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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2013

	Year Ended June 30
(In millions)	2013			2012			2011
Current:
Federal	$	261.7		$	154.5		$	127.2
Foreign	241.5			254.1			220.0
State and local	24.3			14.1			(1.0		)
	527.5			422.7			346.2

Deferred:
Federal	(35.2		)	(13.8		)	(27.8		)
Foreign	(41.3		)	(9.0		)	2.6
State and local	0.4			0.7			0.7
	(76.1		)	(22.1		)	(24.5		)
	$	451.4		$	400.6		$	321.7

Reconciliation of the U.S. federal statutory income tax rate and actual effective tax rate on earnings before income taxes

	Year Ended June 30
	2013		2012		2011

Provision for income taxes at statutory rate	35.0	%	35.0	%	35.0	%
Increase (decrease) due to:
State and local income taxes, net of federal tax benefit	1.3		1.1		0.8
Taxation of foreign operations	(4.9	)	(4.2	)	(2.7	)
Income tax reserve adjustments	(1.0	)	(0.8	)	(1.8	)
Other, net	0.2		0.7		0.1
Effective tax rate	30.6	%	31.8	%	31.4	%

Significant components of deferred income tax assets and liabilities

	June 30
(In millions)	2013			2012
Deferred tax assets:
Compensation related expenses	$	177.0		$	161.8
Inventory obsolescence and other inventory related reserves	76.1			65.1
Retirement benefit obligations	81.5			112.8
Various accruals not currently deductible	179.9			176.3
Net operating loss, credit and other carryforwards	89.6			66.7
Unrecognized state tax benefits and accrued interest	19.0			22.8
Other differences between tax and financial statement values	83.4			89.4
	706.5			694.9
Valuation allowance for deferred tax assets	(92.9		)	(73.2		)
Total deferred tax assets	613.6			621.7

Deferred tax liabilities:
Depreciation and amortization	(249.9		)	(252.7		)
Other differences between tax and financial statement values	(17.4		)	(18.1		)
Total deferred tax liabilities	(267.3		)	(270.8		)
Total net deferred tax assets	$	346.3		$	350.9

Reconciliation of the beginning and ending amount of gross unrecognized tax benefits

	June 30
(In millions)	2013			2012

Beginning of the year balance of gross unrecognized tax benefits	$	78.5		$	104.8
Gross amounts of increases as a result of tax positions taken during a prior period	5.6			16.4
Gross amounts of decreases as a result of tax positions taken during a prior period	(9.8		)	(16.4		)
Gross amounts of increases as a result of tax positions taken during the current period	8.4			5.5
Amounts of decreases in unrecognized tax benefits relating to settlements with taxing authorities	(6.8		)	(12.2		)
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations	(11.9		)	(19.6		)
End of year balance of gross unrecognized tax benefits	$	64.0		$	78.5

Tax years that remain subject to examination by the major tax jurisdictions

Major Jurisdiction		Open Fiscal Years

Belgium		2009 - 2013
Canada		2006 - 2013
China		2009 - 2013
France		2006 - 2013
Germany		2004 - 2013
Hong Kong		2007 - 2013
Japan		2012 - 2013
Korea		2009 - 2013
Russia		2013
Spain		1999 - 2002, 2008 - 2013
Switzerland		2011 - 2013
United Kingdom		2012 - 2013
United States		2013
State of California		2007 - 2013
State of New York		2010 - 2013

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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