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Income Taxes | 6 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes |
6. | Income Taxes
The Company recorded income tax expense of $38.3 million for the three months ended March 31, 2020, or 35.8% of pre-tax income, compared to $36.2 million, or 21.9% of pre-tax income, for the three months ended March 31, 2019. Results for the three months ended March 31, 2020 were unfavorably impacted by $11.1 million of net discrete tax charges, including an $11.4 million charge related to a valuation allowance recorded against certain foreign net deferred tax assets in Europe and a $1.2 million benefit related to employee stock-based compensation payments. Results for the three months ended March 31, 2019 were favorably impacted by $0.2 million of net discrete tax benefits, including a $1.5 million benefit related to receiving tax incentives in a foreign jurisdiction and a $1.3 million charge related to remeasuring deferred tax assets and liabilities in response to a corporate tax rate change in a foreign jurisdiction. The Company recorded income tax expense of $59.0 million for the six months ended March 31, 2020, or 28.9% of pre-tax income, compared to $75.9 million, or 24.3% of pre-tax income, for the six months ended March 31, 2019. Results for the six months ended March 31, 2020 were unfavorably impacted by $10.0 million of net discrete tax charges, including an $11.4 million charge related to a valuation allowance recorded against certain foreign net deferred tax assets in Europe and a $2.7 million benefit related to employee stock-based compensation payments. Results for the six months ended March 31, 2019 were unfavorably impacted by $7.1 million of net discrete tax charges, including $6.2 million of tax charges related to uncertain tax position reserves, a $1.5 million benefit related to receiving tax incentives in a foreign jurisdiction, a $1.3 million charge related to remeasuring deferred tax assets and liabilities in response to a corporate tax rate change in a foreign jurisdiction and a $0.8 million charge related to adjustments to the repatriation tax required under the U.S. Tax Cuts and Jobs Act. The Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $106.5 million and $97.3 million as of March 31, 2020 and September 30, 2019, respectively. As of March 31, 2020, net unrecognized tax benefits, excluding interest and penalties, of $21.7 million would affect the Company’s net income if recognized. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Condensed Consolidated Statements of Income. During the six months ended March 31, 2020 and 2019, the Company recognized a benefit of $0.7 million and expense of $0.6 million, respectively, related to interest and penalties. At March 31, 2020, the Company had accruals for the payment of interest and penalties of $5.1 million. During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce net unrecognized tax benefits by approximately $7.3 million because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the statutes of limitations close.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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