Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Significant Components of Income Tax (Benefit) Provision

Significant components of the income tax provision (benefit) for fiscal 2023, 2022, and 2021 were as follows:

	2023			2022		2021
	(in thousands)
Current:
Federal	$	36,556		$	10,453	$	(4,473	)
State		7,650			4,683		2,078
Total current		44,206			15,136		(2,395	)
Deferred:
Federal		(10,816	)		8,196		(2,762	)
State		(52	)		841		(2,487	)
Total deferred		(10,868	)		9,037		(5,249	)
Total income tax provision (benefit)	$	33,338		$	24,173	$	(7,644	)

Reconciliations to Statutory Rates

The reconciliations to statutory rates for fiscal 2023, 2022, and 2021 were as follows:

	2023			2022			2021
Statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		4.8			4.1			11.0
Non-deductible compensation under Internal Revenue Code Section 162(m)		3.4			0.2			5.7
Non-deductible meals & entertainment		1.2			0.6			5.6
Change in valuation allowance		1.0			1.2			21.9
Deduction relating to excess stock-based compensation		0.1			(0.9	)		(153.8	)
Change in unrecognized tax benefits (including interest and penalty)		0.1			—			(8.7	)
Federal and state provision to return		0.0			(0.2	)		(7.1	)
Other		(1.2	)		0.4			(6.3	)
		30.4	%		26.4	%		(110.7	)%

Significant Components of Company's Deferred Tax Assets and Liabilities

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

	December 30, 2023			December 31, 2022
	(in thousands)
Deferred tax assets:
Lease liabilities	$	12,034		$	13,994
Stock-based compensation expense		8,062			7,441
Accrued expenses		7,100			4,609
Inventory reserves		4,689			8,595
Loss carryforwards		1,864			968
Tax credit carryforwards		689			813
Accrued commitments for inventory at vendor locations		108			1,799
Other		983			1,833
Total deferred tax assets		35,529			40,052
Valuation allowance		(5,808	)		(4,600	)
Total deferred tax assets, net of valuation allowance		29,721			35,452
Deferred tax liabilities:
Property, plant, and equipment		(90,372	)		(103,561	)
Right-of-use assets		(9,590	)		(11,375	)
Intangible assets amortization		(8,244	)		(10,373	)
Prepaid expenses		(7,236	)		(6,735	)
Total deferred tax liabilities		(115,442	)		(132,044	)
Net deferred tax liabilities	$	(85,721	)	$	(96,592	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2023 and 2022 was as follows:

	2023			2022
	(in thousands)
Balance at beginning of period	$	243		$	232
Increases related to current period tax positions		69			41
Increases (decreases) related to prior period tax positions		4			(30	)
Decreases related to lapse of statute of limitations		(13	)		—
Balance at end of period	$	303		$	243