INCOME TAXES

6 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

During the quarter ended March 31, 2020, the Company recognized a tax provision of $2,034 on income before taxes from continuing operations of $2,929, compared to a tax provision of $3,194 on income before taxes from continuing operations of $9,684 in the comparable prior year quarter. The current year quarter included restructuring charges of $3,104 ($3,005, net of tax), acquisition costs of $2,960 ($2,321, net of tax), loss from debt extinguishment of $6,690 ($5,245, net of tax) and net discrete tax and certain other tax benefits, net of $1,413, that affect comparability. The prior year quarter included net discrete tax and certain other tax benefits of $97 that affect comparability. Excluding these items, the effective tax rates for the quarters ended March 31, 2020 and 2019 were 35.9% and 34.0%, respectively.

During the six months ended March 31, 2020, the Company recognized a tax provision of $8,373 on Income before taxes from continuing operations of $19,880, compared to a tax provision of $8,406 on Income before taxes from continuing operations of $23,649 in the comparable prior year period. The six month period ended March 31, 2020 included restructuring charges of $9,538 ($7,153, net of tax), acquisition costs of $2,960 ($2,321, net of tax), loss from debt extinguishment of $6,690 ( $5,245, net of tax) and net discrete tax benefits of $580. The six month period ended March 31, 2019 included net discrete tax provisions of $370. Excluding these items, the effective tax rates for the six months ended March 31, 2020 and 2019 were 34.4% and 34.0%, respectively.

In response to the COVID-19 outbreak, legislation concerning taxes was passed in March 2020. While we are still assessing the impact of the legislation, we do not expect there to be a material impact to our consolidated financial statements at this time.