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Income Taxes (Tables)

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of income before income tax, domestic and foreign

The following table presents the domestic and foreign components of (Loss) income before (benefit) provision for income taxes for the periods indicated:

			FISCAL YEAR
(dollars in thousands)			2024						2023						2022
Domestic			$	(53,921)					$	235,357					$	134,465
Foreign			(4,886)						(4,170)						(7,062)
(Loss) income before (benefit) provision for income taxes			$	(58,807)					$	231,187					$	127,403

Schedule of components of income tax expense

(Benefit) provision for income taxes consisted of the following for the periods indicated:

			FISCAL YEAR
(dollars in thousands)			2024						2023						2022
Current provision (benefit):
Federal			$	12,192					$	16,260					$	12,368
State			6,011						10,593						10,428
Foreign			—						(40)						—
			18,203						26,813						22,796
Deferred (benefit) provision:
Federal			(31,185)						(6,506)						3,227
State			(348)						726						3,327
Foreign			1,196						(2,631)						4,903
			(30,337)						(8,411)						11,457
(Benefit) provision for income taxes			$	(12,134)					$	18,402					$	34,253

Schedule of effective income tax rate reconciliation

The reconciliation of income taxes calculated at the United States federal tax statutory rate to the Company’s effective income tax rate is as follows for the periods indicated. Due to the pre-tax book loss for 2024, a positive percentage change for such year in the effective tax rate table reflects a favorable income tax benefit, whereas a negative percentage change in the effective tax rate table reflects an unfavorable income tax expense:

			FISCAL YEAR
			2024						2023						2022
Income taxes at federal statutory rate			21.0		%				21.0		%				21.0		%
State and local income taxes, net of federal benefit			(7.8)						3.8						8.5
Non-deductible loss on 2025 Notes Partial Repurchases			(49.5)						—						21.4
Net changes in deferred tax valuation allowances			(5.3)						(0.9)						(2.0)
Foreign tax rate differential			(2.7)						0.1						0.2
Non-deductible compensation			(2.2)						1.0						1.1
Other non-deductible expenses			(2.2)						0.3						(0.1)
Change in foreign tax law			(2.0)						(1.1)						3.8
Statute expiration on foreign net operating losses			(0.3)						1.1						0.9
Tax settlements and related adjustments			(0.1)						0.1						0.2
Employment-related credits, net			58.9						(15.9)						(26.7)
Non-taxable gains on foreign currency forward contracts			6.9						—						—
Non-controlling interests			1.9						(0.6)						(1.2)
Net life insurance expense			1.4						(0.3)						0.7
U.S. tax impact on foreign income			1.2						(0.9)						(0.9)
Other, net			1.4						0.3						—
Total			20.6		%				8.0		%				26.9		%

Schedule of deferred tax assets and liabilities

The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows as of the periods indicated:

(dollars in thousands)			DECEMBER 29, 2024						DECEMBER 31, 2023
Deferred income tax assets:
Operating lease liabilities			$	320,169					$	319,039
Insurance reserves			13,874						14,184
Unearned revenue			57,567						55,746
Deferred compensation			11,392						12,210
Net operating loss carryforwards			9,002						7,046
Federal tax credit carryforwards			202,319						177,775
Other, net (1)			6,905						5,667
Gross deferred income tax assets			621,228						591,667
Less: valuation allowance			(13,707)						(10,483)
Deferred income tax assets, net of valuation allowance			607,521						581,184
Deferred income tax liabilities:
Less: operating lease right-of-use asset basis differences			(252,958)						(257,422)
Less: property, fixtures and equipment basis differences			(68,814)						(70,934)
Less: intangible asset basis differences			(100,227)						(97,656)
Less: foreign outside basis differences			(33,822)						—
Deferred income tax assets, net			$	151,700					$	155,172

________________

(1)As of December 29, 2024 and December 31, 2023, the Company maintained deferred tax liabilities for state income taxes on historical foreign earnings of $0.3 million and $0.5 million, respectively.

Summary of operating loss

The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 29, 2024 are as follows:

(dollars in thousands)			EXPIRATION DATE												AMOUNT
Federal tax credit carryforwards			2026			-			2044						$	214,846
Foreign loss carryforwards			2025			-			Indefinite						$	50,187
Foreign credit carryforwards			Indefinite												$	864

Summary of credit carryforwards

The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 29, 2024 are as follows:

(dollars in thousands)			EXPIRATION DATE												AMOUNT
Federal tax credit carryforwards			2026			-			2044						$	214,846
Foreign loss carryforwards			2025			-			Indefinite						$	50,187
Foreign credit carryforwards			Indefinite												$	864

Schedule of unrecognized tax benefits roll forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits for the period indicated:

			FISCAL YEAR
(dollars in thousands)			2024
Balance, beginning of the period			$	17,121
Additions for tax positions taken during a prior period			19
Reductions for tax positions taken during a prior period			(6)
Additions for tax positions taken during the current period			941
Lapses in the applicable statutes of limitations			(596)
Balance, end of the period			$	17,479

Summary of open tax years by jurisdiction

Following is a summary of the open audit years by jurisdiction as of December 29, 2024:

			OPEN AUDIT YEARS
United States - federal			2007			-			2023
United States - state			2020			-			2023
Foreign			2015			-			2023

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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 of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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