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78
14. Income Taxes
The following is a summary of our income before taxes by geography:
Year Ended June 30,
2014 2013 2012
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,382 $ 8,730 $ 10,851
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,228 32,002 44,994
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56,610 $ 40,732 $ 55,845
The components of the provision (benefit) for income taxes are as follows:
Year Ended June 30,
2014 2013 2012
Current:
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,742 $ 7,120 $ 9,053
U.S. State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,576 1,458 2,525
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,273 3,477 4,559
Total current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,591 12,055 16,137
Deferred:
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,754) (274) (2,151)
U.S. State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (897) (163) (625)
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,350) (2,231) (1,510)
Total deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,001) (2,668) (4,286)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,590 $ 9,387 $ 11,851
The following is a reconciliation of the standard U.S. statutory tax rate and our effective tax rate:
Year Ended June 30,
2014 2013 2012
U.S. federal statutory income tax rate . . . . . . . . . . . . . . . . . . . . . . . . . 35.0% 35.0% 35.0%
State taxes, net of federal effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 2.1 2.2
Tax rate differential on non-U.S. earnings. . . . . . . . . . . . . . . . . . . . . . (19.3) (23.8) (21.3)
Compensation related items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 6.5 6.1
Increase in valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 5.0 1.6
Tax benefit from Canadian tax currency election . . . . . . . . . . . . . . . . —(4.7) —
Net tax (benefit) expense on IP transfer . . . . . . . . . . . . . . . . . . . . . . . (16.1) 3.7 1.6
Nondeductible loss on investment in Namex . . . . . . . . . . . . . . . . . . . 3.8 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 (0.8) (4.0)
Effective income tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.7% 23.0% 21.2%