:

	For the Years Ended June 30,
(In thousands)	2019			2018			2017
Statutory tax rate	21		%	28		%	35		%
Income tax (benefit) expense at statutory rate	$	(7,032	)	$	(272	)	$	13,078
State income tax (benefit) expense, net of federal tax benefit	(1,295		)	12			1,707
Dividend income exclusion	—			—			(134		)
Valuation allowance	50,123			283			(14		)
Change in tax rate	124			18,022			(54		)
Retiree life insurance	—			19			1
Other (net)	(1,809		)	(752		)	231
Income tax expense	$	40,111		$	17,312		$	14,815

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:

	As of June 30,
(In thousands)	2019			2018
Deferred tax assets:
Postretirement benefits	$	20,775		$	18,862
Accrued liabilities	5,042			4,754
Net operating loss carryforwards	37,768			32,552
Other	5,950			6,728
Total deferred tax assets	69,535			62,896
Deferred tax liabilities:
Fixed assets	(15,562		)	(16,156		)
Other	(3,749		)	(5,536		)
Total deferred tax liabilities	(19,311		)	(21,692		)
Valuation allowance	(52,019		)	(1,896		)
Net deferred tax assets (liabilities)	$	(1,795	)	$	39,308