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Income Taxes
 6 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
 
The components of federal and state income taxes included in the Consolidated Statements of Income are as follows (in thousands): 
                                                         
Six Months Ended 
 March 31,
                                                         
2016
 
2015
Current Income Taxes 
 

 
 

Federal                                              
$
7,995

 
$
36,746

State                                                  
15,537

 
13,199

 
 
 
 
Deferred Income Taxes                                
 

 
 

Federal                                               
(197,982
)
 
13,242

State                                                    
(85,930
)
 
(2,891
)
 
(260,380
)
 
60,296

Deferred Investment Tax Credit                            
(174
)
 
(208
)
 
 
 
 
Total Income Taxes                                      
$
(260,554
)
 
$
60,088

Presented as Follows:
 

 
 

Other Income
(174
)
 
(208
)
Income Tax Expense (Benefit)
(260,380
)
 
60,296

 
 
 
 
Total Income Taxes
$
(260,554
)
 
$
60,088



Total income taxes as reported differ from the amounts that were computed by applying the federal income tax rate to income (loss) before income taxes.  The following is a reconciliation of this difference (in thousands): 
 
Six Months Ended 
 March 31,
 
2016
 
2015
U.S. Income (Loss) Before Income Taxes
$
(597,350
)
 
$
161,497

 
 

 
 

Income Tax Expense (Benefit), Computed at U.S. Federal Statutory Rate of 35%
$
(209,073
)
 
$
56,524

State Income Taxes (Benefit)
(45,756
)
 
6,700

Miscellaneous
(5,725
)
 
(3,136
)
 
 
 
 
Total Income Taxes
$
(260,554
)
 
$
60,088


 
As a result of a settlement reached during the quarter, the Company has reduced the balance of unrecognized tax benefits by $2.6 million, of which $0.5 million was recorded as an income tax benefit. As of March 31, 2016, the entire balance of unrecognized tax benefits would favorably impact the effective tax rate, if recognized.