Income Taxes (Tables)

12 Months Ended

Jan. 28, 2023

Income Tax Disclosure [Abstract]

Components of Earnings from Continuing Operations Before Income Taxes

The components of earnings from continuing operations before income taxes is comprised of the following:

	Fiscal Year
(In thousands)	2023		2022		2021
United States	$	68,326	$	130,517	$	(3,123	)
Foreign		21,747		22,474		(108,546	)
Total Earnings (Loss) from Continuing Operations before Income Taxes	$	90,073	$	152,991	$	(111,669	)

Income Tax Expense

Income tax expense from continuing operations is comprised of the following:

	Fiscal Year
(In thousands)	2023			2022			2021
Current
U.S. federal	$	37,433		$	49,354		$	(106,397	)
International		2,984			3,555			1,391
State		3,808			3,845			10,223
Total Current Income Tax Expense (Benefit)		44,225			56,754			(94,783	)
Deferred
U.S. federal		(25,704	)		(22,542	)		48,511
International		748			54			2,773
State		(1,438	)		3,778			(12,142	)
Total Deferred Income Tax Expense (Benefit)		(26,394	)		(18,710	)		39,142
Total Income Tax Expense (Benefit) – Continuing Operations	$	17,831		$	38,044		$	(55,641	)

Reconciliation of Federal Statutory Rate

Reconciliation of the United States federal statutory rate to our effective tax rate from continuing operations is as follows:

	Fiscal Year
	2023			2022			2021
U. S. federal statutory rate of tax		21.00	%		21.00	%		21.00	%
State taxes (net of federal tax benefit)		2.08			3.94			1.35
Foreign rate differential		(0.02	)		(0.11	)		(0.25	)
Change in valuation allowance		(1.12	)		1.58			(10.70	)
Credits		(1.18	)		(0.55	)		0.44
Permanent items		0.64			(0.05	)		(0.66	)
CARES Act		—			—			41.53
Outside basis difference - IRC Section 165(g) 3		—			—			10.34
Goodwill impairment		—			—			(13.50	)
IRS interest		(1.46	)		—			—
Other		(0.14	)		(0.94	)		0.28
Effective Tax Rate		19.80	%		24.87	%		49.83	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of the following:

(In thousands)	January 28, 2023			January 29, 2022
Pensions	$	502		$	553
Lease obligation		139,486			159,411
Book over tax depreciation		16,430			17,369
Expense accruals		9,471			11,965
Uniform capitalization costs		8,381			4,844
Provisions for discontinued operations and restructurings		662			596
Inventory valuation		706			394
Tax net operating loss and credit carryforwards		23,146			31,646
Allowances for bad debts and notes		760			863
Deferred compensation and restricted stock		3,012			2,736
Identified intangibles		1,162			1,409
Other		33			35
Gross deferred tax assets		203,751			231,821
Deferred tax asset valuation allowance		(36,482	)		(42,195	)
Deferred tax asset net of valuation allowance		167,269			189,626
Identified intangibles		(6,288	)		(6,333	)
Prepaids		(2,045	)		(1,784	)
Right of use asset		(132,050	)		(150,554	)
Tax over book depreciation		—			(30,421	)
Other		(832	)		(1,051	)
Gross deferred tax liabilities		(141,215	)		(190,143	)
Net Deferred Tax Assets (Liabilities)	$	26,054		$	(517	)

Deferred Tax Balances

The deferred tax balances have been classified in our Consolidated Balance Sheets as follows:

	As of Fiscal Year Ended
(In thousands)	2023			2022
Net non-current asset	$	28,563		$	1,466
Net non-current liability		(2,509	)		(1,983	)
Net Deferred Tax Assets (Liabilities)	$	26,054		$	(517	)

Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits.

	Fiscal Year
(In thousands)	2023		2022		2021
Unrecognized Tax Benefit – Beginning of Period	$	178	$	178	$	178
Gross Increases (Decreases) – Tax Positions in a Current Period		—		—		—
Settlements		—		—		—
Lapse of Statutes of Limitations		—		—		—
Unrecognized Tax Benefit – End of Period	$	178	$	178	$	178