Taxes on Earnings (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Schedule for Income Tax Provision

The provision for income taxes consisted of the following:

($000)	2024		2023		2022
Current
Federal	$	580,253	$	532,913	$	338,479
State	95,369		85,169		57,552
	675,622		618,082		396,031
Deferred
Federal	(7,016)		(16,265)		74,062
State	(2,182)		(4,556)		5,355
	(9,198)		(20,821)		79,417
Total	$	666,424	$	597,261	$	475,448

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:

	2024		2023		2022
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal benefit) and other, net	3.2	%	3.2	%	2.9	%
Total	24.2	%	24.2	%	23.9	%

Schedule of Components of Deferred Income Taxes

The components of deferred taxes at February 1, 2025 and February 3, 2024 are as follows:

($000)	2024		2023
Deferred Tax Assets
Accrued liabilities	$	32,819	$	35,010
Deferred compensation	45,689		39,366
Stock-based compensation	53,995		52,431
State taxes and credits	20,534		18,494
Employee benefits	29,549		33,764
Operating lease liabilities	870,577		826,566
Other	9,633		9,053
Gross Deferred Tax Assets	1,062,796		1,014,684
Less: Valuation allowance	(583)		—
Deferred Tax Assets	1,062,213		1,014,684
Deferred Tax Liabilities
Depreciation and amortization	(364,320)		(369,529)
Merchandise inventory	(26,004)		(25,410)
Supplies	(14,873)		(14,137)
Operating lease assets	(826,425)		(785,608)
Other	(17,631)		(16,238)
Deferred Tax Liabilities	(1,249,253)		(1,210,922)
Net Deferred Tax Liabilities	$	(187,040)	$	(196,238)

Schedule of Unrecognized Tax Benefits Roll Forward

The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2024, 2023, and 2022 are as follows:

($000)	2024		2023		2022
Unrecognized tax benefits - beginning of year	$	52,379	$	53,544	$	60,547
Gross increases:
Tax positions in current period	13,100		13,206		10,132
Tax positions in prior period	1,163		2,295		672
Gross decreases:
Tax positions in prior periods	(3,405)		(4,366)		(6,808)
Lapse of statutes of limitations	(8,820)		(11,148)		(9,989)
Settlements	(126)		(1,152)		(1,010)
Unrecognized tax benefits - end of year	$	54,291	$	52,379	$	53,544