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v3.23.1

Income Taxes (Tables) | 12 Months Ended
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Jan. 28, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Tax | The following table presents the (benefit) provision for income taxes from continuing operations:
|  |  | Fiscal
|  |  | 2022 |  | 2021 |  | 2020
Current tax (benefit) expense: |  |  |  |  |  |  |
Federal |  |  | $ | (2.1) |  |  | $ | (13.2) |  |  | $ | (154.9) |
State |  |  | 4.0 |  |  | 7.6 |  |  | (1.5) |
Foreign |  |  | 11.7 |  |  | 7.8 |  |  | 18.8 |
|  |  | 13.6 |  |  | 2.2 |  |  | (137.6) |
Deferred tax (benefit) expense: |  |  |  |  |  |  |
Federal |  |  | — |  |  | — |  |  | 45.5 |
State |  |  | — |  |  | — |  |  | 7.6 |
Foreign |  |  | (2.6) |  |  | (16.3) |  |  | 29.2 |
|  |  | (2.6) |  |  | (16.3) |  |  | 82.3 |
Total income tax expense (benefit) |  |  | $ | 11.0 |  |  | $ | (14.1) |  |  | $ | (55.3) |
Schedule of Components of Earnings Before Income Tax expense | The following table presents the components of loss from continuing operations before income taxes:
|  |  | Fiscal
|  |  | 2022 |  | 2021 |  | 2020
United States |  |  | $ | (272.7) |  |  | $ | (362.7) |  |  | $ | (224.6) |
International |  |  | (29.4) |  |  | (32.7) |  |  | (45.3) |
Total |  |  | $ | (302.1) |  |  | $ | (395.4) |  |  | $ | (269.9) |
Schedule of Difference in Income Tax Provided and Amounts Determined by Applying Statutory Rate to Income Before Income Taxes | The following is a reconciliation of income tax expense (benefit) from continuing operations computed at the U.S. Federal statutory tax rate to income tax (benefit) expense reported in our Consolidated Statements of Operations:
|  |  | Fiscal
|  |  | 2022 |  | 2021 |  | 2020
Federal statutory tax rate |  |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal effect |  |  | 2.3 |  |  | 3.1 |  |  | 5.0 |
Foreign income tax rate differential |  |  | 0.2 |  |  | 0.4 |  |  | (3.9) |
Change in valuation allowance |  |  | (27.2) |  |  | (33.6) |  |  | (41.8) |
Change in unrecognized tax benefits |  |  | (0.4) |  |  | (1.4) |  |  | — |
Withholding tax expense |  |  | (0.3) |  |  | (0.3) |  |  | (0.3) |
Stock-based compensation |  |  | (0.2) |  |  | 6.4 |  |  | — |
U.S. impact of foreign operations |  |  | — |  |  | — |  |  | 7.6 |
Incremental benefit of net operating loss carryback |  |  | 1.1 |  |  | 3.6 |  |  | 23.5 |
Loss on worthless debt and related investment |  |  | — |  |  | 5.5 |  |  | 10.7 |
Other (including permanent differences)(1) |  |  | (0.1) |  |  | (1.1) |  |  | (1.3) |
|  |  | (3.6) | % |  | 3.6 | % |  | 20.5 | %
__________________ (1) Other is comprised of numerous items, none of which is individually or in the aggregate greater than 5% of income tax expense calculated at the statutory rate.
Schedule of Components of Deferred Tax Assets and Liabilities | Differences between financial accounting principles and tax laws cause differences between the bases of certain assets and liabilities for financial reporting purposes and tax purposes. The tax effects of these differences, to the extent they are temporary, are recorded as deferred tax assets and liabilities which are presented in the table below.
|  | January 28, 2023 |  | January 29, 2022
Deferred tax asset: |  |  |  |
Inventory |  | $ | 6.8 |  |  | $ | 8.6 |
Deferred rents |  | 1.0 |  |  | 0.9 |
Operating lease liabilities |  | 162.9 |  |  | 180.0 |
Stock-based compensation |  | 10.0 |  |  | 4.7 |
Net operating losses and other loss carryforwards |  | 280.7 |  |  | 219.8 |
Customer liabilities |  | 34.3 |  |  | 15.1 |
Credits |  | 25.2 |  |  | 25.1 |
Accrued compensation |  | 6.4 |  |  | 9.3 |
Intangible assets |  | 13.9 |  |  | 25.5 |
Goodwill |  | 0.7 |  |  | 0.9 |
Other |  | 48.4 |  |  | 48.1 |
Total deferred tax assets |  | 590.3 |  |  | 538.0 |
Valuation allowance |  | (408.5) |  |  | (338.3) |
Total deferred tax assets, net |  | 181.8 |  |  | 199.7 |
Deferred tax liabilities: |  |  |  |
Property and equipment |  | (4.8) |  |  | (5.4) |
Prepaid expenses |  | (0.2) |  |  | (0.9) |
Operating lease right-of-use assets |  | (157.8) |  |  | (177.1) |
Other |  | (0.8) |  |  | — |
Total deferred tax liabilities |  | (163.6) |  |  | (183.4) |
Net deferred tax assets |  | $ | 18.2 |  |  | $ | 16.3 |
The above amounts are reflected in the consolidated financial statements as: |  |  |  |
Deferred income taxes - assets |  | $ | 18.3 |  |  | $ | 16.3 |
Deferred income taxes - liabilities |  | $ | — |  |  | $ | — |
Schedule of Reconciliation of Changes in Gross Balances of Unrecognized Tax Benefits | The following table presents a reconciliation of the changes in the gross balances of unrecognized tax benefits:
|  |  | Fiscal
|  |  | 2022 |  | 2021 |  | 2020
Beginning balance of unrecognized tax benefits |  |  | $ | 9.1 |  |  | $ | 5.7 |  |  | $ | 6.5 |
Increases related to current period tax positions |  |  | 0.1 |  |  | 4.0 |  |  | — |
Increases related to prior period tax positions |  |  | 1.6 |  |  | 0.7 |  |  | 1.2 |
Reductions as a result of a lapse of the applicable statute of limitations |  |  | (1.3) |  |  | (0.8) |  |  | (0.6) |
Reductions as a result of settlements with taxing authorities |  |  | — |  |  | (0.5) |  |  | (1.4) |
Ending balance of unrecognized tax benefits |  |  | $ | 9.5 |  |  | $ | 9.1 |  |  | $ | 5.7 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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