Income Taxes (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
Loss before income taxes are comprised of the following components for the periods indicated:
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Year Ended December 29, 2018 |
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Year Ended December 30, 2017 |
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Year Ended December 31, 2016 |
| |
| |
United States based operations |
$ |
(53,254 |
) |
|
$ |
(24,624 |
) |
|
$ |
(15,442 |
) |
| |
Non-United States based operations |
(14,317 |
) |
|
(1,639 |
) |
|
(6,454 |
) |
| |
Loss before income taxes |
$ |
(67,571 |
) |
|
$ |
(26,263 |
) |
|
$ |
(21,896 |
) |
|
| Components of Company's Income Tax Provision |
Below are the components of the Company's income tax (benefit) provision for the periods indicated:
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Year Ended
December 29, 2018 |
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Year Ended
December 30, 2017 |
|
Year Ended December 31, 2016 |
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Current: |
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Federal & State |
$ |
263 |
|
|
$ |
164 |
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|
$ |
368 |
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| |
Foreign |
67 |
|
|
814 |
|
|
18 |
|
| |
Total current |
330 |
|
|
978 |
|
|
386 |
|
| |
Deferred: |
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| |
Federal & State |
(11,679 |
) |
|
(85,461 |
) |
|
(7,464 |
) |
| |
Foreign |
(4,741 |
) |
|
(1,989 |
) |
|
(847 |
) |
| |
Total deferred |
(16,420 |
) |
|
(87,450 |
) |
|
(8,311 |
) |
| |
Valuation allowance |
18,160 |
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|
1,561 |
|
|
235 |
|
| |
Income tax expense/(benefit) |
$ |
2,070 |
|
|
$ |
(84,911 |
) |
|
$ |
(7,690 |
) |
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| Deferred Tax Assets and Liabilities |
The table below reflects the significant components of the Company's net deferred tax assets and liabilities at December 29, 2018 and December 30, 2017:
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As of December 29, 2018 |
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As of December 30, 2017 |
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Non-current |
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Non-current |
Deferred Tax Asset: |
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Inventory |
|
$ |
12,798 |
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$ |
8,717 |
|
Bad debt reserve |
|
838 |
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|
853 |
|
Casualty loss reserve |
|
405 |
|
|
546 |
|
Accrued bonus / deferred compensation |
|
3,517 |
|
|
2,825 |
|
Deferred rent |
|
995 |
|
|
791 |
|
Derivative security value |
|
362 |
|
|
— |
|
Interest limitation |
|
14,187 |
|
|
— |
|
Deferred financing fees |
|
— |
|
|
359 |
|
Deferred revenue - shipping terms |
|
301 |
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|
301 |
|
Medical insurance reserve |
|
12 |
|
|
186 |
|
Original issue discount amortization |
|
3,649 |
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|
3,882 |
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Transaction costs |
|
2,301 |
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|
2,683 |
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Federal / foreign net operating loss |
|
47,171 |
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|
26,838 |
|
State net operating loss |
|
6,650 |
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|
3,082 |
|
Tax credit carryforwards |
|
4,984 |
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|
4,312 |
|
All other |
|
36 |
|
|
2,007 |
|
Gross deferred tax assets |
|
98,206 |
|
|
57,382 |
|
Valuation allowance for deferred tax assets |
|
(24,993 |
) |
|
(3,396 |
) |
Net deferred tax assets |
|
$ |
73,213 |
|
|
$ |
53,986 |
|
Deferred Tax Liability: |
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Intangible asset amortization |
|
$ |
238,929 |
|
|
$ |
177,338 |
|
Property and equipment |
|
34,327 |
|
|
21,385 |
|
All other items |
|
653 |
|
|
991 |
|
Deferred tax liabilities |
|
$ |
273,909 |
|
|
$ |
199,714 |
|
Net deferred tax liability |
|
$ |
200,696 |
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$ |
145,728 |
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| Reconciliation of Statutory Income Tax Rates to Effective Income Tax Rates |
Below is a reconciliation of statutory income tax rates to the effective income tax rates for the periods indicated:
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Year Ended
December 29, 2018 |
Year Ended
December 30, 2017 |
Year Ended December 31, 2016 |
Statutory federal income tax rate |
|
21.0 |
% |
35.0 |
% |
35.0 |
% |
Non-U.S. taxes and the impact of non-U.S. losses for which a current tax benefit is not available |
|
0.9 |
% |
6.9 |
% |
8.1 |
% |
State and local income taxes, net of U.S. federal income tax benefit |
|
(0.5 |
)% |
3.4 |
% |
2.8 |
% |
Adjustment of reserve for change in valuation allowance and other items |
|
(21.7 |
)% |
(6.5 |
)% |
0.5 |
% |
Adjustment for change in tax law |
|
(0.9 |
)% |
281.4 |
% |
(3.1 |
)% |
Adjustment of unrecognized tax benefits |
|
— |
% |
1.4 |
% |
(7.7 |
)% |
Permanent differences: |
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|
|
Acquisition and related transaction costs |
|
(2.7 |
)% |
— |
% |
(0.3 |
)% |
Meals and entertainment expense |
|
(0.3 |
)% |
(0.9 |
)% |
(0.9 |
)% |
Foreign tax credit |
|
— |
% |
— |
% |
0.3 |
% |
Reconciliation of tax provision to return |
|
— |
% |
1.7 |
% |
(0.3 |
)% |
Reconciliation of other adjustments |
|
1.1 |
% |
0.9 |
% |
0.7 |
% |
Effective income tax rate |
|
(3.1 |
)% |
323.3 |
% |
35.1 |
% |
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| Components of Changes in Unrecognized Tax Benefits |
The following is a summary of the changes for the periods indicated below:
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Year Ended
December 29, 2018 |
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Year Ended
December 30, 2017 |
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Year Ended
December 31, 2016 |
Unrecognized tax benefits - beginning balance |
$ |
1,101 |
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|
$ |
2,060 |
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|
$ |
374 |
|
Gross increases - tax positions in current period |
— |
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— |
|
|
1,676 |
|
Gross increases - tax positions in prior period |
— |
|
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— |
|
|
10 |
|
Gross decreases - tax positions in prior period |
— |
|
|
(959 |
) |
|
— |
|
Unrecognized tax benefits - ending balance |
$ |
1,101 |
|
|
$ |
1,101 |
|
|
$ |
2,060 |
|
Amount of unrecognized tax benefit that, if recognized would affect the Company's effective tax rate |
$ |
1,101 |
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|
$ |
1,101 |
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|
$ |
2,060 |
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