Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Taxes

Schedule of provision for income taxes

	June 30,		June 30,		June 30,
(In thousands)	2020		2019		2018
Current Income Tax Expense (Benefit)
Federal	$	(7,082)	$	13,185	$	(9,439)
State and Local		405		(81)		1,152
Total Current Income Tax Expense (Benefit)		(6,677)		13,104		(8,287)
Deferred Income Tax Expense (Benefit)
Federal		(6,525)		(85,022)		31,263
State and Local		(2,060)		(2,220)		(573)
Total Deferred Income Tax Expense (Benefit)		(8,585)		(87,242)		30,690
Total Income Tax Expense (Benefit)	$	(15,262)	$	(74,138)	$	22,403

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

	June 30,		June 30,		June 30,
	2020		2019		2018
Federal income tax at statutory rate	21.0	%	21.0	%	28.1	%
State and local income tax, net	2.7	%	0.5	%	0.6	%
Nondeductible expenses	(1.1)	%	(0.1)	%	0.2	%
Nondeductible drug fee	(1.6)	%	—	%	—	%
Foreign rate differential	(0.1)	%	(0.4)	%	0.4	%
Income tax credits	2.5	%	0.5	%	(1.4)	%
Domestic production activity deduction	—	%	—	%	(1.5)	%
Unrecognized tax benefits	(5.0)	%	0.1	%	(6.7)	%
Change in tax laws	15.4	%	—	%	25.6	%
Excess tax benefits on share-based compensation	(0.8)	%	(0.3)	%	(0.3)	%
Other	(1.6)	%	0.1	%	(1.2)	%
Effective income tax rate	31.4	%	21.4	%	43.8	%

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

	June 30,		June 30,
(In thousands)	2020		2019
Deferred tax assets:
Share-based compensation expense	$	2,661	$	4,134
Reserve for returns		11,022		12,014
Reserves for accounts receivable and inventory		5,526		8,208
Federal net operating loss		273		324
State net operating loss		8,387		6,479
Impairment on Cody note receivable		1,171		1,161
Accumulated amortization on intangible assets		79,939		76,401
Foreign net operating loss		1,822		1,792
Interest Carryforward		25,392		11,008
Operating lease		3,439		—
Other		2,747		2,506
Total deferred tax asset		142,379		124,027
Valuation allowance		(14,622)		(13,549)
Total deferred tax asset less valuation allowance		127,757		110,478
Deferred tax liabilities:
Prepaid expenses		681		182
Property, plant and equipment		5,383		991
Operating lease		3,803		—
Total deferred tax liability		9,867		1,173
Net deferred tax asset	$	117,890	$	109,305

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

(In thousands)	Balance
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
Additions for tax positions of the current year		2,467
Additions for tax positions of prior years		(51)
Lapse of statute of limitations		(24)
Balance at June 30, 2020	$	4,591