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Income Taxes | 12 Months Ended
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Feb. 03, 2024
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 February 3, 2024, 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 February 3, 2024. The components of the income tax expense are as follows (in thousands):
| Fiscal Year
2023 |  | 2022 |  | 2021 |  |
Current: |  |  |  |  |  |  |
Federal | $ | 70,615 |  |  | $ | 49,470 |  |  | $ | 68,224 |  |  |
State | 21,788 |  |  | 13,541 |  |  | 12,424 |  |  |
| 92,403 |  |  | 63,011 |  |  | 80,648 |  |  |
Deferred: |  |  |  |  |  |  |
Federal | 8,052 |  |  | 21,232 |  |  | 6,088 |  |  |
State | (460) |  |  | 1,763 |  |  | 1,157 |  |  |
| 7,592 |  |  | 22,995 |  |  | 7,245 |  |  |
Income tax expense | $ | 99,995 |  |  | $ | 86,006 |  |  | $ | 87,893 |  |  |
The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:
| Fiscal Year
2023 |  | 2022 |  | 2021 |  |
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  |
State taxes, net of federal benefit | 3.8 |  |  | 3.5 |  |  | 2.9 |  |  |
Other (1) | 0.1 |  |  | 0.2 |  |  | 0.1 |  |  |
| 24.9 | % |  | 24.7 | % |  | 24.0 | % |  |
(1)Other line includes excess tax benefits relating to share-based payment accounting. The effective tax rate for fiscal 2023 compared to fiscal 2022 was primarily driven by changes in the mix of pretax income across state jurisdictions and non-deductible expenses, partially offset 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 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." The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):
| February 3, 2024 |  | January 28, 2023 |  |
Deferred tax assets: |  |  |  |  |
Net operating loss carryforwards | $ | 297 |  |  | $ | 230 |  |  |
Inventories | 18,955 |  |  | 18,463 |  |  |
Deferred revenue | 4,145 |  |  | 3,156 |  |  |
Accrued bonus | 4,437 |  |  | 2,132 |  |  |
Operating lease liabilities | 426,524 |  |  | 379,059 |  |  |
Other | 9,190 |  |  | 9,758 |  |  |
Deferred tax assets | 463,548 |  |  | 412,798 |  |  |
Valuation allowance | (1,442) |  |  | (1,442) |  |  |
Deferred tax assets, net of valuation allowance | 462,106 |  |  | 411,356 |  |  |
Deferred tax liabilities: |  |  |  |  |
Property and equipment | (139,348) |  |  | (127,477) |  |  |
Operating lease assets | (386,612) |  |  | (340,298) |  |  |
Other | (2,889) |  |  | (2,732) |  |  |
Deferred tax liabilities | (528,849) |  |  | (470,507) |  |  |
| $ | (66,743) |  |  | $ | (59,151) |  |  |
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 February 3, 2024 and January 28, 2023, 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 2023, fiscal 2022, or fiscal 2021. 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 January 30, 2021 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.

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- 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
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