Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Provision For Income Taxes

The provision for income taxes consists of the following: 

	Year Ended
(in millions)	February 1, 2025		February 3, 2024		January 28, 2023
Current taxes:
Federal	$	238.0	$	279.1	$	342.1
State	53.6		61.9		74.2
Foreign	0.2		—		0.1
Total current taxes	291.8		341.0		416.4
Deferred taxes:
Federal	37.7		38.8		42.1
State	5.8		10.4		8.6
Foreign	5.8		5.9		4.5
Total deferred taxes	49.3		55.1		55.2
Provision for income taxes	$	341.1	$	396.1	$	471.6

Effective Income Tax Rate Reconciliation

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

	Year Ended
	February 1, 2025		February 3, 2024		January 28, 2023
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	3.3		3.4		3.6
Non-deductible expenses	1.4		0.7		0.9
Work Opportunity Tax Credit	(0.8)		(1.0)		(0.8)
Other, net	(0.2)		(0.3)		(0.8)
Effective tax rate	24.7	%	23.8	%	23.9	%

Components of Deferred Tax Assets and Liabilities

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

(in millions)	February 1, 2025		February 3, 2024
Deferred tax assets:
Operating lease liabilities	$	1,841.3	$	1,800.4
Impairment of assets held for sale	870.3		—
Net operating losses, interest expense and credit carryforwards	55.4		72.8
Accrued expenses	37.2		35.7
Accrued compensation expense	39.5		39.3
State tax election	11.8		13.1
Other	3.3		4.7
Total deferred tax assets	2,858.8		1,966.0
Valuation allowance	(11.6)		(17.3)
Deferred tax assets, net	2,847.2		1,948.7
Deferred tax liabilities:
Operating lease ROU assets	(1,698.8)		(1,639.7)
Other intangibles	(196.1)		(529.1)
Property and equipment	(623.7)		(571.8)
Prepaids	(46.1)		(35.8)
Inventory	(21.9)		(4.4)
Total deferred tax liabilities	(2,586.6)		(2,780.8)
Deferred income taxes, net	$	260.6	$	(832.1)

Reconciliation of Unrecognized Tax Benefits

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

(in millions)	February 1, 2025		February 3, 2024
Beginning Balance	$	22.0	$	17.4
Additions for tax positions of prior years	10.2		5.6
Additions, based on tax positions related to current year	4.8		2.3
Settlements	(2.3)		(0.3)
Lapses in statutes of limitation	(6.5)		(3.0)
Ending balance	$	28.2	$	22.0