Income Taxes (Tables)

12 Months Ended

Feb. 02, 2019

Schedule of components of the provision for income taxes

The components of the provision for income taxes are as follows for the fiscal years ended (in thousands):



	2018			2017		2016
Current:
Federal	$	94,729		$	114,443	$	184,636
State	22,585			20,996		31,426
	117,314			135,439		216,062
Deferred:
Federal	(3,943		)	38,805		(38,138		)
State	(1,315		)	3,648		(6,898		)
	(5,258		)	42,453		(45,036		)
Total provision	$	112,056		$	177,892	$	171,026

Reconciliation of the federal statutory income tax rate to the effective income tax rate

The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following fiscal years:



	2018		2017		2016
Federal statutory rate	21.0	%	33.7	%	35.0	%
State tax, net of federal benefit	3.8	%	3.3	%	3.3	%
Valuation allowance	—	%	(0.8	)%	(0.1	)%
Other permanent items	1.1	%	(0.7	)%	(0.9	)%
Effective income tax rate	25.9	%	35.5	%	37.3	%

Schedule of the components of deferred tax assets (liabilities)

Components of deferred tax assets (liabilities) consist of the following as of the fiscal years ended (in thousands):



	2018			2017
Inventory	$	35,487		$	35,613
Employee benefits	33,591			32,909
Deferred rent	27,648			29,710
Stock-based compensation	19,005			18,315
Gift cards	14,458			13,006
Deferred revenue currently taxable	7,263			7,801
Store closing expense	1,178			2,739
Other accrued expenses not currently deductible for tax purposes	5,895			4,590
Net operating loss carryforward	2,056			3,031
Non income-based tax reserves	5,464			5,518
Capital loss carryforward	922			910
Uncertain income tax positions	1,218			2,152
Insurance	2,298			2,060
Other	120			78
Valuation allowance	—			—
Total deferred tax assets	156,603			158,432
Property and equipment	(115,726		)	(117,925		)
Inventory valuation	(26,871		)	(28,430		)
Intangibles	(5,068		)	(4,844		)
Prepaid expenses	(3,723		)	(3,826		)
Other	(3,748		)	—
Total deferred tax liabilities	(155,136		)	(155,025		)
Net deferred tax asset	$	1,467		$	3,407

Schedule of reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties

The following table represents a reconciliation of the Company's total balance of unrecognized tax benefits, excluding interest and penalties (in thousands):



	2018			2017			2016
Beginning of fiscal year	$	8,047		$	8,293		$	9,784
Increases as a result of tax positions taken in a prior period	456			124			—
Decreases as a result of tax positions taken in a prior period	(411		)	(142		)	(831		)
Increases as a result of tax positions taken in the current period	—			—			2,067
Decreases as a result of settlements during the current period	(2,977		)	(228		)	(2,534		)
Reductions as a result of a lapse of statute of limitations during the current period	(797		)	—			(193		)
End of fiscal year	$	4,318		$	8,047		$	8,293