Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule 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)	2025		2024		2023
Current:
Federal	$	149,255	$	179,019	$	158,475
State	39,377		41,981		39,652
Total current provision	$	188,632	$	221,000	$	198,127

Deferred:
Federal	$	12,430	$	958	$	(40,658)
State	1,274		1,571		(8,363)
Total deferred provision (benefit)	$	13,704	$	2,529	$	(49,021)

Income tax expense	$	202,336	$	223,529	$	149,106

Schedule 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
	2025				2024				2023
(in thousands)	Income tax expense		% pre-tax income		Income tax expense		% pre-tax income		Income tax expense		% pre-tax income
U.S. federal statutory expense	$	162,312	21.0	%	$	179,898	21.0	%	$	117,071	21.0	%
State income taxes, net of federal benefit(1)	30,188		4.0		32,638		3.8		21,494		3.9
Nontaxable/nondeductible items	10,047		1.3		10,494		1.2		11,290		2.0
Changes in valuation allowance	168		—		1,414		0.2		701		0.1
Adjustment for uncertain tax positions	70		—		55		—		52		—
Other, net	126		—		215		—		(257)		(0.1)
Tax credits	(575)		(0.1)		(1,185)		(0.1)		(1,245)		(0.2)
Income tax expense	$	202,336	26.2	%	$	223,529	26.1	%	$	149,106	26.7	%

(1)The states that contribute to the majority (greater than 50%) of the tax effect in this category include Indiana, Maryland, Virginia and Tennessee for fiscal years 2025, 2024 and 2023.

Schedule 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)	2025		2024		2023
Beginning balance - gross uncertain tax positions	$	374	$	330	$	285
Increase as a result of tax positions taken in the current year	120		105		105

Reduction as a result of the expiration of the applicable statute of limitations	(61)		(61)		(60)
Ending balance - gross uncertain tax positions	$	433	$	374	$	330

Schedule 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, 2025		December 31, 2024
Acquisition related contingent consideration	$	176,850	$	160,120
Deferred compensation	39,364		34,308
Accrued liabilities	35,285		35,912
Operating lease liabilities	29,435		28,299
Deferred revenue	25,195		25,474
Postretirement benefits	16,114		13,179
Transactional costs	2,253		2,670
Net operating loss carryforwards	564		754
Financing lease agreements	—		287
Other	—		956
Deferred income tax assets	$	325,060	$	301,959
Less: Valuation allowance for deferred tax assets	5,715		5,535
Net deferred income tax asset	$	319,345	$	296,424

Depreciation	$	(245,739)	$	(212,926)
Intangible assets	(165,413)		(167,428)
Right-of-use assets - operating leases	(28,726)		(27,499)
Prepaid expenses	(10,399)		(9,784)
Inventory	(7,169)		(8,547)
Patronage dividend	(2,728)		(3,181)
Other	(2,909)		—
Deferred income tax liabilities	$	(463,083)	$	(429,365)

Net deferred income tax liability	$	(143,738)	$	(132,941)