Provision for Income Taxes (Tables)
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12 Months Ended |
Feb. 26, 2022 |
Income Tax Disclosure [Abstract] |
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Components of the Provision for Income Taxes |
The components of the (benefit) provision for income taxes are as follows:
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Current: |
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Federal |
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$ |
(336,506 |
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$ |
2,455 |
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State and local |
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1,211 |
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(7,973 |
) |
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(335,295 |
) |
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(5,518 |
) |
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Deferred: |
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Federal |
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150,861 |
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(124,578 |
) |
State and local |
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(1,555 |
) |
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(20,941 |
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149,306 |
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(145,519 |
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$ |
(185,989 |
) |
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$ |
(151,037 |
) |
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Schedule of Deferred Tax Assets and Liabilities |
The significant components of the Company’s deferred tax assets and liabilities consist of the following:
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Deferred tax assets: |
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Inventories |
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$ |
13,040 |
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Operating lease liabilities |
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484,290 |
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Insurance |
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9,086 |
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Stock-based compensation |
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1,014 |
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Merchandise credits and gift card liabilities |
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52,584 |
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Accrued expenses |
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31,914 |
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Intangibles |
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1,008 |
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Goodwill |
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1,596 |
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Carryforwards and other tax credits |
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86,914 |
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Other |
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34,104 |
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Valuation allowance: |
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(26,011 |
) |
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Deferred tax liabilities: |
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Depreciation |
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(105,649 |
) |
Prepaid expenses |
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(26,356 |
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Operating lease assets |
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(409,535 |
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Other |
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(17,977 |
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$ |
130,022 |
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Summary of Gross Unrecognized Tax Benefits from Uncertain Tax Positions Activity |
The following table summarizes the activity related to the gross unrecognized tax benefits from uncertain tax positions:
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Balance at beginning of year |
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$ |
51,781 |
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Increase related to current year positions |
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69,106 |
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Decrease related to prior year positions |
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(2,797 |
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Settlements |
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(4,981 |
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Lapse of statute of limitations |
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(7,360 |
) |
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Balance at end of year |
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$ |
105,749 |
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Schedule of Effective Income Tax Rate Reconciliation |
The following table summarizes the reconciliation between the effective income tax rate and the federal statutory rate:
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Federal statutory rate |
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21.00 |
% |
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21.00 |
% |
State income tax rate, net of federal impact |
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3.94 |
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4.28 |
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Uncertain tax positions |
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1.63 |
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1.33 |
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Goodwill non-deductible impairment charges |
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— |
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(4.84 |
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Tax deficiencies related to stock-based compensation |
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(3.18 |
) |
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(3.07 |
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Tax credits |
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0.41 |
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0.49 |
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CARES Act |
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35.98 |
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Valuation Allowance |
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(7.74 |
) |
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Canadian Branch Earnings |
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0.78 |
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0.90 |
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Other |
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2.35 |
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(0.34 |
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55.17 |
% |
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19.75 |
% |
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