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Note H - Income Taxes (Tables)

12 Months Ended

Sep. 25, 2021

Notes Tables

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

		Fiscal year ended
		September 25,				September 26,				September 28,
		2021				2020				2019
		(in thousands)
Current
U.S. Federal		$	13,964			$	1,992			$	14,078
Foreign			860				193				2,111
State			6,431				(1,517	)			5,971
Total current expense			21,255				668				22,160
Deferred
U.S. Federal		$	(145	)		$	3,139			$	6,285
Foreign			(353	)			(536	)			849
State			(2,338	)			(110	)			2,464
Total deferred benefit			(2,836	)			2,493				9,598
Total expense		$	18,419			$	3,161			$	31,758

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

		Fiscal year ended
		September 25,				September 26,				September 28,
		2021				2020				2019
		(in thousands)
Income taxes at federal statutory rates		$	15,545			$	4,508			$	26,581
Increase (decrease) in taxes resulting from:
State income taxes, net of federal income tax benefit			3,233				(1,285	)			6,664
One-time repatriation tax			-				-				(885	)
Increase in gross unrecognized tax benefits			-				-				20
Share based compensation			(124	)			(183	)			(777	)
Non deductible employee compensation			-				-				490
Other, net			(235	)			121				(335	)
Income tax expense		$	18,419			$	3,161			$	31,758

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

		September 25,				September 26,
		2021				2020
		(in thousands)
Deferred tax assets:
Vacation accrual		$	1,359			$	1,460
Capital loss carry forwards			14				161
Unrealized gains/losses			598				345
Insurance accrual			3,918				3,060
Operating lease liabilities			16,235				16,368
Deferred income			30				105
Allowances			2,155				2,863
Inventory capitalization			1,108				1,058
Share-based compensation			1,754				1,637
Net Operating Loss			617				697
Payroll Tax Accrual			2,307				-
Plant shutdown impairment costs			-				1,721
Foreign tax credit			404				404
Total deferred tax assets			30,499				29,879
Valuation allowance			(612	)			(506	)
Total deferred tax assets, net			29,887				29,373
Deferred tax liabilities:
Amortization of goodwill and other intangible assets			31,540				29,587
Depreciation of property and equipment			44,924				48,303
Right-of-use assets			14,773				15,605
Accounting method change 481 (a)			228				291
Total deferred tax liabilities			91,465				93,786
Total deferred tax liabilities, net		$	61,578			$	64,413

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
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-SubTopic 10
-Section 50
-Paragraph 12
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