INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of income before income tax

(Loss) income from operations before income taxes in fiscal 2014, 2013 and 2012 is presented below:

	Year Ended June 30,
	2014			2013			2012
United States	$	(119.1	)	$	(53.5	)	$	(616.6	)
Foreign	75.0			372.2			285.5
Total	$	(44.1	)	$	318.7		$	(331.1	)

Schedule of components of income tax expense (benefit)

The components of the Company’s total provision (benefit) for income taxes during fiscal 2014, 2013 and 2012 are presented below:

	Year Ended June 30,
	2014			2013			2012
Provision (benefit) for income taxes:
Current:
Federal	$	5.6		$	(26.5	)	$	24.7
State and local	2.1			2.8			3.3
Foreign	50.8			110.6			87.8
Total	58.5			86.9			115.8
Deferred:
Federal	(30.6		)	8.3			(104.0		)
State and local	(0.7		)	2.6			(27.8		)
Foreign	(7.1		)	19.0			(21.8		)
Total	(38.4		)	29.9			(153.6		)
Provision (benefit) for income taxes	$	20.1		$	116.8		$	(37.8	)

Schedule of effective income tax rate reconciliation

The reconciliation of the U.S. Federal statutory tax rate to the Company’s effective income tax rate during fiscal 2014, 2013 and 2012 is presented below:

	Year Ended June 30,
	2014			2013			2012
(Loss) income before income taxes	$	(44.1	)	$	318.7		$	(331.1	)
(Benefit) provision for income taxes at statutory rate	$	(15.4	)	$	111.6		$	(115.9	)
State and local taxes—net of federal benefit	0.9			3.5			(15.9		)
Foreign tax differentials	(53.0		)	(44.2		)	(51.9		)
Change in valuation allowances	36.1			18.2			3.8
Change in unrecognized tax benefit	(24.4		)	4.8			36.2
Asset impairment charges	67.4			—			80.1
Share-based compensation	1.8			16.0			27.9
Permanent differences—net	1.8			7.2			(2.5		)
Other	4.9			(0.3		)	0.4
Provision (benefit) for income taxes	$	20.1		$	116.8		$	(37.8	)
Effective income tax rate	(45.6		)%	36.6		%	11.4		%

Schedule of deferred tax assets and liabilities

Significant components of Deferred income tax assets and liabilities as of June 30, 2014 and 2013 are presented below:

	June 30, 2014			June 30, 2013
Deferred income tax assets:
Inventories	$	20.2		$	13.6
Accruals and allowances	87.4			82.4
Sales returns	20.1			19.4
Share-based compensation	35.4			37.2
Employee benefits	50.9			43.7
Net operating loss carry forwards and tax credits	102.2			118.9
Other	45.3			38.3
Less: valuation allowances	(98.6		)	(61.5		)
Net deferred income tax assets	262.9			292.0
Deferred income tax liabilities:
Intangible assets	421.9			423.4
Licensing rights	6.4			84.6
Other	33.8			25.9
Deferred income tax liabilities	462.1			533.9
Net deferred income tax liabilities	$	(199.2	)	$	(241.9	)

Expirations of tax loss carryforwards

The expirations of tax loss carry forwards, amounting to $251.0 as of June 30, 2014, in each of the fiscal years ending June 30, are presented below:

Fiscal Year Ending June 30	United States		Western Europe		Rest of World		Total
2015	$	—	$	—	$	0.9	$	0.9
2016	—		—		1.3		1.3
2017	—		—		36.8		36.8
2018	—		—		53.8		53.8
2019 and thereafter	65.1		25.9		67.2		158.2
Total	$	65.1	$	25.9	$	160.0	$	251.0

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of UTBs is presented below:

	Year Ended June 30,
	2014			2013			2012
UTBs—July 1	$	331.4		$	326.5		$	308.6
Additions based on tax positions related to the current year	29.5			36.8			38.3
Additions for tax positions of prior years	91.9			5.0			6.3
Reductions for tax positions of prior years	(9.9		)	—			(6.8		)
Settlements	(33.8		)	(27.9		)	(0.7		)
Lapses in statutes of limitations	(11.6		)	(13.8		)	(8.5		)
Foreign currency translation	3.0			4.8			(10.7		)
UTBs—June 30	$	400.5		$	331.4		$	326.5