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Note I - Income Taxes | 12 Months Ended
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Sep. 27, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE I – INCOME TAXES Income tax expense (benefit) is as follows:
|  | Fiscal year ended |
|  | September 27, |  |  | September 28, |  |  | September 29, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |
Current |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | 31,506 |  |  | $ | 26,492 |  |  | $ | 21,573 |
Foreign |  |  | 2,008 |  |  |  | 2,289 |  |  |  | 1,408 |
State |  |  | 6,693 |  |  |  | 7,560 |  |  |  | 5,416 |
Total current expense |  |  | 40,207 |  |  |  | 36,341 |  |  |  | 28,397 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | (217 | ) |  | $ | 64 |  |  | $ | 3,124 |
Foreign |  |  | (58 | ) |  |  | (10 | ) |  |  | (14 | )
State |  |  | (540 | ) |  |  | 14 |  |  |  | 661 |
Total deferred (benefit) expense |  |  | (815 | ) |  |  | 68 |  |  |  | 3,771 |
Total expense |  | $ | 39,392 |  |  | $ | 36,409 |  |  | $ | 32,168 |
The 2014 deferred tax benefit does not equal the change in net deferred tax liabilities as a result of deferred taxes recorded in connection with the PHILLY SWIRL acquisition described more fully in Note B. The provisions for income taxes differ from the amounts computed by applying the statutory federal income tax rate of approximately 35% to earnings before income taxes for the following reasons:
|  | Fiscal year ended |
|  | September 27, |  |  | September 28, |  |  | September 29, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |
Income taxes at federal statutory rates |  | $ | 38,922 |  |  | $ | 35,277 |  |  | $ | 30,200 |
Increase (decrease)in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  | 4,281 |  |  |  | 4,346 |  |  |  | 3,777 |
Domestic production activities deduction |  |  | (2,100 | ) |  |  | (1,540 | ) |  |  | (1,553 | )
Reduction of gross unrecognized tax benefits |  |  | (161 | ) |  |  | (346 | ) |  |  | (307 | )
Other, net |  |  | (1,550 | ) |  |  | (1,328 | ) |  |  | 51 |
Income tax expense |  | $ | 39,392 |  |  | $ | 36,409 |  |  | $ | 32,168 |
Deferred tax assets and liabilities consist of the following:
|  | September 27, |  |  | September 28, |
|  | 2014 |  |  | 2013 |
|  | (in thousands) |
Deferred tax assets |  |  |  |  |  |  |  |
Vacation accrual |  | $ | 1,456 |  |  | $ | 1,445 |
Insurance accrual |  |  | 3,383 |  |  |  | 3,306 |
Deferred income |  |  | 53 |  |  |  | 32 |
Allowances |  |  | 1,895 |  |  |  | 2,348 |
Inventory capitalization |  |  | 745 |  |  |  | 709 |
Share-based compensation |  |  | 1,216 |  |  |  | 1,023 |
Net Operating Loss |  |  | 1,956 |  |  |  | - |
Total deferred tax assets |  |  | 10,704 |  |  |  | 8,863 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Amortization of goodwill and other intangible assets |  |  | 24,528 |  |  |  | 20,283 |
Depreciation of property and equipment |  |  | 26,865 |  |  |  | 29,261 |
Total deferred tax liabilities |  |  | 51,393 |  |  |  | 49,544 |
Total deferred tax liabilities, net |  | $ | 40,689 |  |  | $ | 40,681 |
As of September 27, 2014, we have federal net operating loss carry forwards of approximately $5 million from the PHILLY SWIRL acquisition. These carry forwards are subject to an annual limitation under Code Section 382 of approximately $378,000 and will expire in 2033. We have determined there are no limitations to the total use of this asset and accordingly, have not recorded a valuation allowance for this deferred tax asset. We have undistributed earnings of our Mexican and Canadian subsidiaries that are considered to be indefinitely reinvested and accordingly no provision for US federal and state income taxes has been provided thereon.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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