XML 34 R15.htm IDEA: XBRL DOCUMENT
v3.24.1

Income Taxes | 12 Months Ended
--- | ---
Feb. 03, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 6. Income Taxes The provision for federal and state income taxes is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands of dollars) |  | Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 185,082 | ​ | $ | 220,089 | ​ | $ | 224,462
State | ​ |  | 10,412 | ​ |  | 13,040 | ​ |  | 8,876
​ | ​ |  | 195,494 | ​ |  | 233,129 | ​ |  | 233,338
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (12,621) | ​ |  | (1,652) | ​ |  | (9,120)
State | ​ |  | (5,103) | ​ |  | (13,647) | ​ |  | 1,672
​ | ​ |  | (17,724) | ​ |  | (15,299) | ​ |  | (7,448)
​ | ​ | $ | 177,770 | ​ | $ | 217,830 | ​ | $ | 225,890
​ ​ A reconciliation between the Company’s income tax provision and income taxes using the federal statutory income tax rate of 21% is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands of dollars) |  | Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021
Income tax at the statutory federal rate | ​ | $ | 192,490 | ​ | $ | 232,988 | ​ | $ | 228,556
State income taxes, net of federal benefit | ​ |  | 14,529 | ​ |  | 20,616 | ​ |  | 24,677
Net changes in unrecognized tax benefits, interest and penalties/reserves | ​ |  | 458 | ​ |  | 1,598 | ​ |  | 186
Tax benefit of federal credits | ​ |  | (1,571) | ​ |  | (1,724) | ​ |  | (1,504)
Changes in cash surrender value of life insurance policies | ​ |  | (383) | ​ |  | (389) | ​ |  | (387)
Changes in valuation allowance | ​ |  | (9,766) | ​ |  | (22,071) | ​ |  | (14,364)
Tax benefit of dividends paid to ESOP | ​ |  | (21,990) | ​ |  | (17,257) | ​ |  | (18,912)
Other | ​ |  | 4,003 | ​ |  | 4,069 | ​ |  | 7,638
​ | ​ | $ | 177,770 | ​ | $ | 217,830 | ​ | $ | 225,890
​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of February 3, 2024 and January 28, 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | February 3, |  | January 28,
(in thousands of dollars) | ​ | 2024 | ​ | 2023
Prepaid expenses |  | $ | 56,808 |  | $ | 54,151
Joint venture basis differences |  | ​ | 7,954 |  | ​ | 6,714
Differences between book and tax basis of inventory |  | ​ | 30,551 |  | ​ | 31,444
Operating lease assets |  | ​ | 9,670 |  | ​ | 7,599
Other |  | ​ | 716 |  | ​ | 153
Total deferred tax liabilities |  | ​ | 105,699 |  | ​ | 100,061
Property and equipment bases and depreciation differences |  | ​ | (50,123) |  | ​ | (34,100)
Accruals not currently deductible |  | ​ | (87,396) |  | ​ | (80,499)
Operating lease liabilities |  | ​ | (9,853) |  | ​ | (7,751)
Net operating loss carryforwards |  | ​ | (21,750) |  | ​ | (27,830)
Other |  | ​ | (1,030) |  | ​ | (864)
Total deferred tax assets |  | ​ | (170,152) |  | ​ | (151,044)
Valuation allowance |  | ​ | 1,470 |  | ​ | 10,727
Net deferred tax assets |  | ​ | (168,682) |  | ​ | (140,317)
Net deferred income taxes | ​ | $ | (62,983) | ​ | $ | (40,256)
​ Deferred tax assets and liabilities were measured using the federal statutory income tax rate of 21% and the appropriate state statutory income tax rates. State deferred tax assets and liabilities, including net operating loss carryforwards and valuation allowances, are presented net of related federal tax effects. At February 3, 2024, the Company had a deferred tax asset related to state net operating loss carryforwards of approximately $21.8 million that could be utilized to reduce the tax liabilities of future years. Approximately $3.9 million of these carryforwards have indefinite lives, and approximately $17.9 million will expire between fiscal 2024 and 2044. State deferred tax assets were reduced by a valuation allowance of approximately $1.5 million primarily for the net operating loss carryforwards of various members of the affiliated group in states for which the Company determined that it is “more likely than not” that the benefit of the net operating losses will not be realized. Deferred tax assets and liabilities are presented as follows in the accompanying consolidated balance sheets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | February 3, |  | January 28,
(in thousands of dollars) | ​ | 2024 | ​ | 2023
Net deferred tax assets - deferred income taxes | ​ | $ | (63,951) | ​ | $ | (42,278)
Net deferred tax liabilities - other liabilities |  | ​ | 968 |  | ​ | 2,022
Net deferred income taxes | ​ | $ | (62,983) | ​ | $ | (40,256)
​ The total amount of unrecognized tax benefits as of February 3, 2024 was $8.1 million, of which $6.0 million would, if recognized, affect the Company’s effective tax rate. The total amount of unrecognized tax benefits as of January 28, 2023 was $7.0 million, of which $5.3 million would, if recognized, affect the Company’s effective tax rate. The Company does not expect a significant change in unrecognized tax benefits in the next twelve months. Where applicable, associated interest expense and penalties are also recorded in income tax expense. The total amounts of interest and penalties were not material. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands of dollars) |  | Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021
Unrecognized tax benefits at beginning of period | ​ | $ | 7,030 | ​ | $ | 6,735 | ​ | $ | 5,058
Gross increases—tax positions in prior period | ​ |  | 868 | ​ |  | — | ​ |  | 1,282
Gross decreases—tax positions in prior period | ​ |  | (695) | ​ |  | (885) | ​ |  | (566)
Gross increases—current period tax positions | ​ |  | 1,405 | ​ |  | 1,202 | ​ |  | 1,332
Lapse of statutes of limitation | ​ |  | (498) | ​ |  | (22) | ​ |  | (371)
Unrecognized tax benefits at end of period | ​ | $ | 8,110 | ​ | $ | 7,030 | ​ | $ | 6,735
​ The fiscal tax years that remain subject to examination for the federal tax jurisdiction are 2015, 2016 and 2019 and forward. The fiscal tax years that remain subject to examination for major state tax jurisdictions are 2020 and forward. At this time, the Company does not expect the results from any income tax audit to have a material impact on the Company’s consolidated financial statements. Income taxes paid, net of income tax refunds received, during fiscal 2023, 2022 and 2021 were approximately $183.8 million, $234.9 million and $93.6 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration