Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

Income Tax Disclosure [Abstract]

Components of Income Tax (Benefit) Expense

The components of the income tax expense are as follows (in thousands): 

	Fiscal Year
	2019		2018			2017
Current:
Federal	$	25,069	$	33,297		$	45,867
State	6,602		8,315			6,168
	31,671		41,612			52,035
Deferred:
Federal	13,487		2,000			4,606
State	1,355		(1,450		)	(243		)
	14,842		550			4,363
Income tax expense	$	46,513	$	42,162		$	56,398

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
	2019		2018		2017
Statutory federal tax rate	21.0	%	21.0	%	33.7	%
State taxes, net of federal benefit	2.8		2.8		2.4
Other (1)	(2.8	)	(1.8	)	(0.6	)
	21.0	%	22.0	%	35.5	%

(1)

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 1, 2020			February 2, 2019
Deferred tax assets:
Inventories	$	13,182		$	9,633
Deferred revenue	1,255			472
Accrued bonus	1,007			3,553
Deferred rent	—			24,136
Operating lease liabilities	242,432			—
Other	5,208			4,848
Deferred tax assets	263,084			42,642
Deferred tax liabilities:
Property and equipment	(55,953		)	(35,642		)
Operating lease assets	(214,935		)	—
Other	(912		)	(874		)
Deferred tax liabilities	(271,800		)	(36,516		)
	$	(8,716	)	$	6,126