Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

Income Taxes

Schedule of components of income before provision for income taxes

	Year Ended September 30,
	2017		2018		2019
Income (loss) before income taxes:
U.S.	$	(25,090)	$	(16,650)	$	790
Foreign		7,873		12,596		12,580
Total	$	(17,217)	$	(4,054)	$	13,370
Provision for (benefit from) income taxes:
Current:
U.S. Federal	$	933	$	(7,690)	$	(267)
Foreign		1,652		2,404		2,259
State		401		(137)		2
Total		2,986		(5,423)		1,994
Deferred:
U.S. Federal		(8,781)		25,141		1,423
Foreign		—		—		132
State		(1,427)		(2,496)		62
Valuation allowance		195		475		14
Total		(10,013)		23,120		1,631
Total provision for (benefit from) income taxes	$	(7,027)	$	17,697	$	3,625

Schedule of provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate

	Year Ended September 30,
	2017			2018			2019
Statutory federal tax rate		35.00	%		24.53	%		21.00	%
Tax provision for income taxes at the statutory rate	$	(6,026)		$	(1,059)		$	2,808
Foreign tax rate differentials		(1,103)			(685)			(157)
Provision for state taxes, net of federal taxes		(371)			(45)			247
U.S. tax on distributed and undistributed earnings of foreign subsidiaries		452			240			486
Manufacturer’s deduction		—			(86)			—
Tax credits		(409)			(511)			(499)
Transition tax		—			2,170			—
Federal and state tax rate change impact on deferred tax asset		192			16,633			314
Net operating loss carryback		—			407			—
Change in valuation allowance		195			475			14
Stock compensation		—			—			655
Other, net		43			158			(243)
Provision for income taxes at effective tax rate	$	(7,027)		$	17,697		$	3,625
Effective tax rate		40.8	%		(436.5)	%		27.1	%

Schedule of deferred tax assets (liabilities)

	September 30,
	2018		2019
Deferred tax assets:
Pension and postretirement benefits	$	38,343	$	48,367
TIMET Agreement		4,775		4,163
Inventories		2,091		1,706
Accrued compensation and benefits		1,387		770
Accrued expenses and other		2,977		3,308
Tax attributes		4,178		4,441
Valuation allowance		(1,661)		(1,675)
Total deferred tax assets	$	52,090	$	61,080
Deferred tax liabilities:
Property, plant and equipment, net	$	(27,521)	$	(27,873)
Intangible and other		(1,034)		(1,091)
Total deferred tax liabilities	$	(28,555)	$	(28,964)
Net deferred tax assets (liabilities)	$	23,535	$	32,116