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Income Taxes
 12 Months Ended
Jan. 28, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible.
As of January 28, 2023, there were no material valuation allowances that have been provided for net deferred tax assets as management believes that it is more likely than not that the Company will realize all material deferred tax assets before any expirations as of January 28, 2023.
The components of the income tax expense are as follows (in thousands): 
 Fiscal Year
202220212020
Current:
Federal$49,470 $68,224 $2,276 
State13,541 12,424 7,235 
63,011 80,648 9,511 
Deferred:
Federal21,232 6,088 21,954 
State1,763 1,157 (1,759)
22,995 7,245 20,195 
Income tax expense$86,006 $87,893 $29,706 
The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:
 Fiscal Year
202220212020
Statutory federal tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.5 2.9 2.8 
Other (1)
0.2 0.1 (4.4)
24.7 %24.0 %19.4 %
(1)Other line includes excess tax benefits relating to share-based payment accounting.
 The effective tax rate for fiscal 2022 compared to fiscal 2021 was primarily driven by discrete items, which includes the impact of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" with respect to the requirements to recognize excess income tax benefits or deficiencies as income tax benefit or expense in the consolidated statements of operations rather than as additional paid-in capital in the consolidated balance sheets. The effective tax rate for fiscal 2021 compared to fiscal 2020 was primarily driven by discrete items, which includes the impact of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" with respect to the requirements to recognize excess income tax benefits or deficiencies as income tax benefit or expense in the consolidated statements of operations rather than as additional paid-in capital in the consolidated balance sheets and the impact of the CARES Act in fiscal 2020.
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):
January 28, 2023January 29, 2022
Deferred tax assets:
Net operating loss carryforwards$230 $— 
Inventories18,463 18,561 
Deferred revenue3,156 1,821 
Accrued bonus2,132 8,224 
Operating lease liabilities379,059 335,960 
Other9,758 7,947 
Deferred tax assets412,798 372,513 
Valuation allowance(1,442)(1,383)
Deferred tax assets, net of valuation allowance411,356 371,130 
Deferred tax liabilities:
Property and equipment(127,477)(107,953)
Operating lease assets(340,298)(297,786)
Other(2,732)(1,547)
Deferred tax liabilities(470,507)(407,286)
$(59,151)$(36,156)
The Company had no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s balance sheets as of January 28, 2023 and January 29, 2022, and has not recognized any material uncertain tax positions or interest and/or penalties related to income taxes in the consolidated statements of operations for fiscal 2022, fiscal 2021, or fiscal 2020.
The Company files a federal income tax return as well as state tax returns. The Company’s U.S. federal income tax returns for the fiscal years ended February 1, 2020 and thereafter remain subject to examination by the U.S. Internal Revenue Service. State returns are filed in various state jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three years to four years depending on the state.