Income taxes (Tables)

12 Months Ended

Feb. 03, 2012

Income taxes

Schedule of provision (benefit) for income taxes

(In thousands)	2011		2010		2009
Current:
Federal	$	385,277	$	273,005	$	173,027
Foreign		1,449		1,269		1,465
State		56,272		28,062		21,002
		442,998		302,336		195,494
Deferred:
Federal		8,313		42,024		12,412
Foreign		—		—		(49	)
State		7,293		12,755		4,817
		15,606		54,779		17,180
	$	458,604	$	357,115	$	212,674

Schedule of reconciliation between actual income taxes and amounts computed by applying federal statutory rate to income before income taxes

(Dollars in thousands)	2011					2010					2009
U.S. federal statutory rate on earnings before income taxes	$	428,851		35.0	%	$	344,740		35.0	%	$	193,241		35.0	%
State income taxes, net of federal income tax benefit		42,774		3.5			26,877		2.7			18,375		3.3
Jobs credits, net of federal income taxes		(15,153	)	(1.2	)		(8,845	)	(0.9	)		(8,590	)	(1.6	)
Increase (decrease) in valuation allowances		(2,202	)	(0.2	)		(1,003	)	(0.1	)		(1,722	)	(0.3	)
Income tax related interest expense (benefit), net of federal income taxes		(121	)	—			(5,004	)	(0.5	)		1,289		0.2
Nondeductible lawsuit settlement		—		—			—		—			(366	)	(0.1	)
Other, net		4,455		0.3			350		0.1			10,447		2.0
	$	458,604		37.4	%	$	357,115		36.3	%	$	212,674		38.5	%

Schedule of deferred tax assets and liabilities

(In thousands)	February 3, 2012			January 28, 2011
Deferred tax assets:
Deferred compensation expense	$	7,851		$	6,653
Accrued expenses and other		6,735			4,798
Accrued rent		11,125			8,581
Accrued insurance		70,180			67,634
Accrued bonuses		16,686			20,116
Interest rate hedges		4,479			13,650
Tax benefit of income tax and interest reserves related to uncertain tax positions		2,690			2,520
Other		16,010			16,321
State tax net operating loss carryforwards, net of federal tax		33			4,697
State tax credit carryforwards, net of federal tax		10,628			12,511
		146,417			157,481
Less valuation allowances		(4,881	)		(7,083	)
Total deferred tax assets		141,536			150,398
Deferred tax liabilities:
Property and equipment		(287,447	)		(222,757	)
Inventories		(49,345	)		(68,314	)
Trademarks		(435,611	)		(435,543	)
Amortizable assets		(13,234	)		(21,288	)
Insurance related tax method change		—			(14,844	)
Bonus related tax method change		(13,078	)		(19,520	)
Other		(3,539	)		(3,551	)
Total deferred tax liabilities		(802,254	)		(785,817	)
Net deferred tax liabilities	$	(660,718	)	$	(635,419	)

Schedule of net deferred tax liabilities as recorded in the consolidated balance sheets

(In thousands)	February 3, 2012			January 28, 2011
Current deferred income tax liabilities, net	$	(3,722	)	$	(36,854	)
Noncurrent deferred income tax liabilities, net		(656,996	)		(598,565	)
Net deferred tax liabilities	$	(660,718	)	$	(635,419	)

Summary income tax expense (benefit), income tax related interest expense (benefit), and income tax related penalty expense (benefit) related to uncertain tax positions included in consolidated statements of income

(In thousands)	2011		2010			2009
Income tax expense (benefit)	$	97	$	(12,000	)	$	11,900
Income tax related interest expense (benefit)		968		(5,800	)		2,300
Income tax related penalty expense (benefit)		63		(700	)		400

Schedule of reconciliation of uncertain income tax positions

(In thousands)	2011			2010			2009
Beginning balance	$	26,429		$	67,636		$	59,057
Increases—tax positions taken in the current year		125			125			13,701
Increases—tax positions taken in prior years		15,840			—			4,039
Decreases—tax positions taken in prior years		—			(36,973	)		(1,111	)
Statute expirations		(376	)		(1,570	)		—
Settlements		—			(2,789	)		(8,050	)
Ending balance	$	42,018		$	26,429		$	67,636