XML 28 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
3 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Income Tax Disclosure Income Taxes
Effective Tax Rate
Our effective tax rates for the three months ended September 30, 2020 and September 30, 2019 were (9.8)% and 30.6%, respectively. We expect our effective tax rate to be approximately 27.0% in fiscal 2021. The effective tax rate for the three months ended September 30, 2020 was negatively impacted by a $1.0 million deferred tax asset adjustment.
Deferred Payroll Taxes
The Company has deferred $7.4 million of U.S. payroll tax as of September 30, 2020 through provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the "CARES Act"). The deferred payroll taxes are included within other liabilities in the consolidated balance sheets. The Company must repay half of the deferred payroll tax by December 31, 2021 and the remainder by December 31, 2022.