Income Taxes (Tables)

12 Months Ended

Feb. 02, 2019

Schedule of the Components of Income Tax Provision (Benefit)

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



($ thousands)	2018			2017			2016
Federal
Current	$	1,953		$	31,102		$	10,577
Deferred	4,451			(10,358		)	14,164
	6,404			20,744			24,741
State
Current	(718		)	7,691			3,844
Deferred	1,284			913			(1,157		)
	566			8,604			2,687

Foreign	(7,243		)	6,127			3,740
Total income tax (benefit) provision	$	(273	)	$	35,475		$	31,168

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 (benefit) provision reflected in the consolidated financial statements and the amounts calculated at the federal statutory income tax rate were as follows:



($ thousands)	2018			2017			2016
Income taxes at statutory rate ⁽¹⁾	$	(1,208	)	$	41,376		$	34,039
State income taxes, net of federal tax benefit	2,519			3,579			3,149
Foreign earnings taxed at lower rates	(4,210		)	(8,072		)	(8,404		)
Excess tax benefit related to share-based plans	(347		)	(1,265		)	—
Income tax reform, net benefit	(3,891		)	(294		)	—
GILTI and FDII provisions	613			—			—
Non-deductibility of goodwill impairment	7,989			—			—
Impairment of foreign tradename taxed at higher rate	(2,400		)	—			—
Valuation allowance release on state loss carryforwards	—			(100		)	—
Valuation allowance release on other tax carryforwards	—			—			(179		)
Valuation allowance for impairment of investment in nonconsolidated affiliate	—			—			2,450
Non-deductibility of acquisition costs	46			—			1,280
Settlement of federal and state audit matters	—			—			(945		)
Other	616			251			(222		)
Total income tax (benefit) provision	$	(273	)	$	35,475		$	31,168
(1) The federal statutory tax rate was 21.0% in 2018, 33.7% in 2017, and 35.0% in 2016.

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 2, 2019			February 3, 2018
Deferred Tax Assets
Employee benefits, compensation and insurance	$	14,599		$	10,011
Accrued expenses	14,936			12,122
Postretirement and postemployment benefit plans	327			401
Deferred rent	6,524			6,438
Accounts receivable reserves	7,350			5,105
Net operating loss (“NOL”) carryforward/carryback	6,714			7,540
Capital loss carryforward	14			1,450
Inventory capitalization and inventory reserves	3,339			3,058
Impairment of investment in nonconsolidated affiliate	1,470			1,470
Other	1,831			1,234
Total deferred tax assets, before valuation allowance	57,104			48,829
Valuation allowance	(4,199		)	(5,763		)
Total deferred tax assets, net of valuation allowance	$	52,905		$	43,066

Deferred Tax Liabilities
Retirement plans	$	(10,212	)	$	(13,071	)
LIFO inventory valuation	(42,427		)	(42,032		)
Capitalized software	(3,879		)	(4,141		)
Depreciation	(10,662		)	(1,786		)
Intangible assets	(24,763		)	(28,831		)
Other	(1,115		)	(1,567		)
Total deferred tax liabilities	(93,058		)	(91,428		)
Net deferred tax liability	$	(40,153	)	$	(48,362	)