Merger Termination (Notes)

6 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Merger Termination

e Company incurred $12.7 million of investment banking, legal, accounting, and other professional fees and expenses in the first quarter of fiscal 2016 and $3.5 million in the second quarter of fiscal 2016 related to the planned merger. These costs are included in the selling, general, and administrative line in the Condensed Consolidated Statements of Earnings. The limited tax deductibility of certain of these merger-related expenses resulted in an increase in the fiscal 2016 second quarter and first six months effective tax rates. In conjunction with the termination of the merger agreement discussed above, it is expected that all merger-related expenses will be deductible for income tax purposes and thus the Company expects to recognize a corresponding tax benefit of approximately $4.5 million in the Company's third fiscal quarter.