Taxes on Earnings (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Schedule for Income Tax Provision

The provision for income taxes consisted of the following:

($000)	2023		2022		2021
Current
Federal	$	532,913	$	338,479	$	442,152
State	85,169		57,552		78,024
	618,082		396,031		520,176
Deferred
Federal	(16,265)		74,062		21,103
State	(4,556)		5,355		(5,328)
	(20,821)		79,417		15,775
Total	$	597,261	$	475,448	$	535,951

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:

	2023		2022		2021
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal benefit) and other, net1	3.2	%	2.9	%	2.7	%
Total	24.2	%	23.9	%	23.7	%
1Certain items in the prior years have been reclassified to conform to the current year’s presentation.

Schedule of Components of Deferred Income Taxes

The components of deferred taxes at February 3, 2024 and January 28, 2023 are as follows:

($000)	2023		2022
Deferred Tax Assets
Accrued liabilities	$	35,010	$	31,303
Deferred compensation	39,366		40,201
Stock-based compensation	52,431		46,139
State taxes and credits	18,494		15,755
Employee benefits	33,764		24,715
Operating lease liabilities	826,566		820,219
Other	9,053		7,976
Deferred Tax Assets	1,014,684		986,308
Deferred Tax Liabilities
Depreciation and amortization	(369,529)		(372,497)
Merchandise inventory	(25,410)		(24,493)
Supplies	(14,137)		(13,239)
Operating lease assets	(785,608)		(781,277)
Other	(16,238)		(11,861)
Deferred Tax Liabilities	(1,210,922)		(1,203,367)
Net Deferred Tax Liabilities	$	(196,238)	$	(217,059)

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 2023, 2022, and 2021 are as follows:

($000)	2023		2022		2021
Unrecognized tax benefits - beginning of year	$	53,544	$	60,547	$	60,240
Gross increases:
Tax positions in current period	13,206		10,132		10,381
Tax positions in prior period	2,295		672		1,494
Gross decreases:
Tax positions in prior periods	(4,366)		(6,808)		(1,795)
Lapse of statutes of limitations	(11,148)		(9,989)		(9,757)
Settlements	(1,152)		(1,010)		(16)
Unrecognized tax benefits - end of year	$	52,379	$	53,544	$	60,547