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v3.25.1

Taxes on Earnings (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Schedule for Income Tax Provision | The provision for income taxes consisted of the following:
($000) |  | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |  |
Federal |  | $ | 580,253 |  |  | $ | 532,913 |  |  | $ | 338,479 |
State |  | 95,369 |  |  | 85,169 |  |  | 57,552 |
|  | 675,622 |  |  | 618,082 |  |  | 396,031 |
Deferred |  |  |  |  |  |
Federal |  | (7,016) |  |  | (16,265) |  |  | 74,062 |
State |  | (2,182) |  |  | (4,556) |  |  | 5,355 |
|  | (9,198) |  |  | (20,821) |  |  | 79,417 |
Total |  | $ | 666,424 |  |  | $ | 597,261 |  |  | $ | 475,448 |
Schedule of Provision for Taxes Effective Rate | The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below:
|  | 2024 |  | 2023 |  | 2022 |
Federal income taxes at the statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |
State income taxes (net of federal benefit) and other, net |  | 3.2 | % |  | 3.2 | % |  | 2.9 | % |
Total |  | 24.2 | % |  | 24.2 | % |  | 23.9 | % |
Schedule of Components of Deferred Income Taxes | The components of deferred taxes at February 1, 2025 and February 3, 2024 are as follows:
($000) |  | 2024 |  | 2023 |
Deferred Tax Assets |  |  |  |  |
Accrued liabilities |  | $ | 32,819 |  |  | $ | 35,010 |  |
Deferred compensation |  | 45,689 |  |  | 39,366 |  |
Stock-based compensation |  | 53,995 |  |  | 52,431 |  |
State taxes and credits |  | 20,534 |  |  | 18,494 |  |
Employee benefits |  | 29,549 |  |  | 33,764 |  |
Operating lease liabilities |  | 870,577 |  |  | 826,566 |  |
Other |  | 9,633 |  |  | 9,053 |  |
Gross Deferred Tax Assets |  | 1,062,796 |  |  | 1,014,684 |  |
Less: Valuation allowance |  | (583) |  |  | — |  |
Deferred Tax Assets |  | 1,062,213 |  |  | 1,014,684 |  |
Deferred Tax Liabilities |  |  |  |  |
Depreciation and amortization |  | (364,320) |  |  | (369,529) |  |
Merchandise inventory |  | (26,004) |  |  | (25,410) |  |
Supplies |  | (14,873) |  |  | (14,137) |  |
Operating lease assets |  | (826,425) |  |  | (785,608) |  |
Other |  | (17,631) |  |  | (16,238) |  |
Deferred Tax Liabilities |  | (1,249,253) |  |  | (1,210,922) |  |
Net Deferred Tax Liabilities |  | $ | (187,040) |  |  | $ | (196,238) |  |
Schedule of Unrecognized Tax Benefits Roll Forward | The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2024, 2023, and 2022 are as follows:
($000) |  | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits - beginning of year |  | $ | 52,379 |  |  | $ | 53,544 |  |  | $ | 60,547 |
Gross increases: |  |  |  |  |  |
Tax positions in current period |  | 13,100 |  |  | 13,206 |  |  | 10,132 |
Tax positions in prior period |  | 1,163 |  |  | 2,295 |  |  | 672 |
Gross decreases: |  |  |  |  |  |
Tax positions in prior periods |  | (3,405) |  |  | (4,366) |  |  | (6,808) |
Lapse of statutes of limitations |  | (8,820) |  |  | (11,148) |  |  | (9,989) |
Settlements |  | (126) |  |  | (1,152) |  |  | (1,010) |
Unrecognized tax benefits - end of year |  | $ | 54,291 |  |  | $ | 52,379 |  |  | $ | 53,544 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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