Income taxes (Tables)
|
12 Months Ended |
Feb. 03, 2024 |
|---|
| Income Taxes |
|
| Schedule of provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
|
February 3, |
|
January 28, |
|
January 29, |
(In thousands) |
|
2024 |
|
2023 |
|
2022 |
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
308,656 |
|
$ |
315,763 |
|
$ |
280,300 |
State |
|
|
65,415 |
|
|
69,719 |
|
|
55,358 |
Total current |
|
|
374,071 |
|
|
385,482 |
|
|
335,658 |
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
27,391 |
|
|
11,800 |
|
|
(22,936) |
State |
|
|
3,184 |
|
|
3,854 |
|
|
(2,730) |
Total deferred |
|
|
30,575 |
|
|
15,654 |
|
|
(25,666) |
Provision for income taxes |
|
$ |
404,646 |
|
$ |
401,136 |
|
$ |
309,992 |
|
| Schedule of reconciliation of federal statutory rate to effective tax rate |
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
|
February 3, |
|
January 28, |
|
January 29, |
|
|
2024 |
|
2023 |
|
2022 |
Federal statutory rate |
|
21.0% |
|
21.0% |
|
21.0% |
State effective rate, net of federal tax benefit |
|
3.2% |
|
3.6% |
|
3.3% |
Executive compensation limitation |
|
0.3% |
|
0.3% |
|
0.5% |
Excess deduction of stock compensation |
|
(0.4%) |
|
(0.2%) |
|
(0.5%) |
Other |
|
(0.2%) |
|
(0.3%) |
|
(0.4%) |
Effective tax rate |
|
23.9% |
|
24.4% |
|
23.9% |
|
| Schedule of components of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
|
February 3, |
|
January 28, |
(In thousands) |
|
2024 |
|
2023 |
Deferred tax assets: |
|
|
|
|
|
|
Operating lease liability |
|
$ |
490,907 |
|
$ |
487,824 |
Reserves not currently deductible |
|
|
58,796 |
|
|
52,133 |
Accrued liabilities |
|
|
40,501 |
|
|
39,989 |
Employee benefits |
|
|
32,885 |
|
|
27,395 |
Inventory valuation |
|
|
1,962 |
|
|
— |
Property and equipment |
|
|
1,729 |
|
|
16,600 |
Credit carryforwards |
|
|
359 |
|
|
338 |
NOL carryforwards |
|
|
231 |
|
|
265 |
Total deferred tax assets |
|
|
627,370 |
|
|
624,544 |
Deferred tax liabilities: |
|
|
|
|
|
|
Operating lease asset |
|
|
607,251 |
|
|
591,007 |
Prepaid expenses |
|
|
83,775 |
|
|
69,248 |
Receivables not currently includable |
|
|
20,502 |
|
|
15,644 |
Other |
|
|
1,763 |
|
|
2,308 |
Inventory valuation |
|
|
— |
|
|
1,538 |
Intangibles |
|
|
— |
|
|
145 |
Total deferred tax liabilities |
|
|
713,291 |
|
|
679,890 |
Net deferred tax liability |
|
$ |
(85,921) |
|
$ |
(55,346) |
|
| Schedule of reconciliation of unrecognized tax benefits, excluding interest and penalties |
|
|
|
|
|
|
|
|
|
February 3, |
|
January 28, |
(In thousands) |
|
2024 |
|
2023 |
Beginning balance |
|
$ |
4,158 |
|
$ |
3,389 |
Increase due to a prior year tax position |
|
|
1,437 |
|
|
1,473 |
Decrease due to a prior year tax position |
|
|
(590) |
|
|
(704) |
Decrease due to a prior year audit adjustment |
|
|
(945) |
|
|
— |
Ending balance |
|
$ |
4,060 |
|
$ |
4,158 |
|