INCOME TAXES

9 Months Ended

Mar. 31, 2020

INCOME TAXES

INCOME TAXES

9.    INCOME TAXES

	Three Months Ended				Nine Months Ended
	March 31,		March 31,		March 31,		March 31,
	2020		2019		2020		2019
	(Amounts in thousands, except rate)				(Amounts in thousands, except rate)
Income tax (expense) benefit	$	(8,702)	$	(9,388)	$	3,700	$	(11,355)
Effective tax rate		18.5%		24.7%		(2.6%)		15.1%

The effective tax rate for the nine months ended March 31, 2020, 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 nine months ended March 31, 2019 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.

On April 30, 2020, the Company entered into a settlement agreement with a foreign taxing authority related to an uncertain tax position recorded on our consolidated balance sheets as of March 31, 2020.  We continue to analyze the impacts of the settlement on our consolidated financial statements, including the release of uncertain tax positions during our fourth quarter ending June 30, 2020.