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Income Taxes (Tables)

12 Months Ended

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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