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Income Taxes
3 Months Ended
Jun. 30, 2015
Income Taxes [Abstract]  
Income Taxes
Note 8: Income Taxes

For the three months ended June 30, 2015 and 2014, the Company’s effective income tax rate was 37.5 percent and 32.2 percent, respectively.

The most significant factors impacting changes in the effective tax rate for the three months ended June 30, 2015, as compared with the prior-year period, were increases in the valuation allowance relating to certain foreign jurisdictions for which no income tax benefit is recognized and changes in the mix of foreign and domestic earnings.   At June 30, 2015, the Company continued to record a full valuation allowance against its net deferred tax assets in certain foreign jurisdictions ($43.6 million) and a valuation allowance against certain U.S. deferred tax assets ($5.8 million), as it is more likely than not that these assets will not be realized based on historical financial results.  The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions until the need for a valuation allowance is eliminated.  The need for a valuation allowance is eliminated when the Company determines it is more likely than not the deferred tax assets will be realized.

Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with its estimated annual effective tax rate.  Under this methodology, the Company applies its estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter.  The tax impacts of certain significant, unusual or infrequently occurring items are recorded in the period in which they occur. The impact of the Company’s operations in certain foreign locations are excluded from the overall effective tax rate methodology and recorded discretely based upon year-to-date results because the Company anticipates net operating losses for the full fiscal year in these jurisdictions.  The Company does not anticipate a significant change in unrecognized tax benefits during the next twelve months.