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Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax (Benefit) Expense

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

			Fiscal Year
			2021						2020						2019
Current:
Federal			$	68,224					$	2,276					$	25,069
State			12,424						7,235						6,602
			80,648						9,511						31,671
Deferred:
Federal			6,088						21,954						13,487
State			1,157						(1,759)						1,355
			7,245						20,195						14,842
Income tax expense			$	87,893					$	29,706					$	46,513

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
			2021						2020						2019
Statutory federal tax rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit			2.9						2.8						2.8
Other (1)			0.1						(4.4)						(2.8)
			24.0		%				19.4		%				21.0		%

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 29, 2022						January 30, 2021
												Deferred tax assets:
Net operating loss carryforwards			$	—					$	1,139
Inventories			18,561						10,626
Deferred revenue			1,821						851
Accrued bonus			8,224						1,128
Deferred rent			—						—
Operating lease liabilities			335,960						287,351
Other			7,947						4,662
Deferred tax assets			372,513						305,757
Valuation allowance			(1,383)						—
Deferred tax assets, net of valuation allowance			371,130						305,757
Deferred tax liabilities:
Property and equipment			(107,953)						(81,129)
Operating lease assets			(297,786)						(252,541)
Other			(1,547)						(998)
Deferred tax liabilities			(407,286)						(334,668)
			$	(36,156)					$	(28,911)

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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=121826272&loc=d3e32639-109319

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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.

+ 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=121826272&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
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