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Income Taxes (Tables) | 12 Months Ended
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Feb. 03, 2024
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes are:
|  | Fiscal Years Ending |
|  | February 3, |  |  | January 28, |  |  | January 29, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. |  | $ | 208,283 |  |  | $ | 138,023 |  |  | $ | 520,952 |
Foreign |  |  | 31,575 |  |  |  | 40,471 |  |  |  | 37,970 |
Total |  | $ | 239,858 |  |  | $ | 178,494 |  |  | $ | 558,922 |
Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | Fiscal Years Ending |
|  | February 3, |  |  | January 28, |
(in thousands) |  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Operating lease ROU assets |  | $ | 305,043 |  |  | $ | 353,277 |
Employee compensation and benefits |  |  | 25,576 |  |  |  | 2,896 |
Net Operating Loss |  |  | 25,071 |  |  |  | 27,604 |
Capitalized research and development expenses |  |  | 22,014 |  |  |  | 4,120 |
Accruals not currently deductible |  |  | 10,041 |  |  |  | 11,442 |
Deferred compensation |  |  | 9,737 |  |  |  | 9,498 |
Inventories |  |  | 8,828 |  |  |  | 7,082 |
Other long-term assets |  |  | 8,169 |  |  |  | 8,201 |
State tax credits |  |  | 7,741 |  |  |  | 7,968 |
Gift card liability |  |  | 5,723 |  |  |  | 4,871 |
Capital loss |  |  | 4,673 |  |  |  | 4,210 |
Allowance for Doubtful Accounts |  |  | 3,114 |  |  |  | 911 |
Foreign tax credits |  |  | 955 |  |  |  | 2,761 |
Other |  |  | 690 |  |  |  | 744 |
General Business Credits |  |  | 116 |  |  |  | 1,586 |
Disallowed business interest expense |  |  | — |  |  |  | 8,353 |
Gross deferred tax assets |  |  | 437,491 |  |  |  | 455,524 |
Valuation allowance |  |  | (27,466 | ) |  |  | (25,902 | )
Total deferred tax assets |  |  | 410,025 |  |  |  | 429,622 |
Deferred tax liabilities: |  |  |  |  |  |
Operating lease liabilities |  | $ | (253,229 | ) |  | $ | (287,061 | )
Property and equipment |  |  | (69,030 | ) |  |  | (100,958 | )
Prepaid expenses |  |  | (3,572 | ) |  |  | (2,988 | )
Goodwill |  |  | (1,981 | ) |  |  | (1,996 | )
Other |  |  | (149 | ) |  |  | (136 | )
2025 Notes |  |  | — |  |  |  | — |
Total deferred tax liabilities |  | $ | (327,961 | ) |  | $ | (393,139 | )
Total deferred tax assets, net |  | $ | 82,064 |  |  | $ | 36,483 |
Components of Provision (Benefit) for Income Taxes | Significant components of the provision (benefit) for income taxes are as follows:
|  | Fiscal Years Ending |
|  | February 3, |  |  | January 28, |  |  | January 29, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 66,112 |  |  | $ | (986 | ) |  | $ | 107,493 |
Foreign taxes |  |  | 27,958 |  |  |  | 19,701 |  |  |  | 19,671 |
State |  |  | 19,206 |  |  |  | 3,594 |  |  |  | 24,979 |
Total current |  |  | 113,276 |  |  |  | 22,309 |  |  |  | 152,143 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $ | (31,602 | ) |  | $ | 26,758 |  |  | $ | (12,637 | )
Foreign taxes |  |  | (6,317 | ) |  |  | (1,374 | ) |  |  | (1,284 | )
State |  |  | (5,537 | ) |  |  | 5,665 |  |  |  | 1,071 |
Total deferred |  |  | (43,456 | ) |  |  | 31,049 |  |  |  | (12,850 | )
Provision for income taxes |  | $ | 69,820 |  |  | $ | 53,358 |  |  | $ | 139,293 |
Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
|  | Fiscal Years Ending |
|  | February 3, |  |  | January 28, |  |  | January 29, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Unrecognized tax benefits, beginning of the year balance |  | $ | 2,478 |  |  | $ | 3,259 |  |  | $ | 2,563 |
Increases in current period tax positions |  |  | 2,371 |  |  |  | 681 |  |  |  | 251 |
Increases in tax positions of prior periods |  |  | 10 |  |  |  | — |  |  |  | 688 |
Settlements |  |  | (275 | ) |  |  | (454 | ) |  |  | — |
Lapse of statute of limitations |  |  | (75 | ) |  |  | (277 | ) |  |  | (93 | )
Decreases in tax positions of prior periods |  |  | (535 | ) |  |  | (731 | ) |  |  | (150 | )
Unrecognized tax benefits, end of the year balance |  | $ | 3,974 |  |  | $ | 2,478 |  |  | $ | 3,259 |
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:
|  | Fiscal Years Ending |
|  | February 3, |  |  | January 28, |  |  | January 29, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax effect |  |  | 4.4 |  |  |  | 3.6 |  |  |  | 4.1 |
Foreign rate differential |  |  | 0.2 |  |  |  | 0.9 |  |  |  | 0.6 |
International provisions of Tax Act |  |  | (2.2 | ) |  |  | 0.1 |  |  |  | (0.5 | )
Valuation allowance changes, net |  |  | 0.5 |  |  |  | 0.5 |  |  |  | 0.2 |
Non-deductible executive compensation |  |  | 3.8 |  |  |  | 2.0 |  |  |  | 1.3 |
Change in unrecognized tax benefits |  |  | 0.8 |  |  |  | (0.1 | ) |  |  | 0.1 |
Share Based Payments |  |  | 0.2 |  |  |  | (0.2 | ) |  |  | (0.8 | )
Note Exchanges |  |  | 0.0 |  |  |  | 1.4 |  |  |  | 0.0 |
Non-deductible goodwill impairment |  |  | 3.5 |  |  |  | 0.0 |  |  |  | 0.0 |
Federal Credits |  |  | (2.1 | ) |  |  | (0.4 | ) |  |  | (1.0 | )
Other |  |  | (1.0 | ) |  |  | 1.1 |  |  |  | (0.1 | )
|  |  | 29.1 | % |  |  | 29.9 | % |  |  | 24.9 | %

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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