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v3.20.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2020
Income Taxes |
Schedule of provision for income taxes | The provision for income taxes consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss)/Income before income taxes | ​ | $ | (356,036) | ​ | $ | 140,334 | ​ | $ | 107,411
Income tax (benefit)/provision: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (38,414) | ​ | $ | 8,211 | ​ | $ | 5,082
State | ​ |  | 2,971 | ​ |  | 7,027 | ​ |  | 8,804
Total current | ​ |  | (35,443) | ​ |  | 15,238 | ​ |  | 13,886
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (52,607) | ​ |  | (3,695) | ​ |  | (4,549)
State | ​ |  | (14,621) | ​ |  | 1,498 | ​ |  | (961)
Total deferred | ​ |  | (67,228) | ​ |  | (2,197) | ​ |  | (5,510)
Total (benefit)/provision | ​ | $ | (102,671) | ​ | $ | 13,041 | ​ | $ | 8,376
​
Schedule of reconciles the U.S. federal statutory rate to the effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year |
​ |  | 2020 |  | 2019 |  | 2018 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State and district income taxes, net of federal benefit |  | 2.6 | ​ | 4.9 | ​ | 6.1 | ​
Credit for FICA taxes paid on tips |  | 2.1 | ​ | (12.8) | ​ | (16.5) | ​
Other credits and incentives |  | 0.3 | ​ | (1.4) | ​ | (2.5) | ​
Impact of net operating loss carryback |  | 3.4 | ​ | — | ​ | — | ​
Deferred compensation |  | 0.6 | ​ | (1.7) | ​ | 0.8 | ​
Equity compensation | ​ | (0.4) | ​ | (0.2) | ​ | (1.5) | ​
Other |  | (0.8) | ​ | (0.5) | ​ | 0.4 | ​
Effective tax rate |  | 28.8 | % | 9.3 | % | 7.8 | %
Schedule of deferred tax assets and liabilities | Following are the temporary differences that created our deferred tax assets and liabilities (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 29, 2020 |  | December 31, 2019
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Staff member benefits | ​ | $ | 33,419 | ​ | $ | 27,059
Insurance reserves | ​ |  | 11,460 | ​ |  | 14,157
Operating lease liability | ​ | ​ | 319,274 | ​ | ​ | 311,043
Deferred income | ​ |  | 31,119 | ​ |  | 22,725
Tax credit carryforwards | ​ |  | 37,107 | ​ |  | 15,754
Goodwill | ​ |  | 15,632 | ​ |  | —
Stock-based compensation | ​ | ​ | 9,937 | ​ | ​ | 8,794
State and foreign net operating loss carryforwards | ​ | ​ | 3,536 | ​ | ​ | —
Derivative asset | ​ | ​ | 1,409 | ​ | ​ | —
Other | ​ | ​ | 1,466 | ​ | ​ | 1,958
Subtotal | ​ |  | 464,359 | ​ |  | 401,490
Less: Valuation allowance | ​ |  | (1,041) | ​ |  | (713)
Total | ​ | $ | 463,318 | ​ | $ | 400,777
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment | ​ | $ | (124,634) | ​ | $ | (133,206)
Prepaid expenses | ​ |  | (7,027) | ​ |  | (8,819)
Inventory | ​ |  | (7,766) | ​ |  | (7,713)
Accrued rent | ​ | ​ | (4,947) | ​ | ​ | (4,955)
Operating lease asset | ​ | ​ | (280,845) | ​ | ​ | (276,420)
Other | ​ | ​ | (214) | ​ | ​ | (136)
Total | ​ | $ | (425,433) | ​ | $ | (431,249)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset/(liability) | ​ | $ | 37,885 | ​ | $ | (30,472)
Schedule of reconciliation of our uncertain tax positions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at beginning of year | ​ | $ | 704 | ​ | $ | 830 | ​ | $ | 843
Additions related to current period tax positions | ​ |  | (49) | ​ |  | 13 | ​ |  | 104
Reductions related to settlements with taxing authorities and lapses of statutes of limitations | ​ |  | — | ​ |  | (139) | ​ |  | (117)
Balance at end of year | ​ | $ | 655 | ​ | $ | 704 | ​ | $ | 830

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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