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Income Taxes (Tables)

12 Months Ended

Jan. 02, 2021

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 2020, 2019, and 2018 (amounts in thousands):

		Fiscal 2020				Fiscal 2019				Fiscal 2018
Current Taxes:
Federal		$	64,113			$	23,397			$	11,642
State			15,434				5,539				6,702
			79,547				28,936				18,344
Deferred Taxes:
Federal			(26,112	)			17,335				21,762
State			(5,042	)			1,274				(105	)
			(31,154	)			18,609				21,657
Income tax expense		$	48,393			$	47,545			$	40,001

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% because of the effect of the following items for Fiscal 2020, 2019 and 2018 (amounts in thousands):

		Fiscal 2020				Fiscal 2019				Fiscal 2018
Tax at U.S. federal income tax rate		$	42,149			$	44,538			$	41,404
State income taxes, net of federal income tax benefit			8,209				5,384				5,213
Tax reform impact			—				—				(5,575	)
Net share-based payments (windfalls) shortfalls			(80	)			(828	)			1,639
Other			(1,885	)			(1,549	)			(2,680	)
Income tax expense (benefit)		$	48,393			$	47,545			$	40,001

Components of Deferred Tax Assets and (Liabilities)

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

		January 2, 2021				December 28, 2019
Self-insurance		$	4,806			$	4,882
Compensation and employee benefits			7,698				6,929
Deferred income			5,988				7,488
Loss and credit carryforwards			13,026				13,304
Equity-based compensation			3,977				2,135
Legal accrual			2,867				7,238
Deferred payroll tax under CARES act			7,525				—
Pension and postretirement benefits			2,390				4,336
Financing and operating lease right-of-use liabilities			88,816				102,797
Other			7,028				6,820
Valuation allowance			(1,030	)			(703	)
Deferred tax assets			143,091				155,226
Depreciation			(69,056	)			(67,639	)
Intangibles			(109,824	)			(105,238	)
Financing and operating lease right-of-use assets			(85,720	)			(101,217	)
Hedging			(4,357	)			(560	)
Other			(2,393	)			(1,967	)
Deferred tax liabilities			(271,350	)			(276,621	)
Net deferred tax liability		$	(128,259	)		$	(121,395	)

Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2020, 2019, and 2018 (amounts in thousands):

		Fiscal 2020				Fiscal 2019				Fiscal 2018
Unrecognized tax benefit at beginning of fiscal year		$	306			$	750			$	1,259
Lapses of statutes of limitations			(306	)			(444	)			(509	)
Unrecognized tax benefit at end of fiscal year		$	—			$	306			$	750

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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