XML 30 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes
 6 Months Ended
Sep. 30, 2021
Income Taxes [Abstract]  
Income Taxes
12. Income Taxes

The Company recorded income tax expense of $2,251,000, or an effective tax rate of 37.9%, and $6,097,000, or an effective tax rate of 28.6%, for the three months ended September 30, 2021 and 2020, respectively. The Company recorded income tax expense of $3,198,000, or an effective tax rate of 41.3%, and $5,075,000, or an effective tax rate of 29.4%, for the six months ended September 30, 2021 and 2020, respectively. Effective tax rates are based on current projections and any changes in future periods could result in an effective tax rate that is materially different from the current estimate. The effective tax rates for the three and six months ended September 30, 2021, were primarily impacted by (i) foreign income taxed at rates that are different from the federal statutory rate, (ii) non-deductible executive compensation under Internal Revenue Code Section 162(m), and (iii) specific jurisdictions that the Company does not expect to recognize benefit of losses.

The Company and its subsidiaries file income tax returns in the U.S. federal, various state, and foreign jurisdictions with varying statutes of limitations. At September 30, 2021, the Company is not under examination in any jurisdiction, and remain subject to examination from the years ended March 31, 2017. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.