Note 3 - Income Taxes
|3 Months Ended|
Sep. 30, 2017
|Notes to Financial Statements|
|Income Tax Disclosure [Text Block]||
The Company reviews its expected annual effective income tax rates and makes changes on a quarterly basis as necessary based on certain factors such as changes in forecasted annual operating income; changes to actual or forecasted permanent book to tax differences; impacts from future tax audits with state, federal or foreign tax authorities; impacts from tax law changes; or change in judgment as to the realizability of deferred tax assets. The Company identifies items which are
notnormal and are non-recurring in nature and treats these as discrete events. The tax effect of discrete items is recorded in the quarter in which the discrete events occur. Due to the volatility of these factors, the Company's consolidated effective income tax rate can change significantly on a quarterly basis.
The Company conducts business globally and, as a result, the Company or
oneor more of its subsidiaries files income tax returns in the U.S., various state, and foreign jurisdictions. In the normal course of business, the Company is subject to
periodic examination in such domestic and foreign jurisdictions by tax authorities. The Company and certain subsidiaries are currently under audit in the U.S. from
2014.While the amount of uncertain tax benefits with respect to the entities and years under audit
maychange within the next
twelvemonths, it is
notanticipated that any of the changes will be significant. It is reasonably possible that some of these audits
maybe completed during the next
twelvemonths. It is reasonable to expect that various issues relating to uncertain tax benefits will be resolved within the next
twelvemonths as exams are completed or as statutes expire and will impact the effective tax rate.
’s consolidated effective tax rate was
September 30, 2017and
September 30, 2016.The current period’s effective tax rate primarily includes tax expense on the taxable year’s net income, and tax and interest expense on uncertain tax positions partially offset by tax benefit on the vesting of restricted stock units. The prior period’s effective tax rate primarily includes tax expense on the taxable year’s net income, and tax and interest expense on uncertain tax positions. Effective
July 1, 2017the company adopted ASU
Balance Sheet Classification of Deferred Taxes, which requires the Company to present all deferred tax assets and liabilities as noncurrent. The Company has applied the new guidance prospectively and accordingly the prior balance sheets were
notretrospectively adjusted. The adoption did
nothave a material impact on the Company’s consolidated results of operations, cash flows or financial position.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef