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Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax (Benefit) Expense

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

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
			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		%

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):

			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)

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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.

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-Name Accounting Standards Codification
-Paragraph 2
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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

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