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Income Taxes (Tables) | 12 Months Ended
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Feb. 03, 2024
Income Tax Disclosure [Abstract] |
Schedule of income tax expense | Income tax expense is summarized as follows (in thousands):
| Year Ended
| Feb 3, 2024 |  | Jan 28, 2023 |  | Jan 29, 2022
Federal: |  |  |  |  |
Current | $ | 7,876 |  |  | $ | 8 |  |  | $ | 149,811 |
Deferred | 2,270 |  |  | 10,577 |  |  | 9,859 |
State: |  |  |  |  |
Current | 1,546 |  |  | (1,963) |  |  | 10,433 |
Deferred | 1,211 |  |  | 85 |  |  | 2,443 |
Foreign: |  |  |  |  |
Current | 30,071 |  |  | 28,844 |  |  | 13,592 |
Deferred | (17,556) |  |  | (1,049) |  |  | (112,458) |
Total | $ | 25,418 |  |  | $ | 36,502 |  |  | $ | 73,680 |
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
| Feb 3, 2024 |  | Jan 28, 2023 |  | Jan 29, 2022
Computed “expected” tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 0.7 | % |  | 1.1 | % |  | 1.6 | %
Intra-entity intellectual property transfer tax rate difference 1 | 3.1 | % |  | — | % |  | 1.6 | %
GILTI | 2.2 | % |  | 2.4 | % |  | 0.6 | %
Unrecognized tax liabilities (benefits) | 0.7 | % |  | 2.5 | % |  | (0.6 | %)
Tax Reform - repatriation tax adjustment | 0.4 | % |  | 0.4 | % |  | 0.2 | %
Tax settlements | 0.3 | % |  | — | % |  | — | %
Subpart F Income | 0.2 | % |  | — | % |  | 4.5 | %
Valuation reserve 2 | 0.2 | % |  | (4.0 | %) |  | 0.7 | %
Non-deductible participation loss | — | % |  | — | % |  | 1.8 | %
Foreign derived intangible income 3 | — | % |  | — | % |  | (1.5 | %)
Share-based compensation | (0.2 | %) |  | (0.2 | %) |  | (0.4 | %)
Prior year income tax adjustments | (0.8 | %) |  | (1.2 | %) |  | 0.4 | %
Non-deductible permanent differences | (1.1 | %) |  | 1.6 | % |  | 0.6 | %
Non-U.S. tax expense versus U.S. federal statutory tax rate 4 | (2.7 | %) |  | (4.8 | %) |  | (2.4 | %)
Basis step up | (13.6 | %) |  | — | % |  | — | %
Other, net | 0.4 | % |  | (0.4 | %) |  | 0.9 | %
Effective income tax rate | 10.8 | % |  | 18.4 | % |  | 29.0 | %
______________________________________________________________________ 1 During 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 February 3, 2024, the updated rate difference is $11.0 million. 2 Amounts 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. 3 During 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. 4 The 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 allocation | Total income tax expense is allocated as follows (in thousands):
| Year Ended
| Feb 3, 2024 |  | Jan 28, 2023 |  | Jan 29, 2022
Operations | $ | 25,418 |  |  | $ | 36,502 |  |  | $ | 73,680 |
Stockholders’ equity | 627 |  |  | 450 |  |  | 2,264 |
Convertible debt | (9,378) |  |  | (6,207) |  |  | — |
Total income tax expense | $ | 16,667 |  |  | $ | 30,745 |  |  | $ | 75,944 |
Schedule of tax effects of components of other comprehensive income (loss) | The income tax effects of the components of OCL are allocated as follows (in thousands):
| Year Ended
| Feb 3, 2024 |  | Jan 28, 2023 |  | Jan 29, 2022
Derivative financial instruments designated as cash flow hedges | $ | 37 |  |  | $ | (945) |  |  | $ | 1,627 |
Defined benefit plans | 590 |  |  | 1,395 |  |  | 637 |
Total income tax expense | $ | 627 |  |  | $ | 450 |  |  | $ | 2,264 |
Schedule of total earnings before income tax and noncontrolling interest | Total earnings before income tax expense and noncontrolling interests are comprised as follows (in thousands):
| Year Ended
| Feb 3, 2024 |  | Jan 28, 2023 |  | Jan 29, 2022
Domestic operations | $ | 61,157 |  |  | $ | 45,317 |  |  | $ | 141,920 |
Foreign operations | 174,978 |  |  | 152,729 |  |  | 111,809 |
Earnings before income tax expense and noncontrolling interests | $ | 236,135 |  |  | $ | 198,046 |  |  | $ | 253,729 |
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):
| Feb 3, 2024 |  | Jan 28, 2023
Deferred income tax assets: |  |  |
Operating lease liabilities | $ | 156,689 |  |  | $ | 156,234 |
Intangible assets | 77,354 |  |  | 95,119 |
Net operating losses | 43,849 |  |  | 45,384 |
Goodwill amortization | 34,594 |  |  | 2,019 |
Impairment basis difference | 12,703 |  |  | — |
Convertible senior notes hedge transactions | 9,666 |  |  | 3,919 |
Defined benefit plans | 9,620 |  |  | 10,186 |
Deferred compensation | 7,838 |  |  | 7,177 |
Inventory valuation | 3,828 |  |  | 4,025 |
Deferred income | 3,614 |  |  | 5,076 |
Sales return and other reserves | 1,691 |  |  | 1,615 |
Accrued bonus | 1,581 |  |  | 1,046 |
Excess of financial accounting over tax depreciation/amortization | 1,454 |  |  | 649 |
Account receivable reserve | 1,386 |  |  | 1,454 |
Lease incentives | 1,233 |  |  | 1,438 |
Uniform capitalization | 840 |  |  | 919 |
Other, net | 18,200 |  |  | 13,449 |
Total deferred income tax assets | 386,140 |  |  | 349,709 |
Deferred income tax liabilities: |  |  |
Operating right-of-use assets | (151,871) |  |  | (146,243) |
Convertible senior notes debt discount | (128) |  |  | — |
Valuation allowances | (55,231) |  |  | (45,063) |
Net deferred income tax assets | $ | 178,910 |  |  | $ | 158,403 |
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
| Feb 3, 2024 |  | Jan 28, 2023 |  | Jan 29, 2022
Beginning balance | $ | 56,074 |  |  | $ | 51,736 |  |  | $ | 34,246 |
Additions: |  |  |  |  |
Income tax positions related to the prior year | 47 |  |  | 3,954 |  |  | 280 |
Income tax positions related to the current year | 324 |  |  | 454 |  |  | 21,616 |
Reductions: |  |  |  |  |
Income tax positions related to the prior year | (4,046) |  |  | (70) |  |  | (2,405) |
Income tax positions related to the current year | (756) |  |  | — |  |  | (2,001) |
Ending balance | $ | 51,643 |  |  | $ | 56,074 |  |  | $ | 51,736 |

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