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Income Taxes

12 Months Ended

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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- References

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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
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-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
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 235
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