Income Taxes (Tables)
|
12 Months Ended |
Sep. 29, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Tax Expense (Benefit) |
The provision for income tax expense (benefit) consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
September 29,
2018 |
|
September 30,
2017 |
|
September 24,
2016 |
|
(in thousands) |
Current: |
|
|
|
|
|
Federal |
$ |
5,728 |
|
|
$ |
32,755 |
|
|
$ |
18,592 |
|
State |
2,319 |
|
|
3,034 |
|
|
2,140 |
|
Foreign |
91 |
|
|
121 |
|
|
110 |
|
Total |
8,138 |
|
|
35,910 |
|
|
20,842 |
|
Deferred: |
|
|
|
|
|
Federal |
(3,676 |
) |
|
11,227 |
|
|
2,796 |
|
State |
(1,162 |
) |
|
(1,038 |
) |
|
463 |
|
Foreign |
5 |
|
|
600 |
|
|
(48 |
) |
Total |
(4,833 |
) |
|
10,789 |
|
|
3,211 |
|
Total |
$ |
3,305 |
|
|
$ |
46,699 |
|
|
$ |
24,053 |
|
|
| 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 29,
2018 |
|
September 30,
2017 |
|
September 24,
2016 |
Statutory federal income tax rate |
24.5 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income taxes, net of federal benefit |
0.9 |
|
|
2.4 |
|
|
2.1 |
|
Other permanent differences |
(0.1 |
) |
|
0.3 |
|
|
(1.6 |
) |
Adjustment of prior year accruals |
— |
|
|
(0.3 |
) |
|
(0.6 |
) |
Credits |
(0.8 |
) |
|
(0.6 |
) |
|
(1.0 |
) |
Rate change - Tax reform |
(16.9 |
) |
|
— |
|
|
— |
|
Stock based compensation |
(5.4 |
) |
|
— |
|
|
— |
|
Other |
0.4 |
|
|
0.1 |
|
|
0.6 |
|
Effective income tax rate (benefit) |
2.6 |
% |
|
36.9 |
% |
|
34.5 |
% |
|
| 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 29, 2018 |
|
September 30, 2017 |
|
Deferred
Tax
Assets
|
|
Deferred
Tax
Liabilities
|
|
Deferred
Tax
Assets
|
|
Deferred
Tax
Liabilities
|
|
(in thousands) |
Allowance for doubtful accounts |
$ |
5,613 |
|
|
$ |
— |
|
|
$ |
7,790 |
|
|
$ |
— |
|
Inventory write-downs |
6,819 |
|
|
— |
|
|
10,406 |
|
|
— |
|
Prepaid expenses |
— |
|
|
1,408 |
|
|
— |
|
|
1,740 |
|
Nondeductible reserves |
983 |
|
|
— |
|
|
1,485 |
|
|
— |
|
State taxes |
74 |
|
|
— |
|
|
276 |
|
|
— |
|
Employee benefits |
5,578 |
|
|
— |
|
|
10,007 |
|
|
— |
|
Depreciation and amortization |
— |
|
|
65,983 |
|
|
— |
|
|
84,059 |
|
Equity loss |
2,053 |
|
|
— |
|
|
4,243 |
|
|
— |
|
State net operating loss carryforward |
6,722 |
|
|
— |
|
|
5,182 |
|
|
— |
|
Stock based compensation |
2,541 |
|
|
— |
|
|
3,097 |
|
|
— |
|
State credits |
2,742 |
|
|
— |
|
|
2,403 |
|
|
— |
|
Other |
4,240 |
|
|
— |
|
|
5,768 |
|
|
— |
|
Valuation allowance |
(6,809 |
) |
|
— |
|
|
(6,527 |
) |
|
— |
|
Total |
$ |
30,556 |
|
|
$ |
67,391 |
|
|
$ |
44,130 |
|
|
$ |
85,799 |
|
|
| Activity Related to Company's Unrecognized Tax Benefits |
The following table, which excludes interest and penalties, summarizes the activity related to the Company’s unrecognized tax benefits for fiscal years ended September 29, 2018 and September 30, 2017 (in thousands):
|
|
|
|
|
|
|
Balance as of Balance as of September 24, 2016 |
$ |
254 |
|
Increases related to prior year tax positions |
4 |
|
Increases related to current year tax positions |
67 |
|
Decreases related to prior year tax positions |
— |
|
Settlements |
— |
|
Decreases related to lapse of statute of limitations |
— |
|
Balance as of Balance as of September 30, 2017 |
$ |
325 |
|
Increases related to prior year tax positions |
138 |
|
Increases related to current year tax positions |
83 |
|
Decreases related to prior year tax positions |
(28 |
) |
Settlements |
— |
|
Decreases related to lapse of statute of limitations |
— |
|
Balance as of Balance as of September 29, 2018 |
$ |
518 |
|
|