XML 23 R8.htm IDEA: XBRL DOCUMENT
v3.24.4

Income Taxes | 12 Months Ended
--- | ---
Sep. 28, 2024
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:
|  | 2024 |  | 2023
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment tax/book differences |  | $ | 81,318,000 |  | $ | 78,008,000
Interest rate swaps |  |  | 2,173,000 |  |  | 4,278,000
Property tax method |  |  | 1,324,000 |  |  | 1,462,000
Right of use asset |  |  | 7,350,000 |  |  | —
Total deferred tax liabilities |  |  | 92,165,000 |  |  | 83,748,000
Deferred tax assets: |  |  |  |  |  |
Insurance reserves |  |  | 4,929,000 |  |  | 5,115,000
Advance payments on purchases contracts |  |  | 746,000 |  |  | 731,000
Vacation accrual |  |  | 1,959,000 |  |  | 1,724,000
Inventory |  |  | 1,566,000 |  |  | 1,777,000
Deferred compensation |  |  | 6,986,000 |  |  | 5,282,000
Lease liability |  |  | 7,868,000 |  |  | —
Other |  |  | 4,344,000 |  |  | 1,932,000
Total deferred tax assets |  |  | 28,398,000 |  |  | 16,561,000
Net deferred tax liabilities |  | $ | 63,767,000 |  | $ | 67,187,000
Refundable current income taxes totaling $16.9 million and $8.0 million at September 28, 2024 and September 30, 2023, 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:
|  | 2024 |  | 2023 |  | 2022
Federal tax at statutory rate |  | $ | 29,295,000 |  | $ | 58,396,000 |  | $ | 75,783,000
State income tax, net of federal tax benefits |  |  | 3,892,000 |  |  | 9,247,000 |  |  | 12,032,000
Federal tax credits |  |  | (1,239,000) |  |  | (1,449,000) |  |  | (1,500,000)
Other |  |  | 2,012,000 |  |  | 1,499,000 |  |  | 2,196,000
Total |  | $ | 33,960,000 |  | $ | 67,693,000 |  | $ | 88,511,000
Current and deferred income tax expense (benefit) was as follows:
|  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 29,394,000 |  | $ | 61,562,000 |  | $ | 76,647,000
State |  |  | 5,898,000 |  |  | 12,789,000 |  |  | 16,173,000
Total current expense |  |  | 35,292,000 |  |  | 74,351,000 |  |  | 92,820,000
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (565,000) |  |  | (5,802,000) |  |  | (3,565,000)
State |  |  | (767,000) |  |  | (856,000) |  |  | (744,000)
Total deferred (benefit) expense |  |  | (1,332,000) |  |  | (6,658,000) |  |  | (4,309,000)
Total expense |  | $ | 33,960,000 |  | $ | 67,693,000 |  | $ | 88,511,000

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration