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Note 10 - Income Taxes
3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note 10 – Income Taxes
 
For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year to date pre-tax income. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, settlement with taxing authorities and foreign currency fluctuations.
 
Our effective income tax rate was 11 and 21.9 percent for the three months ended June 30, 2016 and 2015, respectively. The effective tax rate for the three months ended June 30, 2016 differed from the statutory federal rate of 35 percent primarily as a result of the impact of state income taxes, domestic manufacturing deductions, research and development tax credits and share-based payment awards to employees. We anticipate that our effective tax rate for the year ending March 31, 2017 will approximate 33 to 36 percent, plus or minus the impact of excess tax benefits and deficiencies associated with share-based payment awards to employees (which may vary significantly from year to year).
 
Our tax year ended March 31, 2015 is under examination by the IRS. We expect the examination and possible related appeal for this tax year to be completed within the next 12 months. We reserved for potential adjustments for income taxes that may result from examinations by tax authorities, and we believe the final outcome of these examinations or agreements will not have a material effect on our consolidated financial condition, results of operations or cash flows.
 
Since we are subject to audit by various taxing authorities, it is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 months. However, we do not expect the change, if any, to have a material effect on our consolidated financial condition or results of operations within the next 12 months.