INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2012

Income Before Income Tax

The components of income before income taxes are as follows (dollars in thousands).

	For the Year Ended June 30,
	2012		2011		2010
U.S.	$	122,917	$	427,726	$	345,850
Foreign		83,221		66,706		66,772
Total	$	206,138	$	494,432	$	412,622

Income Tax Provisions (Benefits)

The income tax provisions (benefits) related to the above results are as follows (dollars in thousands):

	For the Year Ended June 30,
Income Tax Provision:	2012			2011		2010
Current Tax Provision
U.S. Federal	$	62,176		$	114,295	$	117,423
State and Local		12,595			24,057		24,563
Foreign		(350	)		285		14
Total Current		74,421			138,637		142,000
Deferred Tax Provision
U.S. Federal		(13,742	)		19,671		(8,253	)
State and Local		1,563			5,130		(1,108	)
Foreign		1,515			164		—
Total Deferred		(10,664	)		24,965		(9,361	)
Income Tax Provision	$	63,757		$	163,602	$	132,639

Income Tax Provisions Computed using Statutory U.S. Federal Rate

The income tax provisions differ from those that would be computed using the statutory U.S. federal rate as a result of the following items (dollars in thousands):

	2012					2011					2010
Income Tax at Statutory Rate	$	72,148		35.0	%	$	173,051		35.0	%	$	144,418		35.0	%
Lower Rates on Foreign Operations		(27,480	)	-13.3	%		(22,413	)	-4.5	%		(22,524	)	-5.5	%
State Income Taxes		7,827		3.8	%		16,762		3.4	%		13,129		3.1	%
Stock Options		838		0.4	%		481		0.1	%		(164	)	0.0	%
Nondeductible Goodwill		14,182		6.8	%		—		—			—		—
Tax Credits and Other		(3,758	)	-1.8	%		(4,279	)	-0.9	%		(2,220	)	-0.5	%
Income Tax Provision	$	63,757		30.9	%	$	163,602		33.1	%	$	132,639		32.1	%

Deferred Tax Assets (Liabilities)

These assets and liabilities are composed of the following (dollars in thousands):

	For the Year Ended June 30,
	2012			2011			2010
Loss Carryforwards, net	$	12,022		$	10,477		$	11,053
Employee Benefits		10,456			4,278			4,330
Stock-Based Payments		12,732			9,262			7,250
Deferred Rent		19,464			17,668			13,909
Receivable Reserve		21,026			22,240			19,951
Depreciation		—			—			2,778
Other Reserves		5,044			4,122			2,792
Less: Valuation Allowance		(9,376	)		(6,852	)		(6,852	)
Gross Deferred Tax Assets		71,368			61,195			55,211
Depreciation		(40,101	)		(26,321	)		—
Amortization of Intangible Assets		(65,697	)		(79,446	)		(74,357	)
Gross Deferred Tax Liability		(105,798	)		(105,767	)		(74,357	)
Net Deferred Taxes	$	(34,430	)	$	(44,572	)	$	(19,146	)

Changes in Unrecognized Tax Benefits

The changes in our unrecognized tax benefits were (dollars in millions):

	For the Year Ended June 30,
	2012			2011			2010
Beginning Balance, July 1	$	11.9		$	7.1		$	2.2
Increases from Positions Taken During Prior Periods		10.1			1.9			2.2
Decreases from Positions Taken During Prior Periods		(3.5	)		(1.3	)		(0.7	)
Increases from Positions Taken During the Current Period		3.5			4.2			3.4
Ending Balance, June 30	$	22.0		$	11.9		$	7.1