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Income Taxes | 6 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10 — Income Taxes Ordinarily, the Company calculates its provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. However, when a reliable estimate cannot be made, the Company computes its provision for income taxes using the actual effective tax rate (discrete method) for the year-to-date period. The Company’s effective tax rate is highly influenced by the amount of its R&D tax credits. A small change in estimated annual pretax income (loss) can produce a significant variance in the annual effective tax rate given the Company’s expected amount of R&D tax credits. This variability provides an unreliable estimate of the annual effective tax rate. As a result, and in accordance with the authoritative guidance for accounting for income taxes in interim periods, the Company has computed its provision for income taxes for the three and six months ended September 30, 2019 by applying the actual effective tax rate to the quarter-to-date and year-to-date income (loss) for the three-month and six-month periods. For the three and six months ended September 30, 2019, the Company recorded an income tax expense of $2.4 million and an income tax benefit $4.8 million, respectively, resulting in an effective tax rate of 26% and effective tax benefit rate of 53%, respectively. The effective tax rates for the periods differed from the U.S. statutory rate due primarily to the benefit of R&D tax credits. For the three and six months ended September 30, 2018, the Company recorded an income tax benefit of $9.7 million and $38.9 million, respectively, resulting in an effective tax benefit rate of 27% and 38%, respectively. The effective tax benefit rates for the periods differed from the U.S. statutory rate due primarily to the benefit of R&D tax credits. Future realization of existing deferred tax assets ultimately depends on future profitability and the existence of sufficient taxable income of appropriate character (for example, ordinary income versus capital gains) within the carryforward period available under tax law. In the event that the Company’s estimate of taxable income is less than that required to utilize the full amount of any deferred tax asset, a valuation allowance is established, which would cause a decrease to income in the period such determination is made. For the three and six months ended September 30, 2019, the Company’s gross unrecognized tax benefits increased by $3.2 million and $6.4 million, respectively. In the next 12 months it is reasonably possible that the amount of unrecognized tax benefits will not change significantly.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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