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Income Taxes (Tables)

12 Months Ended

Dec. 29, 2018

Income Tax Disclosure [Abstract]

Provision for income taxes

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

	Fiscal Year
												2018				2017				2016
Current tax expense:
Federal	$	123,388			$	207,986			$	221,207
State	15,597				14,516				20,858
Total current	138,985				222,502				242,065
Deferred tax expense (benefit):
Federal	9,650				22,469				12,256
State	2,393				4,953				(3,171		)
Total deferred	12,043				27,422				9,085
Total provision	$	151,028			$	249,924			$	251,150

Deferred tax assets and liabilities

Significant components of the deferred tax assets and liabilities are as follows (in thousands):

	December 29, 2018				December 30, 2017
Tax assets:
Inventory valuation	$	14,417			$	13,029
Accrued employee benefits costs	15,333				7,092
Accrued sales tax audit reserve	3,419				3,479
Rent expenses in excess of cash payments required	25,628				24,728
Deferred compensation	17,598				20,299
Workers’ compensation insurance	9,900				9,153
General liability insurance	5,410				4,265
Lease exit obligations	2,010				1,829
Income tax credits	5,773				4,206
Other	9,160				6,997
	108,648				95,077
Tax liabilities:
Inventory basis difference	(4,590		)		(4,141		)
Prepaid expenses	(1,912		)		(1,423		)
Depreciation	(87,417		)		(65,650		)
Amortization	(6,039		)		(3,818		)
Other	(2,083		)		(1,551		)
	(102,041		)		(76,583		)
Net deferred tax asset	$	6,607			$	18,494

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):

	Fiscal Year
												2018				2017				2016
Tax provision at statutory rate	$	143,511			$	235,383			$	240,894
Tax effect of:
State income taxes, net of federal tax benefits	18,019				14,320				15,527
Section 162(m) limitation	2,581				1,223				633
Tax credits, net of federal tax benefits	(7,140		)		(5,060		)		(7,227		)
Share-based compensation programs	(4,522		)		(1,040		)		—
Enactment of tax legislation	—				4,856				—
Other	(1,421		)		242				1,323
Total income tax expense	$	151,028			$	249,924			$	251,150

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):

	Fiscal Year
	2018				2017				2016
Balance at beginning of year	$	1,993			$	1,579			$	2,922
Additions based on tax positions related to the current year	621				527				460
Additions for tax positions of prior years	257				14				139
Reductions for tax positions of prior years	(420		)		(127		)		(1,829		)
Reductions due to audit results	—				—				(113		)
Balance at end of year	$	2,451			$	1,993			$	1,579

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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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