Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
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