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Note 11 - Income Taxes
3 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
11
– 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 (
16.4
) percent and
11.0
percent for the
three
months ended
June 30, 2017
and
2016,
respectively. The effective tax rate for the
three
months ended
June 30, 2017
differed from the statutory federal rate of
34
percent primarily due to the impact of share-based payment awards for employees (which was significant for the
three
months ended
June 30, 2017),
state income taxes, domestic manufacturing deductions and foreign rate differential. We anticipate that our effective tax rate for the year ending
March 31, 2018
will approximate
35
to
38
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).
 
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 financial condition or results of operations within the next
12
months.