Income Taxes (Tables)
|
12 Months Ended |
Oct. 03, 2015 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for income taxes |
The provision for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended |
|
October 3,
2015 |
|
September 27,
2014 |
|
September 28,
2013 |
|
June 29,
2013 |
Current: |
|
|
|
|
|
|
|
Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40 |
|
State |
60 |
|
|
79 |
|
|
— |
|
|
35 |
|
Foreign |
186 |
|
|
158 |
|
|
44 |
|
|
145 |
|
Total current |
$ |
246 |
|
|
$ |
237 |
|
|
$ |
44 |
|
|
$ |
220 |
|
Deferred: |
|
|
|
|
|
|
|
Federal |
$ |
1,320 |
|
|
$ |
(5,807 |
) |
|
$ |
(933 |
) |
|
$ |
499 |
|
State |
439 |
|
|
(923 |
) |
|
(156 |
) |
|
3 |
|
Total deferred |
1,759 |
|
|
(6,730 |
) |
|
(1,089 |
) |
|
502 |
|
Provision for (benefit from) income taxes |
$ |
2,005 |
|
|
$ |
(6,493 |
) |
|
$ |
(1,045 |
) |
|
$ |
722 |
|
|
| 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 5,
2015 |
|
September 27,
2014 |
|
September 28,
2013 |
|
June 29,
2013 |
United States |
$ |
3,434 |
|
|
$ |
(16,832 |
) |
|
$ |
(2,827 |
) |
|
$ |
1,468 |
|
Foreign |
6,664 |
|
|
9,379 |
|
|
2,350 |
|
|
8,438 |
|
|
$ |
10,098 |
|
|
$ |
(7,453 |
) |
|
$ |
(477 |
) |
|
$ |
9,906 |
|
|
| 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 3,
2015 |
|
September 27,
2014 |
|
September 28,
2013 |
|
June 29,
2013 |
Income tax expense at the statutory rate |
$ |
3,433 |
|
|
$ |
(2,533 |
) |
|
$ |
(162 |
) |
|
$ |
3,371 |
|
State income tax expense, net of federal income tax effect |
374 |
|
|
(893 |
) |
|
(147 |
) |
|
(11 |
) |
Rate difference and nondeductible items in foreign jurisdictions |
(30 |
) |
|
(55 |
) |
|
(15 |
) |
|
(16 |
) |
Impact of foreign earnings in tax-free zone |
(2,168 |
) |
|
(3,098 |
) |
|
(756 |
) |
|
(2,754 |
) |
Valuation allowance adjustments |
— |
|
|
4 |
|
|
— |
|
|
75 |
|
Nondeductible compensation |
335 |
|
|
— |
|
|
— |
|
|
— |
|
Nondeductible amortization and other permanent differences |
81 |
|
|
76 |
|
|
25 |
|
|
100 |
|
Other |
(20 |
) |
|
6 |
|
|
10 |
|
|
(43 |
) |
Provision for (benefit from) income taxes |
$ |
2,005 |
|
|
$ |
(6,493 |
) |
|
$ |
(1,045 |
) |
|
$ |
722 |
|
|
| Significant components of deferred tax assets and liabilities |
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
October 3,
2015 |
|
September 27,
2014 |
|
Deferred tax assets: |
|
|
|
|
Federal net operating loss carryforwards |
$ |
7,842 |
|
|
$ |
7,219 |
|
|
State net operating loss carryforwards |
2,362 |
|
|
2,445 |
|
|
Charitable donation carryforward |
28 |
|
|
28 |
|
|
Derivative — interest rate contracts |
268 |
|
|
168 |
|
|
Alternative minimum tax credit carryforward |
99 |
|
|
49 |
|
|
Currently nondeductible accruals |
6,029 |
|
|
6,747 |
|
|
Gross deferred tax assets |
16,628 |
|
|
16,656 |
|
|
Less valuation allowance — state net operating loss |
(202 |
) |
|
(201 |
) |
|
Net deferred tax assets |
16,426 |
|
|
16,455 |
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Depreciation |
(2,941 |
) |
|
(2,792 |
) |
|
Goodwill and intangibles |
(6,024 |
) |
|
(4,793 |
) |
|
Other |
(167 |
) |
|
(117 |
) |
|
Gross deferred tax liabilities |
(9,132 |
) |
|
(7,702 |
) |
|
Net deferred tax asset |
7,294 |
|
|
8,753 |
|
|
Less non-current net deferred tax liabilities |
7 |
|
|
3,399 |
|
|
Current deferred tax asset |
$ |
7,301 |
|
|
$ |
12,152 |
|
|
|