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Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax (Benefit) Expense

The components of the income tax expense are as follows (in thousands): 

			Fiscal Year
			2020						2019						2018
Current:
Federal			$	2,276					$	25,069					$	33,297
State			7,235						6,602						8,315
			9,511						31,671						41,612
Deferred:
Federal			21,954						13,487						2,000
State			(1,759)						1,355						(1,450)
			20,195						14,842						550
Income tax expense			$	29,706					$	46,513					$	42,162

Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate

The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:

			Fiscal Year
			2020						2019						2018
Statutory federal tax rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit			2.8						2.8						2.8
Other (1)			(4.4)						(2.8)						(1.8)
			19.4		%				21.0		%				22.0		%

Significant Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):

			January 30, 2021						February 1, 2020
												Deferred tax assets:
Net operating loss carryforwards			$	1,139					$	—
Inventories			10,626						13,182
Deferred revenue			851						1,255
Accrued bonus			1,128						1,007
Deferred rent			—						—
Operating lease liabilities			287,351						242,432
Other			4,662						5,208
Deferred tax assets			305,757						263,084
Deferred tax liabilities:
Property and equipment			(81,129)						(55,953)
Operating lease assets			(252,541)						(214,935)
Other			(998)						(912)
Deferred tax liabilities			(334,668)						(271,800)
			$	(28,911)					$	(8,716)

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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