XML 33 R13.htm IDEA: XBRL DOCUMENT
v3.24.3

Income Tax Expense | 12 Months Ended
--- | ---
Sep. 30, 2024
Income Tax Expense |
Income Tax Expense | 5. Income Tax Expense The components of income before income taxes for 2024, 2023 and 2022 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022
United States | ​ | $ | 100,059 |  | 98,983 |  | 90,674
Foreign | ​ |  | 29,830 |  | 19,964 |  | 15,761
Total income before income taxes | ​ | $ | 129,889 |  | 118,947 |  | 106,435
​ The principal components of income tax expense (benefit) for 2024, 2023 and 2022 consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Federal: |  | ​ |  |  |  |  |
Current | ​ | $ | 25,681 |  | 24,192 |  | 7,248
Deferred | ​ |  | (7,670) |  | (5,816) |  | 9,752
State and local: | ​ |  | ​ |  | ​ |  | ​
Current | ​ |  | 3,215 |  | 3,563 |  | 1,635
Deferred | ​ |  | (25) |  | (1,038) |  | 1,774
Foreign: | ​ |  | ​ |  | ​ |  | ​
Current | ​ |  | 8,602 |  | 5,694 |  | 4,645
Deferred | ​ |  | (1,795) |  | (193) |  | (939)
Total | ​ | $ | 28,008 |  | 26,402 |  | 24,115
​ The actual income tax expense for 2024, 2023 and 2022 differs from the expected tax expense for those years (computed by applying the U.S. Federal corporate statutory rate) as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
Federal corporate statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State and local, net of Federal benefits | ​ | 2.4 |  | 2.1 |  | 2.9 | ​
Impact of foreign operations | ​ | 0.4 | ​ | 0.3 | ​ | (0.3) | ​
Federal research credit | ​ | (0.8) | ​ | (1.1) | ​ | (0.3) | ​
Executive compensation | ​ | 0.1 |  | 0.9 |  | 0.5 | ​
Valuation allowance | ​ | (0.3) |  | 0.3 |  | (0.3) | ​
U.S. tax on GILTI | ​ | 2.4 | ​ | 1.2 | ​ | 1.8 | ​
GILTI foreign tax credits | ​ | (2.0) | ​ | (0.9) | ​ | (1.5) | ​
FDII deduction | ​ | (1.7) | ​ | (1.6) | ​ | (0.9) | ​
Other, net | ​ | 0.1 |  | — |  | (0.2) | ​
Effective income tax rate | ​ | 21.6 | % | 22.2 | % | 22.7 | %
​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at September 30, 2024 and 2023 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2024 |  | 2023
Deferred tax assets: |  | ​ |  |  |
Inventories | ​ | $ | 4,577 |  | 5,457
Pension and other postretirement benefits | ​ |  | 460 |  | 658
Capitalized research and development expenditures | ​ | ​ | 9,726 | ​ | 4,114
Lease liabilities | ​ | ​ | 7,451 | ​ | 9,822
Net operating and capital loss carryforwards — domestic | ​ |  | 544 |  | 553
Net operating loss carryforward — foreign | ​ |  | 3,855 |  | 3,714
Other compensation-related costs and other cost accruals | ​ |  | 10,305 |  | 8,691
State credit carryforward | ​ |  | 1,601 |  | 2,249
Total deferred tax assets | ​ |  | 38,519 |  | 35,258
​ | ​ |  | ​ |  | ​
Deferred tax liabilities: | ​ |  | ​ |  | ​
ROU assets | ​ | ​ | (6,895) | ​ | (9,822)
Goodwill | ​ |  | (15,416) |  | (13,313)
Acquisition intangible assets | ​ |  | (66,986) |  | (61,187)
Depreciation, software amortization | ​ |  | (19,892) |  | (21,772)
Net deferred tax liabilities before valuation allowance | ​ |  | (70,670) |  | (70,836)
Less valuation allowance | ​ |  | (1,513) |  | (1,772)
Net deferred tax liabilities | ​ | $ | (72,183) |  | (72,608)
​ We had a foreign net operating loss (NOL) carryforward of $13.8 million at September 30, 2024, which reflects tax loss carryforwards in Germany, Canada, Japan, and the United Kingdom. Approximately $11.7 million of the tax loss carryforwards have no expiration date while the remaining $2.1 million will expire between 2031 and 2042.We had deferred tax assets related to state NOL carryforwards of $0.5 million at September 30, 2024 which expire between 2025 and 2044. We also had state research and other credit carryforwards of $1.6 million of which $0.1 million expires in 2039. The remaining $1.5 million does not have an expiration date. The valuation allowance for deferred tax assets as of September 30, 2024 and 2023 was $1.5 million and $1.8 million, respectively. The net change in the total valuation allowance for each of the years ended September 30, 2024 and 2023 was a decrease of $0.3 million and an increase of $0.6 million, respectively. In addition, we maintained a valuation allowance against state NOL carryforwards that are not expected to be realized in future periods of $0.5 million at September 30 of both 2024 and 2023. Lastly, we released a valuation allowance against foreign deferred tax assets of $0.3 million in the year ended September 30, 2024, which resulted in a valuation allowance against foreign deferred assets which may not be realized in future periods of $1.0 million and $1.3 million at September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company does not have any material unrecognized tax benefits.

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 tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration