Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2.2
Income Taxes (Tables)
12 Months Ended
Sep. 24, 2022
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 24, 2022 September 25, 2021 September 26, 2020
  (in thousands)
Current:
Federal $ 11,391  $ 49,941  $ 33,775 
State 4,418  6,193  5,063 
Foreign 2,297  645  (5)
Total 18,106  56,779  38,833 
Deferred:
Federal 27,276  (14,740) (6,019)
State 1,710  (690) (582)
Foreign (858) 686  (14)
Total 28,128  (14,744) (6,615)
Total $ 46,234  $ 42,035  $ 32,218 
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 24, 2022 September 25, 2021 September 26, 2020
Statutory federal income tax rate 21.0  % 21.0  % 21.0  %
State income taxes, net of federal benefit 2.5  2.2  2.3 
Other permanent differences 0.4  0.1  — 
Adjustment of prior year accruals 0.2  (0.1) (0.2)
Credits (0.5) (0.4) (0.6)
Stock based compensation (0.5) (1.4) (1.4)
Other 0.1  0.2  (0.1)
Effective income tax rate 23.2  % 21.6  % 21.0  %
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 24, 2022 September 25, 2021
  Deferred
Tax
Assets
Deferred
Tax
Liabilities
Deferred
Tax
Assets
Deferred
Tax
Liabilities
(in thousands)
Allowance for doubtful accounts $ 6,286  $ —  $ 6,991  $ — 
Inventory write-downs 14,413  —  10,377  — 
Prepaid expenses —  1,787  —  1,928 
Nondeductible reserves 8,898  —  9,532  — 
State taxes —  279  105  — 
Employee benefits 9,799  —  15,831  — 
Depreciation and amortization —  194,225  —  104,829 
Equity earnings —  564  179  — 
State net operating loss carryforward 6,415  —  7,155  — 
Stock based compensation 7,330  —  7,003  — 
State credits 2,979  —  2,764  — 
Other 966  —  1,034  — 
Valuation allowance (6,734) —  (7,031) — 
Total $ 50,352  $ 196,855  $ 53,940  $ 106,757 
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:  
(in thousands)
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 
Increases related to prior year tax positions 22 
Increases related to current year tax positions 110 
Decreases related to prior year tax positions — 
Settlements — 
Decreases related to lapse of statute of limitations (92)
Balance as of September 24, 2022 $ 382