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Income Taxes (Tables)

12 Months Ended

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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