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Income Taxes (Tables)

12 Months Ended

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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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-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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-SubTopic 10
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