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Income Taxes (Tables)

12 Months Ended

Jan. 28, 2023

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit)

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

			Year Ended
			Jan 28, 2023						Jan 29, 2022						Jan 30, 2021
Federal:
Current			$	8					$	149,811					$	(2,390)
Deferred			10,577						9,859						(5,274)
State:
Current			(1,963)						10,433						248
Deferred			85						2,443						(598)
Foreign:
Current			28,844						13,592						8,285
Deferred			(1,049)						(112,458)						(6,609)
Total			$	36,502					$	73,680					$	(6,338)

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 28, 2023						Jan 29, 2022						Jan 30, 2021
Computed “expected” tax rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit			1.1		%				1.6		%				1.2		%
Unrecognized tax liabilities (benefits)			2.5		%				(0.6		%)				(6.6		%)
GILTI			2.4		%				0.6		%				—		%
Non-deductible permanent differences			1.6		%				0.6		%				0.4		%
Tax Reform - repatriation tax adjustment			0.4		%				0.2		%				—		%
Subpart F Income			—		%				4.5		%				—		%
Non-deductible participation loss			—		%				1.8		%				3.6		%
Intra-entity intellectual property transfer tax rate difference1			—		%				1.6		%				—		%
SERP/TOLI			—		%				(0.1		%)				1.9		%
Foreign derived intangible income2			—		%				(1.5		%)				—		%
Share-based compensation			(0.2		%)				(0.4		%)				1.8		%
Prior year income tax adjustments			(1.2		%)				0.4		%				1.3		%
Valuation reserve3			(4.0		%)				0.7		%				(26.9		%)
Non-U.S. tax expense (benefit) versus U.S. federal statutory tax rate4			(4.8		%)				(2.4		%)				9.1		%
Other, net			(0.4		%)				1.0		%				0.5		%
Effective income tax rate			18.4		%				29.0		%				7.3		%

______________________________________________________________________

1During 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 an income tax rate difference of $4.0 million as of January 29, 2022. As of January 28, 2023, the updated rate difference is $5.1 million.

2During 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.

3Amounts relate primarily to the release of the valuation reserve offset by valuation reserves on net operating losses, other deferred income tax assets arising during the respective period 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.

4The 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 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.

Schedule of total income tax expense (benefit) allocation

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

			Year Ended
			Jan 28, 2023						Jan 29, 2022						Jan 30, 2021
Operations			$	36,502					$	73,680					$	(6,338)
Stockholders’ equity			450						2,264						(1,534)
Convertible debt			(6,207)						—						—
Total income tax expense (benefit)			$	30,745					$	75,944					$	(7,872)

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 28, 2023						Jan 29, 2022						Jan 30, 2021
Derivative financial instruments designated as cash flow hedges			$	(945)					$	1,627					$	(1,387)
Defined benefit plans			1,395						637						(147)
Total income tax expense (benefit)			$	450					$	2,264					$	(1,534)

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 28, 2023						Jan 29, 2022						Jan 30, 2021
Domestic operations			$	45,317					$	141,920					$	(27,984)
Foreign operations			152,729						111,809						(59,095)
Earnings (loss) before income tax expense (benefit) and noncontrolling interests			$	198,046					$	253,729					$	(87,079)

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 28, 2023						Jan 29, 2022
Deferred income tax assets:
Operating lease liabilities			$	156,234					$	169,771
Intangible assets			95,119						109,887
Net operating losses			45,384						38,583
Defined benefit plans			10,186						11,762
Deferred compensation			7,177						7,632
Deferred income			5,076						5,771
Inventory valuation			4,025						1,679
Convertible senior notes hedge transactions			3,919						6,884
Goodwill amortization			2,019						4,657
Sales return and other reserves			1,615						2,710
Account receivable reserve			1,454						1,780
Lease incentives			1,438						1,918
Accrued bonus			1,046						2,575
Uniform capitalization			919						1,004
Excess of financial accounting over tax depreciation/amortization			649						1,784
Other, net			13,449						13,826
Total deferred income tax assets			349,709						382,223
Deferred income tax liabilities:
Operating right-of-use assets			(146,243)						(155,618)
Convertible senior notes debt discount			—						(6,207)
Valuation allowances			(45,063)						(55,278)
Net deferred income tax assets			$	158,403					$	165,120

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 28, 2023						Jan 29, 2022						Jan 30, 2021
Beginning balance			$	51,736					$	34,246					$	29,183
Additions:
Income tax positions related to the prior year			3,954						280						110
Income tax positions related to the current year			454						21,616						8,204
Reductions:
Income tax positions related to the prior year			(70)						(2,405)						(3,251)
Income tax positions related to the current year			—						(2,001)						—
Foreign currency translation			—						—						—
Ending balance			$	56,074					$	51,736					$	34,246

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