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 |
|