Annual report pursuant to Section 13 and 15(d)

Provision for Income Taxes Provision for Income Taxes (Tables)

v3.10.0.1
Provision for Income Taxes Provision for Income Taxes (Tables)
12 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes for the fiscal years ended September 30, 2018 and September 30, 2017 consists of the following (in thousands):
 
For the Fiscal Year Ended 
September 30,
 
2018
 
2017
Current
 
 
 
U.S. Federal
$
9,380

 
$
11,977

State
1,626

 
1,900

Total current
11,006

 
13,877

Deferred
 
 

U.S. Federal
(1,003
)
 
711

State
522

 
154

Total deferred
(481
)
 
865

Provision for income taxes
$
10,525

 
$
14,742

 
 
 
 
Schedule of Deferred Tax Assets and Liabilities
ollowing is a reconciliation of net deferred tax assets (liabilities) to amounts reflected on the Company’s Consolidated Balance Sheets at September 30, 2018 and September 30, 2017 (in thousands):
 
September 30,
 
2018
 
2017
Asset: Deferred income taxes, net
$
1,580

 
$
1,876

Liability: Deferred income taxes, net
(8,890
)
 
(9,667
)
Net deferred tax assets (liabilities)
$
(7,310
)
 
$
(7,791
)
 
 
 
 
The Company’s deferred tax assets and liabilities consisted of the following temporary difference tax effects at September 30, 2018 and September 30, 2017 (in thousands):
 
September 30,
 
2018
 
2017
Deferred tax assets
 
 
 
Allowance for bad debt
$
444

 
$
936

Amortization of finite-lived intangible assets
499

 
751

State net operating loss
1,695

 
1,928

Employee benefits

 
243

Accrued insurance claims
1,202

 
1,417

Other

 
506

Total deferred tax assets, net
3,840

 
5,781

Deferred tax liabilities
 
 

Amortization of goodwill
(3,925
)
 
(5,022
)
Property, plant and equipment
(7,162
)
 
(8,550
)
Other
(63
)
 

Total deferred tax liabilities, net
(11,150
)
 
(13,572
)
Net deferred tax assets (liabilities)
$
(7,310
)
 
$
(7,791
)
 
 
 
 
Schedule of Effective Income Tax Rate Reconciliation
The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income before provision for income taxes for the fiscal years ended September 30, 2018 and September 30, 2017 (in thousands):
 
For the Fiscal Year Ended 
September 30,
 
2018
 
2017
Provision for income tax at federal statutory rate
$
15,023

 
$
14,260

State income taxes
1,622

 
1,268

Change in deferred federal income taxes due to Tax Act
(4,552
)
 

Permanent differences
(2,282
)
 
(686
)
Other
714

 
(100
)
Provision for income taxes
$
10,525

 
$
14,742