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Income Taxes (Tables)

12 Months Ended

Dec. 29, 2017

Income Tax Disclosure [Abstract]

Total Income Tax Expense

Total income tax expense for fiscal years 2017, 2016 and 2015 consisted of the following:

		Fiscal Years
(In thousands)		2017			2016			2015
Current
Federal		$	22,821		$	18,877		$	25,081
Foreign			1,514			1,085			1,385
State			5,083			4,282			4,895
			29,418			24,244			31,361
Deferred
Federal			12,570			(2,047)			(3,411)
State			(784)			(555)			(416)
			11,786			(2,602)			(3,827)
Total		$	41,204		$	21,642		$	27,534

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)		2017			2016			2015
Tax at federal statutory rate		$	28,878		$	24,193		$	24,897
Re-measurement of deferred tax assets to lower enacted domestic tax rate			15,137			-			-
Mandatory repatriation of foreign earnings			1,370			-			-
State taxes, net of federal benefit			2,806			2,423			2,910
Tax exempt interest income			-			(7)			(23)
Non-deductible expenses			417			274			261
Non-deductible stock-based compensation			18			11			(42)
Excess tax benefit from equity incentive plans			(5,831)			(4,321)			-
Difference between statutory rate and foreign effective tax rate			(1,339)			(889)			(897)
Other			(252)			(42)			428
Tax expense		$	41,204		$	21,642		$	27,534
Effective tax rate			49.9	%		31.3	%		38.7	%

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 29, 2017 and December 30, 2016 are presented in the following schedule:

		Fiscal Years
(In thousands)		2017			2016
Deferred tax assets:
Accrued liabilities and allowances		$	13,265		$	18,335
Deferred compensation			22,297			30,603
Property, equipment and leasehold improvements			288			-
Other			98			97
Total deferred tax assets			35,948			49,035
Deferred tax liabilities:
State taxes			(1,232)			(1,958)
Deductible goodwill			(2,078)			(3,075)
Property, equipment and leasehold improvements			-			(195)
Unrealized gain of deferred compensation plan assets			(2,119)			(1,641)
Other			(82)			-
Total deferred tax liabilities			(5,511)			(6,869)
Net deferred tax assets		$	30,437		$	42,166

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

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)
Settlements			-
Balance at December 30, 2016		$	1,956,000
Additions based on tax positions related to the current year			597,000
Additions for tax positions of prior years			11,000
Reductions due to lapse of statute of limitations			(338,000)
Reductions for tax positions of prior years			(437,000)
Settlements			-
Balance at December 29, 2017		$	1,789,000

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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