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Income Taxes | 9 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Income Taxes |
6. | Income Taxes
The Company recorded income tax expense of $28.0 million for the three months ended June 30, 2020, or 25.8% of pre-tax income, compared to $53.7 million, or 21.8% of pre-tax income, for the three months ended June 30, 2019. For the three months ended June 30, 2020 a discrete benefit related to the fiscal 2019 federal provision-to-return adjustment of $2.0 million was largely offset by discrete charges related to changes in uncertain tax position reserves. Results for the three months ended June 30, 2019 were favorably impacted by $1.2 million of net discrete tax benefits, including a $0.4 million benefit related to the fiscal 2018 federal provision-to-return adjustment, a $0.4 million benefit for the expiration of foreign tax statutes of limitations and a $0.3 million benefit related to employee share-based payments. The Company recorded income tax expense of $87.0 million for the nine months ended June 30, 2020, or 27.8% of pre-tax income, compared to $129.6 million, or 23.2% of pre-tax income, for the nine months ended June 30, 2019. Results for the nine months ended June 30, 2020 were unfavorably impacted by $10.1 million of net discrete tax charges, including a $11.4 million charge related to a valuation allowance recorded against certain foreign net deferred tax assets in Europe, a $2.6 million benefit related to employee stock-based compensation payments, a $2.0 million benefit related to the fiscal 2019 federal provision-to-return adjustment and $1.9 million of charges related to changes in uncertain tax position reserves. Results for the nine months ended June 30, 2019 were unfavorably impacted by $5.9 million of net discrete tax charges, including $4.6 million of tax charges related to uncertain tax position reserves, a $1.5 million tax 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, a $1.4 million tax benefit related to employee share-based payments and a $1.9 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 $100.5 million and $97.3 million as of June 30, 2020 and September 30, 2019, respectively. As of June 30, 2020, net unrecognized tax benefits, excluding interest and penalties, of $21.4 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 nine months ended June 30, 2020 and 2019, the Company recognized expense of $1.0 million and $0.6 million, respectively, related to interest and penalties. At June 30, 2020, the Company had accruals for the payment of interest and penalties of $5.4 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 $9.0 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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