XML 49 R34.htm IDEA: XBRL DOCUMENT v3.22.2.2
Note 10 - Income Taxes (Tables)
12 Months Ended
Oct. 01, 2022
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

Year Ended

 
   

October 1,

   

October 2,

   

October 3,

 

(Dollars in thousands)

 

2022

   

2021

   

2020

 

Provision for income taxes:

                       

Current:

                       

Federal

  $ 33,377     $ 17,904     $ 5,056  

State

    3,012       1,707       529  
      36,389       19,611       5,585  

Deferred:

                       

Federal

    627       (180 )     (288 )

State

    (300 )     62       (136 )
      327       (118 )     (424 )
                         

Income taxes

  $ 36,716     $ 19,493     $ 5,161  
                         

Effective income tax rate

    22.7 %     22.6 %     21.4 %
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Year Ended

 

(Dollars in thousands)

 

October 1, 2022

   

October 2, 2021

   

October 3, 2020

 

Provision for income taxes at federal statutory rate

  $ 33,963       21.0 %   $ 18,082       21.0 %   $ 5,076       21.0 %

State income taxes, net of federal tax benefit

    2,108       1.3       1,544       1.8       319       1.3  

Stock-based compensation

    (255 )     (0.2 )     (253 )     (0.3 )     128       0.5  

Valuation allowance

    (41 )     (0.0 )     (134 )     (0.2 )     (50 )     (0.2 )

Net operating loss carryback - CARES Act

    -       -       -       -       (223 )     (0.9 )

Nondeductible expenses and other, net

    941       0.6       254       0.3       (89 )     (0.3 )

Provision for income taxes

  $ 36,716       22.7 %   $ 19,493       22.6 %   $ 5,161       21.4 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

October 1,

   

October 2,

 

(In thousands)

 

2022

   

2021

 

Deferred tax assets:

               

Defined benefit plans

  $ 2,617     $ 2,921  

Accrued expenses and asset reserves

    2,430       2,280  

Stock-based compensation

    1,176       1,204  

Operating lease liability

    353       387  

State net operating loss carryforwards and tax credits

    142       54  

Valuation allowance

    (32 )     (73 )

Deferred tax assets

    6,686       6,773  
                 

Deferred tax liabilities:

               

Plant and equipment

    (11,546 )     (10,901 )

Prepaid insurance

    (1,279 )     (1,374 )

Right of use assets

    (352 )     (385 )

Goodwill

    (595 )     (409 )

Deferred tax liabilities

    (13,772 )     (13,069 )

Net deferred tax liability

  $ (7,086 )   $ (6,296 )