Income Taxes (Tables)
|
12 Months Ended |
Oct. 01, 2022 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Provision for Income Taxes |
The provision for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
October 1, 2022 |
|
|
October 2, 2021 |
|
|
October 1, 2020 |
|
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
37,886 |
|
|
$ |
25,914 |
|
|
$ |
8,188 |
|
State |
|
|
8,736 |
|
|
|
7,733 |
|
|
|
2,262 |
|
Total Current |
|
|
46,622 |
|
|
|
33,647 |
|
|
|
10,450 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
2,556 |
|
|
|
2,633 |
|
|
|
(5,844 |
) |
State |
|
|
(90 |
) |
|
|
215 |
|
|
|
(1,979 |
) |
Total Deferred |
|
|
2,466 |
|
|
|
2,848 |
|
|
|
(7,823 |
) |
Total income tax provision |
|
$ |
49,088 |
|
|
$ |
36,495 |
|
|
$ |
2,627 |
|
|
| 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 1, 2022 |
|
|
October 2, 2021 |
|
|
October 3, 2020 |
|
Federal income tax at statutory rate |
|
$ |
43,705 |
|
|
$ |
34,257 |
|
|
$ |
12,851 |
|
Equity-based compensation |
|
|
(1,025 |
) |
|
|
(2,360 |
) |
|
|
375 |
|
Section 162(m) limitation |
|
|
805 |
|
|
|
2,826 |
|
|
|
— |
|
Permanent differences |
|
|
96 |
|
|
|
564 |
|
|
|
89 |
|
Change in valuation allowance |
|
|
— |
|
|
|
(5,425 |
) |
|
|
(11,373 |
) |
State taxes, net of federal benefit |
|
|
6,734 |
|
|
|
7,072 |
|
|
|
2,503 |
|
Other |
|
|
(1,227 |
) |
|
|
(439 |
) |
|
|
(1,818 |
) |
Total income tax provision |
|
$ |
49,088 |
|
|
$ |
36,495 |
|
|
$ |
2,627 |
|
|
| 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 1, 2022 |
|
|
October 2, 2021 |
|
Deferred tax assets: |
|
|
|
|
|
|
Compensation accruals |
|
$ |
4,067 |
|
|
$ |
5,674 |
|
Inventories |
|
|
3,496 |
|
|
|
— |
|
Lease liabilities |
|
|
58,710 |
|
|
|
54,489 |
|
Equity-based compensation |
|
|
2,151 |
|
|
|
1,646 |
|
Reserves and other accruals |
|
|
1,059 |
|
|
|
1,138 |
|
Total deferred tax assets |
|
|
69,483 |
|
|
|
62,947 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property, plant, and equipment |
|
|
(4,066 |
) |
|
|
(1,392 |
) |
Intangibles |
|
|
(4,302 |
) |
|
|
(3,849 |
) |
Lease assets |
|
|
(57,798 |
) |
|
|
(52,264 |
) |
Deferred financing cost |
|
|
(310 |
) |
|
|
(399 |
) |
Other |
|
|
(1,739 |
) |
|
|
(1,309 |
) |
Total deferred tax liabilities |
|
|
(68,215 |
) |
|
|
(59,213 |
) |
Deferred tax assets (liabilities), net |
|
$ |
1,268 |
|
|
$ |
3,734 |
|
|