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v3.22.2.2

Income Taxes | 12 Months Ended
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Sep. 24, 2022
Income Taxes [Abstract] |
Income Taxes | 2. Income Taxes Deferred Income Tax Liabilities and Assets – Deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax laws and rates. Significant components of the Company’s deferred tax liabilities and assets are as follows:
|  | 2022 |  | 2021
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment tax/book differences |  | $ | 82,457,000 |  | $ | 88,736,000
Interest rate swaps |  |  | 4,011,000 |  |  | —
Property tax method |  |  | 1,450,000 |  |  | 1,051,000
Total deferred tax liabilities |  |  | 87,918,000 |  |  | 89,787,000
Deferred tax assets: |  |  |  |  |  |
Insurance reserves |  |  | 4,303,000 |  |  | 5,030,000
Advance payments on purchases contracts |  |  | 487,000 |  |  | 553,000
Vacation accrual |  |  | 1,977,000 |  |  | 1,867,000
Inventory |  |  | 1,571,000 |  |  | 1,368,000
Deferred compensation |  |  | 4,483,000 |  |  | 5,532,000
Interest rate swaps |  |  | — |  |  | 1,107,000
Other |  |  | 1,519,000 |  |  | 1,562,000
Total deferred tax assets |  |  | 14,340,000 |  |  | 17,019,000
Net deferred tax liabilities |  | $ | 73,578,000 |  | $ | 72,768,000
Refundable current income taxes totaling $4.2 million and $2.7 million at September 24, 2022 and September 25, 2021, respectively are included in the line item “Other current assets” on the Consolidated Balance Sheets. Income Tax Expense - Income tax expense differs from the amounts computed by applying the statutory federal rates to income before income taxes. The reasons for the differences are as follows:
|  | 2022 |  | 2021 |  | 2020
Federal tax at statutory rate |  | $ | 75,783,000 |  | $ | 68,818,000 |  | $ | 49,359,000
State income tax, net of federal tax benefits |  |  | 12,032,000 |  |  | 10,872,000 |  |  | 7,825,000
Federal tax credits |  |  | (1,500,000) |  |  | (1,700,000) |  |  | (513,000)
Other |  |  | 2,196,000 |  |  | (107,000) |  |  | (228,000)
Total |  | $ | 88,511,000 |  | $ | 77,883,000 |  | $ | 56,443,000
Current and deferred income tax expense (benefit) is as follows:
|  | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 76,647,000 |  | $ | 66,526,000 |  | $ | 45,261,000
State |  |  | 16,173,000 |  |  | 14,129,000 |  |  | 10,445,000
Total current expense |  |  | 92,820,000 |  |  | 80,655,000 |  |  | 55,706,000
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (3,565,000) |  |  | (2,482,000) |  |  | 1,163,000
State |  |  | (744,000) |  |  | (290,000) |  |  | (426,000)
Total deferred (benefit) expense |  |  | (4,309,000) |  |  | (2,772,000) |  |  | 737,000
Total expense |  | $ | 88,511,000 |  | $ | 77,883,000 |  | $ | 56,443,000

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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