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Income Taxes (Tables) | 12 Months Ended
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Oct. 03, 2021
Income Tax Disclosure [Abstract] |
Components of Income Taxes | Income taxes consist of the following in each fiscal year (in thousands):
|  | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |  |
Federal |  | $ | 36,051 |  |  | $ | 19,721 |  |  | $ | 14,683 |
State |  | 11,793 |  |  | 7,844 |  |  | 5,242 |
|  | 47,844 |  |  | 27,565 |  |  | 19,925 |
Deferred: |  |  |  |  |  |
Federal |  | 4,440 |  |  | 4,625 |  |  | 3,750 |
State |  | 3,568 |  |  | 537 |  |  | 350 |
|  | 8,008 |  |  | 5,162 |  |  | 4,100 |
Income tax expense from continuing operations |  | $ | 55,852 |  |  | $ | 32,727 |  |  | $ | 24,025 |
Income tax expense (benefit) from discontinued operations |  | $ | — |  |  | $ | 144 |  |  | $ | (2,863) |
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:
|  | 2021 |  | 2020 |  | 2019
Income tax expense at federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 5.1 | % |  | 5.3 | % |  | 5.3 | %
Stock compensation excess tax benefit |  | (0.5) | % |  | (0.4) | % |  | (0.1) | %
Benefit of jobs tax credits, net of valuation allowance |  | (0.1) | % |  | (0.5) | % |  | (0.3) | %
Release of federal tax liability |  | — | % |  | — | % |  | (0.6) | %
Adjustment to state tax provision |  | 0.7 | % |  | — | % |  | (0.9) | %
Benefit related to COLIs |  | (1.5) | % |  | (0.9) | % |  | (1.0) | %
Termination of interest rate swaps |  | — | % |  | — | % |  | (2.6) | %
Officers’ compensation limitation |  | 0.5 | % |  | 2.2 | % |  | 1.1 | %
Other, net |  | — | % |  | 0.1 | % |  | (1.1) | %
|  | 25.2 | % |  | 26.8 | % |  | 20.8 | %
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):
| 2021 |  | 2020
Deferred tax assets: |  |  |
Operating and finance lease liabilities | $ | 237,509 |  |  | $ | 234,926 |
Accrued defined benefit pension and postretirement benefits | 28,837 |  |  | 44,436 |
Deferred income | 12,083 |  |  | 12,921 |
Impairment | 6,957 |  |  | 8,895 |
Accrued insurance | 5,389 |  |  | 6,500 |
Other reserves and allowances | 4,050 |  |  | 2,440 |
Share-based compensation | 4,039 |  |  | 4,143 |
Accrued incentive compensation | 3,455 |  |  | 2,585 |
Tax loss and tax credit carryforwards | 3,129 |  |  | 4,273 |
Accrued compensation expense | 710 |  |  | 672 |
Other, net | 3,424 |  |  | 2,364 |
Total gross deferred tax assets | 309,582 |  |  | 324,155 |
Valuation allowance | (1,349) |  |  | (2,104) |
Total net deferred tax assets | 308,233 |  |  | 322,051 |
Deferred tax liabilities: |  |  |
Operating and finance lease ROU assets | (242,038) |  |  | (235,373) |
Intangible assets | (11,349) |  |  | (11,437) |
Property and equipment, principally due to differences in depreciation | (1,036) |  |  | (1,781) |
Other | (2,293) |  |  | (1,138) |
Total gross deferred tax liabilities | (256,716) |  |  | (249,729) |
Net deferred tax assets | $ | 51,517 |  |  | $ | 72,322 |

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