Income Taxes (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Provision for Income Tax |
The provision for income tax for the years ended September 30, 2016, 2015 and 2014 consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Fiscal Year Ended September 30, |
|
2016 |
|
2015 |
|
2014 |
Current: |
|
|
|
|
|
|
|
|
Federal income tax |
$ |
244 |
|
|
$ |
(1,348 |
) |
|
$ |
4,035 |
|
State income tax |
— |
|
|
(98 |
) |
|
543 |
|
Total current |
244 |
|
|
(1,446 |
) |
|
4,578 |
|
Deferred: |
|
|
|
|
|
|
|
|
Federal income tax |
4,538 |
|
|
10,432 |
|
|
6,160 |
|
State income tax |
739 |
|
|
1,919 |
|
|
645 |
|
Total deferred |
5,277 |
|
|
12,351 |
|
|
6,805 |
|
Total provision for income taxes |
$ |
5,521 |
|
|
$ |
10,905 |
|
|
$ |
11,383 |
|
|
| Schedule of Income Tax Provision Attributable to Income from Continuing Operations |
Income tax provision (benefit) attributable to income from continuing operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Fiscal Year Ended September 30, |
|
2016 |
|
2015 |
|
2014 |
Tax at the statutory federal rate |
$ |
4,382 |
|
|
$ |
9,335 |
|
|
$ |
8,117 |
|
Increase (decrease) resulting from: |
|
|
|
|
|
|
|
|
State income taxes, net of federal benefit |
457 |
|
|
1,279 |
|
|
183 |
|
Permanent and other reconciling items, net |
773 |
|
|
280 |
|
|
3,083 |
|
Other |
(91 |
) |
|
11 |
|
|
— |
|
Total provision for income taxes |
$ |
5,521 |
|
|
$ |
10,905 |
|
|
$ |
11,383 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2016, and 2015 are presented below:
|
|
|
|
|
|
|
|
|
(in thousands) |
September 30, |
|
2016 |
|
2015 |
Deferred tax assets: |
|
|
|
|
|
Deferred retirement benefits |
$ |
1,620 |
|
|
$ |
1,595 |
|
Inventories |
912 |
|
|
230 |
|
Alico-Agri, Ltd. outside basis differences |
474 |
|
|
467 |
|
Goodwill |
36,217 |
|
|
39,081 |
|
Deferred gain recognition |
10,964 |
|
|
11,234 |
|
Capital loss carry forward |
9,702 |
|
|
12,804 |
|
Alternative minimum tax credits |
197 |
|
|
— |
|
Net operating loss |
5,844 |
|
|
7,141 |
|
Other |
765 |
|
|
200 |
|
Total deferred tax assets |
66,695 |
|
|
72,752 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
Revenue recognized from citrus and sugarcane |
282 |
|
|
223 |
|
Property and equipment |
95,149 |
|
|
93,849 |
|
Accrual-to-cash method |
1,908 |
|
|
3,905 |
|
Prepaid insurance |
331 |
|
|
256 |
|
Investment in Magnolia |
82 |
|
|
299 |
|
Total deferred tax liabilities |
97,752 |
|
|
98,532 |
|
Net deferred income tax liability |
$ |
(31,057 |
) |
|
$ |
(25,780 |
) |
|
| Schedule of Deferred Tax Liabilities, Current and Non-current |
Deferred taxes are included in the accompanying Consolidated and Combined Balance Sheets are as follows:
|
|
|
|
|
|
|
|
|
(in thousands) |
September 30, |
|
2016 |
|
2015 |
|
|
|
|
Deferred tax liabilities, current |
$ |
53 |
|
|
$ |
151 |
|
Deferred tax liabilities, non-current |
31,004 |
|
|
25,629 |
|
Total deferred tax liabilities |
$ |
31,057 |
|
|
$ |
25,780 |
|
|