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Income Taxes | 12 Months Ended
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Feb. 03, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11 – Income Taxes The provision for income taxes consisted of:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 13,290 |  |  | $ | 15,542 |  |  | $ | 38,576 |
State |  |  | 2,623 |  |  |  | 4,919 |  |  |  | 8,076 |
Puerto Rico |  |  | 1,382 |  |  |  | 2,050 |  |  |  | 2,730 |
Total current |  |  | 17,295 |  |  |  | 22,511 |  |  |  | 49,382 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 4,862 |  |  |  | 11,712 |  |  |  | 1,296 |
State and Puerto Rico |  |  | 21 |  |  |  | 1,878 |  |  |  | 390 |
Total deferred |  |  | 4,883 |  |  |  | 13,590 |  |  |  | 1,686 |
Valuation allowance |  |  | 614 |  |  |  | 953 |  |  |  | 1,251 |
Total provision |  | $ | 22,792 |  |  | $ | 37,054 |  |  | $ | 52,319 |
Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:
Fiscal years |  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local income taxes, net of federal tax benefit |  |  | 2.7 |  |  |  | 3.5 |  |  |  | 3.6 |
Puerto Rico |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 0.6 |
Excess tax benefit on stock-based compensation |  |  | (0.9 | ) |  |  | (0.4 | ) |  |  | (0.5 | )
Other |  |  | 0.3 |  |  |  | 0.5 |  |  |  | 0.6 |
Effective income tax rate |  |  | 23.7 | % |  |  | 25.2 | % |  |  | 25.3 | %
Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:
(In thousands) |  | February 3, 2024 |  |  | January 28, 2023 |
Deferred tax assets: |  |  |  |  |  |
Lease obligations |  | $ | 86,175 |  |  | $ | 83,473 |
Accrued compensation |  |  | 4,513 |  |  |  | 4,496 |
Inventory |  |  | 639 |  |  |  | 767 |
Other |  |  | 4,641 |  |  |  | 4,639 |
Total deferred tax assets |  |  | 95,968 |  |  |  | 93,375 |
Valuation allowance |  |  | (3,250 | ) |  |  | (2,635 | )
Total deferred tax assets – net of valuation allowance |  |  | 92,718 |  |  |  | 90,740 |
Deferred tax liabilities: |  |  |  |  |  |
Lease ROU assets |  |  | 82,350 |  |  |  | 78,627 |
Property and equipment |  |  | 22,769 |  |  |  | 19,673 |
Other |  |  | 4,940 |  |  |  | 4,284 |
Total deferred tax liabilities |  |  | 110,059 |  |  |  | 102,584 |
Net long-term liability |  | $ | (17,341 | ) |  | $ | (11,844 | )
We have tax credit carryforwards associated with our Puerto Rico operations totaling $3.3 million at February 3, 2024 and $2.6 million at January 28, 2023. These credits expire at various times over the next ten years. We have taken a full valuation allowance against these credits given they are not expected to be utilized due to the current differential between U.S. and Puerto Rico tax rates. As of February 3, 2024 and January 28, 2023, there were no unrecognized tax liabilities or related accrued penalties or interest.

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