Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Before Income Taxes

ncome before income taxes consisted of the following for the years ended June 30:

(in thousands)	2015			2014			2013
(Loss) income before income taxes:
United States	$	(323,299	)	$	59,160		$	87,499
International	(64,316		)	169,649			179,110
Total (loss) income before income taxes	$	(387,615	)	$	228,809		$	266,609
Current income taxes:
Federal	$	(9,328	)	$	15,108		$	10,645
State	816			896			3,441
International	40,433			27,488			45,375
Total current income taxes	31,921			43,492			59,461
Deferred income taxes:
Federal	$	(38,943	)	$	10,157		$	12,951
State	(8,680		)	(62		)	2,433
International	(952		)	13,024			(15,152		)
Total deferred income taxes:	(48,575		)	23,119			232
(Benefit) provision for income taxes	$	(16,654	)	$	66,611		$	59,693
Effective tax rate	4.3		%	29.1		%	22.4		%

Reconciliation of Income Taxes and the Provision for Income Taxes

The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes was as follows for the years ended June 30:

(in thousands)	2015			2014			2013
Income taxes at U.S. statutory rate	$	(135,665	)	$	80,083		$	93,313
State income taxes, net of federal tax benefits	(1,748		)	1,593			4,051
U.S. income taxes provided on international income	3,679			2,423			3,067
Combined tax effects of international income	(21,560		)	(22,580		)	(30,692		)
Impact of goodwill impairment charges	134,657			—			—
Change in valuation allowance and other uncertain tax positions	1,530			(2,603		)	(4,550		)
Impact of domestic production activities deduction	—			(942		)	(3,546		)
Research and development credit	(3,087		)	(1,385		)	(4,141		)
Change in permanent reinvestment assertion	2,945			7,170			—
Other	2,595			2,852			2,191
(Benefit) provision for income taxes	$	(16,654	)	$	66,611		$	59,693

Components of Net Deferred Tax Liabilities and Assets

The components of net deferred tax assets and (liabilities) were as follows at June 30:

(in thousands)	2015			2014
Deferred tax assets:
Net operating loss carryforwards	$	47,289		$	52,812
Inventory valuation and reserves	18,023			20,612
Pension benefits	23,559			2,427
Other postretirement benefits	7,359			8,432
Accrued employee benefits	23,674			29,034
Other accrued liabilities	18,210			12,981
Hedging activities	4,354			14,996
Tax credits and other carryforwards	13,815			2,082
Other	12,028			14,617
Total	168,311			157,993
Valuation allowance	(16,771		)	(17,860		)
Total deferred tax assets	$	151,540		$	140,133
Deferred tax liabilities:
Tax depreciation in excess of book	$	102,480		$	107,171
Intangible assets	18,688			70,957
Total deferred tax liabilities	$	121,168		$	178,128
Total net deferred tax assets (liabilities)	$	30,372		$	(37,995	)

Reconciliation of Unrecognized Tax Benefits Excluding Interest

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest) is as follows as of June 30:

(in thousands)	2015			2014			2013
Balance at beginning of year	$	20,366		$	26,798		$	7,298
Increases for tax positions of prior years	—			1,461			—
Decreases for tax positions of prior years	(3,188		)	(6,982		)	—
Increases for tax positions related to the current year	—			116			23,231
Decreases related to settlement with taxing authority	(348		)	(2,161		)	(3,813		)
Decreases related to lapse of statute of limitations	(398		)	—			—
Foreign currency translation	(1,813		)	1,134			82
Balance at end of year	$	14,619		$	20,366		$	26,798