Income Taxes (Tables)

12 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Provision (Benefit)

The following table summarizes the components of the income tax provision (benefit) (in thousands):

	Year Ended September 30,
	2019			2018			2017
Current:
Federal1	$	-		$	(4,435	)	$	52,718
Foreign		579			492			1,366
State		1,647			3,516			8,975
Total current taxes	$	2,226		$	(427	)	$	63,059
Deferred:
Federal	$	(1,452	)	$	(35,249	)	$	(656	)
Foreign		-			(173	)		-
State		(944	)		5,305			78
Total deferred taxes	$	(2,396	)	$	(30,117	)	$	(578	)
Provision for (benefit from) income taxes	$	(170	)	$	(30,544	)	$	62,481

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^{1 2018 tax benefit due to changes in the treatment of acquired fixed assets stemming from the Tax Cut and Jobs Act of 2017}

Principal Reason for the Difference Between Effective Income Tax Rate and the Statutory Federal Income

The following table is a reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the periods presented:

	Year Ended September 30,
	2019			2018			2017
U.S. federal income taxes at statutory rate		21.0	%		24.5	%		35.0	%
State income taxes, net of federal benefit		(3.3	%)		5.2	%		3.9	%
Share-based payments		(4.7	%)		(3.9	%)		0.0	%
Deferred tax asset/liability remeasurement1		0.0	%		(73.5	%)		0.0	%
Repatriation transition tax1		4.3	%		1.8	%		0.0	%
Non-deductible meals and entertainment		(13.9	%)		2.2	%		0.6	%
Other		(1.8	%)		(1.2	%)		(1.2	%)
Effective tax rate		1.6	%		(44.9	%)		38.3	%

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¹ 2018 includes Impact of Tax Cut and Jobs Act of 2017

Components of the Company's Deferred Taxes

temporary differences are determined according to ASC 740 Income Taxes. Temporary differences that give rise to deferred tax assets and liabilities are as follows (in thousands):

	September 30,
	2019			2018
Deferred tax assets:
Deferred compensation	$	11,099		$	11,346
Allowance for doubtful accounts		4,218			663
Accrued vacation and other		5,148			5,079
Inventory valuation		14,307			12,900
Tax loss carryforwards1		18,272			17,271
Unrealized loss on financial derivatives		510			-
Other		1,611			1,517
Total deferred tax assets	$	55,165		$	48,776
Deferred tax liabilities:
Excess tax over book depreciation and amortization	$	(159,078	)	$	(155,770	)
Total deferred tax liabilities		(159,078	)		(155,770	)
Net deferred income tax liabilities	$	(103,913	)	$	(106,994	)

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¹ Comprised of net operating loss, foreign tax, and alternative minimum tax carryforwards