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 |
|