XML 72 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Income Taxes (Tables)

12 Months Ended

Dec. 28, 2019

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense (Benefit)

Income tax expense consisted of the following (in thousands):

		2019				2018				2017
Current:
Federal		$	12,299			$	12,483			$	19,153
State			3,293				2,871				4,046
			15,592				15,354				23,199
Deferred:
Federal			2,591				708				2,734
State			480				920				28
			3,071				1,628				2,762
Income tax expense		$	18,663			$	16,982			$	25,961

Reconciliation of Income Tax Expense (Benefit) at the Statutory Federal Rate

The following table provides a reconciliation between the statutory federal income tax rate and our effective income tax rate:

		2019				2018				2017
Statutory federal income tax			21.0	%			21.0	%			35.0	%
State income taxes, net of federal benefit			3.6				3.3				2.5
Stock-based compensation			(4.3	)			(1.1	)			(1.5	)
R&D tax credits			(2.2	)			(2.0	)			(1.1	)
Changes in unrecognized tax benefits			(0.5	)			1.2				(0.6	)
Manufacturing deduction			—				—				(3.5	)
Tax Cuts and Jobs Act effects			—				(3.9	)			(1.9	)
Other			1.0				1.1				(0.4	)
Effective income tax rate			18.6	%			19.6	%			28.5	%

Summary of Deferred Income Taxes

The tax effects of temporary differences that give rise to deferred income taxes were as follows (in thousands):

		2019				2018
Deferred tax assets:
Stock-based compensation		$	8,342			$	7,633
Operating lease liabilities(1)			90,059				—
Deferred rent and lease incentives(1)			—				6,994
Warranty and returns liabilities			7,215				6,857
Net operating loss carryforwards and credits			1,987				2,324
Compensation and benefits			4,698				3,699
Other			3,953				3,406
Total gross deferred tax assets			116,254				30,913
Valuation allowance			(615	)			(615	)
Total gross deferred tax assets after valuation allowance			115,639				30,298
Deferred tax liabilities:
Property and equipment			30,274				29,912
Operating lease right-of-use assets(1)			82,340				—
Deferred revenue			3,859				1,749
Other			2,974				3,459
Total gross deferred tax liabilities			119,447				35,120
Net deferred tax liabilities		$	(3,808	)		$	(4,822	)

^{(1) See Note 1, Business and summary of Significant Accounting Policies, New Accounting Pronouncements, Recently Adopted Accounting Guidance, regarding the impact of our adoption of ASC Topic 842, Leases.}

Summary of Reconciliations Unrecognized Tax Benefits

Reconciliations of the beginning and ending amounts of unrecognized tax benefits were as follows (in thousands):

		Federal and State Tax
		2019				2018				2017
Beginning balance		$	3,866			$	2,839			$	3,460
Increases related to current-year tax positions			638				778				330
Increases related to prior-year tax positions			134				595				87
Decreases related to prior-year tax positions			(363	)			—				(1,038	)
Lapse of statute of limitations			(663	)			(333	)			—
Settlements with taxing authorities			(275	)			(13	)			—
Ending balance		$	3,337			$	3,866			$	2,839

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration