Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

v3.20.1
Income taxes (Tables)
12 Months Ended
Feb. 01, 2020
Income Taxes  
Schedule of provision for income taxes

Fiscal

Fiscal

Fiscal

(In thousands)

    

2019

    

2018

    

2017

Current:

 

  

 

  

 

  

Federal

$

163,596

$

137,255

$

230,006

State

31,106

29,247

28,714

Total current

194,702

166,502

258,720

Deferred:

  

  

  

Federal

1,182

29,374

(26,256)

State

4,321

4,706

(839)

Total deferred

5,503

34,080

(27,095)

Provision for income taxes

$

200,205

$

200,582

$

231,625

Schedule of reconciliation of federal statutory rate to effective tax rate

    

Fiscal

Fiscal

Fiscal

    

2019

    

2018

    

2017

Federal statutory rate

21.0

%  

21.0

%  

33.7

%  

State effective rate, net of federal tax benefit

 

3.1

%  

3.1

%  

2.4

%  

Re-measurement of deferred tax liabilities

0.0

%  

0.0

%  

(4.9)

%  

Excess deduction of stock compensation

(1.1)

%  

(0.6)

%  

(1.2)

%  

Other

 

(0.9)

%  

(0.2)

%  

(0.6)

%  

Effective tax rate

 

22.1

%  

23.3

%  

29.4

%  

Schedule of components of deferred tax assets and liabilities

    

February 1,

February 2,

(In thousands)

    

2020

    

2019

Deferred tax assets:

 

  

 

  

Operating lease liability

$

496,977

$

Reserves not currently deductible

35,626

30,669

Accrued liabilities

 

27,363

 

34,391

Employee benefits

 

22,907

 

18,491

Inventory valuation

 

4,021

 

4,107

NOL carryforwards

288

413

Credit carryforwards

 

224

 

237

Other

1,019

Total deferred tax assets

 

588,425

 

88,308

Deferred tax liabilities:

 

  

 

  

Operating lease asset

567,198

Property and equipment

 

61,570

 

69,265

Prepaid expenses

 

45,354

 

39,915

Receivables not currently includable

2,863

1,449

Intangibles

807

1,018

Deferred rent obligation

 

 

60,525

Total deferred tax liabilities

 

677,792

 

172,172

Net deferred tax liability

$

(89,367)

$

(83,864)

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

    

February 1,

February 2,

(In thousands)

    

2020

    

2019

Balance at beginning of the year

$

3,844

$

3,565

Increase due to a prior year tax position

 

602

 

1,008

Decrease due to a prior year tax position

 

(910)

 

(729)

Balance at end of the year

$

3,536

$

3,844