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Income Taxes

9 Months Ended

Jun. 30, 2021

9.	INCOME TAXES:

We account for income taxes in accordance with FASB ASC 740, “Income Taxes” (“ASC 740”). Under ASC 740, we recognize deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. We record valuation allowances to reduce our deferred tax assets to the amount expected to be realized by considering all available positive and negative evidence.

During the three months ended June 30, 2020 and 2021, we recognized an income tax provision of $11.6 million and $20.7 million, respectively. During the nine months ended June 30, 2020 and 2021, we recognized an income tax provision of $16.4 million and $40.6 million, respectively. The effective income tax rate for the three months ended June 30, 2020 and 2021 was 24.9% and 25.7%, respectively. The effective income tax rate for the nine months ended June 30, 2020 and 2021 was 25.1% and 24.9%, respectively

- 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.

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