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INCOME TAXES | 12 Months Ended
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Sep. 30, 2016
INCOME TAXES |
INCOME TAXES | NOTE 4 INCOME TAXES The components of the provision for income taxes are as follows:
|  | Years Ended September 30, |
|  | 2016 |  | 2015 (as adjusted) |  | 2014 (as adjusted) |
|  | (in thousands) |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (86,010 | ) | $ | 84,229 |  | $ | 323,386 |
Foreign |  |  | 9,987 |  |  | 14,864 |  |  | 17,333 |
State |  |  | (3,742 | ) |  | 10,881 |  |  | 21,197 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | (79,765 | ) |  | 109,974 |  |  | 361,916 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  |  | 58,136 |  |  | 165,491 |  |  | 28,183 |
Foreign |  |  | 408 |  |  | (34,410 | ) |  | (4,257 | )
State |  |  | 1,544 |  |  | 350 |  |  | 2,206 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 60,088 |  |  | 131,431 |  |  | 26,132 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total provision |  | $ | (19,677 | ) | $ | 241,405 |  | $ | 388,048 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The amounts of domestic and foreign income before income (loss) taxes are as follows:
|  | Years Ended September 30, |
|  | 2016 |  | 2015 (as adjusted) |  | 2014 (as adjusted) |
|  | (in thousands) |
Domestic |  | $ | (49,636 | ) | $ | 675,425 |  | $ | 1,061,019 |
Foreign |  |  | (23,031 | ) |  | (13,546 | ) |  | 33,639 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | (72,667 | ) | $ | 661,879 |  | $ | 1,094,658 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Recoverability of any tax assets are evaluated and necessary allowances are provided. The carrying value of the net deferred tax assets is based on management's judgments using certain estimates and assumptions that we will be able to generate sufficient future taxable income in certain tax jurisdictions to realize the benefits of such assets. If these estimates and related assumptions change in the future, additional valuation allowances may be recorded against the deferred tax assets resulting in additional income tax expense in the future. The components of our net deferred tax liabilities are as follows:
|  | September 30, |
|  | 2016 |  | 2015 |
|  | (in thousands) |
Deferred tax liabilities: |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 1,411,139 |  | $ | 1,335,680 |
Available-for-sale securities |  |  | 25,470 |  |  | 33,187 |
Other |  |  | 2,326 |  |  | 3,929 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax liabilities |  |  | 1,438,935 |  |  | 1,372,796 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets: |  |  |  |  |  |  |
Pension reserves |  |  | 8,330 |  |  | 3,405 |
Self-insurance reserves |  |  | 15,282 |  |  | 14,317 |
Net operating loss and foreign tax credit carryforwards |  |  | 71,778 |  |  | 56,494 |
Financial accruals |  |  | 67,594 |  |  | 63,558 |
Other |  |  | 4,952 |  |  | 12,283 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax assets |  |  | 167,936 |  |  | 150,057 |
Valuation allowance |  |  | (71,457 | ) |  | (55,971 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets |  |  | 96,479 |  |  | 94,086 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax liabilities |  | $ | 1,342,456 |  | $ | 1,278,710 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The change in our net deferred tax assets and liabilities is impacted by foreign currency remeasurement. As of September 30, 2016, we had state and foreign net operating loss carryforwards for income tax purposes of $11.6 million and $94.0 million, respectively, and foreign tax credit carryforwards of approximately $50.3 million (of which $39.3 million is reflected as a deferred tax asset in our Consolidated Financial Statements prior to consideration of our valuation allowance) which will expire in fiscal 2017 through 2024. The valuation allowance is primarily attributable to state and foreign net operating loss carryforwards of $1.0 million and $31.1 million, respectively, and foreign tax credit carryforwards of $39.3 million which more likely than not will not be utilized. Effective income tax rates as compared to the U.S. Federal income tax rate are as follows:
|  | Years Ended September 30, |
|  | 2016 |  | 2015 |  | 2014 |
U.S. Federal income tax rate |  |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Effect of foreign taxes |  |  | (13.8 | ) |  | (3.2 | ) |  | 1.3 |
State income taxes, net of federal tax benefit |  |  | 3.2 |  |  | 0.8 |  |  | 1.4 |
U.S. domestic production activities |  |  | (10.4 | ) |  | (1.2 | ) |  | (2.6 | )
Other impact of foreign operations |  |  | 14.7 |  |  | 4.5 |  |  | 0.6 |
Other |  |  | (1.6 | ) |  | 0.6 |  |  | (0.2 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effective income tax rate |  |  | 27.1 | % |  | 36.5 | % |  | 35.5 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effective tax rates differ from the U.S. federal statutory rate of 35.0 percent primarily due to state and foreign income taxes and the tax benefit from the Internal Revenue Code Section 199 deduction for domestic production activities. The effective tax rate for the twelve months ended September 30, 2016 was significantly impacted by reduced earnings before taxes, in conjunction with a December 2015 tax law change which resulted in a reduction of the fiscal 2015 Internal Revenue Code Section 199 deduction for domestic production activities. We recognize accrued interest related to unrecognized tax benefits in interest expense, and penalties in other expense in the Consolidated Statements of Operations. As of September 30, 2016 and 2015, we had accrued interest and penalties of $6.8 million and $11.1 million, respectively. A reconciliation of the change in our gross unrecognized tax benefits for the fiscal years ended September 30, 2016 and 2015 is as follows:
|  | September 30, |
|  | 2016 |  | 2015 |
|  | (in thousands) |
Unrecognized tax benefits at October 1, |  | $ | 11,211 |  | $ | 10,747 |
Gross decreases—tax positions in prior periods |  |  | — |  |  | (706 | )
Gross increases—tax positions in prior periods |  |  | — |  |  | 3,278 |
Gross decreases—current period effect of tax positions |  |  | (1,173 | ) |  | (821 | )
Gross increases—current period effect of tax positions |  |  | 969 |  |  | — |
Expiration of statute of limitations for assessments |  |  | (679 | ) |  | (956 | )
Settlements |  |  | (777 | ) |  | (331 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized tax benefits at September 30, |  | $ | 9,551 |  | $ | 11,211 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of September 30, 2016 and September 30, 2015, our liability for unrecognized tax benefits includes $3.8 million and $2.9 million, respectively, of unrecognized tax benefits related to discontinued operations that, if recognized, would not affect the effective tax rate. The remaining unrecognized tax benefits would affect the effective tax rate if recognized. The liabilities for unrecognized tax benefits and related interest and penalties are included in other noncurrent liabilities in our Consolidated Balance Sheets. For the next 12 months, we cannot predict with certainty whether we will achieve ultimate resolution of any uncertain tax position associated with our U.S. and international operations that could result in increases or decreases of our unrecognized tax benefits. However, we do not expect the increases or decreases to have a material effect on our results of operations or financial position. We file a consolidated U.S. federal income tax return, as well as income tax returns in various states and foreign jurisdictions. The tax years that remain open to examination by U.S. federal and state jurisdictions include fiscal 2012 through 2015, with exception of certain state jurisdictions currently under audit. Audits in foreign jurisdictions are generally complete through fiscal 2003. On September 13, 2013, the IRS issued final regulations providing guidance on the treatment of amounts paid to acquire, produce or improve tangible property and proposed regulations providing guidance on the dispositions of such property. The implementation date for these regulations is tax years beginning on or after January 1, 2014. The estimated effect of the regulations have been included in the fiscal year end 2015 and 2016 tax provision. The implementation of the regulations did not have a significant impact on the overall tax provision.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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