Income taxes (Tables)

12 Months Ended

Jan. 28, 2022

Income taxes

Schedule of provision (benefit) for income taxes

(In thousands)	2021		2020		2019
Current:
Federal	$	472,913	$	614,207	$	368,451
Foreign		384		127		102
State		76,261		100,002		65,215
		549,558		714,336		433,768
Deferred:
Federal		93,114		32,433		45,966
Foreign		(38)		(104)		(15)
State		21,283		2,665		9,456
		114,359		34,994		55,407
	$	663,917	$	749,330	$	489,175

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

(Dollars in thousands)	2021				2020				2019
U.S. federal statutory rate on earnings before income taxes	$	643,262	21.0	%	$	714,920	21.0	%	$	462,364	21.0	%
State income taxes, net of federal income tax benefit		77,086	2.5			81,117	2.4			60,936	2.8
Jobs credits, net of federal income taxes		(39,936)	(1.3)			(27,479)	(0.8)			(27,768)	(1.3)
Other, net		(16,495)	(0.5)			(19,228)	(0.6)			(6,357)	(0.3)
	$	663,917	21.7	%	$	749,330	22.0	%	$	489,175	22.2	%

Schedule of deferred tax assets and liabilities

	January 28,		January 29,
(In thousands)	2022		2021
Deferred tax assets:
Deferred compensation expense	$	11,563	$	9,161
Accrued expenses		26,984		52,195
Accrued rent		552		650
Lease liabilities		2,617,954		2,459,976
Accrued insurance		6,971		6,550
Accrued incentive compensation		30,716		46,083
Share based compensation		16,605		19,495
Interest rate hedges		383		730
Tax benefit of income tax and interest reserves related to uncertain tax positions		79		189
State and foreign tax net operating loss carry forwards, net of federal tax		903		804
State tax credit carry forwards, net of federal tax		6,973		6,619
Other		16,715		6,823
		2,736,398		2,609,275
Less valuation allowances, net of federal income taxes		(5,235)		(4,077)
Total deferred tax assets		2,731,163		2,605,198
Deferred tax liabilities:
Property and equipment		(572,286)		(481,279)
Lease assets		(2,588,709)		(2,433,195)
Inventories		(68,780)		(74,985)
Trademarks		(310,011)		(312,258)
Prepaid insurance		(15,278)		(13,532)
Other		(1,353)		(498)
Total deferred tax liabilities		(3,556,417)		(3,315,747)
Net deferred tax liabilities	$	(825,254)	$	(710,549)

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

(In thousands)	2021		2020		2019
Income tax expense (benefit)	$	(1,311)	$	2,411	$	130
Income tax related interest expense (benefit)		(281)		104		(406)
Income tax related penalty expense (benefit)		—		—		(882)

Schedule of reconciliation of uncertain income tax positions

(In thousands)	2021		2020		2019
Beginning balance	$	7,502	$	5,090	$	4,960
Increases—tax positions taken in the current year		—		—		—
Increases—tax positions taken in prior years		2,803		3,857		1,239
Decreases—tax positions taken in prior years		—		(1,445)		(1,109)
Statute expirations		(1,456)		—		—
Settlements		(2,658)		—		—
Ending balance	$	6,191	$	7,502	$	5,090