XML 24 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income before income taxes was derived from the following sources:

 
2012

 
2011

 
2010

United States
$
810,150

 
$
681,910

 
$
354,675

Foreign
766,548

 
731,811

 
400,142

 
$
1,576,698

 
$
1,413,721

 
$
754,817

Schedule of Components of Income Tax Expense (Benefit)
Income taxes include the following:

 
2012

 
2011

 
2010

Federal
 
 
 
 
 
  Current
$
255,991

 
$
121,292

 
$
84,878

  Deferred
(48,252
)
 
34,136

 
6,104

Foreign
 
 
 
 
 
  Current
191,167

 
193,064

 
105,927

  Deferred
(29
)
 
(24,229
)
 
(22,788
)
State and local
 
 
 
 
 
  Current
30,500

 
21,500

 
25,000

  Deferred
(8,171
)
 
10,808

 
(669
)
 
$
421,206

 
$
356,571

 
$
198,452

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company's effective income tax rate to the statutory Federal rate follows:

 
2012

 
2011

 
2010

Statutory Federal income tax rate
35.0
 %
 
35.0
 %
 
35.0
 %
State and local income taxes
0.9

 
1.8

 
2.1

Foreign tax rate difference
(5.8
)
 
(8.7
)
 
(7.4
)
Cash surrender of life insurance
0.1

 
(0.9
)
 
(1.0
)
Federal manufacturing deduction
(1.6
)
 
(0.9
)
 
(0.6
)
Research tax credit
(0.4
)
 
(1.1
)
 
(0.7
)
Other
(1.5
)
 

 
(1.1
)
Effective income tax rate
26.7
 %
 
25.2
 %
 
26.3
 %
Schedule of Deferred Tax Assets and Liabilities
The differences comprising the net deferred taxes shown on the Consolidated Balance Sheet at June 30 were as follows:

 
2012

 
2011

Retirement benefits
$
751,676

 
$
374,005

Other liabilities and reserves
134,358

 
161,954

Long-term contracts
27,726

 
7,355

Stock-based incentive compensation
70,129

 
63,590

Loss carryforwards
175,571

 
186,613

Unrealized currency exchange gains and losses
9,057

 
43,484

Inventory
18,535

 
24,623

Foreign tax credit carryforward
19,079

 

Depreciation and amortization
(480,791
)
 
(479,103
)
Valuation allowance
(176,079
)
 
(192,904
)
Net deferred tax asset
$
549,261

 
$
189,617

Change in net deferred tax asset:
 
 
 
Provision for deferred tax
$
56,452

 
$
(20,715
)
Items of other comprehensive (loss)
319,352

 
(131,552
)
Acquisitions and other
(16,160
)
 
(1,519
)
Total change in net deferred tax
$
359,644

 
$
(153,786
)
Summary of Income Tax Contingencies
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

 
2012

 
2011

 
2010

Balance July 1
$
81,156

 
$
82,089

 
$
132,954

Additions for tax positions related to current year
66,500

 
8,398

 
10,815

Additions for tax positions of prior years
11,047

 
10,015

 
23,408

Additions for acquisitions

 

 
294

Reductions for tax positions of prior years
(23,456
)
 
(15,060
)
 
(64,821
)
Reductions for settlements
(23,434
)
 
(7,133
)
 
(21,770
)
Reductions for expiration of statute of limitations
(1,636
)
 

 
(37
)
Effect of foreign currency translation
(442
)
 
2,847

 
1,246

Balance June 30
$
109,735

 
$
81,156

 
$
82,089