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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Significant Components of the Provision for Income Taxes | The following table presents the significant components of the provision for income taxes:
|  | Fiscal Year
(in thousands) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 179,019 |  |  | $ | 158,475 |  |  | $ | 109,899 |
State |  | 41,981 |  |  | 39,652 |  |  | 26,053 |
Total current provision |  | $ | 221,000 |  |  | $ | 198,127 |  |  | $ | 135,952 |
Deferred: |  |  |  |  |  |
Federal |  | $ | 958 |  |  | $ | (40,658) |  |  | $ | 7,478 |
State |  | 1,571 |  |  | (8,363) |  |  | 1,499 |
Total deferred provision (benefit) |  | $ | 2,529 |  |  | $ | (49,021) |  |  | $ | 8,977 |
Income tax expense |  | $ | 223,529 |  |  | $ | 149,106 |  |  | $ | 144,929 |
Summary of Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense | The following table provides a reconciliation of income tax expense at the statutory federal rate to actual income tax expense:
|  | Fiscal Year
|  | 2024 |  | 2023 |  | 2022
(in thousands) |  | Income tax expense |  | % pre-tax income |  | Income tax expense |  | % pre-tax income |  | Income tax expense |  | % pre-tax income
Statutory expense |  | $ | 179,898 |  |  | 21.0 | % |  | $ | 117,071 |  |  | 21.0 | % |  | $ | 120,768 |  |  | 21.0 | %
State income taxes, net of federal benefit |  | 32,581 |  |  | 3.8 |  |  | 21,001 |  |  | 3.8 |  |  | 21,572 |  |  | 3.8 |
Nondeductible compensation |  | 7,285 |  |  | 0.8 |  |  | 7,372 |  |  | 1.3 |  |  | 4,005 |  |  | 0.7 |
Meals, entertainment and travel expense |  | 2,640 |  |  | 0.3 |  |  | 3,336 |  |  | 0.6 |  |  | 1,694 |  |  | 0.3 |
Valuation allowance change |  | 1,414 |  |  | 0.2 |  |  | 701 |  |  | 0.1 |  |  | (932) |  |  | (0.2) |
Adjustment for uncertain tax positions |  | 55 |  |  | — |  |  | 52 |  |  | — |  |  | (1,351) |  |  | (0.2) |
Other, net |  | (344) |  |  | — |  |  | (427) |  |  | (0.1) |  |  | (827) |  |  | (0.2) |
Income tax expense |  | $ | 223,529 |  |  | 26.1 | % |  | $ | 149,106 |  |  | 26.7 | % |  | $ | 144,929 |  |  | 25.2 | %
Summary of Reconciliation of Uncertain Tax Positions Excluding Accrued Interest | A reconciliation of uncertain tax positions, excluding accrued interest, is as follows:
|  | Fiscal Year
(in thousands) |  | 2024 |  | 2023 |  | 2022
Beginning balance - gross uncertain tax positions |  | $ | 330 |  |  | $ | 285 |  |  | $ | 1,254 |
Increase as a result of tax positions taken in the current year |  | 105 |  |  | 105 |  |  | 105 |
Increase as a result of tax positions taken in a prior year |  | — |  |  | — |  |  | — |
Reduction as a result of the expiration of the applicable statute of limitations |  | (61) |  |  | (60) |  |  | (1,074) |
Ending balance - gross uncertain tax positions |  | $ | 374 |  |  | $ | 330 |  |  | $ | 285 |
Summary of Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities | Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows:
(in thousands) |  | December 31, 2024 |  | December 31, 2023
Acquisition related contingent consideration |  | $ | 160,120 |  |  | $ | 163,827 |
Accrued liabilities |  | 35,912 |  |  | 32,516 |
Deferred compensation |  | 34,308 |  |  | 27,017 |
Operating lease liabilities |  | 28,299 |  |  | 31,443 |
Deferred revenue |  | 25,474 |  |  | 26,750 |
Postretirement benefits |  | 13,179 |  |  | 13,601 |
Transactional costs |  | 2,670 |  |  | 3,101 |
Net operating loss carryforwards |  | 754 |  |  | 437 |
Financing lease agreements |  | 287 |  |  | 470 |
Other |  | 956 |  |  | 3,511 |
Deferred income tax assets |  | $ | 301,959 |  |  | $ | 302,673 |
Less: Valuation allowance for deferred tax assets |  | 5,535 |  |  | 4,130 |
Net deferred income tax asset |  | $ | 296,424 |  |  | $ | 298,543 |
Depreciation |  | $ | (212,926) |  |  | $ | (201,875) |
Intangible assets |  | (167,428) |  |  | (170,504) |
Right-of-use assets - operating leases |  | (27,499) |  |  | (30,034) |
Prepaid expenses |  | (9,784) |  |  | (8,028) |
Inventory |  | (8,547) |  |  | (11,425) |
Patronage dividend |  | (3,181) |  |  | (5,112) |
Deferred income tax liabilities |  | $ | (429,365) |  |  | $ | (426,978) |
Net deferred income tax liability |  | $ | (132,941) |  |  | $ | (128,435) |

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