INCOME TAXES (Tables)
|
12 Months Ended |
Sep. 30, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Taxes |
The income tax (benefit) provision consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Current: |
|
|
|
|
|
Federal |
$ |
(2,577 |
) |
|
$ |
1,542 |
|
|
$ |
18,733 |
|
State |
1,051 |
|
|
628 |
|
|
1,829 |
|
Foreign |
15,533 |
|
|
10,459 |
|
|
12,482 |
|
|
14,007 |
|
|
12,629 |
|
|
33,044 |
|
Deferred: |
|
|
|
|
|
Federal |
(24,094 |
) |
|
11,887 |
|
|
(3,066 |
) |
State |
1,315 |
|
|
905 |
|
|
(2,412 |
) |
Foreign |
(346 |
) |
|
(3,067 |
) |
|
1,507 |
|
|
(23,125 |
) |
|
9,725 |
|
|
(3,971 |
) |
Total |
$ |
(9,118 |
) |
|
$ |
22,354 |
|
|
$ |
29,073 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Federal statutory tax rate |
24.5 |
% |
|
35.0 |
% |
|
35.0 |
% |
Effect of state income taxes, net of federal deduction |
2.2 |
% |
|
1.4 |
% |
|
(0.6 |
)% |
Foreign taxes greater (less) than federal statutory rate |
1.4 |
% |
|
(7.2 |
)% |
|
(3.5 |
)% |
Share-based compensation |
(0.6 |
)% |
|
(1.2 |
)% |
|
— |
% |
U.S. manufacturing incentive |
(1.3 |
)% |
|
(1.8 |
)% |
|
(0.9 |
)% |
Tax credits |
(2.7 |
)% |
|
(2.6 |
)% |
|
0.9 |
% |
Tax deductible basis difference |
(1.5 |
)% |
|
— |
% |
|
— |
% |
Transition tax |
9.0 |
% |
|
— |
% |
|
— |
% |
U.S. statutory tax rate change on temporary differences |
(38.7 |
)% |
|
— |
% |
|
— |
% |
Other |
(1.6 |
)% |
|
(0.4 |
)% |
|
(0.4 |
)% |
Effective tax rate |
(9.3 |
)% |
|
23.2 |
% |
|
30.5 |
% |
|
| Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities at September 30, 2018 and 2017 are as follows:
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
Deferred tax assets: |
|
|
|
Pension and postretirement benefits |
$ |
24,597 |
|
|
$ |
45,654 |
|
Accruals and reserves not currently deductible |
9,596 |
|
|
20,579 |
|
Income tax credit carryforward |
3,216 |
|
|
3,313 |
|
Operating and capital loss carryforwards |
20,807 |
|
|
23,610 |
|
Stock options |
5,157 |
|
|
8,614 |
|
Other |
3,963 |
|
|
2,782 |
|
Total deferred tax assets |
67,336 |
|
|
104,552 |
|
Valuation allowances |
(14,137 |
) |
|
(20,866 |
) |
Net deferred tax assets |
53,199 |
|
|
83,686 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
Depreciation |
(16,156 |
) |
|
(4,763 |
) |
Unrealized gains and losses |
(8,637 |
) |
|
(10,446 |
) |
Goodwill and intangible assets |
(147,571 |
) |
|
(203,957 |
) |
Other |
(517 |
) |
|
(1,494 |
) |
|
(172,881 |
) |
|
(220,660 |
) |
|
|
|
|
Net deferred tax liability |
$ |
(119,682 |
) |
|
$ |
(136,974 |
) |
|
| Changes in Gross Unrecognized Tax Benefits |
Changes in the total amount of gross unrecognized tax benefits (excluding penalties and interest) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Balance, beginning of year |
$ |
7,968 |
|
|
$ |
13,820 |
|
|
$ |
4,086 |
|
Increases for tax positions of prior years |
7,886 |
|
|
839 |
|
|
5,762 |
|
Decreases for tax positions of prior years |
— |
|
|
(5,890 |
) |
|
(166 |
) |
Increases based on tax positions related to the current year |
882 |
|
|
378 |
|
|
5,456 |
|
Decreases due to lapse of statute of limitation |
(1,909 |
) |
|
(1,179 |
) |
|
(1,318 |
) |
Balance, end of year |
$ |
14,827 |
|
|
$ |
7,968 |
|
|
$ |
13,820 |
|
|
| Summary of Income Tax Contingencies |
As of September 30, 2018, the tax years that remain subject to examination by major jurisdiction generally are:
|
|
|
United States - Federal |
2015 and forward |
United States - State |
2014 and forward |
Canada |
2014 and forward |
Germany |
2015 and forward |
United Kingdom |
2017 and forward |
Australia |
2014 and forward |
Singapore |
2013 and forward |
|