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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 30, 2023
INCOME TAXES |
Components of Income Tax Expense (Benefit) | Income tax provisions for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 are summarized as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 | ​ | 2022 |  | 2021
Currently Payable: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 123,257 | ​ | $ | 181,029 | ​ | $ | 115,077
State and local | ​ |  | 28,580 | ​ |  | 44,646 | ​ |  | 30,441
Foreign | ​ |  | 10,808 | ​ |  | 17,336 | ​ |  | 21,095
​ | ​ |  | 162,645 | ​ |  | 243,011 | ​ |  | 166,613
Net Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (2,249) | ​ |  | (8,561) | ​ |  | 6,242
State and local | ​ |  | (3,223) | ​ |  | (3,657) | ​ |  | 118
Foreign | ​ |  | (389) | ​ |  | (941) | ​ |  | 999
​ | ​ |  | (5,861) | ​ |  | (13,159) | ​ |  | 7,359
Total income tax expense | ​ | $ | 156,784 | ​ | $ | 229,852 | ​ | $ | 173,972
Components of Earnings Before Income Taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
U.S. | ​ | $ | 633,816 | ​ | $ | 876,071 | ​ | $ | 645,316
Foreign | ​ |  | 37,425 | ​ |  | 58,745 | ​ |  | 81,020
Total | ​ | $ | 671,241 | ​ | $ | 934,816 | ​ | $ | 726,336
Effective Income Tax Rate Reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Statutory federal income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State and local taxes (net of federal benefits) |  | 3.6 |  | 3.4 |  | 3.3 | ​
Tax credits, including foreign tax credit |  | (0.9) |  | (0.8) |  | (0.6) | ​
Change in uncertain tax positions reserve |  | 0.2 |  | (0.1) |  | (0.1) | ​
Other permanent differences |  | 0.2 |  | 0.1 |  | (0.4) | ​
Other, net |  | (0.7) |  | 1.0 |  | 0.7 | ​
Effective income tax rate |  | 23.4 | % | 24.6 | % | 23.9 | %
Components of Deferred Tax Assets and Liabilities | Temporary differences which give rise to deferred income tax assets and (liabilities) on December 30, 2023 and December 31, 2022 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Employee benefits | ​ | $ | 45,661 | ​ | $ | 37,893
Lease liability | ​ | ​ | 27,918 | ​ | ​ | 28,746
Net operating loss carryforwards | ​ |  | 7,881 | ​ |  | 6,891
Foreign subsidiary capital loss carryforward | ​ |  | 935 | ​ |  | 500
Other tax credits | ​ |  | 31 | ​ |  | 102
Inventory | ​ |  | 2,397 | ​ |  | 3,732
Reserves on receivables | ​ |  | 2,203 | ​ |  | 3,273
Accrued expenses | ​ |  | 3,373 | ​ |  | 6,791
Capitalized research and development costs | ​ | ​ | 28,021 | ​ | ​ | 11,080
Gross deferred income tax assets | ​ |  | 118,420 | ​ |  | 99,008
Valuation allowance | ​ |  | (6,014) | ​ |  | (4,618)
Deferred income tax assets | ​ |  | 112,406 | ​ |  | 94,390
Depreciation | ​ |  | (82,617) | ​ |  | (69,711)
Intangibles | ​ |  | (43,455) | ​ |  | (43,643)
Right of use assets | ​ | ​ | (26,870) | ​ | ​ | (27,849)
Other, net | ​ |  | (484) | ​ |  | (702)
Deferred income tax liabilities | ​ |  | (153,426) | ​ |  | (141,905)
Net deferred income tax liability | ​ | $ | (41,020) | ​ | $ | (47,515)
Schedule of NOL and credit carryforwards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Operating Losses | ​ | Tax Credits
​ |  | U.S. |  | State |  | Foreign |  | U.S. |  | State
2024 - 2028 | ​ | $ | — | ​ | $ | 27 | ​ | $ | 206 | ​ | $ | — | ​ | $ | —
2029 - 2033 | ​ |  | — | ​ | ​ | 396 | ​ | ​ | 1,268 | ​ |  | — | ​ |  | —
2034 - 2038 | ​ |  | — | ​ | ​ | 1,618 | ​ | ​ | 1,656 | ​ |  | — | ​ |  | 31
2039 - 2043 | ​ |  | 208 | ​ | ​ | 1,373 | ​ | ​ | — | ​ |  | — | ​ |  | —
Thereafter | ​ |  | — | ​ | ​ | — | ​ | ​ | 570 | ​ |  | — | ​ |  | —
Total | ​ | $ | 208 | ​ | $ | 3,414 | ​ | $ | 3,700 | ​ | $ | — | ​ | $ | 31

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