Income taxes (Tables)

12 Months Ended

Jan. 29, 2021

Income taxes

Schedule of provision (benefit) for income taxes

(In thousands)	2020		2019		2018
Current:
Federal	$	614,207	$	368,451	$	320,361
Foreign		127		102		159
State		100,002		65,215		53,091
		714,336		433,768		373,611
Deferred:
Federal		32,433		45,966		48,262
Foreign		(104)		(15)		(38)
State		2,665		9,456		4,109
		34,994		55,407		52,333
	$	749,330	$	489,175	$	425,944

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

(Dollars in thousands)	2020				2019				2018
U.S. federal statutory rate on earnings before income taxes	$	714,920	21.0	%	$	462,364	21.0	%	$	423,237	21.0	%
State income taxes, net of federal income tax benefit		81,117	2.4			60,936	2.8			44,584	2.2
Jobs credits, net of federal income taxes		(27,479)	(0.8)			(27,768)	(1.3)			(27,506)	(1.4)
Other, net		(19,228)	(0.6)			(6,357)	(0.3)			(14,371)	(0.7)
	$	749,330	22.0	%	$	489,175	22.2	%	$	425,944	21.1	%

Schedule of deferred tax assets and liabilities

	January 29,		January 31,
(In thousands)	2021		2020
Deferred tax assets:
Deferred compensation expense	$	9,161	$	7,556
Accrued expenses		52,195		16,788
Accrued rent		650		401
Lease liabilities		2,459,976		2,167,780
Accrued insurance		6,550		5,895
Accrued incentive compensation		46,083		16,721
Share based compensation		19,495		16,321
Interest rate hedges		730		1,076
Tax benefit of income tax and interest reserves related to uncertain tax positions		189		164
Other		6,823		3,702
State tax net operating loss carry forwards, net of federal tax		804		555
State tax credit carry forwards, net of federal tax		6,619		7,534
		2,609,275		2,244,493
Less valuation allowances, net of federal income taxes		(4,077)		(4,077)
Total deferred tax assets		2,605,198		2,240,416
Deferred tax liabilities:
Property and equipment		(481,279)		(389,080)
Lease assets		(2,433,195)		(2,143,996)
Inventories		(74,985)		(59,075)
Trademarks		(312,258)		(310,862)
Prepaid insurance		(13,532)		(11,933)
Other		(498)		(697)
Total deferred tax liabilities		(3,315,747)		(2,915,643)
Net deferred tax liabilities	$	(710,549)	$	(675,227)

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

(In thousands)	2020		2019		2018
Income tax expense (benefit)	$	2,411	$	130	$	3,919
Income tax related interest expense (benefit)		104		(406)		133
Income tax related penalty expense (benefit)		—		(882)		33

Schedule of reconciliation of uncertain income tax positions

(In thousands)	2020		2019		2018
Beginning balance	$	5,090	$	4,960	$	1,041
Increases—tax positions taken in the current year		—		—		95
Increases—tax positions taken in prior years		3,857		1,239		3,914
Decreases—tax positions taken in prior years		(1,445)		(1,109)		—
Statute expirations		—		—		—
Settlements		—		—		(90)
Ending balance	$	7,502	$	5,090	$	4,960