XML 26 R16.htm IDEA: XBRL DOCUMENT v3.19.1
INCOME TAXES
6 Months Ended
Mar. 31, 2019
INCOME TAXES  
INCOME TAXES

NOTE 7 INCOME TAXES

 

Our income tax provision (benefit) from continuing operations for the first six months of fiscal years 2019 and 2018 was $26.4 million and ($504.6) million, respectively, resulting in effective tax rates of 24.8 percent and 9,084.7 percent, respectively. Our income tax provision (benefit) from continuing operations for the three months ended March 31, 2019 and 2018 was $25.1 million and ($3.9) million, respectively, resulting in effective tax rates of 25.9 percent and 70.6 percent, respectively. Effective tax rate differences from the U.S. federal statutory rate for the first three and six months of fiscal year 2019 and the first three and six months of fiscal year 2018 are primarily due to state and foreign income taxes, permanent non-deductible items and discrete adjustments.  Furthermore, we recognized a deferred income tax benefit of $506.4 million during the six months ended March 31, 2018, which was a result of the Tax Reform Act.

 

For the next 12 months, we cannot predict with certainty whether we will achieve ultimate resolution of any uncertain tax positions associated with our U.S. and international operations that could result in increases or decreases of our unrecognized tax benefits.  However, we do not expect the increases or decreases to have a material effect on our results of continuing operations or financial position.