Income Taxes (Tables)
|
12 Months Ended |
Dec. 30, 2021 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of the Provision For Income Taxes |
The components of the provision for income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
in thousands
|
December 30,
2021 |
|
December 31,
2020 |
|
December 26,
2019 |
| Current expense (benefit): |
|
|
|
|
|
Federal |
$ |
37,869 |
|
|
$ |
(1,781) |
|
|
$ |
7,975 |
|
State |
9,927 |
|
|
4,391 |
|
|
2,358 |
|
| Total current expense |
47,796 |
|
|
2,610 |
|
|
10,333 |
|
| Deferred expense (benefit): |
|
|
|
|
|
Federal |
4,853 |
|
|
11,684 |
|
|
(6,522) |
|
State |
(1,811) |
|
|
(2,070) |
|
|
(4,062) |
|
| Total deferred expense (benefit) |
3,042 |
|
|
9,614 |
|
|
(10,584) |
|
| Provision (benefit) for income taxes |
$ |
50,838 |
|
|
$ |
12,224 |
|
|
$ |
(251) |
|
|
| 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 21% for the fiscal years ended December 30, 2021, December 31, 2020, and December 26, 2019 to income before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
in thousands
|
December 30,
2021 |
|
December 31,
2020 |
|
December 26,
2019 |
| Computed “expected” provision at statutory rate |
$ |
70,154 |
|
|
$ |
43,513 |
|
|
$ |
31,580 |
|
| State income taxes, net of federal income tax benefit (1) |
6,186 |
|
|
1,493 |
|
|
(1,364) |
|
| Permanent differences: |
|
|
|
|
|
| Excess tax benefit related to stock options exercised |
(25,710) |
|
|
(27,003) |
|
|
(29,441) |
|
| Other |
908 |
|
|
517 |
|
|
543 |
|
| Total permanent differences |
(24,802) |
|
|
(26,486) |
|
|
(28,898) |
|
| Provision to return |
(34) |
|
|
(150) |
|
|
(282) |
|
| Federal tax credits |
(1,471) |
|
|
(920) |
|
|
(1,306) |
|
| CARES Act benefit |
— |
|
|
(7,676) |
|
|
— |
|
| Uncertain Tax Positions |
308 |
|
|
2,724 |
|
|
— |
|
| Other, net |
497 |
|
|
(274) |
|
|
19 |
|
| Provision (benefit) for income taxes |
$ |
50,838 |
|
|
$ |
12,224 |
|
|
$ |
(251) |
|
(1) Includes state excess tax benefits related to stock options exercised for fiscal years 2021, 2020, and 2019 of $4.6 million, $5.3 million, and $5.6 million, respectively.
|
| 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 |
Fiscal Year Ended December 30,
2021 |
|
Fiscal Year Ended December 31,
2020 |
| Deferred tax assets: |
|
|
|
| Lease liabilities |
$ |
308,198 |
|
|
$ |
259,273 |
|
| Accruals not currently deductible for tax purposes |
11,622 |
|
|
8,293 |
|
| Inventories |
10,711 |
|
|
6,941 |
|
| Stock-based compensation |
8,754 |
|
|
5,979 |
|
| Gift card liability |
1,254 |
|
|
557 |
|
| Other intangibles |
335 |
|
|
268 |
|
| Litigation accrual |
86 |
|
|
120 |
|
| Other |
5,428 |
|
|
10,732 |
|
| Total deferred tax assets |
346,388 |
|
|
292,163 |
|
| Deferred tax liabilities: |
|
|
|
| Right-of-use assets |
(274,151) |
|
|
(227,166) |
|
| Fixed assets |
(70,289) |
|
|
(62,374) |
|
| Intangible assets |
(27,198) |
|
|
(27,053) |
|
| Other |
(5,876) |
|
|
(3,560) |
|
| Total deferred tax liabilities |
(377,514) |
|
|
(320,153) |
|
| Net deferred tax liabilities |
$ |
(31,126) |
|
|
$ |
(27,990) |
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward |
Following is a reconciliation of the beginning and ending balance of unrecognized tax benefits for periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
| in thousands |
December 30,
2021 |
|
December 31,
2020 |
|
December 26,
2019 |
| Unrecognized tax benefits balance at beginning of fiscal year |
$ |
6,107 |
|
|
$ |
402 |
|
|
$ |
— |
|
| Additions based on tax positions related to the current year |
390 |
|
|
281 |
|
|
282 |
|
| Additions for tax positions of prior years |
— |
|
|
5,424 |
|
|
120 |
|
| Reductions due to settlements |
(5,424) |
|
|
— |
|
|
— |
|
| Unrecognized tax benefits balance at end of fiscal year |
$ |
1,073 |
|
|
$ |
6,107 |
|
|
$ |
402 |
|
|