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INCOME TAXES (Tables)

12 Months Ended

Jan. 30, 2021

Notes Tables

Schedule of Components of Income Tax Expense (Benefit)

​

​	​	​	​	​	​	​	​	​	​
($ thousands)		2020			2019			2018
Federal		​			​			​
Current	​	$	(37,140)	​	$	4,003	​	$	1,953
Deferred	​		(45,145)	​		5,390	​		4,451
Total federal income tax (benefit) provision	​		(82,285)	​		9,393	​		6,404
State	​			​			​
Current	​		1,532	​		290	​		(718)
Deferred	​		(9,038)	​		2,403	​		1,284
Total state income tax (benefit) provision	​		(7,506)	​		2,693	​		566
International	​	​	​	​	​	​	​	​	​
Current	​	​	2,288	​	​	3,914	​	​	5,413
Deferred	​		9,386	​		511	​		(12,656)
Total international income tax provision (benefit)	​		11,674	​		4,425	​		(7,243)
Total income tax (benefit) provision	​	$	(78,117)	​	$	16,511	​	$	(273)

Schedule of Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​	​	​
($ thousands)		2020			2019			2018
Income taxes at statutory rate	​	$	(108,593)	​	$	16,505	​	$	(1,208)
State income taxes, net of federal tax benefit	​		(17,433)	​		2,218	​		2,519
International earnings taxed at differing rates from U.S. statutory	​		(5,210)	​		(4,071)	​		(4,210)
Share-based compensation	​		1,094	​		86	​		(347)
Non-deductibility of goodwill impairment	​		20,179	​		—	​		7,989
Impairment of international trade name taxed at higher rate	​		(1,440)	​		—	​		(2,400)
Provision for valuation allowance	​		41,019	​		872	​		—
CARES Act NOL, net carryback benefit	​	​	(8,203)	​	​	—	​	​	—
Income tax reform, net benefit	​		—	​		—	​		(3,891)
GILTI, BEAT and FDII provisions	​		—	​		668	​		613
Non-deductibility of acquisition costs	​		—	​		—	​		46
Other (1)	​		470	​		233	​		616
Total income tax (benefit) provision	​	$	(78,117)	​	$	16,511	​	$	(273)

(1) The other category of income tax (benefit) provision principally represents the impact of expenses that are not deductible or partially deductible for federal income tax purposes and the impact of any return-to-provision adjustments.

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​
($ thousands)		January 30, 2021			February 1, 2020
Deferred Tax Assets		​			​
Lease obligations	​	$	176,953	​	$	200,408
Goodwill and intangible assets	​	​	25,659	​	​	—
Net operating loss carryforward/carryback	​		20,736	​		6,671
Accrued expenses	​		18,610	​		18,762
Employee benefits, compensation and insurance	​	​	11,006	​	​	12,812
Accounts receivable	​		6,149	​		3,109
Inventory capitalization and inventory reserves	​		4,130	​		4,123
Impairment of investment in nonconsolidated affiliate	​		1,470	​		1,470
Postretirement and postemployment benefit plans	​		285	​		314
Capital loss carryforward	​		14	​		14
Other	​		1,245	​		1,349
Total deferred tax assets, before valuation allowance	​		266,257	​		249,032
Valuation allowance	​		(49,981)	​		(4,809)
Total deferred tax assets, net of valuation allowance	​	$	216,276	​	$	244,223
​	​			​
Deferred Tax Liabilities	​			​
Lease right-of-use assets	​	$	(151,962)	​	$	(187,978)
LIFO inventory valuation	​		(38,437)	​		(44,774)
Retirement plans	​		(21,041)	​		(10,466)
Capitalized software	​		(5,331)	​		(4,420)
Depreciation	​		(4,779)	​		(8,416)
Goodwill and intangible assets	​		—	​		(29,636)
Other	​		(2,970)	​		(3,811)
Total deferred tax liabilities	​		(224,520)	​		(289,501)
Net deferred tax liability	​	$	(8,244)	​	$	(45,278)

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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