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Income Taxes (Tables)

12 Months Ended

Feb. 03, 2018

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit)

Income tax expense (benefit) is summarized as follows (in thousands):

	Year Ended				Year Ended				Year Ended
	Feb 3, 2018				Jan 28, 2017				Jan 30, 2016
Federal:
Current	$	34,181			$	8,212			$	23,618
Deferred	21,595				(636		)		4,038
State:
Current	1,903				2,537				3,864
Deferred	217				(1,000		)		(296		)
Foreign:
Current	7,333				17,055				14,259
Deferred	8,943				2,044				(3,019		)
Total	$	74,172			$	28,212			$	42,464

Schedule of differences between actual income tax expense and expected income tax expense

Actual income tax expense differs from expected income tax expense obtained by applying the statutory federal income tax rate to earnings before income taxes as follows (in thousands):

	Year Ended				Year Ended				Year Ended
	Feb 3, 2018				Jan 28, 2017				Jan 30, 2016
Computed “expected” tax expense	$	23,693			$	18,763			$	44,547
State taxes, net of federal benefit	1,675				999				2,320
Non-U.S. tax expense less than federal statutory tax rate (1)	(7,396		)		(1,539		)		(6,991		)
Tax Reform - repatriation tax adjustment (2)	23,034				—				—
Tax Reform - deferred tax adjustment (2)	24,856				—				—
Cumulative valuation reserve (3)	—				6,830				—
Valuation reserve (4)	9,057				5,841				3,024
Unrecognized tax benefit	537				556				1,123
Share-based compensation (5)	1,309				—				—
Net tax settlements	—				1,894				—
Sale of minority interest investment	—				(2,316		)		—
Estimated exit tax charge	—				1,911				—
Prior year tax adjustments	(88		)		(1,790		)		(2,944		)
Non-deductible permanent difference	(3,224		)		(2,284		)		1,295
Other	719				(653		)		90
Total	$	74,172			$	28,212			$	42,464

________________________________________________________________________

(1) The jurisdictional location of pre-tax income (loss) may represent a significant component of the Company’s effective tax rate as income tax rates outside the U.S. are generally lower than the U.S. statutory income tax rate. Furthermore, the impact of changes in the jurisdictional location of pre-tax income (loss) on the Company’s effective tax rate will be greater at lower levels of consolidated pre-tax income (loss). These amounts exclude the impact of net changes in valuation allowances, audit and other adjustments related to the Company’s non-U.S. operations, as they are reported separately in the appropriate corresponding line items in the table above. The impact on the Company’s effective tax rate was primarily related to the Company’s Swiss and Korean subsidiaries which have jurisdictional effective tax rates which range from 8% to 20% lower than the U.S. rates in effect for the periods presented.

(2) During fiscal 2018, the Company recognized additional tax expense resulting from the enactment of the Tax Reform to account for the estimated effects of the transitional tax on the deemed repatriation of foreign earnings and reduced deferred tax assets due to lower future U.S. corporate tax rates.

(3) Amounts represent valuation reserves resulting from jurisdictions where there have been cumulative net operating losses, limiting the Company’s ability to consider other subjective evidence to continue to recognize the existing deferred tax assets.

(4) Amounts relate primarily to valuation reserves on non-cumulative net operating losses or other deferred tax assets arising during the respective period.

(5) During fiscal 2018, the Company adopted authoritative guidance which requires all income tax effects of stock awards (resulting from an increase or decrease in the fair value of an award from grant date to the vesting date) to be recognized in the income statement when the awards vest or are settled. This is a change from previous guidance that required such activity to be recorded in paid-in capital within stockholders’ equity.

Schedule of allocation of total income tax expense (benefit)

Total income tax expense (benefit) is allocated as follows (in thousands):

	Year Ended				Year Ended				Year Ended
	Feb 3, 2018				Jan 28, 2017				Jan 30, 2016
Operations (1)	$	74,172			$	28,212			$	42,464
Stockholders’ equity (1)	(3,173		)		1,782				4,668
Total income tax expense	$	70,999			$	29,994			$	47,132

________________________________________________________________________

(1) During fiscal 2018, the Company adopted authoritative guidance which requires all income tax effects of stock awards (resulting from an increase or decrease in the fair value of an award from grant date to the vesting date) to be recognized in the income statement when the awards vest or are settled. This is a change from previous guidance that required such activity to be recorded in paid-in capital within stockholders’ equity. As a result, the Company recorded tax shortfalls of approximately $1.3 million in the Company’s income tax expense during fiscal 2018.

Schedule of tax effects of the components of other comprehensive income (loss)

The tax effects of the components of other comprehensive income (loss) are allocated as follows (in thousands):

	Year Ended				Year Ended				Year Ended
	Feb 3, 2018				Jan 28, 2017				Jan 30, 2016
Derivative financial instruments designated as cash flow hedges	$	(2,738	)		$	(864	)		$	559
Marketable securities	—				6				(7		)
Defined benefit plans	(435		)		(21		)		2,972
Total income tax expense (benefit) (1)	$	(3,173	)		$	(879	)		$	3,524

________________________________________________________________________

(1) During the fourth quarter of fiscal 2018, the Company early adopted authoritative guidance which addresses certain stranded income tax effects in accumulated other comprehensive income (loss) resulting from the Tax Reform enacted in December 2017. As a result, the Company recorded a cumulative adjustment to increase retained earnings by $1.2 million with a corresponding reduction to accumulated other comprehensive income (loss) related to the Company’s Supplemental Executive Retirement Plan and its interest rate swap designated as a cash flow hedge based in the U.S. The impact from this reclassification on accumulated other comprehensive income (loss) has been excluded from the amounts provided in this table.

Schedule of total earnings before income tax expense and noncontrolling interests

Total earnings before income tax expense and noncontrolling interests are comprised of the following (in thousands):

	Year Ended				Year Ended				Year Ended
	Feb 3, 2018				Jan 28, 2017				Jan 30, 2016
Domestic operations	$	39,112			$	32,944			$	90,141
Foreign operations	31,159				20,666				37,138
Earnings before income tax expense and noncontrolling interests	$	70,271			$	53,610			$	127,279

Schedule of tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of February 3, 2018 and January 28, 2017 are presented below (in thousands):

	Feb 3, 2018				Jan 28, 2017
Deferred tax assets:
Net operating losses	19,859				13,524
Defined benefit plans	13,155				20,642
Deferred compensation	10,721				12,987
Excess of book over tax depreciation/amortization	10,704				9,018
Rent expense	7,651				13,672
Deferred income	7,141				6,213
Bad debt reserve	2,529				2,124
Lease incentives	1,814				5,545
Uniform capitalization	974				1,900
Other	30,703				28,265
Total deferred tax assets	105,251				113,890
Deferred tax liabilities:
Goodwill amortization	(2,303		)		(3,654		)
Excess of tax over book depreciation/amortization	(135		)		(189		)
Other	(4,517		)		(4,544		)
Valuation allowance	(32,601		)		(23,255		)
Net deferred tax assets (1)	$	65,695			$	82,248

__________________________________________________________________

(1) As of February 3, 2018, amount includes net deferred tax liabilities of $2.7 million recorded in other long-term liabilities in the Company’s consolidated balance sheet. There were $0.5 million net deferred tax liabilities recorded in other long-term liabilities in the Company’s consolidated balance sheet at January 28, 2017.

Schedule of changes that occurred in the amount of gross unrecognized tax benefit excluding interest and penalties

A reconciliation of the beginning and ending amount of gross unrecognized tax benefit (excluding interest and penalties) is as follows (in thousands):

	Year Ended				Year Ended				Year Ended
	Feb 3, 2018				Jan 28, 2017				Jan 30, 2016
Beginning balance	$	12,983			$	12,585			$	13,640
Additions:
Tax positions related to the prior year	4,436				672				496
Tax positions related to the current year	222				106				1,516
Reductions:
Tax positions related to the prior year	(356		)		(380		)		(1,650		)
Tax positions related to the current year	(309		)		—				(359		)
Settlements	—				—				(505		)
Expiration of statutes of limitation	(205		)		—				(553		)
Ending balance	$	16,771			$	12,983			$	12,585

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- Definition

Tabular disclosure of income tax expense or benefit for the period that has been allocated among continuing operations, discontinued operations, extraordinary items, other comprehensive income, and items charged or credited directly to shareholders' equity.

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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

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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