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Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | For fiscal 2023, fiscal 2022, and fiscal 2021, the Company’s effective income tax rate was 40.7 percent, 25.0 percent, and 24.8 percent, respectively.
| Fiscal Year Ended December 30, 2023 |  | Fiscal Year Ended December 31, 2022 |  | Fiscal Year Ended January 1, 2022
| ($ amounts in thousands)
Income before provision for income taxes | $ | 81,886 |  |  | $ | 394,761 |  |  | $ | 393,876 |
Federal income taxes: |  |  |  |  |
Current | $ | 20,221 |  |  | $ | 75,617 |  |  | $ | 78,005 |
Deferred | 7,993 |  |  | 3,184 |  |  | (1,585) |
State income taxes: |  |  |  |  |
Current | 5,373 |  |  | 17,679 |  |  | 19,382 |
Deferred | (237) |  |  | 2,105 |  |  | 1,941 |
Provision for income taxes | $ | 33,350 |  |  | $ | 98,585 |  |  | $ | 97,743 |
Effective tax rate | 40.7 | % |  | 25.0 | % |  | 24.8 | %
Schedule of Provision for Income Taxes is Reconciled to the Federal Statutory | The Company’s provisions for income taxes are reconciled to the federal statutory amounts as follows:
| Fiscal Year Ended December 30, 2023 |  | Fiscal Year Ended December 31, 2022 |  | Fiscal Year Ended January 1, 2022
| (In thousands)
Federal income taxes computed at the federal statutory tax rate | $ | 17,196 |  |  | $ | 82,898 |  |  | $ | 82,628 |
State income taxes, net of federal benefit | 4,609 |  |  | 16,171 |  |  | 18,970 |
Valuation allowance change arising from state net operating losses | (621) |  |  | (193) |  |  | (3,018) |
Pension plan settlement (1) | 12,150 |  |  | — |  |  | — |
Uncertain tax positions | (356) |  |  | (333) |  |  | 91 |
Permanent differences arising from compensation | 746 |  |  | (71) |  |  | 686 |
Other | (374) |  |  | 113 |  |  | (1,614) |
Provision for income taxes | $ | 33,350 |  |  | $ | 98,585 |  |  | $ | 97,743 |
(1) $4.5 million was reclassified from accumulated other comprehensive income (loss)
Schedule of Net Deferred Income Tax Assets (Liabilities) | For fiscal 2023 and fiscal 2022, components of the Company’s deferred income tax assets and deferred income tax liabilities are as follows:
| December 30, 2023 |  | December 31, 2022
| (In thousands)
Deferred income tax assets: |  |  |
Inventory reserves | $ | 3,965 |  |  | $ | 5,268 |
Compensation-related accruals | 7,794 |  |  | 5,807 |
Accounts receivable | 708 |  |  | 612 |
Property and equipment | 41,308 |  |  | 44,870 |
Operating lease liability | 10,086 |  |  | 13,134 |
Pension plans | 2,832 |  |  | 2,885 |
Benefit from net operating loss carryovers | 4,317 |  |  | 4,995 |
Other | 220 |  |  | 397 |
Total gross deferred income tax assets | 71,230 |  |  | 77,968 |
Less: valuation allowances | (3,456) |  |  | (4,076) |
Total net deferred income tax assets | $ | 67,774 |  |  | $ | 73,892 |
Deferred income tax liabilities: |  |  |
Intangible assets | $ | (4,335) |  |  | $ | (4,559) |
Operating lease asset | (9,227) |  |  | (12,250) |
Other | (956) |  |  | (914) |
Total deferred income tax liabilities | (14,518) |  |  | (17,723) |
Deferred income tax asset, net | $ | 53,256 |  |  | $ | 56,169 |
Schedule of Activity in Deferred Tax Asset Valuation Allowance | Activity in the Company’s deferred tax asset valuation allowance for fiscal 2023 and 2022 was as follows:
| December 30, 2023 |  | December 31, 2022
| (In thousands)
Balance as of beginning of the fiscal year | $ | 4,076 |  |  | $ | 4,269 |
Valuation allowance increases (decreases) related to: |  |  |
State net operating loss carryforwards | (620) |  |  | (193) |
Balance as of end of the fiscal year | $ | 3,456 |  |  | $ | 4,076 |
Schedule of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits:
| December 30, 2023 |  | December 31, 2022
| (In thousands)
Balance at beginning of the fiscal year | $ | 1,872 |  |  | $ | 2,205 |
Additions for tax positions of current year | 1,765 |  |  | — |
Reductions due to lapse of applicable statute of limitations | (356) |  |  | (333) |
Balance at end of the fiscal year | $ | 3,281 |  |  | $ | 1,872 |

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