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Income Taxes (Tables)

12 Months Ended

Dec. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

Our (benefit from) provision for income taxes consisted of the following:

	Fiscal Year Ended December 30, 2017				Fiscal Year Ended December 31, 2016				Fiscal Year Ended January 2, 2016
	(In thousands)
Federal income taxes:
Current	$	(659	)		$	232			$	—
Deferred	(45,868		)		—				—
State income taxes:
Current	1,054				962				235
Deferred	(7,985		)		—				—
Foreign income taxes:
Current	49				(70		)		(68		)
Deferred	—				(3		)		(14		)
(Benefit from) provision for income taxes	$	(53,409	)		$	1,121			$	153

Schedule of provision for income taxes is reconciled to the federal statutory

Our (benefit from) provision for income taxes is reconciled to the federal statutory amount as follows:

	Fiscal Year Ended December 30, 2017				Fiscal Year Ended December 31, 2016				Fiscal Year Ended January 2, 2016
	(In thousands)
Expense (benefit) from income taxes computed at the federal statutory tax rate	$	3,355			$	6,022			$	(3,998	)
Expense (benefit) from state income taxes, net of federal benefit	253				595				(474		)
Valuation allowance change	(87,137		)		(6,319		)		4,318
Nondeductible items	664				403				288
Alternative minimum tax	—				232				—
Tax Cuts and Jobs Act of 2017	29,387				—				—
Other	69				188				19
(Benefit from) provision for income taxes	$	(53,409	)		$	1,121			$	153

Schedule of net deferred income tax assets (liabilities)

The components of our net deferred income tax assets are as follows:

	December 30, 2017				December 31, 2016
	(In thousands)
Deferred income tax assets:
Inventory reserves	$	1,654			$	2,088
Compensation-related accruals	3,692				4,465
Accruals and reserves	72				112
Accounts receivable	443				656
Intangible assets	—				583
Property and equipment	4,614				1,134
Pension	7,011				10,747
Benefit from NOL carryovers (1)	46,873				78,236
Other	285				194
Total gross deferred income tax assets	64,644				98,215
Less: valuation allowances	(10,415		)		(97,552		)
Total net deferred income tax assets	54,229				663
Deferred income tax liabilities:
Other	(376		)		(663		)
Total deferred income tax liabilities	(376		)		(663		)
Deferred income tax asset, net	$	53,853			$	—

⁽¹⁾ 

Our federal NOL carryovers are $158.2 million and will expire in 13 to 18 years. Our state NOL carryovers are $245.7 million and will expire in 1 to 20 years.

Schedule of activity in deferred tax asset valuation allowance

Activity in our deferred tax asset valuation allowance for fiscal 2017 and 2016 was as follows:

	Fiscal Year Ended December 30, 2017				Fiscal Year Ended December 31, 2016
	(In thousands)
Balance as of beginning of the year	$	97,552			$	103,311
Valuation allowance provided for taxes related to:
(Income) loss before income taxes	(4,300		)		(5,759		)
Tax Cuts and Jobs Act of 2017	(29,387		)		—
Release of valuation allowance	(53,450		)		—
Balance as of end of the year	$	10,415			$	97,552

Schedule of activity related to unrecognized tax benefits

The following table summarizes the activity related to our unrecognized tax benefits:

(In thousands)	2017				2016				2015
Balance at beginning of fiscal year	$	184			$	184			$	184
Increases related to current year tax positions	—				—				—
Additions for tax positions in prior years	—				—				—
Reductions for tax positions in prior years	—				—				—
Reductions due to lapse of applicable statute of limitations	—				—				—
Settlements	—				—				—
Balance at end of fiscal year	$	184			$	184			$	184

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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-SubTopic 10
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