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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

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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.

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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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