(In thousands)	2019			2018			2017
Current:
Federal	$	6,799		$	11,468		$	14,579
State		2,175			1,693			2,241
Puerto Rico		241			700			242
Total current		9,215			13,861			17,062
Deferred:
Federal		2,749			(894	)		2,383
State		3			(745	)		(965	)
Puerto Rico		246			643			2,500
Total deferred		2,998			(996	)		3,918
Valuation allowance		(379	)		(643	)		(2,500	)
Total provision	$	11,834		$	12,222		$	18,480

We realized an excess tax benefit of $1.9 million in fiscal year 2019, tax benefit of $26,100 in fiscal year 2018 and tax expense of $17,800 in fiscal year 2017 as a result of the vesting of awards granted pursuant to our stock-based compensation plans described in Note 11. These amounts were recorded in tax expense in fiscal 2019 and fiscal 2018 and shareholder’s equity in fiscal 2017.

Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:

Fiscal years	2019			2018			2017
U.S. Federal statutory tax rate		21.0	%		21.0	%		33.7	%
State and local income taxes, net of federal tax benefit		3.2			3.0			3.0
Puerto Rico		0.5			4.2			0.7
Valuation allowance		(0.7	)		(1.3	)		(6.7	)
Tax effect of foreign losses		0.4			(2.7	)		6.3
Remeasurement of deferred tax assets and liabilities due to the Tax Act		0.0			0.0			11.6
Excess tax benefit on stock-based compensation		(3.6	)		0.0			0.0
Other		0.8			0.1			0.8
Effective income tax rate		21.6	%		24.3	%		49.4	%

We recorded $263,000, $310,000 and $223,000 in federal employment-related tax credits in fiscal 2019, 2018 and 2017, respectively.

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)	February 1, 2020			February 2, 2019
Deferred tax assets:
Lease obligations	$	57,891		$	7,480
Accrued compensation		4,844			7,843
Inventory		938			787
Other		1,282			1,490
Total deferred tax assets		64,955			17,600
Valuation allowance		(194	)		(574	)
Total deferred tax assets – net of valuation allowance		64,761			17,026
Deferred tax liabilities:
Lease right-of-use assets		51,367			0
Property and equipment		4,711			6,484
Other		850			920
Total deferred tax liabilities		56,928			7,404
Long-term deferred income taxes, net	$	7,833		$	9,622

At the end of fiscal 2019, we estimated foreign net operating loss carry forwards of $350,000, which expire between fiscal 2024 and fiscal 2027. At February 1, 2020, we had a valuation allowance of $194,000 against these net operating losses that would be realizable only upon the generation of future taxable income in the jurisdiction in which the losses were incurred.

At February 1, 2020 and February 2, 2019 there were no unrecognized tax liabilities or related accrued penalties or interest in other liabilities on the consolidated balance sheets.