Income Taxes (Tables)

12 Months Ended

Dec. 30, 2017

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense are as follows (in thousands):

	Year Ended
	December 30,			December 31,		January 2,
	2017			2016		2016
Current:
Federal	$	8,063		$	4,602	$	8,861
State		1,066			921		443
		9,129			5,523		9,304
Deferred:
Federal		(10,010	)		5,371		4,893
State		944			906		1,100
		(9,066	)		6,277		5,993
Income tax expense	$	63		$	11,800	$	15,297

Summary of Income Taxes Included in Consolidated Statements of Income and Consolidated Statements of Equity

The aggregate amount of income taxes included in the consolidated statements of operations and consolidated statements of shareholders’ equity are as follows (in thousands):

	Year Ended
	December 30,		December 31,			January 2,
	2017		2016			2016
Consolidated statements of income:
Income tax expense relating to continuing operations	$	63	$	11,800		$	15,297
Consolidated statements of shareholders’ equity:
Reversal of intraperiod tax allocation	$	—	$	—		$	(1,595	)
Income tax expense relating to derivative financial instruments	$	—	$	—		$	50
Income tax benefit relating to share-based compensation	$	—	$	(1,872	)	$	(3,840	)

Reconciliation of Statutory Federal Income Tax Rate

A reconciliation of the statutory federal income tax rate to our effective rate is provided below:

	Year Ended
	December 30,			December 31,			January 2,
	2017			2016			2016
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal income tax benefit		3.8	%		3.8	%		3.8	%
Change in net deferred tax liability related to U.S. tax reform		(31.1	)%		—			—
Excess stock-based compensation tax benefits		(4.6	)%		—			—
Domestic manufacturing deduction		(2.5	)%		(1.8	)%		(2.2	)%
Research activities credits		(0.2	)%		(2.8	)%		—
Florida jobs creation incentive credits		(0.5	)%		(0.6	)%		(2.0	)%
Change in valuation allowance on deferred tax assets		—			(0.2	)%		0.3	%
Non-deductible expenses		0.5	%		0.2	%		0.2	%
Reversal of intraperiod tax allocation		—			—			4.1	%
Other		(0.2	)%		(0.4	)%		0.2	%
		0.2	%		33.2	%		39.4	%

Components of Net Deferred Tax Asset and Liability

Significant components of our net deferred tax liability are as follows:

	December 30,			December 31,
	2017			2016
	(in thousands)
Deferred tax assets:
State and federal net operating loss carryforwards	$	965		$	2,000
Stock-based compensation expense		1,663			2,979
Accrued warranty		1,378			2,149
Obsolete inventory and UNICAP adjustment		412			503
Other deferrals and accruals, net		691			899
Allowance for doubtful accounts		292			195
Acquisition costs		306			537
Other		132			—
Total deferred tax assets		5,839			9,262
Deferred tax liabilities:
Trade names and other intangible assets, net		(16,749	)		(26,007	)
Property, plant and equipment		(8,056	)		(10,492	)
Goodwill		(3,099	)		(3,193	)
Deferred financing costs		(659	)		(1,241	)
Prepaid expenses		(48	)		(167	)
Total deferred tax liabilities		(28,611	)		(41,100	)
Total deferred tax liabilities, net	$	(22,772	)	$	(31,838	)