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Income Taxes (Tables)

12 Months Ended

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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