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INCOME TAXES (Tables)

12 Months Ended

Dec. 26, 2020

Components of Income Tax Expense (Benefit)

Income tax provisions for the years ended December 26, 2020, December 28, 2019, and December 29, 2018 are summarized as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​		2020		​	2019			2018
Currently Payable:		​			​			​
Federal	​	$	59,055	​	$	35,267	​	$	31,492
State and local	​		16,709	​		10,071	​		7,544
Foreign	​		8,601	​		5,834	​		5,527
​	​		84,365	​		51,172	​		44,563
Net Deferred:	​			​			​
Federal	​		2,292	​		6,895	​		2,965
State and local	​		(1,518)	​		805	​		(522)
Foreign	​		1,962	​		(602)	​		(1,565)
​	​		2,736	​		7,098	​		878
Total income tax expense	​	$	87,101	​	$	58,270	​	$	45,441

Components of Earnings Before Income Taxes

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
U.S.	​	$	308,167	​	$	220,532	​	$	180,261
Foreign	​		32,816	​		20,142	​		17,592
Total	​	$	340,983	​	$	240,674	​	$	197,853

Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​
​		2020		2019		2018
Statutory federal income tax rate		21.0	%	21.0	%	21.0	%
State and local taxes (net of  federal benefits)		3.4		3.9		3.8	​
Effect of noncontrolling owned interest in earnings of partnerships		n/a		(0.1)		(0.1)	​
Tax credits, including foreign tax credit		(0.9)		(1.3)		(1.6)	​
Change in uncertain tax positions reserve		(0.1)		(0.1)		0.1	​
Other permanent differences		0.6		0.5		0.6	​
Other, net		1.5		0.3		(0.7)	​
Impact of Tax Act and reduction of corporate tax rate	​	n/a	​	n/a	​	(0.1)	​
Effective income tax rate		25.5	%	24.2	%	23.0	%

Components of Deferred Tax Assets and Liabilities

Temporary differences which give rise to deferred income tax assets and (liabilities) on December 26, 2020 and December 28, 2019 are as follows (in thousands):

​	​	​	​	​	​	​
​		2020			2019
Employee benefits	​	$	23,236	​	$	22,420
Lease liability	​	​	19,376	​	​	20,255
Net operating loss carryforwards	​		6,463	​		6,411
Foreign subsidiary capital loss carryforward	​		527	​		519
Other tax credits	​		391	​		620
Inventory	​		1,633	​		993
Reserves on receivables	​		1,630	​		1,266
Accrued expenses	​		3,071	​		2,318
Other, net	​		8,483	​		3,159
Gross deferred income tax assets	​		64,810	​		57,961
Valuation allowance	​		(4,044)	​		(2,447)
Deferred income tax assets	​		60,766	​		55,514
Depreciation	​		(41,403)	​		(34,001)
Intangibles	​		(22,840)	​		(21,375)
Right of use assets	​	​	(19,376)	​	​	(20,255)
Deferred income tax liabilities	​		(83,619)	​		(75,631)
Net deferred income tax liability	​	$	(22,853)	​	$	(20,117)

Schedule of NOL and credit carryforwards

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Net Operating Losses								​	Tax Credits
​		U.S.			State			Foreign			U.S.			State
2021 - 2025	​	$	—	​	$	86	​	$	535	​	$	—	​	$	391
2026 - 2030	​		—	​		454	​		1,271	​		—	​		—
2031 - 2035	​		—	​		961	​		79	​		—	​		—
2036 - 2040	​		1,405	​		1,048	​		92	​		—	​		—
Thereafter	​		—	​		—	​		532	​		—	​		—
Total	​	$	1,405	​	$	2,549	​	$	2,509	​	$	—	​	$	391

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