Taxes on Earnings (Tables)

12 Months Ended

Jan. 28, 2023

Income Tax Disclosure [Abstract]

Schedule for Income Tax Provision

The provision for income taxes consisted of the following:

($000)	2022		2021		2020
Current
Federal	$	338,479	$	442,152	$	44,164
State	57,552		78,024		4,563
	396,031		520,176		48,727
Deferred
Federal	74,062		21,103		(27,487)
State	5,355		(5,328)		(325)
	79,417		15,775		(27,812)
Total	$	475,448	$	535,951	$	20,915

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:

	2022		2021		2020
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal benefit)	3.2	%	3.2	%	4.1	%
Hiring tax credits	(0.5)	%	(0.5)	%	(5.4)	%
Other, net	0.2	%	—	%	—	%
Total	23.9	%	23.7	%	19.7	%

Schedule of Components of Deferred Income Taxes

The components of deferred taxes at January 28, 2023 and January 29, 2022 are as follows:

($000)	2022		2021
Deferred Tax Assets
Accrued liabilities	$	31,303	$	34,211
Deferred compensation	40,201		38,685
Stock-based compensation	46,139		45,840
State taxes and credits	15,755		18,501
Employee benefits	24,715		28,430
Operating lease liabilities	820,219		801,186
Other	7,976		9,632
Gross Deferred Tax Assets	986,308		976,485
Less: Valuation allowance	—		(1,931)
Deferred Tax Assets	986,308		974,554
Deferred Tax Liabilities
Depreciation and amortization	(372,497)		(293,065)
Merchandise inventory	(24,493)		(27,699)
Supplies	(13,239)		(12,280)
Operating lease assets	(781,277)		(764,557)
Other	(11,861)		(14,595)
Deferred Tax Liabilities	(1,203,367)		(1,112,196)
Net Deferred Tax Liabilities	$	(217,059)	$	(137,642)

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 2022, 2021, and 2020 are as follows:

($000)	2022		2021		2020
Unrecognized tax benefits - beginning of year	$	60,547	$	60,240	$	59,887
Gross increases:
Tax positions in current period	10,132		10,381		12,310
Tax positions in prior period	672		1,494		2,860
Gross decreases:
Tax positions in prior periods	(6,808)		(1,795)		(2,624)
Lapse of statutes of limitations	(9,989)		(9,757)		(9,861)
Settlements	(1,010)		(16)		(2,332)
Unrecognized tax benefits - end of year	$	53,544	$	60,547	$	60,240