Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Income Taxes

Schedule of provision for income taxes

(In thousands)	June 30, 2018			June 30, 2017			June 30, 2016
Current Income Tax Expense (Benefit)
Federal	$	(9,439	)	$	764		$	34,932
State and Local	1,152			638			1,887
Total Current Income Tax Expense (Benefit)	(8,287		)	1,402			36,819
Deferred Income Tax Expense (Benefit)
Federal	31,263			(2,210		)	(17,529		)
State and Local	(573		)	1,905			(1,968		)
Total Deferred Income Tax Expense (Benefit)	30,690			(305		)	(19,497		)
Total Income Tax Expense	$	22,403		$	1,097		$	17,322

Schedule of reconciliation of the differences between the effective rates and federal statutory rates

	June 30, 2018		June 30, 2017		June 30, 2016
Federal income tax at statutory rate	28.1	%	35.0	%	35.0	%
State and local income tax, net	0.6	%	293.6	%	(0.1	)%
Nondeductible expenses	0.2	%	45.4	%	0.8	%
Foreign rate differential	0.4	%	49.9	%	0.5	%
Income tax credits	(1.4	)%	(160.9	)%	(3.0	)%
Domestic production activity deduction	(1.5	)%	—		(5.2	)%
Unrecognized tax benefits	(6.7	)%	—		—
Change in tax laws	25.6	%	—		—
Excess tax benefits on share-based compensation	(0.3	)%	(134.3	)%	—
Other	(1.2	)%	70.8	%	(0.1	)%
Effective income tax rate	43.8	%	199.5	%	27.9	%

Schedule of differences which give rise to deferred tax assets and liabilities

(In thousands)	June 30, 2018			June 30, 2017
Deferred tax assets:
Accrued expenses	$	1,085		$	1,869
Share-based compensation expense	4,158			6,031
Reserve for returns	9,342			15,032
Reserves for rebates	—			11,194
Reserves for accounts receivable and inventory	5,425			2,026
Intangible impairment	1,337			2,176
Federal net operating loss	402			736
State net operating loss	4,495			2,944
Impairment on Cody note receivable	1,175			1,913
Accumulated amortization on intangible assets	10,868			25,505
Settlement Liability	—			6,019
Foreign net operating loss	880			736
Other	404			290
Total deferred tax asset	39,571			76,471
Valuation allowance	(8,120		)	(6,391		)
Total deferred tax asset less valuation allowance	31,451			70,080
Deferred tax liabilities:
Prepaid expenses	118			267
Property, plant and equipment	9,231			16,807
Other	39			253
Total deferred tax liability	9,388			17,327
Net deferred tax asset	$	22,063		$	52,753

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

(In thousands)	Balance
Balance at June 30, 2016	$	6,244
Additions for tax positions of the current year	168
Additions for tax positions of prior years	16
Additions from acquisitions	—
Reductions for tax positions of prior years	—
Settlements	—
Lapse of statute of limitations	(486		)
Balance at June 30, 2017	$	5,942
Additions for tax positions of the current year	294
Additions for tax positions of prior years	700
Additions from acquisitions	—
Reductions for tax positions of prior years	—
Settlements	—
Lapse of statute of limitations	(4,399		)
Balance at June 30, 2018	$	2,537