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INCOME TAXES

6 Months Ended

Dec. 31, 2020

10. INCOME TAXES


	Three Months Ended				Six Months Ended
	December 31,		December 31,		December 31,		December 31,
	2020		2019		2020		2019

	(Amounts in thousands, except rate)				(Amounts in thousands, except rate)
Income tax expense (benefit)	$	16,031	$	11,124	$	13,654	$	(12,401)
Effective tax rate		21.1%		21.6%		7.6%		(12.8%)

The effective tax rate for the six months ended December 31, 2020, included discrete tax benefits ($24.5 million) attributable to the settlement of an uncertain tax position with a foreign jurisdiction and the release of a valuation allowance related to deferred tax assets, both of which were recorded during the three months ended September 30, 2020. The effective tax rate for the six months ended December 31, 2019, included discrete benefits ($32.3 million) 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).

- 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.

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