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INCOME TAXES (Tables)

12 Months Ended

Dec. 27, 2025

INCOME TAXES

Components of Income Tax Expense (Benefit)

Income tax provisions for the years ended December 27, 2025, December 28, 2024, and December 30, 2023 are summarized as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	2025		​	2024		​	2023
Currently Payable:		​	​	​	​	​	​	​	​
Federal	​	$	27,236	​	$	101,832	​	$	123,257
State and local	​		9,057	​		21,751	​		28,580
Foreign	​		10,757	​		12,877	​		10,808
​	​		47,050	​		136,460	​		162,645
Net Deferred:	​		​	​		​	​		​
Federal	​		43,320	​		(10,951)	​		(2,249)
State and local	​		8,468	​		(2,074)	​		(3,223)
Foreign	​		(2,589)	​		(2,013)	​		(389)
​	​		49,199	​		(15,038)	​		(5,861)
Total income tax expense	​	$	96,249	​	$	121,422	​	$	156,784

Components of Earnings Before Income Taxes

​

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	2025		​	2024		​	2023
U.S.	​	$	366,193	​	$	496,245	​	$	633,816
Foreign	​		26,048	​		43,910	​		37,425
Total	​	$	392,241	​	$	540,155	​	$	671,241

Effective Income Tax Rate Reconciliation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

2025

​ ​ ​

​

2024

​

​

2023

​ ​ ​

​

​

Amount

​

Percent

​

​

Amount

​

Percent

​

​

Amount

​

Percent

​

U.S. federal statutory tax rate

$

82,370

​

21.0

%

$

113,433

​

21.0

%

$

140,961

​

21.0

%

State and local incomes taxes, net of federal income tax effects

13,845

​

3.5

​

15,545

​

2.9

​

​

20,032

​

3.0

​

Foreign tax effects

1,692

​

0.4

​

1,618

​

0.3

​

​

1,361

​

0.2

​

Effect of cross-border tax laws

(190)

​

—

​

572

​

0.1

​

​

193

​

—

​

Tax credits

​

(3,128)

​

(0.8)

​

​

(5,386)

​

(1.0)

​

​

(5,873)

​

(0.9)

​

Valuation allowances

​

391

​

0.1

​

​

(547)

​

(0.1)

​

​

1,336

​

0.2

​

Nontaxable or nondeductible items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Share-based payment awards

​

(8,969)

​

(2.3)

​

​

(13,452)

​

(2.5)

​

​

(5,533)

​

(0.8)

​

162(m) - nondeductible officer compensation

​

7,009

​

1.8

​

​

8,319

​

1.5

​

​

4,140

​

0.6

​

Other

​

1,924

​

0.5

​

​

(255)

​

—

​

​

(1,861)

​

(0.3)

​

Changes in unrecognized tax benefits

​

572

​

0.1

​

​

878

​

0.2

​

​

1,560

​

0.2

​

Other adjustments

733

​

0.2

​

697

​

0.1

​

​

468

​

0.2

​

Effective income tax rate

$

96,249

​

24.5

%

$

121,422

​

22.5

%

$

156,784

​

23.4

%

​

​	​	​	​
​	​ ​ ​	2025
Florida	​	$	1,952
Georgia	​		1,636
Pennsylvania	​		1,321
Texas	​		1,318
California	​	​	1,266
Total	​	$	7,493
All other states	​	​	6,352
State and local incomes taxes, net of federal income tax effects	​	$	13,845

Components of Deferred Tax Assets and Liabilities

Temporary differences which give rise to deferred income tax assets and (liabilities) on December 27, 2025 and December 28, 2024 are as follows (in thousands):

​

​	​	​	​	​	​	​
​	​ ​ ​	2025		​ ​ ​	2024
Employee benefits	​	$	52,057	​	$	49,666
Lease liability	​	​	32,033	​	​	31,100
Net operating loss carryforwards	​		9,903	​		6,550
Foreign subsidiary capital loss carryforward	​		510	​		428
Other tax credits	​		434	​		—
Inventory	​		2,444	​		3,047
Reserves on receivables	​		2,305	​		2,025
Accrued expenses	​		3,752	​		3,762
Capitalized research and development costs	​	​	201	​	​	35,548
Other, net	​		276	​		—
Gross deferred income tax assets	​		103,915	​		132,126
Valuation allowance	​		(4,101)	​		(3,428)
Deferred income tax assets	​		99,814	​		128,698
Depreciation	​		(103,982)	​		(84,924)
Intangibles	​		(40,614)	​		(39,525)
Right of use assets	​	​	(30,398)	​	​	(29,894)
Other, net	​		—	​		(336)
Deferred income tax liabilities	​		(174,994)	​		(154,679)
Net deferred income tax liability	​	$	(75,180)	​	$	(25,981)

Schedule of income tax expense paid net of refunds

Income taxes paid (net of refunds received) during the year ended December 27, 2025 and December 28, 2024 were as follows (in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	2025		​ ​ ​	2024
Federal	​	$	47,000	​	$	97,000
State and local	​		12,633	​		25,737
Foreign	​		8,133	​		12,514
Total	​	$	67,766	​	$	135,251

Summary of Net Operating Loss Carryforwards

​

​	​	​	​	​	​	​	​	​	​
​	​	Net Operating Losses
​	​ ​ ​	U.S.		​ ​ ​	State		​ ​ ​	Foreign
2026 - 2030	​	$	—	​	$	—	​	$	218
2031 - 2035	​		—	​	​	502	​	​	7,166
2036 - 2040	​		—	​	​	499	​	​	—
2041 - 2045	​		—	​	​	932	​	​	—
Thereafter	​		—	​	​	—	​	​	585
Total	​	$	—	​	$	1,933	​	$	7,969

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