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Income Taxes (Tables)

12 Months Ended

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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