XML 51 R33.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 26, 2020
Income Tax Disclosure [Abstract] |
Provision for income taxes | The provision for income taxes consists of the following (in thousands):
| Fiscal Year
| 2020 |  | 2019 |  | 2018
Current tax expense: |  |  |  |  |
Federal | $ | 211,228 |  |  | $ | 128,490 |  |  | $ | 123,388 |
State | 38,511 |  |  | 25,091 |  |  | 15,597 |
Total current | 249,739 |  |  | 153,581 |  |  | 138,985 |
Deferred tax (benefit)/expense: |  |  |  |  |
Federal | (21,997) |  |  | 11,770 |  |  | 9,650 |
State | (8,553) |  |  | (4,328) |  |  | 2,393 |
Total deferred | (30,550) |  |  | 7,442 |  |  | 12,043 |
Total provision | $ | 219,189 |  |  | $ | 161,023 |  |  | $ | 151,028 |
Deferred tax assets and liabilities | Significant components of the deferred tax assets and liabilities are as follows (in thousands):
| December 26, 2020 |  | December 28, 2019
Tax assets: |  |  |
Inventory valuation | $ | 20,539 |  |  | $ | 16,676 |
Accrued employee benefits costs | 44,625 |  |  | 12,002 |
Accrued sales tax audit reserve | 5,967 |  |  | 4,173 |
Finance lease liabilities | 8,595 |  |  | 6,817 |
Operating lease liabilities | 645,719 |  |  | 581,593 |
Deferred compensation | 12,289 |  |  | 14,836 |
Workers’ compensation insurance | 11,804 |  |  | 10,154 |
General liability insurance | 7,346 |  |  | 6,025 |
Lease exit obligations | 2,315 |  |  | 2,087 |
Income tax credits | 8,744 |  |  | 6,377 |
Amortization | 7,269 |  |  | — |
Other | 8,431 |  |  | 5,768 |
| 783,643 |  |  | 666,508 |
Tax liabilities: |  |  |
Finance lease assets | (7,584) |  |  | (5,684) |
Operating lease right-of-use assets | (612,658) |  |  | (551,751) |
Inventory basis difference | (4,768) |  |  | (4,667) |
Prepaid expenses | (2,491) |  |  | (2,024) |
Depreciation | (124,280) |  |  | (93,919) |
Amortization | — |  |  | (8,230) |
Other | (276) |  |  | (386) |
| (752,057) |  |  | (666,661) |
Net deferred tax asset/(liability) | $ | 31,586 |  |  | $ | (153) |
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
| 2020 |  | 2019 |  | 2018
Tax provision at statutory rate | $ | 203,311 |  |  | $ | 151,909 |  |  | $ | 143,511 |
Tax effect of: |  |  |  |  |
State income taxes, net of federal tax benefits | 27,642 |  |  | 19,722 |  |  | 18,019 |
Section 162(m) limitation | 5,080 |  |  | 2,572 |  |  | 2,581 |
Tax credits, net of federal tax benefits | (8,828) |  |  | (7,768) |  |  | (7,140) |
Share-based compensation programs | (9,303) |  |  | (4,484) |  |  | (4,522) |
Other | 1,287 |  |  | (928) |  |  | (1,421) |
Total income tax expense | $ | 219,189 |  |  | $ | 161,023 |  |  | $ | 151,028 |
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
| 2020 |  | 2019 |  | 2018
Balance at beginning of year | $ | 2,760 |  |  | $ | 2,451 |  |  | $ | 1,993 |
Additions based on tax positions related to the current year | 816 |  |  | 650 |  |  | 621 |
Additions for tax positions of prior years | 32 |  |  | 59 |  |  | 257 |
Reductions for tax positions of prior years | (372) |  |  | (400) |  |  | (420) |
Balance at end of year | $ | 3,236 |  |  | $ | 2,760 |  |  | $ | 2,451 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration