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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Components of Federal and State Income Taxes Included in the Consolidated Statements of Income | The components of federal and state income taxes included in the Consolidated Statements of Income are as follows:
| Year Ended September 30
| 2024 |  | 2023 |  | 2022
| (Thousands)
Current Income Taxes — |  |  |  |  |
Federal | $ | 6,453 |  |  | $ | 11,744 |  |  | $ | — |
State | 5,899 |  |  | 1,386 |  |  | 12,214 |
Deferred Income Taxes — |  |  |  |  |
Federal | 894 |  |  | 106,801 |  |  | 137,025 |
State | (3,504) |  |  | 44,602 |  |  | (32,610) |
Total Income Taxes | $ | 9,742 |  |  | $ | 164,533 |  |  | $ | 116,629 |
Schedule of Income Tax Reconciliation by Applying Federal Income Tax Rate | The following is a reconciliation of this difference:
| Year Ended September 30
| 2024 |  | 2023 |  | 2022
| (Thousands)
U.S. Income Before Income Taxes | $ | 87,255 |  |  | $ | 641,399 |  |  | $ | 682,650 |
Income Tax Expense, Computed at U.S. Federal Statutory Rate of 21% | $ | 18,324 |  |  | $ | 134,694 |  |  | $ | 143,357 |
State Valuation Allowance (1) | — |  |  | — |  |  | (24,850) |
State Income Taxes (2) | 1,892 |  |  | 36,331 |  |  | 8,736 |
Amortization of Excess Deferred Federal Income Taxes | (5,607) |  |  | (6,053) |  |  | (5,184) |
Plant Flow Through Items | (6,135) |  |  | (2,856) |  |  | (814) |
Stock Compensation | 1,758 |  |  | 957 |  |  | 820 |
Federal Tax Credits | (5) |  |  | (6) |  |  | (5,701) |
Miscellaneous | (485) |  |  | 1,466 |  |  | 265 |
Total Income Taxes | $ | 9,742 |  |  | $ | 164,533 |  |  | $ | 116,629 |
(1)During fiscal 2022, the valuation allowance recorded against certain state deferred tax assets was removed. See discussion below. (2)The state income tax expense shown above includes adjustments to the estimated state effective tax rates utilized in the calculation of deferred income taxes, including the Pennsylvania rate change discussed above.
Significant Components of Deferred Tax Liabilities and Assets | Significant components of the Company’s deferred tax liabilities and assets were as follows:
| At September 30
| 2024 |  | 2023
| (Thousands)
Deferred Tax Liabilities: |  |  |
Unrealized Hedging Gains | $ | 22,433 |  |  | $ | 3,385 |
Property, Plant and Equipment | 1,134,727 |  |  | 1,178,893 |
Pension and Other Post-Retirement Benefit Costs | 59,877 |  |  | 44,358 |
Other | 13,885 |  |  | 21,470 |
Total Deferred Tax Liabilities | 1,230,922 |  |  | 1,248,106 |
Deferred Tax Assets: |  |  |
Tax Loss and Credit Carryforwards | (31,111) |  |  | (33,744) |
Pension and Other Post-Retirement Benefit Costs | (49,622) |  |  | (41,843) |
Other | (39,024) |  |  | (48,349) |
Total Deferred Tax Assets | (119,757) |  |  | (123,936) |
Total Net Deferred Income Taxes | $ | 1,111,165 |  |  | $ | 1,124,170 |
Summary of Changes in Valuation Allowances for Deferred Tax Assets | The following is a summary of changes in valuation allowances for deferred tax assets:
| Year Ended September 30
| 2024 |  | 2023 |  | 2022
| (Thousands)
Balance at Beginning of Year | $ | — |  |  | $ | — |  |  | $ | 57,645 |
Additions | — |  |  | — |  |  | — |
Deductions | — |  |  | — |  |  | 57,645 |
Balance at End of Year | $ | — |  |  | $ | — |  |  | $ | — |
Summary of Operating Loss and Tax Credit Carryforwards | Tax carryforwards available at September 30, 2024, were as follows:
Jurisdiction |  | Tax Attribute |  | Amount (Thousands) |  | Expires
Pennsylvania |  | Net Operating Loss |  | $ | 438,058 |  |  | 2031-2044

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