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Income Tax Expense | 12 Months Ended
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Sep. 30, 2025
Income Tax Expense |
Income Tax Expense | 6. Income Tax Expense Total income tax expense (benefit) for the years ended September 30, 2025, 2024, and 2023 was allocated to income tax expense as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2023
Income tax expense from continuing operations | ​ | $ | 36,554 | ​ | 28,325 | ​ | 24,684
Income tax expense (benefit) from discontinued operations |  | ​ | 57,464 |  | (317) |  | 1,718
Total income expense | ​ | $ | 94,018 |  | 28,008 |  | 26,402
​ The components of income from continuing operations before income taxes for 2025, 2024 and 2023 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2023
United States | ​ | $ | 121,169 |  | 101,123 |  | 90,404
Foreign | ​ |  | 31,684 |  | 29,830 |  | 19,964
Total income before income taxes | ​ | $ | 152,853 |  | 130,953 |  | 110,368
​ The principal components of income tax expense (benefit) from continuing operations for 2025, 2024 and 2023 consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2023
Federal: |  | ​ |  |  |  |  |
Current | ​ | $ | 25,007 |  | 25,584 |  | 21,923
Deferred | ​ |  | (1,185) |  | (7,295) |  | (5,095)
State and local: | ​ |  | ​ |  | ​ |  | ​
Current | ​ |  | 3,935 |  | 3,212 |  | 3,304
Deferred | ​ |  | (228) |  | 17 |  | (950)
Foreign: | ​ |  | ​ |  | ​ |  | ​
Current | ​ |  | 13,109 |  | 8,602 |  | 5,694
Deferred | ​ |  | (4,084) |  | (1,795) |  | (192)
Total | ​ | $ | 36,554 |  | 28,325 |  | 24,684
​ The actual income tax expense from continuing operations for 2025, 2024 and 2023 differs from the expected tax expense for those years (computed by applying the U.S. Federal corporate statutory rate) as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2025 |  | 2024 |  | 2023 |
Federal corporate statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State and local, net of Federal benefits | ​ | 2.3 |  | 2.5 |  | 2.1 | ​
Impact of foreign operations | ​ | 1.1 | ​ | 0.4 | ​ | 0.3 | ​
Federal research credit | ​ | (1.1) | ​ | (0.8) | ​ | (0.9) | ​
Executive compensation | ​ | 0.9 |  | 0.2 |  | 1.1 | ​
Valuation allowance | ​ | (0.1) |  | (0.3) |  | 0.3 | ​
U.S. tax on GILTI | ​ | 2.5 | ​ | 2.4 | ​ | 1.3 | ​
GILTI foreign tax credits | ​ | (1.8) | ​ | (2.0) | ​ | (1.0) | ​
FDII deduction | ​ | (1.1) | ​ | (1.7) | ​ | (1.7) | ​
Other, net | ​ | 0.2 |  | (0.1) |  | (0.1) | ​
Effective income tax rate | ​ | 23.9 | % | 21.6 | % | 22.4 | %
​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at September 30, 2025 and 2024 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2025 |  | 2024
Deferred tax assets: |  | ​ |  |  |
Inventories | ​ | $ | 5,589 |  | 4,663
Pension and other postretirement benefits | ​ |  | 417 |  | 460
Capitalized research and development expenditures | ​ | ​ | 14,648 | ​ | 9,726
Lease liabilities | ​ | ​ | 8,571 | ​ | 7,183
Net operating and capital loss carryforwards — domestic | ​ |  | 473 |  | 544
Net operating loss carryforward — foreign | ​ |  | 3,855 |  | 3,855
Other compensation-related costs and other cost accruals | ​ |  | 9,904 |  | 9,289
State credit carryforward | ​ |  | 1,016 |  | 1,601
Total deferred tax assets | ​ |  | 44,473 |  | 37,321
​ | ​ |  | ​ |  | ​
Deferred tax liabilities: | ​ |  | ​ |  | ​
ROU assets | ​ | ​ | (8,906) | ​ | (6,627)
Goodwill | ​ |  | (15,904) |  | (13,353)
Acquisition intangible assets | ​ |  | (107,190) |  | (66,986)
Depreciation, software amortization | ​ |  | (20,359) |  | (17,079)
Net deferred tax liabilities before valuation allowance | ​ |  | (107,886) |  | (66,724)
Less valuation allowance | ​ |  | (1,347) |  | (1,513)
Net deferred tax liabilities | ​ | $ | (109,233) |  | (68,237)
​ We had a foreign net operating loss (NOL) carryforward of $13.9 million at September 30, 2025, which reflects tax loss carryforwards in Germany, Canada, Japan, and the United Kingdom. Approximately $12.1 million of the tax loss carryforwards have no expiration date while the remaining $1.8 million will expire between 2031 and 2042.We had deferred tax assets related to state NOL carryforwards of $0.5 million at September 30, 2025 which expire between 2031 and 2045. We also had state research and other credit carryforwards of $1.0 million of which $0.1 million expires between 2035 and 2045. The remaining $0.9 million does not have an expiration date. The valuation allowance for deferred tax assets as of September 30, 2025 and 2024 was $1.3 million and $1.5 million, respectively. The net change in the total valuation allowance for each of the years ended September 30, 2025 and 2024 was a decrease of $0.2 million and $0.3 million, respectively. In addition, we maintained a valuation allowance against state NOL carryforwards that are not expected to be realized in future periods of $0.4 million at September 30, 2025 and $0.5 million at September 30, 2024. Lastly, we released a valuation allowance against foreign deferred tax assets of $0.1 million in the year ended September 30, 2025, which resulted in a valuation allowance against foreign deferred assets which may not be realized in future periods of $0.9 million and $1.0 million at September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company does not have any material unrecognized tax benefits.

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