Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes was comprised of the following:


(In thousands)	2023		2022		2021
Current:
U.S. Federal	$	(5,757)	$	(1,862)	$	26,888
U.S. State and local	(1,235)		(1,105)		8,138
Total current tax (benefit) expense	(6,992)		(2,967)		35,026
Deferred:
U.S. Federal	35,925		(57,054)		13,651
U.S. State and local	20,835		(9,688)		5,356
Total deferred tax expense (benefit)	56,760		(66,742)		19,007
Income tax provision (a)	$	49,768	$	(69,709)	$	54,033

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Reconciliation between the statutory federal income tax rate and the effective income tax rate was as follows:


	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Effect of:
State and local income taxes, net of federal tax benefit	3.7		3.0		4.6
Work opportunity tax and other employment tax credits	0.5		1.0		(1.4)
Executive compensation limitations - permanent difference	(0.2)		(0.3)		1.8
Share-based compensation	(0.3)		(0.2)		(2.3)
Change in valuation allowance	(36.4)		—		—
Other, net	0.2		0.4		(0.4)
Effective income tax rate (a)	(11.5)	%	24.9	%	23.3	%

Schedule of Income Taxes Paid [Table Text Block]

Income tax payments and refunds were as follows:


(In thousands)	2023		2022		2021
Income taxes refunded	$	(11,656)	$	(27,759)	$	(546)
Income taxes paid	1,370		4,318		111,206
Net income taxes (refunded) paid	$	(10,286)	$	(23,441)	$	110,660

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Significant components of our deferred tax assets and liabilities were as follows:


(In thousands)	February 3, 2024		January 28, 2023
Deferred tax assets:
Lease liabilities, net of lease incentives	$	482,272	$	458,293
Net operating losses, tax credits, and other carryforwards	107,313		64,513
Sale and leaseback financing liability	31,332		32,251
Uniform inventory capitalization	22,723		23,660
Workers’ compensation and other insurance reserves	20,715		20,868
Depreciation and fixed asset basis differences	10,869		39,218
Compensation related	8,397		5,376
Research and development costs capitalized for tax	3,618		171
Accrued state taxes	1,506		1,581
Accrued operating liabilities	1,166		3,032

Other	19,226		15,903
Valuation allowances, net of federal tax benefit	(159,178)		(2,102)
Total deferred tax assets	549,959		662,764
Deferred tax liabilities:
Right-of-use assets, net of amortization	417,965		409,979
Accelerated depreciation and fixed asset basis differences	83,738		113,469
Deferred gain on like-kind exchange	13,927		13,930
Lease construction reimbursements	11,261		11,368
Prepaid expenses	5,506		5,548
Workers’ compensation and other insurance reserves	3,905		4,067
Synthetic lease obligation	—		38,464
Other	14,116		9,638
Total deferred tax liabilities	550,418		606,463
Net deferred tax assets (liabilities)	$	(459)	$	56,301

Deferred Tax Assets and Liabilities by Jurisdiction [Table Text Block]

Our deferred tax assets and deferred tax liabilities, netted by tax jurisdiction, are summarized in the table below:


(In thousands)	February 3, 2024		January 28, 2023
U.S. Federal	$	(285)	$	35,640
U.S. State and local	(174)		20,661
Net deferred tax assets (liabilities)	$	(459)	$	56,301

Summary of Tax Credit Carryforwards [Table Text Block]

We have the following income tax loss and credit carryforwards at February 3, 2024 (amounts are shown net of tax excluding the federal income tax effect of the state and local items):

(In thousands)

U.S. Federal:

Federal net operating loss carryforward

73,631

Indefinite carryforward

Other carryforwards

18,191

Predominately indefinite carryforward

Employment tax credits

2,791

Expires 2045

Total U.S. Federal

94,613

U.S. State and local:

State and local net operating loss carryforwards

19,234

Various carryforward periods ranging from 5 to 20 years including some jurisdictions with no expirations

Other state credits

661

Expires fiscal years through 2026

Total U.S. State and local

19,895

Total net operating losses, tax credits, and other carryforwards

114,508

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for 2023, 2022, and 2021:


(In thousands)	2023		2022		2021
Unrecognized tax benefits - beginning of year	$	7,533	$	9,862	$	9,465
Gross increases - tax positions in current year	32		357		410
Gross increases - tax positions in prior period	1,112		424		1,864
Gross decreases - tax positions in prior period	—		(1,555)		(1,039)
Settlements	—		(333)		(125)
Lapse of statute of limitations	(1,231)		(1,222)		(713)
Unrecognized tax benefits - end of year	$	7,446	$	7,533	$	9,862