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Income Taxes (Tables) | 12 Months Ended
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Sep. 30, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 11,964 |  |  | $ | 9,902 |  |  | $ | 11,900 |
State |  |  | 5,356 |  |  |  | 4,583 |  |  |  | 5,019 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | (2,719 | ) |  |  | (843 | ) |  |  | (2,563 | )
State |  |  | (1,270 | ) |  |  | 342 |  |  |  | (618 | )
|  | $ | 13,331 |  |  | $ | 13,984 |  |  | $ | 13,738 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income from continuing operations before taxes |  | $ | 48,554 |  |  | $ | 45,929 |  |  | $ | 49,026 |
Provision for income taxes: |  |  |  |  |  |  |  |  |
Tax at Federal statutory rate |  | $ | 10,196 |  |  | $ | 9,645 |  |  | $ | 10,295 |
State taxes net of federal benefit |  |  | 3,145 |  |  |  | 3,401 |  |  |  | 3,251 |
Permanent differences |  |  | 286 |  |  |  | 520 |  |  |  | 249 |
Expiration of State NOL |  |  | 2,160 |  |  |  | — |  |  |  | — |
Change in valuation allowance |  |  | (2,328 | ) |  |  | 252 |  |  |  | 208 |
Other |  |  | (128 | ) |  |  | 166 |  |  |  | (265 | )
|  | $ | 13,331 |  |  | $ | 13,984 |  |  | $ | 13,738 |
Components of Net Deferred Taxes | The components of the net deferred taxes for the years ended September 30, 2024 and September 30, 2023 using current tax rates are as follows (in thousands):
|  | September 30, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Operating lease liabilities |  | $ | 26,534 |  |  | $ | 27,473 |
Net operating loss carryforwards |  |  | 2,516 |  |  |  | 5,178 |
Vacation accrual |  |  | 2,785 |  |  |  | 2,775 |
Pension accrual |  |  | 3,507 |  |  |  | 3,696 |
Allowance for bad debts |  |  | 1,687 |  |  |  | 2,285 |
Insurance accrual |  |  | 1,628 |  |  |  | 1,870 |
Inventory capitalization |  |  | — |  |  |  | 955 |
Fair value of derivative instruments |  |  | 4,261 |  |  |  | — |
Other, net |  |  | 350 |  |  |  | 198 |
Total deferred tax assets |  |  | 43,268 |  |  |  | 44,430 |
Valuation allowance |  |  | (2,109 | ) |  |  | (4,437 | )
Net deferred tax assets |  | $ | 41,159 |  |  | $ | 39,993 |
Deferred tax liabilities: |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 25,257 |  |  | $ | 26,025 |
Property and equipment |  |  | 14,502 |  |  |  | 14,937 |
Intangibles |  |  | 20,152 |  |  |  | 19,897 |
Fair value of derivative instruments |  |  | — |  |  |  | 1,270 |
Other, net |  |  | 3,170 |  |  |  | 3,635 |
Total deferred tax liabilities |  | $ | 63,081 |  |  | $ | 65,764 |
Net deferred taxes |  | $ | (21,922 | ) |  | $ | (25,771 | )

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