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Income Taxes | 9 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | 13. Income Taxes Income tax expense as a percentage of income from continuing operations before income tax expense was 13% and 134% in the quarters ended December 31, 2019 and December 31, 2018, respectively, and 20% and 29% for the nine-month periods then ended, respectively. Typically these percentages vary from the U.S. statutory rate of 21% primarily due to varying effective tax rates at the Company's foreign subsidiaries, and the jurisdictional mix of taxable income for these subsidiaries. For the three and nine months ended December 31, 2019, income tax expense as a percentage of income from continuing operations was decreased by 11 percentage points and 3 percentage points, respectively, as a result of the utilization of certain foreign tax credits in our fiscal 2019 Federal income tax return filed in January 2020 for which a valuation allowance was previously recorded. These foreign tax credits had been generated by the one-time transition tax related to the Tax Cuts and Jobs Act, finalized in fiscal 2019. As a result, we recognized an income tax benefit of $1,909,000 during the three months ended December 31, 2019 for the reversal of the valuation allowance on the foreign tax credits utilized in the fiscal 2019 Federal income tax return. We continue to maintain a full valuation allowance on the remaining unutilized foreign tax credits. For the three and nine months ended December 31, 2018, income tax expense as a percentage of income from continuing operations was increased by 215 percentage points and 15 percentage points, respectively, as a result of recording a valuation allowance against deferred tax assets in connection with the impairment loss on held for sale assets recorded in fiscal 2019. Additionally, income tax expense as a percentage of income from continuing operations for the three and nine months ended December 31, 2018 was decreased by 100 percentage points and 7 percentage points, respectively, as a result of the reversal of valuation allowances in certain foreign jurisdictions and the final accounting for the one-time transition tax pursuant to Staff Accounting Bulletin No. 118 ("SAB 118"). The Company estimates that the effective tax rate related to continuing operations will be approximately 21% to 22% for fiscal 2020. Refer to the Company’s consolidated financial statements included in its 2019 10-K for further information on income taxes.

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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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