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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