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Income Taxes | 3 Months Ended
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Sep. 30, 2017
Income Tax Expense (Benefit), Continuing Operations [Abstract] |
Income Taxes | Income Taxes The Company had approximately $2.2 million of total gross unrecognized tax benefits as of September 30, 2017 and June 30, 2017. Of this total at September 30, 2017, approximately $1.3 million represents the amount of unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. The Company does not believe that the total amount of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date. The Company conducts business globally and, as a result, one or more of its subsidiaries files income tax returns in the U.S. federal, various state, local and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities in countries and states in which it operates. With certain exceptions, the Company is no longer subject to federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before June 30, 2012. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of September 30, 2017, the Company had approximately $1.1 million accrued for interest and penalties. Income taxes for the interim period presented have been included in the accompanying condensed consolidated financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, the Company includes certain items treated as discrete events to arrive at an estimated overall tax provision. As a result of a tax settlement in Brazil, the associated tax liability was reversed and accounted for discretely, resulting in a net tax benefit of $0.3 million for the quarter ended September 30, 2017. In addition, the Company adopted ASU 2016-09 during the quarter ended September 30, 2017 which required the Company to recognize excess tax benefits and tax deficiencies as income tax expense or benefit for stock award settlements that were previously recognized as additional paid-in-capital. As a result of these changes, a net tax expense of $0.6 million was accounted for discretely for the quarter ended September 30, 2017. The Company’s effective tax rate of 38.8% for the three months ended September 30, 2017 differs from the federal statutory rate of 35% primarily as a result of items recorded discretely during the current quarter, income derived from tax jurisdictions with varying income tax rates and nondeductible expenses and state income taxes. The net discrete tax expense of $0.3 million recognized for the three months ended September 30, 2017 increased the effective tax rate by 3.6%. The Company has provided for U.S. income taxes for the current earnings of its Canadian subsidiary. Earnings from all other geographies will continue to be considered retained indefinitely for reinvestment. Financial results in Belgium for the quarter ended September 30, 2017 produced a pre-tax loss of approximately $0.8 million. To the extent the Belgium business does not return to profitability as expected, this could affect the valuation of certain deferred tax assets. In the judgment of management, the conditions that gave rise to the recent losses are temporary and that it is more likely than not that the deferred tax asset will be realized.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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- References No definition available. + Details
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