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Income Taxes (Tables)
 12 Months Ended
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, 2025Feb 3, 2024Jan 28, 2023
Federal:   
Current$(19,879)$7,876 $8 
Deferred(4,130)2,270 10,577 
State:   
Current1,238 1,546 (1,963)
Deferred(805)1,211 85 
Foreign:   
Current23,428 30,071 28,844 
Deferred9,843 (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, 2025Feb 3, 2024Jan 28, 2023
Computed “expected” tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit6.9 %0.7 %1.1 %
Non-deductible permanent differences1
12.5 %(1.1 %)1.6 %
GILTI3.5 %2.2 %2.4 %
Non-U.S. tax expense versus U.S. federal statutory tax rate2
2.3 %(2.7 %)(4.8 %)
Subpart F Income0.3 %0.2 %— %
Unrecognized tax liabilities0.2 %0.7 %2.5 %
Intra-entity intellectual property transfer tax rate difference3
— %3.1 %— %
Tax settlements— %0.3 %— %
Basis step up— %(13.6 %)— %
Valuation reserve4
— %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 adjustment5
(30.5 %)0.4 %0.4 %
Other, net0.4 %0.4 %(0.4 %)
Effective income tax rate12.0 %10.8 %18.4 %
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1Primarily 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.
2The 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.
3During 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.
4Amounts 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.
5During 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, 2025Feb 3, 2024Jan 28, 2023
Operations$9,695 $25,418 $36,502 
Stockholders’ equity1,402 627 450 
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, 2025Feb 3, 2024Jan 28, 2023
Derivative financial instruments designated as cash flow hedges$1,306 $37 $(945)
Defined benefit plans96 590 1,395 
Total income tax expense$1,402 $627 $450 
Schedule of Total Earnings Before Income Tax And Noncontrolling Interest
Total earnings before income tax expense and noncontrolling interests are comprised as follows (in thousands):
Year Ended
Feb 1, 2025Feb 3, 2024Jan 28, 2023
Domestic operations$(18,412)$61,157 $45,317 
Foreign operations98,885 174,978 152,729 
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, 2025Feb 3, 2024
Deferred income tax assets:  
Lease ROU assets$186,012 $156,689 
Intangible assets70,663 77,354 
Net operating losses42,749 43,849 
Goodwill amortization28,602 34,594 
Impairment basis difference12,705 12,703 
Defined benefit plans11,743 9,620 
Inventory valuation9,446 3,828 
Deferred compensation8,648 7,838 
Convertible senior notes hedge transactions8,249 9,666 
Deferred income2,723 3,614 
Sales return and other reserves2,078 1,691 
Uniform capitalization1,340 840 
Accounts receivable reserve929 1,386 
Lease incentives898 1,233 
Accrued bonus763 1,581 
Excess of financial accounting over tax depreciation/amortization— 1,454 
Other, net19,205 18,200 
Total deferred income tax assets406,753 386,140 
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, 2025Feb 3, 2024Jan 28, 2023
Beginning balance$51,643 $56,074 $51,736 
Additions:
Income tax positions related to the prior year891 47 3,954 
Income tax positions related to the current year585 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