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Income Taxes | 3 Months Ended
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May 03, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 10. Income Taxes The provision for income taxes is based on the current estimate of the annual effective income tax rate and is adjusted as necessary for discrete quarterly events. The effective income tax rate for the 13 weeks ended May 3, 2025 was 23.3% compared to 18.0% for the 13 weeks ended May 4, 2024. The change in the effective tax rate, as compared to the prior period, is primarily due to share-based payments and tax audit adjustments. The Company records accrued interest and penalties related to unrecognized tax benefits in income tax expense, which were insignificant for the 13 weeks ended May 3, 2025, and $6.7 million for the 13 weeks ended May 4, 2024. The Company recognizes income tax liabilities related to unrecognized tax benefits in accordance with ASC 740 and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Unrecognized tax benefits did no t change significantly during the 13 weeks ended May 3, 2025, and increased by approximately $14.2 million during the 13 weeks ended May 4, 2024 due to tax audit adjustments. Over the next twelve months, the Company believes that it is reasonably possible that unrecognized tax benefits may decrease by approximately $5.2 million due to settlements, expiration of statute of limitations, or other changes in unrecognized tax benefits, which is expected to have an immaterial impact on the annual effective tax rate.

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