Alico, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Cover Page
Financial Statements
Notes to Financial Statements
Accounting Policies
- Description of Business and Basis of Presentation (Policies)
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.21.2

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of provision for income tax

The income tax provision for the years ended September 30, 2021, 2020 and 2019 consists of the following:

(in thousands)	Fiscal Year Ended September 30,
	2021		2020			2019
Current:
Federal income tax	$	7,347	$	131		$	7,314
State income tax		1,971		(71	)		2,202
Total current		9,318		60			9,516

Deferred:
Federal income tax		2,144		6,151			2,995
State income tax		105		1,452			272
Total deferred		2,249		7,603			3,267
Income tax provision	$	11,567	$	7,663		$	12,783

Schedule of income tax provision attributable to income from continuing operations

Income tax provision attributable to income before income taxes differed from the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes for each of the fiscal years ended September 30, 2021, September 30, 2020 and September 30, 2019, respectively, as a result of the following:

(in thousands)	Fiscal Year Ended September 30,
	2021		2020			2019
Income tax at the statutory federal rate	$	9,741	$	6,568		$	10,587
Increase (decrease) resulting from:
State income taxes, net of federal benefit		1,645		1,217			1,947
Permanent and other reconciling items, net		41		170			166
State rate change		—		(156	)		—
Other		140		(136	)		83
Income tax provision	$	11,567	$	7,663		$	12,783

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, 2021, and 2020 are presented below:

(in thousands)	September 30,
	2021			2020
Deferred tax assets:
Goodwill	$	14,463		$	16,304
Inventories		744			813
Stock compensation		212			314
Intangibles		454			508
Other		146			203
Total deferred tax assets		16,019			18,142

Deferred tax liabilities:
Property and equipment		56,842			56,707
Investment in Citree		968			1,016
Prepaid insurance		186			147
Total deferred tax liabilities		57,996			57,870
Net deferred income tax liabilities	$	(41,977	)	$	(39,728	)

- References

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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