Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Schedule of Components of Income Tax (Benefit) Provision

The income tax provision (benefit) consists of:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Current income tax:
Federal	$	6,880	$	2,829	$	138
State	3,246		4,838		4,242
Deferred income tax:
Federal	(3,878)		11,079		15,015
State	(2,111)		(55)		1,686
Income tax provision (benefit)	$	4,137	$	18,691	$	21,081

Schedule of Effective Income Tax Rate Reconciliation

Our income tax provision (benefit) differs from the amounts computed by multiplying earnings (loss) before income taxes by the statutory federal income tax rate as shown in the following table:


In thousands	Fiscal Year 2023			Fiscal Year 2022			Fiscal Year 2021
Federal income tax provision at statutory rate	$	(12,970)		$	12,771		$	31,358
State income tax provision, net of federal income tax	1,305			3,527			7,130
Increase (decrease) in deferred tax asset valuation allowance	2,238			477			(441)
Executive compensation limitation	354			1,218			283
Goodwill impairment	12,614			—			—
Stranded tax effect of matured interest rate swaps	—			—			(2,125)
Tax provision (benefit) of equity-based compensation deductions	1,211			(27)			(14,408)
Other, net	(615)			725			(716)
Net income tax provision (benefit)	$	4,137		$	18,691		$	21,081
Effective income tax rate	(6.7)		%	30.7		%	14.1		%

Schedule of Deferred Tax Assets and Liabilities

The sources of the differences between the financial accounting and tax bases of our assets and liabilities that give rise to the deferred tax assets and deferred tax liabilities and the tax effects of each are as follows:


In thousands	As of December 30, 2023		As of December 31, 2022
Deferred tax assets:
NOL carry-forwards	$	7,399	$	5,708

Credit carryforwards	267		547
Deferred revenue	5,984		6,376
Accrued expenses and reserves	13,344		10,233
Loss on equity and other investments	888		899
Stock-based compensation	6,050		5,214

Operating lease liabilities	119,916		115,870

Subtotal	153,848		144,847
Valuation allowances	(5,760)		(3,522)
Total net deferred tax assets	148,088		141,325
Deferred tax liabilities:
Depreciation of property and equipment	(61,118)		(59,446)
Amortization of intangible assets	(68,729)		(70,946)
Unrealized gains on hedging instruments	(1,407)		(3,568)
Right of use asset	(101,780)		(97,954)
Other	(2,938)		(3,281)
Total deferred tax liabilities	(235,972)		(235,195)
Net deferred tax liabilities	$	(87,884)	$	(93,870)