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v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 27, 2025
Income Tax Disclosure [Abstract] |
Provision for income taxes | The provision for income taxes consists of the following (in thousands):
| Fiscal Year
| 2025 |  | 2024 |  | 2023
Current tax expense: |  |  |  |  |
Federal | $ | 212,791 |  |  | $ | 292,895 |  |  | $ | 270,024 |
State | 28,100 |  |  | 39,133 |  |  | 45,093 |
Total current tax expense | 240,891 |  |  | 332,028 |  |  | 315,117 |
Deferred tax expense (benefit): |  |  |  |  |
Federal | 45,000 |  |  | (14,264) |  |  | 12,000 |
State | 16,267 |  |  | (6,064) |  |  | (1,941) |
Total deferred tax expense (benefit) | 61,267 |  |  | (20,328) |  |  | 10,059 |
Total provision for income taxes | $ | 302,158 |  |  | $ | 311,700 |  |  | $ | 325,176 |
Deferred tax assets and liabilities | Significant components of the deferred tax assets and liabilities are as follows (in thousands):
| December 27, 2025 |  | December 28, 2024
Tax assets: |  |  |
Inventory valuation | $ | 39,048 |  |  | $ | 36,312 |
Accrued employee benefits costs | 23,107 |  |  | 19,409 |
Operating lease liabilities | 1,006,509 |  |  | 875,226 |
Deferred compensation | 15,657 |  |  | 14,218 |
Workers' compensation insurance | 17,608 |  |  | 16,715 |
Income tax credits | 16,179 |  |  | 20,230 |
Amortization | — |  |  | 22,424 |
Depreciation | 22,319 |  |  | 21,774 |
Other | 49,706 |  |  | 50,133 |
Total deferred tax asset | 1,190,133 |  |  | 1,076,441 |
Tax liabilities: |  |  |
Operating lease right-of-use assets | (956,793) |  |  | (836,610) |
Depreciation | (237,666) |  |  | (219,856) |
Amortization | (36,924) |  |  | — |
Other | (31,584) |  |  | (25,467) |
Total deferred tax liability | (1,262,967) |  |  | (1,081,933) |
Net deferred tax liability | $ | (72,834) |  |  | $ | (5,492) |
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
| 2025 |  | 2024 |  | 2023
U.S. federal statutory tax rate | $ | 293,631 |  |  | 21.0 | % |  | $ | 296,717 |  |  | 21.0 | % |  | $ | 300,804 |  |  | 21.0 | %
State and local income taxes, net of federal income tax effects (a) | 32,807 |  |  | 2.4 |  |  | 25,327 |  |  | 1.8 |  |  | 32,931 |  |  | 2.3 |
Tax credits | (19,775) |  |  | (1.4) |  |  | (7,268) |  |  | (0.5) |  |  | (6,743) |  |  | (0.5) |
Nontaxable or nondeductible items | 1,432 |  |  | 0.1 |  |  | (4,040) |  |  | (0.3) |  |  | (4,956) |  |  | (0.3) |
Changes in unrecognized tax benefits | 3,343 |  |  | 0.2 |  |  | 964 |  |  | 0.1 |  |  | 3,140 |  |  | 0.2 |
Other adjustments | (9,280) |  |  | (0.7) |  |  | — |  |  | — |  |  | — |  |  | — |
Total income tax expense | $ | 302,158 |  |  | 21.6 | % |  | $ | 311,700 |  |  | 22.1 | % |  | $ | 325,176 |  |  | 22.7 | %
(a) For each respective fiscal year, state taxes in the following states contributed to the majority of the tax effect in this category: 2025: Tennessee, California, New York, Michigan, New Jersey, and Texas 2024: California, New York, Michigan, New Jersey, Texas, Maine, and Arizona 2023: California, New York, Michigan, New Jersey, Pennsylvania, Tennessee, Texas, and Kansas
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
| 2025 |  | 2024 |  | 2023
Balance at beginning of year | $ | 9,308 |  |  | $ | 9,265 |  |  | $ | 5,362 |
Additions based on tax positions related to the current year | 1,516 |  |  | 1,698 |  |  | 2,211 |
Additions for tax positions of prior years | 3,016 |  |  | 116 |  |  | 2,038 |
Reductions for tax positions of prior years | (1,028) |  |  | (1,771) |  |  | (346) |
Balance at end of year | $ | 12,812 |  |  | $ | 9,308 |  |  | $ | 9,265 |

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