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Income Taxes (Tables)

12 Months Ended

Jan. 28, 2023

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 28,				January 29,				January 30,
(In thousands)		2023				2022				2021
U.S.		$	138,023			$	520,952			$	(294,208	)
Foreign			40,471				37,970				1,935
Total		$	178,494			$	558,922			$	(292,273	)

Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:

		January 28,				January 29,
(in thousands)		2023				2022
Deferred tax assets:
Operating lease ROU assets		$	353,277			$	380,117
Net Operating Loss			27,604				27,643
Accruals not currently deductible			11,442				11,645
Deferred compensation			9,498				8,429
Disallowed business interest expense			8,353				—
Other long-term assets			8,201				8,208
State tax credits			7,968				7,546
Inventories			7,082				5,220
Gift card liability			4,871				3,974
Capital Loss			4,210				4,213
Capitalized research and development expenses			4,120				—
Employee compensation and benefits			2,896				20,521
Foreign tax credits			2,761				2,982
General Business Credits			1,586				751
Allowance for Doubtful Accounts			911				3,201
Other			744				1,032
Gross deferred tax assets			455,524				485,482
Valuation allowance			(25,902	)			(25,628	)
Total deferred tax assets			429,622				459,854
Deferred tax liabilities:
Operating lease liabilities		$	(287,061	)		$	(308,299	)
Property and equipment			(100,958	)			(87,192	)
Prepaid expenses			(2,988	)			(2,215	)
Goodwill			(1,996	)			(2,045	)
Other			(136	)			(552	)
2025 Notes			—				(15,384	)
Total deferred tax liabilities		$	(393,139	)		$	(415,687	)
Total deferred tax assets, net		$	36,483			$	44,167

Components of Provision (Benefit) for Income Taxes

Significant components of the provision (benefit) for income taxes are as follows:

		For the Years Ended
		January 28,				January 29,				January 30,
(In thousands)		2023				2022				2021
Current:
Federal		$	(986	)		$	107,493			$	(59,080	)
Foreign taxes			19,701				19,671				7,443
State			3,594				24,979				3,528
Total current			22,309				152,143				(48,109	)
Deferred:
Federal		$	26,758			$	(12,637	)		$	(17,286	)
Foreign taxes			(1,374	)			(1,284	)			(4,622	)
State			5,665				1,071				(12,982	)
Total deferred			31,049				(12,850	)			(34,890	)
Provision (Benefit) for income taxes		$	53,358			$	139,293			$	(82,999	)

Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits:

		For the Years Ended
		January 28,				January 29,				January 30,
(In thousands)		2023				2022				2021
Unrecognized tax benefits, beginning of the year    balance		$	3,259			$	2,563			$	2,781
Increases in current period tax positions			681				251				602
Increases in tax positions of prior periods			—				688				1
Settlements			(454	)			—				(450	)
Lapse of statute of limitations			(277	)			(93	)			(289	)
Decreases in tax positions of prior periods			(731	)			(150	)			(82	)
Unrecognized tax benefits, end of the year balance		$	2,478			$	3,259			$	2,563

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 28,				January 29,				January 30,
		2023				2022				2021
Federal income tax rate			21.0	%			21.0	%			21.0	%
State income taxes, net of federal income tax effect			3.6				4.1				3.1
Foreign rate differential			0.9				0.6				0.3
International provisions of Tax Act			0.1				(0.5	)			0.0
Rate differential on CARES Act NOL carryback			0.0				0.0				8.1
Valuation allowance changes, net			0.5				0.2				(2.6	)
Non-deductible executive compensation			2.0				1.3				(2.1	)
Change in unrecognized tax benefits			(0.1	)			0.1				(0.1	)
Share Based Payments			(0.2	)			(0.8	)			0.4
Note Exchanges			1.4				0.0				0.0
Other			0.7				(1.1	)			0.3
			29.9	%			24.9	%			28.4	%

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