Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The income tax provision consisted of the following:

	Fiscal 2020		Fiscal 2019		Fiscal 2018
	(in thousands)
Current:
Federal	$	(102,046)	$	4,593	$	5,903
State	468		(261)		3,378
Foreign	48		315		282
Total	(101,530)		4,647		9,563
Deferred:
Federal	(3,902)		(4,392)		(1,949)
State	5,532		545		86
Total	1,630		(3,847)		(1,863)
Income tax (benefit) provision	$	(99,900)	$	800	$	7,700

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the statutory federal income tax rate and the effective income tax rate follows:

 

	Fiscal 2020		Fiscal 2019 (1)		Fiscal 2018
Federal income tax rate	21.0	%	21.0	%	21.0	%
State income tax, net of federal tax benefit	3.3		(1.4)		5.7
Goodwill impairment with no tax basis	(3.3)		—		—
Impact of the CARES Act	8.6		—		—
Impact of the Tax Act	—		—		(11.2)
Excess share-based compensation	(0.3)		(19.3)		3.2
Provision-to-tax return adjustments	—		(8.9)		—
Valuation allowance	(7.6)		(4.9)		—
Enhanced charitable contribution	—		—		(3.0)
Executive compensation limitations	—		(3.8)		2.1
Foreign losses with full valuation allowance	(0.1)		(3.8)		1.1
Federal tax credits	—		6.0		(1.1)
Changes in uncertain tax positions	—		4.2		(0.1)
Other items, net	0.1		4.2		0.1
Total	21.7	%	(6.7)	%	17.8	%

(1) Given the low level of pre-tax income in absolute dollars in fiscal 2019, effective tax rate reconciling items that may have been considered de minimis in prior years in terms of absolute dollars and on a percentage basis are amplified on a percentage basis in the current year even though the absolute dollar value of the reconciling items are similar to prior year. As such, comparability of information disclosed for fiscal 2019 in comparison to fiscal 2018 and fiscal 2020 may be difficult as a result of the amplifying effect of the lower level of pre-tax income.

Schedule of Deferred Tax Assets and Liabilities

These differences consist of the following as of January 30, 2021 and February 1, 2020:

	January 30, 2021		February 1, 2020
	(in thousands)
Deferred tax assets:
Operating lease liabilities	$	182,875	$	192,392
Accrued liabilities and allowances	13,529		15,335
Share-based compensation	1,774		3,557
Property related	1,200		379
Charitable contribution limitation carryforwards	706		1,400
State and foreign net operating loss carryforwards	11,808		2,192
Federal and state tax credit carryforwards	4,429		4,035
Other	2,900		1,909
Total deferred tax assets	219,221		221,199
Valuation allowance	(36,081)		(2,162)
Net deferred tax assets	183,140		219,037
Deferred tax liabilities:
Operating lease assets	(153,791)		(169,900)
Inventories	—		(2,785)
Prepaid and other expenses	(1,572)		(1,603)
Property related	(24,371)		(26,628)
Other intangible assets	(4,718)		(17,827)
Total deferred tax liabilities	(184,452)		(218,743)
Net deferred taxes	$	(1,312)	$	294

Schedule of Uncertain Tax Positions Reconciliation

A reconciliation of the beginning and ending amounts of uncertain tax positions for each of fiscal 2020, fiscal 2019 and fiscal 2018 is as follows:

	Fiscal 2020		Fiscal 2019		Fiscal 2018
	(in thousands)
Balance at beginning of year	$	747	$	1,505	$	1,522
Additions for tax positions of prior years	—		82		117
Reductions for tax positions of prior years	—		(45)		(24)
Additions for tax positions for the current year	—		—		87
Settlements/payments with tax authorities	—		(538)		(197)
Reductions due to lapse of applicable statutes of limitation	(80)		(257)		—
Balance at end of year	$	667	$	747	$	1,505