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Income taxes (Tables)
12 Months Ended
Jan. 31, 2020
Income taxes  
Schedule of provision (benefit) for income taxes

(In thousands)

    

2019

    

2018

    

2017

 

Current:

Federal

$

368,451

$

320,361

$

426,933

Foreign

 

102

 

159

 

105

State

 

65,215

 

53,091

 

79,011

 

433,768

 

373,611

 

506,049

Deferred:

Federal

 

45,966

 

48,262

 

(159,728)

Foreign

(15)

(38)

(22)

State

 

9,456

 

4,109

 

22,021

 

55,407

 

52,333

 

(137,729)

$

489,175

$

425,944

$

368,320

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

(Dollars in thousands)

2019

2018

2017

 

U.S. federal statutory rate on earnings before income taxes

    

$

462,364

    

21.0

$

423,237

    

21.0

$

643,326

    

33.7

%

Impact of federal tax rate changes

(12,222)

(0.6)

(310,756)

(16.3)

State income taxes, net of federal income tax benefit

 

60,936

 

2.8

 

44,584

 

2.2

 

61,201

 

3.2

Jobs credits, net of federal income taxes

 

(27,768)

 

(1.3)

 

(27,506)

 

(1.4)

 

(26,759)

 

(1.4)

Increase (decrease) in valuation allowances, net of federal taxes

 

(356)

 

(0.0)

 

 

 

4,435

 

0.2

Stock-based compensation programs

(6,177)

(0.3)

(3,682)

(0.2)

(2,227)

(0.1)

Increase (decrease) in income tax reserves

 

(513)

 

(0.0)

 

3,952

 

0.2

 

(1,837)

 

(0.1)

Other, net

 

689

 

0.0

 

(2,419)

 

(0.1)

 

937

 

0.1

$

489,175

 

22.2

$

425,944

 

21.1

$

368,320

 

19.3

%

Schedule of deferred tax assets and liabilities

    

January 31,

    

February 1,

 

(In thousands)

2020

2019

 

Deferred tax assets:

Deferred compensation expense

$

7,556

$

6,490

Accrued expenses

 

16,788

 

3,278

Accrued rent

 

401

 

22,668

Operating lease liabilities

2,167,780

Accrued insurance

 

5,895

 

6,869

Accrued incentive compensation

 

16,721

 

15,219

Share based compensation

16,321

15,713

Interest rate hedges

 

1,076

 

1,421

Tax benefit of income tax and interest reserves related to uncertain tax positions

 

164

 

472

Deferred gain on sale-leaseback

 

 

11,649

Other

 

3,702

 

3,942

State tax net operating loss carry forwards, net of federal tax

 

555

 

598

State tax credit carry forwards, net of federal tax

 

7,534

 

8,245

 

2,244,493

 

96,564

Less valuation allowances, net of federal income taxes

 

(4,077)

 

(4,433)

Total deferred tax assets

 

2,240,416

 

92,131

Deferred tax liabilities:

Property and equipment

 

(389,080)

 

(322,575)

Operating lease assets

(2,143,996)

Inventories

 

(59,075)

 

(56,221)

Trademarks

 

(310,862)

 

(308,793)

Prepaid insurance

(11,933)

(12,639)

Other

 

(697)

 

(1,590)

Total deferred tax liabilities

 

(2,915,643)

 

(701,818)

Net deferred tax liabilities

$

(675,227)

$

(609,687)

Schedule of amounts associated with uncertain tax positions included in income tax expense

(In thousands)

    

2019

    

2018

    

2017

 

Income tax expense (benefit)

$

130

$

3,919

$

(2,076)

Income tax related interest expense (benefit)

 

(406)

 

133

 

(123)

Income tax related penalty expense (benefit)

 

(882)

 

33

 

(9)

Schedule of reconciliation of uncertain income tax positions

(In thousands)

    

2019

    

2018

    

2017

 

Beginning balance

$

4,960

$

1,041

$

3,117

Increases—tax positions taken in the current year

 

 

95

 

66

Increases—tax positions taken in prior years

 

1,239

 

3,914

 

27

Decreases—tax positions taken in prior years

 

(1,109)

 

 

Statute expirations

 

 

 

(2,169)

Settlements

 

 

(90)

 

Ending balance

$

5,090

$

4,960

$

1,041