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Income Taxes | 9 Months Ended
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Jun. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income Tax Provision The Company's income tax provision for quarterly interim periods is based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items. The total income tax provision, including discontinued operations, was a tax benefit of $2.2 million and $44.3 million for the three and nine months ended June 30, 2019, respectively, compared to an income tax expense of $4.3 million and $113.2 million for the three and nine months ended June 30, 2018, respectively. The current fiscal year income tax benefit was substantially driven by (1) the loss from continuing operations primarily due to $148.6 million of impairments recognized during fiscal 2019 on our land inventory assets, of which $147.6 million was recorded in the second quarter and (2) the completion of work necessary to claim an additional $9.8 million in tax credits related to prior fiscal years, partially offset by discrete impacts related to stock-based compensation. The tax expense for the nine months ended June 30, 2018 was primarily driven by income from continuing operations, the remeasurement of the Company's deferred tax assets as a result of the enactment of the Tax Cuts and Jobs Act, and several discrete tax items, including stock-based compensation. These items were partially offset by the completion of work necessary to claim an additional $2.8 million in tax credits related to prior fiscal years. Deferred Tax Assets and Liabilities As of June 30, 2019, the net deferred tax asset is comprised of various tax attributes that include $9.6 million of minimum tax credit carryforwards. Beginning with the fiscal 2019 tax return, the Company will be able to make cash refund claims for significant portions of these credits due to the elimination of the alternative minimum tax in the Tax Cuts and Jobs Act. The Company continues to evaluate its deferred tax assets each period to determine if a valuation allowance is required based on whether it is more likely than not that some portion of these deferred tax assets will not be realized. As of June 30, 2019, management concluded that it is more likely than not that a substantial portion of our deferred tax assets will be realized. As part of our analysis, we considered both positive and negative factors, including impairments in the current fiscal year, that impact profitability and whether those factors would lead to a change in the estimate of our deferred tax assets that may be realized in the future. Our conclusions on the valuation allowance and Internal Revenue Code Section 382 limitations related to our deferred tax assets remain consistent with the determinations we made during the period ended September 30, 2018, and such conclusions are based on similar company specific and industry factors to those discussed in Note 13 to the audited consolidated financial statements within our 2018 Annual Report.

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- 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
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