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Income Taxes (Tables) | 12 Months Ended
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Jan. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Earnings Before Income Taxes, By Tax Jurisdiction | The components of earnings before income taxes, by tax jurisdiction, are as follows:
| For the Fiscal Year Ended
(In thousands) | January 28, 2024 |  | January 29, 2023 |  | January 30, 2022
United States | $ | 1,154,160 |  |  | $ | 1,331,492 |  |  | $ | 1,280,438 |
Foreign | 119,195 |  |  | 169,190 |  |  | 170,813 |
Total | $ | 1,273,355 |  |  | $ | 1,500,682 |  |  | $ | 1,451,251 |
Schedule of Components of Provision for Income Taxes | The provision for income taxes consists of the following:
| For the Fiscal Year Ended
(In thousands) | January 28, 2024 |  | January 29, 2023 |  | January 30, 2022
Current |  |  |  |  |
Federal | $ | 275,734 |  |  | $ | 299,015 |  |  | $ | 234,638 |
State | 54,903 |  |  | 71,120 |  |  | 61,056 |
Foreign | 22,041 |  |  | 26,466 |  |  | 26,685 |
Total current | $ | 352,678 |  |  | $ | 396,601 |  |  | $ | 322,379 |
Deferred |  |  |  |  |
Federal | $ | (30,632) |  |  | $ | (17,293) |  |  | $ | 5,896 |
State | 686 |  |  | (3,292) |  |  | (741) |
Foreign | 861 |  |  | (3,238) |  |  | (2,620) |
Total deferred | $ | (29,085) |  |  | $ | (23,823) |  |  | $ | 2,535 |
Total provision | $ | 323,593 |  |  | $ | 372,778 |  |  | $ | 324,914 |
Schedule of Reconciliation of Income Taxes at Federal Statutory Corporate Rate to Effective Rate | A reconciliation of income taxes at the federal statutory corporate rate to the effective rate is as follows:
| For the Fiscal Year Ended
(In thousands) | January 28, 2024 |  | January 29, 2023 |  | January 30, 2022
Federal income taxes at the statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income tax rate | 4.4 |  |  | 4.2 |  |  | 4.1 |
Officer’s compensation under Sec.162(m) | 0.9 |  |  | 1.4 |  |  | 2.0 |
Deferred true up | 0.2 |  |  | 0.1 |  |  | (0.1) |
Change in uncertain tax positions | (0.5) |  |  | 0.3 |  |  | (0.5) |
Rate differential | (0.3) |  |  | (0.7) |  |  | (0.6) |
Stock-based compensation | (0.3) |  |  | (1.7) |  |  | (2.9) |
Credits | — |  |  | (0.2) |  |  | (0.2) |
Other | — |  |  | 0.4 |  |  | (0.4) |
Total | 25.4 | % |  | 24.8 | % |  | 22.4 | %
Schedule of Components of Deferred Income Tax Accounts | Significant components of our deferred income tax accounts are as follows:
| As of
(In thousands) | January 28, 2024 |  | January 29, 2023
Deferred tax assets (liabilities) |  |  |
Operating lease liabilities | $ | 357,266 |  |  | $ | 359,001 |
Merchandise inventories | 37,828 |  |  | 32,338 |
Compensation | 25,658 |  |  | 18,960 |
Gift cards | 23,929 |  |  | 24,632 |
Accrued liabilities | 20,178 |  |  | 22,356 |
Executive deferred compensation | 11,061 |  |  | 9,605 |
Stock-based compensation | 10,593 |  |  | 14,308 |
State taxes | 7,492 |  |  | 8,084 |
Loyalty rewards | 3,232 |  |  | 3,734 |
State net operating loss | 1,153 |  |  | 2,446 |
Operating lease right-of-use assets | (310,299) |  |  | (321,646) |
Property and equipment | (44,622) |  |  | (65,039) |
Deferred lease incentives | (29,638) |  |  | (22,400) |
Other | (5,003) |  |  | (4,756) |
Valuation allowance | (1,346) |  |  | (2,635) |
Total deferred tax assets, net | $ | 107,482 |  |  | $ | 78,988 |
Summary of Activity Related to Gross Unrecognized Tax Benefits | The following table summarizes the activity related to our gross unrecognized tax benefits:
| For the Fiscal Year Ended
(In thousands) | January 28, 2024 |  | January 29, 2023 |  | January 30, 2022
Beginning balance | $ | 37,068 |  |  | $ | 33,612 |  |  | $ | 38,696 |
Increases related to current year tax positions | 4,966 |  |  | 8,169 |  |  | 8,573 |
Increases for tax positions for prior years | 194 |  |  | 807 |  |  | 1,738 |
Decrease for tax positions for prior years | (1,170) |  |  | (2,237) |  |  | (82) |
Lapse in statute of limitations | (9,476) |  |  | (3,283) |  |  | (15,313) |
Ending balance | $ | 31,582 |  |  | $ | 37,068 |  |  | $ | 33,612 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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