INCOME TAXES (Tables)

12 Months Ended

Feb. 03, 2024

Notes Tables

Schedule of Components of Income Tax Expense (Benefit)

($ thousands)	2023		2022		2021
Federal
Current	$	10,849	$	11,506	$	36,388
Deferred		5,138		6,975		(227)
Total federal income tax provision		15,987		18,481		36,161
State
Current		2,423		6,660		4,012
Deferred		(9,819)		3,421		6,531
Total state income tax (benefit) provision		(7,396)		10,081		10,543
International
Current		4,879		4,759		4,615
Deferred		(3,980)		18		(238)
Total international income tax provision		899		4,777		4,377
Total income tax provision	$	9,490	$	33,339	$	51,081

Schedule of Effective Income Tax Rate Reconciliation

($ thousands)	2023		2022		2021
Income taxes at statutory rate	$	38,078	$	44,737	$	39,741
State income taxes, net of federal tax benefit		5,710		8,981		8,361
International earnings taxed at differing rates from U.S. statutory		(5,367)		(1,974)		(3,588)
Share-based compensation		(3,106)		(602)		94
Provision for valuation allowance, net of utilization		(30,054)		(20,743)		8,978
Non-deductibility of 162(m) limitations		4,373		3,363		3,377
GILTI, BEAT and FDII provisions		427		422		346
CARES Act NOL, net carryback benefit (1)		—		—		365
International entity restructuring (2)		—		—		(6,697)
Other (3)		(571)		(845)		104
Total income tax provision	$	9,490	$	33,339	$	51,081

(1) The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law during 2020.  Among the Internal Revenue Code provisions modified by the CARES Act was a five-year carryback period for net operating losses incurred in the 2018, 2019 and 2020 tax years; temporary removal of the 80% limitation on net operating loss usage, reinstated for tax years after 2020; a temporary increase in the interest expense limitation and acceleration of refundable AMT credit.  The five-year carryback presented an opportunity to carry back net operating losses from years with a statutory 21% federal tax rate to years when the rate was 35%.

(2) Reflects the deferred tax impacts of the liquidation of certain international subsidiaries, with related impacts presented in the provision for valuation allowance, net of utilization line in the table above.

(3) The other category of income tax provision principally represents the impact of expenses that are not deductible or partially deductible for federal income tax purposes and the impact of any return-to-provision adjustments.

Schedule of Deferred Tax Assets and Liabilities

($ thousands)	February 3, 2024		January 28, 2023
Deferred Tax Assets
Lease obligations	$	148,242	$	147,910
Goodwill		34,386		38,407
Net operating loss carryforward/carryback		10,107		13,303
Accrued expenses		17,870		19,478
Employee benefits, compensation and insurance		15,689		17,350
Accounts receivable		6,094		6,304
Inventory capitalization and inventory reserves		6,623		6,642
Impairment of investment in nonconsolidated affiliate		1,470		1,470
Postretirement and postemployment benefit plans		207		228
Other		1,605		1,261
Total deferred tax assets, before valuation allowance		242,293		252,353
Valuation allowance		(7,153)		(39,540)
Total deferred tax assets, net of valuation allowance	$	235,140	$	212,813
Deferred Tax Liabilities
Lease right-of-use assets	$	(138,315)	$	(136,618)
Intangible assets		(13,659)		(12,054)
LIFO inventory valuation		(51,021)		(46,551)
Retirement plans		(17,239)		(19,381)
Capitalized software		(1,800)		(3,309)
Depreciation		(16,822)		(10,823)
Other		(3,419)		(3,078)
Total deferred tax liabilities		(242,275)		(231,814)
Net deferred tax liability	$	(7,135)	$	(19,001)