Income taxes (Tables)

12 Months Ended

Feb. 01, 2013

Income taxes

Schedule of provision (benefit) for income taxes

(In thousands)	2012			2011		2010
Current:
Federal	$	457,370		$	385,277	$	273,005
Foreign		1,209			1,449		1,269
State		78,025			56,272		28,062
		536,604			442,998		302,336
Deferred:
Federal		9,734			8,313		42,024
State		(1,606	)		7,293		12,755
		8,128			15,606		54,779
	$	544,732		$	458,604	$	357,115

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

(Dollars in thousands)	2012					2011					2010
U.S. federal statutory rate on earnings before income taxes	$	524,088		35.0	%	$	428,851		35.0	%	$	344,740		35.0	%
State income taxes, net of federal income tax benefit		52,713		3.5			42,774		3.5			26,877		2.7
Jobs credits, net of federal income taxes		(16,062	)	(1.1	)		(15,153	)	(1.2	)		(8,845	)	(0.9	)
Increase (decrease) in valuation allowances		(3,050	)	(0.2	)		(2,202	)	(0.2	)		(1,003	)	(0.1	)
Income tax related interest expense (benefit), net of federal income taxes		(476	)	—			(121	)	—			(5,004	)	(0.5	)
Reduction in income tax reserves due to favorable examination resolutions		(13,676	)	(0.9	)		—		—			—		—
Other, net		1,195		0.1			4,455		0.3			350		0.1
	$	544,732		36.4	%	$	458,604		37.4	%	$	357,115		36.3	%

Schedule of deferred tax assets and liabilities

(In thousands)	February 1, 2013			February 3, 2012
Deferred tax assets:
Deferred compensation expense	$	9,276		$	7,851
Accrued expenses and other		5,727			6,735
Accrued rent		15,450			11,125
Accrued insurance		72,442			70,180
Accrued bonuses		15,399			16,686
Interest rate hedges		1,883			4,479
Tax benefit of income tax and interest reserves related to uncertain tax positions		2,696			2,690
Other		13,914			16,010
State tax net operating loss carry forwards, net of federal tax		645			33
State tax credit carry forwards, net of federal tax		8,925			10,628
		146,357			146,417
Less valuation allowances		(1,830	)		(4,881	)
Total deferred tax assets		144,527			141,536
Deferred tax liabilities:
Property and equipment		(294,204	)		(287,447	)
Inventories		(67,246	)		(49,345	)
Trademarks		(435,529	)		(435,611	)
Amortizable assets		(6,809	)		(13,234	)
Bonus related tax method change		(6,534	)		(13,078	)
Other		(4,498	)		(3,539	)
Total deferred tax liabilities		(814,820	)		(802,254	)
Net deferred tax liabilities	$	(670,293	)	$	(660,718	)

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

(In thousands)	February 1, 2013			February 3, 2012
Current deferred income tax liabilities, net	$	(23,223	)	$	(3,722	)
Noncurrent deferred income tax liabilities, net		(647,070	)		(656,996	)
Net deferred tax liabilities	$	(670,293	)	$	(660,718	)

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)	2012			2011		2010
Income tax expense (benefit)	$	(16,119	)	$	97	$	(12,000	)
Income tax related interest expense (benefit)		344			968		(5,800	)
Income tax related penalty expense (benefit)		(200	)		63		(700	)

Schedule of reconciliation of uncertain income tax positions

(In thousands)	2012			2011			2010
Beginning balance	$	42,018		$	26,429		$	67,636
Increases—tax positions taken in the current year		2,114			125			125
Increases—tax positions taken in prior years		1,144			15,840			—
Decreases—tax positions taken in prior years		(22,669	)		—			(36,973	)
Statute expirations		(166	)		(376	)		(1,570	)
Settlements		(204	)		—			(2,789	)
Ending balance	$	22,237		$	42,018		$	26,429