Income Taxes (Tables)

12 Months Ended

Dec. 25, 2021

Income Tax Disclosure [Abstract]

Significant Components of Income Tax (Benefit) Provision

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

	2021			2020		2019
	(in thousands)
Current:
Federal	$	(4,473	)	$	25,115	$	18,510
State		2,078			9,455		8,084
Total current		(2,395	)		34,570		26,594
Deferred:
Federal		(2,762	)		16,363		8,081
State		(2,487	)		1,337		(346	)
Total deferred		(5,249	)		17,700		7,735
Total income tax (benefit) provision	$	(7,644	)	$	52,270	$	34,329

Reconciliations to Statutory Rates

The reconciliations to statutory rates are as follows:

	2021			2020			2019
Statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		11.0			4.4			4.6
Deduction relating to excess stock based compensation		(153.8	)		(4.3	)		(3.2	)
Non-deductible meals & entertainment		5.6			0.2			0.7
Change in unrecognized tax benefits (including interest and penalty)		(8.7	)		—			—
Federal and state provision to return		(7.1	)		(0.1	)		(0.3	)
Change in valuation allowance		21.9			0.1			0.4
Other		(0.6	)		0.1			0.6
		(110.7	)%		21.4	%		23.8	%

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows at:

	December 25, 2021			December 26, 2020
	(in thousands)
Deferred tax assets:
Lease Liabilities	$	16,236		$	17,951
Inventory		14,343			4,114
Stock-based compensation expense		6,713			5,568
Loss carryforwards		3,859			—
Accrued expenses		3,449			1,581
Accrued commitments for inventory at vendor locations		2,607			—
Tax credit carryforwards		1,874			774
Accrued destruction costs		1,538			—
Accrued noncancellable purchase orders for cancelled projects		1,134			—
Other		1,569			1,439
Total deferred tax assets		53,322			31,427
Valuation allowance		(3,341	)		(2,022	)
Total deferred tax assets net of valuation allowance		49,981			29,405
Deferred tax liabilities:
Property, plant and equipment		(102,696	)		(88,947	)
Right-of-use assets		(14,035	)		(15,695	)
Amortization		(15,024	)		(12,900	)
Prepaid expenses		(5,721	)		(4,528	)
Total deferred tax liabilities		(137,476	)		(122,070	)
Net deferred tax liabilities	$	(87,495	)	$	(92,665	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2021			2020
	(in thousands)
Balance at beginning of year	$	812		$	811
Increases related to current year tax positions		59			—
Increases related to prior year tax positions		36			13
Decreases related to lapse of statute of limitations		(675	)		(12	)
Balance at end of year	$	232		$	812