Income taxes (Tables)

12 Months Ended

Jan. 31, 2025

Income taxes

Schedule of provision (benefit) for income taxes

(In thousands)	2024		2023		2022
Current:
Federal	$	296,598	$	324,339	$	400,752
Foreign		422		880		279
State		47,878		59,181		63,562
		344,898		384,400		464,593
Deferred:
Federal		(24,547)		72,769		195,529
Foreign		4		(297)		(24)
State		(5,854)		1,373		40,527
		(30,397)		73,845		236,032
	$	314,501	$	458,245	$	700,625

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

(Dollars in thousands)	2024				2023				2022
U.S. federal statutory rate on earnings before income taxes	$	302,349	21.0	%	$	445,098	21.0	%	$	654,489	21.0	%
State income taxes, net of federal income tax benefit		33,270	2.3			47,855	2.2			82,134	2.6
Jobs credits, net of federal income taxes		(33,345)	(2.3)			(34,279)	(1.6)			(37,639)	(1.2)
Other, net		12,227	0.8			(429)	—			1,641	0.1
	$	314,501	21.8	%	$	458,245	21.6	%	$	700,625	22.5	%

Schedule of deferred tax assets and liabilities

	January 31,		February 2,
(In thousands)	2025		2024
Deferred tax assets:
Deferred compensation expense	$	12,914	$	13,441
Accrued expenses		14,586		13,112
Accrued rent		195		306
Lease liabilities		2,864,218		2,852,395
Accrued insurance		10,200		8,732
Accrued incentive compensation		10,605		5,356
Share based compensation		19,006		17,052
Tax benefit of income tax and interest reserves related to uncertain tax positions		1,155		1,028
State and foreign tax net operating loss carry forwards, net of federal tax		18,984		9,781
State tax credit carry forwards, net of federal tax		16,187		19,463
Other		21,368		22,882
		2,989,418		2,963,548
Less valuation allowances, net of federal income taxes		(22,975)		(17,000)
Total deferred tax assets		2,966,443		2,946,548
Deferred tax liabilities:
Property and equipment		(707,318)		(736,322)
Lease assets		(2,806,870)		(2,815,466)
Inventories		(224,933)		(199,603)
Trademarks		(304,673)		(306,915)
Prepaid insurance		(24,874)		(20,275)
Other		(1,213)		(1,751)
Total deferred tax liabilities		(4,069,881)		(4,080,332)
Net deferred tax liabilities	$	(1,103,438)	$	(1,133,784)

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

(In thousands)	2024		2023		2022
Income tax expense (benefit)	$	163	$	3,930	$	1,797
Income tax related interest expense (benefit)		773		710		28
Income tax related penalty expense (benefit)		826		—		—

Schedule of reconciliation of uncertain income tax positions

(In thousands)	2024		2023		2022
Beginning balance	$	14,377	$	7,988	$	6,191
Increases—tax positions taken in the current year		189		665		—
Increases—tax positions taken in prior years		4,893		8,101		3,499
Decreases—tax positions taken in prior years		(5,722)		—		—
Statute expirations		(2,111)		(1,931)		(1,239)
Settlements		—		(446)		(463)
Ending balance	$	11,626	$	14,377	$	7,988