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Income Taxes (Tables) | 12 Months Ended
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Dec. 25, 2021
Income Tax Disclosure [Abstract] |
Components of Income Tax Provision (Benefit) | The components of the income tax provision (benefit) are as follows:
|  | For the Year Ended |
(in thousands) |  | December 25, 2021 |  |  | December 26, 2020 |  |  | December 28, 2019 |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 43,374 |  |  | $ | 33,698 |  |  | $ | 19,090 |  |
State |  |  | 5,755 |  |  |  | 4,276 |  |  |  | 2,091 |  |
Foreign |  |  | 1,075 |  |  |  | 491 |  |  |  | (194 | ) |
|  |  | 50,204 |  |  |  | 38,465 |  |  |  | 20,987 |  |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (9,609 | ) |  |  | (8,475 | ) |  |  | 2,084 |  |
State |  |  | (1,368 | ) |  |  | (893 | ) |  |  | (280 | ) |
Foreign |  |  | (993 | ) |  |  | (231 | ) |  |  | (746 | ) |
|  |  | (11,970 | ) |  |  | (9,599 | ) |  |  | 1,058 |  |
Total |  | $ | 38,234 |  |  | $ | 28,866 |  |  | $ | 22,045 |  |
Reconciliation of Income Taxes at Statutory Tax Rate to Company's Effective Tax Rate | The following is a reconciliation of income taxes at the statutory tax rate to the Company's effective tax rate:
|  | For the Year Ended |
|  | December 25, 2021 |  |  | December 26, 2020 |  |  | December 28, 2019 |
Federal taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal tax benefit |  |  | 2.1 |  |  |  | 2.0 |  |  |  | 1.3 |
Research and development tax credit |  |  | (0.4 | ) |  |  | (0.6 | ) |  |  | (0.5 | )
Federal permanent items |  |  | — |  |  |  | (0.2 | ) |  |  | (0.3 | )
Effect of foreign operations |  |  | (0.2 | ) |  |  | 0.1 |  |  |  | (1.1 | )
Other |  |  | — |  |  |  | (1.0 | ) |  |  | 0.4 |
Effective tax rate |  |  | 22.5 | % |  |  | 21.3 | % |  |  | 20.8 | %
Change in Unrecognized Tax Benefits | The following table summarizes the change in unrecognized tax benefits for the three years ended December 25, 2021:
|  | For the Year Ended |
(in thousands) |  | December 25, 2021 |  |  | December 26, 2020 |  |  | December 28, 2019 |
Balance at beginning of year |  | $ | 1,060 |  |  | $ | 2,301 |  |  | $ | 2,390 |
Reductions due to lapses in statutes of limitations |  |  | — |  |  |  | — |  |  |  | (200 | )
Reductions due to tax positions settled |  |  | — |  |  |  | (1,308 | ) |  |  | — |
Reductions due to reversals of prior year positions |  |  | (30 | ) |  |  | (202 | ) |  |  | (28 | )
Additions based on tax positions taken during the current period |  |  | 174 |  |  |  | 269 |  |  |  | 139 |
Balance at end of year |  | $ | 1,204 |  |  | $ | 1,060 |  |  | $ | 2,301 |
Reconciliation of Deferred Tax Assets and Liabilities | Deferred income taxes result from timing differences in the recognition of revenue and expense between tax and financial statement purposes. The sources of temporary differences are as follows:
(in thousands) |  | December 25, 2021 |  |  | December 26, 2020 |
Assets: |  |  |  |  |  |  |  |
Inventories |  | $ | 13,689 |  |  | $ | 11,346 |
Accounts receivable |  |  | 18,589 |  |  |  | 16,452 |
Operating lease liability |  |  | 14,526 |  |  |  | 9,352 |
Accrued expenses |  |  | 7,515 |  |  |  | 3,671 |
Net operating losses |  |  | 1,892 |  |  |  | 304 |
Foreign tax credits |  |  | 469 |  |  |  | 631 |
State tax credits |  |  | 819 |  |  |  | 625 |
Capital loss carryforward |  |  | 467 |  |  |  | — |
Total deferred tax assets |  |  | 57,966 |  |  |  | 42,381 |
Valuation allowance |  |  | (1,837 | ) |  |  | (1,256 | )
Net deferred tax assets |  |  | 56,129 |  |  |  | 41,125 |
Liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 14,541 |  |  |  | 10,586 |
Goodwill and intangible assets |  |  | 45,522 |  |  |  | 12,419 |
Operating lease right of use asset |  |  | 13,733 |  |  |  | 8,560 |
Other |  |  | 309 |  |  |  | 929 |
Gross deferred tax liabilities |  |  | 74,105 |  |  |  | 32,494 |
Net deferred tax (liabilities) assets |  | $ | (17,976 | ) |  | $ | 8,631 |

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