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Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2016
Income Tax Disclosure [Abstract] |
Total Income Tax Expense | Total income tax expense for fiscal years 2016, 2015 and 2014 consisted of the following:
|  | Fiscal Years |
(In thousands) |  | 2016 |  | 2015 |  | 2014 |
Current |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 18,877 |  | $ | 25,081 |  | $ | 26,647 |
Foreign |  |  | 1,085 |  |  | 1,385 |  |  | 896 |
State |  |  | 4,282 |  |  | 4,895 |  |  | 5,798 |
|  |  | 24,244 |  |  | 31,361 |  |  | 33,341 |
Deferred |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,047) |  |  | (3,411) |  |  | (5,059) |
State |  |  | (555) |  |  | (416) |  |  | (1,018) |
|  |  | (2,602) |  |  | (3,827) |  |  | (6,077) |
Total |  | $ | 21,642 |  | $ | 27,534 |  | $ | 27,264 |
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) |  | 2016 |  |  | 2015 |  |  | 2014 |
Tax at federal statutory rate |  | $ | 24,193 |  |  | $ | 24,897 |  |  | $ | 23,788 |
State taxes, net of federal benefit |  |  | 2,423 |  |  |  | 2,910 |  |  |  | 3,226 |
Tax exempt interest income |  |  | (7) |  |  |  | (23) |  |  |  | (44) |
Non-deductible expenses |  |  | 274 |  |  |  | 261 |  |  |  | 289 |
Non-deductible stock-based compensation |  |  | 11 |  |  |  | (42) |  |  |  | - |
Excess tax benefit from equity incentive plans |  |  | (4,321) |  |  |  | - |  |  |  | - |
Difference between statutory rate and foreign effective tax rate |  |  | (889) |  |  |  | (897) |  |  |  | (174) |
Other |  |  | (42) |  |  |  | 428 |  |  |  | 179 |
Tax expense |  | $ | 21,642 |  |  | $ | 27,534 |  |  | $ | 27,264 |
Effective tax rate |  |  | 31.3 | % |  |  | 38.7 | % |  |  | 40.1 | %
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 December 30, 2016 and January 1, 2016 are presented in the following schedule:
|  | Fiscal Years |
(In thousands) |  | 2016 |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |
Accrued liabilities and allowances |  | $ | 18,335 |  | $ | 17,780 |
Deferred compensation |  |  | 30,603 |  |  | 27,425 |
Other |  |  | 97 |  |  | 43 |
Total deferred tax assets |  |  | 49,035 |  |  | 45,248 |
Deferred tax liabilities: |  |  |  |  |  |  |
State taxes |  |  | (1,958) |  |  | (1,850) |
Deductible goodwill |  |  | (3,075) |  |  | (3,014) |
Property, equipment and leasehold improvements |  |  | (195) |  |  | (205) |
Unrealized gain of deferred compensation plan assets |  |  | (1,641) |  |  | (723) |
Total deferred tax liabilities |  |  | (6,869) |  |  | (5,792) |
Net deferred tax assets |  | $ | 42,166 |  | $ | 39,456 |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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 |
Additions based on tax positions related to the current year |  |  | 502,000 |
Additions for tax positions of prior years |  |  | 6,000 |
Reductions due to lapse of statute of limitations |  |  | (430,000) |
Reductions due to change in accounting method |  |  | - |
Settlements |  |  | - |
Balance at December 30, 2016 |  | $ | 1,956,000 |

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