Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

v3.24.1
Income taxes (Tables)
12 Months Ended
Feb. 03, 2024
Income Taxes  
Schedule of provision for income taxes

Fiscal year ended

February 3,

January 28,

January 29,

(In thousands)

    

2024

    

2023

    

2022

Current:

 

  

 

  

 

  

Federal

$

308,656

$

315,763

$

280,300

State

65,415

69,719

55,358

Total current

374,071

385,482

335,658

Deferred:

  

  

  

Federal

27,391

11,800

(22,936)

State

3,184

3,854

(2,730)

Total deferred

30,575

15,654

(25,666)

Provision for income taxes

$

404,646

$

401,136

$

309,992

Schedule of reconciliation of federal statutory rate to effective tax rate

    

Fiscal year ended

February 3,

January 28,

January 29,

    

2024

    

2023

    

2022

Federal statutory rate

21.0%

21.0%

21.0%

State effective rate, net of federal tax benefit

 

3.2%

3.6%

3.3%

Executive compensation limitation

0.3%

0.3%

0.5%

Excess deduction of stock compensation

(0.4%)

(0.2%)

(0.5%)

Other

 

(0.2%)

(0.3%)

(0.4%)

Effective tax rate

 

23.9%

24.4%

23.9%

Schedule of components of deferred tax assets and liabilities

    

February 3,

January 28,

(In thousands)

    

2024

    

2023

Deferred tax assets:

 

  

 

  

Operating lease liability

$

490,907

$

487,824

Reserves not currently deductible

58,796

52,133

Accrued liabilities

 

40,501

 

39,989

Employee benefits

 

32,885

 

27,395

Inventory valuation

 

1,962

 

Property and equipment

1,729

16,600

Credit carryforwards

 

359

 

338

NOL carryforwards

231

265

Total deferred tax assets

 

627,370

 

624,544

Deferred tax liabilities:

 

  

 

  

Operating lease asset

607,251

591,007

Prepaid expenses

 

83,775

 

69,248

Receivables not currently includable

20,502

15,644

Other

 

1,763

 

2,308

Inventory valuation

1,538

Intangibles

145

Total deferred tax liabilities

 

713,291

 

679,890

Net deferred tax liability

$

(85,921)

$

(55,346)

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

    

February 3,

January 28,

(In thousands)

    

2024

    

2023

Beginning balance

$

4,158

$

3,389

Increase due to a prior year tax position

 

1,437

 

1,473

Decrease due to a prior year tax position

 

(590)

 

(704)

Decrease due to a prior year audit adjustment

(945)

Ending balance

$

4,060

$

4,158