Income Taxes (Tables)

12 Months Ended

Mar. 04, 2023

Income Taxes

Schedule of provision for income tax expense (benefit) from continuing operations

	Year Ended
	March 4,		February 26,		February 27,
	2023		2022		2021
	(53 Weeks)		(52 Weeks)		(52 Weeks)
Current tax:
Federal	$	(6)	$	(6)	$	(6,758)
State		9,082		7,454		4,145
		9,076		7,448		(2,613)
Deferred tax and other:
Federal		—		(1,301)		(12,649)
State		(15,543)		(9,927)		(4,895)
		(15,543)		(11,228)		(17,544)
Total income tax benefit	$	(6,467)	$	(3,780)	$	(20,157)

Schedule of reconciliation of the expected statutory federal tax and the total income tax expense (benefit) from continuing operations

	Year Ended
	March 4,		February 26,		February 27,
	2023		2022		2021
	(53 Weeks)		(52 Weeks)		(52 Weeks)
Federal statutory rate	$	(158,845)	$	(113,874)	$	(25,247)
Nondeductible expenses		556		398		588
State income taxes, net		269,672		(46,252)		9,791
Bargain purchase gain		—		1,123		(10,018)
Decrease of previously recorded liabilities		(18,689)		(3,798)		(2,273)
Nondeductible compensation		2,045		1,551		3,764
Qualified fringe disallowance		342		224		313
Nondeductible excise tax		—		—		1,296
Stock based compensation		2,213		198		2,806
Valuation allowance		(103,946)		157,031		(1,827)
Other		185		(381)		650
Total income tax benefit	$	(6,467)	$	(3,780)	$	(20,157)

Schedule of significant components of deferred tax assets and liabilities

	2023		2022
Deferred tax assets:
Accounts receivable	$	26,769	$	22,958
Accrued expenses		155,796		99,826
Pension, retirement and other benefits		40,100		67,686
Long-lived assets		364,618		299,507
Operating lease liabilities		781,721		883,713
Credits		21,955		22,917
Net operating losses		1,200,659		1,487,875
Other		271		225
Total gross deferred tax assets		2,591,889		2,884,707
Valuation allowance		(1,649,193)		(1,822,710)
Total deferred tax assets		942,696		1,061,997
Deferred tax liabilities:
Outside basis difference		5,622		5,682
Inventory		244,554		251,221
Operating lease right-of-use assets		680,152		785,023
Total gross deferred tax liabilities		930,328		1,041,926
Net deferred tax assets	$	12,368	$	20,071

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits from continuing operations

	2023		2022		2021
Unrecognized tax benefits	$	103,629	$	184,414	$	198,325
Increases to prior year tax positions		1		24		42
Decreases to tax positions in prior periods		(29,432)		(294)		(807)
Increases to current year tax positions		—		—		—
Settlements		—		—		—
Divestitures		—		—		—
Lapse of statute of limitations		(27,113)		(80,515)		(13,146)
Unrecognized tax benefits balance	$	47,085	$	103,629	$	184,414