Income Taxes	9 Months Ended
Mar. 31, 2015
Income Taxes
Income Taxes	Note 18. Income Taxes The Company uses the liability method to account for income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense/(benefit) is the result of changes in deferred tax assets and liabilities. The federal, state and local income tax expense for the three months ended March 31, 2015 and 2014 was $18.0 million and $13.3 million, respectively. The effective tax rates for the three months ended March 31, 2015 and 2014 were 33% and 37%, respectively. The effective tax rate for the three months ended March 31, 2015 was lower compared to the three months ended March 31, 2014 due primarily to the effect of changes in local tax laws and domestic manufacturing deductions recorded in Fiscal 2015. Research-related tax credits also contributed to the lower rate. The federal, state and local income tax expense for the nine months ended March 31, 2015 and 2014 was $60.2 million and $18.8 million, respectively. The effective tax rates were 34% and 36%, respectively. The effective tax rate for the nine months ended March 31, 2015 was lower compared to the nine months ended March 31, 2014 due primarily to the effect of changes in local tax laws and domestic manufacturing deductions recorded in Fiscal 2015. Research-related tax credits also contributed to the lower rate. The Company may recognize the tax benefit from an uncertain tax position claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of March 31, 2015 and June 30, 2014, the Company reported total unrecognized tax benefits of $578 thousand and $428 thousand, respectively. As a result of the positions taken during the period, the Company has not recorded any interest and penalties for the period ended March 31, 2015 in the statement of operations and no cumulative interest and penalties have been recorded in the Company’s statement of financial position as of March 31, 2015 and June 30, 2014. The Company will recognize interest accrued on unrecognized tax benefits in interest expense and any related penalties in operating expenses. The Company does not believe that the total unrecognized tax benefits will significantly increase or decrease in the next twelve months. The Company files income tax returns in the United States federal jurisdiction, Pennsylvania, and New Jersey. The Company’s tax returns for Fiscal Year 2011 and prior generally are no longer subject to review as such years generally are closed. The Company believes that an unfavorable resolution for open tax years would not be material to the financial position of the Company.

Note 18. Income Taxes

The Company uses the liability method to account for income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense/(benefit) is the result of changes in deferred tax assets and liabilities.

The federal, state and local income tax expense for the three months ended March 31, 2015 and 2014 was $18.0 million and $13.3 million, respectively. The effective tax rates for the three months ended March 31, 2015 and 2014 were 33% and 37%, respectively. The effective tax rate for the three months ended March 31, 2015 was lower compared to the three months ended March 31, 2014 due primarily to the effect of changes in local tax laws and domestic manufacturing deductions recorded in Fiscal 2015. Research-related tax credits also contributed to the lower rate. The federal, state and local income tax expense for the nine months ended March 31, 2015 and 2014 was $60.2 million and $18.8 million, respectively. The effective tax rates were 34% and 36%, respectively. The effective tax rate for the nine months ended March 31, 2015 was lower compared to the nine months ended March 31, 2014 due primarily to the effect of changes in local tax laws and domestic manufacturing deductions recorded in Fiscal 2015. Research-related tax credits also contributed to the lower rate.

The Company may recognize the tax benefit from an uncertain tax position claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

As of March 31, 2015 and June 30, 2014, the Company reported total unrecognized tax benefits of $578 thousand and $428 thousand, respectively. As a result of the positions taken during the period, the Company has not recorded any interest and penalties for the period ended March 31, 2015 in the statement of operations and no cumulative interest and penalties have been recorded in the Company’s statement of financial position as of March 31, 2015 and June 30, 2014. The Company will recognize interest accrued on unrecognized tax benefits in interest expense and any related penalties in operating expenses. The Company does not believe that the total unrecognized tax benefits will significantly increase or decrease in the next twelve months.

The Company files income tax returns in the United States federal jurisdiction, Pennsylvania, and New Jersey. The Company’s tax returns for Fiscal Year 2011 and prior generally are no longer subject to review as such years generally are closed. The Company believes that an unfavorable resolution for open tax years would not be material to the financial position of the Company.