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Income Taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense is summarized as follows (in thousands):
| Year Ended
| Feb 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Federal: |  |  |  |  |
Current | $ | (19,879) |  |  | $ | 7,876 |  |  | $ | 8 |
Deferred | (4,130) |  |  | 2,270 |  |  | 10,577 |
State: |  |  |  |  |
Current | 1,238 |  |  | 1,546 |  |  | (1,963) |
Deferred | (805) |  |  | 1,211 |  |  | 85 |
Foreign: |  |  |  |  |
Current | 23,428 |  |  | 30,071 |  |  | 28,844 |
Deferred | 9,843 |  |  | (17,556) |  |  | (1,049) |
Total | $ | 9,695 |  |  | $ | 25,418 |  |  | $ | 36,502 |
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 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Computed “expected” tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 6.9 | % |  | 0.7 | % |  | 1.1 | %
Non-deductible permanent differences 1 | 12.5 | % |  | (1.1 | %) |  | 1.6 | %
GILTI | 3.5 | % |  | 2.2 | % |  | 2.4 | %
Non-U.S. tax expense versus U.S. federal statutory tax rate 2 | 2.3 | % |  | (2.7 | %) |  | (4.8 | %)
Subpart F Income | 0.3 | % |  | 0.2 | % |  | — | %
Unrecognized tax liabilities | 0.2 | % |  | 0.7 | % |  | 2.5 | %
Intra-entity intellectual property transfer tax rate difference 3 | — | % |  | 3.1 | % |  | — | %
Tax settlements | — | % |  | 0.3 | % |  | — | %
Basis step up | — | % |  | (13.6 | %) |  | — | %
Valuation reserve 4 | — | % |  | 0.2 | % |  | (4.0 | %)
Share-based compensation | (0.8 | %) |  | (0.2 | %) |  | (0.2 | %)
Prior year income tax adjustments | (3.8 | %) |  | (0.8 | %) |  | (1.2 | %)
Tax Reform - repatriation tax adjustment 5 | (30.5 | %) |  | 0.4 | % |  | 0.4 | %
Other, net | 0.4 | % |  | 0.4 | % |  | (0.4 | %)
Effective income tax rate | 12.0 | % |  | 10.8 | % |  | 18.4 | %
______________________________________________________________________ 1 Primarily due to the impact in fiscal 2025 of the unrealized loss due to the change in fair value of the derivatives related to the Company’s 2028 Notes and the related convertible note hedge. 2 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. 3 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. The updated rate difference was $11.0 million as of February 3, 2024. 4 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 in 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. 5 During fiscal 2025, due to the expiration of the U.S. statute of limitation for the transition tax, the Company released the uncertain tax position reserve for transition tax.
Schedule of Total Income Tax Expense Allocation | Total income tax expense is allocated as follows (in thousands):
| Year Ended
| Feb 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Operations | $ | 9,695 |  |  | $ | 25,418 |  |  | $ | 36,502 |
Stockholders’ equity | 1,402 |  |  | 627 |  |  | 450 |
Convertible debt | (14) |  |  | (9,378) |  |  | (6,207) |
Total income tax expense | $ | 11,083 |  |  | $ | 16,667 |  |  | $ | 30,745 |
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 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Derivative financial instruments designated as cash flow hedges | $ | 1,306 |  |  | $ | 37 |  |  | $ | (945) |
Defined benefit plans | 96 |  |  | 590 |  |  | 1,395 |
Total income tax expense | $ | 1,402 |  |  | $ | 627 |  |  | $ | 450 |
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 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Domestic operations | $ | (18,412) |  |  | $ | 61,157 |  |  | $ | 45,317 |
Foreign operations | 98,885 |  |  | 174,978 |  |  | 152,729 |
Earnings before income tax expense and noncontrolling interests | $ | 80,473 |  |  | $ | 236,135 |  |  | $ | 198,046 |
Schedule of Tax Effectsof 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 1, 2025 |  | Feb 3, 2024
Deferred income tax assets: |  |  |
Lease ROU assets | $ | 186,012 |  |  | $ | 156,689 |
Intangible assets | 70,663 |  |  | 77,354 |
Net operating losses | 42,749 |  |  | 43,849 |
Goodwill amortization | 28,602 |  |  | 34,594 |
Impairment basis difference | 12,705 |  |  | 12,703 |
Defined benefit plans | 11,743 |  |  | 9,620 |
Inventory valuation | 9,446 |  |  | 3,828 |
Deferred compensation | 8,648 |  |  | 7,838 |
Convertible senior notes hedge transactions | 8,249 |  |  | 9,666 |
Deferred income | 2,723 |  |  | 3,614 |
Sales return and other reserves | 2,078 |  |  | 1,691 |
Uniform capitalization | 1,340 |  |  | 840 |
Accounts receivable reserve | 929 |  |  | 1,386 |
Lease incentives | 898 |  |  | 1,233 |
Accrued bonus | 763 |  |  | 1,581 |
Excess of financial accounting over tax depreciation/amortization | — |  |  | 1,454 |
Other, net | 19,205 |  |  | 18,200 |
Total deferred income tax assets | 406,753 |  |  | 386,140 |
Deferred income tax liabilities: |  |  |
Lease ROU liabilities | (176,680) |  |  | (151,871) |
Deficit of financial accounting over tax depreciation/amortization | (3,972) |  |  | — |
Convertible senior notes debt discount | (115) |  |  | (128) |
Total deferred income tax liabilities | (180,767) |  |  | (151,999) |
Valuation allowances | (54,168) |  |  | (55,231) |
Net deferred income tax assets | $ | 171,818 |  |  | $ | 178,910 |
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 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Beginning balance | $ | 51,643 |  |  | $ | 56,074 |  |  | $ | 51,736 |
Additions: |  |  |  |  |
Income tax positions related to the prior year | 891 |  |  | 47 |  |  | 3,954 |
Income tax positions related to the current year | 585 |  |  | 324 |  |  | 454 |
Reductions: |  |  |  |  |
Income tax positions related to the prior year | (20,933) |  |  | (4,046) |  |  | (70) |
Income tax positions related to the current year | — |  |  | (756) |  |  | — |
Ending balance | $ | 32,186 |  |  | $ | 51,643 |  |  | $ | 56,074 |

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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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