XML 24 R14.htm IDEA: XBRL DOCUMENT v3.20.4

Income Taxes	9 Months Ended
	Jan. 03, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s income tax provision consists of federal, state and foreign income taxes. The tax provision for the third quarter of fiscal 2021 and 2020 was based on the estimated effective tax rates applicable for the full years ending March 31, 2021 and March 31, 2020, respectively, after giving effect to items specifically related to the interim periods. The Company’s effective income tax rate with respect to any period may be volatile based on the mix of income in the tax jurisdictions in which the Company operates, change in tax laws and the amount of the Company's consolidated earnings before taxes. On May 19, 2019, a public referendum held in Switzerland approved the Federal Act on Tax Reform and AHV (Old-Age and Survivors Insurance) Financing (TRAF) as adopted by the Swiss Federal Parliament on September 28, 2018. The Company recorded a deferred tax asset of $22,500 during fiscal 2020 related to the amortizable goodwill. Based on further evaluation with the Swiss tax authority, the Company recorded an additional income tax benefit of $1,883 during the nine months of fiscal 2021. The consolidated effective income tax rates for the third quarter of fiscal 2021 and 2020 were 11.9% and 16.2% and for the nine months of fiscal 2021 and 2020 were 13.7% and 0.7%, respectively. The rate decrease in the third quarter of fiscal 2021 compared to the prior year quarter is primarily due to the Hagen, Germany exit charges and changes in the mix of earnings among tax jurisdictions. The rate increase for the nine months of fiscal 2021 compared to the comparable prior year period is primarily due to Swiss tax reform, partially offset by the Hagen, Germany exit charges and changes in the mix of earnings among tax jurisdictions. Foreign income as a percentage of worldwide income is estimated to be 67% for fiscal 2021 compared to 75% for fiscal 2020. The foreign effective tax rates for the nine months of fiscal 2021 and 2020 were 5.0% and (3.9)%, respectively. The rate increase compared to the prior year period is primarily due to Swiss tax reform, partially offset by the Hagen, Germany exit charges and changes in the mix of earnings among tax jurisdictions. Income from the Company's Swiss subsidiary comprised a substantial portion of the Company's overall foreign mix of income for both fiscal 2021 and fiscal 2020 and is taxed at an effective income tax rate of approximately 8% and 6%, respectively.

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration