Income Taxes (Tables)
|
12 Months Ended |
Dec. 30, 2023 |
| Income Tax Disclosure [Abstract] |
|
| Significant Components of Income Tax (Benefit) Provision |
Significant components of the income tax provision (benefit) for fiscal 2023, 2022, and 2021 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
36,556 |
|
|
$ |
10,453 |
|
|
$ |
(4,473 |
) |
State |
|
|
7,650 |
|
|
|
4,683 |
|
|
|
2,078 |
|
Total current |
|
|
44,206 |
|
|
|
15,136 |
|
|
|
(2,395 |
) |
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
(10,816 |
) |
|
|
8,196 |
|
|
|
(2,762 |
) |
State |
|
|
(52 |
) |
|
|
841 |
|
|
|
(2,487 |
) |
Total deferred |
|
|
(10,868 |
) |
|
|
9,037 |
|
|
|
(5,249 |
) |
Total income tax provision (benefit) |
|
$ |
33,338 |
|
|
$ |
24,173 |
|
|
$ |
(7,644 |
) |
|
| Reconciliations to Statutory Rates |
The reconciliations to statutory rates for fiscal 2023, 2022, and 2021 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
State income taxes, net of federal benefit |
|
|
4.8 |
|
|
|
4.1 |
|
|
|
11.0 |
|
Non-deductible compensation under Internal Revenue Code Section 162(m) |
|
|
3.4 |
|
|
|
0.2 |
|
|
|
5.7 |
|
Non-deductible meals & entertainment |
|
|
1.2 |
|
|
|
0.6 |
|
|
|
5.6 |
|
Change in valuation allowance |
|
|
1.0 |
|
|
|
1.2 |
|
|
|
21.9 |
|
Deduction relating to excess stock-based compensation |
|
|
0.1 |
|
|
|
(0.9 |
) |
|
|
(153.8 |
) |
Change in unrecognized tax benefits (including interest and penalty) |
|
|
0.1 |
|
|
|
— |
|
|
|
(8.7 |
) |
Federal and state provision to return |
|
|
0.0 |
|
|
|
(0.2 |
) |
|
|
(7.1 |
) |
Other |
|
|
(1.2 |
) |
|
|
0.4 |
|
|
|
(6.3 |
) |
|
|
|
30.4 |
% |
|
|
26.4 |
% |
|
|
(110.7 |
)% |
|
| Significant Components of Company's Deferred Tax Assets and Liabilities |
Significant components of the Company’s deferred tax assets and liabilities were as follows at:
|
|
|
|
|
|
|
|
|
|
|
December 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(in thousands) |
|
Deferred tax assets: |
|
|
|
|
|
|
Lease liabilities |
|
$ |
12,034 |
|
|
$ |
13,994 |
|
Stock-based compensation expense |
|
|
8,062 |
|
|
|
7,441 |
|
Accrued expenses |
|
|
7,100 |
|
|
|
4,609 |
|
Inventory reserves |
|
|
4,689 |
|
|
|
8,595 |
|
Loss carryforwards |
|
|
1,864 |
|
|
|
968 |
|
Tax credit carryforwards |
|
|
689 |
|
|
|
813 |
|
Accrued commitments for inventory at vendor locations |
|
|
108 |
|
|
|
1,799 |
|
Other |
|
|
983 |
|
|
|
1,833 |
|
Total deferred tax assets |
|
|
35,529 |
|
|
|
40,052 |
|
Valuation allowance |
|
|
(5,808 |
) |
|
|
(4,600 |
) |
Total deferred tax assets, net of valuation allowance |
|
|
29,721 |
|
|
|
35,452 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property, plant, and equipment |
|
|
(90,372 |
) |
|
|
(103,561 |
) |
Right-of-use assets |
|
|
(9,590 |
) |
|
|
(11,375 |
) |
Intangible assets amortization |
|
|
(8,244 |
) |
|
|
(10,373 |
) |
Prepaid expenses |
|
|
(7,236 |
) |
|
|
(6,735 |
) |
Total deferred tax liabilities |
|
|
(115,442 |
) |
|
|
(132,044 |
) |
Net deferred tax liabilities |
|
$ |
(85,721 |
) |
|
$ |
(96,592 |
) |
|
| Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2023 and 2022 was as follows:
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Balance at beginning of period |
|
$ |
243 |
|
|
$ |
232 |
|
Increases related to current period tax positions |
|
|
69 |
|
|
|
41 |
|
Increases (decreases) related to prior period tax positions |
|
|
4 |
|
|
|
(30 |
) |
Decreases related to lapse of statute of limitations |
|
|
(13 |
) |
|
|
— |
|
Balance at end of period |
|
$ |
303 |
|
|
$ |
243 |
|
|