Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Provision For Income Taxes

The provision for income taxes consists of the following: 

	Year Ended
	January 29,		January 30,		February 1,
(in millions)	2022		2021		2020
Current taxes:
Federal	$	271.1	$	279.5	$	210.1
State	56.3		87.4		52.5
Foreign	0.1		0.2		0.1
Total current taxes	327.5		367.1		262.7
Deferred taxes:
Federal	50.3		32.6		39.2
State	(76.5)		(3.8)		(5.6)
Foreign	3.0		2.0		(24.6)
Total deferred taxes	(23.2)		30.8		9.0
Provision for income taxes	$	304.3	$	397.9	$	271.7

Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate and the effective tax rate follows: 

	Year Ended
	January 29, 2022		January 30, 2021		February 1, 2020
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Effect of:
State and local income taxes, net of federal income tax benefit	3.7		3.2		3.7
Non-deductible executive compensation	0.4		0.4		—
State tax reserve release	(0.4)		(0.5)		—
Incremental tax expense (benefit) of exercises/vesting of equity-based    compensation	(0.5)		0.2		(0.4)
Work Opportunity Tax Credit	(1.8)		(1.6)		(2.7)
Deferred tax rate change	(3.8)		—		0.1
Goodwill impairment	—		—		6.0
Change in valuation allowance	—		—		(2.2)
Other, net	—		0.2		(0.8)
Effective tax rate	18.6	%	22.9	%	24.7	%

Components of Deferred Tax Assets and Liabilities

Significant components of our net deferred tax assets (liabilities) follow:

(in millions)	January 29, 2022		January 30, 2021
Deferred tax assets:
Operating lease liabilities	$	1,647.3	$	1,658.4
Net operating losses, interest expense and credit carryforwards	91.5		95.5
Accrued expenses	50.7		72.9
Accrued compensation expense	34.9		47.2
Inventory	24.4		—
State tax election	15.8		17.4
Other	2.4		3.2
Total deferred tax assets	1,867.0		1,894.6
Valuation allowance	(13.0)		(16.8)
Deferred tax assets, net	1,854.0		1,877.8
Deferred tax liabilities:
Operating lease right-of-use assets	(1,578.4)		(1,587.2)
Other intangibles	(780.9)		(840.4)
Property and equipment	(435.6)		(410.5)
Prepaids	(26.0)		(25.2)
Inventory	—		(4.8)
Total deferred tax liabilities	(2,820.9)		(2,868.1)
Deferred income taxes, net	$	(966.9)	$	(990.3)

Reconciliation of Unrecognized Tax Benefits

The following is a reconciliation of our total gross unrecognized tax benefits:

(in millions)	January 29, 2022		January 30, 2021
Beginning Balance	$	22.6	$	28.9
Additions for tax positions of prior years	4.6		3.4
Additions, based on tax positions related to current year	2.7		1.2
Lapses in statutes of limitation	(9.0)		(10.9)
Ending balance	$	20.9	$	22.6