Income Taxes (Tables)

12 Months Ended

Feb. 27, 2021

Income Taxes

Schedule of provision for income tax expense (benefit) from continuing operations

	Year Ended
	February 27,		February 29,		March 2,
	2021		2020		2019
	(52 Weeks)		(52 Weeks)		(52 Weeks)
Current tax:
Federal	$	(6,758)	$	(6,758)	$	(22,187)
State		4,145		13,725		9,866
		(2,613)		6,967		(12,321)
Deferred tax and other:
Federal		(12,649)		345,469		50,151
State		(4,895)		35,171		39,647
		(17,544)		380,640		89,798
Total income tax (benefit) expense	$	(20,157)	$	387,607	$	77,477

Schedule of reconciliation of the expected statutory federal tax and the total income tax expense (benefit) from continuing operations

	Year Ended
	February 27,		February 29,		March 2,
	2021		2020		2019
	(52 Weeks)		(52 Weeks)		(52 Weeks)
Federal statutory rate*	$	(25,247)	$	(17,093)	$	(123,790)
Nondeductible expenses		588		1,025		2,890
State income taxes, net		9,791		46,620		(12,605)
Bargain purchase gain		(10,018)		—		—
Decrease of previously recorded liabilities		(2,273)		(4,477)		(3,105)
Nondeductible compensation		3,764		2,623		1,798
Officer life insurance		—		5,555		—
Qualified fringe disallowance		313		974		—
Nondeductible excise tax		1,296		—		—
Stock based compensation		2,806		4,999		3,478
Valuation allowance		(1,827)		347,599		212,252
Other		650		(218)		(3,441)
Total income tax (benefit) expense	$	(20,157)	$	387,607	$	77,477

*     Federal statutory rate included in the above table is 21.0% for the fiscal years ended February 27, 2021, February 29, 2020 and March 2, 2019 in accordance with the Tax Cuts and Jobs Act enacted December 22, 2017.

Schedule of significant components of deferred tax assets and liabilities

	2021		2020
Deferred tax assets:
Accounts receivable	$	17,032	$	29,734
Accrued expenses		50,783		99,637
Pension, retirement and other benefits		73,870		98,408
Long-lived assets		258,871		303,630
Operating lease liabilities		934,978		903,020
Credits		24,133		35,197
Net operating losses		1,431,583		1,284,831
Other		562		1,426
Total gross deferred tax assets		2,791,812		2,755,883
Valuation allowance		(1,657,562)		(1,673,119)
Total deferred tax assets		1,134,250		1,082,764
Deferred tax liabilities:
Outside basis difference		5,632		5,616
Inventory		256,896		242,238
Operating lease right-of-use assets		856,758		818,230
Total gross deferred tax liabilities		1,119,286		1,066,084
Net deferred tax assets	$	14,964	$	16,680

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits from continuing operations

	2021		2020		2019
Unrecognized tax benefits	$	198,325	$	219,839	$	230,210
Increases to prior year tax positions		42		440		155
Decreases to tax positions in prior periods		(807)		(6,448)		(111)
Increases to current year tax positions		—		—		—
Settlements		—		—		—
Divestitures		—		—		(543)
Lapse of statute of limitations		(13,146)		(15,506)		(9,872)
Unrecognized tax benefits balance	$	184,414	$	198,325	$	219,839