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Note I - Income Taxes (Tables)

12 Months Ended

Sep. 26, 2020

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Fiscal year ended
		September 26,				September 28,				September 29,
		2020				2019				2018
		(in thousands)
Current
U.S. Federal		$	1,992			$	14,078			$	16,591
Foreign			193				2,111				2,512
State			(1,517	)			5,971				5,836
Total current expense			668				22,160				24,939
Deferred
U.S. Federal		$	3,139			$	6,285			$	(14,613	)
Foreign			(536	)			849				514
State			(110	)			2,464				3,716
Total deferred expense (benefit)			2,493				9,598				(10,383	)
Total expense		$	3,161			$	31,758			$	14,556

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Fiscal year ended
		September 26,				September 28,				September 29,
		2020				2019				2018
						(in thousands)
Income taxes at federal statutory rates		$	4,508			$	26,581			$	28,947
Increase (decrease) in taxes resulting from:
State income taxes, net of federal income tax benefit			(1,285	)			6,664				7,212
Domestic production activities deduction			-				-				(1,470	)
Impact of rate change due to Tax Cuts and Jobs Act			-				-				(20,670	)
Impact of rate differential-current and deferred			-				-				(1,236	)
One-time repatriation tax			-				(885	)			1,200
Increase in gross unrecognized tax benefits			-				20				20
Share based compensation			(183	)			(777	)			(696	)
Non deductible employee compensation			-				490				514
Other, net			121				(335	)			735
Income tax expense		$	3,161			$	31,758			$	14,556

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		September 26,				September 28,
		2020				2019
		(in thousands)
Deferred tax assets
Vacation accrual		$	1,460			$	1,281
Capital loss carry forwards			161				1,038
Unrealized gains/losses			345				-
Insurance accrual			3,060				2,454
Operating lease liabilities			16,368				-
Deferred income			105				485
Allowances			2,863				1,554
Inventory capitalization			1,058				994
Share-based compensation			1,637				1,607
Net Operating Loss			697				776
Plant shutdown impairment costs			1,721				-
Foreign tax credit			404				-
Total deferred tax assets			29,879				10,189
Valuation allowance			(506	)			(1,038	)
Total deferred tax assets, net			29,373				9,151
Deferred tax liabilities
Amortization of goodwill and other intangible assets			29,587				27,267
Depreciation of property and equipment			48,303				43,804
Operating lease right-of-use assets			15,605				-
Accounting method change 481 (a)			291				-
Total deferred tax liabilities			93,786				71,071
Total deferred tax liabilities, net		$	64,413			$	61,920

X

- Definition

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-SubTopic 10
-Section 50
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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://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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