XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 9 - Income Taxes | 12 Months Ended
--- | ---
Sep. 30, 2017
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | ( 9 ) Income Taxes The components of the provision for income taxes are as follows:
|  | Year Ended |
|  | September 30, |  |  | October 1, |  |  | October 3, |
(Dollars in thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,269 |  |  | $ | 17,075 |  |  | $ | 10,149 |
State |  |  | 848 |  |  |  | 1,434 |  |  |  | 772 |
|  |  | 9,117 |  |  |  | 18,509 |  |  |  | 10,921 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,455 |  |  |  | 396 |  |  |  | 222 |
State |  |  | 48 |  |  |  | 140 |  |  |  | 111 |
|  |  | 2,503 |  |  |  | 536 |  |  |  | 333 |
Income taxes |  | $ | 11,620 |  |  | $ | 19,045 |  |  | $ | 11,254 |
Effective income tax rate |  |  | 34.0 | % |  |  | 33.8 | % |  |  | 34.1 | %
The reconciliation between income taxes computed at the federal statutory rate and the provision for income taxes is as follows:
|  | Year Ended |
(Dollars in thousands) |  | September 30, 2017 |  |  | October 1, 2016 |  |  | October 3, 2015 |
Provision for income taxes at federal statutory rate |  | $ | 11,959 |  |  |  | 35.0 | % |  | $ | 19,701 |  |  |  | 35.0 | % |  | $ | 11,537 |  |  |  | 35.0 | %
Qualified production activities deduction |  |  | (768 | ) |  |  | (2.2 | ) |  |  | (1,596 | ) |  |  | (2.8 | ) |  |  | (1,005 | ) |  |  | (3.0 | )
Valuation allowance |  |  | (29 | ) |  |  | (0.1 | ) |  |  | (213 | ) |  |  | (0.4 | ) |  |  | (55 | ) |  |  | (0.2 | )
State income taxes, net of federal tax benefit |  |  | 598 |  |  |  | 1.8 |  |  |  | 1,093 |  |  |  | 1.9 |  |  |  | 612 |  |  |  | 1.9 |
Other, net |  |  | (140 | ) |  |  | (0.5 | ) |  |  | 60 |  |  |  | 0.1 |  |  |  | 165 |  |  |  | 0.4 |
Provision for income taxes |  | $ | 11,620 |  |  |  | 34.0 | % |  | $ | 19,045 |  |  |  | 33.8 | % |  | $ | 11,254 |  |  |  | 34.1 | %
The components of deferred tax assets and liabilities are as follows:
|  | September 30, |  |  | October 1, |
(In thousands) |  | 2017 |  |  | 2016 |
Deferred tax assets: |  |  |  |  |  |  |  |
Defined benefit plans |  | $ | 3,556 |  |  | $ | 3,497 |
Accrued expenses and asset reserves |  |  | 3,069 |  |  |  | 2,942 |
Stock-based compensation |  |  | 1,907 |  |  |  | 1,652 |
State net operating loss carryforwards and tax credits |  |  | 284 |  |  |  | 354 |
Goodwill, amortizable for tax purposes |  |  | - |  |  |  | 277 |
Valuation allowance |  |  | (251 | ) |  |  | (280 | )
Deferred tax assets |  |  | 8,565 |  |  |  | 8,442 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Plant and equipment |  |  | (15,093 | ) |  |  | (12,915 | )
Prepaid insurance and other reserves |  |  | (1,575 | ) |  |  | (999 | )
Deferred tax liabilities |  |  | (16,668 | ) |  |  | (13,914 | )
Net deferred tax liability |  | $ | (8,103 | ) |  | $ | (5,472 | )
As of September 30, 2017, we recorded a non-current deferred tax liability (net of valuation allowance) of $8.1 million in other liabilities on our consolidated balance sheet. As of October 1, 2016, we recorded a non-current deferred tax liability (net of valuation allowance) of $5.5 million in other liabilities on our consolidated balance sheet. We have $7.4 million of state net operating loss carryforwards (“NOLs”) that begin to expire in 2018, but principally expire between 2018 and 2031. We have also recorded deferred tax assets for various state tax credits of $46,000, which will begin to expire in 2019 and principally expire between 2019 and 2020. The realization of our deferred tax assets is entirely dependent upon our ability to generate future taxable income in applicable jurisdictions. GAAP requires that we periodically assess the need to establish a valuation allowance against our deferred tax assets to the extent we no longer believe it is more likely than not that they will be fully utilized. As of September 30, 2017, we had recorded a valuation allowance of $251,000 pertaining to various state NOLs and tax credits that were not expected to be utilized. The valuation allowance is subject to periodic review and adjustment based on changes in facts and circumstances and would be reduced should we utilize the state net operating loss carryforwards against which an allowance had previously been provided or determine that such utilization is more likely than not. The $29,000 decrease in the valuation allowance during 2017 is primarily due to the reduction in enacted state tax rates and the expiration of state NOLs for which an allowance had been previously recorded. As of September 30, 2017, we had no material, known tax exposures that required the establishment of contingency reserves for uncertain tax positions. We classify interest and penalties related to unrecognized tax benefits as part of income tax expense. There were no interest and penalties related to unrecognized tax benefits incurred during 2017, 2016 and 2015. We file U.S. federal income tax returns as well as state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2012 remain subject to examination.

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

X
- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration