Income Taxes (Tables)

12 Months Ended

Feb. 03, 2018

Schedule of the Components of Income Tax Provision (Benefit)

The components of income tax provision (benefit) on earnings were as follows:



($ thousands)	2017			2016			2015
Federal
Current	$	31,102		$	10,577		$	9,530
Deferred	(10,358		)	14,164			11,202
	20,744			24,741			20,732
State
Current	7,691			3,844			497
Deferred	913			(1,157		)	1,176
	8,604			2,687			1,673

Foreign	6,127			3,740			4,537
Total income tax provision	$	35,475		$	31,168		$	26,942

Schedule of the Differences Between the Tax Provision Reflected in the Consolidated Financial Statements and the Amounts Calculated at the Federal Statutory Income Tax Rate

The differences between the income tax provision reflected in the consolidated financial statements and the amounts calculated at the federal statutory income tax rate were as follows:



($ thousands)	2017			2016			2015
Income taxes at statutory rate ⁽¹⁾	$	41,376		$	34,039		$	38,068
State income taxes, net of federal tax benefit	3,579			3,149			2,481
Foreign earnings taxed at lower rates	(8,072		)	(8,404		)	(9,491		)
Excess tax benefit related to share-based plans	(1,265		)	—			—
Tax Cuts and Jobs Act, net benefit	(294		)	—			—
Valuation allowance release on state loss carryforwards	(100		)	—			(1,635		)
Disposal and settlement of Shoes.com	—			—			(1,701		)
Valuation allowance release on other tax carryforwards	—			(179		)	(1,367		)
Valuation allowance for impairment of investment in nonconsolidated affiliate	—			2,450			—
Non-deductibility of acquisition costs	—			1,280			—
Settlement of federal and state audit matters	—			(945		)	—
Other	251			(222		)	587
Total income tax provision	$	35,475		$	31,168		$	26,942
(1) The federal statutory tax rate was 33.7% in 2017, reflecting a single month impact from tax reform, and was 35.0% in both 2016 and 2015.

Schedule of Significant Components of the Company’s Deferred Income Tax Assets and Liabilities

Significant components of the Company’s deferred income tax assets and liabilities were as follows:



($ thousands)	February 3, 2018			January 28, 2017
Deferred Tax Assets
Employee benefits, compensation and insurance	$	10,011		$	18,783
Accrued expenses	12,122			18,843
Postretirement and postemployment benefit plans	401			706
Deferred rent	6,438			8,319
Accounts receivable reserves	5,105			7,479
Net operating loss (“NOL”) carryforward/carryback	7,540			23,302
Capital loss carryforward	1,450			2,185
Inventory capitalization and inventory reserves	3,058			3,871
Impairment of investment in nonconsolidated affiliate	1,470			2,590
Alternative minimum tax credit carryforward	—			270
Other	1,234			1,580
Total deferred tax assets, before valuation allowance	48,829			87,928
Valuation allowance	(5,763		)	(7,890		)
Total deferred tax assets, net of valuation allowance	43,066			80,038

Deferred Tax Liabilities
Retirement plans	(13,071		)	(8,421		)
LIFO inventory valuation	(42,032		)	(61,301		)
Capitalized software	(4,141		)	(8,715		)
Depreciation	(1,786		)	(9,076		)
Intangible assets	(28,831		)	(41,645		)
Other	(1,567		)	(1,096		)
Total deferred tax liabilities	(91,428		)	(130,254		)
Net deferred tax liability	$	(48,362	)	$	(50,216	)