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Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The company’s provision for income tax expense (benefit) consists of the following for Fiscal 2023, 2022, and 2021 (amounts in thousands):

		Fiscal 2023				Fiscal 2022				Fiscal 2021
Current Taxes:
Federal		$	63,351			$	54,462			$	46,018
State			13,680				14,409				11,790
			77,031				68,871				57,808
Deferred Taxes:
Federal			(36,474	)			3,508				6,946
State			(6,866	)			(2,062	)			(169	)
			(43,340	)			1,446				6,777
Income tax expense		$	33,691			$	70,317			$	64,585

Reconciliation of Effective Tax Amount

Income tax expense differs from the amount computed by applying the applicable U.S. federal income tax rate of 21% because of the effect of the following items for Fiscal 2023, 2022 and 2021 (amounts in thousands):

		Fiscal 2023				Fiscal 2022				Fiscal 2021
Tax at U.S. federal income tax rate		$	32,992			$	62,729			$	56,862
State income taxes, net of federal income tax benefit			5,383				9,754				9,181
Net share-based windfalls			(1,960	)			(2,219	)			(104	)
Excess executive compensation			1,950				2,218				1,480
Tax credits			(2,655	)			(2,263	)			(2,506	)
Other			(2,019	)			98				(328	)
Income tax expense		$	33,691			$	70,317			$	64,585

Components of Deferred Tax Assets and (Liabilities)

Deferred tax assets (liabilities) are comprised of the following (amounts in thousands):

		December 30, 2023				December 31, 2022
Self-insurance		$	8,478			$	6,507
Compensation and employee benefits			10,292				9,991
Deferred income			2,643				3,834
Loss and credit carryforwards			13,111				13,138
Equity-based compensation			8,636				7,692
Legal accrual			33,407				1,369
Pension and postretirement benefits			—				384
Financing and operating lease right-of-use liabilities			72,011				72,470
Capitalized software and research and development costs			32,519				14,898
Other			9,975				7,101
Valuation allowance			(1,586	)			(1,030	)
Deferred tax assets			189,486				136,354
Depreciation			(77,931	)			(74,402	)
Intangibles			(125,555	)			(119,380	)
Financing and operating lease right-of-use assets			(69,987	)			(70,385	)
Hedging			(322	)			(700	)
Pension and postretirement benefits			(143	)			—
Other			(6,793	)			(6,319	)
Deferred tax liabilities			(280,731	)			(271,186	)
Net deferred tax liability		$	(91,245	)		$	(134,832	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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