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v3.22.2.2

Income Taxes (Tables) | 12 Months Ended
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Oct. 02, 2022
Income Tax Disclosure [Abstract] |
Components of Income Taxes | Income taxes consist of the following in each fiscal year (in thousands):
|  | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |  |
Federal |  | $ | 28,934 |  |  | $ | 36,051 |  |  | $ | 19,721 |
State |  | 9,320 |  |  | 11,793 |  |  | 7,844 |
|  | 38,254 |  |  | 47,844 |  |  | 27,565 |
Deferred: |  |  |  |  |  |
Federal |  | 5,344 |  |  | 4,440 |  |  | 4,625 |
State |  | 2,513 |  |  | 3,568 |  |  | 537 |
|  | 7,857 |  |  | 8,008 |  |  | 5,162 |
Income tax expense from continuing operations |  | $ | 46,111 |  |  | $ | 55,852 |  |  | $ | 32,727 |
Income tax expense from discontinued operations |  | $ | — |  |  | $ | — |  |  | $ | 144 |
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:
|  | 2022 |  | 2021 |  | 2020
Income tax expense at federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 5.2 | % |  | 5.1 | % |  | 5.3 | %
Stock compensation tax deficiency (excess tax benefit) |  | 0.1 | % |  | (0.5) | % |  | (0.4) | %
Benefit of jobs tax credits, net of valuation allowance |  | (0.6) | % |  | (0.1) | % |  | (0.5) | %
Adjustment to state tax provision |  | — | % |  | 0.7 | % |  | — | %
Nondeductible transaction costs |  | 0.6 | % |  | — | % |  | — | %
Expense (benefit) related to COLIs |  | 2.1 | % |  | (1.5) | % |  | (0.9) | %
Officers’ compensation limitation |  | 0.4 | % |  | 0.5 | % |  | 2.2 | %
Other, net |  | (0.3) | % |  | — | % |  | 0.1 | %
|  | 28.5 | % |  | 25.2 | % |  | 26.8 | %
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):
| 2022 |  | 2021
Deferred tax assets: |  |  |
Operating and finance lease liabilities | $ | 340,317 |  |  | $ | 237,509 |
Accrued defined benefit pension and postretirement benefits | 19,090 |  |  | 28,837 |
Accrued legal settlements | 15,158 |  |  | 2,378 |
Deferred income | 13,524 |  |  | 12,083 |
Accrued insurance | 8,339 |  |  | 5,389 |
Share-based compensation | 5,094 |  |  | 4,039 |
Tax loss and tax credit carryforwards | 4,399 |  |  | 3,129 |
Accrued incentive compensation | 2,402 |  |  | 3,455 |
Other reserves and allowances | 1,627 |  |  | 1,672 |
Accrued compensation expense | 1,329 |  |  | 710 |
Property and equipment, net of impairment | — |  |  | 5,922 |
Other, net | 2,319 |  |  | 3,424 |
Total gross deferred tax assets | 413,598 |  |  | 308,547 |
Valuation allowance | (1,140) |  |  | (1,349) |
Total net deferred tax assets | 412,458 |  |  | 307,198 |
Deferred tax liabilities: |  |  |
Operating and finance lease ROU assets | (349,903) |  |  | (242,038) |
Intangible assets | (87,165) |  |  | (11,349) |
Property and equipment, principally due to differences in depreciation | (5,656) |  |  | — |
Investment basis limitation | (6,010) |  |  | — |
Other | (1,408) |  |  | (2,294) |
Total gross deferred tax liabilities | (450,142) |  |  | (255,681) |
Net deferred tax (liabilities) assets | $ | (37,684) |  |  | $ | 51,517 |

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