Income Taxes |
6 Months Ended |
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Dec. 31, 2023 | |
| Notes to Financial Statements | |
| Income Taxes |
Note 12. Income Taxes: The Company’s effective income tax rate for the second quarter of fiscal 2024 and 2023 was 17.7% and 24.7%, respectively, of consolidated earnings before income taxes, inclusive of discrete items, and 5.4% and 17.9% for the first six months of fiscal 2024 and 2023, respectively. The change in the Company’s tax rate for the quarter and six months ended December 31, 2023 compared to the quarter and six months ended December 31, 2022 was driven by discrete tax items. The Company recognized total net benefits related to discrete tax items of $2.8 million and $16.3 million during the quarter and six months ended December 31, 2023, respectively, compared to total net expense of $4.6 million and total net benefits of $3.2 million during the quarter and six months ended December 31, 2022, respectively. Share-based compensation excess tax benefit contributed $1.3 million and $11.7 million in the quarter and six months ended December 31, 2023, respectively, compared to $0.9 million and $9.1 million in the quarter and six months, ended December 31, 2022, respectively. During the quarter and six months ended December 31, 2023, the Company had total other immaterial discrete tax benefit of $1.5 million and $4.6 million, respectively. During the quarter and six months ended December 31, 2022, the Company had discrete tax expense of $5.7 million related to taxes associated with a planned distribution from our China entity. The Company recognized total other immaterial net discrete tax benefits of $0.2 million in the quarter ended December 31, 2022 and net discrete tax expense of $0.2 million in the six months ended December 31, 2022, respectively. |
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- References No definition available.
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- Definition 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
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