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Income Taxes (Tables) | 12 Months Ended
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Jan. 01, 2022
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes |
| Fiscal Year Ended January 1, 2022 |  | Fiscal Year Ended January 2, 2021
| (In thousands)
Income before provision for income taxes | $ | 393,876 |  |  | $ | 95,081 |
Federal income taxes: |  |  |
Current | $ | 78,005 |  |  | $ | 19,673 |
Deferred | (1,585) |  |  | (9,038) |
State income taxes: |  |  |
Current | 19,382 |  |  | 2,946 |
Deferred | 1,941 |  |  | 618 |
Provision for income taxes | $ | 97,743 |  |  | $ | 14,199 |
Effective tax rate | 24.8 | % |  | 14.9 | %
Schedule of Provision for Income Taxes is Reconciled to the Federal Statutory | Our provision for income taxes is reconciled to the federal statutory amount as follows:
| Fiscal Year Ended January 1, 2022 |  | Fiscal Year Ended January 2, 2021
| (In thousands)
Federal income taxes computed at the federal statutory tax rate | $ | 82,628 |  |  | $ | 19,967 |
State income taxes, net of federal benefit | 18,970 |  |  | 4,636 |
Valuation allowance change arising from state net operating losses | (3,018) |  |  | (4,101) |
Valuation allowance change arising from interest deduction limitation | — |  |  | (4,806) |
Uncertain tax positions | 91 |  |  | (1,879) |
Permanent differences arising from compensation | 686 |  |  | 500 |
Other | (1,614) |  |  | (118) |
Provision for income taxes | $ | 97,743 |  |  | $ | 14,199 |
Schedule of Net Deferred Income Tax Assets (Liabilities) | For fiscal 2021 and fiscal 2020, the components of our net deferred income tax assets are as follows:
| January 1, 2022 |  | January 2, 2021
| (In thousands)
Deferred income tax assets: |  |  |
Inventory reserves | $ | 4,283 |  |  | $ | 2,896 |
Compensation-related accruals | 6,457 |  |  | 6,524 |
Accounts receivable | 632 |  |  | 704 |
Property and equipment | 47,857 |  |  | 50,117 |
Operating lease liability | 13,087 |  |  | 13,266 |
Pension | 4,415 |  |  | 7,374 |
Benefit from net operating loss carryovers | 5,408 |  |  | 8,010 |
Other | 251 |  |  | 585 |
Total gross deferred income tax assets | 82,390 |  |  | 89,476 |
Less: valuation allowances | (4,269) |  |  | (7,287) |
Total net deferred income tax assets | $ | 78,121 |  |  | $ | 82,189 |
Deferred income tax liabilities: |  |  |
Intangible assets | $ | (4,749) |  |  | $ | (5,688) |
Operating lease asset | (12,611) |  |  | (12,848) |
Other | (476) |  |  | (754) |
Total deferred income tax liabilities | (17,836) |  |  | (19,290) |
Deferred income tax asset, net | $ | 60,285 |  |  | $ | 62,899 |
Schedule of Activity in Deferred Tax Asset Valuation Allowance | Activity in our deferred tax asset valuation allowance for fiscal 2021 and 2020 was as follows:
| January 1, 2022 |  | January 2, 2021
| (In thousands)
Balance as of beginning of the fiscal year | $ | 7,287 |  |  | $ | 16,194 |
Valuation allowance provided for taxes related to: |  |  |
State net operating loss carryforwards | (3,018) |  |  | (4,101) |
Disallowed interest limitation under the Tax Act and CARES | — |  |  | (4,806) |
Balance as of end of the fiscal year | $ | 4,269 |  |  | $ | 7,287 |
Schedule of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits:
| January 1, 2022 |  | January 2, 2021
| ($ in thousands)
Balance at beginning of the fiscal year | $ | 2,262 |  |  | $ | 4,245 |
Reductions due to lapse of applicable statute of limitations | (57) |  |  | (1,983) |
Balance at end of the fiscal year | $ | 2,205 |  |  | $ | 2,262 |

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