XML 37 R15.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Income Taxes | 12 Months Ended
--- | ---
Sep. 01, 2018
Income Taxes [Abstract] |
Income Taxes | 6. INCOME TAXES ﻿ The provision for income taxes is comprised of the following: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | For the Fiscal Years Ended
﻿ |  | September 1, |  | September 2, |  | September 3,
﻿ |  | 2018 |  | 2017 |  | 2016
﻿Current: |  |  |  |  |  |  |  |  |
﻿Federal |  | $ | 85,205 |  | $ | 108,347 |  | $ | 109,699
﻿State and local |  |  | 16,108 |  |  | 16,059 |  |  | 15,621
﻿ |  |  | 101,313 |  |  | 124,406 |  |  | 125,320
﻿Deferred: |  |  |  |  |  |  |  |  |
﻿Federal |  |  | (27,372) |  |  | 10,938 |  |  | 13,993
﻿State and local |  |  | 3,025 |  |  | 1,217 |  |  | 1,202
﻿ |  |  | (24,347) |  |  | 12,155 |  |  | 15,195
﻿Total |  | $ | 76,966 |  | $ | 136,561 |  | $ | 140,515
﻿ Significant components of deferred tax assets and liabilities are as follows: ﻿
﻿ |  |  |  |  |  |
﻿ |  | September 1, |  | September 2,
﻿ |  | 2018 |  | 2017
﻿Deferred tax liabilities: |  |  |  |  |  |
﻿Depreciation |  | $ | (36,361) |  | $ | (56,382)
﻿Deferred catalog costs |  |  | (561) |  |  | (1,079)
﻿Goodwill |  |  | (77,023) |  |  | (103,218)
﻿ |  |  | (113,945) |  |  | (160,679)
﻿Deferred tax assets: |  |  |  |  |  |
﻿Accounts receivable |  |  | 2,812 |  |  | 4,441
﻿Inventory |  |  | 6,163 |  |  | 9,794
﻿Deferred compensation |  |  | 650 |  |  | 1,280
﻿Stock-based compensation |  |  | 5,329 |  |  | 9,140
﻿Intangible amortization |  |  | 988 |  |  | 9,517
﻿Foreign Tax Credit |  |  | 2,712 |  |  | 2,712
﻿Less: Valuation Allowance |  |  | (1,762) |  |  | —
﻿Other accrued expenses/reserves |  |  | 7,192 |  |  | 14,733
﻿ |  |  | 24,084 |  |  | 51,617
﻿Net Deferred Tax Liabilities |  | $ | (89,861) |  | $ | (109,062)
Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | For the Fiscal Years Ended
﻿ |  | September 1, |  | September 2, |  | September 3,
﻿ |  | 2018 |  | 2017 |  | 2016
﻿U.S. federal statutory rate |  | 25.6 | % |  | 35.0 | % |  | 35.0 | %
﻿State income taxes, net of federal benefit |  | 3.4 |  |  | 3.0 |  |  | 3.0 |
﻿Revaluation of net deferred tax liabilities |  | (10.0) |  |  | — |  |  | — |
﻿Other, net |  | (0.1) |  |  | (0.9) |  |  | (0.2) |
﻿Effective income tax rate |  | 18.9 | % |  | 37.1 | % |  | 37.8 | %
﻿ The aggregate changes in the balance of gross unrecognized tax benefits during fiscal 2018 and 2017 were as follows: ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | September 1, |  | September 2,
﻿ |  | 2018 |  | 2017
﻿Beginning balance |  | $ | 12,641 |  | $ | 10,610
﻿Additions for tax positions relating to current year |  |  | 2,811 |  |  | 3,261
﻿Additions for tax positions relating to prior years |  |  | 1,940 |  |  | 1,015
﻿Reductions for tax positions relating to prior years |  |  | (2,821) |  |  | —
﻿Lapse of statute of limitations |  |  | (2,628) |  |  | (2,245)
﻿Ending balance |  | $ | 11,943 |  | $ | 12,641
﻿ Included in the balance of unrecognized tax benefits at September 1, 2018 is $1,217 related to tax positions for which it is reasonably possible that the total amounts could significantly change during the next 12 months. This amount represents a decrease in unrecognized tax benefits comprised primarily of items related to expiring statutes of limitations in state jurisdictions. ﻿ The Company recognizes interest expense and penalties in the provision for income taxes. The fiscal years 2018, 2017 and 2016 provisions include interest and penalties of $44, $245 and $6, respectively. The Company has accrued $447 and $305 for interest and penalties as of September 1, 2018 and September 2, 2017, respectively. ﻿ The Company has a foreign tax credit carryover of $2,712 in fiscal year 2018 of which a valuation allowance of $1,762 has been provided. This foreign tax credit carryover expires beginning fiscal year 2 024. ﻿ On December 22, 2017, the TCJA was enacted. The TCJA made significant changes to U.S. federal income tax laws including permanently lowering the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. As the Company has a fiscal August year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory rate of 25.6% for the fiscal year ending September 1, 2018. The Company’s statutory federal tax rate will be 21.0% for fiscal years 2019 and beyond. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. ﻿ In December 2017, the SEC issued Staff Accounting Bulletin No. 118, which allows a company to report provisional numbers related to the TCJA and adjust those amounts during a measurement period not to extend beyond o ne year. The Company recorded a net tax benefit of $40,464 due to the revaluation of its net deferred tax liabilities primarily related to the lower federal corporate tax rate, partially offset by the lower federal benefit for state taxes and the change from a worldwide tax system to a territorial tax system in fiscal 2018. The amounts recorded are provisional and are subject to change due to further interpretations of the T CJA, legislative action to address questions that arise because of the T CJA, and/or any updates or changes to estimates the Company has utilized to calculate the impacts, such as return to accrual adjustments and/or changes to current year earnings estimates and the Company’s ongoing analysis of the TCJA. ﻿ With limited exceptions, the Company is no longer subject to federal income tax examinations through fiscal 2014 and state income tax examinations through fiscal 2013.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration