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Income Taxes (Tables) | 12 Months Ended
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Jan. 01, 2016
Income Tax Disclosure [Abstract] |
Total Income Tax Expense | Total income tax expense for the fiscal years ended January 1, 2016, January 2, 2015 and January 3, 2014 consisted of the following:
|  | Fiscal Years |
(In thousands) |  | 2015 |  | 2014 |  | 2013 |
Current |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 25,081 |  | $ | 26,647 |  | $ | 22,468 |
Foreign |  |  | 1,385 |  |  | 896 |  |  | 1,411 |
State |  |  | 4,895 |  |  | 5,798 |  |  | 4,824 |
|  |  | 31,361 |  |  | 33,341 |  |  | 28,703 |
Deferred |  |  |  |  |  |  |  |  |  |
Federal |  |  | (3,411) |  |  | (5,059) |  |  | (2,703) |
State |  |  | (416) |  |  | (1,018) |  |  | (695) |
|  |  | (3,827) |  |  | (6,077) |  |  | (3,398) |
Total |  | $ | 27,534 |  | $ | 27,264 |  | $ | 25,305 |
Reconciliation of Effective Income Tax Rate | The Company’s effective tax rate differs from the statutory federal tax rate of 35% as shown in the following schedule:
|  | Fiscal Years |
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Tax at federal statutory rate |  | $ | 24,897 |  |  | $ | 23,788 |  |  | $ | 22,381 |
State taxes, net of federal benefit |  |  | 2,910 |  |  |  | 3,226 |  |  |  | 2,819 |
Tax exempt interest income |  |  | (23) |  |  |  | (44) |  |  |  | (36) |
Non-deductible expenses |  |  | 261 |  |  |  | 289 |  |  |  | 226 |
Non-deductible stock-based compensation |  |  | (42) |  |  |  | - |  |  |  | (79) |
Other |  |  | (469) |  |  |  | 5 |  |  |  | (6) |
Tax expense |  | $ | 27,534 |  |  | $ | 27,264 |  |  | $ | 25,305 |
Effective tax rate |  |  | 38.7 | % |  |  | 40.1 | % |  |  | 39.6 | %
Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 1, 2016 and January 2, 2015 are presented in the following schedule:
|  | Fiscal Years |
(In thousands) |  | 2015 |  | 2014 |
Deferred tax assets: |  |  |  |  |  |  |
Accrued liabilities and allowances |  | $ | 17,780 |  | $ | 17,244 |
Deferred compensation |  |  | 27,425 |  |  | 26,873 |
Other |  |  | 43 |  |  | 28 |
Total deferred tax assets |  |  | 45,248 |  |  | 44,145 |
Deferred tax liabilities: |  |  |  |  |  |  |
State taxes |  |  | (1,850) |  |  | (1,717) |
Deductible goodwill |  |  | (3,014) |  |  | (2,978) |
Property, equipment and leasehold improvements |  |  | (205) |  |  | (459) |
Unrealized gain of deferred compensation plan assets |  |  | (723) |  |  | (3,377) |
Other |  |  | - |  |  | - |
Total deferred tax liabilities |  |  | (5,792) |  |  | (8,531) |
Net deferred tax assets |  | $ | 39,456 |  | $ | 35,614 |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Balance at January 3, 2014 |  | $ | 1,147,000 |
Additions based on tax positions related to the current year |  |  | 486,000 |
Additions for tax positions of prior years |  |  | - |
Reductions due to lapse of statute of limitations |  |  | (87,000) |
Reductions due to change in accounting method |  |  | - |
Settlements |  |  | - |
Balance at January 2, 2015 |  | $ | 1,546,000 |
Additions based on tax positions related to the current year |  |  | 406,000 |
Additions for tax positions of prior years |  |  | 80,000 |
Reductions due to lapse of statute of limitations |  |  | (154,000) |
Reductions due to change in accounting method |  |  | - |
Settlements |  |  | - |
Balance at January 1, 2016 |  | $ | 1,878,000 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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