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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Provision for income taxes | The provision for income taxes consists of the following (in thousands):
| Fiscal Year
| 2024 |  | 2023 |  | 2022
Current tax expense: |  |  |  |  |
Federal | $ | 292,895 |  |  | $ | 270,024 |  |  | $ | 225,565 |
State | 39,133 |  |  | 45,093 |  |  | 41,748 |
Total current | 332,028 |  |  | 315,117 |  |  | 267,313 |
Deferred tax expense/(benefit): |  |  |  |  |
Federal | (14,264) |  |  | 12,000 |  |  | 50,833 |
State | (6,064) |  |  | (1,941) |  |  | (2,548) |
Total deferred | (20,328) |  |  | 10,059 |  |  | 48,285 |
Total provision | $ | 311,700 |  |  | $ | 325,176 |  |  | $ | 315,598 |
Deferred tax assets and liabilities | Significant components of the deferred tax assets and liabilities are as follows (in thousands):
| December 28, 2024 |  | December 30, 2023
Tax assets: |  |  |
Inventory valuation | $ | 36,312 |  |  | $ | 35,076 |
Accrued employee benefits costs | 19,409 |  |  | 17,461 |
Operating lease liabilities | 875,226 |  |  | 812,357 |
Deferred compensation | 14,218 |  |  | 15,308 |
Workers' compensation insurance | 16,715 |  |  | 15,632 |
Income tax credits | 20,230 |  |  | 14,075 |
Amortization | 22,424 |  |  | 16,551 |
Depreciation | 21,774 |  |  | 23,477 |
Other | 50,133 |  |  | 51,816 |
| 1,076,441 |  |  | 1,001,753 |
Tax liabilities: |  |  |
Operating lease right-of-use assets | (836,610) |  |  | (773,433) |
Depreciation | (219,856) |  |  | (229,751) |
Other | (25,467) |  |  | (26,664) |
| (1,081,933) |  |  | (1,029,848) |
Net deferred tax liability | $ | (5,492) |  |  | $ | (28,095) |
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
| 2024 |  | 2023 |  | 2022
Tax provision at statutory rate | $ | 296,717 |  |  | $ | 300,804 |  |  | $ | 294,905 |
Tax effect of: |  |  |  |  |
State income taxes, net of federal tax benefits | 31,656 |  |  | 41,757 |  |  | 41,235 |
Tax credits, net of federal tax benefits | (12,677) |  |  | (10,709) |  |  | (15,616) |
Share-based compensation programs | (8,648) |  |  | (10,442) |  |  | (9,025) |
Other | 4,652 |  |  | 3,766 |  |  | 4,099 |
Total income tax expense | $ | 311,700 |  |  | $ | 325,176 |  |  | $ | 315,598 |
Schedule of Unrecognized Tax Benefits Roll Forward | 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
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 9,265 |  |  | $ | 5,362 |  |  | $ | 3,749 |
Additions based on tax positions related to the current year | 1,698 |  |  | 2,211 |  |  | 1,359 |
Additions for tax positions of prior years | 116 |  |  | 2,038 |  |  | 760 |
Reductions for tax positions of prior years | (1,771) |  |  | (346) |  |  | (506) |
Balance at end of year | $ | 9,308 |  |  | $ | 9,265 |  |  | $ | 5,362 |

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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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