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Income Taxes (Tables)

12 Months Ended

Jan. 02, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision for income taxes, including those related to non-controlling interest, are as follows (in thousands):

			2020						2019						2018
Current:
Federal			$	18,365					$	20,122					$	15,663
State			6,030						5,418						4,877
Foreign			146						662						936
Current provision			24,541						26,202						21,476
Deferred:
Federal			(9,100)						4,140						4,002
State			(2,395)						1,634						1,320
Foreign			(580)						235						(1,399)
Deferred provision			(12,075)						6,009						3,923
Total income tax expense			$	12,466					$	32,211					$	25,399

Schedule of Effective Income Tax Rate Reconciliation

The differences between the actual tax expense and tax expense computed at the statutory United States federal tax rate are explained as follows (in thousands):

			2020						2019						2018
Federal statutory tax expense			$	11,420					$	29,970					$	24,943
State taxes, net of federal tax effect			2,387						5,159						3,997
Credit for increasing research activities			(3,891)						(4,050)						(3,950)
Valuation allowance			1,264						98						(1,141)
Goodwill impairment			1,453						—						—
Equity based compensation			106						639						(666)
Change in uncertain tax positions			(335)						(357)						766
Foreign income tax rate differential			(44)						596						124
Other – net			106						156						1,326
Total income tax expense			$	12,466					$	32,211					$	25,399

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s deferred tax liabilities and assets are as follows (in thousands):

			January 2, 2021						December 28, 2019
Deferred Taxes
Allowance for doubtful accounts			$	1,228					$	746
Compensation			7,187						7,243
Inventory differences			2,725						1,445
Marketing accrual			885						1,238
Stock-based compensation			8,494						7,680
Accrued post-retirement benefit obligations			6,676						6,287
Vacation accrual			2,896						2,687
Warranty accrual			4,185						3,842
Net operating loss carryforward			6,654						4,522
Capital loss carryforward			2,012						2,011
Lease liability			16,392						17,212
Payroll deferral			4,114						—
Other – net			9,290						8,916
Total deferred tax assets			$	72,738					$	63,829
Deferred income			(4,743)						(4,838)
Goodwill and other intangible assets			(48,934)						(54,951)
Prepaid expenses			(6,454)						(6,867)
Right of use asset			(16,626)						(16,251)
Tax over book depreciation			(58,556)						(57,682)
Total deferred tax liabilities			$	(135,313)					$	(140,589)
Valuation allowance			(11,524)						(10,260)
Total net deferred tax liabilities			$	(74,099)					$	(87,020)
Long-term net deferred tax assets			607						176
Long-term net deferred tax liabilities			(74,706)						(87,196)
Total net deferred tax liabilities			$	(74,099)					$	(87,020)

Summary of Valuation Allowance

The valuation allowance for deferred tax assets is as follows (in thousands):

						Balance at beginning of period						Charged to expenses						Adjustments to balance sheet						Balance at end of period
Year ended January 2, 2021						$	10,260					$	1,264					$	—					$	11,524
Year ended December 28, 2019						$	7,153					$	98					$	3,009					$	10,260
Year ended December 29, 2018						$	8,664					$	(839)					$	(672)					$	7,153

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

			2020						2019
Balance at beginning of period			$	2,578					$	2,937
Increases in positions taken in a prior period			53						14
Decreases in positions taken in a prior period			—						(127)
New positions taken in a current period			364						562
Decrease due to lapse of statute of limitations			(768)						(808)
Balance at end of period			$	2,227					$	2,578

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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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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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