Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

v3.21.1
Income taxes (Tables)
12 Months Ended
Jan. 30, 2021
Income Taxes  
Schedule of provision for income taxes

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​

Fiscal year ended

​

​

January 30,

​

February 1,

​

February 2,

(In thousands)

    

2021

    

2020

    

2019

Current:

​

 

  

​

 

  

​

 

  

Federal

​

$

67,724

​

$

163,596

​

$

137,255

State

​

​

11,534

​

​

31,106

​

​

29,247

Total current

​

​

79,258

​

​

194,702

​

​

166,502

Deferred:

​

​

  

​

​

  

​

​

  

Federal

​

​

(19,631)

​

​

1,182

​

​

29,374

State

​

​

(4,377)

​

​

4,321

​

​

4,706

Total deferred

​

​

(24,008)

​

​

5,503

​

​

34,080

Provision for income taxes

​

$

55,250

​

$

200,205

​

$

200,582

Schedule of reconciliation of federal statutory rate to effective tax rate

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​

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Fiscal year ended

​

​

January 30,

​

February 1,

​

February 2,

​

    

2021

    

2020

    

2019

Federal statutory rate

​

21.0

%  

​

21.0

%  

​

21.0

%  

State effective rate, net of federal tax benefit

 

2.9

%  

​

3.1

%  

​

3.1

%  

Executive compensation limitation

​

1.2

%  

​

0.2

%  

​

0.2

%  

Excess deduction of stock compensation

​

(0.3)

%  

​

(1.1)

%  

​

(0.6)

%  

Other

 

(0.9)

%  

​

(1.1)

%  

​

(0.4)

%  

Effective tax rate

 

23.9

%  

​

22.1

%  

​

23.3

%  

Schedule of components of deferred tax assets and liabilities

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​

    

January 30,

​

February 1,

(In thousands)

    

2021

    

2020

Deferred tax assets:

 

​

  

 

​

  

Operating lease liability

​

$

484,780

​

$

496,977

Reserves not currently deductible

​

​

32,590

​

​

35,626

Accrued liabilities

​

 

31,056

​

 

27,363

Employee benefits

​

 

23,687

​

 

22,907

Inventory valuation

​

 

8,386

​

 

4,021

NOL carryforwards

​

​

255

​

​

288

Credit carryforwards

​

 

291

​

 

224

Other

​

​

—

​

​

1,019

Total deferred tax assets

​

 

581,045

​

 

588,425

Deferred tax liabilities:

​

 

  

​

 

  

Operating lease asset

​

​

561,605

​

​

567,198

Property and equipment

​

 

32,812

​

 

61,570

Prepaid expenses

​

 

46,013

​

 

45,354

Receivables not currently includable

​

​

3,720

​

​

2,863

Intangibles

​

​

585

​

​

807

Other

​

 

1,669

​

 

—

Total deferred tax liabilities

​

 

646,404

​

 

677,792

Net deferred tax liability

​

$

(65,359)

​

$

(89,367)

Schedule of reconciliation of unrecognized tax benefits, excluding interest and penalties

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​

​

​

​

    

January 30,

​

February 1,

(In thousands)

    

2021

    

2020

Balance at beginning of the year

​

$

3,536

​

$

3,844

Increase due to a prior year tax position

​

 

224

​

 

602

Decrease due to a prior year tax position

​

 

(977)

​

 

(910)

Balance at end of the year

​

$

2,783

​

$

3,536