Income Taxes (Tables)

12 Months Ended

Sep. 30, 2022

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,
	2022			2021		2020
Current:
Federal	$	11,900		$	16,077	$	17,083
State		5,019			6,237		7,086
Deferred
Federal		(2,563	)		8,263		(2,643	)
State		(618	)		3,098		(901	)
	$	13,738		$	33,675	$	20,625

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,
	2022			2021			2020
Income from continuing operations before taxes	$	49,026		$	121,412		$	76,543
Provision for income taxes:
Tax at Federal statutory rate	$	10,295		$	25,496		$	16,074
State taxes net of federal benefit		3,251			7,927			5,224
Permanent differences		249			196			89
Change in valuation allowance		208			86			(113	)
Other		(265	)		(30	)		(649	)
	$	13,738		$	33,675		$	20,625

Components of Net Deferred Taxes

The components of the net deferred taxes for the years ended September 30, 2022 and September 30, 2021 using current tax rates are as follows (in thousands):

	September 30,
	2022			2021
Deferred tax assets:
Operating lease liabilities	$	28,591		$	29,115
Net operating loss carryforwards		5,432			5,590
Vacation accrual		3,050			2,923
Pension accrual		3,666			3,603
Allowance for bad debts		2,155			1,291
Insurance accrual		1,934			2,020
Inventory capitalization		(580	)		631
Other, net		1,319			1,504
Total deferred tax assets		45,567			46,677
Valuation allowance		(4,184	)		(3,976	)
Net deferred tax assets	$	41,383		$	42,701
Deferred tax liabilities:
Operating lease right-of-use assets	$	27,097		$	27,774
Property and equipment		15,012			14,374
Intangibles		19,936			19,591
Fair value of derivative instruments		1,851			6,864
Other, net		3,107			3,112
Total deferred tax liabilities	$	67,003		$	71,715
Net deferred taxes	$	(25,620	)	$	(29,014	)