Income Taxes (Tables)

12 Months Ended

Dec. 27, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Provision (Benefit)

The components of the income tax provision (benefit) are as follows:

(in thousands)	2014			2013		2012
Current:
Federal	$	48,293		$	42,458	$	37,192
State		2,882			3,105		2,895
		51,175			45,563		40,087
Deferred:
Federal		(597	)		249		(2,214	)
State		(35	)		18		(170	)
		(632	)		267		(2,384	)
Total	$	50,543		$	45,830	$	37,703

Reconciliation of Income Taxes at Statutory Tax Rate to Company's Effective Tax Rate

The following is a reconciliation of income taxes at the statutory tax rate to the Company’s effective tax rate:

	2014			2013			2012
Federal taxes at statutory rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal tax benefit		1.2			1.6			1.7
Research and development tax credit		(0.4	)		(0.7	)		(0.3	)
Other		0.2			—			(0.2	)
Effective tax rate		36.0	%		35.9	%		36.2	%

Change in Uncertain Tax Benefits

The following table summarizes the change in uncertain tax benefits for the three years ended December 27, 2014:

(in thousands)	2014			2013			2012
Balance at beginning of year	$	1,201		$	1,785		$	2,161
Reductions due to lapses in statutes of limitations		(301	)		(30	)		(44	)
Reductions due to payments for tax positions settled		—			(271	)		(379	)
Reductions due to reversals of prior year positions		(38	)		(736	)		(651	)
Additions based on tax positions taken during the current period		301			453			698
Balance at end of year	$	1,163		$	1,201		$	1,785

Reconciliation of Deferred Tax Assets and Liabilities

Deferred income taxes result from timing differences in the recognition of revenue and expense for tax and financial statement purposes. The sources of temporary differences are as follows:

(in thousands)	December 27, 2014		December 28, 2013
Assets:
Inventories	$	7,989	$	6,546
Accounts receivable		15,652		12,390
Accrued expenses		1,780		1,928
Other		197		417
Gross deferred tax assets		25,618		21,281
Liabilities:
Depreciation		13,406		9,136
Goodwill		9,761		9,343
Other		—		484
Gross deferred tax liabilities		23,167		18,963
Net deferred tax assets	$	2,451	$	2,318