Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of 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)	2023		2022		2021
Current:
Federal	$	158,475	$	109,899	$	59,308
State	39,652		26,053		15,444
Total current provision	$	198,127	$	135,952	$	74,752
Deferred:
Federal	$	(40,658)	$	7,478	$	(4,966)
State	(8,363)		1,499		(4,217)
Total deferred (benefit) provision	$	(49,021)	$	8,977	$	(9,183)
Income tax expense	$	149,106	$	144,929	$	65,569

Summary of 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
	2023				2022				2021
(in thousands)	Income tax expense		% pre-tax income		Income tax expense		% pre-tax income		Income tax expense		% pre-tax income
Statutory expense	$	117,071	21.0	%	$	120,768	21.0	%	$	53,581	21.0	%
State income taxes, net of federal benefit	21,001		3.8		21,572		3.8		9,522		3.7
Nondeductible compensation	7,372		1.3		4,005		0.7		3,545		1.4
Meals, entertainment and travel expense	3,336		0.6		1,694		0.3		2,028		0.8
Valuation allowance change	701		0.1		(932)		(0.2)		(902)		(0.4)
Adjustment for uncertain tax positions	52		—		(1,351)		(0.2)		(984)		(0.4)
Other, net	(427)		(0.1)		(827)		(0.2)		(1,221)		(0.4)
Income tax expense	$	149,106	26.7	%	$	144,929	25.2	%	$	65,569	25.7	%

Summary of Reconciliation of Uncertain Tax Positions Excluding Accrued Interest

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

	Fiscal Year
(in thousands)	2023		2022		2021
Beginning balance - gross uncertain tax positions	$	285	$	1,254	$	2,161
Increase as a result of tax positions taken in the current year	105		105		59
Increase as a result of tax positions taken in a prior year	—		—		—
Reduction as a result of the expiration of the applicable statute of limitations	(60)		(1,074)		(966)
Ending balance - gross uncertain tax positions	$	330	$	285	$	1,254

Summary of 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, 2023		December 31, 2022
Acquisition related contingent consideration	$	163,827	$	132,535
Accrued liabilities	32,516		30,064
Operating lease liabilities	31,443		35,832
Deferred compensation	27,017		23,102
Deferred revenue	26,750		27,976
Postretirement benefits	13,601		11,511
Transactional costs	3,101		3,532
Financing lease agreements	470		614
Net operating loss carryforwards	437		532
Pension	427		808
Other	3,084		3,875
Deferred income tax assets	$	302,673	$	270,381
Less: Valuation allowance for deferred tax assets	4,130		3,428
Net deferred income tax asset	$	298,543	$	266,953
Depreciation	$	(201,875)	$	(182,174)
Intangible assets	(170,504)		(173,560)
Right-of-use assets - operating leases	(30,034)		(34,410)
Inventory	(11,425)		(14,603)
Prepaid expenses	(8,028)		(9,193)
Patronage dividend	(5,112)		(3,235)
Deferred income tax liabilities	$	(426,978)	$	(417,175)
Net deferred income tax liability	$	(128,435)	$	(150,222)