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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | For fiscal 2024, fiscal 2023, and fiscal 2022, the Company’s effective income tax rates were as follows:
| Fiscal Year Ended December 28, 2024 |  | Fiscal Year Ended December 30, 2023 |  | Fiscal Year Ended December 31, 2022
| (In thousands)
Income before provision for income taxes | $ | 70,687 |  |  | $ | 81,886 |  |  | $ | 394,761 |
Federal income taxes: |  |  |  |  |
Current | $ | 11,255 |  |  | $ | 20,221 |  |  | $ | 75,617 |
Deferred | 1,490 |  |  | 7,993 |  |  | 3,184 |
State income taxes: |  |  |  |  |
Current | 3,638 |  |  | 5,373 |  |  | 17,679 |
Deferred | 1,188 |  |  | (237) |  |  | 2,105 |
Provision for income taxes | $ | 17,571 |  |  | $ | 33,350 |  |  | $ | 98,585 |
Effective income tax rate | 24.9 | % |  | 40.7 | % |  | 25.0 | %
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 28, 2024 |  | Fiscal Year Ended December 30, 2023 |  | Fiscal Year Ended December 31, 2022
| (In thousands)
Federal income taxes computed at the federal statutory tax rate | $ | 14,844 |  |  | $ | 17,196 |  |  | $ | 82,898 |
State income taxes, net of federal benefit | 4,188 |  |  | 4,609 |  |  | 16,171 |
Valuation allowance change arising from state net operating losses | 49 |  |  | (621) |  |  | (193) |
Pension plan settlement (1) | — |  |  | 12,150 |  |  | — |
Uncertain tax positions | (1,371) |  |  | (356) |  |  | (333) |
Permanent differences arising from compensation | (95) |  |  | 746 |  |  | (71) |
Other | (44) |  |  | (374) |  |  | 113 |
Provision for income taxes | $ | 17,571 |  |  | $ | 33,350 |  |  | $ | 98,585 |
(1) $4.5 million was reclassified from accumulated other comprehensive income (loss) in fiscal 2023
Schedule of Net Deferred Income Tax Assets (Liabilities) | For fiscal 2024 and fiscal 2023, components of the Company’s deferred income tax assets and deferred income tax liabilities are as follows:
| December 28, 2024 |  | December 30, 2023
| (In thousands)
Deferred income tax assets: |  |  |
Inventory reserves | $ | 4,179 |  |  | $ | 3,965 |
Compensation-related accruals | 6,339 |  |  | 7,794 |
Accounts receivable | 793 |  |  | 708 |
Property and equipment | 41,481 |  |  | 41,308 |
Operating lease liability | 12,203 |  |  | 10,086 |
Pension plans | 2,701 |  |  | 2,832 |
Benefit from net operating loss carryovers | 3,809 |  |  | 4,317 |
Other | 40 |  |  | 220 |
Total gross deferred income tax assets | 71,545 |  |  | 71,230 |
Less: valuation allowances | (3,505) |  |  | (3,456) |
Total net deferred income tax assets | $ | 68,040 |  |  | $ | 67,774 |
Deferred income tax liabilities: |  |  |
Intangible assets | $ | (4,279) |  |  | $ | (4,335) |
Operating lease asset | (11,823) |  |  | (9,227) |
Other | (1,360) |  |  | (956) |
Total deferred income tax liabilities | (17,462) |  |  | (14,518) |
Deferred income tax asset, net | $ | 50,578 |  |  | $ | 53,256 |
Schedule of Activity in Deferred Tax Asset Valuation Allowance | Activity in the Company’s deferred income tax asset valuation allowance for fiscal 2024 and fiscal 2023 was as follows:
| December 28, 2024 |  | December 30, 2023
| (In thousands)
Balance as of beginning of the fiscal year | $ | 3,456 |  |  | $ | 4,076 |
Valuation allowance increases (decreases) related to: |  |  |
State net operating loss carryforwards | 49 |  |  | (620) |
Balance as of end of the fiscal year | $ | 3,505 |  |  | $ | 3,456 |
Schedule of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized income tax benefits:
| December 28, 2024 |  | December 30, 2023
| (In thousands)
Balance at beginning of the fiscal year | $ | 3,281 |  |  | $ | 1,872 |
Additions for tax positions of current fiscal year | — |  |  | 1,765 |
Reductions due to lapse of applicable statute of limitations | (2,685) |  |  | (356) |
Balance at end of the fiscal year | $ | 596 |  |  | $ | 3,281 |

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