Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
 12 Months Ended
Sep. 25, 2021
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Tax Expense (Benefit) The provision for income tax expense (benefit) consists of the following:
  Fiscal Year Ended
  September 25, 2021 September 26, 2020 September 28, 2019
  (in thousands)
Current:
Federal $ 49,941  $ 33,775  $ 17,048 
State 6,193  5,063  2,728 
Foreign 645  (5) 169 
Total 56,779  38,833  19,945 
Deferred:
Federal (14,740) (6,019) 4,278 
State (690) (582) 2,380 
Foreign 686  (14) 1 
Total (14,744) (6,615) 6,659 
Total $ 42,035  $ 32,218  $ 26,604 
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Income Tax Rate A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:
  Fiscal Year Ended
  September 25, 2021 September 26, 2020 September 28, 2019
Statutory federal income tax rate 21.0  % 21.0  % 21.0  %
State income taxes, net of federal benefit 2.2  2.3  4.3 
Other permanent differences 0.1  —  0.7 
Adjustment of prior year accruals (0.1) (0.2) (0.6)
Credits (0.4) (0.6) (0.9)
Stock based compensation (1.4) (1.4) (1.6)
Other 0.2  (0.1) (0.6)
Effective income tax rate 21.6  % 21.0  % 22.3  %
Schedule of Tax Effect of Temporary Differences and Carryforwards which Give Rise to Deferred Tax Assets and Liabilities The tax effect of temporary differences and carryforwards which give rise to deferred tax assets and liabilities are as follows:
  September 25, 2021 September 26, 2020
  Deferred
Tax
Assets		 Deferred
Tax
Liabilities		 Deferred
Tax
Assets		 Deferred
Tax
Liabilities
(in thousands)
Allowance for doubtful accounts $ 6,991  $ —  $ 6,618  $ — 
Inventory write-downs 10,377  —  8,624  — 
Prepaid expenses —  1,928  —  1,603 
Nondeductible reserves 9,532  —  9,484  — 
State taxes 105  —  505  — 
Employee benefits 15,831  —  12,913  — 
Depreciation and amortization —  104,829  —  85,302 
Equity loss 179  —  2,047  — 
State net operating loss carryforward 7,155  —  5,652  — 
Stock based compensation 7,003  —  4,743  — 
State credits 2,764  —  2,732  — 
Other 1,034  —  1,774  — 
Valuation allowance (7,031) —  (7,124) — 
Total $ 53,940  $ 106,757  $ 47,968  $ 86,905 
Schedule of Activity Related to Company's Unrecognized Tax Benefits The following table summarizes the activity related to the Company’s unrecognized tax benefits for fiscal years ended September 25, 2021 and September 26, 2020:  
(in thousands)
Balance as of September 28, 2019 $ 483 
Increases related to prior year tax positions — 
Increases related to current year tax positions 80 
Decreases related to prior year tax positions — 
Settlements — 
Decreases related to lapse of statute of limitations (236)
Balance as of September 26, 2020 $ 327 
Increases related to prior year tax positions 47 
Increases related to current year tax positions 85 
Decreases related to prior year tax positions — 
Settlements (43)
Decreases related to lapse of statute of limitations (74)
Balance as of September 25, 2021 $ 342