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Income Taxes
 9 Months Ended 12 Months Ended
Sep. 26, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Income Taxes
10.
INCOME TAXES
The Company’s effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year’s taxable income as new information becomes available, including actual year-to-date financial results. This continual estimation process often results in a change to the expected effective income tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected income tax rate. Significant judgment is required in determining the effective tax rate and in evaluating tax positions.​​​​​​​
 
     For the thirteen weeks ended     For the thirty-nine weeks ended  
     September 26,
2021		     September 27,
2020		     September 26,
2021		      September 27,
2020		  
Income tax expense
    $ (3,301 )    $ 5,512     $ 7,255      $ 9,656  
Effective tax rates
      9.9 %      28.9 %      nm        23.8 % 
nm - not meaningful
          
For the 13-week periods ended September 26, 2021 and September 27, 2020, the Company’s effective tax rates of 9.9% and 28.9%, respectively differed from the 21% federal statutory rate primarily due to permanent differences.
For the 39-week period ended September 26, 2021, the Company recognized tax expense on a net loss for the period due to permanent differences related to the Business Combination and the increase in the Simpson earn-out liability recognized during the thirteen weeks ended March 28, 2021. For the 39-week period ended September 27, 2020, the Company’s effective tax rate of 23.8% differed from the 21% federal statutory rate primarily due to permanent differences.
8.
INCOME TAXES
Income tax expense (benefit) of the Company consisted of:
 
     2020      2019      2018  
Current income tax expense (benefit)
         
Federal
    $ (530 )    $ 4,420      $ 1,220  
State
      1,174        302        145  
Foreign
      1,668        1,894        (169 )
  
 
 
     
 
 
     
 
 
  
     2,312        6,616        1,196  
Deferred income tax expense (benefit)
         
Federal
      7,136        (9,663 )      (4,063 )
State
      (622 )      (1,826 )      (1,708 )
  
 
 
     
 
 
     
 
 
  
     6,514        (11,489 )      (5,771 )
  
 
 
     
 
 
     
 
 
  
Total income tax expense (benefit)
    $ 8,826      $ (4,873 )    $ (4,575 )
  
 
 
     
 
 
     
 
 
  
Reported income tax expense (benefit) for the year ended December 31, 2020, 2019 and 2018 differs from the “expected” tax expense (benefit), computed by applying the U.S. Federal statutory income tax rate of 21% to income before income taxes as follows:
 
     2020      2019      2018  
“Expected” tax expense (benefit)
    $ 8,753      $ (906 )    $ (7,389 )
State income tax expense (benefit)
      335        (1,005 )      (1,115 )
Permanent tax differences
      167        494        4,207  
Foreign tax rate
      389        369        7  
Tax credit
      (646 )      (750 )      (120 )
Other differences, net
      (172 )      (3,075 )      (165 )
  
 
 
     
 
 
     
 
 
  
Reported income tax expense (benefit)
    $ 8,826      $ (4,873 )    $ (4,575 )
  
 
 
     
 
 
     
 
 
  
The Company’s income before income taxes was subject to taxes in the following jurisdictions:
 
     2020      2019      2018  
United States
    $ 37,548      $ (7,879 )    $ (34,459 )
Foreign
      4,135        3,567        (729 )
  
 
 
     
 
 
     
 
 
  
   $ 41,683      $ (4,312 )    $ (35,188 )
  
 
 
     
 
 
     
 
 
  
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities consisted of the following:
 
     2020      2019  
Deferred tax assets:
      
Reserves on assets
    $ 6,435      $ 5,603  
Liabilities not yet deductible
      3,786        3,565  
Interest expense limitation
      5,491        12,965  
Other
      2,332        1,645  
  
 
 
     
 
 
  
Total gross deferred tax assets
      18,044        23,778  
Deferred tax liabilities:
      
Tradename
      31,962        25,810  
Intangible assets
      45,956        41,002  
Goodwill
      5,743        3,858  
Inventory
      832        —  
Property, plant and equipment
      5,125        4,633  
  
 
 
     
 
 
  
Total gross deferred tax liabilities
      89,618        75,303  
  
 
 
     
 
 
  
Net deferred tax liabilities
    $ 71,574      $ 51,525  
  
 
 
     
 
 
  
Based on the Company’s projected pretax earnings, reversal of deferred tax liabilities and other relevant factors, management believes that it is more likely than not that the Company’s deferred tax assets at December 31, 2020 and 2019 will be realized. 
As more fully discussed in Note 1, Summary of Significant Accounting Policies, COVID-19 was declared a pandemic in March 2020. In response to the pandemic, various stimulus legislation was enacted in 2020 including the Coronavirus Aid, Relief and Economic Security Act (CARES Act), signed into law on March 27, 2020 and the Consolidated Appropriations Act, 2021 (CAA Act), signed into law on December 27, 2020. The Cares Act resulted in the Company being able to deduct additional interest expense due to the increase in interest expense limitation. The Company was also able to carryback its net operating loss. We have evaluated the CAA Act and believe any impact to our financial statements, as a result of such legislation, will be immaterial.​​​​​​​