Income Taxes (Tables)
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12 Months Ended |
Sep. 24, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule of Provision for Income Tax Expense (Benefit) |
The provision for income tax expense (benefit) consists of the following:
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Fiscal Year Ended |
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September 24, 2022 |
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September 25, 2021 |
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September 26, 2020 |
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(in thousands) |
Current: |
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Federal |
$ |
11,391 |
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$ |
49,941 |
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$ |
33,775 |
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State |
4,418 |
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6,193 |
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5,063 |
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Foreign |
2,297 |
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|
645 |
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(5) |
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Total |
18,106 |
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|
56,779 |
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|
38,833 |
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Deferred: |
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Federal |
27,276 |
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(14,740) |
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(6,019) |
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State |
1,710 |
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(690) |
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(582) |
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Foreign |
(858) |
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|
686 |
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(14) |
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Total |
28,128 |
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(14,744) |
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(6,615) |
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Total |
$ |
46,234 |
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$ |
42,035 |
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$ |
32,218 |
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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:
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Fiscal Year Ended |
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September 24, 2022 |
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September 25, 2021 |
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September 26, 2020 |
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Statutory federal income tax rate |
21.0 |
% |
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21.0 |
% |
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21.0 |
% |
State income taxes, net of federal benefit |
2.5 |
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2.2 |
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2.3 |
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Other permanent differences |
0.4 |
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0.1 |
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— |
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Adjustment of prior year accruals |
0.2 |
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(0.1) |
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(0.2) |
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Credits |
(0.5) |
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(0.4) |
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(0.6) |
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Stock based compensation |
(0.5) |
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(1.4) |
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(1.4) |
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Other |
0.1 |
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0.2 |
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(0.1) |
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Effective income tax rate |
23.2 |
% |
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21.6 |
% |
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21.0 |
% |
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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:
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September 24, 2022 |
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September 25, 2021 |
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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) |
Allowance for doubtful accounts |
$ |
6,286 |
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$ |
— |
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$ |
6,991 |
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$ |
— |
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Inventory write-downs |
14,413 |
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— |
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10,377 |
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— |
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Prepaid expenses |
— |
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1,787 |
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— |
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1,928 |
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Nondeductible reserves |
8,898 |
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— |
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9,532 |
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— |
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State taxes |
— |
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|
279 |
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|
105 |
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— |
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Employee benefits |
9,799 |
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— |
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15,831 |
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— |
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Depreciation and amortization |
— |
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194,225 |
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— |
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104,829 |
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Equity earnings |
— |
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|
564 |
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|
179 |
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— |
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State net operating loss carryforward |
6,415 |
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— |
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7,155 |
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— |
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Stock based compensation |
7,330 |
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— |
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7,003 |
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— |
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State credits |
2,979 |
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— |
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2,764 |
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— |
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Other |
966 |
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— |
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1,034 |
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— |
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Valuation allowance |
(6,734) |
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— |
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(7,031) |
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— |
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Total |
$ |
50,352 |
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$ |
196,855 |
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$ |
53,940 |
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$ |
106,757 |
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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 24, 2022 and September 25, 2021:
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(in thousands) |
Balance as of September 26, 2020 |
$ |
327 |
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Increases related to prior year tax positions |
47 |
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Increases related to current year tax positions |
85 |
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Decreases related to prior year tax positions |
— |
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Settlements |
(43) |
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Decreases related to lapse of statute of limitations |
(74) |
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Balance as of September 25, 2021 |
$ |
342 |
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Increases related to prior year tax positions |
22 |
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Increases related to current year tax positions |
110 |
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Decreases related to prior year tax positions |
— |
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Settlements |
— |
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Decreases related to lapse of statute of limitations |
(92) |
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Balance as of September 24, 2022 |
$ |
382 |
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