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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Components of Income Tax Expense (Benefit)

Income tax provisions for the years ended December 31, 2022, December 25, 2021, and December 26, 2020 are summarized as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​		2022		​	2021			2020
Currently Payable:		​			​			​
Federal	​	$	181,029	​	$	115,077	​	$	59,055
State and local	​		44,646	​		30,441	​		16,709
Foreign	​		17,336	​		21,095	​		8,601
​	​		243,011	​		166,613	​		84,365
Net Deferred:	​			​			​
Federal	​		(8,561)	​		6,242	​		2,292
State and local	​		(3,657)	​		118	​		(1,518)
Foreign	​		(941)	​		999	​		1,962
​	​		(13,159)	​		7,359	​		2,736
Total income tax expense	​	$	229,852	​	$	173,972	​	$	87,101

Components of Earnings Before Income Taxes

​

​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
U.S.	​	$	876,071	​	$	645,316	​	$	308,167
Foreign	​		58,745	​		81,020	​		32,816
Total	​	$	934,816	​	$	726,336	​	$	340,983

​

Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​
​		2022		2021		2020
Statutory federal income tax rate		21.0	%	21.0	%	21.0	%
State and local taxes (net of  federal benefits)		3.4		3.3		3.4	​
Effect of noncontrolling owned interest in earnings of partnerships		n/a		n/a		n/a	​
Tax credits, including foreign tax credit		(0.8)		(0.6)		(0.9)	​
Change in uncertain tax positions reserve		(0.1)		(0.1)		(0.1)	​
Other permanent differences		0.1		(0.4)		0.6	​
Other, net		1.0		0.7		1.5	​
Effective income tax rate		24.6	%	23.9	%	25.5	%

​

Components of Deferred Tax Assets and Liabilities

Temporary differences which give rise to deferred income tax assets and (liabilities) on December 31, 2022 and December 25, 2021 are as follows (in thousands):

​	​	​	​	​	​	​
​		2022			2021
Employee benefits	​	$	37,893	​	$	27,543
Lease liability	​	​	28,746	​	​	24,627
Net operating loss carryforwards	​		6,891	​		5,502
Foreign subsidiary capital loss carryforward	​		500	​		527
Other tax credits	​		102	​		450
Inventory	​		3,732	​		2,007
Reserves on receivables	​		3,273	​		1,446
Accrued expenses	​		6,791	​		5,735
Other, net	​		10,378	​		5,233
Gross deferred income tax assets	​		98,306	​		73,070
Valuation allowance	​		(4,618)	​		(3,952)
Deferred income tax assets	​		93,688	​		69,118
Depreciation	​		(69,711)	​		(64,387)
Intangibles	​		(43,643)	​		(38,367)
Right of use assets	​	​	(27,849)	​	​	(23,866)
Deferred income tax liabilities	​		(141,203)	​		(126,620)
Net deferred income tax liability	​	$	(47,515)	​	$	(57,502)

​

Schedule of NOL and credit carryforwards

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Operating Losses

​

Tax Credits

​

U.S.

State

Foreign

U.S.

State

2023 - 2027

​

$

—

​

$

42

​

$

363

​

$

—

​

$

—

2028 - 2032

​

—

​

​

230

​

​

1,406

​

—

​

—

2033 - 2037

​

—

​

​

1,696

​

​

255

​

—

​

102

2038 - 2042

​

499

​

​

1,804

​

​

—

​

—

​

—

Thereafter

​

—

​

​

—

​

​

594

​

—

​

—

Total

​

$

499

​

$

3,772

​

$

2,618

​

$

—

​

$

102

​

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