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Income Taxes | 12 Months Ended
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Feb. 03, 2018
Income Tax Disclosure [Abstract] |
Income Taxes |
(7) | Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. As of February 3, 2018, no valuation allowance has been provided for net deferred tax assets as management believes that it is more likely than not that the Company will realize all deferred tax assets as of February 3, 2018. On December 22, 2017, the Tax Cuts and Jobs Act (the "TCJA") was enacted. The TCJA includes a number of changes to existing U.S. tax laws that impact the Company, most notably a reduction of the U.S. corporate tax rate from 35% to 21%, for tax years beginning after December 31, 2017. The Company recorded an additional expense of $1.5 million in deferred income tax expense for the remeasurement of the Company's net deferred tax asset at the 21% tax rate. Additionally, and in accordance with Section 15 of the Internal Revenue Code, the Company utilized a blended rate of 33.7% for the Company's fiscal 2017 tax year, by applying a prorated percentage of the number of days prior to and subsequent to the January 1, 2018 effective date as compared with the 35% for the 2016 tax year. The effect of this blended rate change is a benefit of $2.0 million. The TCJA also provides for acceleration of depreciation for certain assets placed into service after September 27, 2017, as well as prospective changes beginning in 2018, including additional limitations on deductibility of executive compensation and employee meal benefits. The net $0.5 million benefit represents what the Company believe is the impact of the TCJA in the current year. As the benefit is based on currently available information and interpretations, which are continuing to evolve, the benefit should be considered provisional. The Company will continue to analyze additional information and guidance related to the TCJA as supplemental legislation, regulatory guidance, or evolving technical interpretations become available. The final impacts may differ from the recorded amounts as of February 3, 2018, and the Company will continue to refine such amounts within the measurement period provided by Staff Accounting Bulletin No. 118. The components of the income tax expense are as follows (in thousands):
| Fiscal Year
2017 |  | 2016 |  | 2015
Current: |  |  |  |  |
Federal | $ | 45,867 |  |  | $ | 40,053 |  |  | $ | 30,976 |
State | 6,168 |  |  | 4,900 |  |  | 4,626 |
| 52,035 |  |  | 44,953 |  |  | 35,602 |
Deferred: |  |  |  |  |
Federal | 4,606 |  |  | (1,772 | ) |  | 349 |
State | (243 | ) |  | (760 | ) |  | (975 | )
| 4,363 |  |  | (2,532 | ) |  | (626 | )
Income tax expense | $ | 56,398 |  |  | $ | 42,421 |  |  | $ | 34,976 |
The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:
| Fiscal Year
2017 |  | 2016 |  | 2015
Statutory federal tax rate | 33.7 | % |  | 35.0 | % |  | 35.0 | %
State taxes, net of federal benefit | 2.4 |  |  | 2.4 |  |  | 2.6 |
Other | (0.6 | ) |  | (0.3 | ) |  | 0.1 |
| 35.5 | % |  | 37.1 | % |  | 37.7 | %
The effective tax rate for fiscal 2017 compared to fiscal 2016 was primarily driven by discrete items, which include the impact of the adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," with respect to the requirement to recognize excess income tax benefits or deficiencies as income tax benefit or expense in the consolidated statements of operations rather than as additional paid-in capital in the consolidated balance sheets and tax reform as result of the Tax Cuts and Jobs Act ("TCJA"). The effective tax rate for fiscal 2016 compared to fiscal 2015 was primarily impacted by discrete items and changes in the pre-tax income across state jurisdictions. The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):
|  | February 3, 2018 |  | January 28, 2017
| Deferred tax assets: |  |  |
| Inventories | $ | 7,370 |  |  | $ | 10,223 |
| Deferred revenue | 387 |  |  | 416 |
| Accrued bonus | 595 |  |  | 2,465 |
| Deferred rent | 20,353 |  |  | 22,753 |
| Other | 5,114 |  |  | 6,999 |
| Deferred tax assets | 33,819 |  |  | 42,856 |
| Deferred tax liabilities: |  |  |
| Property and equipment | (25,843 | ) |  | (30,349 | )
| Other | (1,300 | ) |  | (1,468 | )
| Deferred tax liabilities | (27,143 | ) |  | (31,817 | )
|  | $ | 6,676 |  |  | $ | 11,039 |
The Company had no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s balance sheets as of February 3, 2018 and January 28, 2017, and has not recognized any material uncertain tax positions or interest and/or penalties related to income taxes in the consolidated statements of operations for fiscal 2017, fiscal 2016, or fiscal 2015. The Company files a federal income tax return as well as state tax returns. The Company’s U.S. federal income tax returns for the fiscal years ended January 31, 2015 and thereafter remain subject to examination by the U.S. Internal Revenue Service. State returns are filed in various state jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three to four years depending on the state.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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