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INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2018

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes consisted of the following:

	For the fiscal year ended
(dollars in thousands)	December 29, 2018				December 30, 2017				December 31, 2016
Current tax provision:
Federal	$	48,129			$	117,676			$	113,326
State	9,437				11,368				11,407
Foreign	17,359				14,116				11,937
Total current provision	$	74,925			$	143,160			$	136,670
Deferred tax provision (benefit):
Federal	$	(760	)		$	(55,191	)		$	1,215
State	140				337				332
Foreign	(398		)		(82		)		(486		)
Total deferred provision	(1,018		)		(54,936		)		1,061
Total provision	$	73,907			$	88,224			$	137,731

The components of income before income taxes were as follows:

	For the fiscal year ended
(dollars in thousands)	December 29, 2018				December 30, 2017				December 31, 2016
Domestic	$	260,722			$	325,620			$	344,674
Foreign	95,253				65,452				50,766
Total	$	355,975			$	391,072			$	395,440

Federal statutory tax rate reconciliation

The difference between the Company's effective income tax rate and the federal statutory tax rate is reconciled below:

	For the fiscal year ended
	December 29, 2018			December 30, 2017			December 31, 2016
Statutory federal income tax rate	21.0	%		35.0	%		35.0	%
State income taxes, net of federal income tax benefit	2.8	%		2.1	%		2.3	%
Impact of foreign operations	(1.5	)%		(2.7	)%		(2.1	)%
Settlement of uncertain tax positions	(0.4	)%		(0.3	)%		(0.4	)%
Benefit from stock-based compensation	(1.1	)%		(1.3	)%		—	%
Imposition of transition tax on foreign subsidiaries	—	%		2.7	%		—	%
Revaluation of deferred taxes	—	%		(12.9	)%		—	%
Total	20.8	%		22.6	%		34.8	%

Components of deferred tax assets and liabilities

The following table reflects the Company’s calculation of the components of deferred assets and liabilities as of December 29, 2018 and December 30, 2017. Certain previously reported amounts as of December 30, 2017 were revised in the table below. The revisions were not material to the previously issued financial statements.  

(dollars in thousands)	December 29, 2018				December 30, 2017
Deferred tax assets:	Assets (Liabilities)
Accounts receivable allowance	$	3,674			$	3,632
Inventory	7,785				6,759
Accrued liabilities	10,672				13,174
Equity-based compensation	5,278				6,796
Deferred employee benefits	6,425				8,112
Deferred rent	33,761				34,422
Other	3,007				2,335
Total deferred tax assets	70,602				75,230
Deferred tax liabilities:
Depreciation	(62,898		)		(63,763		)
Tradename and licensing agreements	(89,194		)		(89,142		)
Other	(3,774		)		(5,328		)
Total deferred tax liabilities	(155,866		)		(158,233		)
Net deferred tax asset (liability)	$	(85,264	)		$	(83,003	)

Net deferred tax liability

(dollars in thousands)	December 29, 2018				December 30, 2017
	Assets (Liabilities)
Deferred tax assets(*)	$	2,083			$	1,941
Deferred tax liabilities	(87,347		)		(84,944		)
Net deferred tax asset (liability)	$	(85,264	)		$	(83,003	)

Unrecognized tax benefits

The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:

(dollars in thousands)
Balance at January 2, 2016	$	9,415
Additions based on tax positions related to fiscal 2016	2,849
Reductions for prior year tax positions	(39		)
Reductions for lapse of statute of limitations	(995		)
Reductions for prior year tax settlements	(693		)
Balance at December 31, 2016	$	10,537
Additions based on tax positions related to fiscal 2017	3,380
Reductions for prior year tax positions	(120		)
Reductions for lapse of statute of limitations	(1,604		)
Balance at December 30, 2017	$	12,193
Additions based on tax positions related to fiscal 2018	3,350
Additions for prior year tax positions	241
Reductions for lapse of statute of limitations	(1,867		)
Balance at December 29, 2018	$	13,917

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