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Income Taxes (Tables) | 12 Months Ended
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Jan. 01, 2022
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 2021, 2020, and 2019 (amounts in thousands):
|  | Fiscal 2021 |  |  | Fiscal 2020 |  |  | Fiscal 2019 |
Current Taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 46,018 |  |  | $ | 64,113 |  |  | $ | 23,397 |
State |  |  | 11,790 |  |  |  | 15,434 |  |  |  | 5,539 |
|  |  | 57,808 |  |  |  | 79,547 |  |  |  | 28,936 |
Deferred Taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 6,946 |  |  |  | (26,112 | ) |  |  | 17,335 |
State |  |  | (169 | ) |  |  | (5,042 | ) |  |  | 1,274 |
|  |  | 6,777 |  |  |  | (31,154 | ) |  |  | 18,609 |
Income tax expense |  | $ | 64,585 |  |  | $ | 48,393 |  |  | $ | 47,545 |
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 2021, 2020 and 2019 (amounts in thousands):
|  | Fiscal 2021 |  |  | Fiscal 2020 |  |  | Fiscal 2019 |
Tax at U.S. federal income tax rate |  | $ | 56,862 |  |  | $ | 42,149 |  |  | $ | 44,538 |
State income taxes, net of federal income tax benefit |  |  | 9,181 |  |  |  | 8,209 |  |  |  | 5,384 |
Net share-based payments (windfalls) |  |  | (104 | ) |  |  | (80 | ) |  |  | (828 | )
Other |  |  | (1,354 | ) |  |  | (1,885 | ) |  |  | (1,549 | )
Income tax expense |  | $ | 64,585 |  |  | $ | 48,393 |  |  | $ | 47,545 |
Components of Deferred Tax Assets and (Liabilities) | Deferred tax assets (liabilities) are comprised of the following (amounts in thousands):
|  | January 1, 2022 |  |  | January 2, 2021 |
Self-insurance |  | $ | 5,502 |  |  | $ | 4,806 |
Compensation and employee benefits |  |  | 8,816 |  |  |  | 7,698 |
Deferred income |  |  | 4,948 |  |  |  | 5,988 |
Loss and credit carryforwards |  |  | 12,990 |  |  |  | 13,026 |
Equity-based compensation |  |  | 6,797 |  |  |  | 3,977 |
Legal accrual |  |  | 6,514 |  |  |  | 2,867 |
Deferred payroll tax under CARES act |  |  | 4,100 |  |  |  | 7,525 |
Pension and postretirement benefits |  |  | 1,722 |  |  |  | 2,390 |
Financing and operating lease right-of-use liabilities |  |  | 77,422 |  |  |  | 88,816 |
Other |  |  | 6,642 |  |  |  | 7,028 |
Valuation allowance |  |  | (1,030 | ) |  |  | (1,030 | )
Deferred tax assets |  |  | 134,423 |  |  |  | 143,091 |
Depreciation |  |  | (71,041 | ) |  |  | (69,056 | )
Intangibles |  |  | (114,882 | ) |  |  | (109,824 | )
Financing and operating lease right-of-use assets |  |  | (75,233 | ) |  |  | (85,720 | )
Hedging |  |  | (2,015 | ) |  |  | (4,357 | )
Other |  |  | (5,009 | ) |  |  | (2,393 | )
Deferred tax liabilities |  |  | (268,180 | ) |  |  | (271,350 | )
Net deferred tax liability |  | $ | (133,757 | ) |  | $ | (128,259 | )
Reconciliation of Total Amounts of Unrecognized Tax Benefits | The following is a reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2021, 2020, and 2019 (amounts in thousands):
|  | Fiscal 2021 |  |  | Fiscal 2020 |  |  | Fiscal 2019 |
Unrecognized tax benefit at beginning of fiscal year |  | $ | — |  |  | $ | 306 |  |  | $ | 750 |
Lapses of statutes of limitations |  |  | — |  |  |  | (306 | ) |  |  | (444 | )
Unrecognized tax benefit at end of fiscal year |  | $ | — |  |  | $ | — |  |  | $ | 306 |

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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=121826272&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=121826272&loc=d3e32537-109319 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + 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=121826272&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=121826272&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=121826272&loc=d3e32840-109319 + Details
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