10-K


Deferred income taxes at June 30, 2012 and June 30, 2011 are attributable to the following (in thousands): 2012


Deferred assets (current): Inventories


Employee benefits (other than pension) Book reserves Other


Valuation allowance Current deferred tax asset


Deferred assets (long-term): Federal NOL, carried forward


State NOL, various carryforward periods Foreign NOL, various carried forward periods Foreign tax credit carryforward, expiring 2014 - 2015 Pension benefit


Retiree medical benefits Intangibles Other


Valuation allowance Long-term deferred tax asset


Deferred liabilities (long-term): Depreciation


Long-term deferred tax liabilities Net deferred tax assets


$ $


$ $ $ $


4,892 $ 1,336 1,757 298


(663) 7,620 $


5,706 $ 874


1,283 1,028


13,599 5,563 3,285 401


(1,897) 29,842 $ (2,530)


(2,530) $ 34,932 $


2011


4,598 548 954 - -


6,100


7,438 1,039 1,583 1,117 3,980 4,615 3,813 651


(2,829) 21,407


(2,806) (2,806)


24,701


As of June 30, 2012 and June 30, 2011, the net long-term deferred tax asset and deferred tax liabilities on the balance sheet are as follows (in thousands):


2012 Long-term assets Long-term liabilities


$ $


29,842 $ (2,530)


27,312 $ 2011


21,407 (2,806)


18,601


Foreign operations deferred assets (current) relate primarily to book reserves. Foreign operations net deferred assets (long-term) relate primarily to pension benefits. Amounts related to foreign operations included in the long-term portion of deferred liabilities relate primarily to depreciation.


The Company is subject to U.S. federal income tax and various state, local and international income taxes in numerous jurisdictions. The Company’s domestic and international tax liabilities are subject to the allocation of revenues and expenses in different jurisdictions and the timing of recognizing revenues and expenses. Additionally, the amount of income taxes paid is subject to the Company’s interpretation of applicable tax laws in the jurisdictions in which it files.


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