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Income Taxes
9 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
    The Company operates in the United States and many foreign countries and 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 is affected by a number of factors, including the mix and timing of domestic and foreign earnings, discrete items, and the effect of exchange rate changes on taxes.
    
    The consolidated effective income tax rate for the three and nine months ended December 31, 2020 was 26% and 19%, respectively. The Company recognized a $2.9 million income tax benefit in the three and nine months ended December 31, 2020 in connection with amending and finalizing of prior year consolidated U.S. income tax returns. The Company's consolidated effective income tax rate for the nine months ended December 31, 2020 was also affected by a $4.4 million net tax benefit for final U.S. tax regulations issued for hybrid dividends paid by foreign subsidiaries. Without these items, the consolidated effective
income tax rate for the three and nine months ended December 31, 2020 would have been approximately 32% and 29%, respectively. Additionally, for the nine months ended December 31, 2020 the Company recognized $1.8 million as a component of interest expense related to on-going settlement discussions for an uncertain tax position at foreign subsidiary.

    The consolidated effective income tax rate for the three and nine months ended December 31, 2019 was approximately 26% and 30%, respectively. Income taxes for the nine months ended December 31, 2019 were affected by a $2.8 million net tax provision related to a tax settlement at a foreign subsidiary. The Company recognized a $1.5 million income tax benefit in the three and nine months ended December 31, 2019 in connection with amending and finalizing of prior year consolidated U.S. income tax returns. Without these items, the consolidated effective income tax rate for the three months and nine months ended December 31, 2019 would have been approximately 30% and 29%, respectively.