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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2012
Income Tax Disclosure [Abstract] |
Provision for income taxes | The provision for income taxes consists of the following (in thousands):
| 2012 |  | 2011 |  | 2010
Current tax expense: |  |  |  |  |
Federal | $ | 165,519 |  |  | $ | 112,142 |  |  | $ | 85,854 |
State | 20,342 |  |  | 13,878 |  |  | 7,444 |
Total current | 185,861 |  |  | 126,020 |  |  | 93,298 |
Deferred tax expense (benefit): |  |  |  |  |  |  |  |
Federal | (20,857 | ) |  | 3,220 |  |  | 2,116 |
State | (5,724 | ) |  | (1,364 | ) |  | 1,554 |
Total deferred | (26,581 | ) |  | 1,856 |  |  | 3,670 |
Total provision | $ | 159,280 |  |  | $ | 127,876 |  |  | $ | 96,968 |
Deferred tax assets and liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred tax assets and liabilities are as follows (in thousands):
| 2012 |  | 2011
Current tax assets: |  |  |
Inventory valuation | $ | 11,981 |  |  | $ | 10,171 |
Accrued employee benefit costs | 27,636 |  |  | 24,807 |
Accrued sales taxes | 3,564 |  |  | 4,221 |
Other | 8,439 |  |  | 9,251 |
| 51,620 |  |  | 48,450 |
Current tax liabilities: |  |  |  |  |
Inventory basis difference | (26,182 | ) |  | (37,730 | )
Prepaid expenses | (1,541 | ) |  | (1,055 | )
Other | (799 | ) |  | (798 | )
| (28,522 | ) |  | (39,583 | )
Net current tax asset | $ | 23,098 |  |  | $ | 8,867 |
Non-current tax assets: |  |  |  |  |
Capital lease obligation basis difference | $ | 1,001 |  |  | $ | 1,010 |
Rent expenses in excess of cash payments required | 25,263 |  |  | 23,584 |
Deferred compensation | 17,970 |  |  | 15,555 |
Other | 4,574 |  |  | 3,620 |
Valuation allowance | (862 | ) |  | (1,637 | )
| 47,946 |  |  | 42,132 |
Non-current tax liabilities: |  |  |  |  |
Depreciation | (47,219 | ) |  | (54,047 | )
Capital lease assets basis difference | (511 | ) |  | (531 | )
Other | (1,693 | ) |  | (1,381 | )
| (49,423 | ) |  | (55,959 | )
Net non-current tax liability | $ | (1,477 | ) |  | $ | (13,827 | )
Net deferred tax asset (liability) | $ | 21,621 |  |  | $ | (4,960 | )
Reconciliation of the provision for income taxes to the amounts computed at the federal statutory rate | A reconciliation of the provision for income taxes to the amounts computed at the federal statutory rate is as follows (in thousands):
| 2012 |  | 2011 |  | 2010
Tax provision at statutory rate | $ | 152,508 |  |  | $ | 122,715 |  |  | $ | 92,729 |
Tax effect of: |  |  |  |  |  |  |  |
State income taxes, net of federal tax benefits | 9,502 |  |  | 8,134 |  |  | 5,848 |
Permanent differences | (2,730 | ) |  | (2,973 | ) |  | (1,609 | )
| $ | 159,280 |  |  | $ | 127,876 |  |  | $ | 96,968 |
Reconciliation of gross unrecognized tax benefits | The total amount of unrecognized tax benefits that, if recognized, would decrease the effective tax rate, is $4.7 million at December 29, 2012. In addition, we recognize current interest and penalties accrued related to these uncertain tax positions as interest expense, and the amount is not material to the Consolidated Statements of Income. The Company estimates the overall decrease in unrecognized tax benefits in the next twelve months will range between $0.6 million and $1.1 million. A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (exclusive of interest and penalties) is as follows (in thousands):
| 2012 |  | 2011 |  | 2010
Balance at beginning of year | $ | 5,774 |  |  | $ | 4,801 |  |  | $ | 4,084 |
Additions based on tax positions related to the current year | 1,358 |  |  | 1,611 |  |  | 1,453 |
Additions for tax positions of prior years | — |  |  | — |  |  | — |
Reductions for tax positions of prior years | (1,234 | ) |  | (638 | ) |  | (736 | )
Reductions due to audit results | — |  |  | — |  |  | — |
Balance at end of year | $ | 5,898 |  |  | $ | 5,774 |  |  | $ | 4,801 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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