INCOME TAXES

6 Months Ended

Dec. 31, 2019

INCOME TAXES

INCOME TAXES

9.    INCOME TAXES

	Three Months Ended				Six Months Ended
	December 31,		December 31,		December 31,		December 31,
	2019		2018		2019		2018
	(Amounts in thousands, except rate)				(Amounts in thousands, except rate)
Income tax (expense) benefit	$	(11,124)	$	2,148	$	12,401	$	(1,967)
Effective tax rate		21.6%		(10.3%)		(12.8%)		5.3%

The effective tax rate for the six months ended December 31, 2019, included discrete tax benefits attributable to the remeasurement of certain deferred tax assets and a net step-up in the basis of tax assets due to the enactment of the Federal Act on Tax Reform and AHV Financing (Swiss Tax Reform). The effective tax rate for the three and six months ended December 31, 2018 included benefits related to the transition tax as part of H.R. 1, originally known as the Tax Cuts and Jobs Act, which was due to consideration of new U.S. Treasury regulations and IRS guidance released during the period.