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Income Taxes
 12 Months Ended
Feb. 01, 2025
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 2024

    

Fiscal 2023

    

Fiscal 2022

Current:

 

​

  

 

​

  

 

​

  

Federal

​

$

136,281

​

$

185,082

​

$

220,089

State

​

 

8,936

​

 

10,412

​

 

13,040

​

​

 

145,217

​

 

195,494

​

 

233,129

Deferred:

​

 

  

​

 

  

​

 

  

Federal

​

 

(7,382)

​

 

(12,621)

​

 

(1,652)

State

​

 

(1,610)

​

 

(5,103)

​

 

(13,647)

​

​

 

(8,992)

​

 

(17,724)

​

 

(15,299)

​

​

$

136,225

​

$

177,770

​

$

217,830

​

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 2024

    

Fiscal 2023

    

Fiscal 2022

Income tax at the statutory federal rate

​

$

153,237

​

$

192,490

​

$

232,988

State income taxes, net of federal benefit

​

 

6,850

​

 

14,529

​

 

20,616

Net changes in unrecognized tax benefits, interest and penalties/reserves

​

 

(395)

​

 

458

​

 

1,598

Tax benefit of federal credits

​

 

(1,407)

​

 

(1,571)

​

 

(1,724)

Changes in cash surrender value of life insurance policies

​

 

(310)

​

 

(383)

​

 

(389)

Changes in valuation allowance

​

 

(351)

​

 

(9,766)

​

 

(22,071)

Tax benefit of dividends paid to ESOP

​

 

(26,630)

​

 

(21,990)

​

 

(17,257)

Other

​

 

5,231

​

 

4,003

​

 

4,069

​

​

$

136,225

​

$

177,770

​

$

217,830

​

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 1, 2025 and February 3, 2024 are as follows:

​

​

​

​

​

​

​

​

​

    

February 1,

    

February 3,

(in thousands of dollars)

​

2025

​

2024

Prepaid expenses

 

$

58,592

 

$

56,808

Joint venture basis differences

 

​

7,614

 

​

7,954

Differences between book and tax basis of inventory

 

​

31,215

 

​

30,551

Operating lease assets

 

​

7,586

 

​

9,670

Other

 

​

2

 

​

716

Total deferred tax liabilities

 

​

105,009

 

​

105,699

Property and equipment bases and depreciation differences

 

​

(57,394)

 

​

(50,123)

Accruals not currently deductible

 

​

(86,878)

 

​

(87,396)

Operating lease liabilities

 

​

(7,731)

 

​

(9,853)

Net operating loss carryforwards

 

​

(21,405)

 

​

(21,750)

Other

 

​

(1,446)

 

​

(1,030)

Total deferred tax assets

 

​

(174,854)

 

​

(170,152)

Valuation allowance

 

​

1,119

 

​

1,470

Net deferred tax assets

 

​

(173,735)

 

​

(168,682)

Net deferred income taxes

​

$

(68,726)

​

$

(62,983)

​

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 1, 2025, the Company had a deferred tax asset of approximately $21.4 million, primarily related to state net operating loss carryforwards that could be utilized to reduce the tax liabilities of future years. Approximately $6.5 million of these carryforwards have indefinite lives, and approximately $14.9 million will expire between fiscal 2025 and 2040. State deferred tax assets were reduced by a valuation allowance of approximately $1.1 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 1,

    

February 3,

(in thousands of dollars)

​

2025

​

2024

Net deferred tax assets - deferred income taxes

​

$

(69,099)

​

$

(63,951)

Net deferred tax liabilities - other liabilities

 

​

373

 

​

968

Net deferred income taxes

​

$

(68,726)

​

$

(62,983)

​

The total amount of unrecognized tax benefits as of February 1, 2025 was $8.0 million, of which $5.8 million would, if recognized, affect the Company’s effective tax rate. 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 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 2024

    

Fiscal 2023

    

Fiscal 2022

Unrecognized tax benefits at beginning of period

​

$

8,110

​

$

7,030

​

$

6,735

Gross increases—tax positions in prior period

​

 

58

​

 

868

​

 

—

Gross decreases—tax positions in prior period

​

 

(261)

​

 

(695)

​

 

(885)

Gross increases—current period tax positions

​

 

1,313

​

 

1,405

​

 

1,202

Lapse of statutes of limitation

​

 

(1,200)

​

 

(498)

​

 

(22)

Unrecognized tax benefits at end of period

​

$

8,020

​

$

8,110

​

$

7,030

​

The fiscal tax years that remain subject to examination for the federal tax jurisdiction and major state tax jurisdictions are 2021 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 2024, 2023 and 2022 were approximately $150.5 million, $183.8 million and $234.9 million, respectively.