Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Jan. 01, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
For the years ended January 1, 2022, December 26, 2020, and December 28, 2019, income (loss) from continuing operations before taxes consist of the following:


 
  
Year Ended
 
 
  
January 1, 2022
 
 
December 26, 2020
 
  
December 28, 2019
 
US operations
   $ 54,067      $ 56,019
 
  
$
35,179
 
Foreign operations
     (3,784      2,932
 
  
 
4,856
 
    
 
 
    
 
 
 
  
 
 
 
Total
  
$
50,283
 
  
$
58,951
 
  
$
40,035
 
    
 
 
    
 
 
 
  
 
 
 
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense (benefit) attributable to income from continuing operations consists of:

 
 
  
Current
 
 
Deferred
 
  
Total
 
Year ended January 1, 2022:
                          
U.S. federal
   $ 629      $ 4,376      $ 5,005  
State and local
     1,529        10        1,539  
Foreign jurisdiction
     (526      463        (63
    
 
 
    
 
 
    
 
 
 
Total
  
$
1,632
 
  
$
4,849
 
  
$
6,481
 
    
 
 
    
 
 
    
 
 
 

 
  
Current
 
 
Deferred
 
 
Total
 
Year ended December 26, 2020:
                          
U.S. federal
   $ (2    $ 823      $ 821  
State and local
     612        (473      139  
Foreign jurisdiction
     1,155        (1      1,154  
    
 
 
    
 
 
    
 
 
 
Total
  
$
1,765
 
  
$
349
 
  
$
2,114
 
    
 
 
    
 
 
    
 
 
 
 
 
  
Current
 
 
Deferred
 
 
Total
 
Year ended December 28, 2019:
  
     
  
     
  
     
U.S. federal
  
$
(223
  
$
(569
  
$
(791
State and local
  
 
313
 
  
 
(194
  
 
120
 
Foreign jurisdiction
  
 
1,234
 
  
 
73
 
  
 
1,307
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
1,324
 
  
$
(690
  
$
636
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Schedule of Effective Income Tax Rate Reconciliation
 
Income
 tax expense (benefit) attributable to income from continuing operations was approximately $6,481
,
$2,114
and $636 for the years ended January 1, 2022, December 26, 2020, and December 28, 2019, respectively, and differed from the amounts computed by applying the partnership’s U.S. federal income tax rate of zero for the year ended December 26, 2020 and for the partial period up to the Business Combination date of June 7, 2021, presented to pretax income from continuing operations as a result of the following:
 
 
  
Year Ended
 
 
  
January 1, 2022
 
 
December 26, 2020
 
 
December 28, 2019
 
Income before taxes
   $ 50,283     $ 58,951  
 
$
40,035
 
Computed “expected” tax expense
     10,559       —    
 
 
—  
 
Increase (reduction) in income taxes resulting from:
                
 
 
 
 
Statutory rate differential
     (5,606     1,281  
 
 
13
 
Permanent difference
     1,776       697  
 
 
364
 
State income taxes, net of federal benefit
     1,284       519  
 
 
154


Change in tax rates
     (1,342     (421
 
 
172
 
Change in estimate
     175       (146
 
 
(152
)
 
Change in valuation allowance
     (938     —    
 
 
—  
 
Other, net
     573       184  
 
 
85
 
    
 
 
   
 
 
 
 
 
 
 
Total
  
$
6,481
 
 
$
2,114
 
 
$
 
 
636
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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 January 1, 2022 and December 26, 2020 are presented below:
 
 
  
January 1,
 
 
December 26,
 
 
  
2022
 
 
2020
 
Deferred tax assets
  
     
  
     
Allowance for doubtful accounts
   $ 101      $ 15  
Other accrued expenses
     863        222  
Inventories
     210        66  
Interest expense
  
 
—  
 
  
 
—  
 
Leases
     3        9  
Tax incentives
     113        —    
Intangibles
     61,465        —    
Net operating loss carryforward
     1,095        1,670  
Other
     17        83  
    
 
 
    
 
 
 
Total gross deferred tax assets
     63,867        2,065  
Less: valuation allowance
     (256      —    
    
 
 
    
 
 
 
Net deferred tax assets
     63,611        2,065  
    
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities
                 
Intangibles
     —          (15,200
Property and equipment
     (4,360      (2,134
Prepaids
     (816      —    
Other
     (269      —    
    
 
 
    
 
 
 
Total gross deferred liabilities
     (5,445      (17,334
    
 
 
    
 
 
 
Net deferred tax asset (liability)
  
$
58,166
 
  
$
(15,269