INCOME TAXES (Tables)
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12 Months Ended |
Sep. 30, 2022 |
Income Tax Disclosure [Abstract] |
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Provision for Income Taxes |
The income tax (benefit) provision consisted of the following: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Current: | | | | | | Federal | $ | 13,481 | | | $ | (3,741) | | | $ | (12,354) | | State | 4,676 | | | 3,579 | | | (1,030) | | Foreign | 10,414 | | | 2,379 | | | 11,306 | | | 28,571 | | | 2,217 | | | (2,078) | | Deferred: | | | | | | Federal | (24,239) | | | 5,829 | | | 4,710 | | State | (3,895) | | | 169 | | | 2,880 | | Foreign | (4,828) | | | (1,840) | | | (24,197) | | | (32,962) | | | 4,158 | | | (16,607) | | Total | $ | (4,391) | | | $ | 6,375 | | | $ | (18,685) | |
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Reconciliation of Federal Statutory Tax Rate to Consolidated Effective Tax Rate |
The reconciliation of the federal statutory tax rate to the consolidated effective tax rate was as follows: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Federal statutory tax rate | 21.0 | % | | 21.0 | % | | 21.0 | % | Effect of state income taxes, net of federal deduction | 0.2 | % | | 37.5 | % | | (1.9) | % | Foreign statutory taxes compared to federal statutory rate | 1.6 | % | | (18.6) | % | | 3.4 | % | Share-based compensation | (1.1) | % | | 24.5 | % | | (1.4) | % | Termination of SERP | — | % | | 28.6 | % | | — | % | Tax credits | 1.2 | % | | (26.6) | % | | 1.8 | % | | | | | | | | | | | | | | | | | | | Sale of SERP-related investments | — | % | | 23.8 | % | | — | % | | | | | | | | | | | | | Goodwill write-down | (11.2) | % | | — | % | | (9.4) | % | Tax rate differential on net operating loss carryback | — | % | | (21.4) | % | | 4.2 | % | Other * | (7.5) | % | | 0.2 | % | | (0.1) | % | Effective tax rate | 4.2 | % | | 69.0 | % | | 17.6 | % |
* In Fiscal 2022, "Other" primarily consists of foreign net operating losses that had a full valuation allowance.
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Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities at September 30, 2022 and 2021 are as follows: | | | | | | | | | | | | | 2022 | | 2021 | Deferred tax assets: | | | | Pension and postretirement benefits | $ | 9,051 | | | $ | 11,832 | | Accruals and reserves not currently deductible | 10,909 | | | 8,753 | | Income tax credit carryforward | 5,796 | | | 5,206 | | Operating and capital loss carryforwards | 54,875 | | | 51,438 | | Stock options | 7,103 | | | 4,944 | | Other | 50 | | | 1,320 | | Total deferred tax assets | 87,784 | | | 83,493 | | Valuation allowances | (27,552) | | | (28,619) | | Net deferred tax assets | 60,232 | | | 54,874 | | | | | | Deferred tax liabilities: | | | | Depreciation | (27,317) | | | (23,224) | | Unrealized gains and losses | (2,793) | | | (886) | | Goodwill and intangible assets | (98,715) | | | (113,476) | | Other | (20,386) | | | (11,215) | | Total deferred tax liabilities | (149,211) | | | (148,801) | | | | | | Net deferred tax liability | $ | (88,979) | | | $ | (93,927) | |
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Changes in Gross Unrecognized Tax Benefits |
Changes in the total amount of gross unrecognized tax benefits (excluding penalties and interest) are as follows: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Balance, beginning of year | $ | 2,807 | | | $ | 10,483 | | | $ | 15,526 | | | | | | | | Increases for tax positions of prior years | 1,393 | | | — | | | 500 | | Decreases for tax positions of prior years | (200) | | | (288) | | | (2,727) | | Increases based on tax positions related to the current year | 551 | | | 628 | | | 939 | | | | | | | | Decreases due to lapse of statute of limitation | (428) | | | (8,016) | | | (3,755) | | Balance, end of year | $ | 4,123 | | | $ | 2,807 | | | $ | 10,483 | |
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Summary of Income Tax Contingencies |
As of September 30, 2022, the tax years that remain subject to examination by major jurisdiction generally are: | | | | | | United States - Federal | 2019 and forward | United States - State | 2018 and forward | Canada | 2018 and forward | Germany | 2019 and forward | United Kingdom | 2021 and forward | Australia | 2017 and forward | Singapore | 2018 and forward |
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