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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Provision for income taxes

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

	2016				2015				2014
Current tax expense:
Federal	$	221,207			$	225,253			$	211,383
State	20,858				17,419				25,133
Total current	242,065				242,672				236,516
Deferred tax expense (benefit):
Federal	12,256				(7,017		)		(14,493		)
State	(3,171		)		1,567				(5,321		)
Total deferred	9,085				(5,450		)		(19,814		)
Total provision	$	251,150			$	237,222			$	216,702

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.  In the first quarter of fiscal 2016, the Company adopted accounting guidance which affected the presentation of deferred tax liabilities and assets. This guidance was applied retrospectively for all periods presented and therefore the presentation of previously reported deferred tax assets has been changed to conform to the presentation used in the current period. Significant components of the deferred tax assets and liabilities are as follows (in thousands):

	2016				2015
Tax assets:
Inventory valuation	$	19,713			$	18,147
Accrued employee benefit costs	14,120				16,485
Accrued sales tax audit reserve	4,317				4,821
Rent expenses in excess of cash payments required	35,391				30,788
Deferred compensation	23,978				20,125
Workers’ compensation insurance	13,565				12,116
General liability insurance	5,332				4,853
Lease exit obligations	2,617				2,378
Income tax credits	4,265				2,316
Other	7,311				8,831
	130,609				120,860
Tax liabilities:
Inventory basis difference	(4,600		)		(3,497		)
Prepaid expenses	(2,912		)		(2,108		)
Depreciation	(73,336		)		(55,805		)
Amortization	(2,419		)		(2,435		)
Other	(2,124		)		(1,821		)
	(85,391		)		(65,666		)
Net deferred tax asset	$	45,218			$	55,194

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):

	2016				2015				2014
Tax provision at statutory rate	$	240,894			$	226,666			$	205,656
Tax effect of:
State income taxes, net of federal tax benefits	11,496				12,341				12,878
Permanent differences	(1,240		)		(1,785		)		(1,832		)
	$	251,150			$	237,222			$	216,702

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):

	2016				2015				2014
Balance at beginning of year	$	2,922			$	3,500			$	2,482
Additions based on tax positions related to the current year	460				869				1,104
Additions for tax positions of prior years	139				—				280
Reductions for tax positions of prior years	(1,829		)		(1,447		)		(366		)
Reductions due to audit results	(113		)		—				—
Balance at end of year	$	1,579			$	2,922			$	3,500

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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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-Publisher FASB
-Name Accounting Standards Codification
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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 for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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