Income taxes (Tables)

12 Months Ended

Feb. 02, 2019

Income Taxes

Schedule of provision for income taxes

	Fiscal		Fiscal		Fiscal
(In thousands)	2018		2017		2016
Current:
Federal	$	137,255	$	230,006	$	194,199
State		29,247		28,714		24,835
Total current		166,502		258,720		219,034
Deferred:
Federal		29,374		(26,256)		24,480
State		4,706		(839)		2,440
Total deferred		34,080		(27,095)		26,920
Provision for income taxes	$	200,582	$	231,625	$	245,954

Schedule of reconciliation of federal statutory rate to effective tax rate

	Fiscal		Fiscal		Fiscal
	2018		2017		2016
Federal statutory rate	21.0	%	33.7	%	35.0	%
State effective rate, net of federal tax benefit	3.1	%	2.4	%	2.8	%
Re-measurement of deferred tax liabilities	0.0	%	(4.9)	%	0.0	%
Excess deduction of stock compensation	(0.6)	%	(1.2)	%	0.0	%
Other	(0.2)	%	(0.6)	%	(0.3)	%
Effective tax rate	23.3	%	29.4	%	37.5	%

Schedule of components of deferred tax assets and liabilities

	February 2,		February 3,
(In thousands)	2019		2018
Deferred tax assets:
Reserves not currently deductible	$	30,669	$	23,789
Employee benefits		18,491		15,273
Credit carryforwards		237		343
Accrued liabilities		34,391		14,625
Inventory valuation		4,107		847
NOL carryforwards		413		—
Total deferred tax assets		88,308		54,877
Deferred tax liabilities:
Property and equipment		69,265		54,210
Deferred rent obligation		60,525		49,518
Prepaid expenses		39,915		10,552
Intangibles		1,018		—
Receivables not currently includable		1,449		—
Total deferred tax liabilities		172,172		114,280
Net deferred tax liability	$	(83,864)	$	(59,403)

Schedule of reconciliation of unrecognized tax benefits, excluding interest and penalties

	February 2,		February 3,
(In thousands)	2019		2018
Balance at beginning of the period	$	3,565	$	3,305
Increase due to a prior year tax position		1,008		1,064
Decrease due to a prior period position		(729)		(804)
Balance at the end of the period	$	3,844	$	3,565