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Income Taxes (Tables)

12 Months Ended

Jan. 02, 2024

Income Taxes

Schedule of provision for income taxes

The provision for income taxes consisted of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Fiscal Year
​		2023			2022			2021
​	​	​	​	​	​	​	​	​	​
Income before income taxes	​	$	100,014	​	$	32,892	​	$	71,620
Income tax provision/(benefit):	​	​	​	​	​	​	​	​	​
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	7,183	​	$	3,520	​	$	15,746
State	​		7,195	​		4,895	​		4,350
Total current	​		14,378	​		8,415	​		20,096
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​		(15,329)	​		(17,733)	​		(20,434)
State	​		(386)	​		(913)	​		(415)
Total deferred	​		(15,715)	​		(18,646)	​		(20,849)
Total benefit	​	$	(1,337)	​	$	(10,231)	​	$	(753)

​

Schedule of reconciles the U.S. federal statutory rate to the effective tax rate

​

​	​	​	​	​	​	​	​
​		Fiscal Year
​		2023		2022		2021
​	​	​	​	​	​	​	​
U.S. federal statutory rate		21.0	%	21.0	%	21.0	%
State and district income taxes, net of federal benefit		5.4	​	8.9	​	4.2	​
Credit for FICA taxes paid on tips		(24.9)	​	(66.4)	​	(24.2)	​
Other credits and incentives		(2.2)	​	(10.7)	​	(4.2)	​
Impact of net operating loss carryback		0.0	​	0.0	​	(6.3)	​
Deferred compensation		(2.4)	​	9.7	​	(2.9)	​
Equity compensation	​	1.5	​	5.5	​	0.0	​
Uncertain tax positions	​	(0.7)	​	(2.3)	​	10.3	​
Non-deductible executive compensation	​	0.8	​	2.8	​	0.3	​
Other		0.2	​	0.4	​	0.7	​
Effective tax rate		(1.3)	%	(31.1)	%	(1.1)	%

Schedule of deferred tax assets and liabilities

Following are the temporary differences that created our deferred tax assets and liabilities (in thousands):

​

​	​	​	​	​	​	​
​		January 2, 2024			January 3, 2023
Deferred tax assets:	​	​	​	​	​	​
Staff member benefits	​	$	35,932	​	$	31,325
Insurance reserves	​		14,931	​		14,374
Operating lease liability	​	​	324,587	​	​	323,094
Deferred income	​		38,074	​		35,928
Tax credit carryforwards	​		74,004	​		57,710
Goodwill	​		22,743	​		21,331
Stock-based compensation	​	​	10,789	​	​	10,769
State and foreign net operating loss carryforwards	​	​	1,640	​	​	2,435
Other	​	​	674	​	​	604
Subtotal	​		523,374	​		497,570
Less: Valuation allowance	​		(1,444)	​		(1,223)
Total	​	$	521,930	​	$	496,347
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Property and equipment	​	$	(121,219)	​	$	(113,565)
Prepaid expenses	​		(8,933)	​		(8,151)
Inventory	​		(8,882)	​		(8,399)
Accrued rent	​	​	(5,889)	​	​	(5,285)
Operating lease asset	​	​	(284,244)	​	​	(283,921)
Other	​	​	(819)	​	​	(781)
Total	​	$	(429,986)	​	$	(420,102)
​	​	​	​	​	​	​
Net deferred tax asset	​	$	91,944	​	$	76,245

Schedule of reconciliation of our uncertain tax positions

A reconciliation of the beginning and ending amount of our uncertain tax positions is as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		Fiscal Year
​		2023			2022			2021
​	​	​	​	​	​	​	​	​	​
Balance at beginning of year	​	$	3,787	​	$	4,799	​	$	655
Additions related to prior year tax positions	​	​	181	​	​	227	​	​	4,157
Additions related to current period tax positions	​		(121)	​		(54)	​		(13)
Reductions related to settlements with taxing authorities	​		—	​		(1,185)	​		—
Balance at end of year	​	$	3,847	​	$	3,787	​	$	4,799

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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 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.

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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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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.

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