Income Taxes (Tables)
|
12 Months Ended |
Sep. 28, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Provision for Income Taxes |
The provision for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
|
October 1, 2022 |
|
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
5,517 |
|
|
$ |
13,425 |
|
|
$ |
37,886 |
|
State |
|
|
1,154 |
|
|
|
2,404 |
|
|
|
8,736 |
|
Total Current |
|
|
6,671 |
|
|
|
15,829 |
|
|
|
46,622 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
2,879 |
|
|
|
(5,608 |
) |
|
|
2,556 |
|
State |
|
|
551 |
|
|
|
(722 |
) |
|
|
(90 |
) |
Total Deferred |
|
|
3,430 |
|
|
|
(6,330 |
) |
|
|
2,466 |
|
Total income tax provision |
|
$ |
10,101 |
|
|
$ |
9,499 |
|
|
$ |
49,088 |
|
|
| Summary of Provision for Income Taxes to Amount Computed at Federal Statutory Rate |
A reconciliation of the provision for income taxes to the amount computed at the federal statutory rate is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
|
October 1, 2022 |
|
Federal income tax at statutory rate |
|
$ |
(2,788 |
) |
|
$ |
7,716 |
|
|
$ |
43,705 |
|
Equity-based compensation |
|
|
1,430 |
|
|
|
129 |
|
|
|
(1,025 |
) |
Section 162(m) limitation |
|
|
651 |
|
|
|
520 |
|
|
|
805 |
|
Permanent differences |
|
|
87 |
|
|
|
82 |
|
|
|
96 |
|
Change in valuation allowance |
|
|
11,177 |
|
|
|
— |
|
|
|
— |
|
State taxes, net of federal benefit |
|
|
(82 |
) |
|
|
1,109 |
|
|
|
6,734 |
|
Credits |
|
|
(318 |
) |
|
|
— |
|
|
|
— |
|
Other |
|
|
(56 |
) |
|
|
(57 |
) |
|
|
(1,227 |
) |
Total income tax provision |
|
$ |
10,101 |
|
|
$ |
9,499 |
|
|
$ |
49,088 |
|
|
| Summary of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are summarized below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
Deferred tax assets: |
|
|
|
|
|
|
Compensation accruals |
|
$ |
2,063 |
|
|
$ |
1,878 |
|
Inventories |
|
|
4,564 |
|
|
|
1,237 |
|
Lease liabilities |
|
|
67,046 |
|
|
|
64,619 |
|
Equity-based compensation |
|
|
1,996 |
|
|
|
2,503 |
|
Reserves and other accruals |
|
|
6,590 |
|
|
|
2,696 |
|
Interest limitation |
|
|
14,858 |
|
|
|
7,615 |
|
Capitalized research expenditures |
|
|
1,646 |
|
|
|
2,017 |
|
Total deferred tax assets |
|
|
98,763 |
|
|
|
82,565 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property, plant, and equipment |
|
|
(4,649 |
) |
|
|
(4,387 |
) |
Intangibles |
|
|
(8,299 |
) |
|
|
(6,109 |
) |
Lease assets |
|
|
(65,646 |
) |
|
|
(61,835 |
) |
Deferred financing cost |
|
|
(218 |
) |
|
|
(253 |
) |
Other |
|
|
(4,606 |
) |
|
|
(2,383 |
) |
Total deferred tax liabilities |
|
|
(83,418 |
) |
|
|
(74,967 |
) |
Valuation allowance |
|
|
(11,177 |
) |
|
|
— |
|
Deferred tax assets (liabilities), net |
|
$ |
4,168 |
|
|
$ |
7,598 |
|
|
| Schedule of Liability for Unrecognized Tax Benefits |
Our liability for unrecognized tax benefits is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
Balance at beginning of period |
|
$ |
— |
|
|
$ |
— |
|
Gross increases - tax positions in prior period |
|
|
— |
|
|
|
— |
|
Gross increases - tax positions in current period |
|
|
392 |
|
|
|
— |
|
Balance at end of period |
|
$ |
392 |
|
|
$ |
— |
|
|