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Income Taxes (Tables) | 12 Months Ended
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Sep. 29, 2019
Income Tax Disclosure [Abstract] |
Components of Income Taxes | Income taxes consist of the following in each fiscal year (in thousands):
|  | 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |
Federal |  | $ | 14,683 |  |  | $ | 51,454 |  |  | $ | 79,038 |
State |  | 5,242 |  |  | 4,922 |  |  | 12,368 |
|  | 19,925 |  |  | 56,376 |  |  | 91,406 |
Deferred: |  |  |  |  |  |
Federal |  | 3,750 |  |  | 23,462 |  |  | (13,176 | )
State |  | 350 |  |  | 1,890 |  |  | (2,898 | )
|  | 4,100 |  |  | 25,352 |  |  | (16,074 | )
Income tax expense from continuing operations |  | $ | 24,025 |  |  | $ | 81,728 |  |  | $ | 75,332 |
Income tax expense (benefit) from discontinued operations |  | $ | (2,863 | ) |  | $ | 15,700 |  |  | $ | (4,119 | )
Reconciliation of the Federal Statutory Income Tax Rate to Effective Tax Rate | A reconciliation of the federal statutory income tax rate to our effective tax rate for continuing operations is as follows:
|  | 2019 |  | 2018 |  | 2017
Income tax expense at federal statutory rate |  | 21.0 | % |  | 24.5 | % |  | 35.0 | %
State income taxes, net of federal tax benefit |  | 5.3 | % |  | 4.7 | % |  | 3.8 | %
One-time, non-cash impact of the Tax Act |  | — | % |  | 17.5 | % |  | — | %
Stock compensation excess tax benefit |  | (0.1 | )% |  | (1.1 | )% |  | — | %
Benefit of jobs tax credits, net of valuation allowance |  | (0.3 | )% |  | (0.4 | )% |  | (0.4 | )%
Release of federal tax liability |  | (0.6 | )% |  | — | % |  | — | %
Adjustment to state tax provision |  | (0.9 | )% |  | — | % |  | — | %
Benefit related to COLIs |  | (1.0 | )% |  | (0.4 | )% |  | (1.1 | )%
Termination of interest rate swaps |  | (2.6 | )% |  | — | % |  | — | %
Other, net |  | — | % |  | (0.9 | )% |  | (0.4 | )%
|  | 20.8 | % |  | 43.9 | % |  | 36.9 | %
Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at each fiscal year-end are presented below (in thousands):
|  | 2019 |  | 2018
Deferred tax assets: |  |  |  |
Accrued defined benefit pension and postretirement benefits |  | $ | 46,918 |  |  | $ | 34,776 |
Deferred income |  | 13,803 |  |  | 1,535 |
Impairment |  | 9,981 |  |  | 11,388 |
Accrued insurance |  | 7,133 |  |  | 8,994 |
Share-based compensation |  | 5,415 |  |  | 4,936 |
Tax loss and tax credit carryforwards |  | 5,327 |  |  | 7,458 |
Lease commitments related to closed or refranchised locations |  | 3,786 |  |  | 4,696 |
Deferred interest deduction |  | 3,188 |  |  | — |
Other reserves and allowances |  | 2,965 |  |  | 851 |
Accrued incentive compensation |  | 2,617 |  |  | 2,055 |
Accrued compensation expense |  | 1,092 |  |  | 2,034 |
Interest rate swaps |  | — |  |  | 181 |
Other, net |  | 868 |  |  | 2,206 |
Total gross deferred tax assets |  | 103,093 |  |  | 81,110 |
Valuation allowance |  | (2,485 | ) |  | (3,554 | )
Total net deferred tax assets |  | 100,608 |  |  | 77,556 |
Deferred tax liabilities: |  |  |  |
Intangible assets |  | (10,520 | ) |  | (10,492 | )
Leasing transactions |  | (3,822 | ) |  | (2,790 | )
Property and equipment, principally due to differences in depreciation |  | (128 | ) |  | (1,855 | )
Other |  | (574 | ) |  | (279 | )
Total gross deferred tax liabilities |  | (15,044 | ) |  | (15,416 | )
Net deferred tax assets |  | $ | 85,564 |  |  | $ | 62,140 |

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