Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
 3 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Income Taxes

Note 12. Income Taxes:

The Company’s effective income tax rate for the first quarter of fiscal 2025 and 2024 was 16.4% and (2.9)%, respectively, of consolidated earnings before income taxes, inclusive of discrete items. The change in the Company’s tax rate for the quarter ended September 30, 2024 compared to September 30, 2023 was driven by a mix of net income and timing of discrete items.

The Company recognized total net benefits related to discrete tax items of $3.0 million during the quarter ended September 30, 2024, compared to $13.6 million during the quarter ended September 30, 2023. Share-based compensation excess tax benefit contributed $3.3 million in the quarter ended September 30, 2024, compared to $10.4 million in the quarter ended September 30, 2023. The Company recognized total other immaterial net discrete tax expense of $0.3 million in the quarter ended September 30, 2024, compared to $3.2 million of other immaterial net discrete tax benefit in the quarter ended September 30, 2023.