Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Taxes

Schedule of provision for income taxes

	June 30,		June 30,		June 30,
(In thousands)	2019		2018		2017
Current Income Tax Expense (Benefit)
Federal	$	13,185	$	(9,439)	$	764
State and Local		(81)		1,152		638
Total Current Income Tax Expense (Benefit)		13,104		(8,287)		1,402
Deferred Income Tax Expense (Benefit)
Federal		(85,022)		31,263		(2,210)
State and Local		(2,220)		(573)		1,905
Total Deferred Income Tax Expense (Benefit)		(87,242)		30,690		(305)
Total Income Tax Expense (Benefit)	$	(74,138)	$	22,403	$	1,097

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

	June 30,		June 30,		June 30,
	2019		2018		2017
Federal income tax at statutory rate	21.0	%	28.1	%	35.0	%
State and local income tax, net	0.5	%	0.6	%	293.6	%
Nondeductible expenses	(0.1)	%	0.2	%	45.4	%
Foreign rate differential	(0.4)	%	0.4	%	49.9	%
Income tax credits	0.5	%	(1.4)	%	(160.9)	%
Domestic production activity deduction	—	%	(1.5)	%	—	%
Unrecognized tax benefits	0.1	%	(6.7)	%	—	%
Change in tax laws	—	%	25.6	%	—	%
Excess tax benefits on share-based compensation	(0.3)	%	(0.3)	%	(134.3)	%
Other	0.1	%	(1.2)	%	70.8	%
Effective income tax rate	21.4	%	43.8	%	199.5	%

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

	June 30,		June 30,
(In thousands)	2019		2018
Deferred tax assets:
Accrued expenses	$	—	$	1,085
Share-based compensation expense		4,134		4,158
Reserve for returns		12,014		9,342
Reserves for rebates		—		—
Reserves for accounts receivable and inventory		8,208		5,425
Intangible impairment		—		1,337
Federal net operating loss		324		402
State net operating loss		6,479		4,495
Impairment on Cody note receivable		1,161		1,175
Accumulated amortization on intangible assets		76,401		10,868
Settlement Liability		—		—
Foreign net operating loss		1,792		880
Interest Carryforward		11,008		—
Other		2,506		404
Total deferred tax asset		124,027		39,571
Valuation allowance		(13,549)		(8,120)
Total deferred tax asset less valuation allowance		110,478		31,451
Deferred tax liabilities:
Prepaid expenses		182		118
Property, plant and equipment		991		9,231
Other		—		39
Total deferred tax liability		1,173		9,388
Net deferred tax asset	$	109,305	$	22,063

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

(In thousands)	Balance
Balance at June 30, 2017	$	5,942
Additions for tax positions of the current year		294
Additions for tax positions of prior years		700
Lapse of statute of limitations		(4,399)
Balance at June 30, 2018	$	2,537
Additions for tax positions of the current year		244
Additions for tax positions of prior years		36
Lapse of statute of limitations		(618)
Balance at June 30, 2019	$	2,199