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Income Taxes | 12 Months Ended
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Sep. 30, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision for income tax for the years ended September 30, 2016, 2015 and 2014 consists of the following:
(in thousands) | Fiscal Year Ended September 30,
| 2016 |  | 2015 |  | 2014
Current: |  |  |  |  |  |  |  |
Federal income tax | $ | 244 |  |  | $ | (1,348 | ) |  | $ | 4,035 |
State income tax | — |  |  | (98 | ) |  | 543 |
Total current | 244 |  |  | (1,446 | ) |  | 4,578 |
Deferred: |  |  |  |  |  |  |  |
Federal income tax | 4,538 |  |  | 10,432 |  |  | 6,160 |
State income tax | 739 |  |  | 1,919 |  |  | 645 |
Total deferred | 5,277 |  |  | 12,351 |  |  | 6,805 |
Total provision for income taxes | $ | 5,521 |  |  | $ | 10,905 |  |  | $ | 11,383 |
Income tax provision (benefit) attributable to income from continuing operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:
(in thousands) | Fiscal Year Ended September 30,
| 2016 |  | 2015 |  | 2014
Tax at the statutory federal rate | $ | 4,382 |  |  | $ | 9,335 |  |  | $ | 8,117 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State income taxes, net of federal benefit | 457 |  |  | 1,279 |  |  | 183 |
Permanent and other reconciling items, net | 773 |  |  | 280 |  |  | 3,083 |
Other | (91 | ) |  | 11 |  |  | — |
Total provision for income taxes | $ | 5,521 |  |  | $ | 10,905 |  |  | $ | 11,383 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2016, and 2015 are presented below:
(in thousands) | September 30,
| 2016 |  | 2015
Deferred tax assets: |  |  |  |  |
Deferred retirement benefits | $ | 1,620 |  |  | $ | 1,595 |
Inventories | 912 |  |  | 230 |
Alico-Agri, Ltd. outside basis differences | 474 |  |  | 467 |
Goodwill | 36,217 |  |  | 39,081 |
Deferred gain recognition | 10,964 |  |  | 11,234 |
Capital loss carry forward | 9,702 |  |  | 12,804 |
Alternative minimum tax credits | 197 |  |  | — |
Net operating loss | 5,844 |  |  | 7,141 |
Other | 765 |  |  | 200 |
Total deferred tax assets | 66,695 |  |  | 72,752 |
Deferred tax liabilities: |  |  |
Revenue recognized from citrus and sugarcane | 282 |  |  | 223 |
Property and equipment | 95,149 |  |  | 93,849 |
Accrual-to-cash method | 1,908 |  |  | 3,905 |
Prepaid insurance | 331 |  |  | 256 |
Investment in Magnolia | 82 |  |  | 299 |
Total deferred tax liabilities | 97,752 |  |  | 98,532 |
Net deferred income tax liability | $ | (31,057 | ) |  | $ | (25,780 | )
Deferred taxes are included in the accompanying Consolidated and Combined Balance Sheets are as follows:
(in thousands) | September 30,
| 2016 |  | 2015
Deferred tax liabilities, current | $ | 53 |  |  | $ | 151 |
Deferred tax liabilities, non-current | 31,004 |  |  | 25,629 |
Total deferred tax liabilities | $ | 31,057 |  |  | $ | 25,780 |
As of September 30, 2016, the Company has approximately $14,800,000 federal and approximately $18,300,000 state income tax net operating loss (NOL) carryforwards. The Federal NOL's of approximately $4,200,000 will expire in 2024 and approximately $10,600,000 in 2025. The State NOL’s of approximately $4,200,000 will expire in 2024 and approximately $14,100,000 in 2025. As of September 30, 2016, the Company has approximately $25,200,000 federal and state capital loss carryforwards, with approximately $600,000 expiring in 2017 and approximately $24,600,000 in 2018. The Company believes that it is more likely than not that the benefit from federal and state NOL and capital loss carryforwards will be realized and therefore have not provided a valuation allowance on the deferred tax assets related to these NOL and capital loss carryforwards.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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