Income Taxes (Tables)
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12 Months Ended |
Sep. 29, 2012
|
Income Taxes [Abstract] |
|
Provision for income tax expense (benefit) |
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Fiscal Year Ended |
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September 29, 2012 |
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September 24, 2011 |
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September 25, 2010 |
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|
(in thousands) |
|
Current:
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Federal.
|
|
$ |
(1,003 |
) |
|
$ |
(5,512 |
) |
|
$ |
9,293 |
|
State.
|
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|
603 |
|
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|
160 |
|
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1,902 |
|
Foreign.
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35 |
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35 |
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67 |
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Total
|
|
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(365 |
) |
|
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(5,317 |
) |
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11,262 |
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Deferred:
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Federal.
|
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12,671 |
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22,667 |
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15,822 |
|
State.
|
|
|
198 |
|
|
|
1,214 |
|
|
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1,203 |
|
Foreign.
|
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|
312 |
|
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1,031 |
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(177 |
) |
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Total
|
|
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13,181 |
|
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24,912 |
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16,848 |
|
|
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|
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Total
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|
$ |
12,816 |
|
|
$ |
19,595 |
|
|
$ |
28,110 |
|
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Reconciliation of the statutory federal income tax rate to the Company's effective income tax rate |
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Fiscal Year Ended |
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September 29, 2012 |
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September 24, 2011 |
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September 25, 2010 |
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Statutory federal income tax rate
|
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35.0 |
% |
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|
35.0 |
% |
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|
35.0 |
% |
State income taxes, net of federal benefit
|
|
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2.3 |
|
|
|
2.8 |
|
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3.2 |
|
Other permanent differences
|
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0.6 |
|
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1.4 |
|
|
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(0.9 |
) |
Adjustment of prior year accruals
|
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0.2 |
|
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1.2 |
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(0.3 |
) |
Uncertain tax positions
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0.0 |
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(0.3 |
) |
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(0.1 |
) |
Credits
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(1.2 |
) |
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(2.9 |
) |
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(0.5 |
) |
Change in valuation allowances
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(0.1 |
) |
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3.2 |
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0.0 |
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Other
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(0.1 |
) |
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0.4 |
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0.6 |
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Effective income tax rate (benefit)
|
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36.7 |
% |
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|
40.8 |
% |
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|
37.0 |
% |
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Tax effect of temporary differences and carryforwards which give rise to deferred tax assets and liabilities |
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September 29, 2012 |
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|
September 24, 2011 |
|
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Deferred Tax Assets |
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Deferred Tax Liabilities |
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Deferred Tax Assets |
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Deferred Tax Liabilities |
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(in thousands) |
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Current:
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Allowance for doubtful accounts .
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$ |
6,741 |
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|
$ |
0 |
|
|
$ |
5,750 |
|
|
$ |
0 |
|
Inventory write-downs
|
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10,411 |
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0 |
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7,924 |
|
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|
0 |
|
Prepaid expenses.
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|
112 |
|
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0 |
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|
626 |
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|
0 |
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Nondeductible reserves
|
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|
997 |
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0 |
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1,064 |
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0 |
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State taxes.
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0 |
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|
245 |
|
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0 |
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|
333 |
|
Employee benefits
|
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5,885 |
|
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0 |
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4,690 |
|
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|
0 |
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Other.
|
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3,509 |
|
|
|
0 |
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3,552 |
|
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0 |
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Total
|
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27,655 |
|
|
|
245 |
|
|
|
23,606 |
|
|
|
333 |
|
|
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Noncurrent:
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Depreciation and amortization.
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0 |
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30,358 |
|
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|
0 |
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11,665 |
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Equity income.
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|
0 |
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|
280 |
|
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|
0 |
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|
952 |
|
State net operating loss carryforward
|
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4,160 |
|
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0 |
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|
4,043 |
|
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|
0 |
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Stock based compensation
|
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|
5,225 |
|
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|
0 |
|
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|
5,416 |
|
|
|
0 |
|
State credits
|
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|
2,241 |
|
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|
0 |
|
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|
2,267 |
|
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|
0 |
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Other.
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|
2,866 |
|
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0 |
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3,461 |
|
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|
0 |
|
Valuation allowance
|
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|
(7,282 |
) |
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|
0 |
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(7,450 |
) |
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|
0 |
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Total.
|
|
|
7,210 |
|
|
|
30,638 |
|
|
|
7,737 |
|
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|
12,617 |
|
|
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Total.
|
|
$ |
34,865 |
|
|
$ |
30,883 |
|
|
$ |
31,343 |
|
|
$ |
12,950 |
|
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Activity related to the Company's unrecognized tax benefits |
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|
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|
Balance as of September 25, 2010
|
|
$ |
485 |
|
Increases related to prior year tax positions
|
|
|
195 |
|
Increases related to current year tax positions
|
|
|
64 |
|
Decreases related to prior year tax positions
|
|
|
(308 |
) |
Settlements
|
|
|
(154 |
) |
|
|
|
|
|
Balance as of September 24, 2011
|
|
$ |
282 |
|
Increases related to prior year tax positions
|
|
|
1 |
|
Increases related to current year tax positions
|
|
|
16 |
|
Decreases related to prior year tax positions
|
|
|
— |
|
Settlements
|
|
|
(37 |
) |
|
|
|
|
|
Balance as of September 29, 2012
|
|
$ |
262 |
|
|
|
|
|
|
|