Income Taxes (Tables)

12 Months Ended

Dec. 28, 2019

Significant Components of Provisions for Income Taxes

Significant components of the provision for income taxes are as follows:

	2019			2018		2017
	(in thousands)
Current:
Federal	$	18,510		$	4,471	$	34,255
State		8,084			4,894		5,225
Total current		26,594			9,365		39,480
Deferred:
Federal		8,081			12,860		(22,489	)
State		(346	)		1,398		102
Total deferred		7,735			14,258		(22,387	)
Total provision for income taxes	$	34,329		$	23,623	$	17,093

Reconciliations to Statutory Rates

The Company’s reconciliations to statutory rates are as follows:

	2019			2018			2017
Statutory rate		21.0	%		21.0	%		35.0	%
State income taxes, net of federal benefit		4.6			4.6			3.6
Deduction relating to U.S. production activities		—			—			(3.2	)
Deduction relating to excess stock based compensation		(3.2	)		(3.6	)		(3.7	)
Change relating to enacted Tax Cuts and Jobs Act		—			—			(17.5	)
Non-deductable meals & entertainment		0.7			1.1			0.9
Accounting method changes		—			(3.9	)		—
Change in valuation allowance		0.4			0.7			—
Other		0.3			0.4			(0.4	)
		23.8	%		20.3	%		14.7	%

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 28,			December 29,
	2019			2018
	(in thousands)
Deferred tax assets:
Lease Liabilities	$	15,567		$	—
Inventory		5,868			1,356
Stock-based compensation expense		5,818			5,156
Accrued expenses		3,232			1,913
Other		1,914			2,478
Total deferred tax assets		32,399			10,903
Valuation allowance		(1,866	)		(1,291	)
Total deferred tax assets net of valuation allowance		30,533			9,612
Deferred tax liabilities:
Property, plant and equipment		(78,232	)		(57,099	)
Right-of-use Assets		(14,203	)		—
Amortization		(10,899	)		(733	)
Prepaid expenses		(2,209	)		(949	)
Total deferred tax liabilities		(105,543	)		(58,781	)
Net deferred tax liabilities	$	(75,010	)	$	(49,169	)

Reconciliation of Unrecognized Tax Benefits

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

	2019			2018
	(in thousands)
Balance at beginning of year	$	836		$	292
Increases related to current year tax positions		101			8
(Decreases) Increases related to prior year tax positions		(63	)		636
Decreases related to settlements		—			(100	)
Decreases related to lapse of statute of limitations		(63	)		—
Balance at end of year	$	811		$	836