Income taxes (Tables)

12 Months Ended

Feb. 02, 2024

Income taxes

Schedule of provision (benefit) for income taxes

(In thousands)	2023		2022		2021
Current:
Federal	$	324,339	$	400,752	$	472,913
Foreign		880		279		384
State		59,181		63,562		76,261
		384,400		464,593		549,558
Deferred:
Federal		72,769		195,529		93,114
Foreign		(297)		(24)		(38)
State		1,373		40,527		21,283
		73,845		236,032		114,359
	$	458,245	$	700,625	$	663,917

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

(Dollars in thousands)	2023				2022				2021
U.S. federal statutory rate on earnings before income taxes	$	445,098	21.0	%	$	654,489	21.0	%	$	643,262	21.0	%
State income taxes, net of federal income tax benefit		47,855	2.2			82,134	2.6			77,086	2.5
Jobs credits, net of federal income taxes		(34,279)	(1.6)			(37,639)	(1.2)			(39,936)	(1.3)
Other, net		(429)	—			1,641	0.1			(16,495)	(0.5)
	$	458,245	21.6	%	$	700,625	22.5	%	$	663,917	21.7	%

Schedule of deferred tax assets and liabilities

	February 2,		February 3,
(In thousands)	2024		2023
Deferred tax assets:
Deferred compensation expense	$	13,441	$	12,029
Accrued expenses		13,112		7,274
Accrued rent		306		473
Lease liabilities		2,852,395		2,760,588
Accrued insurance		8,732		7,514
Accrued incentive compensation		5,356		26,534
Share based compensation		17,052		15,309
Interest rate hedges		—		31
Tax benefit of income tax and interest reserves related to uncertain tax positions		1,028		77
State and foreign tax net operating loss carry forwards, net of federal tax		9,781		4,279
State tax credit carry forwards, net of federal tax		19,463		7,812
Other		22,882		22,756
		2,963,548		2,864,676
Less valuation allowances, net of federal income taxes		(17,000)		(9,001)
Total deferred tax assets		2,946,548		2,855,675
Deferred tax liabilities:
Property and equipment		(736,322)		(684,468)
Lease assets		(2,815,466)		(2,728,507)
Inventories		(199,603)		(176,798)
Trademarks		(306,915)		(307,734)
Prepaid insurance		(20,275)		(17,870)
Other		(1,751)		(1,204)
Total deferred tax liabilities		(4,080,332)		(3,916,581)
Net deferred tax liabilities	$	(1,133,784)	$	(1,060,906)

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

(In thousands)	2023		2022		2021
Income tax expense (benefit)	$	3,930	$	1,797	$	(1,311)
Income tax related interest expense (benefit)		710		28		(281)
Income tax related penalty expense (benefit)		—		—		—

Schedule of reconciliation of uncertain income tax positions

(In thousands)	2023		2022		2021
Beginning balance	$	7,988	$	6,191	$	7,502
Increases—tax positions taken in the current year		665		—		—
Increases—tax positions taken in prior years		8,101		3,499		2,803
Decreases—tax positions taken in prior years		—		—		—
Statute expirations		(1,931)		(1,239)		(1,456)
Settlements		(446)		(463)		(2,658)
Ending balance	$	14,377	$	7,988	$	6,191