INCOME TAXES (Tables)
|
12 Months Ended |
Sep. 30, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Taxes |
The provision for income taxes consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Current: |
|
|
|
|
|
Federal |
$ |
1,542 |
|
|
$ |
18,733 |
|
|
$ |
655 |
|
State |
628 |
|
|
1,829 |
|
|
1,466 |
|
Foreign |
10,459 |
|
|
12,482 |
|
|
10,599 |
|
|
12,629 |
|
|
33,044 |
|
|
12,720 |
|
Deferred: |
|
|
|
|
|
Federal |
11,887 |
|
|
(3,066 |
) |
|
13,279 |
|
State |
905 |
|
|
(2,412 |
) |
|
645 |
|
Foreign |
(3,067 |
) |
|
1,507 |
|
|
(280 |
) |
|
9,725 |
|
|
(3,971 |
) |
|
13,644 |
|
Total |
$ |
22,354 |
|
|
$ |
29,073 |
|
|
$ |
26,364 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Federal statutory tax rate |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
Effect of state income taxes, net of federal deduction |
1.4 |
% |
|
(0.6 |
)% |
|
1.8 |
% |
Foreign taxes less than federal statutory rate |
(7.2 |
)% |
|
(3.5 |
)% |
|
(3.2 |
)% |
Share-based compensation |
(1.2 |
)% |
|
— |
% |
|
— |
% |
Other |
(4.8 |
)% |
|
(0.4 |
)% |
|
(4.2 |
)% |
Effective tax rate |
23.2 |
% |
|
30.5 |
% |
|
29.4 |
% |
|
| Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities at September 30, 2017 and 2016 are as follows:
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
Deferred tax assets: |
|
|
|
Pension and postretirement benefits |
$ |
45,654 |
|
|
$ |
46,282 |
|
Accruals and reserves not currently deductible |
20,579 |
|
|
26,214 |
|
Income tax credit carryforward |
3,313 |
|
|
10,080 |
|
Operating and capital loss carryforwards |
23,610 |
|
|
25,258 |
|
Stock options |
8,614 |
|
|
6,544 |
|
Other |
2,782 |
|
|
5,246 |
|
Total deferred tax assets |
104,552 |
|
|
119,624 |
|
Valuation allowances |
(20,866 |
) |
|
(22,412 |
) |
Net deferred tax assets |
83,686 |
|
|
97,212 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
Depreciation |
(4,763 |
) |
|
(5,207 |
) |
Unrealized gains and losses |
(10,446 |
) |
|
(5,640 |
) |
Goodwill and intangible assets |
(203,957 |
) |
|
(190,541 |
) |
Other |
(1,494 |
) |
|
(2,087 |
) |
|
(220,660 |
) |
|
(203,475 |
) |
|
|
|
|
Net deferred tax liability |
$ |
(136,974 |
) |
|
$ |
(106,263 |
) |
|
| Changes in Gross Unrecognized Tax Benefits |
Changes in the total amount of gross unrecognized tax benefits (excluding penalties and interest) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Balance, beginning of year |
$ |
13,820 |
|
|
$ |
4,086 |
|
|
$ |
4,311 |
|
Increase from acquisition |
— |
|
|
— |
|
|
— |
|
Increases for tax positions of prior years |
839 |
|
|
5,762 |
|
|
475 |
|
Decreases for tax positions of prior years |
(5,890 |
) |
|
(166 |
) |
|
(155 |
) |
Increases based on tax positions related to the current year |
378 |
|
|
5,456 |
|
|
635 |
|
Decreases due to settlements with taxing authorities |
— |
|
|
— |
|
|
(27 |
) |
Decreases due to lapse of statute of limitation |
(1,179 |
) |
|
(1,318 |
) |
|
(1,153 |
) |
Balance, end of year |
$ |
7,968 |
|
|
$ |
13,820 |
|
|
$ |
4,086 |
|
|
| Summary of Income Tax Contingencies |
As of September 30, 2017, the tax years that remain subject to examination by major jurisdiction generally are:
|
|
|
United States - Federal |
2013 and forward |
United States - State |
2013 and forward |
Canada |
2013 and forward |
Germany |
2009 and forward |
United Kingdom |
2015 and forward |
Australia |
2013 and forward |
Singapore |
2012 and forward |
|