Income Taxes (Tables)

12 Months Ended

Feb. 03, 2018

Summary of the entity's distribution between domestic and foreign earnings (loss) from continuing operations before income taxes and the provision (benefit) for income taxes related to continuing operations

The following table summarizes our distribution between domestic and foreign earnings (loss) before income taxes and the provision (benefit) for income taxes (in thousands):



	Fiscal 2017		Fiscal 2016			Fiscal 2015
Earnings from continuing operations before income taxes:
Domestic	$	78,707	$	84,843		$	96,512
Foreign	4,184		1,620			(1,456		)
Earnings from continuing operations before income taxes	$	82,891	$	86,463		$	95,056

Income taxes:
Current:
Federal	$	11,710	$	19,704		$	33,205
State	3,775		4,475			4,789
Foreign	707		599			138
	16,192		24,778			38,132
Deferred—primarily Federal	1,690		8,108			(1,508		)
Deferred—Foreign	308		(922		)	(105		)
Income taxes	$	18,190	$	31,964		$	36,519

Schedule of reconciliations of the United States federal statutory income tax rates and the entity's effective tax rates

Reconciliations of the United States federal statutory income tax rates and our effective tax rates are summarized as follows:



	Fiscal 2017		Fiscal 2016		Fiscal 2015
Statutory tax rate (1)	33.7	%	35.0	%	35.0	%
State income taxes—net of federal income tax benefit	3.6	%	3.8	%	3.3	%
Impact of foreign operations rate differential (2)	(0.6	)%	(0.4	)%	0.6	%
Valuation allowance against foreign losses and other carry-forwards (3)	1.1	%	(0.6	)%	0.3	%
U.S. Tax Reform impact of change in tax rate on deferred tax amounts	(14.4	)%	—	%	—	%
Other, net	(1.5	)%	(0.8	)%	(0.8	)%
Effective tax rate for continuing operations	21.9	%	37.0	%	38.4	%

(1) The statutory tax rate for Fiscal 2017 is a blended rate that reflects the reduction of the federal corporate marginal tax rate from 35% to 21% effective January 1, 2018.

(2) Impact of foreign operations rate differential primarily reflects the rate differential between the United States and the respective foreign jurisdictions for any foreign income or losses, and the impact of any permanent differences.

(3) Valuation allowance against foreign losses and other carry-forwards primarily reflects the valuation allowance recorded due to our inability to recognize an income tax benefit related to certain operating loss carry-forwards and deferred tax assets during the period. The benefit in Fiscal 2016 was primarily due to the utilization of certain operating loss carryforward benefits against current year earnings and changes in our assessment of the likelihood of recognition of certain foreign operating loss carryforwards.

Schedule of deferred tax assets and liabilities included in the entity's consolidated balance sheets

Deferred tax assets and liabilities included in our consolidated balance sheets are comprised of the following (in thousands):



	February 3, 2018			January 28, 2017
Deferred Tax Assets:
Inventories	$	12,207		$	14,886
Accrued compensation and benefits	7,660			11,817
Receivable allowances and reserves	1,630			2,561
Deferred rent and lease obligations	3,322			6,671
Operating loss and other carry-forwards	4,218			3,691
Other, net	3,739			3,960
Deferred tax assets	32,776			43,586
Deferred Tax Liabilities:
Depreciation and amortization	(10,210		)	(5,360		)
Acquired intangible assets	(31,327		)	(46,524		)
Deferred tax liabilities	(41,537		)	(51,884		)
Valuation allowance	(5,624		)	(4,115		)
Net deferred tax liability	$	(14,385	)	$	(12,413	)

Schedule of deferred income taxes included in the line items in the entity's consolidated balance sheets

The amounts of deferred income taxes included in the following line items in our consolidated balance sheets are as follows (in thousands):



	February 3, 2018			January 28, 2017
Assets:
Deferred tax assets	$	884		$	1,165
Liabilities:
Deferred tax liabilities	(15,269		)	(13,578		)
Net deferred tax liability	$	(14,385	)	$	(12,413	)