XML 24 R14.htm IDEA: XBRL DOCUMENT v3.20.2
INCOME TAXES
9 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
During the quarter ended June 30, 2020, the Company recognized a tax provision of $12,649 on income before taxes from continuing operations of $34,480, compared to a tax provision of $6,258 on income before taxes from continuing operations of $20,386 in the comparable prior year quarter. The current year quarter included restructuring charges of $1,633 ($1,224, net of tax), loss from debt extinguishment of $1,235 ($969, net of tax) and net discrete tax and certain other tax provisions, net of $1,828, that affect comparability. The prior year quarter included net discrete tax and certain other tax benefits of $669 that affect comparability. Excluding these items, the effective tax rates for the quarters ended June 30, 2020 and 2019 were 30.8% and 34.0%, respectively.
During the nine months ended June 30, 2020, the Company recognized a tax provision of $21,022 on Income before taxes from continuing operations of $54,360, compared to a tax provision of $14,664 on Income before taxes from continuing operations of $44,035 in the comparable prior year period. The nine month period ended June 30, 2020 included restructuring charges of $11,171 ($8,377, net of tax), acquisition costs of $2,960 ($2,321, net of tax), loss from debt extinguishment of $7,925 ( $6,214, net of tax) and net discrete tax provisions of $1,248. The nine month period ended June 30, 2019 included net discrete tax benefits of $299. Excluding these items, the effective tax rates for the nine months ended June 30, 2020 and 2019 were 32.6% and 34.0%, respectively.
In response to the COVID-19 outbreak, the U.S. Congress approved certain changes to the federal tax laws 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.