Income Taxes (Tables)

12 Months Ended

Jun. 30, 2011

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes was derived from the following sources:

	2011		2010		2009
United States	$	681,910	$	354,675	$	390,507
Foreign		731,811		400,142		292,576
	$	1,413,721	$	754,817	$	683,083

Schedule of Components of Income Tax Expense (Benefit)

Income taxes include the following:

	2011			2010			2009
Federal
Current	$	121,292		$	84,878		$	46,524
Deferred		34,136			6,104			37,670
Foreign
Current		193,064			105,927			120,963
Deferred		(24,229	)		(22,788	)		(50,560	)
State and local
Current		21,500			25,000			18,500
Deferred		10,808			(669	)		(158	)
	$	356,571		$	198,452		$	172,939

Schedule of Effective Income Tax Rate Reconciliation

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

	2011			2010			2009
Statutory Federal income tax rate		35.0	%		35.0	%		35.0	%
State and local income taxes		1.8			2.1			1.7
Litigation settlements								1.8
Foreign tax rate difference		(8.7	)		(7.4	)		(8.7	)
Cash surrender of life insurance		(0.9	)		(1.0	)		2.3
Research tax credit		(1.1	)		(0.7	)		(2.5	)
Worthless stock benefit								(3.2	)
Other		(0.9	)		(1.7	)		(1.1	)
Effective income tax rate		25.2	%		26.3	%		25.3	%

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:

	2011			2010
Postretirement benefits	$	374,005		$	565,258
Other liabilities and reserves		161,954			118,882
Long-term contracts		7,355			4,323
Stock-based incentive compensation		63,590			60,882
Loss carryforwards		186,613			106,106
Unrealized currency exchange gains and losses		43,484			15,312
Inventory		24,623			21,123
Depreciation and amortization		(479,103	)		(455,684	)
Valuation allowance		(192,904	)		(92,799	)
Net deferred tax asset	$	189,617		$	343,403
Change in net deferred tax asset:
Provision for deferred tax	$	(20,715	)	$	17,353
Items of other comprehensive (loss) income		(131,552	)		94,854
Acquisitions and other		(1,519	)		(4,050	)
Total change in net deferred tax	$	(153,786	)	$	108,157

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2011			2010			2009
Balance July 1	$	82,089		$	132,954		$	105,070
Additions for tax positions related to current year		8,398			10,815			31,414
Additions for tax positions of prior years		10,015			23,408			15,899
Additions for acquisitions					294			760
Reductions for tax positions of prior years		(15,060	)		(64,821	)		(10,566	)
Reductions for settlements		(7,133	)		(21,770	)		(3,768	)
Reductions for expiration of statute of limitations					(37	)
Effect of foreign currency translation		2,847			1,246			(5,855	)
Balance June 30	$	81,156		$	82,089		$	132,954