|
Income Taxes
|
9 Months Ended |
|---|---|
|
Dec. 31, 2014
|
|
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
For the nine month periods ended December 31, 2014 and 2013, the Company recorded tax expense of $11,017 on pre-tax income of $49,902 and tax expense of $3,662 on pre-tax income of $19,879, respectively. During the nine months ended December 31, 2014, the Company released a deferred tax liability of $3,224 for taxes accrued on previously undistributed foreign earnings that are no longer expected to be repatriated. For the nine months ended December 31, 2013, our effective tax rate was 18.4%, after accounting for discrete events including the benefit of $1,047 for the release of a liability for uncertain tax positions and $575 related to the reduction of previously estimated tax benefits that were determined not to be payable to our Predecessor owners. Our anticipated annual effective tax rate before discrete events is approximately 28.5% and has been applied to our consolidated pre-tax income for the nine months ended December 31, 2014 and for the nine months ended December 31, 2013, our tax provision reflected an annual effective tax rate before discrete events of 26.1%.
As of April 1, 2013, we adopted a permanent reinvestment position whereby we expect to reinvest our foreign earnings for most of our foreign subsidiaries and do not expect to repatriate future earnings. As a result of the adoption of a permanent reinvestment position, we no longer accrue a tax liability in anticipation of future dividends from most of our foreign subsidiaries. The estimated annual effective tax rate for the fiscal year ending March 31, 2015 reflects the estimated taxable earnings of our various foreign subsidiaries and the applicable local tax rates, after accounting for certain permanent differences, such as nondeductible compensation expenses.
As of December 31, 2014, we have established a long-term liability for uncertain tax positions in the amount of $733. The Company recognizes related accrued interest and penalties as income tax expense and has accrued $46 for the nine months ended December 31, 2014.
As of December 31, 2014, the tax years 2006 through 2013 remain open to examination by the major taxing jurisdictions to which we are subject, except for the United States federal income tax returns, where the federal income tax returns for fiscal 2012 and 2013 remain open.
|