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INCOME TAXES (Tables)

12 Months Ended

Dec. 28, 2024

INCOME TAXES

Components of Income Tax Expense (Benefit)

Income tax provisions for the years ended December 28, 2024, December 30, 2023, and December 31, 2022 are summarized as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		2024		​	2023			2022
Currently Payable:		​			​			​
Federal	​	$	101,832	​	$	123,257	​	$	181,029
State and local	​		21,751	​		28,580	​		44,646
Foreign	​		12,877	​		10,808	​		17,336
​	​		136,460	​		162,645	​		243,011
Net Deferred:	​			​			​
Federal	​		(10,951)	​		(2,249)	​		(8,561)
State and local	​		(2,074)	​		(3,223)	​		(3,657)
Foreign	​		(2,013)	​		(389)	​		(941)
​	​		(15,038)	​		(5,861)	​		(13,159)
Total income tax expense	​	$	121,422	​	$	156,784	​	$	229,852

Components of Earnings Before Income Taxes

​

​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
U.S.	​	$	496,245	​	$	633,816	​	$	876,071
Foreign	​		43,910	​		37,425	​		58,745
Total	​	$	540,155	​	$	671,241	​	$	934,816

Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​
​		2024		2023		2022
Statutory federal income tax rate		21.0	%	21.0	%	21.0	%
State and local taxes (net of  federal benefits)		3.5		3.6		3.4	​
Tax credits, including foreign tax credit		(1.0)		(0.9)		(0.8)	​
Change in uncertain tax positions reserve		0.2		0.2		(0.1)	​
Other permanent differences		(0.6)		0.2		0.1	​
Other, net		(0.6)		(0.7)		1.0	​
Effective income tax rate		22.5	%	23.4	%	24.6	%

Components of Deferred Tax Assets and Liabilities

Temporary differences which give rise to deferred income tax assets and (liabilities) on December 28, 2024 and December 30, 2023 are as follows (in thousands):

​

​	​	​	​	​	​	​
​		2024			2023
Employee benefits	​	$	49,666	​	$	45,661
Lease liability	​	​	31,100	​	​	27,918
Net operating loss carryforwards	​		6,550	​		7,881
Foreign subsidiary capital loss carryforward	​		428	​		935
Other tax credits	​		—	​		31
Inventory	​		3,047	​		2,397
Reserves on receivables	​		2,025	​		2,203
Accrued expenses	​		3,762	​		3,373
Capitalized research and development costs	​	​	35,548	​	​	28,021
Gross deferred income tax assets	​		132,126	​		118,420
Valuation allowance	​		(3,428)	​		(6,014)
Deferred income tax assets	​		128,698	​		112,406
Depreciation	​		(84,924)	​		(82,617)
Intangibles	​		(39,525)	​		(43,455)
Right of use assets	​	​	(29,894)	​	​	(26,870)
Other, net	​		(336)	​		(484)
Deferred income tax liabilities	​		(154,679)	​		(153,426)
Net deferred income tax liability	​	$	(25,981)	​	$	(41,020)

Schedule of NOL and credit carryforwards

​

​	​	​	​	​	​	​	​	​	​
​	​	Net Operating Losses
​		U.S.			State			Foreign
2025 - 2029	​	$	—	​	$	15	​	$	—
2030 - 2034	​		—	​	​	123	​	​	3,894
2035 - 2039	​		—	​	​	1,109	​	​	—
2040 - 2044	​		—	​	​	895	​	​	—
Thereafter	​		—	​	​	—	​	​	513
Total	​	$	—	​	$	2,142	​	$	4,407

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