Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign For the years ended December 30, 2023, December 31, 2022 and January 1, 2022, income before taxes consist of the following:
(in millions) Year Ended
December 30, 2023 December 31, 2022 January 01, 2022
US operations $ 178.7  $ 140.7  $ 54.1 
Foreign operations 4.1  4.6  (3.8)
Total $ 182.8  $ 145.3  $ 50.3 
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense (benefit) attributable to income from operations consists of (in millions):
Current Deferred Total
Year ended December 30, 2023:
U.S. federal $ 27.8  $ 9.5  $ 37.3 
State and local 7.6  0.5  8.1 
Foreign jurisdiction 2.2  (0.5) 1.7 
Total $ 37.6  $ 9.5  $ 47.1 
Current Deferred Total
Year ended December 31, 2022:
U.S. federal $ 19.4  $ 9.8  $ 29.2 
State and local 3.4  3.6  7.0 
Foreign jurisdiction 1.3  0.1  1.4 
Total $ 24.1  $ 13.5  $ 37.6 
Current Deferred Total
Year ended January 1, 2022:
U.S. federal $ 0.6  $ 4.4  $ 5.0 
State and local 1.6  —  1.6 
Foreign jurisdiction (0.5) 0.4  (0.1)
Total $ 1.7  $ 4.8  $ 6.5 
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense (benefit) attributable to income from continuing operations was approximately $47.1, $37.6, and $6.5 for the years ended December 30, 2023, December 31, 2022, and January 1, 2022, respectively:
(in millions) Year Ended
December 30, 2023 December 31, 2022 January 01, 2022
Income before taxes $ 182.8  $ 145.3  $ 50.3 
Computed “expected” tax expense 38.4  30.5  10.6 
Increase (reduction) in income taxes resulting from:
Statutory rate differential 0.2  0.4  (5.6)
Permanent difference 0.4  —  1.8 
State income taxes, net of federal benefit 7.8  6.0  1.3 
Change in tax rates (1.2) 1.2  (1.4)
Change in estimate (0.2) 0.8  0.2 
Change in valuation allowance —  (0.3) (0.9)
Tax Credits (0.6) (1.3) — 
U.S. tax on foreign operations 0.9  —  — 
Other, net 1.4  0.3  0.5 
Total $ 47.1  $ 37.6  $ 6.5 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 30, 2023 and December 31, 2022 are presented below (in millions):
December 30, 2023 December 31, 2022
Deferred tax assets
Allowance for doubtful accounts $ 1.3  $ 0.1 
Other accrued expenses 0.9  0.6 
Inventories 0.2  0.3 
Leases 11.9  0.6 
Tax credits carryforward 0.1  0.5 
Intangibles 36.3  48.2 
Stock compensation 1.5  0.8 
Interest expense carryforward 0.2  0.2 
Other 0.3  0.1 
Total deferred tax assets $ 52.7  $ 51.4 
Deferred tax liabilities
Property and equipment $ (6.0) $ (5.7)
Prepaids (0.7) (0.7)
Right-of-use assets (10.9) — 
Other —  (0.3)
Total deferred liabilities $ (17.6) $ (6.7)
Net deferred tax asset $ 35.1  $ 44.7