Income Taxes |
6 Months Ended |
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Mar. 31, 2023 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
The effective tax rates for the three months ended March 31, 2023 and 2022 were 50.0% and 41.9%, respectively. The increase in the effective tax rate was primarily driven by an increase in the accrual for taxes on unremitted foreign earnings, partially offset by a non-recurring prior period unfavorable change in estimate related to foreign tax credits, the impact of divestitures, the impact of tax loss carryforwards within the Molding Technology Solutions reportable operating segment on the net domestic taxes on foreign earnings, and the revaluation of deferred tax balances as a result of foreign currency fluctuations.
The effective tax rates for the six months ended March 31, 2023 and 2022 were 34.2% and 40.1%, respectively. The decrease in the effective tax rate was primarily driven by the favorable recognition of discrete tax benefits resulting from the approval of the incentive tax rate for certain operations located in China, the tax benefit of equity compensation, a non-recurring prior period unfavorable change in estimate related to foreign tax credits, the impact of divestitures, the impact of tax loss carryforwards within the Molding Technology Solutions reportable operating segment on the net domestic taxes on foreign earnings, and the revaluation of deferred tax balances as a result of foreign currency fluctuations. These items were partially offset by an increase in the accrual for taxes on unremitted foreign earnings.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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