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Income Taxes (Tables)

12 Months Ended

Dec. 28, 2019

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The company’s provision for income tax expense (benefit) consists of the following for fiscal years 2019, 2018, and 2017 (amounts in thousands):

		Fiscal 2019				Fiscal 2018				Fiscal 2017
Current Taxes:
Federal		$	23,397			$	11,642			$	53,076
State			5,539				6,702				7,403
			28,936				18,344				60,479
Deferred Taxes:
Federal			17,335				21,762				(59,385	)
State			1,274				(105	)			(1,921	)
			18,609				21,657				(61,306	)
Income tax expense (benefit)		$	47,545			$	40,001			$	(827	)

Reconciliation of Effective Tax Amount

Income tax expense (benefit) differs from the amount computed by applying the applicable U.S. federal income tax rate of 21% for fiscal years 2019 and 2018, and 35% for fiscal year 2017 (amounts in thousands):

		Fiscal 2019				Fiscal 2018				Fiscal 2017
Tax at U.S. federal income tax rate		$	44,538			$	41,404			$	52,253
State income taxes, net of federal income tax benefit			5,384				5,213				3,564
Tax reform impact			—				(5,575	)			(48,160	)
Section 199 qualifying production activities benefit			—				—				(5,422	)
Net share-based payments (windfalls) shortfalls			(828	)			1,639				(1,001	)
Other			(1,549	)			(2,680	)			(2,061	)
Income tax expense (benefit)		$	47,545			$	40,001			$	(827	)

Components of Deferred Tax Assets and (Liabilities)

Deferred tax assets (liabilities) are comprised of the following (amounts in thousands):

		December 28, 2019				December 29, 2018
Self-insurance		$	4,882			$	5,208
Compensation and employee benefits			6,929				8,718
Deferred income			7,488				8,867
Loss and credit carryforwards			13,304				14,027
Equity-based compensation			2,135				4,646
Legal accrual			7,238				2,245
Hedging			—				1,397
Pension and postretirement benefits			4,336				10,764
Financing and operating lease right-of-use liabilities			102,797				—
Other			6,820				7,394
Valuation allowance			(703	)			(364	)
Deferred tax assets			155,226				62,902
Depreciation			(67,639	)			(59,294	)
Intangibles			(105,238	)			(104,380	)
Financing and operating lease right-of-use assets			(101,217	)			—
Hedging			(560	)			—
Other			(1,967	)			(1,886	)
Deferred tax liabilities			(276,621	)			(165,560	)
Net deferred tax liability		$	(121,395	)		$	(102,658	)

Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a reconciliation of the total amounts of unrecognized tax benefits for fiscal years 2019, 2018, and 2017 (amounts in thousands):

		Fiscal 2019				Fiscal 2018				Fiscal 2017
Unrecognized tax benefit at beginning of fiscal year		$	750			$	1,259			$	1,754
Gross increases			—				—				—
Lapses of statutes of limitations			(444	)			(509	)			(495	)
Unrecognized tax benefit at end of fiscal year		$	306			$	750			$	1,259

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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.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
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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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