XML 55 R38.htm IDEA: XBRL DOCUMENT
v3.19.3

Income Taxes (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Schedule of provision for income tax | The income tax provision (benefit) for the years ended September 30, 2019, 2018 and 2017 consists of the following:
(in thousands) | Fiscal Year Ended September 30,
| 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |
Federal income tax | $ | 7,314 |  |  | $ | 1,961 |  |  | $ | 102 |
State income tax | 2,202 |  |  | 384 |  |  | — |
Total current | 9,516 |  |  | 2,345 |  |  | 102 |
Deferred: |  |  |  |  |  |  |  |
Federal income tax | 2,995 |  |  | (3,917 | ) |  | (3,286 | )
State income tax | 272 |  |  | 1,962 |  |  | (662 | )
Total deferred | 3,267 |  |  | (1,955 | ) |  | (3,948 | )
Income tax provision (benefit) | $ | 12,783 |  |  | $ | 390 |  |  | $ | (3,846 | )
Schedule of income tax provision attributable to income from continuing operations | Income tax provision (benefit) attributable to income (loss) before income taxes differed from the amount computed by applying the statutory federal income tax rate of 21%, 24.53% and 35% to income (loss) before income taxes for the fiscal years ended September 30, 2019, September 30, 2018 and September 30, 2017, respectively, as a result of the following:
(in thousands) | Fiscal Year Ended September 30,
| 2019 |  | 2018 |  | 2017
Income tax (benefit) at the statutory federal rate | $ | 10,587 |  |  | $ | 3,198 |  |  | $ | (4,670 | )
Increase (decrease) resulting from: |  |  |  |  |
State income taxes, net of federal benefit | 1,947 |  |  | 857 |  |  | (402 | )
Permanent and other reconciling items, net | 166 |  |  | 221 |  |  | 548 |
Expiration of capital loss carryforward | — |  |  | 5,634 |  |  | 581 |
Reduction in deferred tax liability resulting from the Act | — |  |  | (9,847 | ) |  | — |
Stock option cancellation | — |  |  | 347 |  |  | — |
Other | 83 |  |  | (20 | ) |  | 97 |
Income taxes provision (benefit) | $ | 12,783 |  |  | $ | 390 |  |  | $ | (3,846 | )
Schedule of deferred tax assets and liabilities | 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, 2019, and 2018 are presented below:
(in thousands) | September 30,
| 2019 |  | 2018
Deferred tax assets: |  |  |  |  |
Deferred retirement benefits | $ | 1,325 |  |  | $ | 1,114 |
Investment in Citree | — |  |  | 89 |
Deferred gain recognition | — |  |  | 6,318 |
Goodwill | 18,244 |  |  | 20,095 |
Inventories | 930 |  |  | 711 |
Stock compensation | 237 |  |  | 261 |
Accrued bonus | — |  |  | 612 |
Tax credits | — |  |  | 28 |
Intangibles | 565 |  |  | 620 |
Other | 168 |  |  | 190 |
Total deferred tax assets | 21,469 |  |  | 30,038 |
Deferred tax liabilities: |  |  |
Revenue recognized from citrus and sugarcane | — |  |  | 162 |
Property and equipment | 52,551 |  |  | 54,925 |
Investment in Citree | 909 |  |  | — |
Prepaid insurance | 134 |  |  | 104 |
Total deferred tax liabilities | 53,594 |  |  | 55,191 |
Net deferred income tax liabilities | $ | (32,125 | ) |  | $ | (25,153 | )

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration