Income Taxes (Tables)
|
12 Months Ended |
Oct. 02, 2021 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Provision for Income Taxes |
The provision for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
October 2, 2021 |
|
|
October 3, 2020 |
|
|
September 28, 2019 |
|
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
25,914 |
|
|
$ |
8,188 |
|
|
$ |
14,072 |
|
State |
|
|
7,733 |
|
|
|
2,262 |
|
|
|
1,537 |
|
Total Current |
|
|
33,647 |
|
|
|
10,450 |
|
|
|
15,609 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
2,633 |
|
|
|
(5,844 |
) |
|
|
(418 |
) |
State |
|
|
215 |
|
|
|
(1,979 |
) |
|
|
(336 |
) |
Total Deferred |
|
|
2,848 |
|
|
|
(7,823 |
) |
|
|
(754 |
) |
Total income tax provision |
|
$ |
36,495 |
|
|
$ |
2,627 |
|
|
$ |
14,855 |
|
|
| 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 |
|
|
|
October 2, 2021 |
|
|
October 3, 2020 |
|
|
September 28, 2019 |
|
Federal income tax at statutory rate |
|
$ |
34,257 |
|
|
$ |
12,851 |
|
|
$ |
3,198 |
|
Equity-based compensation |
|
|
(2,360 |
) |
|
|
375 |
|
|
|
447 |
|
Section 162(m) limitation |
|
|
2,826 |
|
|
|
— |
|
|
|
— |
|
Permanent differences |
|
|
564 |
|
|
|
89 |
|
|
|
100 |
|
Change in valuation allowance |
|
|
(5,425 |
) |
|
|
(11,373 |
) |
|
|
11,060 |
|
State taxes, net of federal benefit |
|
|
7,072 |
|
|
|
2,503 |
|
|
|
54 |
|
Other |
|
|
(439 |
) |
|
|
(1,818 |
) |
|
|
(4 |
) |
Total income tax provision |
|
$ |
36,495 |
|
|
$ |
2,627 |
|
|
$ |
14,855 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
October 2, 2021 |
|
|
October 3, 2020 |
|
Deferred tax assets: |
|
|
|
|
|
|
Compensation accruals |
|
$ |
5,674 |
|
|
$ |
5,433 |
|
Inventory |
|
|
— |
|
|
|
1,053 |
|
Interest limitation |
|
|
— |
|
|
|
6,919 |
|
Lease liabilities |
|
|
54,489 |
|
|
|
46,644 |
|
Equity-based compensation |
|
|
1,646 |
|
|
|
— |
|
Reserves and other accruals |
|
|
1,138 |
|
|
|
354 |
|
Total deferred tax assets |
|
|
62,947 |
|
|
|
60,403 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property, plant, and equipment |
|
|
(1,392 |
) |
|
|
(611 |
) |
Intangibles |
|
|
(3,849 |
) |
|
|
(3,258 |
) |
Lease assets |
|
|
(52,264 |
) |
|
|
(44,014 |
) |
Deferred financing cost |
|
|
(399 |
) |
|
|
(512 |
) |
Other |
|
|
(1,309 |
) |
|
|
— |
|
Total deferred tax liabilities |
|
|
(59,213 |
) |
|
|
(48,395 |
) |
Valuation allowance |
|
|
|
|
|
(5,425 |
) |
Deferred tax assets (liabilities), net |
|
$ |
3,734 |
|
|
$ |
6,583 |
|
|
| Summary of Valuation Allowance |
Valuation Allowance consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
Beginning of
Period |
|
|
Additions
Charged to
Costs and
Expenses |
|
|
Deductions |
|
|
Balance at End
of Period |
|
2021 |
|
$ |
5,425 |
|
|
$ |
— |
|
|
$ |
(5,425 |
) |
|
$ |
— |
|
2020 |
|
$ |
16,798 |
|
|
$ |
— |
|
|
$ |
(11,373 |
) |
|
$ |
5,425 |
|
|