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Income Taxes (Tables) | 12 Months Ended
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Jan. 03, 2026
Income Taxes |
Schedule of components of loss before income tax benefit | The components of loss before income tax benefit consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Fiscal 2025 | ​ ​ ​ | Fiscal 2024 | ​ ​ ​ | Fiscal 2023
U.S. | ​ | $ | (49,624) | ​ | $ | (348,969) | ​ | $ | (67,870)
Foreign | ​ |  | 1,890 | ​ |  | 18,460 | ​ |  | 737
Total | ​ | $ | (47,734) | ​ | $ | (330,509) | ​ | $ | (67,133)
Summary of income tax (benefit) expense | Income tax benefit consists of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Fiscal 2025 | ​ ​ ​ | Fiscal 2024 | ​ ​ ​ | Fiscal 2023
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (3,375) | ​ | $ | 17,265 | ​ | $ | 16,363
State | ​ |  | 260 | ​ |  | 2,384 | ​ |  | 2,074
Foreign | ​ |  | 454 | ​ |  | 200 | ​ |  | 7,023
Current income tax | ​ |  | (2,661) | ​ |  | 19,849 | ​ |  | 25,460
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (2,324) | ​ |  | (86,499) | ​ |  | (19,936)
State | ​ |  | (290) | ​ |  | (18,216) | ​ |  | (2,340)
Foreign | ​ | ​ | 798 | ​ | ​ | 5,608 | ​ | ​ | (4,119)
Deferred income tax | ​ |  | (1,816) | ​ |  | (99,107) | ​ |  | (26,395)
Income tax benefit | ​ | $ | (4,477) | ​ | $ | (79,258) | ​ | $ | (935)
Schedule of income tax payments | The following table details our cash income tax payments, net of refunds, for fiscal 2025 (in thousands): ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | Fiscal 2025
U.S. federal (national) cash income tax payments, net of refunds | ​ | $ | 3,000
U.S. state cash income tax payments, net of refunds: | ​ | ​ | ​
North Carolina | ​ | ​ | 527
Illinois | ​ | ​ | 360
All other states | ​ | ​ | 174
Total U.S. state cash income tax payments, net of refunds | ​ | ​ | 1,061
Foreign cash income tax payments, net of refunds: | ​ | ​ | ​
Canada | ​ | ​ | 1,002
Mexico | ​ | ​ | 704
Total foreign cash income tax payments, net of refunds | ​ | ​ | 1,706
Total cash income tax payments, net of refunds | ​ | $ | 5,767
Schedule of valuation allowance | ​
​ | ​ | ​ | ​
​ | ​ ​ ​ | Fiscal 2025
U.S. federal (national) cash income tax payments, net of refunds | ​ | $ | 3,000
U.S. state cash income tax payments, net of refunds: | ​ | ​ | ​
North Carolina | ​ | ​ | 527
Illinois | ​ | ​ | 360
All other states | ​ | ​ | 174
Total U.S. state cash income tax payments, net of refunds | ​ | ​ | 1,061
Foreign cash income tax payments, net of refunds: | ​ | ​ | ​
Canada | ​ | ​ | 1,002
Mexico | ​ | ​ | 704
Total foreign cash income tax payments, net of refunds | ​ | ​ | 1,706
Total cash income tax payments, net of refunds | ​ | $ | 5,767
Schedule of reconciliation of income taxes | ​
​ | ​ | ​ | ​ | ​
​ | Fiscal 2025
​ | ​ | Tax Effect | Rate Effect | ​
U.S. federal statutory rate | $ | (10,024) | 21.00 | %
Domestic, state and local income taxes, net of federal benefit(1) | ​ | (225) | 0.47 | ​
Foreign tax effects: | ​ | ​ | ​ | ​
Mexico: | ​ | ​ | ​ | ​
Return-to-provision adjustments | ​ | 578 | (1.21) | ​
Other | ​ | 226 | (0.47) | ​
Other foreign jurisdictions | ​ | 337 | (0.71) | ​
Effects of cross-border tax laws: | ​ | ​ | ​ | ​
Foreign branch income | ​ | 1,283 | (2.69) | ​
IRC Section 987 pre-transition loss amortization | ​ | (1,798) | 3.77 | ​
Global intangible low tax income | ​ | 813 | (1.70) | ​
Tax credits: | ​ | ​ | ​ | ​
Foreign tax credits | ​ | (690) | 1.44 | ​
R&D tax credits | ​ | (274) | 0.57 | ​
Changes in valuation allowances | ​ | 3,890 | (8.15) | ​
Non-taxable or non-deductible items: | ​ | ​ | ​ | ​
Non-deductible officers' compensation | ​ | 598 | (1.25) | ​
Share-based compensation shortfall | ​ | 1,551 | (3.25) | ​
Other | ​ | (293) | 0.61 | ​
Changes in unrecognized tax benefits | ​ | (206) | 0.43 | ​
Other adjustments | ​ | (243) | 0.51 | ​
Effective tax rate | $ | (4,477) | 9.38 | %
(1) | State taxes in California, Illinois, Pennsylvania, and Georgia represent 50% of the tax effect in this line item.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal 2024 | ​ | Fiscal 2023
Federal income tax provision at statutory rate | ​ | 21.0 | % | ​ | 21.0 | %
Increase (decrease): | ​ | ​ | ​ | ​ | ​ | ​
State and local taxes, net of federal benefits | ​ | 3.6 | ​ | ​ | 3.4 | ​
Foreign income taxed at different rates, net of foreign tax credits | ​ | 0.1 | ​ | ​ | (0.8) | ​
Permanent differences | ​ | (0.6) | ​ | ​ | (0.3) | ​
Deferred tax adjustment related to Back to Nature divestiture | ​ | — | ​ | ​ | 10.4 | ​
Changes in tax rates | ​ | (0.9) | ​ | ​ | (3.7) | ​
Tax credits | ​ | 0.1 | ​ | ​ | 0.4 | ​
Valuation allowance | ​ | 0.6 | ​ | ​ | (31.4) | ​
Other | ​ | 0.1 | ​ | ​ | 2.4 | ​
Total | ​ | 24.0 | % | ​ | 1.4 | %
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | January 3, | ​ ​ ​ | December 28,
​ | ​ | 2026 | ​ | 2024
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable, principally due to allowance | ​ | $ | 220 | ​ | $ | 270
Inventories, principally due to additional costs capitalized for tax purposes | ​ |  | 6,491 | ​ |  | 986
Operating lease liabilities | ​ | ​ | 12,321 | ​ | ​ | 13,440
Accrued expenses and other liabilities | ​ |  | 2,948 | ​ |  | 10,573
Capital loss, net operating losses and tax credit carryforwards | ​ |  | 24,510 | ​ |  | 23,921
Interest expense deductions limitation | ​ | ​ | 69,608 | ​ | ​ | 72,689
Unrealized losses | ​ | ​ | 3,234 | ​ | ​ | 431
Gross deferred tax assets | ​ |  | 119,332 | ​ |  | 122,310
Valuation allowances | ​ | ​ | (25,822) | ​ | ​ | (21,221)
Deferred tax assets, net | ​ | ​ | 93,510 | ​ | ​ | 101,089
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Property, plant and equipment | ​ |  | (20,429) | ​ |  | (25,454)
Goodwill and other intangible assets | ​ |  | (218,522) | ​ |  | (217,335)
Prepaid expenses and other assets | ​ |  | (396) | ​ |  | (3,482)
Operating lease right-of-use assets | ​ | ​ | (12,229) | ​ | ​ | (13,525)
Gross deferred tax liabilities | ​ |  | (251,576) | ​ |  | (259,796)
Net deferred tax liabilities | ​ | $ | (158,066) | ​ | $ | (158,707)
Summary of the tax years that remain subject to examination | ​
​ | ​ | ​
United States—Federal | ​ ​ ​ | 2022 and forward
United States—States |  | 2021 and forward
Canada |  | 2021 and forward
Mexico | ​ | 2020 and forward
​

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