XML 33 R16.htm IDEA: XBRL DOCUMENT
v3.21.1

Income Taxes | 12 Months Ended
--- | ---
Jan. 30, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9 – Income Taxes The provision for income taxes consisted of:
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,233 |  |  | $ | 6,799 |  |  | $ | 11,468 |
State |  |  | 887 |  |  |  | 2,175 |  |  |  | 1,693 |
Puerto Rico |  |  | 241 |  |  |  | 241 |  |  |  | 700 |
Total current |  |  | 3,361 |  |  |  | 9,215 |  |  |  | 13,861 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,122 |  |  |  | 2,749 |  |  |  | (894 | )
State |  |  | (294 | ) |  |  | 3 |  |  |  | (745 | )
Puerto Rico |  |  | 133 |  |  |  | 246 |  |  |  | 643 |
Total deferred |  |  | 1,961 |  |  |  | 2,998 |  |  |  | (996 | )
Valuation allowance |  |  | 237 |  |  |  | (379 | ) |  |  | (643 | )
Total provision |  | $ | 5,559 |  |  | $ | 11,834 |  |  | $ | 12,222 |
Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:
Fiscal years |  | 2020 |  |  | 2019 |  |  | 2018 |
U.S. Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local income taxes, net of federal tax benefit |  |  | 2.4 |  |  |  | 3.2 |  |  |  | 3.0 |
Puerto Rico |  |  | 1.7 |  |  |  | 0.5 |  |  |  | 4.2 |
Valuation allowance |  |  | 0 |  |  |  | (0.7 | ) |  |  | (1.3 | )
Tax effect of foreign losses |  |  | 0 |  |  |  | 0.4 |  |  |  | (2.7 | )
Excess tax benefit on stock-based compensation |  |  | 0.4 |  |  |  | (3.6 | ) |  |  | 0.0 |
Other |  |  | 0.3 |  |  |  | 0.8 |  |  |  | 0.1 |
Effective income tax rate |  |  | 25.8 | % |  |  | 21.6 | % |  |  | 24.3 | %
Deferred income taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:
(In thousands) |  | January 30, 2021 |  |  | February 1, 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Lease obligations |  | $ | 56,287 |  |  | $ | 57,891 |
Accrued compensation |  |  | 4,957 |  |  |  | 4,844 |
Inventory |  |  | 32 |  |  |  | 938 |
Other |  |  | 1,886 |  |  |  | 1,282 |
Total deferred tax assets |  |  | 63,162 |  |  |  | 64,955 |
Valuation allowance |  |  | (431 | ) |  |  | (194 | )
Total deferred tax assets – net of valuation allowance |  |  | 62,731 |  |  |  | 64,761 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Lease right-of-use assets |  |  | 50,609 |  |  |  | 51,367 |
Property and equipment |  |  | 5,064 |  |  |  | 4,711 |
Other |  |  | 1,423 |  |  |  | 850 |
Total deferred tax liabilities |  |  | 57,096 |  |  |  | 56,928 |
Long-term deferred income taxes, net |  | $ | 5,635 |  |  | $ | 7,833 |
We have tax credit carryforwards associated with our Puerto Rico operations totaling $431,000 at January 30, 2021 and $194,000 at February 1, 2020. These credits expire at various times over the next ten years. We have taken a full valuation allowance against these credits given they are not expected to be utilized due to the current differential between U.S. and Puerto Rico tax rates. As of January 30, 2021 and February 1, 2020, there were no unrecognized tax liabilities or related accrued penalties or interest in other liabilities on the consolidated balance sheets.

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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration