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Income Taxes (Tables)

12 Months Ended

Dec. 28, 2013

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes consists of the following (in thousands):

	2013				2012				2011
Current tax expense:
Federal	$	175,039			$	165,519			$	112,142
State	19,129				20,342				13,878
Total current	194,168				185,861				126,020
Deferred tax expense (benefit):
Federal	(5,341		)		(20,857		)		3,220
State	(2,968		)		(5,724		)		(1,364		)
Total deferred	(8,309		)		(26,581		)		1,856
Total provision	$	185,859			$	159,280			$	127,876

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):

	2013				2012
Current tax assets:
Inventory valuation	$	12,133			$	11,981
Accrued employee benefit costs	23,184				27,636
Accrued sales taxes	1,905				3,564
Other	10,388				8,439
	47,610				51,620
Current tax liabilities:
Inventory basis difference	(14,470		)		(26,182		)
Prepaid expenses	(2,100		)		(1,541		)
Other	(1,202		)		(799		)
	(17,772		)		(28,522		)
Net current tax asset	$	29,838			$	23,098
Non-current tax assets:
Capital lease obligation basis difference	$	987			$	1,001
Rent expenses in excess of cash payments required	25,229				25,263
Deferred compensation	16,394				17,970
Workers compensation insurance	5,734				—
Other	6,923				4,574
Valuation allowance	—				(862		)
	55,267				47,946
Non-current tax liabilities:
Depreciation	(51,547		)		(47,219		)
Capital lease assets basis difference	(489		)		(511		)
Other	(3,139		)		(1,693		)
	(55,175		)		(49,423		)
Net non-current tax asset (liability)	$	92			$	(1,477	)
Net deferred tax asset	$	29,930			$	21,621

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):

	2013				2012				2011
Tax provision at statutory rate	$	179,933			$	152,508			$	122,715
Tax effect of:
State income taxes, net of federal tax benefits	10,505				9,502				8,134
Permanent differences	(4,579		)		(2,730		)		(2,973		)
	$	185,859			$	159,280			$	127,876

Reconciliation of gross unrecognized tax benefits

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (exclusive of interest and penalties) is as follows (in thousands):

	2013				2012				2011
Balance at beginning of year	$	5,898			$	5,774			$	4,801
Additions based on tax positions related to the current year	741				1,358				1,611
Additions for tax positions of prior years	—				—				—
Reductions for tax positions of prior years	(3,937		)		(1,234		)		(638		)
Reductions due to audit results	(220		)		—				—
Balance at end of year	$	2,482			$	5,898			$	5,774

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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

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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.

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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.

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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.

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