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Income Taxes
9 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Tax Disclosure
13.    Income Taxes

Income tax expense (benefit) as a percentage of income (loss) from continuing operations before income tax expense was 9% and 13% in the quarters ended December 31, 2020 and December 31, 2019, respectively, and (45)% and 20% 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 months ended December 31, 2020, the rates are lower than the U.S. statutory rate as a result of pre-tax losses in certain jurisdictions. For the nine months ended December 31, 2020, the rates are lower than the U.S. statutory rate as a result of the impacts associated with pre-tax losses in the U.S. related to the pension settlement expense recorded of $18,933,000 for the year, the U.S. R&D credit, and the utilization of net operating losses that previously had a full valuation allowance against them.

The Company estimates that the effective tax rate related to continuing operations will be approximately (2)% to (4)% for fiscal 2021 resulting from a pre-tax loss primarily due to the termination of one of the Company's U.S. pension plans.

Refer to the Company’s consolidated financial statements included in its 2020 10-K for further information on income taxes.