INCOME TAXES (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Taxes |
The provision for income taxes consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
Current: |
|
|
|
|
|
Federal |
$ |
18,733 |
|
|
$ |
655 |
|
|
$ |
7,371 |
|
State |
1,829 |
|
|
1,466 |
|
|
3,612 |
|
Foreign |
12,482 |
|
|
10,599 |
|
|
10,427 |
|
|
33,044 |
|
|
12,720 |
|
|
21,410 |
|
Deferred |
|
|
|
|
|
Federal |
(3,066 |
) |
|
13,279 |
|
|
2,590 |
|
State |
(2,412 |
) |
|
645 |
|
|
(71 |
) |
Foreign |
1,507 |
|
|
(280 |
) |
|
(1,124 |
) |
|
(3,971 |
) |
|
13,644 |
|
|
1,395 |
|
Total |
$ |
29,073 |
|
|
$ |
26,364 |
|
|
$ |
22,805 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
Federal statutory tax rate |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
Effect of state income taxes, net of federal deduction |
(0.6 |
)% |
|
1.8 |
% |
|
3.8 |
% |
Foreign taxes less than federal statutory rate |
(3.5 |
)% |
|
(3.2 |
)% |
|
(2.1 |
)% |
Other |
(0.4 |
)% |
|
(4.2 |
)% |
|
(2.2 |
)% |
Effective tax rate |
30.5 |
% |
|
29.4 |
% |
|
34.5 |
% |
|
| Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities at September 30, 2016 and 2015 are as follows:
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
Deferred tax assets: |
|
|
|
Pension and postretirement benefits |
$ |
46,282 |
|
|
$ |
42,134 |
|
Accruals and reserves not currently deductible |
26,214 |
|
|
27,586 |
|
Income tax credit carryforward |
10,080 |
|
|
9,160 |
|
Operating and capital loss carryforwards |
25,258 |
|
|
25,012 |
|
Stock options |
6,544 |
|
|
8,550 |
|
Other |
5,246 |
|
|
7,396 |
|
Total deferred tax assets |
119,624 |
|
|
119,838 |
|
Valuation allowances |
(22,412 |
) |
|
(20,977 |
) |
Net deferred tax assets |
97,212 |
|
|
98,861 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
Depreciation |
(5,207 |
) |
|
(8,509 |
) |
Unrealized gains and losses |
(5,640 |
) |
|
(8,867 |
) |
Goodwill and intangible assets |
(190,541 |
) |
|
(193,876 |
) |
Other |
(2,087 |
) |
|
(11,623 |
) |
|
(203,475 |
) |
|
(222,875 |
) |
|
|
|
|
Net deferred tax liability |
$ |
(106,263 |
) |
|
$ |
(124,014 |
) |
|
| Changes in Gross Unrecognized Tax Benefits |
Changes in the total amount of gross unrecognized tax benefits (excluding penalties and interest) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
Balance, beginning of year |
$ |
4,086 |
|
|
$ |
4,311 |
|
|
$ |
4,516 |
|
Increase from acquisition |
— |
|
|
— |
|
|
385 |
|
Increases for tax positions of prior years |
5,762 |
|
|
475 |
|
|
369 |
|
Decreases for tax positions of prior years |
(166 |
) |
|
(155 |
) |
|
(863 |
) |
Increases based on tax positions related to the current year |
5,456 |
|
|
635 |
|
|
623 |
|
Decreases due to settlements with taxing authorities |
— |
|
|
(27 |
) |
|
(12 |
) |
Decreases due to lapse of statute of limitation |
(1,318 |
) |
|
(1,153 |
) |
|
(707 |
) |
Balance, end of year |
$ |
13,820 |
|
|
$ |
4,086 |
|
|
$ |
4,311 |
|
|
| Summary of Income Tax Contingencies |
As of September 30, 2016, the tax years that remain subject to examination by major jurisdiction generally are:
|
|
|
United States - Federal |
2013 and forward |
United States - State |
2012 and forward |
Canada |
2012 and forward |
Germany |
2009 and forward |
United Kingdom |
2014 and forward |
Australia |
2012 and forward |
Singapore |
2010 and forward |
|