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Income Taxes (Tables) | 12 Months Ended
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Jan. 02, 2024
Income Tax Disclosure [Abstract] |
Income Tax Benefit | Income tax benefit for the last three fiscal years consists of the following (in thousands):
|  | Fiscal Year |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,378 |  |  | $ | 647 |  |  | $ | 2,776 |
State |  |  | 897 |  |  |  | 379 |  |  |  | 323 |
|  |  | 2,275 |  |  |  | 1,026 |  |  |  | 3,099 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (11,344 | ) |  |  | (12,653 | ) |  |  | (16,872 | )
State |  |  | (491 | ) |  |  | (757 | ) |  |  | (1,803 | )
|  |  | (11,835 | ) |  |  | (13,410 | ) |  |  | (18,675 | )
Income tax benefit |  | $ | (9,560 | ) |  | $ | (12,384 | ) |  | $ | (15,576 | )
Income Tax Benefit Differs from Amount that would Result from Applying Federal Statutory Rate | Income tax benefit for the last three fiscal years differs from the amount that would result from applying the federal statutory rate as follows:
|  | Fiscal Year |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income tax at statutory rates |  |  | 21.0 | % |  |  | (21.0 | )% |  |  | (21.0 | )%
State income taxes, net of federal benefit |  |  | 5.8 |  |  |  | (10.4 | ) |  |  | (5.0 | )
Permanent differences |  |  | 7.7 |  |  |  | 17.3 |  |  |  | 0.9 |
Income tax credits |  |  | (117.9 | ) |  |  | (156.8 | ) |  |  | (58.9 | )
Return to provision |  |  | 0.9 |  |  |  | (4.3 | ) |  |  | 2.1 |
Prior year tax credit true-up |  |  | (6.4 | ) |  |  | 14.1 |  |  |  | — |
Benefit from net operating loss carryback |  |  | — |  |  |  | 1.8 |  |  |  | 2.8 |
Change in valuation allowance |  |  | (2.6 | ) |  |  | 6.8 |  |  |  | (1.1 | )
Other, net |  |  | (3.2 | ) |  |  | 3.4 |  |  |  | (1.0 | )
|  |  | (94.7 | )% |  |  | (149.1 | )% |  |  | (81.2 | )%
Components of Deferred Income Tax Asset (Liability) | The components of the deferred income tax asset (liability) consist of the following (in thousands):
|  | January 2, 2024 |  |  | January 3, 2023 |
Deferred income tax asset: |  |  |  |  |  |
Accrued expenses |  | $ | 12,939 |  |  | $ | 11,887 |
Other |  |  | 7,809 |  |  |  | 3,192 |
Deferred revenues |  |  | — |  |  |  | 28 |
Stock-based compensation |  |  | 5,026 |  |  |  | 4,596 |
Operating lease liability |  |  | 116,527 |  |  |  | 122,982 |
Income tax credits |  |  | 67,596 |  |  |  | 56,780 |
Net operating losses |  |  | 5,085 |  |  |  | 7,347 |
State tax |  |  | 226 |  |  |  | 80 |
Gross deferred income tax asset |  |  | 215,208 |  |  |  | 206,892 |
Valuation allowance |  |  | (889 | ) |  |  | (1,151 | )
Deferred income tax asset, net of valuation allowance |  |  | 214,319 |  |  |  | 205,741 |
Deferred income tax liability: |  |  |  |  |  |
Property and equipment |  |  | (55,269 | ) |  |  | (51,659 | )
Intangible assets |  |  | (2,951 | ) |  |  | (2,895 | )
Operating lease assets |  |  | (101,358 | ) |  |  | (108,307 | )
Smallwares |  |  | (4,594 | ) |  |  | (4,568 | )
Deferred income tax liability |  |  | (164,172 | ) |  |  | (167,429 | )
Net deferred income tax asset |  | $ | 50,147 |  |  | $ | 38,312 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
|  | Fiscal Year |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Gross unrecognized tax benefits at beginning of year |  | $ | 1,249 |  |  | $ | 1,198 |  |  | $ | 1,333 |
Increases for tax positions taken in prior years |  |  | 102 |  |  |  | 3 |  |  |  | — |
Decreases for tax positions taken in prior years |  |  | — |  |  |  | (29 | ) |  |  | (20 | )
Increases for tax positions taken in the current year |  |  | 104 |  |  |  | 91 |  |  |  | 69 |
Lapse in statute of limitations |  |  | (488 | ) |  |  | (14 | ) |  |  | (184 | )
Gross unrecognized tax benefits at end of year |  | $ | 967 |  |  | $ | 1,249 |  |  | $ | 1,198 |

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- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 + Details
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