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Income Taxes (Tables)

12 Months Ended

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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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 of the change in unrecognized tax benefits.

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