Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Earnings from Continuing Operations before Income Taxes

Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.

	Years Ended June 30,
	2016		2015		2014
	(in millions)
Earnings before income taxes:
U.S.	$	389.2	$	365.4	$	308.1
Foreign	79.7		73.5		87.4
Total	$	468.9	$	438.9	$	395.5

Components of Provision for Income Taxes

The Provision for income taxes consists of the following components:

	Years Ended June 30,
	2016			2015			2014
	(in millions)
Current:
U.S. Domestic	$	134.9		$	120.8		$	114.8
Foreign	23.9			19.8			22.5
State	8.5			10.6			6.8
Total current	167.3			151.2			144.1
Deferred:
U.S. Domestic	(7.4		)	4.5			(8.7		)
Foreign	(0.4		)	(0.9		)	(0.4		)
State	1.9			(3.0		)	(2.5		)
Total deferred	(5.9		)	0.6			(11.6		)
Total Provision for income taxes	$	161.4		$	151.8		$	132.5

Effective Income Tax Rate Reconciliation

	Years Ended June 30,
	2016			%		2015			%		2014			%
	(in millions)
Provision for income taxes at U.S. statutory rate	$	164.1		35.0		$	153.6		35.0		$	138.4		35.0
Increase (decrease) in Provision for income taxes from:
State taxes, net of federal tax	7.0			1.5		5.8			1.3		4.0			1.0
Foreign taxes	(5.6		)	(1.2	)	(5.1		)	(1.2	)	(7.5		)	(1.9	)
Valuation allowances	(0.3		)	(0.1	)	(0.9		)	(0.2	)	(0.7		)	(0.2	)
Other	(3.8		)	(0.7	)	(1.6		)	(0.3	)	(1.7		)	(0.4	)
Total Provision for income taxes	$	161.4		34.4		$	151.8		34.6		$	132.5		33.5

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at June 30, 2016 and 2015 were as follows:

	June 30,
	2016			2015
	(in millions)
Classification:
Current deferred tax assets (included in Other current assets)	$	19.3		$	17.7
Long-term deferred tax assets (included in Other non-current assets)	1.5			1.3
Current deferred tax liabilities (included in Accrued expenses and other current liabilities)	(0.8		)	(0.6		)
Long-term deferred tax liabilities	(61.6		)	(61.7		)
Net deferred tax liabilities	$	(41.6	)	$	(43.3	)
Components:
Deferred tax assets:
Accrued expenses not currently deductible	$	4.0		$	4.3
Depreciation	21.1			19.6
Compensation and benefits not currently deductible	56.0			47.3
Net operating and capital losses	21.6			23.7
Tax credits	4.8			5.9
Other	5.1			4.9
Total deferred tax assets	112.6			105.7
Less: Valuation allowances	(9.8		)	(9.2		)
Deferred tax assets, net	102.8			96.5
Deferred tax liabilities:
Goodwill and identifiable intangibles	120.3			116.4
Net deferred expenses	16.5			16.9
Other	7.6			6.5
Deferred tax liabilities	144.4			139.8
Net deferred tax liabilities	$	(41.6	)	$	(43.3	)

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax positions:

	Fiscal Year Ended June 30,
	2016			2015			2014
	(in millions)
Beginning balance	$	24.4		$	26.6		$	30.0
Gross increase related to prior period tax positions	0.6			0.5			0.5
Gross increase related to current period tax positions	2.6			2.4			2.2
Gross decrease related to prior period tax positions	(9.4		)	(5.1		)	(6.1		)
Ending balance	$	18.2		$	24.4		$	26.6