Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following (in thousands):

	Fiscal years ended
	January 29, 2022			January 30, 2021			February 1, 2020
	(52 weeks)			(52 weeks)			(52 weeks)
Current:
Federal	$	4,550		$	(29,869	)	$	4,273
State		11,182			984			5,156
	$	15,732		$	(28,885	)	$	9,429
Deferred:
Federal	$	39,087		$	19,604		$	(34,814	)
State		(1,346	)		5,944			(10,273	)
	$	37,741		$	25,548		$	(45,087	)
Income tax expense (benefit)	$	53,473		$	(3,337	)	$	(35,658	)

Reconciliation of Income Tax Expense (Benefit) at Federal Statutory Rate With Provision For Income Taxes

A reconciliation of income tax expense (benefit) at the federal statutory rate with the provision for income taxes is as follows (in thousands):

	Fiscal years ended
	January 29, 2022					January 30, 2021					February 1, 2020
	(52 weeks)					(52 weeks)					(52 weeks)
Income tax expense (benefit) at federal statutory rate	$	45,751		21.0	%	$	(6,251	)	21.0	%	$	(27,524	)	21.0	%
Non-deductible expenses		1,425		0.7			986		(3.3	)		363		(0.3	)
Equity compensation		5,988		2.7			2,212		(7.4	)		1,623		(1.2	)
State taxes, net of federal tax benefit		7,636		3.5			5,473		(18.4	)		(4,073	)	3.1
Tax credits		(2,500	)	(1.1	)		(1,907	)	6.4			(4,150	)	3.2
Uncertain tax positions		925		0.4			4,593		(15.4	)		2		—
CARES Act – carryback rate differential		—		—			(8,752	)	29.3			—		—
IPO transaction costs		(5,201	)	(2.4	)		—		—			—		—
Other, net		(551	)	(0.3	)		309		(1.0	)		(1,899	)	1.5
	$	53,473		24.5	%	$	(3,337	)	11.2	%	$	(35,658	)	27.3	%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

	January 29, 2022			January 30, 2021
Deferred tax assets:
Inventory	$	21,203		$	20,212
Accrued employee benefits		38,670			44,437
Net operating losses, state tax credit carryforwards		5,856			5,733
Interest expense limitation carry-forward under    IRC §163(j)		14,696			22,726
Lease-related items		359,677			355,321
Other		11,646			3,392
Total deferred tax assets		451,748			451,821
Valuation allowance		(5,863	)		(6,149	)
Net deferred tax assets		445,885			445,672
Deferred tax liabilities:
Fixed assets		(115,621	)		(91,769	)
Intangible assets		(267,597	)		(264,720	)
Debt restructuring		(2,248	)		(7,493	)
Lease-related items		(347,501	)		(345,123	)
Investments in joint ventures		(31,273	)		(16,830	)
Other		—			(657	)
Total deferred tax liabilities		(764,240	)		(726,592	)
	$	(318,355	)	$	(280,920	)

Schedule of Changes in Unrecognized Tax Benefits

Changes in unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):

	January 29, 2022		January 30, 2021
Beginning balance	$	16,421	$	74
Additions for tax positions taken in prior years		—		16,421
Decreases related to lapse of statute limitation		—		(74	)
Ending balance	$	16,421	$	16,421