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Income Taxes (Tables) | 12 Months Ended
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Jan. 29, 2022
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes are:
|  | For the Years Ended |
|  | January 29, |  |  | January 30, |  |  | February 1, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
U.S. |  | $ | 520,952 |  |  | $ | (294,208 | ) |  | $ | 229,906 |
Foreign |  |  | 37,970 |  |  |  | 1,935 |  |  |  | 15,372 |
Total |  | $ | 558,922 |  |  | $ | (292,273 | ) |  | $ | 245,278 |
Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | January 29, |  |  | January 30, |
(in thousands) |  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Operating lease ROU assets |  | $ | 380,117 |  |  | $ | 389,604 |
Net Operating Loss |  |  | 27,643 |  |  |  | 10,160 |
Employee compensation and benefits |  |  | 20,521 |  |  |  | 3,124 |
Accruals not currently deductible |  |  | 11,645 |  |  |  | 8,538 |
Deferred compensation |  |  | 8,429 |  |  |  | 7,400 |
Other long term assets |  |  | 8,208 |  |  |  | — |
State tax credits |  |  | 7,546 |  |  |  | 7,407 |
Inventories |  |  | 5,220 |  |  |  | 3,267 |
Capital Loss |  |  | 4,213 |  |  |  | 4,471 |
Allowance for Doubtful Accounts |  |  | 3,201 |  |  |  | 750 |
Foreign tax credits |  |  | 2,982 |  |  |  | 943 |
Other |  |  | 5,757 |  |  |  | 2,093 |
Gross deferred tax assets |  |  | 485,482 |  |  |  | 437,757 |
Valuation allowance |  |  | (25,628 | ) |  |  | (12,263 | )
Total deferred tax assets |  |  | 459,854 |  |  |  | 425,494 |
Deferred tax liabilities: |  |  |  |  |  |
Operating lease liabilities |  | $ | (308,299 | ) |  | $ | (310,888 | )
Property and equipment |  |  | (87,192 | ) |  |  | (56,487 | )
Convertible Senior Note |  |  | (15,384 | ) |  |  | (20,589 | )
Prepaid expenses |  |  | (2,215 | ) |  |  | (2,294 | )
Other |  |  | (2,597 | ) |  |  | (2,191 | )
Total deferred tax liabilities |  | $ | (415,687 | ) |  | $ | (392,449 | )
Total deferred tax assets, net |  | $ | 44,167 |  |  | $ | 33,045 |
Components of Provision (Benefit) for Income Taxes | Significant components of the provision (benefit) for income taxes are as follows:
|  | For the Years Ended |
|  | January 29, |  |  | January 30, |  |  | February 1, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 107,493 |  |  | $ | (59,080 | ) |  | $ | 25,745 |
Foreign taxes |  |  | 19,671 |  |  |  | 7,443 |  |  |  | 8,137 |
State |  |  | 24,979 |  |  |  | 3,528 |  |  |  | 13,598 |
Total current |  |  | 152,143 |  |  |  | (48,109 | ) |  |  | 47,480 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $ | (12,637 | ) |  | $ | (17,286 | ) |  | $ | 12,289 |
Foreign taxes |  |  | (1,284 | ) |  |  | (4,622 | ) |  |  | (1,213 | )
State |  |  | 1,071 |  |  |  | (12,982 | ) |  |  | (4,535 | )
Total deferred |  |  | (12,850 | ) |  |  | (34,890 | ) |  |  | 6,541 |
(Benefit) Provision for income taxes |  | $ | 139,293 |  |  | $ | (82,999 | ) |  | $ | 54,021 |
Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
|  | For the Years Ended |
|  | January 29, |  |  | January 30, |  | February 1, |
(In thousands) |  | 2022 |  |  | 2021 |  | 2020 |
Unrecognized tax benefits, beginning of the year balance |  | $ | 2,563 |  |  | $ | 2,781 |  | $ | 6,534 |
Increases in current period tax positions |  |  | 251 |  |  |  | 602 |  |  | 422 |
Increases in tax positions of prior periods |  |  | 688 |  |  |  | 1 |  |  | 151 |
Settlements |  |  | 0 |  |  |  | (450 | ) |  | (2,223 | )
Lapse of statute of limitations |  |  | (93 | ) |  |  | (289 | ) |  | (720 | )
Decreases in tax positions of prior periods |  |  | (150 | ) |  |  | (82 | ) |  | (1,383 | )
Unrecognized tax benefits, end of the year balance |  | $ | 3,259 |  |  | $ | 2,563 |  | $ | 2,781 |
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 29, |  |  | January 30, |  |  | February 1, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax effect |  |  | 4.1 |  |  |  | 3.1 |  |  |  | 3.6 |
Foreign rate differential |  |  | 0.6 |  |  |  | 0.3 |  |  |  | (0.6 | )
International provisions of Tax Act |  |  | (0.5 | ) |  |  | 0.0 |  |  |  | (2.1 | )
Rate differential on CARES Act NOL carryback |  |  | 0.0 |  |  |  | 8.1 |  |  |  | 0.0 |
Valuation allowance changes, net |  |  | 0.2 |  |  |  | (2.6 | ) |  |  | 0.3 |
Non-deductible executive compensation |  |  | 1.3 |  |  |  | (2.1 | ) |  |  | 0.6 |
Change in unrecognized tax benefits |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | 0.1 |
Share Based Payments |  |  | (0.8 | ) |  |  | 0.4 |  |  |  | (0.5 | )
Other |  |  | (1.1 | ) |  |  | 0.3 |  |  |  | (0.4 | )
|  |  | 24.9 | % |  |  | 28.4 | % |  |  | 22.0 | %

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