Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

v3.23.1
Income taxes (Tables)
12 Months Ended
Jan. 28, 2023
Income Taxes  
Schedule of provision for income taxes

Fiscal year ended

January 28,

January 29,

January 30,

(In thousands)

    

2023

    

2022

    

2021

Current:

 

  

 

  

 

  

Federal

$

315,763

$

280,300

$

67,724

State

69,719

55,358

11,534

Total current

385,482

335,658

79,258

Deferred:

  

  

  

Federal

11,800

(22,936)

(19,631)

State

3,854

(2,730)

(4,377)

Total deferred

15,654

(25,666)

(24,008)

Provision for income taxes

$

401,136

$

309,992

$

55,250

Schedule of reconciliation of federal statutory rate to effective tax rate

    

Fiscal year ended

January 28,

January 29,

January 30,

    

2023

    

2022

    

2021

Federal statutory rate

21.0%

21.0%

21.0%

State effective rate, net of federal tax benefit

 

3.6%

3.3%

2.9%

Executive compensation limitation

0.3%

0.5%

1.2%

Excess deduction of stock compensation

(0.2%)

(0.5%)

(0.3%)

Other

 

(0.3%)

(0.4%)

(0.9%)

Effective tax rate

 

24.4%

23.9%

23.9%

Schedule of components of deferred tax assets and liabilities

    

January 28,

January 29,

(In thousands)

    

2023

    

2022

Deferred tax assets:

 

  

 

  

Operating lease liability

$

487,824

$

471,687

Reserves not currently deductible

52,133

47,059

Accrued liabilities

 

39,989

 

33,289

Employee benefits

 

27,395

 

24,355

Property and equipment

16,600

1,710

Credit carryforwards

 

338

 

334

NOL carryforwards

265

303

Total deferred tax assets

 

624,544

 

578,737

Deferred tax liabilities:

 

  

 

  

Operating lease asset

591,007

561,137

Prepaid expenses

 

69,248

 

45,815

Receivables not currently includable

15,644

5,398

Inventory valuation

1,538

3,490

Other

 

2,308

 

2,224

Intangibles

145

366

Total deferred tax liabilities

 

679,890

 

618,430

Net deferred tax liability

$

(55,346)

$

(39,693)

Schedule of reconciliation of unrecognized tax benefits, excluding interest and penalties

    

January 28,

January 29,

(In thousands)

    

2023

    

2022

Beginning balance

$

3,389

$

2,783

Increase due to a prior year tax position

 

1,473

 

1,219

Decrease due to a prior year tax position

 

(704)

 

(613)

Ending balance

$

4,158

$

3,389