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Income Taxes (Tables)
9 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Differences Between Statutory and Effective Income Tax Rate

The significant differences between the statutory and effective income tax rate for the three and nine months ended December 31, 2018 and 2017 consist of the following items:

 

 

 

For the Three Months Ended December 31,

 

 

For the Nine Months Ended December 31,

 

 

 

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

 

Statutory income tax rate

 

 

21.0

 

%

 

31.5

 

%

 

21.0

 

%

 

31.5

 

%

Increase resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess tax benefits from stock-based awards

 

 

(2.6

)

 

 

(7.0

)

 

 

(41.5

)

 

 

(21.9

)

 

Credits

 

 

(1.7

)

 

 

(2.1

)

 

 

(1.7

)

 

 

(2.1

)

 

State taxes, net

 

 

4.3

 

 

 

3.7

 

 

 

4.3

 

 

 

3.7

 

 

Permanent differences

 

 

1.8

 

 

 

1.7

 

 

 

1.8

 

 

 

1.7

 

 

Effect of the Tax Reform Act on net deferred tax assets

 

 

 

 

 

42.1

 

 

 

 

 

 

19.6

 

 

Excess foreign tax credits

 

 

7.9

 

 

 

 

 

 

3.7

 

 

 

 

 

Other

 

 

(0.2

)

 

 

0.7

 

 

 

0.1

 

 

 

0.2

 

 

Effective tax rate

 

 

30.5

 

%

 

70.6

 

%

 

(12.3

)

%

 

32.7

 

%