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Income Taxes

12 Months Ended

Dec. 26, 2023

Income Taxes

Income Taxes

(9) Income Taxes

Components of our income tax expense for the years ended December 26, 2023, December 27, 2022, and December 28, 2021 were as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	Fiscal Year Ended
​		December 26, 2023			December 27, 2022			December 28, 2021
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	21,694	​	$	15,549	​	$	16,700
State	​		19,105	​		18,120	​		13,539
Foreign	​	​	735	​	​	590	​	​	443
Total current	​		41,534	​		34,259	​		30,682
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​		4,518	​	​	9,664	​		7,391
State	​		(1,403)	​	​	(208)	​		1,505
Total deferred	​		3,115	​		9,456	​		8,896
Income tax expense	​	$	44,649	​	$	43,715	​	$	39,578

​

Our pre-tax income is substantially derived from domestic restaurants.

A reconciliation of the statutory federal income tax rate to our effective tax rate for December 26, 2023, December 27, 2022, and December 28, 2021 is as follows:

​

​	​	​	​	​	​	​	​
​	​	Fiscal Year Ended					​
​	​	December 26, 2023	​	December 27, 2022	​	December 28, 2021	​
Tax at statutory federal rate	​	21.0	%	21.0	%	21.0	%
State and local tax, net of federal benefit	​	3.6	​	3.7	​	3.8	​
FICA tip tax credit	​	(11.1)	​	(10.5)	​	(9.3)	​
Work opportunity tax credit	​	(1.0)	​	(1.3)	​	(1.2)	​
Share-based compensation	​	(0.5)	​	(0.1)	​	(1.5)	​
Net income attributable to noncontrolling interests	​	(0.4)	​	(0.4)	​	(0.5)	​
Officers compensation	​	0.6	​	0.7	​	1.1	​
Other	​	0.3	​	0.5	​	0.1	​
Total	​	12.5	%	13.6	%	13.5	%

​

Components of deferred tax liabilities, net were as follows:

​

​	​	​	​	​	​	​
​		December 26, 2023			December 27, 2022
Deferred tax assets:	​	​	​	​	​	​
Deferred revenue—gift cards	​	$	32,999	​	$	29,889
Insurance reserves	​	​	8,351	​	​	6,506
Other reserves	​		1,884	​		1,060
Share-based compensation	​		5,241	​		5,059
Operating lease liabilities	​	​	191,422	​	​	173,853
Deferred compensation	​		21,697	​		17,934
Tax credit carryforwards	​	​	45	​	​	2,740
Other assets	​		3,907	​		2,991
Total deferred tax asset	​		265,546	​		240,032
Deferred tax liabilities:	​	​	​	​	​	​
Property and equipment	​		(90,638)	​		(82,832)
Goodwill and intangibles	​		(9,116)	​		(8,374)
Operating lease right-of-use asset	​	​	(171,999)	​	​	(155,837)
Other liabilities	​	​	(16,897)	​	​	(13,968)
Total deferred tax liability	​		(288,650)	​		(261,011)
Net deferred tax liability	​	$	(23,104)	​	$	(20,979)

​

As of December 27, 2022, we had a tax credit carryforward of $2.7 million primarily related to FICA tip and Work opportunity tax credits that exceeded credit limitations. This federal carryforward was fully utilized during 2023.

A reconciliation of the beginning and ending liability for unrecognized tax benefits was as follows:

​

​	​	​
Balance at December 28, 2021	$	1,528
Additions to tax positions related to prior years		1,545
Additions to tax positions related to current year	​	872
Reductions due to statute expiration	​	-
Reductions due to exam settlement		(20)
Balance at December 27, 2022		3,925
Additions to tax positions related to prior years	​	964
Additions to tax positions related to current year		139
Reductions due to statute expiration		(246)
Reductions due to exam settlement	​	-
Balance at December 26, 2023	$	4,782

​

As of December 26, 2023 and December 27, 2022, the amount of unrecognized tax benefits that would impact the effective tax rate if recognized was $2.5 million and $2.1 million, respectively.

As of December 26, 2023 and December 27, 2022, the total amount of accrued penalties and interest related to uncertain tax provisions was recognized as a part of income tax expense and these amounts were not material.

All entities for which unrecognized tax benefits exist as of December 26, 2023 possess a December tax year-end. As a result, as of December 26, 2023, the tax years ended December 27, 2022, December 28, 2021 and December 29, 2020 remain subject to examination by all tax jurisdictions. As of December 26, 2023, no audits were in process by a tax jurisdiction that, if completed during the next twelve months, would be expected to result in a material change to our unrecognized tax benefits. Additionally, as of December 26, 2023, no event occurred that is likely to result in a significant increase or decrease in the unrecognized tax benefits through December 31, 2024.

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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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