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Income Taxes (Tables) | 12 Months Ended
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Jan. 30, 2021
Income Tax Disclosure [Abstract] |
Components of (Loss) Income Before Taxes | The components of (loss) income before taxes were:
|  | For the Years Ended |
|  | January 30, |  |  | February 1, |  |  | February 2, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
U.S. |  | $ | (294,208 | ) |  | $ | 229,906 |  |  | $ | 308,424 |
Foreign |  |  | 1,935 |  |  |  | 15,372 |  |  |  | 36,676 |
Total |  | $ | (292,273 | ) |  | $ | 245,278 |  |  | $ | 345,100 |
Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities were as follows:
|  | January 30, |  |  | February 1, |
(in thousands) |  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Operating lease ROU assets |  | $ | 389,604 |  |  | $ | 406,473 |
Net Operating Loss |  |  | 10,160 |  |  |  | 5,983 |
State tax credits |  |  | 7,407 |  |  |  | 7,092 |
Deferred compensation |  |  | 7,357 |  |  |  | 9,005 |
Accruals not currently deductible |  |  | 5,667 |  |  |  | 7,332 |
Capital Loss |  |  | 4,471 |  |  |  | — |
Inventories |  |  | 3,267 |  |  |  | 9,908 |
Employee compensation and benefits |  |  | 3,166 |  |  |  | 3,176 |
Foreign tax credits |  |  | 943 |  |  |  | 1,056 |
Other |  |  | 5,715 |  |  |  | 5,580 |
Gross deferred tax assets |  |  | 437,757 |  |  |  | 455,605 |
Valuation allowance |  |  | (12,263 | ) |  |  | (5,861 | )
Total deferred tax assets |  |  | 425,494 |  |  |  | 449,744 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | $ | (310,888 | ) |  | $ | (370,617 | )
Property and equipment |  |  | (56,487 | ) |  |  | (50,288 | )
Convertible Senior Note |  |  | (20,589 | ) |  |  | — |
Prepaid expenses |  |  | (2,030 | ) |  |  | (2,996 | )
Other |  |  | (2,455 | ) |  |  | (3,119 | )
Total deferred tax liabilities |  | $ | (392,449 | ) |  | $ | (427,020 | )
Total deferred tax assets, net |  | $ | 33,045 |  |  | $ | 22,724 |
Components of (Benefit) Provision for Income Taxes | Significant components of the (benefit) provision for income taxes were as follows:
|  | For the Years Ended |
|  | January 30, |  |  | February 1, |  |  | February 2, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (59,080 | ) |  | $ | 25,745 |  |  | $ | 60,453 |
Foreign taxes |  |  | 7,443 |  |  |  | 8,137 |  |  |  | 7,343 |
State |  |  | 3,528 |  |  |  | 13,598 |  |  |  | 19,815 |
Total current |  |  | (48,109 | ) |  |  | 47,480 |  |  |  | 87,611 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (17,286 | ) |  | $ | 12,289 |  |  | $ | (148 | )
Foreign taxes |  |  | (4,622 | ) |  |  | (1,213 | ) |  |  | (2,367 | )
State |  |  | (12,982 | ) |  |  | (4,535 | ) |  |  | (1,898 | )
Total deferred |  |  | (34,890 | ) |  |  | 6,541 |  |  |  | (4,413 | )
(Benefit) Provision for income taxes |  | $ | (82,999 | ) |  | $ | 54,021 |  |  | $ | 83,198 |
Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
|  | For the Years Ended |
|  | January 30, |  |  | February 1, |  | February 2, |
(In thousands) |  | 2021 |  |  | 2020 |  | 2019 |
Unrecognized tax benefits, beginning of the year balance |  | $ | 2,781 |  |  | $ | 6,534 |  | $ | 7,286 |
Increases in current period tax positions |  |  | 602 |  |  |  | 422 |  |  | 565 |
Increases in tax positions of prior periods |  |  | 1 |  |  |  | 151 |  |  | 2,279 |
Settlements |  |  | (450 | ) |  |  | (2,223 | ) |  | (1,397 | )
Lapse of statute of limitations |  |  | (289 | ) |  |  | (720 | ) |  | (545 | )
Decreases in tax positions of prior periods |  |  | (82 | ) |  |  | (1,383 | ) |  | (1,654 | )
Unrecognized tax benefits, end of the year balance |  | $ | 2,563 |  |  | $ | 2,781 |  | $ | 6,534 |
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | A reconciliation between the statutory federal income tax rate and the effective income tax rate follows:
|  | For the Years Ended |
|  | January 30, |  |  | February 1, |  |  | February 2, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax effect |  |  | 3.1 |  |  |  | 3.6 |  |  |  | 3.8 |
Foreign rate differential |  |  | 0.3 |  |  |  | (0.6 | ) |  |  | (0.7 | )
International provisions of Tax Act |  |  | 0.0 |  |  |  | (2.1 | ) |  |  | (0.6 | )
Rate differential on CARES Act NOL carryback |  |  | 8.1 |  |  |  | 0.0 |  |  |  | 0.0 |
Valuation allowance changes, net |  |  | (2.6 | ) |  |  | 0.3 |  |  |  | 0.4 |
Non-deductible executive compensation |  |  | (2.1 | ) |  |  | 0.6 |  |  |  | 0.9 |
Change in unrecognized tax benefits |  |  | (0.1 | ) |  |  | 0.1 |  |  |  | (0.2 | )
Other |  |  | 0.7 |  |  |  | (0.9 | ) |  |  | (0.5 | )
|  |  | 28.4 | % |  |  | 22.0 | % |  |  | 24.1 | %

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