Income taxes (Tables)

12 Months Ended

Feb. 03, 2023

Income taxes

Schedule of provision (benefit) for income taxes

(In thousands)	2022		2021		2020
Current:
Federal	$	400,752	$	472,913	$	614,207
Foreign		279		384		127
State		63,562		76,261		100,002
		464,593		549,558		714,336
Deferred:
Federal		195,529		93,114		32,433
Foreign		(24)		(38)		(104)
State		40,527		21,283		2,665
		236,032		114,359		34,994
	$	700,625	$	663,917	$	749,330

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

(Dollars in thousands)	2022				2021				2020
U.S. federal statutory rate on earnings before income taxes	$	654,489	21.0	%	$	643,262	21.0	%	$	714,920	21.0	%
State income taxes, net of federal income tax benefit		82,134	2.6			77,086	2.5			81,117	2.4
Jobs credits, net of federal income taxes		(37,639)	(1.2)			(39,936)	(1.3)			(27,479)	(0.8)
Other, net		1,641	0.1			(16,495)	(0.5)			(19,228)	(0.6)
	$	700,625	22.5	%	$	663,917	21.7	%	$	749,330	22.0	%

Schedule of deferred tax assets and liabilities

	February 3,		January 28,
(In thousands)	2023		2022
Deferred tax assets:
Deferred compensation expense	$	12,029	$	11,563
Accrued expenses		7,274		26,984
Accrued rent		473		552
Lease liabilities		2,760,588		2,617,954
Accrued insurance		7,514		6,971
Accrued incentive compensation		26,534		30,716
Share based compensation		15,309		16,605
Interest rate hedges		31		383
Tax benefit of income tax and interest reserves related to uncertain tax positions		77		79
State and foreign tax net operating loss carry forwards, net of federal tax		4,279		903
State tax credit carry forwards, net of federal tax		7,812		6,973
Other		22,756		16,715
		2,864,676		2,736,398
Less valuation allowances, net of federal income taxes		(9,001)		(5,235)
Total deferred tax assets		2,855,675		2,731,163
Deferred tax liabilities:
Property and equipment		(684,468)		(572,286)
Lease assets		(2,728,507)		(2,588,709)
Inventories		(176,798)		(68,780)
Trademarks		(307,734)		(310,011)
Prepaid insurance		(17,870)		(15,278)
Other		(1,204)		(1,353)
Total deferred tax liabilities		(3,916,581)		(3,556,417)
Net deferred tax liabilities	$	(1,060,906)	$	(825,254)

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

(In thousands)	2022		2021		2020
Income tax expense (benefit)	$	1,797	$	(1,311)	$	2,411
Income tax related interest expense (benefit)		28		(281)		104
Income tax related penalty expense (benefit)		—		—		—

Schedule of reconciliation of uncertain income tax positions

(In thousands)	2022		2021		2020
Beginning balance	$	6,191	$	7,502	$	5,090
Increases—tax positions taken in the current year		—		—		—
Increases—tax positions taken in prior years		3,499		2,803		3,857
Decreases—tax positions taken in prior years		—		—		(1,445)
Statute expirations		(1,239)		(1,456)		—
Settlements		(463)		(2,658)		—
Ending balance	$	7,988	$	6,191	$	7,502