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Income Taxes (Tables)

12 Months Ended

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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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

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-SubTopic 10
-Section 50
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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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