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Income Taxes
3 Months Ended
Jun. 30, 2017
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 Company's consolidated effective income tax rate on pretax earnings is affected by a number of factors, including the mix of domestic and foreign earnings, the effect of exchange rate changes on deferred taxes, and the Company’s ability to utilize foreign tax credits.
The Company's income taxes for the three months ended June 30, 2017 were favorably impacted by a lower effective tax rate on dividend income from unconsolidated operations and by excess tax deductions related to stock-based compensation awards that vested during the quarter.  Both of those items were accounted for as discrete tax benefits during the quarter, resulting in a net tax benefit on pretax earnings for the period.  Without the benefit from the discrete items, income taxes for the quarter would have been expense of approximately $1 million, or a consolidated effective tax rate of about 34%.  The effective tax rate on the pretax loss for the first quarter of fiscal year 2017 was approximately 37%.