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Income Taxes (Tables)

12 Months Ended

Sep. 29, 2024

Income Tax Disclosure [Abstract]

Components of Income Taxes

Income taxes consist of the following in each fiscal year (in thousands):

						2024						2023						2022
Current:
Federal						$	32,251					$	53,229					$	28,934
State						10,933						17,274						9,320
						43,184						70,503						38,254
Deferred:
Federal						(2,696)						(10,642)						5,344
State						(8,116)						(1,347)						2,513
						(10,812)						(11,989)						7,857
Income tax expense from continuing operations						$	32,372					$	58,514					$	46,111

Reconciliation of the Federal Statutory Income Tax Rate to Effective Tax Rate

Our expense (benefit) for income taxes differs from the amount computed by applying the U.S. federal statutory rate to pre-tax income (loss). The sources and tax effects of the differences are as follows (in thousands):

						2024									2023									2022
Pre-tax income (loss)						$	(4,323)								$	189,340								$	161,892
Income tax at federal statutory rate						(908)			21.0		%				39,821			21.0		%				33,964			21.0		%
State income taxes, net of federal benefit						(233)			5.4		%				10,587			5.6		%				8,437			5.2		%
Stock-based compensation expense						51			(1.2)		%				71			—		%				122			0.1		%
Tax credits, net of valuation allowance						(340)			7.9		%				(818)			(0.4)		%				(906)			(0.6)		%
Nondeductible goodwill related to impairment						35,075			(811.5)		%				—			—		%				—			—		%
Nondeductible goodwill related to the sale of company-operated restaurants						1,787			(41.3)		%				9,280			4.9		%				—			—		%
Nondeductible transaction costs						—			—		%				—			—		%				940			0.6		%
Expense (benefit) related to COLIs						(4,703)			108.8		%				(1,947)			(1.0)		%				3,319			2.1		%
Officers’ compensation limitation						1,306			(30.2)		%				1,188			0.6		%				677			0.4		%
Other, net						337			(7.8)		%				332			0.2		%				(442)			(0.3)		%
Effective tax rate						$	32,372		(748.9)		%				58,514			30.9		%				46,111			28.5		%

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):

			2024						2023
Deferred tax assets:
Operating and finance lease liabilities			$	381,522					$	372,095
Accrued defined benefit pension and postretirement benefits			22,074						18,896
Deferred income			15,465						15,137
Accrued legal settlements			4,764						11,099
Accrued insurance			7,135						8,086
Share-based compensation			6,814						6,139
Accrued incentive compensation			2,692						5,928
Capitalized research costs			1,443						1,943
Tax loss and tax credit carryforwards			387						1,956
Accrued compensation expense			1,254						1,259
Other reserves and allowances			1,241						1,144
Property and equipment, net of impairment			5,847						181
Other, net			4,201						3,852
Total gross deferred tax assets			454,839						447,715
Valuation allowance			—						(1,043)
Total net deferred tax assets			454,839						446,672
Deferred tax liabilities:
Operating and finance lease ROU assets			(378,531)						(380,040)
Intangible assets			(88,378)						(84,969)
Investment basis limitation			—						(6,191)
Other			(1,542)						(1,701)
Total gross deferred tax liabilities			(468,451)						(472,901)
Net deferred tax liabilities			$	(13,612)					$	(26,229)

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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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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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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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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