|
Income Taxes (Tables)
|
12 Months Ended |
|
Sep. 27, 2014
|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Tax Expense (Benefit) |
The provision
for income tax expense (benefit) consists of the
following:
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| |
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Fiscal Year
Ended |
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| |
|
September 27,
2014 |
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|
September 28,
2013 |
|
|
September 29,
2012 |
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| |
|
(in
thousands)
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal.
|
|
$ |
(329 |
) |
|
$ |
52 |
|
|
$ |
(1,003 |
) |
|
State.
|
|
|
873 |
|
|
|
958 |
|
|
|
603 |
|
|
Foreign.
|
|
|
0 |
|
|
|
0 |
|
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|
35 |
|
|
|
|
|
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|
|
|
|
|
|
|
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Total
|
|
|
544 |
|
|
|
1,010 |
|
|
|
(365 |
) |
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|
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|
Deferred:
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Federal.
|
|
|
4,171 |
|
|
|
(2,915 |
) |
|
|
12,671 |
|
|
State.
|
|
|
177 |
|
|
|
(687 |
) |
|
|
198 |
|
|
Foreign.
|
|
|
(847 |
) |
|
|
0 |
|
|
|
312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
|
|
|
3,501 |
|
|
|
(3,602 |
) |
|
|
13,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
4,045 |
|
|
$ |
(2,592 |
) |
|
$ |
12,816 |
|
|
|
|
|
|
|
|
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| 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 27,
2014 |
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|
September 28,
2013 |
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|
September 29,
2012 |
|
|
Statutory federal income
tax rate
|
|
|
35.0 |
% |
|
|
(35.0 |
)% |
|
|
35.0 |
% |
|
State income taxes, net of
federal benefit
|
|
|
2.1 |
|
|
|
(5.2 |
) |
|
|
2.3 |
|
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Other permanent
differences
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0.2 |
|
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|
2.4 |
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0.6 |
|
|
Adjustment of prior year
accruals
|
|
|
(0.2 |
) |
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|
1.8 |
|
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|
0.2 |
|
|
Uncertain tax
positions
|
|
|
0.4 |
|
|
|
3.7 |
|
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|
0.0 |
|
|
Credits
|
|
|
(1.6 |
) |
|
|
(29.3 |
) |
|
|
(1.2 |
) |
|
Change in valuation
allowances
|
|
|
(5.4 |
) |
|
|
(9.0 |
) |
|
|
(0.1 |
) |
|
Foreign rate
differential
|
|
|
(1.3 |
) |
|
|
(3.6 |
) |
|
|
(0.1 |
) |
|
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|
|
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|
|
|
|
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|
Effective income tax rate
(benefit)
|
|
|
29.2 |
% |
|
|
(74.2 |
%) |
|
|
36.7 |
% |
|
|
|
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| 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 27,
2014 |
|
|
September 28,
2013 |
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| |
|
Deferred
Tax
Assets |
|
|
Deferred
Tax
Liabilities |
|
|
Deferred
Tax
Assets |
|
|
Deferred
Tax
Liabilities |
|
|
Current:
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|
|
|
|
Allowance for doubtful
accounts .
|
|
$ |
9,262 |
|
|
$ |
0 |
|
|
$ |
7,758 |
|
|
$ |
0 |
|
|
Inventory
write-downs
|
|
|
12,018 |
|
|
|
0 |
|
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|
14,983 |
|
|
|
0 |
|
|
Prepaid
expenses.
|
|
|
820 |
|
|
|
0 |
|
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|
620 |
|
|
|
0 |
|
|
Nondeductible
reserves
|
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|
1,420 |
|
|
|
0 |
|
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|
2,782 |
|
|
|
0 |
|
|
State taxes.
|
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|
0 |
|
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|
165 |
|
|
|
0 |
|
|
|
188 |
|
|
Employee
benefits
|
|
|
7,816 |
|
|
|
0 |
|
|
|
6,062 |
|
|
|
0 |
|
|
Other.
|
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|
3,233 |
|
|
|
0 |
|
|
|
3,012 |
|
|
|
0 |
|
|
|
|
|
|
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|
|
|
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Total
|
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|
34,569 |
|
|
|
165 |
|
|
|
35,218 |
|
|
|
188 |
|
|
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Noncurrent:
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|
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Depreciation and
amortization.
|
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|
0 |
|
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|
46,458 |
|
|
|
0 |
|
|
|
39,100 |
|
|
Equity income.
|
|
|
0 |
|
|
|
127 |
|
|
|
0 |
|
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|
393 |
|
|
State net operating loss
carryforward
|
|
|
5,167 |
|
|
|
0 |
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|
4,816 |
|
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|
0 |
|
|
Stock based
compensation
|
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|
5,263 |
|
|
|
0 |
|
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|
6,061 |
|
|
|
0 |
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|
State credits
|
|
|
2,352 |
|
|
|
0 |
|
|
|
2,421 |
|
|
|
0 |
|
|
Other.
|
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|
7,281 |
|
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|
0 |
|
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|
5,349 |
|
|
|
0 |
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|
Valuation
allowance
|
|
|
(6,215 |
) |
|
|
0 |
|
|
|
(6,968 |
) |
|
|
0 |
|
|
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|
|
|
|
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|
|
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Total.
|
|
|
13,848 |
|
|
|
46,585 |
|
|
|
11,679 |
|
|
|
39,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total.
|
|
$ |
48,417 |
|
|
$ |
46,750 |
|
|
$ |
46,897 |
|
|
$ |
39,681 |
|
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|
| 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 27, 2014 and
September 28, 2013 (in thousands):
|
|
|
|
|
|
Balance as of
September 29, 2012
|
|
$ |
262 |
|
|
Increases related to prior
year tax positions
|
|
|
247 |
|
|
Increases related to
current year tax positions
|
|
|
60 |
|
|
Settlements
|
|
|
(202 |
) |
|
Decreases related to lapse
of statute of limitations
|
|
|
(3 |
) |
|
|
|
|
|
|
Balance as of
September 28, 2013
|
|
$ |
364 |
|
|
Increases related to prior
year tax positions
|
|
|
264 |
|
|
Increases related to
current year tax positions
|
|
|
14 |
|
|
Decreases related to prior
year tax positions
|
|
|
(166 |
) |
|
Settlements
|
|
|
(388 |
) |
|
Decreases related to lapse
of statute of limitations
|
|
|
(1 |
) |
|
|
|
|
|
|
Balance as of
September 27, 2014
|
|
$ |
87 |
|
|
|
|
|
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|