XML 23 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes
 9 Months Ended
Jun. 30, 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): 
                                                         
Nine Months Ended 
 June 30,
                                                         
2016
 
2015
Current Income Taxes 
 

 
 

Federal                                              
$
(686
)
 
$
27,311

State                                                  
18,293

 
14,195

 
 
 
 
Deferred Income Taxes                                
 

 
 

Federal                                               
(184,419
)
 
(134,369
)
State                                                    
(84,829
)
 
(63,747
)
 
(251,641
)
 
(156,610
)
Deferred Investment Tax Credit                            
(261
)
 
(311
)
 
 
 
 
Total Income Taxes                                      
$
(251,902
)
 
$
(156,921
)
Presented as Follows:
 

 
 

Other Income
(261
)
 
(311
)
Income Tax Expense (Benefit)
(251,641
)
 
(156,610
)
 
 
 
 
Total Income Taxes
$
(251,902
)
 
$
(156,921
)


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): 
 
Nine Months Ended 
 June 30,
 
2016
 
2015
U.S. Income (Loss) Before Income Taxes
$
(580,412
)
 
$
(348,645
)
 
 

 
 

Income Tax Expense (Benefit), Computed at U.S. Federal Statutory Rate of 35%
$
(203,144
)
 
$
(122,026
)
State Income Taxes (Benefit)
(43,248
)
 
(32,209
)
Miscellaneous
(5,510
)
 
(2,686
)
 
 
 
 
Total Income Taxes
$
(251,902
)
 
$
(156,921
)

 
As a result of a settlement reached during the quarter ended June 30, 2016, the Company has reduced the balance of unrecognized tax benefits by $3.1 million, of which $0.8 million was recorded as an income tax benefit. As of June 30, 2016, the entire balance of unrecognized tax benefits would favorably impact the effective tax rate, if recognized.