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INCOME TAXES (Tables)

12 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes consisted of the following:

			Fiscal year ended
(dollars in thousands)			December 28, 2024						December 30, 2023						December 31, 2022
Current tax provision:
Federal			$	33,397					$	47,643					$	43,569
State			7,422						8,943						8,307
Foreign			10,903						13,756						15,562
Total current provision			$	51,722					$	70,342					$	67,438
Deferred tax (benefit) provision:
Federal			$	(3,965)					$	(148)					$	(1,484)
State			(25)						(512)						425
Foreign			(2,432)						60						319
Total deferred benefit			(6,422)						(600)						(740)
Total provision			$	45,300					$	69,742					$	66,698

The components of income before income taxes were as follows:

			Fiscal year ended
(dollars in thousands)			December 28, 2024						December 30, 2023						December 31, 2022
Domestic			$	167,741					$	240,627					$	227,929
Foreign			63,068						61,615						88,807
Total			$	230,809					$	302,242					$	316,736

Federal statutory tax rate reconciliation

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

			Fiscal year ended
			December 28, 2024						December 30, 2023						December 31, 2022
Statutory federal income tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal income tax benefit			2.9		%				3.0		%				2.8		%
Impact of foreign operations			(3.4)		%				(0.8)		%				(2.0)		%
Settlement of uncertain tax positions			(0.5)		%				(0.6)		%				(0.7)		%
Benefit from stock-based compensation			—		%				—		%				(0.1)		%
Other			(0.4)		%				0.5		%				0.1		%
Total			19.6		%				23.1		%				21.1		%

Components of deferred tax assets and liabilities

The following table reflects the Company’s calculation of the components of deferred tax assets and liabilities as of December 28, 2024 and December 30, 2023.

(dollars in thousands)			December 28, 2024						December 30, 2023
Deferred tax assets:			Assets (Liabilities)
Accounts receivable allowance			$	4,321					$	5,263
Inventory			12,408						14,271
Accrued liabilities			8,810						11,208
Equity-based compensation			3,886						3,511
Deferred employee benefits			3,062						3,397
Leasing liabilities			128,904						105,756
Other			5,078						4,771
Total deferred tax assets			166,469						148,177
Deferred tax liabilities:
Depreciation			(19,060)						(19,654)
Leasing assets			(115,419)						(93,943)
Tradename and licensing agreements			(63,144)						(71,361)
Other			(2,712)						(2,516)
Total deferred tax liabilities			(200,335)						(187,474)
Net deferred tax liability			$	(33,866)					$	(39,297)

Net deferred tax liability

(dollars in thousands)			December 28, 2024						December 30, 2023
			Assets (Liabilities)
Deferred tax assets			$	4,344					$	2,173
Deferred tax liabilities			(38,210)						(41,470)
Net deferred tax liability			$	(33,866)					$	(39,297)

Unrecognized tax benefits

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

(dollars in thousands)
Balance at January 1, 2022			$	8,856
Additions based on tax positions related to fiscal 2022			1,040
Reductions for prior year tax positions			—
Reductions for lapse of statute of limitations			(2,803)
Balance at December 31, 2022			$	7,093
Additions based on tax positions related to fiscal 2023			1,545
Reductions for prior year tax positions			—
Reductions for lapse of statute of limitations			(2,373)
Balance at December 30, 2023			$	6,265
Additions based on tax positions related to fiscal 2024			1,500
Reductions for prior year tax positions			—
Reductions for lapse of statute of limitations			(1,255)
Balance at December 28, 2024			$	6,510

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