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

​