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v3.20.2

Income Taxes (Tables) | 12 Months Ended
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Sep. 27, 2020
Income Tax Disclosure [Abstract] |
Components of Income Taxes | Income taxes consist of the following in each fiscal year (in thousands):
|  | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |  |
Federal |  | $ | 19,721 |  |  | $ | 14,683 |  |  | $ | 51,454 |
State |  | 7,844 |  |  | 5,242 |  |  | 4,922 |
|  | 27,565 |  |  | 19,925 |  |  | 56,376 |
Deferred: |  |  |  |  |  |
Federal |  | 4,625 |  |  | 3,750 |  |  | 23,462 |
State |  | 537 |  |  | 350 |  |  | 1,890 |
|  | 5,162 |  |  | 4,100 |  |  | 25,352 |
Income tax expense from continuing operations |  | $ | 32,727 |  |  | $ | 24,025 |  |  | $ | 81,728 |
Income tax expense (benefit) from discontinued operations |  | $ | 144 |  |  | $ | (2,863) |  |  | $ | 15,700 |
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:
|  | 2020 |  | 2019 |  | 2018
Income tax expense at federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 24.5 | %
State income taxes, net of federal tax benefit |  | 5.3 | % |  | 5.3 | % |  | 4.7 | %
One-time, non-cash impact of the Tax Cuts and Jobs Act |  | — | % |  | — | % |  | 17.5 | %
Stock compensation excess tax benefit |  | (0.4) | % |  | (0.1) | % |  | (1.1) | %
Benefit of jobs tax credits, net of valuation allowance |  | (0.5) | % |  | (0.3) | % |  | (0.4) | %
Release of federal tax liability |  | — | % |  | (0.6) | % |  | — | %
Adjustment to state tax provision |  | — | % |  | (0.9) | % |  | — | %
Benefit related to COLIs |  | (0.9) | % |  | (1.0) | % |  | (0.4) | %
Termination of interest rate swaps |  | — | % |  | (2.6) | % |  | — | %
Officers’ compensation limitation |  | 2.2 | % |  | 1.1 | % |  | 0.4 | %
Other, net |  | 0.1 | % |  | (1.1) | % |  | (1.3) | %
|  | 26.8 | % |  | 20.8 | % |  | 43.9 | %
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):
| 2020 |  | 2019
Deferred tax assets: |  |  |
Operating and finance lease liabilities | $ | 234,926 |  |  | $ | — |
Accrued defined benefit pension and postretirement benefits | 44,436 |  |  | 46,918 |
Deferred income | 12,921 |  |  | 13,803 |
Impairment | 8,895 |  |  | 9,981 |
Accrued insurance | 6,500 |  |  | 7,133 |
Tax loss and tax credit carryforwards | 4,273 |  |  | 5,327 |
Share-based compensation | 4,143 |  |  | 5,415 |
Accrued incentive compensation | 2,585 |  |  | 2,617 |
Other reserves and allowances | 2,440 |  |  | 2,965 |
Accrued compensation expense | 672 |  |  | 1,092 |
Lease commitments related to closed or refranchised locations | — |  |  | 3,786 |
Deferred interest deduction | — |  |  | 3,188 |
Other, net | 2,364 |  |  | 868 |
Total gross deferred tax assets | 324,155 |  |  | 103,093 |
Valuation allowance | (2,104) |  |  | (2,485) |
Total net deferred tax assets | 322,051 |  |  | 100,608 |
Deferred tax liabilities: |  |  |
Operating and finance lease ROU assets | (235,373) |  |  | (3,822) |
Intangible assets | (11,437) |  |  | (10,520) |
Property and equipment, principally due to differences in depreciation | (1,781) |  |  | (128) |
Other | (1,138) |  |  | (574) |
Total gross deferred tax liabilities | (249,729) |  |  | (15,044) |
Net deferred tax assets | $ | 72,322 |  |  | $ | 85,564 |

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