Floor & Decor Holdings, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 29, 2016

Schedule of components of the provision for income taxes

The components of the provision for income taxes are as follows (in thousands):

	Year Ended December 25, 2014			Year Ended December 31, 2015			Year Ended December 29, 2016
Current expense:
Federal	$	9,081		$	13,183		$	14,588
State		1,979			2,552			2,422

Total current expense		11,060			15,735			17,010

Deferred (benefit)/expense:
Federal		(680	)		553			(4,765	)
State		(746	)		(89	)		(771	)

Total deferred (benefit)/expense		(1,426	)		464			(5,536	)

	$	9,634		$	16,199		$	11,474

Schedule of effective income tax reconciliation

The following is a summary of the differences between the total provision for income taxes as shown on the financial statements and the provision for income taxes that would result from applying the federal statutory tax rate of 35% to income before income taxes (in thousands).

	Year Ended December 25, 2014		Year Ended December 31, 2015			Year Ended December 29, 2016
Computed "expected" provision at statutory rate	$	8,656	$	15,052		$	19,080
State income taxes, net of federal income tax benefit		801		1,594			1,073
Permanent differences:
Non-qualified option holder dividend equivalent		—		—			(7,877	)
Other		96		113			(4	)

Total permanent differences		96		113			(7,881	)
Other, net		81		(560	)		(798	)

Provision for income taxes	$	9,634	$	16,199		$	11,474

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and (liabilities) are presented below (in thousands):

	Year Ended December 31, 2015			Year Ended December 29, 2016
Deferred tax assets:
Accruals not currently deductible for tax purposes	$	10,314		$	14,342
Tenant improvement allowances		6,162			7,690
Inventories		3,459			4,050
Stock based compensation		2,997			4,179
Other intangibles		761			693
Gift card liability		820			858
Litigation accrual		—			5,299
Other		89			47

Total deferred tax assets		24,602			37,158
Deferred tax liabilities:
Intangible assets		(41,095	)		(41,269	)
Fixed assets		(16,907	)		(23,650	)
Other		(324	)		(504	)

Total deferred tax liabilities		(58,326	)		(65,423	)

Net deferred tax liabilities	$	(33,724	)	$	(28,265	)