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Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Provision for income taxes

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

			Fiscal Year
																		2023						2022						2021
Current tax expense:
Federal			$	270,024					$	225,565					$	221,152
State			45,093						41,748						34,238
Total current			315,117						267,313						255,390
Deferred tax expense/(benefit):
Federal			12,000						50,833						24,303
State			(1,941)						(2,548)						3,281
Total deferred			10,059						48,285						27,584
Total provision			$	325,176					$	315,598					$	282,974

Deferred tax assets and liabilities

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

			December 30, 2023						December 31, 2022
Tax assets:
Inventory valuation			$	35,076					$	30,599
Accrued employee benefits costs			17,461						24,544
Operating lease liabilities			812,357						763,729
Deferred compensation			15,308						13,459
Workers' compensation insurance			15,632						14,667
Income tax credits			14,075						13,131
Amortization			16,551						23,496
Depreciation			23,477						19,322
Other			51,816						41,384
			1,001,753						944,331
Tax liabilities:
Finance lease assets
Operating lease right-of-use assets			(773,433)						(723,688)
Depreciation			(229,751)						(231,191)
Other			(26,664)						(20,227)
			(1,029,848)						(975,106)
Net deferred tax liability			$	(28,095)					$	(30,775)

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
																		2023						2022						2021
Tax provision at statutory rate			$	300,804					$	294,905					$	268,819
Tax effect of:
State income taxes, net of federal tax benefits			41,757						41,235						36,116
Tax credits, net of federal tax benefits			(10,709)						(15,616)						(13,157)
Share-based compensation programs			(10,442)						(9,025)						(13,368)
Other			3,766						4,099						4,564
Total income tax expense			$	325,176					$	315,598					$	282,974

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
			2023						2022						2021
Balance at beginning of year			$	5,362					$	3,749					$	3,236
Additions based on tax positions related to the current year			2,211						1,359						927
Additions for tax positions of prior years			2,038						760						51
Reductions for tax positions of prior years			(346)						(506)						(465)
Balance at end of year			$	9,265					$	5,362					$	3,749

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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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