Income Taxes (Tables)
|
12 Months Ended |
Oct. 01, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for income taxes |
The provision for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended |
|
October 1, 2016 |
|
October 3, 2015 |
|
September 27, 2014 |
Current: |
|
|
|
|
|
Federal |
$ |
36 |
|
|
$ |
— |
|
|
$ |
— |
|
State |
78 |
|
|
60 |
|
|
79 |
|
Foreign |
179 |
|
|
186 |
|
|
158 |
|
Total current |
$ |
293 |
|
|
$ |
246 |
|
|
$ |
237 |
|
Deferred: |
|
|
|
|
|
Federal |
$ |
1,462 |
|
|
$ |
1,320 |
|
|
$ |
(5,807 |
) |
State |
326 |
|
|
439 |
|
|
(923 |
) |
Total deferred |
1,788 |
|
|
1,759 |
|
|
(6,730 |
) |
Provision for (benefit from) income taxes |
$ |
2,081 |
|
|
$ |
2,005 |
|
|
$ |
(6,493 |
) |
|
| Schedule of income before income tax, domestic and foreign |
For financial reporting purposes our income (loss) before provision for (benefit from) income taxes includes the following components (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended |
|
October 1, 2016 |
|
October 3, 2015 |
|
September 27, 2014 |
United States |
$ |
3,966 |
|
|
$ |
3,434 |
|
|
$ |
(16,832 |
) |
Foreign |
7,079 |
|
|
6,664 |
|
|
9,379 |
|
|
$ |
11,045 |
|
|
$ |
10,098 |
|
|
$ |
(7,453 |
) |
|
| Reconciliation between actual provision for incomes taxes and federal statutory income tax rate |
A reconciliation between actual provision for (benefit from) income taxes and the provision for income taxes computed using the federal statutory income tax rate of 34.0% is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended |
|
October 1, 2016 |
|
October 3, 2015 |
|
September 27, 2014 |
Income tax expense at the statutory rate |
$ |
3,755 |
|
|
$ |
3,433 |
|
|
$ |
(2,533 |
) |
State income tax expense, net of federal income tax effect |
447 |
|
|
374 |
|
|
(893 |
) |
Impact of state rate changes |
116 |
|
|
— |
|
|
— |
|
Rate difference and nondeductible items in foreign jurisdictions |
54 |
|
|
(30 |
) |
|
(55 |
) |
Impact of foreign earnings in tax-free zone |
(2,319 |
) |
|
(2,168 |
) |
|
(3,098 |
) |
Valuation allowance adjustments |
(71 |
) |
|
— |
|
|
4 |
|
Nondeductible compensation |
— |
|
|
335 |
|
|
— |
|
Nondeductible amortization and other permanent differences |
96 |
|
|
81 |
|
|
76 |
|
Other |
3 |
|
|
(20 |
) |
|
6 |
|
Provision for (benefit from) income taxes |
$ |
2,081 |
|
|
$ |
2,005 |
|
|
$ |
(6,493 |
) |
|
| Significant components of deferred tax assets and liabilities |
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
October 1,
2016 |
|
October 3,
2015 |
|
Deferred tax assets: |
|
|
|
|
Federal net operating loss carryforwards |
$ |
6,256 |
|
|
$ |
7,842 |
|
|
State net operating loss carryforwards |
1,784 |
|
|
2,362 |
|
|
Charitable donation carryforward |
— |
|
|
28 |
|
|
Derivative — interest rate contracts |
70 |
|
|
268 |
|
|
Alternative minimum tax credit carryforward |
135 |
|
|
99 |
|
|
Currently nondeductible accruals |
7,613 |
|
|
6,029 |
|
|
Gross deferred tax assets |
15,858 |
|
|
16,628 |
|
|
Less valuation allowance — state net operating loss |
(131 |
) |
|
(202 |
) |
|
Net deferred tax assets |
15,727 |
|
|
16,426 |
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Depreciation |
(2,868 |
) |
|
(2,941 |
) |
|
Goodwill and intangibles |
(7,463 |
) |
|
(6,024 |
) |
|
Other |
(150 |
) |
|
(167 |
) |
|
Gross deferred tax liabilities |
(10,481 |
) |
|
(9,132 |
) |
|
Net deferred tax asset |
5,246 |
|
|
7,294 |
|
|
|