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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

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,
		2023				2022				2021
Current:
Federal		$	9,902			$	11,900			$	16,077
State			4,583				5,019				6,237
Deferred
Federal			(843	)			(2,563	)			8,263
State			342				(618	)			3,098
		$	13,984			$	13,738			$	33,675

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,
		2023				2022				2021
Income from continuing operations before taxes		$	45,929			$	49,026			$	121,412
Provision for income taxes:
Tax at Federal statutory rate		$	9,645			$	10,295			$	25,496
State taxes net of federal benefit			3,401				3,251				7,927
Permanent differences			520				249				196
Change in valuation allowance			252				208				86
Other			166				(265	)			(30	)
		$	13,984			$	13,738			$	33,675

Components of Net Deferred Taxes

The components of the net deferred taxes for the years ended September 30, 2023 and September 30, 2022 using current tax rates are as follows (in thousands):

		September 30,
		2023				2022
Deferred tax assets:
Operating lease liabilities		$	27,473			$	28,591
Net operating loss carryforwards			5,178				5,432
Vacation accrual			2,775				3,050
Pension accrual			3,696				3,666
Allowance for bad debts			2,285				2,155
Insurance accrual			1,870				1,934
Inventory capitalization			955				(580	)
Other, net			198				1,319
Total deferred tax assets			44,430				45,567
Valuation allowance			(4,437	)			(4,184	)
Net deferred tax assets		$	39,993			$	41,383
Deferred tax liabilities:
Operating lease right-of-use assets		$	26,025			$	27,097
Property and equipment			14,937				15,012
Intangibles			19,897				19,936
Fair value of derivative instruments			1,270				1,851
Other, net			3,635				3,107
Total deferred tax liabilities		$	65,764			$	67,003
Net deferred taxes		$	(25,771	)		$	(25,620	)

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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.

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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.

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