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Income Taxes (Tables)

12 Months Ended

Dec. 27, 2014

Income Tax Disclosure [Abstract]

Provision for income taxes

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

	2014				2013				2012
Current tax expense:
Federal	$	211,383			$	175,039			$	165,519
State	25,133				19,129				20,342
Total current	236,516				194,168				185,861
Deferred tax (benefit) expense:
Federal	(14,493		)		(5,341		)		(20,857		)
State	(5,321		)		(2,968		)		(5,724		)
Total deferred	(19,814		)		(8,309		)		(26,581		)
Total provision	$	216,702			$	185,859			$	159,280

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):

	2014				2013
Current tax assets:
Inventory valuation	$	16,602			$	12,133
Accrued employee benefit costs	18,770				23,184
Accrued sales tax audit reserve	2,053				1,905
Other	11,585				10,388
	49,010				47,610
Current tax liabilities:
Inventory basis difference	(4,657		)		(14,470		)
Prepaid expenses	(2,109		)		(2,100		)
Other	(1,282		)		(1,202		)
	(8,048		)		(17,772		)
Net current tax asset	$	40,962			$	29,838
Non-current tax assets:
Rent expenses in excess of cash payments required	27,166				25,229
Deferred compensation	17,956				16,394
Workers compensation insurance	6,989				5,734
General liability insurance	2,741				557
Lease exit obligations	2,437				2,354
Income tax credits	2,205				—
Accrued sales tax audit reserve	2,085				1,547
Other	3,745				3,452
	65,324				55,267
Non-current tax liabilities:
Depreciation	(52,626		)		(51,547		)
Other	(3,916		)		(3,628		)
	(56,542		)		(55,175		)
Net non-current tax asset	$	8,782			$	92
Net deferred tax asset	$	49,744			$	29,930

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):

	2014				2013				2012
Tax provision at statutory rate	$	205,656			$	179,933			$	152,508
Tax effect of:
State income taxes, net of federal tax benefits	12,878				10,505				9,502
Permanent differences	(1,832		)		(4,579		)		(2,730		)
	$	216,702			$	185,859			$	159,280

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):

	2014				2013				2012
Balance at beginning of year	$	2,482			$	5,898			$	5,774
Additions based on tax positions related to the current year	1,104				741				1,358
Additions for tax positions of prior years	280				—				—
Reductions for tax positions of prior years	(366		)		(3,937		)		(1,234		)
Reductions due to audit results	—				(220		)		—
Balance at end of year	$	3,500			$	2,482			$	5,898

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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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