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v3.22.2.2

Income Taxes (Tables) | 12 Months Ended
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Oct. 01, 2022
Income Tax Disclosure [Abstract] |
Summary of Provision for Income Taxes | The provision for income taxes consists of the following (in thousands):
|  | Year Ended |
|  | October 1, 2022 |  |  | October 2, 2021 |  |  | October 1, 2020 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 37,886 |  |  | $ | 25,914 |  |  | $ | 8,188 |
State |  |  | 8,736 |  |  |  | 7,733 |  |  |  | 2,262 |
Total Current |  |  | 46,622 |  |  |  | 33,647 |  |  |  | 10,450 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 2,556 |  |  |  | 2,633 |  |  |  | (5,844 | )
State |  |  | (90 | ) |  |  | 215 |  |  |  | (1,979 | )
Total Deferred |  |  | 2,466 |  |  |  | 2,848 |  |  |  | (7,823 | )
Total income tax provision |  | $ | 49,088 |  |  | $ | 36,495 |  |  | $ | 2,627 |
Summary of Provision for Income Taxes to Amount Computed at Federal Statutory Rate | A reconciliation of the provision for income taxes to the amount computed at the federal statutory rate is as follows (in thousands):
|  | Year Ended |
|  | October 1, 2022 |  |  | October 2, 2021 |  |  | October 3, 2020 |
Federal income tax at statutory rate |  | $ | 43,705 |  |  | $ | 34,257 |  |  | $ | 12,851 |
Equity-based compensation |  |  | (1,025 | ) |  |  | (2,360 | ) |  |  | 375 |
Section 162(m) limitation |  |  | 805 |  |  |  | 2,826 |  |  |  | — |
Permanent differences |  |  | 96 |  |  |  | 564 |  |  |  | 89 |
Change in valuation allowance |  |  | — |  |  |  | (5,425 | ) |  |  | (11,373 | )
State taxes, net of federal benefit |  |  | 6,734 |  |  |  | 7,072 |  |  |  | 2,503 |
Other |  |  | (1,227 | ) |  |  | (439 | ) |  |  | (1,818 | )
Total income tax provision |  | $ | 49,088 |  |  | $ | 36,495 |  |  | $ | 2,627 |
Summary of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are summarized below (in thousands):
|  | October 1, 2022 |  |  | October 2, 2021 |
Deferred tax assets: |  |  |  |  |  |
Compensation accruals |  | $ | 4,067 |  |  | $ | 5,674 |
Inventories |  |  | 3,496 |  |  |  | — |
Lease liabilities |  |  | 58,710 |  |  |  | 54,489 |
Equity-based compensation |  |  | 2,151 |  |  |  | 1,646 |
Reserves and other accruals |  |  | 1,059 |  |  |  | 1,138 |
Total deferred tax assets |  |  | 69,483 |  |  |  | 62,947 |
Deferred tax liabilities: |  |  |  |  |  |
Property, plant, and equipment |  |  | (4,066 | ) |  |  | (1,392 | )
Intangibles |  |  | (4,302 | ) |  |  | (3,849 | )
Lease assets |  |  | (57,798 | ) |  |  | (52,264 | )
Deferred financing cost |  |  | (310 | ) |  |  | (399 | )
Other |  |  | (1,739 | ) |  |  | (1,309 | )
Total deferred tax liabilities |  |  | (68,215 | ) |  |  | (59,213 | )
Deferred tax assets (liabilities), net |  | $ | 1,268 |  |  | $ | 3,734 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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