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Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit)

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

			Year Ended
			Jan 29, 2022						Jan 30, 2021						Feb 1, 2020
Federal:
Current			$	149,811					$	(2,390)					$	9,270
Deferred			9,859						(5,274)						2,263
State:
Current			10,433						248						1,622
Deferred			2,443						(598)						1,699
Foreign:
Current			13,592						8,285						17,166
Deferred			(112,458)						(6,609)						(9,507)
Total			$	73,680					$	(6,338)					$	22,513

Schedule of effective income tax rate reconciliation

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

			Year Ended
			Jan 29, 2022						Jan 30, 2021						Feb 1, 2020
Computed “expected” tax rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit			1.6		%				1.2		%				3.0		%
Non-U.S. tax expense higher than federal statutory tax rate1			(2.4		%)				9.1		%				0.0		%
Tax Reform - repatriation tax adjustment			0.2		%				—		%				—		%
SERP/TOLI			(0.1		%)				1.9		%				(1.5		%)
Non-deductible participation loss			1.8		%				3.6		%				—		%
Swiss tax reform2			—		%				—		%				(6.5		%)
Valuation reserve3			0.7		%				(26.9		%)				(0.2		%)
Intra-entity intellectual property transfer tax rate difference4			1.6		%				—		%				—		%
Unrecognized tax liabilities (benefits)			(0.6		%)				(6.6		%)				(6.2		%)
Share-based compensation			(0.4		%)				1.8		%				0.9		%
Net tax settlements			—		%				—		%				9.1		%
Prior year tax adjustments			0.4		%				1.3		%				(1.8		%)
Non-deductible permanent differences			0.6		%				0.4		%				2.1		%
Foreign derived intangible income5			(1.5		%)				—		%				(3.4		%)
Subpart F Income			4.5		%				—		%				—		%
GILTI			0.6		%				—		%				—		%
Other			1.0		%				0.5		%				1.7		%
Effective income tax rate			29.0		%				7.3		%				18.2		%

______________________________________________________________________

1The jurisdictional location of pre-tax income (loss) may represent a significant component of the Company’s effective income 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 above.

2During fiscal 2020, the Company recognized additional income tax benefits resulting from the enactment of the Swiss tax reform. The additional income tax benefits related primarily to the recognition of a deferred income tax asset associated with the estimated value of an income tax basis step-up of the Company’s Switzerland subsidiary’s assets.

3Amounts relate primarily to valuation reserves on net operating losses, other deferred income 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 income tax assets.

4During fiscal 2022, the Company completed an intra-entity transfer of intellectual property rights from a U.S. entity to a wholly-owned Swiss subsidiary, resulting in income tax rate difference of $4.0 million.

5During fiscal 2022, the Company recognized an additional foreign derived intangible income tax benefits of $37.0 million related to the intra-entity transfer of intellectual property rights.

Schedule of total income tax expense (benefit) allocation

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

			Year Ended
			Jan 29, 2022						Jan 30, 2021						Feb 1, 20201
Operations			$	73,680					$	(6,338)					$	22,513
Stockholders’ equity			2,264						(1,534)						(1,142)
Total income tax expense (benefit)			$	75,944					$	(7,872)					$	21,371

______________________________________________________________________

1In April 2019, the Company issued the Notes in a private offering. Paid-in capital includes $1.3 million in net deferred income tax assets in connection with the related convertible note hedge transactions and debt discount associated with the Notes. Refer to Notes 2 and 10 for more information on the convertible senior notes and related transactions.

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

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

			Year Ended
			Jan 29, 2022						Jan 30, 2021						Feb 1, 2020
Derivative financial instruments designated as cash flow hedges			$	1,627					$	(1,387)					$	80
Defined benefit plans			637						(147)						68
Total income tax expense (benefit)			$	2,264					$	(1,534)					$	148

Schedule of total earnings before income tax expense and noncontrolling interest

Total earnings (loss) before income tax expense (benefit) and noncontrolling interests are comprised as follows (in thousands):

			Year Ended
			Jan 29, 2022						Jan 30, 2021						Feb 1, 2020
Domestic operations			$	141,920					$	(27,984)					$	91,008
Foreign operations			111,809						(59,095)						32,734
Earnings (loss) before income tax expense (benefit) and noncontrolling interests			$	253,729					$	(87,079)					$	123,742

Schedule of tax effects of temporary differences

The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows (in thousands):

			Jan 29, 2022						Jan 30, 2021
Deferred income tax assets:
Operating lease liabilities			$	169,771					$	193,789
Intangible assets			109,887						—
Net operating losses			38,583						38,117
Defined benefit plans			11,762						12,596
Deferred compensation			7,632						7,877
Convertible senior notes hedge transactions			6,884						9,697
Deferred income			5,771						6,258
Goodwill amortization			4,657						6,542
Sales return and other reserves			2,710						1,988
Accrued bonus			2,575						984
Lease incentives			1,918						2,187
Excess of book over tax depreciation/amortization			1,784						6,183
Account receivable reserve			1,780						2,520
Inventory valuation			1,679						4,788
Uniform capitalization			1,004						756
Other			13,826						13,538
Total deferred income tax assets			382,223						307,820
Deferred income tax liabilities:
Operating right-of-use assets			(155,618)						(172,496)
Convertible senior notes debt discount			(6,207)						(8,776)
Valuation allowance			(55,278)						(54,131)
Net deferred income tax assets			$	165,120					$	72,417

Schedule of reconciliation of unrecognized tax benefit

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

			Year Ended
			Jan 29, 2022						Jan 30, 2021						Feb 1, 2020
Beginning balance			$	34,246					$	29,183					$	38,751
Additions:
Tax positions related to the prior year			280						110						3,074
Tax positions related to the current year			21,616						8,204						264
Reductions:
Tax positions related to the prior year			(2,405)						(3,251)						(12,658)
Tax positions related to the current year			(2,001)						—						—
Foreign currency translation			—						—						(248)
Ending balance			$	51,736					$	34,246					$	29,183

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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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