XML 55 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2015
INCOME TAXES [Abstract]  
Schedule of Components of Income before Income Taxes
   
Years Ended September 30
   
2015
 
2014
   
2013
 
Income before income taxes:
                   
Domestic
  $ 49.2     $ 87.0     $ 120.0  
Foreign
    15.9          28.2          24.0     
Total
  $ 65.1     $ 115.2     $ 144.0  
Schedule of Income Tax Expense
                      
Income tax expense:
                       
Current provision
                       
Federal
  $ 35.3     $ 40.2     $ 45.0  
State
    3.6       3.1       1.8  
Foreign
    1.7       7.4       7.0  
Total current provision
    40.6       50.7       53.8  
Deferred provision:
                       
Federal
    (18.1 )     (12.2 )     (9.9 )
State
    (1.3 )     (1.0 )     1.1  
Foreign
    (2.9 )     17.1
    (6.0 )
Total deferred provision
    (22.3 )     3.9
    (14.8 )
Income tax expense
  $ 18.3     $ 54.6     $ 39.0  
Reconciliation of Income Tax Expense to Income Taxes at Statutory Rate
 
Years Ended September 30
 
2015
 
2014
   
2013
 
   
% of
       
% of
         
% of
 
   
Pretax
       
Pretax
         
Pretax
 
   
Amount
   
Income
   
Amount
   
Income
   
Amount
   
Income
 
                                     
Federal income tax (a)
  $ 22.8       35.0     $ 40.3       35.0     $ 50.4       35.0  
State income tax (b)
    1.6       2.4       2.0       1.7       2.5       1.7  
Foreign income tax (c)
    (10.2 )     (15.7 )     (7.7 )     (6.7 )     (5.7 )     (4.0 )
Application of federal tax credits     (2.2 )     (3.4 )     (0.6 )     (0.5 )     (3.5 )     (2.4 )
Adjustment of estimated income tax accruals     (1.6 )     (2.4 )     (0.6 )     (0.5 )     (1.5 )     (1.0 )
Valuation of tax attributes     4.0
    6.2     21.3
    18.5
    0.6
    0.4
Domestic manufacturer's deduction     (1.5 )     (2.3 )     (1.8 )     (1.5 )     (2.2 )     (1.5 )
Capitalized transaction costs     2.5       3.8       0.3       0.2        -        -  
Other, net     2.9
    4.5
    1.4
    1.2
    (1.6 )     (1.1 )
Income tax expense
  $ 18.3       28.1     $ 54.6       47.4     $ 39.0       27.1  

(a)
At statutory rate.
(b)
Net of Federal benefit.
(c)
Federal tax rate differential.
Schedule of Deferred Taxes
 
Years Ended September 30
 
2015
 
2014
 
Deferred tax assets:
       
Employee benefit accruals
$ 106.4     $ 49.3  
Inventory     6.2       13.9  
Reserve for bad debts
    8.4       10.0  
Net operating loss carryforwards
    45.8       40.3  
Tax credit carryforwards
    11.7       2.5  
Other, net
    39.6       25.7  
      218.1       141.7  
Less:  Valuation allowance
    (40.7 )     (28.3 )
      Total deferred tax assets
    177.4       113.4  
                 
Deferred tax liabilities:
               
Depreciation
    (35.3 )     (13.9 )
Amortization
    (409.1 )     (62.8 )
Other, net
    (16.4 )     (4.9 )
Total deferred tax liabilities
    (460.8 )     (81.6 )
Deferred tax asset (liability) - net
  $ (283.4 )   $ 31.8  
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits
   
Years Ended September 30
 
 
2015
   
2014
   
2013
 
Balance at October 1
  $ 4.1     $ 4.6     $ 9.8  
Increases in tax position of prior years
  0.4       2.1       -  
Decreases in tax position of prior years
    (1.3 )     (0.9 )     (0.5 )
Increases in tax positions related to the current year
    -       -       0.1  
Settlements with taxing authorities
    (1.2 )     (0.1 )     (3.2 )
Lapse of applicable statute of limitations     (1.3 )     (1.5 )     (1.7 )
Increase in positions due to acquisitions     5.5       -       -  
Foreign currency adjustments
    (0.4 )     (0.1 )     0.1
Total change
    1.7
    (0.5 )     (5.2 )
Balance at September 30
  $ 5.8     $ 4.1     $ 4.6