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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Summary Of Income (Loss) Before Income Taxes

Our income (loss) before income taxes consisted of the following:

(in thousands)		Year ended September 30,
		2021				2020				2019
Domestic		$	41,199			$	(73,865	)		$	(112,077	)
Foreign			350,556				208,571				132,377
Total income before income taxes		$	391,755			$	134,706			$	20,300

Schedule Of Provision For (Benefit From) Income Taxes

Our provision (benefit) for income taxes consisted of the following:

(in thousands)		Year ended September 30,
		2021				2020				2019
Current:
Federal		$	4,774			$	2,187			$	13,130
State			1,609				1,266				(945	)
Foreign			66,554				25,199				33,867
			72,937				28,652				46,052
Deferred:
Federal			(152,311	)			(26,811	)			22,911
State			(27,228	)			(4,063	)			1,759
Foreign			21,434				6,233				(22,962	)
			(158,105	)			(24,641	)			1,708
Total provision (benefit) for income taxes		$	(85,168	)		$	4,011			$	47,760

Summary Of Federal Income Tax Rate And Effective Income Tax Rate

Taxes computed at the statutory federal income tax rates are reconciled to the provision (benefit) for income taxes as follows:

(in thousands)		Year ended September 30,
		2021								2020								2019
Statutory federal income tax rate		$	82,268				21	%		$	28,288				21	%		$	4,263				21	%
Change in valuation allowance			(134,695	)			(34	)%			(16,489	)			(12	)%			66,417				327	%
State income taxes, net of federal tax benefit			(28,768	)			(8	)%			(2,998	)			(2	)%			607				3	%
Federal research and development credits			(5,764	)			(2	)%			(5,483	)			(4	)%			(3,731	)			(18	)%
Uncertain tax positions			3,398				1	%			3,072				2	%			2,611				13	%
Foreign tax credit			(35,368	)			(9	)%			—				—				—				—
Foreign rate differences			(34,584	)			(9	)%		$	(22,074	)			(16	)%		$	(26,952	)			(133	)%
Foreign tax on U.S. provision			5,931				2	%			4,523				3	%			6,547				32	%
Excess tax benefits from restricted stock			(6,141	)			(2	)%			(1,743	)			(1	)%			(5,940	)			(29	)%
Audits and settlements			33,370				9	%			—				—				51				—
U.S. permanent items			18,389				5	%			6,590				5	%			2,483				12	%
BEAT			2,936				1	%			(1,759	)			(1	)%			1,759				9	%
GILTI, net of foreign tax credits			18,217				4	%			14,899				11	%			6,170				31	%
Foreign-Derived Intangible Income (FDII)			(4,428	)			(1	)%			(2,461	)			(2	)%			(6,409	)			(32	)%
Other, net			71				—				(354	)			(1	)%			(116	)			(1	)%
Provision (benefit) for income taxes		$	(85,168	)			(22	)%		$	4,011				3	%		$	47,760				235	%

Schedule Of Deferred Tax Assets And Liabilities

The significant temporary differences that created deferred tax assets and liabilities are shown below:

(in thousands)		September 30,
		2021				2020
Deferred tax assets:
Net operating loss carryforwards		$	65,383			$	61,495
Foreign tax credits			36,287				8,074
Capitalized research and development			27,546				30,109
Pension benefits			14,097				14,370
Prepaid expenses			12,540				13,579
Deferred revenue			2,274				6,021
Stock-based compensation			15,822				13,630
Other reserves not currently deductible			16,796				15,130
Amortization of intangible assets			147,385				162,426
Research and development and other tax credits			74,846				70,695
Lease liabilities			51,471				52,224
Fixed assets			53,025				47,457
Capital loss carryforward			35,156				35,851
Other			2,269				1,849
Gross deferred tax assets			554,897				532,910
Valuation allowance			(52,085	)			(205,423	)
Total deferred tax assets			502,812				327,487
Deferred tax liabilities:
Acquired intangible assets not deductible			(108,746	)			(65,894	)
Lease assets			(37,273	)			(35,885	)
Pension prepayments			(2,834	)			(1,155	)
Deferred revenue			(2,662	)			(594	)
Depreciation			(7,121	)			(7,481	)
Unbilled accounts receivable			(6,391	)			(12,699	)
Deferred income			(21,744	)			(5,821	)
Prepaid commissions			(16,990	)			(17,124	)
Other			(5,427	)			(2,302	)
Total deferred tax liabilities			(209,188	)			(148,955	)
Net deferred tax assets		$	293,624			$	178,532

Summary Of Valuation Allowance

The changes to the valuation allowance were primarily due to the following:

(in thousands)		Year ended September 30,
		2021				2020				2019
Valuation allowance, beginning of year		$	205,423			$	177,663			$	141,950
Net release of valuation allowance(1)			(134,235	)			—				(1,772	)
Net increase (decrease) in deferred tax assets with a full valuation allowance(2)			(19,103	)			27,760				37,485
Valuation allowance, end of year		$	52,085			$	205,423			$	177,663

(1) In 2021, this is attributable to the release in the U.S and in 2019, this is attributable to the release in foreign jurisdictions.

(2) In 2021, this change includes the loss of state attributes a upon merger of two wholly-owned subsidiaries. In 2020, this change is largely attributed to the Onshape acquisition, the adoption of ASC 842 and the impact to the change in scheduling of the reversal of existing temporary differences. In 2019, this is due in large part to a change in method of accounting for federal income tax purposes resulting in deferred tax liabilities that cannot be offset against available tax attributes in the scheduling of the reversal of existing temporary differences, and by the adoption of ASC 606.

Schedule Of Unrecognized Tax Benefit

		Year ended September 30,
Unrecognized tax benefits (in thousands)		2021				2020				2019
Unrecognized tax benefit, beginning of year		$	16,107			$	11,484			$	9,812
Tax positions related to current year:
Additions			4,844				2,173				1,466
Tax positions related to prior years:
Additions			30,130				2,452				1,375
Reductions			(478	)			(2	)			(9	)
Settlements			(29,437	)			—				(1,160	)
Unrecognized tax benefit, end of year		$	21,166			$	16,107			$	11,484

Summary Of Income Tax Examinations Years

As of September 30, 2021, we remained subject to examination in the following major tax jurisdictions for the tax years indicated:

Major Tax Jurisdiction		Open Years
United States		2017 through 2021
Germany		2015 through 2021
France		2018 through 2021
Japan		2016 through 2021
Ireland		2017 through 2021

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