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Income Tax Expense (Tables)

12 Months Ended

Sep. 30, 2019

Income Tax Expense

Components Of Income From Continuing Operations Before Income Taxes

The components of income before income taxes for 2019, 2018 and 2017 consisted of the following:

​

​	​	​	​	​	​	​	​
(Dollars in thousands)		2019			2018		2017
United States	​	$	93,654		80,994		72,353
Foreign	​		8,562		7,029		7,800
Total income before income taxes	​	$	102,216		88,023		80,153

Principal Components Of Income Tax Expense (Benefit) From Continuing Operations

The principal components of income tax expense (benefit) for 2019, 2018 and 2017 consist of:

​

​	​	​	​	​	​	​	​
(Dollars in thousands)		2019			2018		2017
Federal:		​
Current	​	$	14,097		9,174		21,448
Deferred	​		1,020		(22,943)		628
State and local:	​		​
Current	​		3,189		2,121		1,795
Deferred	​		204		2,972		(49)
Foreign:	​		​
Current	​		2,493		2,233		4,450
Deferred	​		174		2,330		(1,822)
Total	​	$	21,177		(4,113)		26,450

Schedule Of Actual Income Tax Expense (Benefit) From Continuing Operations

The actual income tax expense (benefit) for 2019, 2018 and 2017 differs from the expected tax expense for those years (computed by applying the U.S. Federal corporate statutory rate) as follows:

​

​	​	​	​	​	​	​	​
​		2019		2018		2017
Federal corporate statutory rate		21.0	%	24.5	%	35.0	%
State and local, net of Federal benefits	​	3.3		3.0		2.4	​
Foreign	​	0.7		0.6		(0.1)	​
Research credit	​	(0.9)		(1.6)		(1.1)	​
Domestic production deduction	​	—		(1.1)		(2.7)	​
Change in uncertain tax positions	​	(0.1)		(0.1)		—	​
Executive compensation	​	0.3		(0.1)		(0.1)	​
Valuation allowance	​	(2.4)		3.0		(0.3)	​
GILTI and FDII	​	(0.8)	​	—	​	—	​
Tax reform – impact on U.S. deferred tax assets and liabilities	​	(0.3)		(37.2)		—	​
Tax reform – transition tax	​	(0.1)		1.5		—	​
Tax reform – taxes related to foreign unremitted earnings	​	—		2.8		—	​
Other, net	​	—		—		(0.1)	​
Effective income tax rate	​	20.7	%	(4.7)	%	33.0	%

Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at September 30, 2019 and 2018 are presented below:

​

​	​	​	​	​	​
(Dollars in thousands)		2019			2018
Deferred tax assets:		​
Inventories	​	$	5,089		5,834
Pension and other postretirement benefits	​		5,533		3,969
Net operating and capital loss carryforwards — domestic	​		617		639
Net operating loss carryforward — foreign	​		3,766		4,603
Foreign tax credit carryforward	​		—		2,377
Other compensation-related costs and other cost accruals	​		7,952		7,048
State credit carryforward	​		1,914		2,103
Total deferred tax assets	​		24,871		26,573
​	​		​
Deferred tax liabilities:	​		​
Timing differences related to revenue recognition	​	​	(1,508)	​	—
Goodwill	​		(2,673)		(969)
Acquisition assets	​		(60,224)		(62,841)
Depreciation, software amortization	​		(20,161)		(19,584)
Net deferred tax liabilities before valuation allowance	​		(59,695)		(56,821)
Less valuation allowance	​		(4,520)		(7,144)
Net deferred tax liabilities	​	$	(64,215)		(63,965)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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