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Income Taxes

12 Months Ended

Sep. 30, 2023

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 were as follows:

		2023			2022
Deferred tax liabilities:
Property and equipment tax/book differences		$	78,008,000		$	82,457,000
Interest rate swaps			4,278,000			4,011,000
Property tax method			1,462,000			1,450,000
Total deferred tax liabilities			83,748,000			87,918,000
Deferred tax assets:
Insurance reserves			5,115,000			4,303,000
Advance payments on purchases contracts			731,000			487,000
Vacation accrual			1,724,000			1,977,000
Inventory			1,777,000			1,571,000
Deferred compensation			5,282,000			4,483,000
Other			1,932,000			1,519,000
Total deferred tax assets			16,561,000			14,340,000
Net deferred tax liabilities		$	67,187,000		$	73,578,000

Refundable current income taxes totaling $8.0 million and $4.2 million at September 30, 2023 and September 24, 2022, 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 were as follows:

		2023			2022			2021
Federal tax at statutory rate		$	58,396,000		$	75,783,000		$	68,818,000
State income tax, net of federal tax benefits			9,247,000			12,032,000			10,872,000
Federal tax credits			(1,449,000)			(1,500,000)			(1,700,000)
Other			1,499,000			2,196,000			(107,000)
Total		$	67,693,000		$	88,511,000		$	77,883,000

Current and deferred income tax expense (benefit) was as follows:

		2023			2022			2021
Current:
Federal		$	61,562,000		$	76,647,000		$	66,526,000
State			12,789,000			16,173,000			14,129,000
Total current expense			74,351,000			92,820,000			80,655,000
Deferred:
Federal			(5,802,000)			(3,565,000)			(2,482,000)
State			(856,000)			(744,000)			(290,000)
Total deferred (benefit) expense			(6,658,000)			(4,309,000)			(2,772,000)
Total expense		$	67,693,000		$	88,511,000		$	77,883,000

 

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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

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-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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