Income Taxes (Tables)
|
12 Months Ended |
Sep. 30, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for income taxes |
The provision for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended |
|
September 30, 2017 |
|
October 1, 2016 |
|
October 3, 2015 |
Current: |
|
|
|
|
|
Federal |
$ |
215 |
|
|
$ |
36 |
|
|
$ |
— |
|
State |
47 |
|
|
78 |
|
|
60 |
|
Foreign |
127 |
|
|
179 |
|
|
186 |
|
Total current |
$ |
389 |
|
|
$ |
293 |
|
|
$ |
246 |
|
Deferred: |
|
|
|
|
|
Federal |
$ |
(112 |
) |
|
$ |
1,462 |
|
|
$ |
1,320 |
|
State |
380 |
|
|
326 |
|
|
439 |
|
Total deferred |
268 |
|
|
1,788 |
|
|
1,759 |
|
Provision for income taxes |
$ |
657 |
|
|
$ |
2,081 |
|
|
$ |
2,005 |
|
|
| Schedule of income before income tax, domestic and foreign |
For financial reporting purposes our income before provision for income taxes includes the following components (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended |
|
September 30, 2017 |
|
October 1, 2016 |
|
October 3, 2015 |
United States |
$ |
1,767 |
|
|
$ |
3,966 |
|
|
$ |
3,434 |
|
Foreign |
9,401 |
|
|
7,079 |
|
|
6,664 |
|
|
$ |
11,168 |
|
|
$ |
11,045 |
|
|
$ |
10,098 |
|
|
| Reconciliation between actual provision for incomes taxes and federal statutory income tax rate |
A reconciliation between actual provision for 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 |
|
September 30, 2017 |
|
October 1, 2016 |
|
October 3, 2015 |
Income tax expense at the statutory rate |
$ |
3,797 |
|
|
$ |
3,755 |
|
|
$ |
3,433 |
|
State income tax (benefit) expense, net of federal income tax effect |
(80 |
) |
|
447 |
|
|
374 |
|
Impact of state rate changes |
115 |
|
|
116 |
|
|
— |
|
Rate difference and nondeductible items in foreign jurisdictions |
33 |
|
|
54 |
|
|
(30 |
) |
Impact of foreign earnings in tax-free zone |
(3,052 |
) |
|
(2,319 |
) |
|
(2,168 |
) |
Valuation allowance adjustments |
362 |
|
|
(71 |
) |
|
— |
|
Nondeductible compensation |
— |
|
|
— |
|
|
335 |
|
Nondeductible amortization and other permanent differences |
(496 |
) |
|
96 |
|
|
81 |
|
Other |
(22 |
) |
|
3 |
|
|
(20 |
) |
Provision for income taxes |
$ |
657 |
|
|
$ |
2,081 |
|
|
$ |
2,005 |
|
|
| Significant components of deferred tax assets and liabilities |
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30,
2017 |
|
October 1,
2016 |
|
Deferred tax assets: |
|
|
|
|
Federal net operating loss carryforwards |
$ |
2,902 |
|
|
$ |
6,256 |
|
|
State net operating loss carryforwards |
1,573 |
|
|
1,784 |
|
|
Derivative — interest rate contracts |
21 |
|
|
70 |
|
|
Alternative minimum tax credit carryforward |
404 |
|
|
135 |
|
|
Inventories and reserves |
3,681 |
|
|
3,426 |
|
|
Accrued compensation and benefits |
3,139 |
|
|
3,331 |
|
|
Receivable allowances and reserves |
543 |
|
|
767 |
|
|
Other |
98 |
|
|
89 |
|
|
Gross deferred tax assets |
12,361 |
|
|
15,858 |
|
|
Less valuation allowance — state net operating loss |
(493 |
) |
|
(131 |
) |
|
Net deferred tax assets |
11,868 |
|
|
15,727 |
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Depreciation |
(3,501 |
) |
|
(2,868 |
) |
|
Goodwill and intangibles |
(3,319 |
) |
|
(7,463 |
) |
|
Other |
(46 |
) |
|
(150 |
) |
|
Gross deferred tax liabilities |
(6,866 |
) |
|
(10,481 |
) |
|
Net deferred tax asset |
5,002 |
|
|
5,246 |
|
|
|