v3.26.1
Income Taxes
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We file a consolidated federal income tax return. Taxes based on income for the years ended June 30 have been provided as follows:
202620252024
Current:
Federal$26,717 $48,714 $51,687 
State and local1,537 3,491 5,485 
Total current provision28,254 52,205 57,172 
Deferred:
Federal19,826 (5,580)(9,710)
State and local2,284 (509)(560)
Total deferred provision (benefit)22,110 (6,089)(10,270)
Total taxes based on income$50,364 $46,116 $46,902 
For the year ended June 30, our effective tax rate varied from the statutory federal income tax rate as a result of the following factors:
2026
Amount ($)Percent (%)
U.S. Federal statutory rate$50,814 21.0 %
State and local income taxes, net of federal effect (1)
3,018 1.2 
Tax credits(1,651)(0.7)
Changes in valuation allowances10,583 4.4 
Nontaxable or nondeductible items:
Gain on sale of property(3,879)(1.6)
Stock sale capital loss(10,583)(4.4)
Other2,062 0.9 
Effective rate$50,364 20.8 %
(1)During the year ended June 30, 2026, state taxes in California and Illinois made up the majority (greater than 50%) of the tax effect in this category.
As previously disclosed, for the years ended June 30, our effective tax rate varied from the statutory federal income tax rate as a result of the following factors:
20252024
Statutory rate21.0 %21.0 %
State and local income taxes1.1 1.9 
Research and development tax credit(1.1)(0.7)
Net windfall tax benefits - stock-based compensation(0.1)— 
Other0.7 0.6 
Effective rate21.6 %22.8 %
Our net deferred tax liability for all periods presented has been classified as noncurrent. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30 were comprised of:
20262025
Deferred tax assets:
Capital loss carryforward$11,236 $— 
Operating lease liabilities9,727 11,820 
Employee medical and other benefits8,265 8,352 
Operating loss carryforwards6,298 — 
Inventories3,579 2,340 
Receivables2,930 5,086 
Intangible assets— 1,932 
Section 174 research and development capitalization60 15,172 
Other accrued liabilities833 960 
Total deferred tax assets, gross42,928 45,662 
Valuation allowance(11,236)— 
Total deferred tax assets, net of valuation allowance31,692 45,662 
Deferred tax liabilities:
Property, plant and equipment(50,263)(47,536)
Intangible assets(26,682)— 
Goodwill(21,767)(20,650)
Operating lease right-of-use assets(9,537)(11,591)
Other(101)— 
Total deferred tax liabilities(108,350)(79,777)
Net deferred tax liability$(76,658)$(34,115)
As of June 30, 2026, U.S. Federal operating loss carryforwards totaled $27.8 million; there is no expiration date.
Prepaid federal income taxes of $4.2 million and $0.1 million were included in Other Current Assets at June 30, 2026 and 2025, respectively. Prepaid state and local income taxes of $0.8 million and $0.6 million were included in Other Current Assets at June 30, 2026 and 2025, respectively.
Income taxes paid, net of refunds received, for the year ended June 30 were as follows:
2026
Federal$30,700 
State and local (1)
2,413 
Income taxes paid, net of refunds received$33,113 
(1)No individual state or local jurisdiction exceeded 5% of total income taxes paid, net of refunds received.
As previously disclosed, net cash payments for income taxes for each of the years ended June 30 were as follows:
20252024
Net cash payments for income taxes$52,515 $53,583