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Income Taxes (Tables) | 12 Months Ended
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Feb. 02, 2025
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) | February 2, 2025 |  | January 28, 2024 |  | January 29, 2023
United States | $ | 1,301,017 |  |  | $ | 1,154,160 |  |  | $ | 1,331,492 |
Foreign | 184,715 |  |  | 119,195 |  |  | 169,190 |
Total | $ | 1,485,732 |  |  | $ | 1,273,355 |  |  | $ | 1,500,682 |
Schedule of Components of Provision for Income Taxes | The provision for income taxes consists of the following:
| For the Fiscal Year Ended
(In thousands) | February 2, 2025 |  | January 28, 2024 |  | January 29, 2023
Current |  |  |  |  |
Federal | $ | 276,201 |  |  | $ | 275,734 |  |  | $ | 299,015 |
State | 64,834 |  |  | 54,903 |  |  | 71,120 |
Foreign | 29,187 |  |  | 22,041 |  |  | 26,466 |
Total current | $ | 370,222 |  |  | $ | 352,678 |  |  | $ | 396,601 |
Deferred |  |  |  |  |
Federal | $ | (7,608) |  |  | $ | (30,632) |  |  | $ | (17,293) |
State | (1,925) |  |  | 686 |  |  | (3,292) |
Foreign | (208) |  |  | 861 |  |  | (3,238) |
Total deferred | $ | (9,741) |  |  | $ | (29,085) |  |  | $ | (23,823) |
Total provision | $ | 360,481 |  |  | $ | 323,593 |  |  | $ | 372,778 |
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
| February 2, 2025 |  | January 28, 2024 |  | January 29, 2023
Federal income taxes at the statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income tax rate | 4.1 |  |  | 4.4 |  |  | 4.2 |
Officer’s compensation under Sec.162(m) | 0.9 |  |  | 0.9 |  |  | 1.4 |
Change in uncertain tax positions | 0.2 |  |  | (0.5) |  |  | 0.3 |
Deferred true up | — |  |  | 0.2 |  |  | 0.1 |
Stock-based compensation | (1.1) |  |  | (0.3) |  |  | (1.7) |
Foreign rate differential | (0.5) |  |  | (0.3) |  |  | (0.7) |
Credits | (0.1) |  |  | — |  |  | (0.2) |
Other | (0.2) |  |  | — |  |  | 0.4 |
Total | 24.3 | % |  | 25.4 | % |  | 24.8 | %
Schedule of Components of Deferred Income Tax Accounts | Significant components of our deferred income tax accounts are as follows:
| As of
(In thousands) | February 2, 2025 |  | January 28, 2024
Deferred tax assets (liabilities) |  |  |
Operating lease liabilities | $ | 332,146 |  |  | $ | 357,266 |
Merchandise inventories | 36,935 |  |  | 37,828 |
Compensation | 28,832 |  |  | 25,658 |
Gift cards | 24,515 |  |  | 23,929 |
Accrued liabilities | 16,879 |  |  | 20,178 |
Stock-based compensation | 13,822 |  |  | 10,593 |
Executive deferred compensation | 12,204 |  |  | 11,061 |
State taxes | 7,956 |  |  | 7,492 |
Loyalty rewards | 2,972 |  |  | 3,232 |
State net operating loss | 977 |  |  | 1,153 |
Operating lease right-of-use assets | (294,216) |  |  | (310,299) |
Property and equipment | (34,254) |  |  | (44,622) |
Deferred lease incentives | (23,452) |  |  | (29,638) |
Other | (7,587) |  |  | (5,003) |
Valuation allowance | (1,198) |  |  | (1,346) |
Total deferred tax assets, net | $ | 116,531 |  |  | $ | 107,482 |
Schedule of Components of Deferred Income Tax Accounts | The following table summarizes the activity related to gross unrecognized tax benefits:
| For the Fiscal Year Ended
(In thousands) | February 2, 2025 |  | January 28, 2024 |  | January 29, 2023
Beginning balance | $ | 31,582 |  |  | $ | 37,068 |  |  | $ | 33,612 |
Increases related to current year tax positions | 5,119 |  |  | 4,966 |  |  | 8,169 |
Increases for tax positions for prior years | 271 |  |  | 194 |  |  | 807 |
Decrease for tax positions for prior years | (558) |  |  | (1,170) |  |  | (2,237) |
Settlements | (370) |  |  | — |  |  | — |
Lapse in statute of limitations | (3,671) |  |  | (9,476) |  |  | (3,283) |
Ending balance | $ | 32,373 |  |  | $ | 31,582 |  |  | $ | 37,068 |

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