Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Domestic and Foreign Loss before Income Tax

Loss before income taxes are comprised of the following components for the periods indicated:


	Year Ended December 31, 2022		Year Ended December 25, 2021		Year Ended December 26, 2020

United States based operations	$	(32,817)	$	(56,597)	$	(30,083)
Non-United States based operations	18,150		6,481		(3,855)
Loss before income taxes	$	(14,667)	$	(50,116)	$	(33,938)

Components of Company's Income Tax Provision

Below are the components of the Company's income tax expense (benefit) for the periods indicated:


	Year Ended December 31, 2022		Year Ended December 25, 2021		Year Ended December 26, 2020

Current:
Federal & State	$	1,838	$	894	$	629
Foreign	177		746		(49)
Total current	2,015		1,640		580
Deferred:
Federal & State	(4,648)		(13,651)		(7,625)
Foreign	4,406		664		(1,356)
Total deferred	(242)		(12,987)		(8,981)
Valuation allowance	(4)		(437)		(1,038)
Income tax expense (benefit)	$	1,769	$	(11,784)	$	(9,439)

Deferred Tax Assets and Liabilities

The table below reflects the significant components of the Company's net deferred tax assets and liabilities at December 31, 2022 and December 25, 2021:


	December 31, 2022		December 25, 2021
	Non-current		Non-current
Deferred Tax Asset:
Inventory	$	12,786	$	17,590
Bad debt and other sales related reserves	1,868		2,029
Casualty loss reserve	606		685
Accrued bonus / deferred compensation	6,458		3,778


Deferred social security (CARES Act)	—		899
Interest limitation	37,709		30,094
Lease liabilities	19,843		23,008
Deferred revenue - shipping terms	354		320


Transaction costs	1,701		2,218
Deferred financing fees	867		—
Federal / foreign net operating loss	16,477		31,217
State net operating loss	3,793		4,123
Tax credit carryforwards	2,274		2,400
All other	1,487		1,233
Gross deferred tax assets	106,223		119,594
Valuation allowance for deferred tax assets	(1,030)		(1,034)
Net deferred tax assets	$	105,193	$	118,560
Deferred Tax Liability:
Intangible asset amortization	$	192,989	$	205,328
Property and equipment	28,647		27,722
Lease assets	18,129		21,446

Derivative security value	5,519		—
All other items	—		505
Deferred tax liabilities	$	245,284	$	255,001
Net deferred tax liability	$	140,091	$	136,441

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:


	Year Ended December 31, 2022		Year Ended December 25, 2021		Year Ended December 26, 2020
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Non-U.S. taxes and the impact of non-U.S. losses for which a current tax benefit is not available	(7.1)	%	(1.3)	%	0.6	%
State and local income taxes, net of U.S. federal income tax benefit	2.9	%	2.9	%	5.7	%
Change in valuation allowance	—	%	0.9	%	1.6	%
Adjustment for change in tax law	5.4	%	—	%	—	%

Permanent differences:
Acquisition and related transaction costs	(2.7)	%	(2.2)	%	—	%
Decrease in fair value of warrant liability	—	%	6.2	%	—	%
Global Intangible Low-Taxed Income ("GILTI")	(24.4)	%	(0.5)	%	—	%
Reconciliation of tax provision to return	(0.2)	%	(1.7)	%	0.6	%
Non-deductible compensation	(6.4)	%	(1.9)	%	(1.0)	%
Reconciliation of other adjustments	(0.6)	%	0.1	%	(0.7)	%
Effective income tax rate	(12.1)	%	23.5	%	27.8	%

Components of Changes in Unrecognized Tax Benefits

The following is a summary of the changes for the periods indicated below:


	Year Ended December 31, 2022		Year Ended December 25, 2021		Year Ended December 26, 2020
Unrecognized tax benefits - beginning balance	$	1,101	$	1,101	$	1,101
Gross increases - tax positions in current period	—		—		—
Gross increases - tax positions in prior period	—		—		—
Gross decreases - tax positions in prior period	—		—		—
Unrecognized tax benefits - ending balance	$	1,101	$	1,101	$	1,101
Amount of unrecognized tax benefit that, if recognized would affect the Company's effective tax rate	$	1,101	$	1,101	$	1,101