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INCOME TAXES (Tables)

12 Months Ended

Dec. 25, 2021

Components of Income Tax Expense (Benefit)

Income tax provisions for the years ended December 25, 2021, December 26, 2020, and December 28, 2019 are summarized as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​		2021		​	2020			2019
Currently Payable:		​			​			​
Federal	​	$	115,077	​	$	59,055	​	$	35,267
State and local	​		30,441	​		16,709	​		10,071
Foreign	​		21,095	​		8,601	​		5,834
​	​		166,613	​		84,365	​		51,172
Net Deferred:	​			​			​
Federal	​		6,242	​		2,292	​		6,895
State and local	​		118	​		(1,518)	​		805
Foreign	​		999	​		1,962	​		(602)
​	​		7,359	​		2,736	​		7,098
Total income tax expense	​	$	173,972	​	$	87,101	​	$	58,270

Components of Earnings Before Income Taxes

​

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
U.S.	​	$	645,316	​	$	308,167	​	$	220,532
Foreign	​		81,020	​		32,816	​		20,142
Total	​	$	726,336	​	$	340,983	​	$	240,674

Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​
​		2021		2020		2019
Statutory federal income tax rate		21.0	%	21.0	%	21.0	%
State and local taxes (net of  federal benefits)		3.3		3.4		3.9	​
Effect of noncontrolling owned interest in earnings of partnerships		n/a		n/a		(0.1)	​
Tax credits, including foreign tax credit		(0.6)		(0.9)		(1.3)	​
Change in uncertain tax positions reserve		(0.1)		(0.1)		(0.1)	​
Other permanent differences		(0.4)		0.6		0.5	​
Other, net		0.7		1.5		0.3	​
Effective income tax rate		23.9	%	25.5	%	24.2	%

Components of Deferred Tax Assets and Liabilities

Temporary differences which give rise to deferred income tax assets and (liabilities) on December 25, 2021 and December 26, 2020 are as follows (in thousands):

​	​	​	​	​	​	​
​		2021			2020
Employee benefits	​	$	27,543	​	$	23,236
Lease liability	​	​	24,627	​	​	19,376
Net operating loss carryforwards	​		5,502	​		6,463
Foreign subsidiary capital loss carryforward	​		527	​		527
Other tax credits	​		450	​		391
Inventory	​		2,007	​		1,633
Reserves on receivables	​		1,446	​		1,630
Accrued expenses	​		5,735	​		3,071
Other, net	​		5,233	​		8,483
Gross deferred income tax assets	​		73,070	​		64,810
Valuation allowance	​		(3,952)	​		(4,044)
Deferred income tax assets	​		69,118	​		60,766
Depreciation	​		(64,387)	​		(41,403)
Intangibles	​		(38,367)	​		(22,840)
Right of use assets	​	​	(23,866)	​	​	(19,376)
Deferred income tax liabilities	​		(126,620)	​		(83,619)
Net deferred income tax liability	​	$	(57,502)	​	$	(22,853)

Schedule of NOL and credit carryforwards

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Operating Losses

​

Tax Credits

​

U.S.

State

Foreign

U.S.

State

2022 - 2026

​

$

—

​

$

—

​

$

536

​

$

—

​

$

—

2027 - 2031

​

—

​

​

436

​

​

1,424

​

—

​

—

2032 - 2036

​

—

​

​

670

​

​

106

​

—

​

450

2037 - 2041

​

790

​

​

808

​

​

—

​

—

​

—

Thereafter

​

—

​

​

438

​

​

294

​

—

​

—

Total

​

$

790

​

$

2,352

​

$

2,360

​

$

—

​

$

450

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