XML 33 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes
6 Months Ended
Sep. 30, 2013
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES

The Company is subject to the tax laws of many jurisdictions. Changes in tax laws or the interpretation of tax laws can affect the Company's earnings, as can the resolution of pending and contested tax issues. The consolidated income tax rate is affected by a number of factors, including the mix of domestic and foreign earnings and investments, local tax rates of subsidiaries, repatriation of foreign earnings, the effect of exchange rate changes on deferred taxes, and the Company's ability to utilize foreign tax credits.

The consolidated effective income tax rate on pretax earnings was approximately 29% and 28% for the quarters ended September 30, 2013 and 2012, respectively, and approximately 33% and 30% for the six months ended September 30, 2013 and 2012, respectively. The effective rate for each of the reporting periods was lower than the 35% U.S. federal statutory rate primarily due to the effect of changes in exchange rates on deferred income tax assets and liabilities of foreign subsidiaries and a lower net effective tax rate on dividend income from unconsolidated operations.