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Income Taxes
6 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

11.

Income Taxes

The Company's effective tax rate (ETR) from continuing operations was 23.6% and 23.7% for the three months and six months ended March 31, 2019, respectively, and 20.4% and (555.2)% for the three months and six months ended March 31, 2018, respectively. The Company’s ETR during the three months and six months ended March 31, 2019 were different from the federal statutory rate of 21% as a result of the vesting and exercise of stock options, state taxes, and changes in the valuation allowance against state net operating losses.  

The Company’s ETR during the six months ended March 31, 2018 was significantly different than the statutory tax rate primarily as a result of the comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") enacted by the U.S. government on December 22, 2017.  The Tax Act made broad and complex changes to the U.S. tax code that affected the Company's fiscal year ended September 30, 2018, including but not limited to (1) reducing the U.S. federal corporate tax rate, (2) changing rules related to uses and limitations of NOL carryforwards created in tax years beginning after December 31, 2017, (3) eliminating the corporate alternative minimum tax ("AMT") and changing how existing AMT credits can be realized, and (4) altering bonus depreciation rules that will allow for full expensing of qualified property.  As a result of the reducing the U.S. federal corporate tax rate, we recorded a decrease to our net deferred tax liabilities.  We had a blended U.S. federal tax rate of 24.5% for the year ended September 30, 2018 based on the applicable tax rates before and after the Tax Act and the number of days in the year.

As of September 30, 2018, the Company had aggregate federal and state net operating loss carryforwards of approximately $415.1 million and $199.6 million, respectively, which expire in 2027-2037 and 2019-2038, respectively.  Approximately $0.9 million of state net operating loss carryforwards are expiring in 2019.