INVESTMENTS IN AND LOANS TO AFFILIATES (Tables)

12 Months Ended

Jun. 30, 2012

INVESTMENTS IN AND LOANS TO AFFILIATES

Schedule of carrying amount of investments in and loans to affiliates

	Provalliance			Empire Education Group, Inc.			MY Style			Hair Club for Men, Ltd.			Total
	(Dollars in thousands)
Balance at June 30, 2010	$	75,481		$	102,882		$	12,116		$	5,307		$	195,786
Acquisition of additional interest(1)		57,301			—			—			—			57,301
Payment of loans by affiliates		—			(15,000	)		—			—			(15,000	)
Loans to affiliates		—			15,000			—			—			15,000
Equity in income of affiliated companies, net of income taxes(2)		7,752			5,463			—			567			13,782
Other than temporary impairment(3)		—			—			(9,173	)		—			(9,173	)
Cash dividends received		(4,814	)		(4,129	)		—			(1,080	)		(10,023	)
Other, primarily translation adjustments		13,525			324			(733	)		351			13,467
Balance at June 30, 2011	$	149,245		$	104,540		$	2,210		$	5,145		$	261,140
Payment of loans by affiliates		—			(1,025	)		—			—			(1,025	)
Equity in income of affiliated companies, net of income taxes(7)		9,759			(4,031	)		—			816			6,544
Other than temporary impairment(4)(5)		(37,383	)		(19,426	)		—			—			(56,809	)
Cash dividends received		(2,769	)		—			—			(1,278	)		(4,047	)
Transfer to current notes receivable(6)		—			(20,375	)		(2,278	)		—			(22,653	)
Other, primarily translation adjustments		(17,548	)		—			68			506			(16,974	)
Balance at June 30, 2012	$	101,304		$	59,683		$	—		$	5,189		$	166,176
Percentage ownership at June 30, 2012		46.7	%		55.1	%		—			50.0	%

(1)

In March of 2011, the Company elected to honor and settle a portion of the equity put option and acquired approximately 17 percent additional equity interest in Provalliance for $57.3 million (€ 40.4 million), bringing the Company's total equity interest to approximately 47 percent.

(2)

Equity in income of affiliated companies, net of income taxes per the Consolidated Statement of Operations includes $7.8 million in equity income of Provalliance and a $2.4 million gain for the decrease in the Provalliance equity put valuation.

(3)

Due to the natural disasters in Japan that occurred in March 2011, the Company was required to assess the preferred shares and premium for other than temporary impairment. As a result, the Company recorded an other than temporary impairment during the twelve months ended June 30, 2011 for the carrying value of the preferred shares and premium of $3.9 million (326,700,000 Yen) and $5.3 million (435,000,000 Yen), respectively. Of the total impairment, $9.0 million was recorded through the equity in income of affiliated companies and $0.2 million was recorded through the interest income and other, net, line items in the Consolidated Statement of Operations.

(4)

On April 9, 2012, the Company entered into the Agreement to sell the Company's 46.7 percent equity interest in Provalliance to the Provost Family for a purchase price of €80 million. During the twelve months ended June 30, 2012, the Company recorded a $17.2 million net impairment charge associated with the Agreement recorded within equity in (loss) income of affiliated companies in the Consolidated Statement of Operations, which consisted of a $37.4 million impairment charge related to the difference between the purchase price and carrying value of the Company's investment in Provalliance, partially offset by a $20.2 million decrease in the fair value of the Equity Put.

(5)

The Company recorded a $19.4 million other than temporary impairment charge in its fourth quarter ended June 30, 2012 on its investment in EEG.

(6)

During the third quarter of fiscal year 2012, the Company had a $20.4 million outstanding loan receivable with EEG that was reclassified in the Consolidated Balance Sheet as other current assets as the loan is due in January 2013.

(7)

Equity in loss of affiliated companies, net of income taxes per the Consolidated Statement of Operations includes the Provalliance $17.2 million net impairment charge discussed in (4) and the $19.4 million impairment charge associated with EEG discussed in (5).

Schedule of summarized financial information of equity method investees

	Equity Method Investee Greater Than 50 Percent Owned							Equity Method Investees Less Than 50 Percent Owned
	2012			2011		2010		2012		2011		2010
	(Dollars in thousands)
Summarized Balance Sheet Information:
Current assets	$	56,516		$	34,715	$	35,070	$	84,914	$	93,280	$	74,040
Noncurrent assets		96,639			113,249		105,469		316,829		314,127		263,472
Current liabilities		61,074			29,340		27,458		107,636		109,416		91,077
Noncurrent liabilities		13,947			33,658		32,017		78,815		98,269		93,055
Summarized Statement of Operations Information:
Gross revenue	$	182,326		$	192,864	$	176,535	$	317,143	$	283,442	$	299,188
Gross profit		67,201			73,068		64,661		137,074		120,992		123,210
Operating (loss) income		(1,335	)		18,994		19,752		35,569		30,084		21,227
Net (loss) income		(7,211	)		11,023		11,082		24,067		21,154		14,763

Schedule of impact of investment in Provalliance on condensed consolidated balance sheet

Impact on Consolidated Balance Sheet

		Carrying Value at June 30,
	Classification	2012		2011
		(Dollars in thousands)
Investment in Provalliance	Investment in and loans to affiliates	$	101,304	$	149,245
Equity Put Option—Provalliance	Other noncurrent liabilities		633		22,700

Schedule of impact of investment in Provalliance on condensed consolidated statement of operations

		For the Twelve Months Ended June 30,
	Classification	2012			2011		2010
		(Dollars in thousands)
Equity in (loss) income, net of income taxes	Equity in (loss) income of affiliated companies, net of income taxes		(9,759	)		7,752		4,134

Schedule of impact of investment in Provalliance on condensed consolidated statement of cash flows

		For the Twelve Months Ended June 30,
	Classification	2012		2011			2010
		(Dollars in thousands)
Equity in loss (income), net of income taxes	Equity in loss (income) of affiliated companies	$	9,759	$	(7,752	)	$	(4,134	)
Cash dividends received	Dividends received from affiliated companies		2,769		4,814			1,141