Income Taxes (Tables)

12 Months Ended

Jan. 28, 2023

Income Tax Disclosure [Abstract]

Provision For Income Taxes

The provision for income taxes consists of the following: 

	Year Ended
	January 28,		January 29,		January 30,
(in millions)	2023		2022		2021
Current taxes:
Federal	$	322.0	$	271.1	$	279.5
State	50.2		56.3		87.4
Foreign	0.1		0.1		0.2
Total current taxes	372.3		327.5		367.1
Deferred taxes:
Federal	88.1		50.3		32.6
State	30.3		(76.5)		(3.8)
Foreign	4.5		3.0		2.0
Total deferred taxes	122.9		(23.2)		30.8
Provision for income taxes	$	495.2	$	304.3	$	397.9

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 28, 2023		January 29, 2022		January 30, 2021
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		3.7		3.2
Non-deductible executive compensation	0.7		0.4		0.4
State tax reserve release	(0.3)		(0.4)		(0.5)
Incremental tax expense (benefit) of exercises/vesting of equity-based    compensation	(0.6)		(0.5)		0.2
Work Opportunity Tax Credit	(1.4)		(1.8)		(1.6)
Deferred tax rate change	0.7		(3.8)		—
Change in valuation allowance	(0.3)		—		—
Other, net	—		—		0.2
Effective tax rate	23.5	%	18.6	%	22.9	%

Components of Deferred Tax Assets and Liabilities

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

(in millions)	January 28, 2023		January 29, 2022
Deferred tax assets:
Operating lease liabilities	$	1,703.5	$	1,647.3
Net operating losses, interest expense and credit carryforwards	69.3		91.5
Accrued expenses	31.0		50.7
Accrued compensation expense	33.9		34.9
Inventory	—		24.4
State tax election	14.3		15.8
Other	2.5		2.4
Total deferred tax assets	1,854.5		1,867.0
Valuation allowance	(4.0)		(13.0)
Deferred tax assets, net	1,850.5		1,854.0
Deferred tax liabilities:
Operating lease right-of-use assets	(1,630.9)		(1,578.4)
Other intangibles	(760.4)		(780.9)
Property and equipment	(509.2)		(435.6)
Prepaids	(25.9)		(26.0)
Inventory	(14.8)		—
Total deferred tax liabilities	(2,941.2)		(2,820.9)
Deferred income taxes, net	$	(1,090.7)	$	(966.9)

Reconciliation of Unrecognized Tax Benefits

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

(in millions)	January 28, 2023		January 29, 2022
Beginning Balance	$	20.9	$	22.6
Additions for tax positions of prior years	2.3		4.6
Additions, based on tax positions related to current year	4.0		2.7
Settlements	(0.1)		—
Lapses in statutes of limitation	(9.7)		(9.0)
Ending balance	$	17.4	$	20.9