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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

For fiscal 2022, fiscal 2021, and fiscal 2020, our effective tax was 25.0 percent, 24.8 percent, and 14.9 percent, respectively.

			Fiscal Year Ended December 31, 2022						Fiscal Year Ended January 1, 2022						Fiscal Year Ended January 2, 2021
			(In thousands)
Income before provision for income taxes			$	394,761					$	393,876					$	95,081
Federal income taxes:
Current			$	75,617					$	78,005					$	19,673
Deferred			3,184						(1,585)						(9,038)
State income taxes:
Current			17,679						19,382						2,946
Deferred			2,105						1,941						618
Provision for income taxes			$	98,585					$	97,743					$	14,199
Effective tax rate			25.0		%				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 December 31, 2022						Fiscal Year Ended January 1, 2022						Fiscal Year Ended January 2, 2021
			(In thousands)
Federal income taxes computed at the federal statutory tax rate			$	82,898					$	82,628					$	19,967
State income taxes, net of federal benefit			16,171						18,970						4,636
Valuation allowance change arising from state net operating losses			(193)						(3,018)						(4,101)
Valuation allowance change arising from interest deduction limitation			—						—						(4,806)
Uncertain tax positions			(333)						91						(1,879)
Permanent differences arising from compensation			(71)						686						500
Other			113						(1,614)						(118)
Provision for income taxes			$	98,585					$	97,743					$	14,199

Schedule of Net Deferred Income Tax Assets (Liabilities)

For fiscal 2022 and fiscal 2021, the components of our net deferred income tax assets are as follows:

			December 31, 2022						January 1, 2022
			(In thousands)
Deferred income tax assets:
Inventory reserves			$	5,268					$	4,283
Compensation-related accruals			5,807						6,457
Accounts receivable			612						632
Property and equipment			44,870						47,857
Operating lease liability			13,134						13,087
Pension			2,885						4,415
Benefit from net operating loss carryovers			4,995						5,408
Other			397						251
Total gross deferred income tax assets			77,968						82,390
Less: valuation allowances			(4,076)						(4,269)
Total net deferred income tax assets			$	73,892					$	78,121
Deferred income tax liabilities:
Intangible assets			$	(4,559)					$	(4,749)
Operating lease asset			(12,250)						(12,611)
Other			(914)						(476)
Total deferred income tax liabilities			(17,723)						(17,836)
Deferred income tax asset, net			$	56,169					$	60,285

Schedule of Activity in Deferred Tax Asset Valuation Allowance

Activity in our deferred tax asset valuation allowance for fiscal 2022 and 2021 was as follows:

			December 31, 2022						January 1, 2022
			(In thousands)
Balance as of beginning of the fiscal year			$	4,269					$	7,287
Valuation allowance provided for taxes related to:
State net operating loss carryforwards			(193)						(3,018)
Balance as of end of the fiscal year			$	4,076					$	4,269

Schedule of Activity Related to Unrecognized Tax Benefits

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

			December 31, 2022						January 1, 2022
			($ in thousands)
Balance at beginning of the fiscal year			$	2,205					$	2,262
Reductions due to lapse of applicable statute of limitations			(333)						(57)
Balance at end of the fiscal year			$	1,872					$	2,205

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