Income taxes (Tables)

12 Months Ended

Jan. 31, 2020

Income taxes

Schedule of provision (benefit) for income taxes

(In thousands)	2019		2018		2017
Current:
Federal	$	368,451	$	320,361	$	426,933
Foreign		102		159		105
State		65,215		53,091		79,011
		433,768		373,611		506,049
Deferred:
Federal		45,966		48,262		(159,728)
Foreign		(15)		(38)		(22)
State		9,456		4,109		22,021
		55,407		52,333		(137,729)
	$	489,175	$	425,944	$	368,320

Schedule of reconciliation between actual income taxes and amounts computed by applying the federal statutory rate to income before income taxes

(Dollars in thousands)	2019				2018				2017
U.S. federal statutory rate on earnings before income taxes	$	462,364	21.0	%	$	423,237	21.0	%	$	643,326	33.7	%
Impact of federal tax rate changes		—	—			(12,222)	(0.6)			(310,756)	(16.3)
State income taxes, net of federal income tax benefit		60,936	2.8			44,584	2.2			61,201	3.2
Jobs credits, net of federal income taxes		(27,768)	(1.3)			(27,506)	(1.4)			(26,759)	(1.4)
Increase (decrease) in valuation allowances, net of federal taxes		(356)	(0.0)			—	—			4,435	0.2
Stock-based compensation programs		(6,177)	(0.3)			(3,682)	(0.2)			(2,227)	(0.1)
Increase (decrease) in income tax reserves		(513)	(0.0)			3,952	0.2			(1,837)	(0.1)
Other, net		689	0.0			(2,419)	(0.1)			937	0.1
	$	489,175	22.2	%	$	425,944	21.1	%	$	368,320	19.3	%

Schedule of deferred tax assets and liabilities

	January 31,		February 1,
(In thousands)	2020		2019
Deferred tax assets:
Deferred compensation expense	$	7,556	$	6,490
Accrued expenses		16,788		3,278
Accrued rent		401		22,668
Operating lease liabilities		2,167,780		—
Accrued insurance		5,895		6,869
Accrued incentive compensation		16,721		15,219
Share based compensation		16,321		15,713
Interest rate hedges		1,076		1,421
Tax benefit of income tax and interest reserves related to uncertain tax positions		164		472
Deferred gain on sale-leaseback		—		11,649
Other		3,702		3,942
State tax net operating loss carry forwards, net of federal tax		555		598
State tax credit carry forwards, net of federal tax		7,534		8,245
		2,244,493		96,564
Less valuation allowances, net of federal income taxes		(4,077)		(4,433)
Total deferred tax assets		2,240,416		92,131
Deferred tax liabilities:
Property and equipment		(389,080)		(322,575)
Operating lease assets		(2,143,996)		—
Inventories		(59,075)		(56,221)
Trademarks		(310,862)		(308,793)
Prepaid insurance		(11,933)		(12,639)
Other		(697)		(1,590)
Total deferred tax liabilities		(2,915,643)		(701,818)
Net deferred tax liabilities	$	(675,227)	$	(609,687)

Schedule of amounts associated with uncertain tax positions included in income tax expense

(In thousands)	2019		2018		2017
Income tax expense (benefit)	$	130	$	3,919	$	(2,076)
Income tax related interest expense (benefit)		(406)		133		(123)
Income tax related penalty expense (benefit)		(882)		33		(9)

Schedule of reconciliation of uncertain income tax positions

(In thousands)	2019		2018		2017
Beginning balance	$	4,960	$	1,041	$	3,117
Increases—tax positions taken in the current year		—		95		66
Increases—tax positions taken in prior years		1,239		3,914		27
Decreases—tax positions taken in prior years		(1,109)		—		—
Statute expirations		—		—		(2,169)
Settlements		—		(90)		—
Ending balance	$	5,090	$	4,960	$	1,041