Taxes on Earnings (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Schedule for Income Tax Provision

The provision for income taxes consisted of the following:

($000)	2021		2020		2019
Current
Federal	$	442,152	$	44,164	$	414,823
State	78,024		4,563		56,528
	520,176		48,727		471,351
Deferred
Federal	21,103		(27,487)		28,244
State	(5,328)		(325)		3,765
	15,775		(27,812)		32,009
Total	$	535,951	$	20,915	$	503,360

Schedule of Provision for Taxes Effective Rate

The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below:

	2021		2020		2019
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal benefit)	3.2	%	4.1	%	3.2	%
Hiring tax credits	(0.5)	%	(5.4)	%	(0.4)	%
Tax audit settlements	—	%	—	%	(0.5)	%
Total	23.7	%	19.7	%	23.3	%
Certain items in the prior years have been reclassified to conform to current year’s presentation.

Schedule of Components of Deferred Income Taxes

The components of deferred taxes at January 29, 2022 and January 30, 2021 are as follows:

($000)	2021		2020
Deferred Tax Assets
Accrued liabilities	$	34,211	$	30,415
Deferred compensation	38,685		34,545
Stock-based compensation	45,840		39,302
State taxes and credits	18,501		10,926
Employee benefits	28,430		37,779
Operating lease liabilities	801,186		829,946
Other	9,632		6,239
Gross Deferred Tax Assets	976,485		989,152
Less: Valuation allowance	(1,931)		(4,089)
Deferred Tax Assets	974,554		985,063
Deferred Tax Liabilities
Depreciation	(293,065)		(285,161)
Merchandise inventory	(27,699)		(25,434)
Supplies	(12,280)		(11,589)
Operating lease assets	(764,557)		(775,183)
Other	(14,595)		(9,563)
Deferred Tax Liabilities	(1,112,196)		(1,106,930)
Net Deferred Tax Liabilities	$	(137,642)	$	(121,867)

Schedule of Changes in Amounts of Unrecognized Tax Benefits

The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2021, 2020, and 2019 are as follows:

($000)	2021		2020		2019
Unrecognized tax benefits - beginning of year	$	60,240	$	59,887	$	65,787
Gross increases:
Tax positions in current period	10,381		12,310		13,864
Tax positions in prior period	1,494		2,860		2,672
Gross decreases:
Tax positions in prior periods	(1,795)		(2,624)		(9,559)
Lapse of statutes of limitations	(9,757)		(9,861)		(8,653)
Settlements	(16)		(2,332)		(4,224)
Unrecognized tax benefits - end of year	$	60,547	$	60,240	$	59,887