Income taxes (Tables)
|
12 Months Ended |
Jan. 30, 2021 |
Income Taxes |
|
Schedule of provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
|
January 30, |
|
February 1, |
|
February 2, |
(In thousands) |
|
2021 |
|
2020 |
|
2019 |
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
67,724 |
|
$ |
163,596 |
|
$ |
137,255 |
State |
|
|
11,534 |
|
|
31,106 |
|
|
29,247 |
Total current |
|
|
79,258 |
|
|
194,702 |
|
|
166,502 |
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
(19,631) |
|
|
1,182 |
|
|
29,374 |
State |
|
|
(4,377) |
|
|
4,321 |
|
|
4,706 |
Total deferred |
|
|
(24,008) |
|
|
5,503 |
|
|
34,080 |
Provision for income taxes |
|
$ |
55,250 |
|
$ |
200,205 |
|
$ |
200,582 |
|
Schedule of reconciliation of federal statutory rate to effective tax rate |
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended |
|
|
January 30, |
|
February 1, |
|
February 2, |
|
|
2021 |
|
2020 |
|
2019 |
Federal statutory rate |
|
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
State effective rate, net of federal tax benefit |
|
2.9 |
% |
|
3.1 |
% |
|
3.1 |
% |
Executive compensation limitation |
|
1.2 |
% |
|
0.2 |
% |
|
0.2 |
% |
Excess deduction of stock compensation |
|
(0.3) |
% |
|
(1.1) |
% |
|
(0.6) |
% |
Other |
|
(0.9) |
% |
|
(1.1) |
% |
|
(0.4) |
% |
Effective tax rate |
|
23.9 |
% |
|
22.1 |
% |
|
23.3 |
% |
|
Schedule of components of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
|
January 30, |
|
February 1, |
(In thousands) |
|
2021 |
|
2020 |
Deferred tax assets: |
|
|
|
|
|
|
Operating lease liability |
|
$ |
484,780 |
|
$ |
496,977 |
Reserves not currently deductible |
|
|
32,590 |
|
|
35,626 |
Accrued liabilities |
|
|
31,056 |
|
|
27,363 |
Employee benefits |
|
|
23,687 |
|
|
22,907 |
Inventory valuation |
|
|
8,386 |
|
|
4,021 |
NOL carryforwards |
|
|
255 |
|
|
288 |
Credit carryforwards |
|
|
291 |
|
|
224 |
Other |
|
|
— |
|
|
1,019 |
Total deferred tax assets |
|
|
581,045 |
|
|
588,425 |
Deferred tax liabilities: |
|
|
|
|
|
|
Operating lease asset |
|
|
561,605 |
|
|
567,198 |
Property and equipment |
|
|
32,812 |
|
|
61,570 |
Prepaid expenses |
|
|
46,013 |
|
|
45,354 |
Receivables not currently includable |
|
|
3,720 |
|
|
2,863 |
Intangibles |
|
|
585 |
|
|
807 |
Other |
|
|
1,669 |
|
|
— |
Total deferred tax liabilities |
|
|
646,404 |
|
|
677,792 |
Net deferred tax liability |
|
$ |
(65,359) |
|
$ |
(89,367) |
|
Schedule of reconciliation of unrecognized tax benefits, excluding interest and penalties |
|
|
|
|
|
|
|
|
|
January 30, |
|
February 1, |
(In thousands) |
|
2021 |
|
2020 |
Balance at beginning of the year |
|
$ |
3,536 |
|
$ |
3,844 |
Increase due to a prior year tax position |
|
|
224 |
|
|
602 |
Decrease due to a prior year tax position |
|
|
(977) |
|
|
(910) |
Balance at end of the year |
|
$ |
2,783 |
|
$ |
3,536 |
|