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Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

The components of the provision for income taxes are as follows for the fiscal years presented (in thousands):

			2024						2023						2022
Current:
Federal			$	292,197					$	212,369					$	253,776
State			76,366						55,920						63,734
Total current provision			368,563						268,289						317,510
Deferred:
Federal			(13,255)						4,301						15,074
State			(1,583)						(958)						8,026
Total deferred provision			(14,838)						3,343						23,100
Total provision			$	353,725					$	271,632					$	340,610

Reconciliation of the federal statutory income tax rate to the effective income tax rate

The Company’s effective income tax rate differs from the federal statutory rate as follows for the fiscal years presented:

			2024						2023						2022
Federal statutory rate			21.0		%				21.0		%				21.0		%
State tax, net of federal benefit			4.2		%				4.2		%				4.1		%
Excess tax benefit related to stock-based compensation			(1.8)		%				(4.9)		%				(1.9)		%
Eliminated bond hedge deduction following Convertible Senior Notes exchanges			—		%				0.2		%				1.6		%
Other permanent items			(0.1)		%				0.1		%				(0.2)		%
Effective income tax rate			23.3		%				20.6		%				24.6		%

Schedule of the components of deferred tax assets (liabilities)

Components of deferred tax assets (liabilities) consist of the following as of the end of the fiscal years presented (in thousands):

			2024						2023
Operating lease liabilities			$	782,953					$	725,656
Inventory			57,793						50,840
Employee benefits and withholdings			49,653						47,780
Stock-based compensation			18,395						16,440
Gift cards			24,946						22,364
Deferred revenue currently taxable			1,295						864
Other accrued expenses not currently deductible for tax purposes			16,338						15,896
Net operating loss carryforward			—						55
Non income-based tax reserves			4,317						4,984
Uncertain income tax positions			1,397						965
Insurance			3,589						3,438
Intangibles			1,443						—
Other			1,932						1,596
Total deferred tax assets			964,051						890,878
Operating lease assets			(605,401)						(577,599)
Property and equipment			(274,823)						(243,150)
Inventory valuation			(27,849)						(26,676)
Intangibles			—						(2,087)
Prepaid expenses			(3,294)						(3,520)
Total deferred tax liabilities			(911,367)						(853,032)
Net deferred tax asset			$	52,684					$	37,846

Schedule of reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties

The following table provides a reconciliation of the Company’s total balance of unrecognized tax benefits, excluding interest and penalties (in thousands):

			2024						2023						2022
Beginning of fiscal year			$	2,851					$	1,058					$	1,058
Increases as a result of tax positions taken in a prior period			3,201						1,463						6
Decreases as a result of tax positions taken in a prior period			(1,058)						—						—
Increases as a result of tax positions taken in the current period			1,364						—						—
Increases as a result of settlements during the current period			—						364						—
Decreases as a result of settlements during the current period			(108)						(34)						(6)
Reductions as a result of a lapse of statute of limitations during the current period			—						—						—
End of fiscal year			$	6,250					$	2,851					$	1,058

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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

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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