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Income Taxes (Tables) | 12 Months Ended
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Jan. 30, 2021
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
| Jan 30, 2021 |  | Feb 1, 2020 |  | Feb 2, 2019
Federal: |  |  |  |  |
Current | $ | (2,390) |  |  | $ | 9,270 |  |  | $ | 16,495 |
Deferred | (5,274) |  |  | 2,263 |  |  | 4,543 |
State: |  |  |  |  |
Current | 248 |  |  | 1,622 |  |  | 1,408 |
Deferred | (598) |  |  | 1,699 |  |  | 1,532 |
Foreign: |  |  |  |  |
Current | 8,285 |  |  | 17,166 |  |  | 3,385 |
Deferred | (6,609) |  |  | (9,507) |  |  | 2,179 |
Total | $ | (6,338) |  |  | $ | 22,513 |  |  | $ | 29,542 |
Schedule of effective income tax rate reconciliation | 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:
| Year Ended |  | Year Ended |  | Year Ended
| Jan 30, 2021 |  | Feb 1, 2020 |  | Feb 2, 2019
Computed “expected” tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 1.2 | % |  | 3.0 | % |  | 1.1 | %
Non-U.S. tax expense higher than federal statutory tax rate 1 | 9.1 | % |  | 0.0 | % |  | 24.2 | %
Tax Reform - repatriation tax adjustment 2,3 | — | % |  | — | % |  | (41.8 | %)
SERP/TOLI | 1.9 | % |  | (1.5 | %) |  | 0.7 | %
Non-deductible participation loss | 3.6 | % |  | — | % |  | — | %
Swiss tax reform 4 | — | % |  | (6.5 | %) |  | — | %
Valuation reserve 5 | (26.9 | %) |  | (0.2 | %) |  | 0.5 | %
Unrecognized tax liabilities (benefits)3 | (6.6 | %) |  | (6.2 | %) |  | 51.3 | %
Share-based compensation | 1.8 | % |  | 0.9 | % |  | 0.2 | %
Net tax settlements | — | % |  | 9.1 | % |  | — | %
Prior year tax adjustments | 1.3 | % |  | (1.8 | %) |  | 0.3 | %
Non-deductible permanent differences | 0.4 | % |  | 2.1 | % |  | 16.3 | %
Foreign derived intangible income | — | % |  | (3.4 | %) |  | (10.2 | %)
Other | 0.5 | % |  | 1.7 | % |  | 0.1 | %
Effective tax rate | 7.3 | % |  | 18.2 | % |  | 63.7 | %
______________________________________________________________________ 1 The jurisdictional location of pre-tax income (loss) may represent a significant component of the Company’s effective tax rate as earnings (loss) in foreign jurisdictions are taxed at rates that are different from the U.S. statutory income tax rate. 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. 2 During the third quarter of fiscal 2019, the Company completed the preparation of its U.S. federal tax return for fiscal 2018 and concluded, based on the additional information that had become available, that no transition tax was due with respect to the Tax Reform. As a result, during the third quarter of fiscal 2019, the Company reversed a portion of provisional amounts initially recorded during the three months ended February 3, 2018 and recorded a benefit of $19.6 million. 3 During the fourth quarter of fiscal 2019, the Company concluded based on additional regulatory guidance issued during the quarter related to the Tax Reform, that the Company would owe transition taxes if proposed legislation that clarifies existing tax regulation with respect to the dividends received deduction calculation is passed into law. As a result, during the three months ended February 2, 2019, the Company recorded additional charges due to the Tax Reform of $25.8 million as an uncertain tax position. In fiscal 2020, the Company revised its tax liability estimation and related accrual to $19.9 million. 4 During fiscal 2020, the Company recognized additional tax benefits resulting from the enactment of the Swiss tax reform. The additional tax benefits related primarily to the recognition of a deferred tax asset associated with the estimated value of a tax basis step-up of the Company’s Switzerland subsidiary’s assets. 5 Amounts relate primarily to valuation reserves on net operating losses, other deferred tax assets arising during the respective period and 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.
Schedule of total income tax expense (benefit) allocation | Total income tax expense (benefit) is allocated as follows (in thousands):
| Year Ended |  | Year Ended |  | Year Ended
| Jan 30, 2021 |  | Feb 1, 2020 |  | Feb 2, 2019
Operations | $ | (6,338) |  |  | $ | 22,513 |  |  | $ | 29,542 |
Stockholders’ equity 1 | (1,534) |  |  | (1,142) |  |  | 3,006 |
Total income tax expense (benefit) | $ | (7,872) |  |  | $ | 21,371 |  |  | $ | 32,548 |
______________________________________________________________________ 1 In April 2019, the Company issued $300 million principal amount of 2.00% convertible senior notes due 2024 (the “Notes”) in a private offering. Paid-in capital includes $1.3 million in net deferred tax assets in connection with the related convertible note hedge transactions and debt discount associated with the Notes. Refer to Note 10 for more information on the convertible senior notes and related transactions.
Schedule of tax effects of 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
| Jan 30, 2021 |  | Feb 1, 2020 |  | Feb 2, 2019
Derivative financial instruments designated as cash flow hedges | $ | (1,387) |  |  | $ | 80 |  |  | $ | 2,402 |
Defined benefit plans | (147) |  |  | 68 |  |  | 604 |
Total income tax expense (benefit) | $ | (1,534) |  |  | $ | 148 |  |  | $ | 3,006 |
Schedule of total earnings before income tax expense and noncontrolling interest | Total earnings (loss) before income tax expense (benefit) and noncontrolling interests are comprised of the following (in thousands):
| Year Ended |  | Year Ended |  | Year Ended
| Jan 30, 2021 |  | Feb 1, 2020 |  | Feb 2, 2019
Domestic operations | $ | (27,984) |  |  | $ | 91,008 |  |  | $ | 97,885 |
Foreign operations | (59,095) |  |  | 32,734 |  |  | (51,177) |
Earnings (loss) before income tax expense (benefit) and noncontrolling interests | $ | (87,079) |  |  | $ | 123,742 |  |  | $ | 46,708 |
Schedule of tax effects of temporary differences | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of January 30, 2021 and February 1, 2020 are presented below (in thousands):
| Jan 30, 2021 |  | Feb 1, 2020
Deferred tax assets: |  |  |
Operating lease liabilities | $ | 193,789 |  |  | $ | 187,981 |
Net operating losses | 38,117 |  |  | 24,156 |
Defined benefit plans | 12,596 |  |  | 12,539 |
Convertible senior notes hedge transactions | 9,697 |  |  | 12,284 |
Deferred compensation | 7,877 |  |  | 9,282 |
Goodwill amortization | 6,542 |  |  | 7,301 |
Deferred income | 6,258 |  |  | 5,568 |
Excess of book over tax depreciation/amortization 1 | 6,183 |  |  | — |
Inventory valuation | 4,788 |  |  | 3,378 |
Account receivable reserve | 2,520 |  |  | 2,043 |
Lease incentives | 2,187 |  |  | 3,272 |
Sales return and other reserves | 1,988 |  |  | 1,981 |
Accrued bonus | 984 |  |  | 1,993 |
Uniform capitalization | 756 |  |  | 890 |
Other | 13,538 |  |  | 14,296 |
Total deferred tax assets | 307,820 |  |  | 286,964 |
Deferred tax liabilities: |  |  |
Operating right-of-use assets | (172,496) |  |  | (175,370) |
Convertible senior notes debt discount | (8,776) |  |  | (11,167) |
Other | — |  |  | (6,112) |
Valuation allowance | (54,131) |  |  | (30,760) |
Net deferred tax assets | $ | 72,417 |  |  | $ | 63,555 |
______________________________________________________________________ 1Property and equipment for the year ended February 1, 2020 was originally included within other deferred tax liabilities and is now presented on a standalone basis.
Schedule of reconciliation of unrecognized tax benefit | 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
| Jan 30, 2021 |  | Feb 1, 2020 |  | Feb 2, 2019
Beginning balance | $ | 29,183 |  |  | $ | 38,751 |  |  | $ | 16,771 |
Additions: |  |  |  |  |
Tax positions related to the prior year | 110 |  |  | 3,074 |  |  | 25,822 |
Tax positions related to the current year | 8,204 |  |  | 264 |  |  | 267 |
Reductions: |  |  |  |  |
Tax positions related to the prior year | (3,251) |  |  | (12,658) |  |  | (2,934) |
Tax positions related to the current year | — |  |  | — |  |  | (449) |
Foreign currency translation | — |  |  | (248) |  |  | (726) |
Ending balance | $ | 34,246 |  |  | $ | 29,183 |  |  | $ | 38,751 |

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