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Income Taxes (Tables)

12 Months Ended

Sep. 28, 2024

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 28, 2024						September 30, 2023						September 24, 2022
			(in thousands)
Current:
Federal			$	42,400					$	41,375					$	11,391
State			4,107						6,229						4,418
Foreign			1,087						997						2,297
Total			47,594						48,601						18,106
Deferred:
Federal			(14,495)						(10,339)						27,276
State			757						(2,547)						1,710
Foreign			(744)						633						(858)
Total			(14,482)						(12,253)						28,128
Total			$	33,112					$	36,348					$	46,234

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 28, 2024						September 30, 2023						September 24, 2022
Statutory federal income tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			2.8						1.5						2.5
Other permanent differences			(0.1)						(0.2)						(0.1)
Non-Deductible Officers Compensation			1.4						0.7						0.5
Adjustment of prior year accruals			(0.3)						(0.2)						0.2
Credits			(0.7)						(0.7)						(0.5)
Stock based compensation			(1.5)						(0.3)						(0.5)
Other			0.6						0.6						0.1
Effective income tax rate			23.2		%				22.4		%				23.2		%

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 28, 2024												September 30, 2023
			Deferred Tax Assets						Deferred Tax Liabilities						Deferred Tax Assets						Deferred Tax Liabilities
			(in thousands)
Allowance for doubtful accounts			$	5,005					$	—					$	5,338					$	—
Inventory write-downs			23,570						—						18,230						—
Prepaid expenses									1,928												1,602
Nondeductible reserves			10,958						—						10,045						—
State taxes			—						220						181						—
Employee benefits			12,232						—						10,743						—
Depreciation and amortization									185,560												192,235
Equity earnings									1,067												653
State net operating loss carryforward			16,505						—						6,158						—
Stock based compensation			6,939						—						8,155						—
State credits			3,007						—						3,055						—
Other			15,342						—						5,389						—
Valuation allowance			(9,900)						—						(7,659)						—
Total			$	83,658					$	188,775					$	59,635					$	194,490

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 28, 2024 and September 30, 2023:  

			(in thousands)
Balance as of September 24, 2022			$	382
Increases related to prior year tax positions			222
Increases related to current year tax positions			100
Decreases related to prior year tax positions			(10)
Settlements			(222)
Decreases related to lapse of statute of limitations			(81)
Balance as of September 30, 2023			$	391
Increases related to prior year tax positions			1
Increases related to current year tax positions			—
Decreases related to prior year tax positions			(12)
Settlements			(1)
Decreases related to lapse of statute of limitations			(84)
Balance as of September 28, 2024			$	295

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Tabular disclosure of the change in unrecognized tax benefits.

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