Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Significant Components of the Provision for Income Taxes

The following table presents the significant components of the provision for income taxes:

	Fiscal Year
(in thousands)	2022		2021		2020
Current:
Federal	$	109,899	$	59,308	$	38,665
State	26,053		15,444		11,541
Total current provision	$	135,952	$	74,752	$	50,206
Deferred:
Federal	$	7,478	$	(4,966)	$	8,052
State	1,499		(4,217)		685
Total deferred provision (benefit)	$	8,977	$	(9,183)	$	8,737
Income tax expense	$	144,929	$	65,569	$	58,943

Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense

The following table provides a reconciliation of income tax expense at the statutory federal rate to actual income tax expense:

	Fiscal Year
	2022				2021				2020
(in thousands)	Income tax expense		% pre-tax income		Income tax expense		% pre-tax income		Income tax expense		% pre-tax income
Statutory expense	$	120,768	21.0	%	$	53,581	21.0	%	$	50,618	21.0	%
State income taxes, net of federal benefit	21,572		3.8		9,522		3.7		9,258		3.8
Nondeductible compensation	4,005		0.7		3,545		1.4		3,007		1.3
Meals, entertainment and travel expense	1,694		0.3		2,028		0.8		1,476		0.6
Adjustment for uncertain tax positions	(1,351)		(0.2)		(984)		(0.4)		114		—
Valuation allowance change	(932)		(0.2)		(902)		(0.4)		(1,900)		(0.8)
Noncontrolling interest – Piedmont	—		—		—		—		(2,447)		(1.0)
Other, net	(827)		(0.2)		(1,221)		(0.4)		(1,183)		(0.4)
Income tax expense	$	144,929	25.2	%	$	65,569	25.7	%	$	58,943	24.5	%

Reconciliation of Uncertain Tax Positions Excluding Accrued Interest

A reconciliation of uncertain tax positions, excluding accrued interest, is as follows:

	Fiscal Year
(in thousands)	2022		2021		2020
Beginning balance - gross uncertain tax positions	$	1,254	$	2,161	$	2,283
Increase as a result of tax positions taken in the current year	105		59		61
Increase as a result of tax positions taken in a prior year	—		—		504
Reduction as a result of the expiration of the applicable statute of limitations	(1,074)		(966)		(687)
Ending balance - gross uncertain tax positions	$	285	$	1,254	$	2,161

Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities

Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows:

(in thousands)	December 31, 2022		December 31, 2021
Acquisition related contingent consideration	$	132,535	$	133,114
Operating lease liabilities	35,832		35,382
Accrued liabilities	30,064		26,253
Deferred revenue	27,976		26,852
Deferred compensation	23,102		24,018
Postretirement benefits	11,511		13,969
Transactional costs	3,532		3,976
Pension	808		4,617
Financing lease agreements	614		1,820
Net operating loss carryforwards	532		1,418
Other	3,875		3,830
Deferred income tax assets	$	270,381	$	275,249
Less: Valuation allowance for deferred tax assets	3,428		4,372
Net deferred income tax asset	$	266,953	$	270,877
Depreciation	$	(182,174)	$	(173,124)
Intangible assets	(173,560)		(177,214)
Right-of-use assets - operating leases	(34,410)		(34,347)
Inventory	(14,603)		(13,481)
Prepaid expenses	(9,193)		(6,774)
Patronage dividend	(3,235)		(2,369)
Deferred income tax liabilities	$	(417,175)	$	(407,309)
Net deferred income tax liability	$	(150,222)	$	(136,432)