INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Components of income before provision for income taxes
The components of income before provision for income taxes were as follows (in thousands):
 Years Ended June 30,
 202020192018
Domestic$125,060 $115,096 $85,414 
Foreign325,136 266,393 228,728 
$450,196 $381,489 $314,142 
Components of provision for income taxes
The provision for income taxes consisted of the following (in thousands):
 Years Ended June 30,
 202020192018
Current
Federal$60,740 $52,083 $107,167 
State8,569 2,654 5,560 
Foreign1,782 3,796 3,098 
Current tax expense71,091 58,533 115,825 
Deferred
Federal(1,602)(362)2,059 
State410 624 (32)
Foreign— — — 
Deferred tax expense(1,192)262 2,027 
Provision for income taxes$69,899 $58,795 $117,852 
Effective to statutory income tax rate reconciliation The reconciliation of federal statutory income tax to the Company’s provision for income taxes is as follows:
 Years Ended June 30,
 202020192018
Statutory rate21.0 %21.0 %28.1 %
Effect of Foreign Operations(7.6)(7.7)(19.0)
State Tax Expense1.6 0.9 0.5 
Federal research and development credits— (0.2)(0.4)
Stock-based compensation(0.1)(0.2)(8.4)
Other permanent items0.6 1.0 0.1 
Change in U.S. Federal Statutory Tax Rate— — 0.4 
Transition tax— 0.6 36.2 
Effective tax rate15.5 %15.4 %37.5 %
Significant components of deferred tax assets and liabilities
Significant components of the Company's deferred tax assets and liabilities as of June 30, 2020 are as follows (in thousands):
 June 30,
 20202019
(In thousands)
Deferred tax assets
Reserves and Allowances$2,730 $1,217 
Stock-based compensation309 287 
Accrued expenses276 452 
State tax1,621 1,305 
Investments1,325 — 
Lease Liabilities5,622 — 
Other1,126 915 
Total deferred tax assets13,009 4,176 
Deferred tax liabilities
Basis difference for fixed assets(1,509)(301)
Right of Use Assets(5,622)— 
Other Liabilities(451)(965)
Total deferred tax liabilities(7,582)(1,266)
Valuation allowance(1,325)— 
Net deferred tax assets$4,102 $2,910 
Reconciliation of beginning and ending balances of unrecognized tax benefits
A reconciliation of the beginning and ending balances of the unrecognized tax benefits during the years ended June 30, 2020, 2019 and 2018 consists of the following (in thousands):
 
 Years Ended June 30,
 202020192018
Unrecognized benefit—beginning of year$30,850 $29,144 $27,438 
Gross increases—current year tax positions4,169 3,852 4,762 
Gross decreases—prior year tax positions due to statute lapse(3,669)(2,146)(3,056)
Unrecognized benefit—end of year$31,350 $30,850 $29,144