Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

Components of income before income taxes



Year Ended June 30,	2012		2011		2010
U.S.	$	137,667	$	127,567	$	91,932
Foreign	29,159		25,321		13,085
Total income before income taxes	$	166,826	$	152,888	$	105,017

Provision (benefit) for income taxes



Year Ended June 30,	2012			2011			2010
Current:
Federal	$	36,178		$	36,799		$	28,342
State and local	5,522			6,208			4,123
Foreign	7,706			8,338			4,241
Total current	49,406			51,345			36,706
Deferred:
Federal	8,577			5,648			1,880
State and local	503			169			(311		)
Foreign	(439		)	(1,033		)	839
Total deferred	8,641			4,784			2,408
Total	$	58,047		$	56,129		$	39,114

Reconciliations of federal statutory income tax rate and Company's effective income tax rate



Year Ended June 30,	2012		2011		2010
Statutory income tax rate	35.0	%	35.0	%	35.0	%
Effects of:
State and local taxes	2.5	%	2.8	%	2.2	%
U.S. tax on foreign income, net	—		1.8	%	—
Valuation allowance	—		(0.6	)%	0.8	%
Foreign income taxes	(1.8	)%	(1.0	)%	0.5	%
Deductible dividend	(0.5	)%	(0.5	)%	(0.7	)%
Other, net	(0.4	)%	(0.8	)%	(0.6	)%
Effective income tax rate	34.8	%	36.7	%	37.2	%

Components of the Company's net deferred tax assets



June 30,	2012			2011
Deferred tax assets:
Compensation liabilities not currently deductible	$	37,341		$	36,746
Expenses and reserves not currently deductible	6,151			5,498
Goodwill and intangibles	6,518			9,075
Net operating loss carryforwards (expiring in years 2015-2027)	444			432
Foreign tax credits (expiring in years 2020 and 2022)	4,092			4,090
Other	480			677
Total deferred tax assets	55,026			56,518
Less: Valuation allowance	(157		)	(158		)
Deferred tax assets, net of valuation allowance	54,869			56,360
Deferred tax liabilities:
Inventories	(6,021		)	(4,755		)
Unremitted foreign earnings	(2,804		)	(2,804		)
Depreciation and differences in property bases	(11,602		)	(2,062		)
Total deferred tax liabilities	(20,427		)	(9,621		)
Net deferred tax assets	$	34,442		$	46,739
The net deferred tax asset is classified as follows:
Other current assets	$	12,189		$	5,510
Deferred tax assets (long-term)	26,424			43,447
Other liabilities	(4,171		)	(2,218		)
Net deferred tax assets	$	34,442		$	46,739

Reconciliation of the Company's total gross unrecognized income tax benefits



Year Ended June 30,	2012			2011			2010
Unrecognized Income Tax Benefits at beginning of the year	$	1,181		$	1,842		$	1,860
Current year tax positions	331			153			130
Prior year tax positions	398			50			46
Expirations of statutes of limitations	(371		)	(273		)	(194		)
Settlements	—			(591		)	—
Unrecognized Income Tax Benefits at end of year	$	1,539		$	1,181		$	1,842

- 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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