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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2024
Income Tax Disclosure [Abstract] |
Income Before Provision for Income Taxes | Income before provision for income taxes in 2024, 2023 and 2022 consisted of the following:
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. |  | $ | 707,705 |  |  | $ | 640,255 |  |  | $ | 560,115 |
Foreign |  |  | 14,510 |  |  |  | 12,185 |  |  |  | 12,718 |
Income before provision for income taxes |  | $ | 722,215 |  |  | $ | 652,440 |  |  | $ | 572,833 |
Differences Between Statutory Income Tax Provision and Consolidated Provision for Income Taxes | The differences between the U.S. Federal statutory income tax provision (using the statutory rate of 21%) and the Company’s consolidated provision for income taxes for 2024, 2023 and 2022 are summarized as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal income tax provision based on the statutory rate |  | $ | 151,665 |  |  | $ | 137,012 |  |  | $ | 120,295 |
State and local income taxes, net of related Federal income taxes |  |  | 22,546 |  |  |  | 19,473 |  |  |  | 15,978 |
Non-resident withholding and foreign income taxes |  |  | 26,600 |  |  |  | 25,301 |  |  |  | 23,276 |
Foreign tax and other tax credits |  |  | (28,622 | ) |  |  | (25,786 | ) |  |  | (19,849 | )
Foreign derived intangible income |  |  | (16,380 | ) |  |  | (17,850 | ) |  |  | (15,068 | )
Excess tax benefits from equity-based compensation |  |  | (22,241 | ) |  |  | (3,397 | ) |  |  | (2,169 | )
Non-deductible expenses, net |  |  | 6,107 |  |  |  | 5,040 |  |  |  | 3,322 |
Unrecognized tax provision (benefit), net of related Federal income taxes |  |  | 616 |  |  |  | 16 |  |  |  | (3,788 | )
Other |  |  | (2,246 | ) |  |  | (6,487 | ) |  |  | (1,427 | )
Provision for income taxes |  | $ | 138,045 |  |  | $ | 133,322 |  |  | $ | 120,570 |
Components of Consolidated Provision for Income Taxes | The components of the 2024, 2023 and 2022 consolidated provision for income taxes were as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Provision for Federal income taxes |  |  |  |  |  |  |  |  |
Current provision |  | $ | 95,376 |  |  | $ | 100,287 |  |  | $ | 76,552 |
Deferred (benefit) provision |  |  | (8,816 | ) |  |  | (16,467 | ) |  |  | 4,125 |
Total provision for Federal income taxes |  |  | 86,560 |  |  |  | 83,820 |  |  |  | 80,677 |
Provision for state and local income taxes |  |  |  |  |  |  |  |  |
Current provision |  |  | 25,186 |  |  |  | 27,243 |  |  |  | 20,489 |
Deferred (benefit) provision |  |  | (301 | ) |  |  | (2,991 | ) |  |  | 577 |
Total provision for state and local income taxes |  |  | 24,885 |  |  |  | 24,252 |  |  |  | 21,066 |
Provision for non-resident withholding and foreign income taxes |  |  |  |  |  |  |  |  |
Current provision |  |  | 26,600 |  |  |  | 25,301 |  |  |  | 23,276 |
Deferred benefit |  |  | — |  |  |  | (51 | ) |  |  | (4,449 | )
Total provision for non-resident withholding and foreign income taxes |  |  | 26,600 |  |  |  | 25,250 |  |  |  | 18,827 |
Provision for income taxes |  | $ | 138,045 |  |  | $ | 133,322 |  |  | $ | 120,570 |
Significant Components of Net Deferred Income Taxes | As of December 29, 2024 and December 31, 2023, the significant components of net deferred income taxes were as follows:
|  | December 29, 2024 |  |  | December 31, 2023 |
Deferred income tax assets |  |  |  |  |  |
Operating lease liabilities |  | $ | 55,538 |  |  | $ | 53,720 |
Accruals and reserves |  |  | 16,193 |  |  |  | 16,176 |
Insurance reserves |  |  | 11,800 |  |  |  | 12,592 |
Non-cash equity-based compensation expense |  |  | 10,354 |  |  |  | 10,309 |
Foreign tax credit |  |  | 20,970 |  |  |  | 16,798 |
Other |  |  | 11,146 |  |  |  | 13,181 |
Deferred income tax assets before valuation allowance |  |  | 126,001 |  |  |  | 122,776 |
Less, valuation allowance |  |  | (22,359 | ) |  |  | (18,166 | )
Deferred income tax assets, net |  |  | 103,642 |  |  |  | 104,610 |
Deferred income tax liabilities |  |  |  |  |  |
Operating lease right-of-use assets |  |  | 52,684 |  |  |  | 50,883 |
Capitalized software |  |  | 8,535 |  |  |  | 14,523 |
Depreciation, amortization and asset basis differences |  |  | 9,103 |  |  |  | 12,155 |
Unrealized gain on investments |  |  | 9,888 |  |  |  | 13,369 |
Deferred income tax liabilities |  |  | 80,210 |  |  |  | 90,930 |
Net deferred income taxes |  | $ | 23,432 |  |  | $ | 13,680 |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 29, 2024, December 31, 2023 and January 1, 2023 is as follows:
|  | December 29, 2024 |  |  | December 31, 2023 |  |  | January 1, 2023 |
Unrecognized tax benefits at beginning of period |  | $ | 3,918 |  |  | $ | 3,902 |  |  | $ | 7,690 |
Additions for tax positions of current year |  |  | 1,039 |  |  |  | 961 |  |  |  | 887 |
Additions for tax positions of prior years |  |  | 241 |  |  |  | 503 |  |  |  | 958 |
Reductions for changes in prior year tax positions |  |  | — |  |  |  | (551 | ) |  |  | (4,521 | )
Reductions for lapses of applicable statute of limitations |  |  | (664 | ) |  |  | (897 | ) |  |  | (1,112 | )
Unrecognized tax benefits at end of period |  | $ | 4,534 |  |  | $ | 3,918 |  |  | $ | 3,902 |

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