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Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2023
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following (in thousands):
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 5,474 |  |  | $ | 15,518 |  |  | $ | 17,019 |
State | 3,106 |  |  | 5,174 |  |  | 4,568 |
| 8,580 |  |  | 20,692 |  |  | 21,587 |
Deferred: |  |  |  |  |
Federal | (10,151) |  |  | (7,264) |  |  | 10,954 |
State | (2,895) |  |  | (1,143) |  |  | 1,004 |
| (13,046) |  |  | (8,407) |  |  | 11,958 |
Income tax (benefit) expense | $ | (4,466) |  |  | $ | 12,285 |  |  | $ | 33,545 |
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 the Company’s effective income tax rate:
| 2023 |  | 2022 |  | 2021
Statutory federal income tax | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | (3.5) |  |  | 6.4 |  |  | 3.0 |
R&D tax credits | 14.1 |  |  | (5.5) |  |  | (1.4) |
Return to provision | 6.1 |  |  | 0.8 |  |  | 0.1 |
Investment tax credit | 1.1 |  |  | — |  |  | — |
Stock-based compensation | (6.2) |  |  | (1.2) |  |  | (6.3) |
Non-deductible compensation | (5.7) |  |  | 1.7 |  |  | 1.5 |
Non-deductible expenses | (2.8) |  |  | 1.3 |  |  | 0.3 |
Changes in unrecognized tax benefits | (0.5) |  |  | (0.4) |  |  | (0.1) |
Other | (1.0) |  |  | 1.0 |  |  | (0.2) |
Effective income tax rate | 22.6 | % |  | 25.1 | % |  | 17.9 | %
Summary of Deferred Income Taxes | The tax effects of temporary differences that give rise to deferred income taxes were as follows (in thousands):
| 2023 |  | 2022
Deferred tax assets: |  |  |
Stock-based compensation | $ | 7,006 |  |  | $ | 6,896 |
Operating lease liabilities | 108,952 |  |  | 109,144 |
Warranty and returns liabilities | 6,894 |  |  | 7,881 |
Net operating loss carryforwards and credits | 1,738 |  |  | 2,051 |
Compensation and benefits | 7,484 |  |  | 7,678 |
Research and development | 18,079 |  |  | 13,860 |
Other | 8,931 |  |  | 6,110 |
Total gross deferred tax assets | 159,084 |  |  | 153,620 |
Valuation allowance | (48) |  |  | (615) |
Total gross deferred tax assets after valuation allowance | 159,036 |  |  | 153,005 |
Deferred tax liabilities: |  |  |
Property and equipment | 33,772 |  |  | 38,442 |
Operating lease right-of-use assets | 99,351 |  |  | 99,311 |
Deferred revenue | 3,065 |  |  | 4,394 |
Other | 2,595 |  |  | 2,900 |
Total gross deferred tax liabilities | 138,783 |  |  | 145,047 |
Net deferred tax assets | $ | 20,253 |  |  | $ | 7,958 |
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
| 2023 |  | 2022 |  | 2021
Beginning balance | $ | 3,645 |  |  | $ | 3,869 |  |  | $ | 3,912 |
Increases related to current-year tax positions | 753 |  |  | 910 |  |  | 831 |
Increases related to prior-year tax positions | 40 |  |  | 252 |  |  | 4 |
Decreases related to prior-year tax positions | — |  |  | (328) |  |  | (33) |
Lapse of statute of limitations | (601) |  |  | (1,058) |  |  | (845) |
Settlements with taxing authorities | (166) |  |  | — |  |  | — |
Ending balance | $ | 3,671 |  |  | $ | 3,645 |  |  | $ | 3,869 |

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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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