Income taxes (Tables)
|
12 Months Ended |
Jan. 29, 2022 |
|---|
| Income Taxes |
|
| Schedule of provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
|
January 29, |
|
January 30, |
|
February 1, |
(In thousands) |
|
2022 |
|
2021 |
|
2020 |
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
280,300 |
|
$ |
67,724 |
|
$ |
163,596 |
State |
|
|
55,358 |
|
|
11,534 |
|
|
31,106 |
Total current |
|
|
335,658 |
|
|
79,258 |
|
|
194,702 |
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
(22,936) |
|
|
(19,631) |
|
|
1,182 |
State |
|
|
(2,730) |
|
|
(4,377) |
|
|
4,321 |
Total deferred |
|
|
(25,666) |
|
|
(24,008) |
|
|
5,503 |
Provision for income taxes |
|
$ |
309,992 |
|
$ |
55,250 |
|
$ |
200,205 |
|
| Schedule of reconciliation of federal statutory rate to effective tax rate |
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
|
January 29, |
|
January 30, |
|
February 1, |
|
|
2022 |
|
2021 |
|
2020 |
Federal statutory rate |
|
21.0% |
|
21.0% |
|
21.0% |
State effective rate, net of federal tax benefit |
|
3.3% |
|
2.9% |
|
3.1% |
Executive compensation limitation |
|
0.5% |
|
1.2% |
|
0.2% |
Excess deduction of stock compensation |
|
(0.5%) |
|
(0.3%) |
|
(1.1%) |
Other |
|
(0.4%) |
|
(0.9%) |
|
(1.1%) |
Effective tax rate |
|
23.9% |
|
23.9% |
|
22.1% |
|
| Schedule of components of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
|
January 29, |
|
January 30, |
(In thousands) |
|
2022 |
|
2021 |
Deferred tax assets: |
|
|
|
|
|
|
Operating lease liability |
|
$ |
471,687 |
|
$ |
484,780 |
Reserves not currently deductible |
|
|
47,059 |
|
|
32,590 |
Accrued liabilities |
|
|
33,289 |
|
|
31,056 |
Employee benefits |
|
|
24,355 |
|
|
23,687 |
Property and equipment |
|
|
1,710 |
|
|
— |
Credit carryforwards |
|
|
334 |
|
|
291 |
NOL carryforwards |
|
|
303 |
|
|
255 |
Inventory valuation |
|
|
— |
|
|
8,386 |
Total deferred tax assets |
|
|
578,737 |
|
|
581,045 |
Deferred tax liabilities: |
|
|
|
|
|
|
Operating lease asset |
|
|
561,137 |
|
|
561,605 |
Prepaid expenses |
|
|
45,815 |
|
|
46,013 |
Receivables not currently includable |
|
|
5,398 |
|
|
3,720 |
Inventory valuation |
|
|
3,490 |
|
|
— |
Other |
|
|
2,224 |
|
|
1,669 |
Intangibles |
|
|
366 |
|
|
585 |
Property and equipment |
|
|
— |
|
|
32,812 |
Total deferred tax liabilities |
|
|
618,430 |
|
|
646,404 |
Net deferred tax liability |
|
$ |
(39,693) |
|
$ |
(65,359) |
|
| Schedule of reconciliation of unrecognized tax benefits, excluding interest and penalties |
|
|
|
|
|
|
|
|
|
January 29, |
|
January 30, |
(In thousands) |
|
2022 |
|
2021 |
Balance at beginning of the year |
|
$ |
2,783 |
|
$ |
3,536 |
Increase due to a prior year tax position |
|
|
1,219 |
|
|
224 |
Decrease due to a prior year tax position |
|
|
(613) |
|
|
(977) |
Balance at end of the year |
|
$ |
3,389 |
|
$ |
2,783 |
|