Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Current:
Federal	$	179,019	$	158,475	$	109,899
State	41,981		39,652		26,053
Total current provision	$	221,000	$	198,127	$	135,952
Deferred:
Federal	$	958	$	(40,658)	$	7,478
State	1,571		(8,363)		1,499
Total deferred provision (benefit)	$	2,529	$	(49,021)	$	8,977
Income tax expense	$	223,529	$	149,106	$	144,929

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
	2024				2023				2022
(in thousands)	Income tax expense		% pre-tax income		Income tax expense		% pre-tax income		Income tax expense		% pre-tax income
Statutory expense	$	179,898	21.0	%	$	117,071	21.0	%	$	120,768	21.0	%
State income taxes, net of federal benefit	32,581		3.8		21,001		3.8		21,572		3.8
Nondeductible compensation	7,285		0.8		7,372		1.3		4,005		0.7
Meals, entertainment and travel expense	2,640		0.3		3,336		0.6		1,694		0.3
Valuation allowance change	1,414		0.2		701		0.1		(932)		(0.2)
Adjustment for uncertain tax positions	55		—		52		—		(1,351)		(0.2)
Other, net	(344)		—		(427)		(0.1)		(827)		(0.2)
Income tax expense	$	223,529	26.1	%	$	149,106	26.7	%	$	144,929	25.2	%

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)	2024		2023		2022
Beginning balance - gross uncertain tax positions	$	330	$	285	$	1,254
Increase as a result of tax positions taken in the current year	105		105		105
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	(61)		(60)		(1,074)
Ending balance - gross uncertain tax positions	$	374	$	330	$	285

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, 2024		December 31, 2023
Acquisition related contingent consideration	$	160,120	$	163,827
Accrued liabilities	35,912		32,516
Deferred compensation	34,308		27,017
Operating lease liabilities	28,299		31,443
Deferred revenue	25,474		26,750
Postretirement benefits	13,179		13,601
Transactional costs	2,670		3,101
Net operating loss carryforwards	754		437
Financing lease agreements	287		470
Other	956		3,511
Deferred income tax assets	$	301,959	$	302,673
Less: Valuation allowance for deferred tax assets	5,535		4,130
Net deferred income tax asset	$	296,424	$	298,543
Depreciation	$	(212,926)	$	(201,875)
Intangible assets	(167,428)		(170,504)
Right-of-use assets - operating leases	(27,499)		(30,034)
Prepaid expenses	(9,784)		(8,028)
Inventory	(8,547)		(11,425)
Patronage dividend	(3,181)		(5,112)
Deferred income tax liabilities	$	(429,365)	$	(426,978)
Net deferred income tax liability	$	(132,941)	$	(128,435)