Annual report pursuant to Section 13 and 15(d)

Provision for Income Taxes (Tables)

v3.21.2
Provision for Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)
The provision for income taxes for the fiscal years ended September 30, 2021, 2020 and 2019 consisted of the following (in thousands):
For the Fiscal Year Ended 
September 30,
2021 2020 2019
Current
U.S. Federal $ 3,609  $ 8,960  $ 9,780 
State 995  490  1,132 
Total current 4,604  9,450  10,912 
Deferred
U.S. Federal 3,029  2,222  2,203 
State 716  1,088  794 
Total deferred 3,745  3,310  2,997 
Provision for income taxes $ 8,349  $ 12,760  $ 13,909 
Schedule of deferred tax assets and liabilities The Company’s deferred tax assets and liabilities consisted of the following temporary difference tax effects at September 30, 2021, 2020 and 2019 (in thousands):
September 30,
2021 2020
Deferred tax assets
Allowance for bad debt $ 413  $ 527 
Amortization of finite-lived intangible assets 586  405 
State net operating loss 488  664 
Employee benefits 736  37 
Accrued insurance claims 1,610  1,583 
Other 335  556 
Total deferred tax assets 4,168  3,772 
Deferred tax liabilities
Amortization of goodwill (6,541) (5,048)
Property, plant and equipment (14,530) (12,341)
Other (459) — 
Total deferred tax liabilities, (21,530) (17,389)
Net deferred tax liabilities $ (17,362) $ (13,617)
Reconciliation of net deferred tax assets (liabilities)
The following is a reconciliation of net deferred tax assets (liabilities) to amounts reflected on the Company’s Consolidated Balance Sheets at September 30, 2021 and 2020 (in thousands):
September 30,
2021 2020
Asset: Deferred income taxes, net $ —  $ 386 
Liability: Deferred income taxes, net (17,362) (14,003)
Net deferred tax assets (liabilities) $ (17,362) $ (13,617)
Schedule of effective income tax rate reconciliation The following table reconciles income taxes based on the U.S. federal statutory tax rate to the Company’s income before provision for income taxes for the fiscal years ended September 30, 2021, 2020 and 2019 (in thousands):
For the Fiscal Year Ended 
September 30,
2021 2020 2019
Provision for income tax at federal statutory rate $ 5,990  $ 11,142  $ 11,976 
State income taxes 1,351  1,272  1,521 
Permanent differences 961  330  319 
Other 47  16  93 
Provision for income taxes $ 8,349  $ 12,760  $ 13,909