v3.2.0.727

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Earnings from Continuing Operations before Income Taxes

Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.

		Years Ended June 30,
		2015				2014				2013
		($ in millions)
Earnings before income taxes:
U.S.		$	365.4			$	308.1			$	252.3
Foreign		73.5				87.4				70.9
Total		$	438.9			$	395.5			$	323.2

Components of Provision for Income Taxes

The Provision for income taxes consists of the following components:

		Years Ended June 30,
		2015				2014				2013
		($ in millions)
Current:
U.S. Domestic		$	120.8			$	114.8			$	73.1
Foreign		19.8				22.5				15.8
State		10.6				6.8				8.1
Total current		151.2				144.1				97.0
Deferred:
U.S. Domestic		4.5				(8.7		)		16.0
Foreign		(0.9		)		(0.4		)		—
State		(3.0		)		(2.5		)		(1.9		)
Total deferred		0.6				(11.6		)		14.1
Total Provision for income taxes		$	151.8			$	132.5			$	111.1

Effective Income Tax Rate Reconciliation

		Years Ended June 30,
		2015				%			2014				%			2013				%
		($ in millions)
Provision for income taxes at U.S. statutory rate		$	153.6			35.0			$	138.4			35.0			$	113.1			35.0
Increase (decrease) in Provision for income taxes from:
State taxes, net of federal tax		5.8				1.3			4.0				1.0			4.6				1.4
Foreign taxes		(5.1		)		(1.2	)		(7.5		)		(1.9	)		(4.3		)		(1.3	)
Valuation allowances		(0.9		)		(0.2	)		(0.7		)		(0.2	)		1.0				0.3
Other		(1.6		)		(0.3	)		(1.7		)		(0.4	)		(3.3		)		(1.0	)
Total Provision for income taxes		$	151.8			34.6			$	132.5			33.5			$	111.1			34.4

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at June 30, 2015 and 2014 were as follows:

		June 30,
		2015				2014
		($ in millions)
Classification:
Current deferred tax assets (included in Other current assets)		$	17.7			$	18.9
Long-term deferred tax assets (included in Other non-current assets)		1.3				0.9
Current deferred tax liabilities (included in Accrued expenses and other current liabilities)		(0.6		)		(0.6		)
Long-term deferred tax liabilities		(61.7		)		(62.4		)
Net deferred tax liabilities		$	(43.3	)		$	(43.2	)
Components:
Deferred tax assets:
Accrued expenses not currently deductible		$	4.3			$	4.9
Depreciation		19.6				23.9
Compensation and benefits not currently deductible		47.3				47.5
Net operating and capital losses		23.7				27.3
Tax credits		5.9				4.5
Other		4.9				5.6
Total deferred tax assets		105.7				113.7
Less: Valuation allowances		(9.2		)		(10.9		)
Deferred tax assets, net		96.5				102.8
Deferred tax liabilities:
Goodwill and identifiable intangibles		116.4				121.8
Net deferred expenses		16.9				19.9
Other		6.5				4.3
Deferred tax liabilities		139.8				146.0
Net deferred tax liabilities		$	(43.3	)		$	(43.2	)

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

		Fiscal Year Ended June 30,
		2015				2014				2013
		($ in millions)
Beginning balance		$	26.6			$	30.0			$	62.6
Gross increase related to prior period tax positions		0.5				0.5				1.9
Gross increase related to current period tax positions		2.4				2.2				2.2
Gross decrease related to prior period tax positions		(5.1		)		(6.1		)		(36.7		)
Ending balance		$	24.4			$	26.6			$	30.0

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