Income Taxes (Tables)

12 Months Ended

Dec. 28, 2024

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 2024, 2023, and 2022 (amounts in thousands):

	Fiscal 2024		Fiscal 2023			Fiscal 2022
Current Taxes:
Federal	$	41,406	$	63,351		$	54,462
State		8,466		13,680			14,409
		49,872		77,031			68,871
Deferred Taxes:
Federal		24,029		(36,474	)		3,508
State		6,925		(6,866	)		(2,062	)
		30,954		(43,340	)		1,446
Income tax expense	$	80,826	$	33,691		$	70,317

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 2024, 2023 and 2022 (amounts in thousands):

	Fiscal 2024			Fiscal 2023			Fiscal 2022
Tax at U.S. federal income tax rate	$	69,078		$	32,992		$	62,729
State income taxes, net of federal income tax benefit		12,158			5,383			9,754
Net share-based windfalls		97			(1,960	)		(2,219	)
Excess executive compensation		3,175			1,950			2,218
Tax credits		(2,692	)		(2,655	)		(2,263	)
Other		(990	)		(2,019	)		98
Income tax expense	$	80,826		$	33,691		$	70,317

Components of Deferred Tax Assets and (Liabilities)

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

	December 28, 2024			December 30, 2023
Self-insurance	$	7,593		$	8,478
Compensation and employee benefits		10,844			10,292
Deferred income		1,976			2,643
Loss and credit carryforwards		13,065			13,111
Equity-based compensation		7,554			8,636
Legal accrual		5,855			33,407
Financing and operating lease right-of-use liabilities		79,868			72,011
Capitalized software and research and development costs		32,484			32,519
Other		12,579			9,975
Valuation allowance		(3,387	)		(1,586	)
Deferred tax assets		168,431			189,486
Depreciation		(72,503	)		(77,931	)
Intangibles		(132,506	)		(125,555	)
Financing and operating lease right-of-use assets		(78,723	)		(69,987	)
Hedging		(2,371	)		(322	)
Pension and postretirement benefits		(137	)		(143	)
Other		(6,424	)		(6,793	)
Deferred tax liabilities		(292,664	)		(280,731	)
Net deferred tax liability	$	(124,233	)	$	(91,245	)