Note 12 - Income Taxes
|3 Months Ended|
Sep. 30, 2021
|Notes to Financial Statements|
|Income Tax Disclosure [Text Block]||
Note 12. Income Taxes:
The Company’s effective income tax rate for the first quarter of fiscal 2022 and 2021 was (2.4)% and 15.1% of consolidated earnings before income taxes, respectively. The change in the company’s tax rate for the first quarter of fiscal 2022 compared to first quarter of fiscal 2021 was driven by discrete tax items.
The Company recognized total net benefits related to discrete tax items of $17.7 million during the three months ended September 30, 2021 compared to $4.2 million during the three months ended September 30, 2020. Share-based compensation excess tax benefit contributed $18.3 million and $3.3 million in the three months ended September 30, 2021 and 2020, respectively. The Company recognized total other immaterial net discrete tax expense of $0.6 million in the quarter compared to $0.9 million other immaterial net discrete tax benefits in the three months ended September 30, 2020.
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/disclosureRef