Income Taxes (Tables)

12 Months Ended

Jun. 30, 2011

Income Taxes (Tables) [Abstract]

Income from continuing operations before income taxes

(in thousands)	2011			2010			2009
Income (loss) from continuing operations before income taxes:
United States	$	69,042		$	3,925		$	(135,133	)
International		227,091			72,677			22,637
Total income (loss) from continuing operations before income taxes	$	296,133		$	76,602		$	(112,496	)
Current income taxes:
Federal	$	26,234		$	1,915		$	(25,071	)
State		1,063			1,376			2,019
International		44,440			23,456			21,169
Total current income taxes		71,737			26,747			(1,883	)
Deferred income taxes		(7,881	)		230			(9,322	)
Provision (benefit) for income taxes	$	63,856		$	26,977		$	(11,205	)
Effective tax rate		21.6	%		35.2	%		10.0	%

Reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision (benefit) for income taxes

(in thousands)	2011			2010			2009
Income taxes at U.S. statutory rate	$	103,647		$	26,811		$	(39,374	)
State income taxes, net of federal tax benefits		1,956			2,290			(131	)
U.S. income taxes provided on international income		21,556			1,107			(47	)
Combined tax effects of international income		(35,423	)		(4,460	)		4,029
Change in valuation allowance and other uncertain tax positions		(20,215	)		2,024			(4,638	)
Impact of goodwill impairment charges		-			-			29,296
Impact of domestic production activities deduction		(6,413	)		(456	)		672
Research and development credit		(2,685	)		(460	)		(1,501	)
Other		1,433			121			489
Provision (benefit) for income taxes	$	63,856		$	26,977		$	(11,205	)

Components of net deferred tax assets and liabilities

(in thousands)	2011			2010
Deferred tax assets:
Net operating loss carryforwards	$	65,768		$	61,605
Inventory valuation and reserves		29,646			29,302
Pension benefits		713			15,913
Other postretirement benefits		8,312			10,499
Accrued employee benefits		30,975			22,551
Other accrued liabilities		7,939			6,755
Hedging activities		13,528			9,785
Tax credits and other carryforwards		5,431			5,541
Other		2,558			7,953
Total		164,870			169,904
Valuation allowance		(25,662	)		(47,987	)
Total deferred tax assets	$	139,208		$	121,917
Deferred tax liabilities:
Tax depreciation in excess of book	$	98,957		$	79,712
Intangible assets		35,965			33,271
Total deferred tax liabilities	$	134,922		$	112,983
Total net deferred tax assets (liabilities)	$	4,286		$	8,934

Reconciliation of unrecognized tax benefits excluding interest

(in thousands)	2011			2010
Balance at beginning of year	$	16,391		$	15,817
Increases for tax positions of prior years		-			1,303
Decreases for tax positions of prior years		(85	)		(184	)
Increases for tax positions related to the current year		285			2,390
Decreases related to settlement with taxing authority		-			(1,190	)
Decreases related to lapse of statute of limitations		(794	)		-
Foreign currency translation		2,492			(1,745	)
Balance at end of year	$	18,289		$	16,391