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Income Taxes (Tables)

12 Months Ended

Dec. 29, 2018

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 29, 2018				Fiscal Year Ended December 30, 2017				Fiscal Year Ended December 31, 2016
	(In thousands)
Federal income taxes:
Current	$	(99	)		$	(659	)		$	232
Deferred	(13,092		)		(45,868		)		—
State income taxes:
Current	3,786				1,054				962
Deferred	(2,749		)		(7,985		)		—
Foreign income taxes:
Current	—				49				(70		)
Deferred	—				—				(3		)
(Benefit from) provision for income taxes	$	(12,154	)		$	(53,409	)		$	1,121

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 29, 2018				Fiscal Year Ended December 30, 2017				Fiscal Year Ended December 31, 2016
	(In thousands)
Expense (benefit) from income taxes computed at the federal statutory tax rate	$	(12,643	)		$	3,355			$	6,022
Expense (benefit) from state income taxes, net of federal benefit	(2,498		)		253				595
Valuation allowance change	1,974				(87,137		)		(6,319		)
Transaction costs	1,327				—				—
Nondeductible executive compensation	936				280				132
Share-based compensation - excess tax benefit	(1,494		)		(47		)		—
Other nondeductible items	344				431				271
Uncertain tax positions	(951		)		—				—
Tax rate change used to measure deferred taxes	681				—				—
Alternative minimum tax	—				—				232
Tax Cuts and Jobs Act of 2017	—				29,387				—
Other	170				69				188
(Benefit from) provision for income taxes	$	(12,154	)		$	(53,409	)		$	1,121

Schedule of net deferred income tax assets (liabilities)

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

	December 29, 2018				December 30, 2017
	(In thousands)
Deferred income tax assets:
Inventory reserves	$	2,826			$	1,654
Compensation-related accruals	4,717				3,692
Accruals and reserves	339				72
Accounts receivable	586				443
Interest expense limitation	3,169				—
Property and equipment	21,547				4,614
Pension	8,031				7,011
Benefit from NOL carryovers (1)	32,325				46,873
Other	418				285
Total gross deferred income tax assets	73,958				64,644
Less: valuation allowances	(12,348		)		(10,415		)
Total net deferred income tax assets	61,610				54,229
Deferred income tax liabilities:
Intangible assets	(8,665		)		—
Other	(300		)		(376		)
Total deferred income tax liabilities	(8,965		)		(376		)
Deferred income tax asset, net	$	52,645			$	53,853

⁽¹⁾ 

Our federal NOL carryovers are $90.9 million and will expire in 12 to 17 years. Our state NOL carryovers are $249.3 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 2018 and 2017 was as follows:

	Fiscal Year Ended December 29, 2018				Fiscal Year Ended December 30, 2017
	(In thousands)
Balance as of beginning of the year	$	10,415			$	97,552
Valuation allowance provided for taxes related to:
Loss (income) before income taxes	1,933				(4,300		)
Tax Cuts and Jobs Act of 2017	—				(29,387		)
Release of valuation allowance	—				(53,450		)
Balance as of end of the year	$	12,348			$	10,415

Schedule of activity related to unrecognized tax benefits

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

(In thousands)	2018				2017				2016
Balance at beginning of fiscal year	$	184			$	184			$	184
Additions for tax positions in prior years	6,663				—				—
Reductions due to lapse of applicable statute of limitations	(1,004		)		—				—
Balance at end of fiscal year	$	5,843			$	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.

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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 the change in unrecognized tax benefits.

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