Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of components of the provision for income taxes |
The components of the provision for income taxes are as follows (in thousands):
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Fiscal Year Ended December 31,
2020 |
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Fiscal Year Ended December 26,
2019 |
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Fiscal Year Ended December 27,
2018 |
| Current (benefit) / expense: |
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Federal |
$ |
(1,781) |
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|
$ |
7,975 |
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|
$ |
5,496 |
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State |
4,391 |
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|
2,358 |
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|
1,669 |
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| Total current expense |
2,610 |
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|
10,333 |
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|
7,165 |
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Deferred expense / (benefit): |
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|
|
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Federal |
11,684 |
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|
(6,522) |
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|
922 |
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State |
(2,070) |
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|
(4,062) |
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|
(1,890) |
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| Total deferred expense / (benefit) |
9,614 |
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|
(10,584) |
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|
(968) |
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| Provision (benefit) for income taxes |
$ |
12,224 |
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|
$ |
(251) |
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|
$ |
6,197 |
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| 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 31, 2020, December 26, 2019, and December 27, 2018 to income before income taxes (in thousands).
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Fiscal Year Ended December 31,
2020 |
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Fiscal Year Ended December 26,
2019 |
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Fiscal Year Ended December 27,
2018 |
| Computed “expected” provision at statutory rate |
$ |
43,513 |
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|
$ |
31,580 |
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|
$ |
25,700 |
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| State income taxes, net of federal income tax benefit |
1,493 |
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|
(1,364) |
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|
(627) |
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| Permanent differences: |
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|
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| Excess tax benefit related to options exercised |
(27,003) |
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|
(29,441) |
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(17,478) |
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| Other |
517 |
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|
543 |
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|
457 |
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| Total permanent differences |
(26,486) |
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|
(28,898) |
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(17,021) |
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| Change in U.S. tax rate |
— |
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— |
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(573) |
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| Provision to return |
(150) |
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|
(282) |
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|
(739) |
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| Federal tax credits |
(920) |
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(1,306) |
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(685) |
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| CARES Act benefit |
(7,676) |
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|
— |
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|
— |
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| Uncertain Tax Positions |
2,724 |
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|
— |
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|
— |
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| Other, net |
(274) |
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|
19 |
|
|
142 |
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| Provision (benefit) for income taxes |
$ |
12,224 |
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|
$ |
(251) |
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|
$ |
6,197 |
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| 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):
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Fiscal Year Ended December 31,
2020 |
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Fiscal Year Ended December 26,
2019 |
| Deferred tax assets: |
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| Accruals not currently deductible for tax purposes |
$ |
8,293 |
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|
$ |
2,820 |
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| Inventories |
6,941 |
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|
5,283 |
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| Stock-based compensation |
5,979 |
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|
3,984 |
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| Other intangibles |
268 |
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|
313 |
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| Gift card liability |
557 |
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|
453 |
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| Litigation accrual |
120 |
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|
139 |
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| Lease liabilities |
259,273 |
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|
233,106 |
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| Other |
10,732 |
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|
3,718 |
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| Total deferred tax assets |
292,163 |
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|
249,816 |
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| Deferred tax liabilities: |
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| Intangible assets |
(27,053) |
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|
(26,939) |
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| Fixed assets |
(62,374) |
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|
(35,576) |
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| Right-of-use assets |
(227,166) |
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|
(203,028) |
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| Other |
(3,560) |
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|
(2,651) |
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| Total deferred tax liabilities |
(320,153) |
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|
(268,194) |
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| Net deferred tax liabilities |
$ |
(27,990) |
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$ |
(18,378) |
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| Schedule of Unrecognized Tax Benefits Roll Forward |
:
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Fiscal Year Ended December 31,
2020 |
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Fiscal Year Ended December 26,
2019 |
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Fiscal Year Ended December 27,
2018 |
| Unrecognized tax benefits balance at beginning of fiscal year |
$ |
402 |
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$ |
— |
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$ |
— |
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| Additions based on tax positions related to the current year |
281 |
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|
282 |
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|
— |
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| Additions for tax positions of prior years |
5,424 |
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|
120 |
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|
— |
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| Unrecognized tax benefits balance at end of fiscal year |
$ |
6,107 |
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$ |
402 |
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$ |
— |
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