Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

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:

(In thousands)	2021			2020			2019
United States	$	(3,123	)	$	83,871		$	84,807
Foreign		(108,546	)		(1,436	)		(6,548	)
Total Earnings (Loss) from Continuing Operations before Income Taxes	$	(111,669	)	$	82,435		$	78,259

Income Tax Expense

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

(In thousands)	2021			2020			2019
Current
U.S. federal	$	(106,397	)	$	16,313		$	13,657
International		1,391			322			1,649
State		10,223			3,383			4,029
Total Current Income Tax Expense (Benefit)		(94,783	)		20,018			19,335
Deferred
U.S. federal		48,511			(463	)		3,632
International		2,773			1,145			2,594
State		(12,142	)		(22	)		1,474
Total Deferred Income Tax Expense		39,142			660			7,700
Total Income Tax Expense (Benefit) – Continuing Operations	$	(55,641	)	$	20,678		$	27,035

Reconciliation of Federal Statutory Rate

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

	2021			2020			2019
U. S. federal statutory rate of tax		21.00	%		21.00	%		21.00	%
State taxes (net of federal tax benefit)		1.35			3.62			5.67
Foreign rate differential		(0.25	)		(2.21	)		(2.56	)
Change in valuation allowance		(10.70	)		3.64			11.51
Credits		0.44			(0.93	)		(2.65	)
Permanent items		(0.66	)		1.72			2.27
Uncertain federal, state and foreign tax positions		—			(2.01	)		(1.68	)
Transition tax		—			—			2.23
CARES Act		41.53			—			—
Outside Basis Difference - IRC Section 165(g) 3		10.34			—			—
Goodwill Impairment		(13.50	)		—			—
Other		0.28			0.25			(1.24	)
Effective Tax Rate		49.83	%		25.08	%		34.55	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of the following:

	January 30,			February 1,
(In thousands)	2021			2020
Pensions	$	229		$	332
Lease obligation		175,113			188,590
Book over tax depreciation		13,528			4,558
Expense accruals		10,388			7,386
Uniform capitalization costs		4,886			7,292
Provisions for discontinued operations and restructurings		650			674
Inventory valuation		2,242			810
Tax net operating loss and credit carryforwards		39,829			11,972
Allowances for bad debts and notes		888			181
Deferred compensation and restricted stock		2,945			3,344
Identified intangibles		1,586			—
Other		34			144
Gross deferred tax assets		252,318			225,283
Deferred tax asset valuation allowance		(36,561	)		(23,333	)
Deferred tax asset net of valuation allowance		215,757			201,950
Identified intangibles		(4,677	)		(3,616	)
Prepaids		(1,765	)		(1,929	)
Right of use asset		(163,674	)		(176,930	)
Tax over book depreciation		(64,009	)		—
Other		(1,120	)		—
Gross deferred tax liabilities		(235,245	)		(182,475	)
Net Deferred Tax Assets (Liabilities)	$	(19,488	)	$	19,475

Deferred Tax Balances

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

	2021			2020
Net non-current asset	$	-		$	19,475
Net non-current liability		(19,488	)		-
Net Deferred Tax Assets	$	(19,488	)	$	19,475

Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for Fiscal 2021, 2020 and 2019.

(In thousands)	2021		2020			2019
Unrecognized Tax Benefit – Beginning of Period	$	178	$	1,835		$	3,701
Gross Increases (Decreases) – Tax Positions in a Current Period		—		178			(638	)
Settlements		—		(931	)		—
Lapse of Statutes of Limitations		—		(904	)		(1,228	)
Unrecognized Tax Benefit – End of Period	$	178	$	178		$	1,835