INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2014

Income Before Income Tax

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

	For the Year Ended June 30,
	2014		2013		2012
U.S.	$	58,539	$	56,200	$	157,604
Foreign		120,828		108,769		83,221
Total	$	179,367	$	164,969	$	240,825

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:	2014		2013		2012
Current Tax Provision
U.S. Federal	$	32,660	$	46,958	$	67,626
State and Local		5,133		5,274		14,899
Foreign		1,240		2,217		(350)
Total Current		39,033		54,449		82,175
Deferred Tax Provision
U.S. Federal		(9,545)		(16,128)		(12,255)
State and Local		(4,447)		417		(532)
Foreign		2,658		489		1,515
Total Deferred		(11,334)		(15,222)		(11,272)
Income Tax Provision	$	27,699	$	39,227	$	70,903

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):

	2014				2013				2012
Income Tax at Statutory Rate	$	62,778	35.0	%	$	57,739	35.0	%	$	84,289	35.0	%
Lower Rates on Foreign Operations		(36,659)	(20.4)	%		(33,395)	(20.2)	%		(27,480)	(11.3)	%
State Income Taxes		2,997	1.6	%		7,854	4.8	%		8,930	3.7	%
Stock Options		(43)	0.0	%		817	0.5	%		838	0.3	%
Nondeductible Goodwill		-	0.0	%		12,876	7.8	%		8,206	3.4	%
Tax Credits and Other		(1,374)	(0.8)	%		(6,664)	(4.1)	%		(3,880)	(1.7)	%
Income Tax Provision	$	27,699	15.4	%	$	39,227	23.8	%	$	70,903	29.4	%

Deferred Tax Assets (Liabilities)

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

	For the Year Ended June 30,
	2014		2013		2012
Loss and Credit Carryforwards, net	$	13,372	$	9,614	$	7,639
Employee Benefits		21,854		15,762		10,435
Stock-Based Payments		16,606		14,707		12,732
Deferred Rent		22,144		22,302		19,571
Receivable Reserve		23,034		18,076		20,813
Other Reserves		8,175		4,961		5,044
Less: Valuation Allowance		(9,002)		(6,538)		(7,043)
Gross Deferred Tax Assets		96,183		78,884		69,191
Depreciation		(30,886)		(43,603)		(38,532)
Amortization of Intangible Assets		(73,539)		(65,626)		(65,697)
Gross Deferred Tax Liability		(104,425)		(109,229)		(104,229)
Net Deferred Taxes	$	(8,242)	$	(30,345)	$	(35,038)

Changes in Unrecognized Tax Benefits

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

	For the Year Ended June 30,
	2014		2013		2012
Beginning Balance, July 1	$	9.0	$	22.0	$	11.9
Increases from Positions Taken During Prior Periods		0.6		0.9		10.1
Decreases from Positions Taken During Prior Periods		(1.3)		(14.2)		(3.5)
Increases from Positions Taken During the Current Period		0.8		0.3		3.5
Ending Balance, June 30	$	9.1	$	9.0	$	22.0