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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

Income tax expense is comprised of the following for the indicated periods (in thousands):

		Years Ended September 30,
		2019				2018				2017
Current:
Federal		$	7,921			$	(6,067	)		$	7,578
State			4,722				(1,016	)			2,664
Deferred
Federal			(3,168	)			11,052				8,775
State			(1,958	)			3,633				1,359
		$	7,517			$	7,602			$	20,376

Provision for Income Taxes Differs from Income Taxes

The provision for income taxes differs from income taxes computed at the Federal statutory rate as a result of the following (in thousands):

		Years Ended September 30,
		2019				2018				2017
Income from continuing operations before taxes		$	25,154			$	63,107			$	47,276
Provision for income taxes:
Tax at Federal statutory rate		$	5,282			$	17,266			$	16,546
Effect of the tax reform on deferred taxes			—				(11,101	)			—
Impact of Partnership loss not subject to federal income taxes			—				53				741
State taxes net of federal benefit			1,626				1,864				3,170
Permanent differences			345				99				89
Change in valuation allowance net of effect of the tax reform			23				107				115
Other			241				(686	)			(285	)
		$	7,517			$	7,602			$	20,376

Components of Net Deferred Taxes

The components of the net deferred taxes for the years ended September 30, 2019 and September 30, 2018 using current tax rates are as follows (in thousands):

		September 30,
		2019				2018
Deferred tax assets:
Net operating loss carryforwards		$	6,292			$	6,647
Vacation accrual			2,774				2,658
Pension accrual			4,504				4,425
Allowance for bad debts			2,235				2,226
Insurance accrual			2,419				2,425
Inventory capitalization			247				350
Fair value of derivative instruments			2,794				—
Other, net			—				1,382
Total deferred tax assets			21,265				20,113
Valuation allowance			(4,003	)			(3,980	)
Net deferred tax assets		$	17,262			$	16,133
Deferred tax liabilities:
Property and equipment		$	13,485			$	9,783
Fair value of derivative instruments			—				4,673
Intangibles			21,883				22,883
Other, net			2,010				—
Total deferred tax liabilities		$	37,378			$	37,339
Net deferred taxes		$	(20,116	)		$	(21,206	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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