XML 16 R18.htm IDEA: XBRL DOCUMENT
v3.20.1

INCOME TAXES | 6 Months Ended
--- | ---
Mar. 31, 2020
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 9 INCOME TAXES On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The CARES Act, among other things, includes certain income tax provisions for corporations; however, as of March 31, 2020, we are not anticipating any of the benefits to impact the Company’s current tax provision. We use an estimated annual effective tax rate for purposes of determining the income tax provision during interim reporting periods. In calculating our estimated annual effective tax rate, we consider forecasted annual pre-tax income and estimated permanent book versus tax differences. Adjustments to the effective tax rate and estimates will occur as information and assumptions change. Our income tax (benefit) provision from continuing operations for the three months ended March 31, 2020 and 2019 was $(113.4) million and $25.1 million, respectively, resulting in effective tax rates of 21.2 percent and 25.9 percent, respectively. Our income tax provision (benefit) from continuing operations for the six months ended March 31, 2020 and 2019 was $(99.3) million and $26.4 million, respectively, resulting in effective tax rates of 20.3 percent and 24.8 percent, respectively. The income tax benefit for the three and six months ended March 31, 2020 includes an estimated deferred tax benefit that is primarily due to the significant reduction in the GAAP basis of property as a result of the asset impairments. Effective tax rates differ from the U.S. federal statutory rate of 21.0 percent for the three and six months ended March 31, 2020 and 2019 primarily due to state and foreign income taxes, permanent non-deductible items and discrete adjustments. The Company made $43.5 million in income tax payments during the six months ended March 31, 2020 of which approximately $21.5 million relate to fiscal year 2019. As of March 31, 2020, $17.8 million of the payments have been classified as prepaid income tax to be applied to future income tax liabilities. For the next 12 months, we cannot predict with certainty whether we will achieve ultimate resolution of any uncertain tax positions 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 continuing operations or financial position.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration