XML 51 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Jan. 03, 2025

Income Tax Disclosure [Abstract]

Total Income Tax Expense

Total income tax expense for 2024, 2023 and 2022 consisted of the following:

		Fiscal Years
(In thousands)		2024				2023				2022
Current
Federal		$	28,237			$	23,193			$	24,411
Foreign			3,041				2,254				1,973
State			10,393				10,025				10,883
			41,671				35,472				37,267
Deferred
Federal			(2,665	)			(775	)			(4,910	)
State			(638	)			860				(2,453	)
			(3,303	)			85				(7,363	)
Total		$	38,368			$	35,557			$	29,904

Company's Effective Tax Rate Differs From Statutory Federal Tax Rate

The Company’s effective tax rate differs from the statutory federal tax rate of 21% as shown in the following schedule:

		Fiscal Years
(In thousands)		2024				2023				2022
Tax at federal statutory rate		$	30,948			$	28,538			$	27,769
State taxes, net of federal benefit			7,699				8,587				6,726
Non-deductible officer compensation			1,787				870				1,160
Non-deductible expenses			427				456				52
Non-deductible stock-based compensation			14				12				12
Excess tax benefit from equity incentive plans			(2,239	)			(2,844	)			(4,533	)
Difference between statutory rate and foreign effective tax rate			(194	)			(264	)			(693	)
Other			(74	)			202				(589	)
Tax expense		$	38,368			$	35,557			$	29,904
Effective tax rate			26.0	%			26.2	%			22.6	%

Significant Portions of 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 3, 2025 and December 29, 2023 are presented in the following schedule:

		Fiscal Years
(In thousands)		2024				2023
Deferred tax assets:
Accrued liabilities and allowances		$	22,831			$	21,235
Deferred compensation plan			43,222				40,280
Operating leases			22,782				7,853
Total deferred tax assets		$	88,835			$	69,368
Deferred tax liabilities:
State taxes		$	(2,310	)		$	(2,255	)
Deductible goodwill			(2,065	)			(2,071	)
Operating leases			(22,782	)			(7,853	)
Unrealized gain of deferred compensation plan assets			(3,319	)			(1,652	)
Property, equipment and leasehold improvements			(1,232	)			(1,695	)
Other			—				(18	)
Total deferred tax liabilities			(31,708	)			(15,544	)
Net deferred tax assets		$	57,127			$	53,824

Reconciliation of The Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

Balance at December 30, 2022		$	2,047
Additions based on tax positions related to the current year			571
Reductions due to lapse of statute of limitations			(473	)
Balance at December 29, 2023		$	2,145
Additions based on tax positions related to the current year			651
Reductions due to lapse of statute of limitations			(369	)
Balance at January 3, 2025		$	2,427

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration