INCOME TAXES (Tables)
|
12 Months Ended |
Sep. 30, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Taxes |
The income tax provision (benefit) consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Current: |
|
|
|
|
|
Federal |
$ |
3,308 |
|
|
$ |
(2,577 |
) |
|
$ |
1,542 |
|
State |
2,232 |
|
|
1,051 |
|
|
628 |
|
Foreign |
2,049 |
|
|
15,533 |
|
|
10,459 |
|
|
7,589 |
|
|
14,007 |
|
|
12,629 |
|
Deferred: |
|
|
|
|
|
Federal |
(5,472 |
) |
|
(24,094 |
) |
|
11,887 |
|
State |
(2,782 |
) |
|
1,315 |
|
|
905 |
|
Foreign |
1,471 |
|
|
(346 |
) |
|
(3,067 |
) |
|
(6,783 |
) |
|
(23,125 |
) |
|
9,725 |
|
Total |
$ |
806 |
|
|
$ |
(9,118 |
) |
|
$ |
22,354 |
|
|
| Reconciliation of Federal Statutory Tax Rate to Consolidated Effective Tax Rate |
The reconciliation of the federal statutory tax rate to the consolidated effective tax rate was as follows:
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Federal statutory tax rate |
21.0 |
% |
|
24.5 |
% |
|
35.0 |
% |
Effect of state income taxes, net of federal deduction |
2.7 |
% |
|
2.2 |
% |
|
1.4 |
% |
Foreign statutory taxes compared to federal statutory rate |
(0.8 |
)% |
|
1.4 |
% |
|
(7.2 |
)% |
Share-based compensation |
(3.1 |
)% |
|
(0.6 |
)% |
|
(1.2 |
)% |
U.S. manufacturing incentive |
— |
% |
|
(1.3 |
)% |
|
(1.8 |
)% |
Tax credits |
4.9 |
% |
|
(2.7 |
)% |
|
(2.6 |
)% |
Tax basis difference |
9.8 |
% |
|
(1.5 |
)% |
|
— |
% |
Transition tax |
— |
% |
|
9.0 |
% |
|
— |
% |
U.S. statutory tax rate change on temporary differences |
— |
% |
|
(38.7 |
)% |
|
— |
% |
Goodwill write-down |
(40.2 |
)% |
|
— |
% |
|
— |
% |
Other |
3.6 |
% |
|
(1.6 |
)% |
|
(0.4 |
)% |
Effective tax rate |
(2.1 |
)% |
|
(9.3 |
)% |
|
23.2 |
% |
|
| Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities at September 30, 2019 and 2018 are as follows:
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
Deferred tax assets: |
|
|
|
Pension and postretirement benefits |
$ |
37,587 |
|
|
$ |
24,597 |
|
Accruals and reserves not currently deductible |
10,400 |
|
|
9,596 |
|
Income tax credit carryforward |
3,204 |
|
|
3,216 |
|
Operating and capital loss carryforwards |
21,896 |
|
|
21,858 |
|
Stock options |
4,778 |
|
|
5,157 |
|
Other |
5,381 |
|
|
3,963 |
|
Total deferred tax assets |
83,246 |
|
|
68,387 |
|
Valuation allowances |
(15,352 |
) |
|
(15,188 |
) |
Net deferred tax assets |
67,894 |
|
|
53,199 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
Depreciation |
(24,792 |
) |
|
(16,156 |
) |
Unrealized gains and losses |
(565 |
) |
|
(8,637 |
) |
Goodwill and intangible assets |
(138,952 |
) |
|
(147,571 |
) |
Other |
(1,035 |
) |
|
(517 |
) |
|
(165,344 |
) |
|
(172,881 |
) |
|
|
|
|
Net deferred tax liability |
$ |
(97,450 |
) |
|
$ |
(119,682 |
) |
|
| Changes in Gross Unrecognized Tax Benefits |
Changes in the total amount of gross unrecognized tax benefits (excluding penalties and interest) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Balance, beginning of year |
$ |
14,827 |
|
|
$ |
7,968 |
|
|
$ |
13,820 |
|
Increases for tax positions of prior years |
— |
|
|
7,886 |
|
|
839 |
|
Decreases for tax positions of prior years |
— |
|
|
— |
|
|
(5,890 |
) |
Increases based on tax positions related to the current year |
1,420 |
|
|
882 |
|
|
378 |
|
Decreases due to lapse of statute of limitation |
(721 |
) |
|
(1,909 |
) |
|
(1,179 |
) |
Balance, end of year |
$ |
15,526 |
|
|
$ |
14,827 |
|
|
$ |
7,968 |
|
|
| Summary of Income Tax Contingencies |
As of September 30, 2019, the tax years that remain subject to examination by major jurisdiction generally are:
|
|
|
United States - Federal |
2015 and forward |
United States - State |
2015 and forward |
Canada |
2015 and forward |
Germany |
2015 and forward |
United Kingdom |
2018 and forward |
Australia |
2015 and forward |
Singapore |
2014 and forward |
|